What is Pfizer Inc worth?
With the base-case assumptions below, a discounted cash flow model on Pfizer Inc's reported free cash flow gives $25.03 per share. The share price was $29.36 on November 10, 2026, 17% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 3.5% | 10.0% | $11.58 | -61% |
| Base | 8.5% | 9.0% | $25.03 | -15% |
| Bull | 13.5% | 8.0% | $51.85 | +77% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $35.09 | $38.18 | $41.95 | $46.67 | $52.74 |
| 8.0% | $27.57 | $29.58 | $31.94 | $34.78 | $38.25 |
| 9.0% | $22.09 | $23.46 | $25.03 | $26.88 | $29.06 |
| 10.0% | $17.91 | $18.88 | $19.99 | $21.25 | $22.70 |
| 11.0% | $14.63 | $15.34 | $16.14 | $17.04 | $18.06 |
Where the presets come from
Base: years 1 to 5 grow at Pfizer Inc's revenue growth rate over the last 5 fiscal years (8.5% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions