OSV Stock Valuation Sample vBC2

Pfizer Inc.
(PFE)
This is a sample for illustration purpose only.
Company Overview
Pfizer Inc., a biopharmaceutical company, discovers,
develops,
manufactures,
sellswork.
Entering
a ticker
doesand
not
medicines for people and animals worldwide. Its Primary Care segment offers human
Play
with
the
calculations
and
prescription pharmaceutical products primarily prescribed by primary-care physicians for models
Strong Moat
Alzheimers disease, cardiovascular, erectile dysfunction,
genitourinary,
major
using
the current
data.
depressive disorder, pain, respiratory, and smoking cessation therapeutic and disease
areas. The company's Specialty Care and Oncology segment provides human
prescription pharmaceutical products primarily prescribed by physicians for therapeutic
and disease areas, such as anti-infectives, endocrine disorders, hemophilia,
inflammation, ophthalmology, pulmonary arterial hypertension, specialty neuroscience,
Good Financials
and vaccines. This segment also offers human prescription pharmaceutical products
addressing oncology and oncology-related illnesses. Its Established Products and
Emerging Markets segment offers human prescription pharmaceutical products that
have lost patent protection or marketing exclusivity in certain countries and/or regions,
as well as that are sold in emerging markets, including Asia, Latin America, the Middle
Valuation
Current Price
NCAV
Total Net Reprod. Cost
Earnings Power Value (EPV)
Discounted Cash Flow (DCF)
Katsenelson Absolute PE
Ben Graham Formula
$
$
$
$
$
$
$
28.28
(5.69)
17.96
23.01
31.30
51.52
44.65
Key Statistics
Mkt Cap ($M)
52 Wk High
52 Wk Low
% off 52Wk Low
-100.0%
200,596.27
31.15
21.40
32.2%
Cash Flows
Free Cash Flow
5 yr FCF Growth
10 yr FCF Growth
4.0%
3.6%
$30.00
$25.00
-22.9%
9.6%
$20.00
45.1%
$15.00
36.7%
$10.00
Shares Outstanding
Shares Float
Insider Ownership
Insider Transactions
Institutional Ownership
Float Short
7093.2
7089.6
0.05%
8.2%
73.8%
0.9%
Short Ratio
Piotroski (TTM)
Altman (MRQ)
1.8
6
2.0
Beneish (TTM)
-2.9
Effectiveness
Margins & Profitability
CROIC
Avg
FCF/S
Avg
ROA
Avg
ROE
Avg
12.6%
27.6%
6.2%
Gross
Gross Margin
Operating
Operating Margin
Net Profit
Net Margin
0.0%
23.6%
18.3%
14.4%
Financial Strength (MRQ)

Efficiency
Receivables Turnover (TTM)
Inventory Turnover (TTM)
Days Sales Outstanding (TTM)
2.6
1.6
141.8
Well Managed
-57.5%
Company Stats
$
$
$
Under Valued
Price vs DCF Intrinsic Value
$35.00
Margin of Safety
December 28, 2013

Figures in Millions except per share values
Low Risk
5
4
3
High Growth
2
1
0
Current Ratio(MRQ)
Quick Ratio(MRQ)
LTD/Eq(MRQ)
Tot D/Eq(MRQ)
2.4
2.1
0.4
0.5
$5.00
$0.00
Jun-02
Jun-04
Jun-06
Stock Price
Jun-08
Jun-10
Intrinsic Value
Fundamental Ratios
Jun-12
Buy Price
2011
2012
TTM
P/E
P/E (cash adjusted)
EV/EBITDA
13.76
11.47
6.37
13.41
11.12
7.69
14.57
12.13
0.00
EV/Free Cash Flow

P/S
P/BV
P/Tang BV
P/CF
P/FCF
ROE
9.33
2.38
1.95
5.66
6.81
8.65
14.2%
12.51
3.25
2.36
5.44
6.95
12.18
17.6%
14.16
3.66
2.56
5.53
8.01
13.83
18.1%
ROA
ROIC
CROIC
Current Ratio
Total Debt/Equity Ratio
Inventory Turnover
6.2%
9.3%
14.0%
2.06
0.47
1.87
7.7%
11.4%
12.6%
2.15
0.46
1.53
7.9%
11.0%
12.2%
2.35
0.49
1.60
Selected Financial Statements

(In Millions, Except per Share Amounts)
Revenue
Gross Profit
Margin %
R&D
Margin %
Operating Income
Margin %
Net Income
Margin %
Earnings Per Share
Basic
Diluted
$
$
$
$
$
$
$
Weighted Average Diluted Shares

Outstanding
Dividends Per Share
Dividend Yield
Net Cash From Operating Activities
$
$
2008
48,296
40,184
83.20%
7,945
16.45%
15,034
31.13%
11,477
23.76%
1.71
1.70
$
$
$
$
$
$
$
2009
50,009
41,121
82.23%
7,913
15.82%
15,456
30.91%
12,967
25.93%
1.85
1.84
$
$
$
$
$
$
$
2010
67,809
51,530
75.99%
9,413
13.88%
17,099
25.22%
11,512
16.98%
1.43
1.43
$
$
$
$
$
$
$
2011
67,425
52,340
77.63%
9,112
13.51%
18,175
26.96%
11,673
17.31%
1.49
1.48
$
$
$
$
$
$
$
2012
58,986
47,652
80.79%
7,870
13.34%
17,991
30.50%
14,288
24.22%
1.92
1.90
$
$
$
$
$
$
$
TTM/Latest
57,601
46,360
80.48%
7,616
13.22%
17,531
30.44%
14,866
25.81%
2.01
1.99
6750.00
7045.00
8074.00
7870.00
7508.00
7269.00
1.27 $
8.77%
18,238 $
0.79 $
4.84%
16,587 $
0.75 $
4.53%
11,454 $
0.79 $
3.88%
20,240 $
0.87 $
3.41%
17,054 $
0.91
3.14%
16,521
(Dollars in Millions)
Net Property, Plants & Equipment

Total Assets
Long-term Debt
Stockholders' Equity
$
$
$
$
13,287
111,148
26,583
57,556
$
$
$
$
22,780
212,949
85,710
90,014
$
$
$
$
19,123
195,014
78,592
87,813
$
$
$
$
16,938
188,002
77,743
82,190
$
$
$
$
14,461
185,798
75,919
81,260
$
$
$
$
13,950
187,398
77,605
82,250
Refresh
Enter Ticker
Pfizer Inc.
(PFE)
CLEAR
12/28/2013
3/31/2012
2003
Income Statement
2004
Revenue
45,188.0
9,832.0
21.8%
35,356.0
78.2%
15,242.0
33.7%
7,131.0
15.8%
14,878.0
32.9%
4,078.0
9.0%
% change from prev year
Cost of Revenues
COGS (%)
Gross Profit
Gross Income (%)
2005
2006
52,516.0
16.2%
7,541.0
14.4%
44,975.0
85.6%
16,903.0
32.2%
7,684.0
14.6%
22,117.0
42.1%
(702.0)
5,093.0
9.7%
$
$
2007
51,298.0
-2.3%
8,525.0
16.6%
42,773.0
83.4%
16,997.0
33.1%
7,442.0
14.5%
20,501.0
40.0%
(1,158.0)
5,576.0
10.9%
$
$
2008
48,371.0
-5.7%
7,640.0
15.8%
40,731.0
84.2%
15,589.0
32.2%
7,599.0
15.7%
19,575.0
40.5%
(320.0)
5,293.0
10.9%
$
$
2009
48,418.0
0.1%
11,239.0
23.2%
37,179.0
76.8%
15,626.0
32.3%
8,089.0
16.7%
15,536.0
32.1%
5,200.0
10.7%
$
$
2010
48,296.0
-0.3%
8,112.0
16.8%
40,184.0
83.2%
14,537.0
30.1%
7,945.0
16.5%
20,124.0
41.7%
(143.0)
5,090.0
10.5%
$
$
2011
50,009.0
3.5%
8,888.0
17.8%
41,121.0
82.2%
14,875.0
29.7%
7,913.0
15.8%
20,213.0
40.4%
4,757.0
9.5%
$
$
2012
67,809.0
35.6%
16,279.0
24.0%
51,530.0
76.0%
19,614.0
28.9%
9,413.0
13.9%
25,586.0
37.7%
8,487.0
12.5%
$
$
Q1
67,425.0
-0.6%
15,085.0
22.4%
52,340.0
77.6%
19,468.0
28.9%
9,112.0
13.5%
27,201.0
40.3%
9,026.0
13.4%
$
$
6/30/2012
Q2
3
$
15,405.0
2,974.0
19.3%
12,431.0
80.7%
16,616.0
28.2%
7,870.0
13.3%
25,602.0
43.4%
(2,890.0)
7,611.0
12.9%
4,133.0
26.8%
2,072.0
13.5%
7,058.0
45.8%
2,252.0
14.6%
12/31/2012
Q3
58,986.0
-12.5%
11,334.0
19.2%
47,652.0
80.8%
9/30/2012
Q4
15,057.0
-2.3%
2,752.0
18.3%
12,305.0
81.7%
3,977.0
26.4%
1,699.0
11.3%
7,088.0
47.1%
1,750.0
11.6%
$
$
3/31/2013
Q1
13,976.0
-7.2%
2,665.0
19.1%
11,311.0
80.9%
3,847.0
27.5%
1,981.0
14.2%
5,969.0
42.7%
1,714.0
12.3%
$
$
1000000
TTM
Next Year Est
15,068.0
7.8%
3,172.0
21.1%
11,896.0
78.9%
4,815.0
32.0%
2,136.0
14.2%
5,604.0
37.2%
(2,890.0)
1,895.0
12.6%
$
$
13,500.0
-12.4%
2,652.0
19.6%
10,848.0
80.4%
3,585.0
26.6%
1,800.0
13.3%
6,003.0
44.5%
1,774.0
13.1%
$
$
57,601.0
-2.3%
11,241.0
19.5%
46,360.0
80.5%
Operating Expenses
Selling, General & Admin. Expenses
SG&A (%)
Research & Development
R&D (%)
EBITDA
EBITDA (%)
Other Special Charges
Depreciation & Amortization
D&A (%)
$
$
$
$
$
Operating Income
Operating Income (%)
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
16,224.0
28.2%
7,616.0
13.2%
0.0%
(2,890.0)
7,133.0
12.4%
10,800.0
23.9%
17,024.0
32.4%
14,925.0
29.1%
14,282.0
29.5%
10,336.0
21.3%
15,034.0
31.1%
15,456.0
30.9%
17,099.0
25.2%
18,175.0
27.0%
17,991.0
30.5%
4,806.0
31.2%
5,338.0
35.5%
4,255.0
30.4%
3,709.0
24.6%
4,229.0
31.3%
17,531.0
30.4%
EBIT
Interest Expense
Interest Income
Other Income
Total Other Income
$
$
$
$
$
3,533.0
270.0
346.0
(1,503.0)
(1,157.0)
$
$
$
$
$
14,354.0
347.0
346.0
(50.0)
296.0
$
$
$
$
$
12,005.0
471.0
740.0
542.0
1,282.0
$
$
$
$
$
13,516.0
488.0
925.0
787.0
1,712.0
$
$
$
$
$
9,675.0
397.0
1,496.0
660.0
2,156.0
$
$
$
$
$
10,210.0
516.0
1,288.0
(2,661.0)
(1,373.0)
$
$
$
$
$
12,060.0
1,233.0
746.0
195.0
941.0
$
$
$
$
$
11,221.0
1,799.0
402.0
(3,066.0)
(2,664.0)
$
$
$
$
$
14,443.0
1,681.0
458.0
(1,256.0)
(798.0)
$
$
$
$
$
13,604.0
1,524.0
383.0
383.0
$
$
$
$
$
2,943.0
390.0
81.0
(1,348.0)
(1,267.0)
$
$
$
$
$
4,777.0
293.0
(371.0)
(371.0)
$
$
$
$
$
3,373.0
382.0
108.0
(688.0)
(580.0)
$
$
$
$
$
2,543.0
373.0
108.0
2,407.0
2,515.0
$
$
$
$
$
4,312.0
391.0
95.0
126.0
221.0
$
$
$
$
$
15,005.0
1,439.0
311.0
1,474.0
1,785.0
Income Before Taxes (EBT)

Income Taxes/(Credit)
Tax Rate %
Earnings After Taxes
Minority Interest Expense
$
$
3,263.0
1,621.0
49.7%
1,642.0
3.0
$
$
11,534.0
3,424.0
29.7%
8,110.0
16.0
$
$
9,278.0
1,023.0
11.0%
8,255.0
42.0
$
$
9,694.0
1,645.0
17.0%
8,049.0
23.0
$
$
10,827.0
2,197.0
20.3%
8,630.0
9.0
$
$
9,422.0
1,124.0
11.9%
8,298.0
32.0
$
$
12,762.0
4,023.0
31.5%
8,739.0
42.0
$
$
12,080.0
2,562.0
21.2%
9,518.0
28.0
$
$
$
$
3,921.0
1,160.0
29.6%
2,761.0
15.0
$
$
$
$
2,170.0
680.0
31.3%
1,490.0
6.0
$
$
$
$
2,991.0
(119.0)
-4.0%
3,110.0
6.0
$
$
$
$
4,484.0
1,290.0
28.8%
3,194.0
7.0
$
$
$
$
2,553.0
750.0
29.4%
1,803.0
9.0
$
$
$
$
13,028.0
1,992.0
15.3%
11,036.0
12.0
$
$
$
$
14,007.0
2,665.0
19.0%
11,342.0
10.0
$
$
$
$
$
$
13,566.0
3,011.0
22.2%
10,555.0
34.0
Net Income From Continuing Operations

Net Income From Discontinued Operations
$
$
1,639.0
2,301.0
$
$
11,332.0
29.0
$
$
8,094.0
16.0
$
$
11,024.0
8,313.0
$
$
8,026.0
78.0
$
$
8,630.0
14.0
$
$
8,739.0
1,312.0
$
$
9,518.0
5,080.0
$
$
1,803.0
-
$
$
3,194.0
66.0
$
$
3,110.0
104.0
$
$
1,490.0
4,831.0
$
$
2,761.0
4.0
$
$
10,555.0
5,005.0
Net Income From Total Operations

Net Income (%)
7,749.0
17.1%
14,298.0
27.2%
12,296.0
24.0%
13,502.0
27.9%
11,030.0
22.8%
11,477.0
23.8%
12,967.0
25.9%
11,512.0
17.0%
11,673.0
17.3%
14,288.0
24.2%
2,399.0
15.6%
3,384.0
22.5%
3,412.0
24.4%
5,171.0
34.3%
2,899.0
21.5%
14,866.0
25.8%
$
$
$
1.07
1.06
0.60
7,213.0
7,286.0
$
$
$
1.90
1.88
0.68
7,531.0
7,614.0
$
$
$
1.67
1.66
0.76
7,361.0
7,411.0
$
$
$
1.86
1.86
0.96
7,242.0
7,274.0
$
$
$
1.59
1.59
1.16
6,917.0
6,939.0
$
$
$
1.71
1.70
1.28
6,727.0
6,750.0
$
$
$
1.85
1.84
0.80
7,007.0
7,045.0
$
$
$
1.43
1.43
0.72
8,036.0
8,074.0
$
$
$
1.49
1.48
0.80
7,817.0
7,870.0
$
$
$
1.92
1.90
0.88
7,442.0
7,508.0
$
$
$
0.32
0.32
0.22
7,537.0
7,598.0
$
$
$
0.45
0.45
0.22
7,476.0
7,537.0
$
$
$
0.46
0.45
0.22
7,436.0
7,508.0
$
$
$
0.69
0.69
0.22
7,442.0
7,508.0
$
$
$
0.40
0.40
0.24
7,187.0
7,269.0
$
$
$
2.01
1.99
0.90
7,093.2
7,269.0
$
$
$
1,520.0
10,432.0
9,166.0
$
$
$
1,808.0
18,085.0
10,020.0
$
$
$
2,247.0
19,979.0
10,275.0
$
$
$
1,827.0
25,886.0
9,906.0
$
$
$
3,406.0
22,069.0
10,460.0
$
$
$
2,122.0
21,609.0
9,782.0
$
$
$
1,978.0
23,991.0
15,840.0
$
$
$
1,735.0
26,277.0
15,079.0
$
$
$
3,539.0
23,219.0
23,100.0
$
$
$
10,389.0
22,319.0
21,574.0
$
$
$
2,934.0
21,038.0
23,543.0
$
$
$
3,031.0
21,275.0
22,097.0
$
$
$
4,506.0
18,462.0
21,372.0
$
$
$
10,389.0
22,319.0
21,574.0
$
$
$
2,134.0
33,212.0
22,382.0
Other Income and Expense
$
$
$
$
$
$
8,213.0 $
(69.0) $
$
$
$
$
$
$
8,298.0 $
(9.0) $
$
$
Shares and EPS

Total Basic EPS
Fully Diluted EPS
Dividends Paid Per Share
Basic Shares Outstanding
Diluted Shares Outstanding
User Defined Shares Outstanding
Balance Sheet
MRQ
Assets
Cash and Equiv
Short-Term Investments
Net Receivables
9.3%
2.5%
-3.6%
5.6%
-6.5%
61.9%
-4.8%
53.2%
-6.6%
1.9%
2.4%
-3.3%
0.9%
$
$
$
3.7%
2,134.0
33,212.0
22,382.0
3.7%
Inventories, raw materials
1,310.0
1,314.0
1,357.0
1,262.0
885.0
830.0
1,378.0
912.0
885.0
740.0
935.0
773.0
888.0
740.0
916.0
916.0
Inventories, work in progress
2,219.0
2,496.0
2,379.0
3,198.0
2,353.0
1,527.0
5,776.0
3,733.0
4,119.0
3,794.0
3,315.0
3,721.0
3,994.0
3,794.0
3,456.0
3,456.0
Inventories, purchased components
Inventories, finished goods
2,308.0
2,850.0
2,303.0
1,651.0
2,064.0
2,024.0
5,249.0
3,760.0
2,765.0
2,529.0
2,939.0
2,507.0
2,634.0
2,529.0
2,663.0
2,663.0
$
$
5,837.0
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
7,035.0
-0.4%
-
$
$
$
$
$
7,063.0
-6.0%
70.0
$
$
$
$
$
7,516.0
7.4%
5,271.0
$
$
$
$
$
7,001.0
-0.9%
5,361.0
$
$
$
$
$
7,189.0
-7.5%
159.0
$
$
$
$
$
7,063.0
-9.1%
70.0
$
$
$
$
$
7,769.0
-7.6%
101.0
$
$
$
$
$
8,405.0
-32.2%
8,411.0
561.0
$
$
$
$
$
12,403.0
183.1%
6,962.0
496.0
$
$
$
$
$
4,381.0
-17.4%
5,182.0
$
$
$
$
$
5,302.0
-13.2%
5,498.0
114.0
$
$
2,786.0
-
6,111.0
1.2%
3,157.0
62.0
$
$
$
$
$
6,039.0
-9.3%
3,196.0
160.0
$
$
Prepaid Expenses
Current Deferred Income Taxes
Other Current Assets
6,660.0
14.1%
2,939.0
182.0
$
$
$
7,035.0
-0.4%
-
Total Current Assets

Land and Improvements
Building and Improvements
Machinery, Furniture & Equipment
Construction in Progress
Other Fixed Assets
Total Fixed Assets
Net Fixed Assets
Intangible Assets
Goodwill
Non Current Deferred Income Taxes
Other Long-Term Assets
Total Long-Term Assets
$
$
$
$
$
$
$
$
$
$
$
$
$
29,741.0
522.0
9,296.0
13,077.0
2,486.0
25,381.0
18,287.0
58,656.0
10,091.0
87,034.0
$
$
$
$
$
$
$
$
$
$
$
$
$
39,694.0
688.0
9,771.0
14,065.0
2,395.0
26,919.0
18,385.0
57,007.0
8,598.0
83,990.0
$
$
$
$
$
$
$
$
$
$
$
$
$
41,896.0
645.0
9,735.0
13,993.0
2,244.0
26,617.0
17,090.0
51,560.0
7,019.0
75,669.0
$
$
$
$
$
$
$
$
$
$
$
$
$
46,949.0
641.0
9,877.0
14,403.0
2,142.0
27,063.0
16,632.0
24,350.0
20,876.0
6,030.0
67,888.0
$
$
$
$
$
$
$
$
$
$
$
$
$
46,849.0
718.0
10,319.0
15,308.0
1,758.0
28,103.0
15,734.0
20,498.0
21,382.0
10,805.0
68,419.0
$
$
$
$
$
$
$
$
$
$
$
$
$
43,076.0
616.0
8,775.0
13,933.0
1,804.0
25,128.0
13,287.0
17,721.0
21,464.0
15,600.0
68,072.0
$
$
$
$
$
$
$
$
$
$
$
$
$
61,670.0
937.0
14,186.0
16,835.0
1,966.0
33,924.0
22,780.0
68,015.0
42,376.0
4,986.0
13,122.0
151,279.0
$
$
$
$
$
$
$
$
$
$
$
$
$
60,468.0
803.0
13,405.0
17,055.0
1,035.0
32,298.0
19,123.0
57,558.0
43,947.0
13,918.0
134,546.0
$
$
$
$
$
$
$
$
$
$
$
$
$
57,728.0
747.0
12,804.0
15,832.0
1,139.0
30,522.0
16,938.0
53,833.0
45,067.0
14,436.0
130,274.0
$
$
$
$
$
$
$
$
$
$
$
$
$
61,415.0
597.0
11,420.0
14,757.0
1,108.0
27,882.0
14,461.0
46,013.0
44,672.0
19,237.0
124,383.0
$
$
$
$
$
$
$
$
$
$
$
$
$
54,863.0
16,192.0
16,192.0
16,192.0
52,801.0
45,252.0
16,575.0
130,820.0
$
$
$
$
$
$
$
$
$
$
$
$
$
58,765.0
14,756.0
14,756.0
14,756.0
48,399.0
44,568.0
16,354.0
124,077.0
$
$
$
$
$
$
$
$
$
$
$
$
$
57,127.0
14,606.0
14,606.0
14,606.0
47,209.0
44,370.0
19,291.0
125,476.0
$
$
$
$
$
$
$
$
$
$
$
$
$
61,415.0
597.0
11,420.0
14,757.0
1,108.0
27,882.0
14,461.0
46,013.0
44,672.0
19,237.0
124,383.0
$
$
$
$
$
$
$
$
$
$
$
$
$
64,763.0
13,950.0
13,950.0
13,950.0
44,109.0
43,752.0
20,824.0
122,635.0
$
$
$
$
$
$
$
$
$
$
$
$
$
64,763.0
13,950.0
13,950.0
13,950.0
44,109.0
43,752.0
20,824.0
122,635.0
Total Assets
116,775.0
123,684.0
117,565.0
114,837.0
115,268.0
111,148.0
212,949.0
195,014.0
188,002.0
185,798.0
185,683.0
182,842.0
182,603.0
185,798.0
187,398.0
187,398.0
Accounts payable
Short-Term Debt
Taxes Payable
Accrued Expenses
Accrued Liabilities
Deferred Revenues
Current Deferred Income Taxes
Other Current Liabilities
$
$
$
$
$
$
$
$
2,601.0
8,818.0
3,155.0
9,083.0
$
$
$
$
$
$
$
$
2,672.0
11,266.0
2,203.0
10,317.0
$
$
$
$
$
$
$
$
2,226.0
11,589.0
1,720.0
12,913.0
$
$
$
$
$
$
$
$
2,019.0
2,434.0
1,903.0
15,033.0
$
$
$
$
$
$
$
$
2,270.0
5,825.0
1,974.0
11,766.0
$
$
$
$
$
$
$
$
1,751.0
9,320.0
1,667.0
14,271.0
$
$
$
$
$
$
$
$
4,370.0
5,469.0
13,583.0
2,242.0
13,583.0
11,561.0
$
$
$
$
$
$
$
$
4,026.0
5,623.0
2,108.0
16,852.0
$
$
$
$
$
$
$
$
3,836.0
4,018.0
2,169.0
18,046.0
$
$
$
$
$
$
$
$
4,264.0
6,424.0
2,046.0
15,885.0
$
$
$
$
$
$
$
$
3,091.0
5,526.0
14,794.0
1,752.0
14,794.0
1,931.0
$
$
$
$
$
$
$
$
3,165.0
7,703.0
1,493.0
18,437.0
$
$
$
$
$
$
$
$
2,967.0
7,774.0
1,736.0
16,654.0
$
$
$
$
$
$
$
$
4,264.0
6,424.0
2,046.0
15,885.0
$
$
$
$
$
$
$
$
3,279.0
8,896.0
1,684.0
13,684.0
$
$
$
$
$
$
$
$
3,279.0
8,896.0
1,684.0
13,684.0
Total Current Liabilities

Long-Term Debt
Other Liabilities
Deferred Income Taxes
Total Long-Term Liabilities
$
$
$
$
$
23,657.0
5,755.0
8,748.0
13,238.0
27,741.0
$
$
$
$
$
26,458.0
7,279.0
9,037.0
12,632.0
28,948.0
$
$
$
$
$
28,448.0
6,347.0
6,903.0
10,240.0
23,490.0
$
$
$
$
$
21,389.0
5,546.0
8,529.0
8,015.0
22,090.0
$
$
$
$
$
21,835.0
7,314.0
13,299.0
7,696.0
28,423.0
$
$
$
$
$
27,009.0
7,963.0
15,477.0
2,959.0
26,583.0
$
$
$
$
$
37,225.0
52,193.0
15,246.0
17,839.0
85,710.0
$
$
$
$
$
28,609.0
38,410.0
21,082.0
18,648.0
78,592.0
$
$
$
$
$
28,069.0
34,931.0
22,784.0
19,597.0
77,743.0
$
$
$
$
$
28,619.0
31,036.0
22,872.0
21,593.0
75,919.0
$
$
$
$
$
27,094.0
33,543.0
21,630.0
19,739.0
75,333.0
$
$
$
$
$
30,798.0
30,868.0
22,728.0
18,487.0
72,497.0
$
$
$
$
$
29,131.0
31,083.0
21,141.0
19,133.0
71,769.0
$
$
$
$
$
28,619.0
31,036.0
22,872.0
21,593.0
75,919.0
$
$
$
$
$
27,543.0
31,481.0
23,102.0
22,445.0
77,605.0
$
$
$
$
$
27,543.0
31,481.0
23,102.0
22,445.0
77,605.0
Total Liabilities
Retained Earnings
Preferred Equity
$
$
$
51,398.0
29,382.0
219.0
$
$
$
55,406.0
35,492.0
193.0
$
$
$
51,938.0
37,608.0
169.0
$
$
$
43,479.0
49,669.0
141.0
$
$
$
50,258.0
49,660.0
93.0
$
$
$
53,592.0
49,142.0
73.0
$
$
$
122,935.0
40,426.0
61.0
$
$
$
107,201.0
42,716.0
52.0
$
$
$
105,812.0
46,210.0
45.0
$
$
$
104,538.0
54,240.0
39.0
$
$
$
102,427.0
48,124.0
43.0
$
$
$
103,295.0
47,904.0
42.0
$
$
$
100,900.0
51,256.0
41.0
$
$
$
104,538.0
54,240.0
39.0
$
$
$
105,148.0
56,972.0
38.0
$
$
$
105,148.0
56,972.0
38.0
Total Equity
65,377.0
68,278.0
65,627.0
71,358.0
65,010.0
57,556.0
90,014.0
87,813.0
82,190.0
81,260.0
83,256.0
79,547.0
81,703.0
81,260.0
82,250.0
82,250.0
Total Liabilities & Equity
116,775.0
123,684.0
117,565.0
114,837.0
115,268.0
111,148.0
212,949.0
195,014.0
188,002.0
185,798.0
185,683.0
182,842.0
182,603.0
185,798.0
187,398.0
187,398.0
Inventories, other
Inventories
Liabilities & Stockholders' Equity
Cash Flows Statement
TTM
Cash Flows From Operating Activities

Net Income
Operating Gains
Extraordinary Gains
(Incr) Decr. in Receivables
(Incr) Decr. in Inventories
(Incr) Decr. in Prepaid Expenses
(Incr) Decr. in Other Current Assets
Decr. (Incr) in payables
Decr. (Incr) in Other Current Liabilities
Decr. (Incr) in Other Working Capital
Other Non Cash Items
$
$
$
$
$
$
$
$
$
$
$
$
$
3,910.0
4,078.0
(104.0)
4,534.0
(904.0)
(202.0)
(905.0)
670.0
648.0
-
$
$
$
$
$
$
$
$
$
$
$
$
$
11,361.0
5,093.0
(1,579.0)
2,327.0
(465.0)
(542.0)
(640.0)
97.0
688.0
-
$
$
$
$
$
$
$
$
$
$
$
$
$
8,085.0
5,576.0
(1,376.0)
2,700.0
(803.0)
72.0
582.0
(729.0)
292.0
334.0
$
$
$
$
$
$
$
$
$
$
$
$
$
19,337.0
5,293.0
(1,945.0)
(233.0)
(172.0)
118.0
314.0
(450.0)
2,909.0
297.0
2,369.0
$
$
$
$
$
$
$
$
$
$
$
$
$
8,144.0
5,200.0
(2,788.0)
(326.0)
(320.0)
720.0
(647.0)
1,509.0
(2,002.0)
(60.0)
3,755.0
$
$
$
$
$
$
$
$
$
$
$
$
$
8,104.0
5,090.0
(1,331.0)
(14.0)
195.0
294.0
3,797.0
647.0
(74.0)
1,536.0
$
$
$
$
$
$
$
$
$
$
$
$
$
8,644.0
4,757.0
(9,582.0)
(670.0)
(472.0)
1,631.0
(867.0)
1,695.0
10,530.0
921.0
$
$
$
$
$
$
$
$
$
$
$
$
$
8,289.0
8,487.0
1,953.0
(155.0)
(608.0)
2,917.0
(896.0)
827.0
(12,666.0)
3,306.0
$
$
$
$
$
$
$
$
$
$
$
$
$
10,051.0
9,026.0
190.0
(1,673.0)
(66.0)
1,084.0
582.0
1,147.0
(18.0)
(83.0)
$
$
$
$
$
$
$
$
$
$
$
$
$
14,598.0
7,611.0
2,198.0
(7,123.0)
275.0
(631.0)
83.0
579.0
(2,248.0)
1,712.0
$
$
$
$
$
$
$
$
$
$
$
$
$
1,803.0
2,252.0
(404.0)
(1,558.0)
681.0
$
$
$
$
$
$
$
$
$
$
$
$
$
5,063.0
4,002.0
(106.0)
(3,035.0)
871.0
$
$
$
$
$
$
$
$
$
$
$
$
$
8,277.0
5,716.0
120.0
(3,510.0)
1,195.0
$
$
$
$
$
$
$
$
$
$
$
$
$
14,598.0
7,611.0
2,198.0
(7,123.0)
275.0
(631.0)
83.0
579.0
(2,248.0)
1,712.0
$
$
$
$
$
$
$
$
$
$
$
$
$
2,765.0
1,774.0
927.0
71.0
(3,393.0)
97.0
$
$
$
$
$
$
$
$
$
$
$
$
$
15,560.0
7,133.0
3,529.0
(7,052.0)
275.0
(631.0)
83.0
579.0
(2,248.0)
(1,835.0)
1,128.0
11,739.0
16,340.0
14,733.0
17,594.0
13,353.0
18,238.0
16,587.0
11,454.0
20,240.0
17,054.0
2,774.0
6,795.0
11,798.0
17,054.0
2,241.0
16,521.0
$
$
$
$
$
$
$
$
$
356.0
(2,641.0)
5,602.0
(1,883.0)
(9,931.0)
1,275.0
4,838.0
$
$
$
$
$
$
$
$
$
1,570.0
(2,601.0)
(2,263.0)
1,276.0
(1,329.0)
(17,499.0)
(299.0)
(9,422.0)
$
$
$
$
$
$
$
$
$
1,309.0
(2,106.0)
(2,104.0)
127.0
(687.0)
(28,040.0)
(350.0)
(5,072.0)
$
$
$
$
$
$
$
$
$
233.0
(2,050.0)
(2,120.0)
3.0
(1,925.0)
(9,597.0)
(214.0)
5,101.0
$
$
$
$
$
$
$
$
$
172.0
(1,880.0)
(440.0)
(1,635.0)
(25,426.0)
(284.0)
795.0
$
$
$
$
$
$
$
$
$
1,009.0
(1,701.0)
(1,172.0)
(9,357.0)
(35,705.0)
(1,705.0)
(12,835.0)
$
$
$
$
$
$
$
$
$
6,504.0
(1,205.0)
(43,123.0)
(6,888.0)
(35,331.0)
632.0
(31,272.0)
$
$
$
$
$
$
$
$
$
4,381.0
(1,513.0)
(273.0)
(3,920.0)
(10,931.0)
1,271.0
(492.0)
$
$
$
$
$
$
$
$
$
2,147.0
(1,660.0)
(906.0)
(4,063.0)
(18,428.0)
60.0
2,200.0
$
$
$
$
$
$
$
$
$
4,990.0
(1,327.0)
10,800.0
(11,145.0)
(24,018.0)
1,552.0
6,154.0
$
$
$
$
$
$
$
$
$
302.0
(254.0)
(782.0)
(1,184.0)
(6,344.0)
(29.0)
451.0
$
$
$
$
$
$
$
$
$
304.0
(548.0)
(782.0)
(2,317.0)
(10,395.0)
(56.0)
(436.0)
$
$
$
$
$
$
$
$
$
3,357.0
(833.0)
(782.0)
(8,694.0)
(14,587.0)
1,479.0
(683.0)
$
$
$
$
$
$
$
$
$
4,990.0
(1,327.0)
10,800.0
(11,145.0)
(24,018.0)
1,552.0
6,154.0
$
$
$
$
$
$
$
$
$
1,444.0
(202.0)
(2,246.0)
(10,742.0)
(5,570.0)
(10,930.0)
$
$
$
$
$
$
$
$
$
6,132.0
(1,275.0)
11,582.0
(12,207.0)
(28,416.0)
(3,989.0)
(5,227.0)
$
$
$
$
$
$
$
$
$
$
$
1,072.0
(13,037.0)
(11,965.0)
794.0
(1,385.0)
(591.0)
(4,353.0)
(16,909.0)
1,878.0
1,520.0
(358.0)
$
$
$
$
$
$
$
$
$
$
$
1,012.0
(6,659.0)
(5,647.0)
5,052.0
(952.0)
4,100.0
(5,082.0)
(6,629.0)
1,520.0
1,808.0
288.0
$
$
$
$
$
$
$
$
$
$
$
451.0
(3,797.0)
(3,346.0)
2,145.0
(2,466.0)
(321.0)
(5,555.0)
(9,222.0)
1,808.0
2,247.0
439.0
$
$
$
$
$
$
$
$
$
$
$
732.0
(6,979.0)
(6,247.0)
2,090.0
(12,024.0)
(9,934.0)
(6,919.0)
(23,100.0)
2,247.0
1,827.0
(420.0)
$
$
$
$
$
$
$
$
$
$
$
459.0
(9,994.0)
(9,535.0)
5,728.0
(828.0)
4,900.0
(7,975.0)
(12,610.0)
1,827.0
3,406.0
1,579.0
$
$
$
$
$
$
$
$
$
$
$
74.0
(500.0)
(426.0)
40,724.0
(38,317.0)
2,407.0
(8,541.0)
(6,560.0)
3,406.0
2,122.0
(1,284.0)
$
$
$
$
$
$
$
$
$
$
$
56,056.0
(35,936.0)
20,120.0
(5,548.0)
14,481.0
2,122.0
1,978.0
(144.0)
$
$
$
$
$
$
$
$
$
$
$
(1,000.0)
(1,000.0)
6,400.0
(10,552.0)
(4,152.0)
(6,088.0)
(11,174.0)
1,978.0
1,735.0
(243.0)
$
$
$
$
$
$
$
$
$
$
$
(9,000.0)
(9,000.0)
12,811.0
(10,812.0)
1,999.0
(6,234.0)
(20,607.0)
1,735.0
3,539.0
1,804.0
$
$
$
$
$
$
$
$
$
$
$
(8,228.0)
(8,228.0)
7,995.0
(1,516.0)
6,479.0
(6,534.0)
(15,999.0)
3,182.0
10,389.0
7,207.0
$
$
$
$
$
$
$
$
$
$
$
(1,659.0)
(1,659.0)
1,561.0
(3.0)
1,558.0
(1,650.0)
(3,507.0)
3,182.0
2,934.0
(248.0)
$
$
$
$
$
$
$
$
$
$
$
(2,999.0)
(2,999.0)
3,764.0
(9.0)
3,755.0
(3,283.0)
(6,475.0)
3,182.0
3,031.0
(151.0)
$
$
$
$
$
$
$
$
$
$
$
(4,834.0)
(4,834.0)
5,700.0
(17.0)
5,683.0
(4,915.0)
(9,766.0)
3,182.0
4,506.0
1,324.0
$
$
$
$
$
$
$
$
$
$
$
(8,228.0)
(8,228.0)
7,995.0
(1,516.0)
6,479.0
(6,534.0)
(15,999.0)
3,182.0
10,389.0
7,207.0
$
$
$
$
$
$
$
$
$
$
$
688.0
(4,626.0)
(3,938.0)
2,624.0
(2.0)
2,622.0
(1,735.0)
434.0
10,389.0
2,134.0
(8,255.0)
$
$
$
$
$
$
$
$
$
$
$
688.0
(11,195.0)
(10,507.0)
9,058.0
(1,515.0)
7,543.0
(6,619.0)
(12,058.0)
10,389.0
9,589.0
(800.0)
$
$
$
$
11,739.0
2,641.0
9,098.0
6,040.0
$
$
$
$
16,340.0
2,601.0
13,739.0
15,417.0
$
$
$
$
14,733.0
2,106.0
12,627.0
13,633.0
$
$
$
$
17,594.0
2,050.0
15,544.0
22,253.0
$
$
$
$
13,353.0
1,880.0
11,473.0
16,019.0
$
$
$
$
18,238.0
1,701.0
16,537.0
8,313.0
$
$
$
$
16,587.0
1,205.0
15,382.0
600.0
$
$
$
$
11,454.0
1,513.0
9,941.0
28,995.0
$
$
$
$
20,240.0
1,660.0
18,580.0
14,605.0
$
$
$
$
17,054.0
1,327.0
15,727.0
27,426.0
$
$
$
$
2,774.0
254.0
2,520.0
6,040.0
$
$
$
$
6,795.0
548.0
6,247.0
12,423.0
$
$
$
$
11,798.0
833.0
10,965.0
17,865.0
$
$
$
$
17,054.0
1,327.0
15,727.0
27,426.0
$
$
$
$
2,241.0
202.0
2,039.0
7,827.0
$
$
$
$
16,521.0
1,275.0
15,246.0
29,213.0
Cash Flows From Investing Activities

Sale of Long-term Investments
Sale of Short-term Investments
Capital Expenditures
Acquisitions
Sale of Assets
Purchase of Long-term Investments
Purchase of Short-term Investments
Other Investing Changes, Net
Net Cash From Investing Activities
Cash Flows From Financing Activities

Issuance of Capital Stock
Repurchase of Capital Stock
Net Issuance of Stock
Issuance of Debt
Repayment of Debt
Net Issuance of Debt
Dividends Paid
Cash from Financing
Cash at Beginning of the Period
Cash at End of the Period
Change in Cash
Free Cash Flow

Cash from Operations
Cap Ex
Free Cash Flow
Owner Earnings FCF
User Defined
Pfizer Inc.
(PFE)
Enter Ticker
Refresh
12/28/2013
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
3/31/2012
6/30/2012
9/30/2012
12/31/2012
Q2
Q3
Q4
Q1
Income Statement
Revenue
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Cost of Revenues
21.8%
14.4%
16.6%
15.8%
23.2%
16.8%
17.8%
24.0%
22.4%
19.2%
18.3%
19.1%
21.1%
19.6%
Gross Profit
78.2%
85.6%
83.4%
84.2%
76.8%
83.2%
82.2%
76.0%
77.6%
80.8%
81.7%
80.9%
78.9%
80.4%
Selling, General & Admin. Expenses
33.7%
32.2%
33.1%
32.2%
32.3%
30.1%
29.7%
28.9%
28.9%
28.2%
26.4%
27.5%
32.0%
26.6%
Research & Development
15.8%
14.6%
14.5%
15.7%
16.7%
16.5%
15.8%
13.9%
13.5%
13.3%
11.3%
14.2%
14.2%
13.3%
EBITDA
32.9%
42.1%
40.0%
40.5%
32.1%
41.7%
40.4%
37.7%
40.3%
43.4%
47.1%
42.7%
37.2%
44.5%
Other Special Charges
0.0%
-1.3%
-2.3%
-0.7%
0.0%
-0.3%
0.0%
0.0%
0.0%
-4.9%
0.0%
0.0%
-19.2%
0.0%
9.0%
9.7%
10.9%
10.9%
10.7%
10.5%
9.5%
12.5%
13.4%
12.9%
11.6%
12.3%
12.6%
13.1%
23.9%
32.4%
29.1%
29.5%
21.3%
31.1%
30.9%
25.2%
27.0%
30.5%
35.5%
30.4%
24.6%
31.3%
2.9%
Operating Expenses
Operating Income
Other Income and Expense

Interest Expense
0.6%
0.7%
0.9%
1.0%
0.8%
1.1%
2.5%
2.7%
2.5%
2.6%
1.9%
2.7%
2.5%
-3.3%
-0.1%
1.1%
1.6%
1.4%
-5.5%
0.4%
-4.5%
-1.9%
0.0%
-2.5%
-4.9%
16.0%
0.9%
Earnings Before Taxes
7.2%
26.7%
22.5%
26.9%
19.2%
20.1%
21.7%
13.9%
18.9%
20.5%
29.8%
21.4%
14.4%
29.0%
Income Taxes/(Credit)
3.6%
5.1%
6.7%
4.1%
2.1%
3.4%
4.4%
1.7%
6.0%
4.3%
8.6%
-0.9%
4.5%
8.6%
Earnings After Taxes
3.6%
21.6%
15.8%
22.8%
17.0%
16.7%
17.3%
12.2%
13.0%
16.1%
21.2%
22.3%
9.9%
20.5%
Minority Interest
Net Income From Continuing
Operations
Net Income From Discontinued
Operations
0.0%
0.0%
0.0%
0.0%
0.1%
0.0%
0.0%
0.0%
0.1%
0.0%
0.0%
0.0%
0.0%
0.1%
3.6%
21.6%
15.8%
22.8%
17.0%
16.6%
17.3%
12.2%
13.0%
16.1%
21.2%
22.3%
9.9%
20.5%
Other Income
Net Income From Total Operations
5.1%
0.1%
0.0%
17.2%
-0.1%
0.2%
0.0%
0.0%
1.9%
8.6%
0.0%
0.5%
0.7%
35.8%
17.1%
27.2%
24.0%
27.9%
22.8%
23.8%
25.9%
17.0%
17.3%
24.2%
22.5%
24.4%
34.3%
21.5%
Balance Sheet
Assets
Cash & Equivalents
1.3%
1.5%
1.9%
1.6%
3.0%
1.9%
0.9%
0.9%
1.9%
5.6%
1.7%
2.5%
5.6%
1.1%
Short-Term Investments
8.9%
14.6%
17.0%
22.5%
19.1%
19.4%
11.3%
13.5%
12.4%
12.0%
11.6%
10.1%
12.0%
17.7%
Net Receivables
7.8%
8.1%
8.7%
8.6%
9.1%
8.8%
7.4%
7.7%
12.3%
11.6%
12.1%
11.7%
11.6%
11.9%
Inventories
5.0%
5.4%
5.1%
5.3%
4.6%
3.9%
5.8%
4.3%
4.1%
3.8%
3.8%
4.1%
3.8%
3.8%
0.0%
0.1%
0.1%
0.1%
0.1%
4.7%
0.2%
0.3%
0.1%
0.0%
2.9%
2.9%
0.0%
0.0%
25.5%
32.1%
35.6%
40.9%
40.6%
38.8%
29.0%
31.0%
30.7%
33.1%
32.1%
31.3%
33.1%
34.6%
Fixed Assets
15.7%
14.9%
14.5%
14.5%
13.6%
12.0%
10.7%
9.8%
9.0%
7.8%
8.1%
8.0%
7.8%
7.4%
Intangible Assets
50.2%
46.1%
43.9%
21.2%
17.8%
15.9%
31.9%
29.5%
28.6%
24.8%
26.5%
25.9%
24.8%
23.5%
11.1%
Other Long-Term Assets
8.6%
7.0%
6.0%
5.3%
9.4%
14.0%
6.2%
7.1%
7.7%
10.4%
8.9%
10.6%
10.4%
Total Long-Term Assets
74.5%
67.9%
64.4%
59.1%
59.4%
61.2%
71.0%
69.0%
69.3%
66.9%
67.9%
68.7%
66.9%
65.4%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Accounts payable
2.2%
2.2%
1.9%
1.8%
2.0%
1.6%
2.1%
2.1%
2.0%
2.3%
1.7%
1.6%
2.3%
1.7%
Short-Term Debt
7.6%
9.1%
9.9%
2.1%
5.1%
8.4%
2.6%
2.9%
2.1%
3.5%
4.2%
4.3%
3.5%
4.7%
Taxes Payable
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
6.4%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Accrued Liabilities
2.7%
1.8%
1.5%
1.7%
1.7%
1.5%
1.1%
1.1%
1.2%
1.1%
0.8%
1.0%
1.1%
0.9%
7.8%
8.3%
11.0%
13.1%
10.2%
12.8%
5.4%
8.6%
9.6%
8.5%
10.1%
9.1%
8.5%
7.3%
20.3%
21.4%
24.2%
18.6%
18.9%
24.3%
17.5%
14.7%
14.9%
15.4%
16.8%
16.0%
15.4%
14.7%
Long-Term Debt
4.9%
5.9%
5.4%
4.8%
6.3%
7.2%
24.5%
19.7%
18.6%
16.7%
16.9%
17.0%
16.7%
16.8%
Other Liabilities
7.5%
7.3%
5.9%
7.4%
11.5%
13.9%
7.2%
10.8%
12.1%
12.3%
12.4%
11.6%
12.3%
12.3%
11.3%
10.2%
8.7%
7.0%
6.7%
2.7%
8.4%
9.6%
10.4%
11.6%
10.1%
10.5%
11.6%
12.0%
Total Long-Term Liabilities
23.8%
23.4%
20.0%
19.2%
24.7%
23.9%
40.2%
40.3%
41.4%
40.9%
39.7%
39.3%
40.9%
41.4%
Total Liabilities
44.0%
44.8%
44.2%
37.9%
43.6%
48.2%
57.7%
55.0%
56.3%
56.3%
56.5%
55.3%
56.3%
56.1%
Retained Earnings
25.2%
28.7%
32.0%
43.3%
43.1%
44.2%
19.0%
21.9%
24.6%
29.2%
26.2%
28.1%
29.2%
30.4%
0.2%
0.2%
0.1%
0.1%
0.1%
0.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
56.0%
55.2%
55.8%
62.1%
56.4%
51.8%
42.3%
45.0%
43.7%
43.7%
43.5%
44.7%
43.7%
43.9%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Net Income
33.3%
69.5%
54.9%
109.9%
61.0%
44.4%
52.1%
72.4%
49.7%
85.6%
74.5%
70.2%
85.6%
123.4%
34.7%
31.2%
37.8%
30.1%
38.9%
27.9%
28.7%
74.1%
44.6%
44.6%
58.9%
48.4%
44.6%
79.2%
Deferred Taxes
-0.9%
-9.7%
-9.3%
-11.1%
-20.9%
-7.3%
-57.8%
17.1%
0.9%
12.9%
-1.6%
1.0%
12.9%
41.4%
0.0%
0.0%
2.3%
13.5%
28.1%
8.4%
5.6%
28.9%
-0.4%
10.0%
12.8%
10.1%
10.0%
4.3%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
-54.6%
27.6%
41.5%
-40.2%
-236.5%
13.3%
3.9%
307.5%
-75.5%
-21.6%
125.7%
122.0%
-21.6%
1.8%
0.0%
24.0%
41.5%
-41.6%
-55.3%
9.1%
137.9%
55.5%
-41.2%
175.5%
179.4%
114.5%
175.5%
0.0%
Sale of Assets
115.8%
-13.5%
-2.5%
0.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Net Cash From Investing Activities
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Total Assets
Liabilities & Stockholders' Equity
Preferred Equity
Total Equity
Cash Flows Statement

Cash Flows From Operating Activities
Other
Cash Flows From Investing Activities

Capital Expenditures
Acquisitions
Cash Flows From Financing Activities

Issuance of Capital Stock
-6.3%
-15.3%
-4.9%
-3.2%
-3.6%
-1.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
158.5%
Repurchase of Capital Stock
77.1%
100.5%
41.2%
30.2%
79.3%
7.6%
0.0%
8.9%
43.7%
51.4%
46.3%
49.5%
51.4%
-1065.9%
Net Issuance of Stock
70.8%
85.2%
36.3%
27.0%
75.6%
6.5%
0.0%
8.9%
43.7%
51.4%
46.3%
49.5%
51.4%
-907.4%
Issuance of Debt
-4.7%
-76.2%
-23.3%
-9.0%
-45.4%
-620.8%
387.1%
-57.3%
-62.2%
-50.0%
-58.1%
-58.4%
-50.0%
604.6%
Repayment of Debt
8.2%
14.4%
26.7%
52.1%
6.6%
584.1%
-248.2%
94.4%
52.5%
9.5%
0.1%
0.2%
9.5%
-0.5%
Net Issuance of Debt
3.5%
-61.8%
3.5%
43.0%
-38.9%
-36.7%
138.9%
37.2%
-9.7%
-40.5%
-58.0%
-58.2%
-40.5%
604.1%
Dividends Paid
Cash from Financing
25.7%
76.7%
60.2%
30.0%
63.2%
130.2%
-38.3%
54.5%
30.3%
40.8%
50.7%
50.3%
40.8%
-399.8%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
TTM
100.0%
19.5%
80.5%
28.2%
13.2%
0.0%
-5.0%
12.4%
30.4%
2.5%
2.6%
23.6%
5.2%
18.3%
0.1%
18.3%
0.0%
25.8%
MRQ
1.1%
17.7%
11.9%
3.8%
0.0%
34.6%
7.4%
23.5%
11.1%
65.4%
100.0%
1.7%
4.7%
0.0%
0.9%
7.3%
14.7%
16.8%
12.3%
12.0%
41.4%
56.1%
30.4%
0.0%
43.9%
100.0%
TTM
94.2%
43.2%
21.4%
6.8%
100.0%
24.4%
-221.6%
0.0%
100.0%
-5.7%
92.8%
87.1%
-75.1%
12.6%
-62.6%
54.9%
100.0%
Pfizer Inc.
(PFE)
Enter Ticker
Refresh
Color Coding
12/28/2013
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
TTM
Financial Statistics & Ratios

Valuation Ratios
P/E
23.03
9.71
10.70
10.51
11.15
8.48
8.84
11.68
13.76
13.41
14.57
P/E (cash adjusted)
21.48
8.32
8.89
8.45
8.84
6.41
6.84
9.24
11.47
11.12
12.13
EV/EBITDA
12.18
6.22
6.22
6.25
7.13
4.53
7.27
5.90
6.37
7.69
0.00
EV/Free Cash Flow
19.92
10.02
10.09
7.86
9.66
5.51
9.55
15.19
9.33
12.51
14.16
P/S
3.95
2.64
2.56
2.93
2.54
2.02
2.29
1.98
2.38
3.25
3.66
P/BV
2.73
2.03
2.00
1.99
1.89
1.69
1.27
1.53
1.95
2.36
2.56
P/Tang BV
26.55
12.32
9.35
3.02
2.76
2.44
5.21
4.44
5.66
5.44
5.53
P/CF
18.00
5.96
6.88
6.64
6.73
4.76
5.92
4.70
6.81
6.95
8.01
P/FCF
19.61
10.10
10.42
9.13
10.72
5.89
7.46
13.52
8.65
12.18
13.83
ROE
11.9%
20.9%
18.7%
18.9%
17.0%
19.9%
14.4%
13.1%
14.2%
17.6%
18.1%
ROA
6.6%
11.6%
10.5%
11.8%
9.6%
10.3%
6.1%
5.9%
6.2%
7.7%
7.9%
ROIC
6.7%
17.8%
15.7%
18.4%
13.5%
20.7%
8.2%
10.9%
9.3%
11.4%
11.0%
CROIC
11.2%
17.8%
18.9%
23.6%
16.9%
27.4%
10.3%
7.2%
14.0%
12.6%
12.2%
GPA (Gross Profitability to Assets)
30.3%
36.4%
36.4%
35.5%
32.3%
36.2%
19.3%
26.4%
27.8%
25.6%
24.7%
Book to Market
36.6%
49.2%
49.9%
50.3%
52.9%
59.1%
78.5%
65.3%
51.2%
42.4%
39.0%
Quick Ratio
1.01
1.25
1.26
1.91
1.90
1.43
1.32
1.82
1.78
1.90
2.10
Current Ratio
1.26
1.50
1.47
2.20
2.15
1.59
1.66
2.11
2.06
2.15
2.35
0.22
0.27
0.27
0.11
0.20
0.30
0.64
0.50
0.47
0.46
0.49
Long Term Debt/Equity Ratio

Short Term Debt/Equity Ratio
0.09
0.11
0.10
0.08
0.11
0.14
0.58
0.44
0.43
0.38
0.38
0.13
0.17
0.18
0.03
0.09
0.16
0.06
0.06
0.05
0.08
0.11
Solvency
Efficiency Ratios
Asset Turnover
0.39
0.42
0.44
0.42
0.42
0.43
0.23
0.35
0.36
0.32
0.31
3.4%
3.4%
4.4%
3.8%
7.0%
4.4%
4.0%
2.6%
5.2%
17.6%
3.7%
Receivables % of Revenue
20.3%
19.1%
20.0%
20.5%
21.6%
20.3%
31.7%
22.2%
34.3%
36.6%
38.9%
SG&A % of Revenue
33.7%
32.2%
33.1%
32.2%
32.3%
30.1%
29.7%
28.9%
28.9%
28.2%
28.2%
R&D % of Revenue
15.8%
14.6%
14.5%
15.7%
16.7%
16.5%
15.8%
13.9%
13.5%
13.3%
13.2%
Cash % of Revenue
Liquidity Ratios
Days Sales Outstanding
74.0
69.6
73.1
74.7
78.9
73.9
115.6
81.2
125.1
133.5
141.8
216.7
322.4
258.6
292.0
172.2
197.1
509.3
188.5
188.0
227.5
228.4
96.6
129.3
95.3
96.5
73.7
78.8
179.5
90.3
92.8
137.3
106.5
Cash Conversion Cycle
194.2
262.7
236.4
270.2
177.3
192.3
445.5
179.4
220.2
223.6
263.8
Receivables Turnover
4.93
5.47
5.06
4.79
4.75
4.77
3.90
4.39
3.53
2.64
2.62
Inventory Turnover
1.68
1.21
1.34
1.26
1.97
1.68
1.06
1.56
1.87
1.53
1.60
Average Age of Inventory (Days)
216.69
302.44
271.86
290.23
185.33
217.84
344.63
233.27
195.67
238.82
228.43
Intangibles % of Book Value
89.7%
83.5%
78.6%
34.1%
31.5%
30.8%
75.6%
65.5%
65.5%
56.6%
53.6%
Inventory % of Revenue
12.9%
12.7%
11.8%
12.6%
11.0%
9.1%
24.8%
12.4%
11.5%
12.0%
12.2%
25.3%
Days Inventory Outstanding

Days Payable Outstanding
Capital Structure Ratios

LT-Debt as % of Invested Capital
7.1%
9.4%
9.5%
8.4%
10.8%
13.2%
34.9%
27.8%
26.2%
24.9%
ST-Debt as % of Invested Capital
10.9%
14.6%
17.3%
3.7%
8.6%
15.4%
3.7%
4.1%
3.0%
5.2%
7.1%
LT-Debt as % of Total Debt
39.5%
39.3%
35.4%
69.5%
55.7%
46.1%
90.5%
87.2%
89.7%
82.9%
78.0%
ST-Debt as % of Total Debt
60.5%
60.7%
64.6%
30.5%
44.3%
53.9%
9.5%
12.8%
10.3%
17.1%
22.0%
Total Debt % of Total Assets
12.5%
15.0%
15.3%
6.9%
11.4%
15.5%
27.1%
22.6%
20.7%
20.2%
21.5%
3.4%
9.5%
10.2%
18.0%
20.3%
16.5%
21.3%
23.7%
18.5%
17.1%
17.7%
Working Capital % of Price
Quality Scores
Piostroski F Score
6.00
7.00
6.00
8.00
4.00
7.00
4.00
5.00
8.00
8.00
6.00
Altman Z Score (Original)
2.98
2.84
2.88
3.64
3.03
2.62
1.38
1.79
2.06
2.28
1.96
Altman Z Score (Revised)
5.01
5.05
5.14
7.09
5.96
4.91
2.73
3.49
3.95
4.53
4.45
Beneish M Score (5 Variable)
-3.01
-2.92
-3.01
-2.77
-3.01
-2.22
-2.89
-2.50
-3.00
-2.89
Beneish M Score (8 Variable)
-2.70
-2.78
-2.75
-2.61
-3.06
-2.05
-2.46
-2.28
-2.73
-2.59
Pfizer Inc.
(PFE)
12/28/2013
Enter Ticker
Refresh
CLEAR
Earnings Quality Check with Accrual Analysis

Earnings growth due to accrual growth is not sustainable. This is like cookie jar accounting where a company borrows earnings from the future to make earnings look good today.
Balance sheet accrual can indicate whether capital is being used properly. A company with high accruals can come from acquiring or merging with companies which expands the asset base. Low
balance sheet accrual companies tend to shrink their balance sheet through spin offs, share repurchases or large write offs. In these situations, it is usually removing bad performing assets or returning
money to shareholders which is always a good use of capital.
High accruals indicate that the company has expanded its asset base rapidly.
Companies with high balance sheet accruals tend to have higher sales growth than low balance sheet accrual companies.
High balance sheet accruals also have a higher ROE.
Remember that maintaining a high sales growth or high ROE is difficult unless you have an entrenched moat. Such companies revert to the mean and disappoint..
Companies with low balance sheet accruals tend to have below average returns on equity. Analysts expect the company to lag.
Color Coding: Green = safe zone, Yellow = ratio is getting into warning zone, Red = Danger zone. Ratios are too high or low. Requires check.
More reading:
http://tinyurl.com/6p394ap
http://tinyurl.com/7ucpoe2
Balance Sheet Accrual Ratio

Cash Flow Accrual Ratio
Sloan Accrual Ratio
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
TTM/MRQ
-7.6%
8.1%
9.0%
6.0%
-4.4%
3.2%
2.2%
-4.8%
-11.6%
-8.0%
-3.6%
-4.1%
-2.7%
-2.7%
8.2%
5.5%
66.8%
25.3%
13.0%
-11.3%
0.4%
0.3%
-10.1%
-8.7%
-5.7%
-8.2%
-7.9%
-4.8%
10.6%
3.1%
1.9%
Earnings
Stock Price
$
$
1.06
24.5
$
$
1.88
18.2
$
$
1.66
17.8
$
$
1.86
19.5
Total Assets
Cash & Equivalent
Total Liabilities
Short Term Debt
Long Term Debt
Net Operating Assets (NOA)
$ 116,775.0
$ 1,520.0
$ 51,398.0
$ 8,818.0
$ 5,755.0
$ 78,430.0
$
$
$
$
$
$
123,684.0
1,808.0
55,406.0
11,266.0
7,279.0
85,015.0
$
$
$
$
$
$
117,565.0
2,247.0
51,938.0
11,589.0
6,347.0
81,316.0
$
$
$
$
$
$
Net Income
CFO
CFI
$ 7,749.0
$ 11,739.0
$ 4,838.0
$
$
$
Balance Sheet Aggregate Accrual $

Cash Flow Aggregate Accrual
$
$
$
14,298.0 $
16,340.0 $
(9,422.0) $
6,585.0
7,380.0
$
$
$
$
1.59
17.7
$
$
1.70
14.4
$
$
1.84
16.3
114,837.0
1,827.0
43,479.0
2,434.0
5,546.0
77,511.0
$ 115,268.0
$ 3,406.0
$ 50,258.0
$ 5,825.0
$ 7,314.0
$ 74,743.0
$
$
$
$
$
$
111,148.0
2,122.0
53,592.0
9,320.0
7,963.0
72,717.0
$ 188,002.0
$ 3,539.0
$ 105,812.0
$ 4,018.0
$ 34,931.0
$ 117,600.0
$ 185,798.0
$ 10,389.0
$ 104,538.0
$ 6,424.0
$ 31,036.0
$ 108,331.0
$ 187,398.0
$ 2,134.0
$ 105,148.0
$ 8,896.0
$ 31,481.0
$ 120,493.0
12,296.0 $
14,733.0 $
(5,072.0) $
13,502.0
17,594.0
5,101.0
$ 11,030.0
$ 13,353.0
$
795.0
$
$
$
11,477.0 $ 12,967.0 $ 11,512.0 $ 11,673.0

18,238.0 $ 16,587.0 $ 11,454.0 $ 20,240.0
(12,835.0) $ (31,272.0) $
(492.0) $ 2,200.0
$ 14,288.0
$ 17,054.0
$ 6,154.0
$ 14,866.0
$ 16,521.0
$ (5,227.0)
(3,699.0) $
2,635.0 $
(3,805.0) $ (2,768.0) $
(9,193.0) $ (3,118.0) $
$ 212,949.0
$ 1,978.0
$ 122,935.0
$ 5,469.0
$ 52,193.0
$ 145,698.0
(2,026.0) $ 72,981.0
6,074.0 $ 27,652.0
$
$
1.43
16.7
$ 195,014.0
$ 1,735.0
$ 107,201.0
$ 5,623.0
$ 38,410.0
$ 130,111.0
$
$
1.48
20.4
$
$
1.90
25.5
$
$
1.99
28.3
$ (15,587.0) $ (12,511.0) $ (9,269.0) $ 12,162.0

$
550.0 $ (10,767.0) $ (8,920.0) $ 3,572.0
Piotroski Score
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
TTM
Piotroski F Scores
Piotroski 1: Net Income

Piotroski 2: Operating Cash Flow
Piotroski 3: Return on Assets
Piotroski 4: Quality of Earnings
Piotroski 5: LT Debt vs Assets
Piotroski 6: Current Ratio
Piotroski 7: Shares Outstanding
Piotroski 8: Gross Margin
Piotroski 9: Asset Turnover
1
1
1
1
1
1
0
0
0
1
1
1
1
0
1
0
1
1
1
1
0
1
1
0
1
0
1
1
1
1
1
1
1
1
1
0
1
1
0
1
0
0
1
0
0
1
1
1
1
0
0
1
1
1
1
1
0
1
0
1
0
0
0
1
1
0
0
1
1
0
0
1
1
1
1
1
1
0
1
1
1
1
1
1
1
1
1
1
1
0
1
1
1
1
0
1
1
0
0
2008
16,067.0
111,148.0
53,592.0
49,142.0
10,210.0
97,335.0
48,296.0
2009
$ 24,445.0
$ 212,949.0
$ 122,935.0
$ 40,426.0
$ 12,060.0
$ 114,692.6
$ 50,009.0
2010
$ 31,859.0
$ 195,014.0
$ 107,201.0
$ 42,716.0
$ 11,221.0
$ 134,432.1
$ 67,809.0
2011
$ 29,659.0
$ 188,002.0
$ 105,812.0
$ 46,210.0
$ 14,443.0
$ 160,626.7
$ 67,425.0
2012
$ 32,796.0
$ 185,798.0
$ 104,538.0
$ 54,240.0
$ 13,604.0
$ 191,604.2
$ 58,986.0
Q1
$ 37,220.0
$ 187,398.0
$ 105,148.0
$ 56,972.0
$ 4,312.0
$ 200,596.3
$ 13,500.0
2.62
4.91
1.38
2.73
1.79
3.49
2.06
3.95
2.28
4.53
1.96
4.45
Altman Z Score
Annual
Working Capital
Total Assets
Total Liabilities
Retained Earnings
EBITDA
Market Value of Equity
Net Sales
2003
$ 6,084.0
$ 116,775.0
$ 51,398.0
$ 29,382.0
$ 3,533.0
$ 178,434.1
$ 45,188.0
$
$
$
$
$
$
$
2004
13,236.0
123,684.0
55,406.0
35,492.0
14,354.0
138,803.2
52,516.0
Normal Altman Z Score

Revised Altman Z Score
2.98
5.01
2.84
5.05
X1
X2
X3
X4
X5
0.18
0.29
0.07
1.83
0.32
0.20
0.30
0.02
1.91
0.07
$
$
$
$
$
$
$
2005
13,448.0
117,565.0
51,938.0
37,608.0
12,005.0
131,545.3
51,298.0
2.88
5.14
$
$
$
$
$
$
$
2006
25,560.0
114,837.0
43,479.0
49,669.0
13,516.0
141,843.0
48,371.0
2007
$ 25,014.0
$ 115,268.0
$ 50,258.0
$ 49,660.0
$ 9,675.0
$ 122,959.1
$ 48,418.0
3.64
7.09
3.03
5.96
$
$
$
$
$
$
$
MRQ
Altman Z Score
Revised Altman Z Score
Annual
MRQ
Annual
MRQ
2.28
1.96
4.53
4.45
The Beneish Model - M Score Variables
MRQ Edit
DSRI = Days' Sales in Receivables Index. Measured as the ratio of days' sales in receivables in year t to year t-1. A large increase in DSR could be indicative of revenue inflation.
GMI = Gross Margin Index. Measured as the ratio of gross margin in year t-1 to gross margin in year t. Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more
likely to manipulate earnings.
AQI = Asset Quality Index. Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.AQI is the ratio of asset quality in year t to year t-1.
SGI = Sales Growth Index. Ratio of sales in year t to sales in year t-1. Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to
manipulate in order to keep up appearances.
DEPI = Depreciation Index. Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t. DEPI greater than 1 indicates that assets are being depreciated at a slower
rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
SGAI = Sales, General and Administrative expenses Index. The ratio of SGA expenses in year t relative to year t -1.
LVGI = Leverage Index. The ratio of total debt to total assets in year t relative to yeat t-1. An LVGI >1 indicates an increase in leverage
TATA - Total Accruals to Total Assets. Total accruals calculated as the change in working capital accounts other than cash less depreciation.
The Beneish M Score Formula

The eight variables are then weighted together according to the following:
M = -4.84 + 0.92*DSRI + 0.528*GMI + 0.404*AQI + 0.892*SGI + 0.115*DEPI - 0.172*SGAI + 4.679*TATA - 0.327*LVGI
A score greater than -2.22 indicates a strong likelihood of a firm being a manipulator. In his out of sample tests, Beneish found that he could correctly identify 76% of manipulators, whilst only incorrectly
identifying 17.5% of non-manipulators.
The 5 Variable Version of the Beneish Model

The five variable version excludes SGAI, DEPI and LEVI which were not significant in the original Beneish model.
M = -6.065 + 0.823*DSRI + 0.906*GMI + 0.593*AQI + 0.717*SGI + 0.107*DEPI
A score greater than -2.22 indicates a strong likelihood of a firm being a manipulator.
M Score - 5 Variable
M Score - 8 Variable
DSRI
GMI
AQI
SGI
DEPI
SGAI
TATA
LVGI
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
TTM
-3.01
-2.70
-2.92
-2.78
-3.01
-2.75
-2.77
-2.61
-3.01
-3.06
-2.22
-2.05
-2.89
-2.46
-2.50
-2.28
-3.00
-2.73
-2.89
-2.59
0.94
0.91
0.90
1.16
0.84
0.95
-0.04
1.08
1.05
1.03
0.94
0.98
0.88
1.03
-0.06
1.09
1.02
0.99
0.90
0.94
1.02
0.97
-0.06
0.79
1.05
1.10
1.02
1.00
0.97
1.00
-0.04
1.08
0.94
0.92
1.08
1.00
0.90
0.93
-0.09
1.24
1.56
1.01
1.22
1.04
1.60
0.99
-0.04
1.33
0.70
1.08
0.98
1.36
0.56
0.97
-0.02
0.82
1.54
0.98
1.02
0.99
0.88
1.00
-0.06
0.98
1.07
0.96
0.98
0.87
1.01
0.98
-0.04
0.96
1.06
1.00
0.98
0.98
1.02
1.00
-0.03
0.98
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
MRQ Edit
Pfizer Inc.
(PFE)
12/28/2013
Enter Ticker
Refresh
Free Cash Flow
Owner Earnings
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
TTM
$9,098.0 ####### ####### ####### ####### ####### ####### $9,941.0 ####### ####### #######
% Change 51.0%
-8.1%
23.1%
-26.2%
44.1%
-7.0%
-35.4%
86.9%
-15.4%
-3.1%
2003
2004
2005
2006
2007
2008
$6,040.0 ####### ####### ####### ####### $8,313.0
% Change 155.2%
-11.6%
63.2%
-28.0%
-48.1%
Stock Price
Diluted EPS
2003
2004
$24.5
$18.2
% Change -25.6%
2005
$17.8
-2.6%
2006
$19.5
9.9%
2007
$17.7
-9.1%
2008
$14.4
-18.6%
2009
$16.3
12.9%
2010
$16.7
2.3%
2011
$20.4
22.6%
2012
$25.5
25.0%
TTM
$29.0
13.7%
FCF / Sales
2003
20.1%
% Change
2004
26.2%
29.9%
2004
17.8%
58.5%
2005
24.6%
-5.9%
2006
32.1%
30.6%
2007
23.7%
-26.3%
2008
34.2%
44.5%
2009
30.8%
-10.2%
2010
14.7%
-52.3%
2011
27.6%
88.0%
2012
26.7%
-3.2%
TTM
26.5%
-0.7%
2004
16.1%
95.8%
2005
18.9%
6.3%
2006
23.6%
25.3%
2007
16.9%
-28.6%
2008
27.4%
62.2%
2009
10.3%
-62.5%
2010
7.2%
-30.1%
2011
14.0%
94.2%
2012
12.6%
-9.4%
TTM
12.2%
-3.1%
2004
85.6%
9.5%
2005
16.1%
0.1%
2006
16.0%
-0.5%
2007
14.0%
-12.5%
2008
22.1%
57.5%
2009
13.8%
-37.7%
2010
16.9%
23.2%
2011
15.7%
-7.4%
2012
13.0%
-17.1%
TTM
0.0%
-100.0%
2004
7.0
16.7%
2005
83.4%
-2.6%
2006
84.2%
1.0%
2007
76.8%
-8.8%
2008
83.2%
8.4%
2009
82.2%
-1.2%
2010
76.0%
-7.6%
2011
77.6%
2.2%
2012
80.8%
4.1%
TTM
80.5%
-0.4%
2005
6.0
-14.3%
2006
8.0
33.3%
2007
4.0
-50.0%
2008
7.0
75.0%
2009
4.0
-42.9%
2010
5.0
25.0%
2011
8.0
60.0%
2012
8.0
0.0%
TTM
6.0
-25.0%
2004
81.1%
3.2%
2005
-2.8
-2.7%
2006
-2.8
0.9%
2007
-2.6
5.3%
2008
-3.1
-17.4%
2009
-2.0
33.1%
2010
-2.5
-20.4%
2011
-2.3
7.3%
2012
-2.7
-19.6%
TTM
-2.6
5.1%
2010
$1.43
-22.5%
2011
$1.48
4.0%
2012
$1.90
28.3%
TTM
$1.99
4.6%
2003
2004
19.6
10.1
% Change -48.5%
2005
10.4
3.1%
2006
9.1
-12.4%
2007
10.7
17.4%
2008
5.9
-45.1%
2009
7.5
26.7%
2010
13.5
81.4%
2011
8.6
-36.1%
2012
12.2
40.9%
TTM
13.8
13.5%
2003
5.1%
% Change
2004
9.9%
94.1%
2005
9.6%
-3.0%
2006
11.0%
14.2%
2007
9.3%
-14.9%
2008
17.0%
82.1%
2009
13.4%
-21.1%
2010
7.4%
-44.9%
2011
11.6%
56.4%
2012
8.2%
-29.0%
TTM
7.2%
-11.9%
2003
2004
14.5%
45.4%
% Change 213.1%
2005
39.3%
-13.4%
2006
32.0%
-18.5%
2007
23.7%
-25.9%
2008
34.8%
46.5%
2009
25.5%
-26.6%
2010
22.0%
-13.8%
2011
31.0%
40.8%
2012
28.8%
-7.1%
TTM
29.3%
1.9%
2003
17.1%
% Change
2004
27.2%
58.8%
2005
24.0%
-12.0%
2006
27.9%
16.5%
2007
22.8%
-18.4%
2008
23.8%
4.3%
2009
25.9%
9.1%
2010
17.0%
-34.5%
2011
17.3%
2.0%
2012
24.2%
39.9%
TTM
25.8%
6.5%
2003
3.0
% Change
2004
2.8
-4.8%
2005
2.9
1.3%
2006
3.6
26.5%
2007
3.0
-16.8%
2008
2.6
-13.5%
2009
1.4
-47.1%
2010
1.8
29.4%
2011
2.1
14.7%
2012
2.3
10.8%
TTM
2.0
-14.2%
2003
2004
49.7%
19.0%
% Change -61.7%
2005
29.7%
56.0%
2006
15.3%
-48.5%
2007
11.0%
-27.9%
2008
17.0%
53.9%
2009
20.3%
19.6%
2010
11.9%
-41.2%
2011
31.5%
164.2%
2012
21.2%
-32.7%
TTM
22.2%
4.7%
2005
70.4%
-5.0%
2006
194.8%
176.7%
2007
87.3%
-55.2%
2008
95.7%
9.6%
2009
26.7%
-72.1%
2010
22.6%
-15.4%
2011
47.7%
111.3%
2012
42.0%
-12.0%
TTM
37.8%
-10.1%
2006
280.3%
40.9%
2007
156.9%
-44.0%
2008
207.7%
32.4%
2009
29.5%
-85.8%
2010
25.9%
-12.2%
2011
53.2%
105.5%
2012
50.7%
-4.7%
TTM
48.4%
-4.4%
FCF to Total Debt
2005
79.1%
-2.5%
2006
60.9%
-23.0%
2007
77.3%
26.9%
2008
93.1%
20.4%
2009
136.6%
46.7%
2010
122.1%
-10.6%
2011
128.7%
5.5%
2012
128.6%
-0.1%
TTM
127.8%
-0.6%
FCF to Short Term Debt
2003
2004
103.2% 122.0%
% Change 18.2%
2009
$1.84
8.3%
Tax Rate
Debt to Equity
2003
78.6%
% Change
2008
$1.70
7.0%
Original Altman Z Score
Beneish M Score - 8 Variable Version
2003
2004
-2.7
% Change #DIV/0!
2007
$1.59
-14.4%
Net Profit Margin
Piotroski F score
2003
6.0
% Change
2006
$1.86
11.9%
Magic Formula Investing -- Return on Capital
Gross Margin
2003
78.2%
% Change
2005
$1.66
-11.6%
FCF Yield
Magic Formula Investing -- Earnings Yield
2003
8.2%
% Change
2004
$1.88
76.6%
2010
2011
2012
TTM
####### ####### ####### #######
4732.5% -49.6%
87.8%
6.5%
Price / FCF
Cash Return on Invested Capital (CROIC)
2003
11.2%
% Change
2003
$1.06
% Change
2009
$600.0
-92.8%
2005
109.0%
-10.7%
2003
62.4%
% Change
2004
74.1%
18.7%
FCF to Long Term Debt
2006
638.6%
486.1%
2007
197.0%
-69.2%
2008
177.4%
-9.9%
2009
281.3%
58.5%
2010
176.8%
-37.1%
2011
462.4%
161.6%
2012
244.8%
-47.1%
TTM
171.4%
-30.0%
2003
2004
158.1% 188.7%
% Change 19.4%
2005
198.9%
5.4%
Pfizer Inc.
(PFE)
12/28/2013
Enter Ticker
Update
CLEAR
Enter Competitor Tickers
PFE
2 Company
3 Sector
Industry
4
5 Country
68 Earnings Date
Pfizer Inc.
Healthcare
Drug
Manufacturers Major
USA
30-Apr-2013
65
6
66
67
60
61
55
56
57
58
Price
Market Cap
Change
Volume
Change from Open
Gap
50-Day High
50-Day Low
52-Week High
52-Week Low
7
8
9
10
11
12
13
14
15
P/E
Forward P/E
PEG
P/S
P/B
P/Cash
P/Free Cash Flow
Dividend Yield
Payout Ratio
20.06
12.03
8.36
3.48
2.44
5.68
23.25
3.39%
62.47%
min
min
min
min
min
min
min
max
min
16
17
18
19
20
21
22
23
EPS (ttm)
EPS growth this year
EPS growth next year
EPS growth past 5 years
EPS growth next 5 years
Sales growth past 5 years
EPS growth quarter over quarter
Sales growth quarter over quarter
$1.41
19.06%
6.33%
1.33%
2.40%
4.03%
66.87%
-9.30%
max
max
max
max
max
max
max
5.66%
12.71%
6.65%
max
max
max
2.35
2.10
0.38
0.49
max
max
min
min
39 Gross Margin
40 Operating Margin
41 Profit Margin
0.00%
23.55%
18.32%
max
max
max
24
25
26
27
28
29
30
31
Shares Outstanding
Shares Float
Insider Ownership
Insider Transactions
Institutional Ownership
Institutional Transactions
Float Short
Short Ratio
7,093.22
7,089.62
0.05%
8.24%
73.78%
-2.17%
0.89%
1.8
42
43
44
45
46
46
48
49
50
51
52
53
54
59
62
63
64
Performance (Week)
Performance (Month)
Performance (Quarter)
Performance (Half Year)
Performance (Year)
Performance (Year)
Beta
Average True Range
Volatility (Week)
Volatility (Month)
20-Day Simple Moving Average
Relative Strength Index (14)
Analyst Recom
Average Volume
Relative Volume
-1.74%
-6.30%
4.05%
17.44%
32.27%
32.27%
0.75
0.61
2.16%
1.82%
-2.32%
-3.08%
8.43%
40.05
2.00
34,181.02
1.43
32 Return on Assets
33 Return on Equity
34 Return on Investment
35
36
37
38
Current Ratio
Quick Ratio
LT Debt/Equity
Total Debt/Equity
$28.28
$200,596.27
-2.52%
48,860,156
-2.01%
-0.52%
-8.45%
2.79%
-8.45%
36.90%
max
max
max
min
Pfizer Inc.
(PFE)
Shares Out.
7093.223
Enter Ticker
Fiscal Year
Cash Flow Data
Discount %
6.0%
9.0%
Terminal %
Select FCF
2%
FCF
Adjust 2012 FCF
6.0%
Current Price
Fair Value
Buy Under
Actual M.O.S
52 Wk High
52 Wk Low
$28.28
$31.30
$15.65
10%
$31.15
$21.40
2004
2005
2006
2007
2008
2009
2010
2011
2012
$11,739.0
($2,641.0)
$9,914.4
$9,098.0
YOY% Change
$16,340.0
($2,601.0)
$23,307.5
$13,739.0
51.0%
$14,733.0
($2,106.0)
$19,107.1
$12,627.0
-8.1%
$17,594.0
($2,050.0)
$21,352.0
$15,544.0
23.1%
$13,353.0
($1,880.0)
$18,278.8
$11,473.0
-26.2%
$18,238.0
($1,701.0)
$20,455.5
$16,537.0
44.1%
$16,587.0
($1,205.0)
$19,365.1
$15,382.0
-7.0%
$11,454.0
($1,513.0)
$28,625.5
$9,941.0
-35.4%
$20,240.0
($1,660.0)
$23,587.5
$18,580.0
86.9%
$17,054.0
($1,327.0)
$27,572.3
78.2%
23.9%
17.1%
85.6%
32.4%
27.2%
83.4%
29.1%
24.0%
84.2%
29.5%
27.9%
76.8%
21.3%
22.8%
83.2%
31.1%
23.8%
82.2%
30.9%
25.9%
76.0%
25.2%
17.0%
$1.06
49.7%
$1.88
19.0%
$1.66
29.7%
$1.86
15.3%
$1.59
11.0%
$1.70
17.0%
$1.84
20.3%
11.2%
20.1%
1.7
6.6%
11.9%
17.8%
26.2%
1.2
11.6%
20.9%
18.9%
24.6%
1.3
10.5%
18.7%
23.6%
32.1%
1.3
11.8%
18.9%
16.9%
23.7%
2.0
9.6%
17.0%
27.4%
34.2%
1.7
10.3%
19.9%
78.6%
8.1%
0.6
1.0
1.6
81.1%
9.6%
0.7
1.2
1.9
79.1%
8.8%
0.7
1.1
2.0
60.9%
7.2%
1.9
6.4
2.8
77.3%
10.1%
0.9
2.0
1.6
2008-2012
-3.0%
-1.2%
12.6%
27.6%
6.2%
14.4%
80.8%
30.5%
23.8%
5.1%
2.9%
-1.7%
2007-2010
-12.1%
-4.7%
13.6%
27.2%
7.8%
15.7%
79.5%
28.1%
23.3%
11.9%
-3.6%
-5.0%
2008-2011
-10.7%
4.0%
12.1%
29.2%
6.1%
14.3%
79.9%
28.9%
20.5%
11.8%
-4.5%
3.5%
2009-2012
17.0%
0.7%
11.5%
27.1%
6.1%
14.3%
79.2%
28.7%
20.8%
5.7%
1.1%
0.9%
2004-2011
14.1%
4.4%
17.3%
26.9%
9.9%
17.9%
82.7%
29.3%
23.9%
3.6%
-3.3%
3.1%
2005-2012
14.0%
3.2%
15.4%
27.1%
8.6%
17.3%
81.5%
29.3%
23.9%
2.0%
2.0%
2.1%
2003-2008
42.7%
12.7%
18.3%
25.4%
10.4%
18.8%
83.3%
29.3%
23.9%
1.3%
9.8%
9.2%
2004-2009
14.3%
2.3%
18.3%
28.5%
10.4%
18.8%
83.3%
30.2%
24.9%
-1.0%
-0.4%
0.3%
Refresh
CLEAR
Trend
2003
Cash from Operations

Capex
Cash Flow
Free Cash Flow
Growth
50%
Select input with

each list or enter
your own value
12/28/2013
M.O.S
7,093.22
TTM
-15.4%
$16,521.0
($1,275.0)
$26,312.0
$15,246.0
-3.1%
77.6%
27.0%
17.3%
80.8%
30.5%
24.2%
80.5%
30.4%
25.8%
$1.43
11.9%
$1.48
31.5%
$1.90
21.2%
$1.99
22.2%
10.3%
30.8%
1.1
6.1%
14.4%
7.2%
14.7%
1.6
5.9%
13.1%
14.0%
27.6%
1.9
6.2%
14.2%
12.6%
26.7%
1.5
7.7%
17.6%
12.2%
26.5%
1.6
7.9%
18.1%
93.1%
12.2%
1.0
1.8
2.1
136.6%
36.7%
0.3
2.8
0.3
122.1%
30.4%
0.2
1.8
0.3
128.7%
29.8%
0.5
4.6
0.5
128.6%
27.6%
0.4
2.4
0.5
127.8%
27.7%
0.4
1.7
0.5
2007-2009
-29.7%
15.8%
16.9%
30.8%
9.6%
17.0%
82.2%
30.9%
23.8%
1.6%
7.6%
11.5%
2008-2010
-12.9%
-22.5%
10.3%
30.8%
6.1%
14.4%
82.2%
30.9%
23.8%
18.5%
-8.4%
-20.8%
2009-2011
13.5%
9.9%
10.3%
27.6%
6.1%
14.2%
77.6%
27.0%
17.3%
16.1%
-10.2%
10.5%
2010-2012
7.9%
25.8%
12.6%
26.7%
6.2%
14.2%
77.6%
27.0%
17.3%
-6.7%
15.5%
22.0%
Median
-10.7%
4.0%
12.6%
27.6%
6.2%
14.4%
79.5%
28.7%
22.8%
8.6%
-1.7%
3.5%
2005-2010
16.6%
-4.7%
17.9%
27.7%
9.9%
17.9%
82.7%
29.3%
23.9%
5.7%
-3.0%
-4.9%
2006-2011
-9.6%
3.6%
15.4%
29.2%
7.9%
15.7%
79.9%
28.2%
23.3%
6.9%
-4.4%
2.8%
2007-2012
-4.6%
6.5%
13.3%
27.1%
6.9%
15.7%
79.2%
28.7%
23.3%
4.0%
3.7%
5.0%
2003-2012
20.2%
6.3%
12.6%
26.4%
8.6%
17.3%
81.5%
29.3%
23.9%
3.0%
6.7%
4.2%
Median
14.3%
3.6%
17.3%
27.1%
9.9%
17.9%
82.7%
29.3%
23.9%
3.6%
2.0%
2.8%
$15,727.0
Margins
Gross Margin
Operating Margin
Net Margin
EPS & Tax

Diluted EPS
Tax Rate
Efficiency & Profitability

CROIC
FCF/Sales
Inventory Turnover
Return On Assets (ROA)
Retun On Equity (ROE)
Debt Related
Debt to Equity
Capitalization Ratio
FCF to Total Debt
FCF to Short Term Debt
FCF to Long Term Debt
5 Year Multi-Year Performance

Tang Shareholder Equity
Free Cash Flow
CROIC
FCF/Sales
ROA
ROE
Gross Margin
Operating Margin
Net Margin
Revenue Growth
Earnings Growth
Cash from Ops Growth
2007-2011
-10.7%
12.8%
14.0%
27.6%
6.2%
14.4%
77.6%
27.0%
22.8%
8.6%
-1.7%
11.0%
10 Year Multi-Year Performance

Tang Shareholder Equity
Free Cash Flow
CROIC
FCF/Sales
ROA
ROE
Gross Margin
Operating Margin
Net Margin
Revenue Growth
Earnings Growth
Cash from Ops Growth
2003-2010
24.0%
1.3%
17.3%
25.4%
9.9%
17.9%
82.7%
29.3%
23.9%
6.0%
4.3%
-0.4%
Projection of future Free Cash Flow

Yearly Growth Input Field
6%
Terminal Growth
2%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
$16,670.62
2023
$ 27,186.65
$17,670.86
2024
$ 27,730.38
$18,731.11
2025
$ 28,284.99
$19,742.59
2026
$ 28,850.69
$20,808.69
2027
$ 29,427.70
$21,932.36
2028
$ 30,016.26
$23,116.70
2029
$ 30,616.58
$24,240.18
2030
$ 31,228.91
$25,418.25
2031
$ 31,853.49
$26,653.58
2032
$ 32,490.56
Calculation
Total Cash
$
MAX(0,Current Liabilities-Current Assets)
$
Excess Cash
$
Adding some Intangibles
$
Interest Bearing Debt
$
Present Value
$
Shares Outstanding
Per Share Value
$
Desired Margin of Safety
Purchase Price
$
Current Price
$
Margin of Safety
Sensitivity Matrix: Growth vs Discount Rate

35,346.00
35,346.00
25,904.20
222,014.87
7093.223
31.30
50%
15.65
28.28
10%
2% $
4% $
Growth Rates
0%
10%
10%
6%
$
8% $
10% $
8%
26.74 $
30.08 $
36.83
41.66
47.16
33.89
38.23
43.17
$
$
$
$
$
$
9%
24.84
27.86
$
$
10%
23.15 $
25.89 $
11%
21.64
24.13
31.30
$
$
$
29.00
32.54
36.56
26.96
30.17
33.81
35.21
39.66
$
$
$
Sensitivity Matrix: Margin of Safety %

Discount Rates
Growth Rates
Variable Fields
Intangibles% add to DCF
Decay Rate (Yr4E-Yr7E)
Extra Decay (Yr8E-Yr10E)
Discount Rates
7%
28.89 $
32.60 $
2%
7%
2.1%
4%
13.3%
6%
23.2%
32.1%
40.0%
8%
10%
8%
-5.8%
9%
-13.9%
10%
-22.2%
11%
-30.7%
6.0%
-1.5%
-9.2%
-17.2%
16.6%
26.0%
34.5%
9.6%
2.5%
13.1%
22.6%
-4.9%
6.3%
16.4%
19.7%
28.7%
Pfizer Inc.
(PFE)
Shares Out.
M.O.S
7,093.22
66%
7093.223
Growth
Projection
EPS
Corp Bond
9.0%
Analyst
Estimate
$2.22
3.50
9.0%
12/28/2013
Refresh
Enter Ticker
CLEAR
Current Price
Intrinsic $
Buy Under
$28.28
$44.65
$15.18
Actual M.O.S 52 Wk High 52 Wk Low
37%
$31.15
$21.40
5 Yr EPS Growth
2007-2011
-1.7%
2008-2012
2.9%
2007-2010
-3.6%
2008-2011
-4.5%
2009-2012
1.1%
2007-2009
7.6%
2008-2010
-8.4%
2009-2011 2010-2012
-10.2%
15.5%
10 Yr EPS Growth
2003-2010
4.3%
2004-2011
-3.3%
2005-2012
2.0%
2003-2008
9.8%
2004-2009
-0.4%
2005-2010
-3.0%
2006-2011
-4.4%
2007-2012
3.7%
2003
1.06
2013E
Forecast Method
$
1.76
Linear Regression Method $
1.88
Analyst Estimate
$
2.22
Diltued EPS
2004
1.88
2014E
$
1.92
$
2.04
$
2.35
$
2005
$
1.66
2006
1.86
2007
1.59
2008
$
1.70
2009
1.84
$2.22
$1.88
Graham Value Calculation

$
$
$
2.22
9.00%
3.50
44.65
66%
15.18
$28.28
37%
Graham's Sensitivity Matrix

Growth Sensitivity Increment
EPS Sensivity Increments
10%
10%
$1.86
$1.59
$1.70
$1.84
2007
2008
2009
$2.42
$1.90
$1.43
$1.48
2010
2011
$1.06
2003
2004
2005
2006
2012
2013
2014
EPS
Growth
Normal Earnings
Growth Rate
Corp Bond Rate
Per Share Value
MOS
Purchase Price
Current Price
Actual Discount
$1.66
2010
1.43
7.2%
8.1%
9.0%
9.9%
11.9%
$
$
$
1.78
31.70
33.71
$
$
$
2.00
35.67
37.93
2.22
$
$
39.63
42.14
$
$
$
35.72
37.73
42.15
$
$
$
40.19
42.45
47.42
$
$
44.65
47.17
52.69
$
$
$
2.44
43.59
46.36
$
$
$
2.66
47.56
50.57
$
$
$
49.12
51.88
57.96
$
$
$
53.58
56.60
63.23
Median
-1.7%
Median
2.0%
2011
1.48
2012
1.90
TTM
1.99
Current EPS
Exp Growth Dividend Yield
Pfizer Inc.
(PFE)
21%
12/28/2013
Enter Ticker
3.39%
Current PE
Refresh
Katsenelson Absolute PE
Determine Business Risk

ROE
Consistency/quality check
ROA
CROIC
Intangibles % of Book Value
Business Risk Factor:

Determine Financial Risk
Current Ratio
Short Term Debt/Equity Ratio
FCF to Total Debt
Financial Risk Factor:
Adjusted Base PE
Business Risk
Premium/Discount Factor:
Financial Risk
Earnings Predictability
Adjusted Fair Value PE
Earnings
Safety
Above Average
Excellent
Above Average
11 of 20 pts
20 of 20 pts
11 of 20 pts
Current Price Fair Value Fair Value PE Current PE FV Exp Grth
M.O.S
$28.28
$51.52
25.88
20.06
25%
45%
2008
19.94%
2009
14.41%
0
6.09%
0
10.27%
0
75.56%
0
2010
13.11%
0
5.90%
0
7.18%
0
65.55%
1
2011
14.20%
1
6.21%
1
13.95%
1
65.50%
1
2012
17.58%
1
7.69%
1
12.64%
0
56.62%
1
TTM
18.07%
1
7.93%
1
12.24%
0
53.63%
1
10.33%
27.38%
30.79%
11 pts out of 20
2008
1.59
0.30
0.16
95.68%
Above Average 1% Factor

2009
1.66
1
0.64
1
0.06
1
26.68%
1
2010
2.11
1
0.50
1
0.06
1
22.58%
1
20 pts out of 20
2009
82.23%
0
25.93%
1
$1.84
1
$16,587.00
0
11 pts out of 20
21.00%
3.39%
2011
2.06
1
0.47
1
0.05
1
47.70%
1
2012
2.15
1
0.46
1
0.08
1
41.98%
1
TTM
2.35
1
0.49
1
0.11
1
37.76%
1
Excellent 10% Factor

2010
75.99%
0
16.98%
0
$1.43
0
$11,454.00
0
2011
77.63%
1
17.31%
1
$1.48
1
$20,240.00
1
2012
80.79%
1
24.22%
1
$1.90
1
$17,054.00
0
TTM
80.48%
0
25.81%
1
$1.99
1
$16,521.00
0
Above Average 1% Factor
Katsenelson Absolute PE Valuation Model

Earnings Growth
Dividend Yield
Financial
Safety
3.39%
CLEAR
Determine Earnings Predictability 2008

Gross Margin
83.20%
Net Margin
23.76%
Earnings
$1.70
Cash from Ops
$18,238.00
Earnings Predict. Factor:
Business
Safety
20.06
3.00
=
23.06
x
Above Average [1 + (1 - 0.99)]
0.99
x
Excellent [1 + (1 - 0.9)]
0.90
x
Above Average [1 + (1 - 0.99)]
0.99
=
25%
25.88
P/E
7.00
7.65
8.30
8.95
9.60
10.25
10.90
11.55
12.20
12.85
13.50
14.15
14.80
15.45
16.10
16.75
17.40
17.90
18.40
18.90
19.40
Exp EPS Grwth Rate

0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
14%
15%
16%
17%
18%
19%
20%
19.90
21%
20.40
20.90
21.40
21.90
22%
23%
24%
25%
AVERAGE
16.2%
3
7.4%
3
13.9%
1
57.9%
4
STDEV
2.7%
11
0.0%
AVERAGE
1.99
5
0.48
5
0.09
5
45.4%
5
STDEV
0.30
20
0.0%
0.65
0.50
7.0%
15.4%
0.11
0.04
26.4%
AVERAGE STDEV
80.1%
2.7%
2
22.3%
4.1%
4
1.72
0.23
4
$16,682.33 2918.42
1
11
Dividend Yield
0.0%
0.1%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
10.0%
1.7%
0.0%
Add'l P/E Points

0.0
0.5
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
10.0
Pfizer Inc.
(PFE)
Shares Out.
Main. Capex
Normalized Income
7,093.22
$1,316.78
$16,513.20
Current Price
EPV
Net Reproduction Value
$28.28
$23.01
$17.96
7093.223
Discount Rate
R&D Years
SG&A %
9%
25%
EPV MOS
NCAV
52 Wk High
52 Wk Low
0.0%
($5.69)
$31.15
$21.40
12/28/2013
Enter Ticker
Refresh
CLEAR
Asset Valuation Section
EPV Valuation Section
Data: Asset Valuation
Values for Normalized Income
EPV > Net Repro Value = Moat exists
Shares Outstanding
Balance Sheet Assets
Adjusted Assets
Total Liabilities
Total Equity
Average SGA %
7093.2
$ 187,398.0
$ 187,398.0
$ 105,148.0
$ 82,250.0
29.2%
TTM Free Cash Flow

Avg Normalized Income
Med Normalized Income
Avg Adj. Income 5 yrs
TTM Adjusted Income
EPV = Net Repro Value = No Moat

EPV < Net Repro Value = Value Destroyer
Marketing/Brand Value
$ 17,201.8
Data: EPV
R&D Value
Cash Needed for Business
Non Interest Bearing Debt
Excess Cash
$
$
$
$
$
Cost of Capital
Normalized Adjusted Income
Average Maintenance Capex
1% of sales
Cash & Equiv
21,150.4
576.0
40,377.0
64,194.0
34,166.3
Quarterly numbers based on:
Adjustments:
Assets
Cash & Equivalents
Marketable Securities
Accounts Receivable
Other Receivable
Net Receivables
$ 33,212.0
$ 12,735.0
$ 9,647.0
$ 22,382.0
Inventories: Work in Progress

Inventories: Purchased Components
Inventories: Finished Goods
Inventories: Other
Inventories -- Total
Prepaid Expenses
Current Defered Income Taxes
Goodwill, Net
Intangibles, Net
Intangibles
Property/Plant/Equipment - Net
Other Long Term Assets, Total
Total Assets
$25
$
$
$
$
$
$
$
$
$
$
$
$15
9.0%
16,513.2
1,316.8
40,377.0
576.0
35,346.0
$10
$5
$0
(5,607.0)
7093.22
Book Value
Net Repro Value
EPV
Calculation: EPV
11.60
(5.69)
31.83
17.00
17.96
Cost of Capital Rates

5%
7%
$
$
EPV
303,928.3
217,091.7
Per Share
$
42.85
$
30.61
+ Cash - Debt
$
298,321.3
$
211,484.7
9%
11%
13%
$
$
$
$
Per Share
42.06
29.82
168,849.1
23.80
138,149.2
116,895.5
$
$
19.48
16.48
$
$
163,242.1
23.01
132,542.2
111,288.5
$
$
18.69
15.69
Q1
Book Value
$ 2,134.0
Inventories: Raw Materials
Cash - Debt
Shares
Total
Per Share
$
(5,611) $
(0.79)
$ 82,250
$ (40,385)
$ 225,750
$ 120,602
$ 127,390
15,246.0
16,602.0
16,754.1
16,178.1
17,785.9
$20
Calculation: Asset Valuation

Tangible BV
Adjusted BV
NCAV
Reprod. Cost of Assets
Reprod. Cost of Assets BV
Total Net Reprod. Cost
$
$
$
$
$
Fixed BV
Multiplier
Reproduction
Asset Value
$
2,134.0
$
$
$
$
33,212.0
12,735.0
9,647.0
22,382.0
916.0
$ 3,456.0
$
$ 2,663.0
$
$ 7,035.0
$
$
$
$ 64,763.0
$ 43,752.0
$ 44,109.0
$ 87,861.0
$ 13,950.0
$ 20,824.0
$ 187,398.0
$
$
$
$
$
$
$
$
$
$
$
7,035.0
64,763.0
43,752.0
44,109.0
87,861.0
13,950.0
20,824.0
187,398.0
Adjustments:
Liabilities & Equity
Accounts Payable
Accrued Expenses
Accrued Liabilities
Notes Payable/Short Term Debt
Current Port. of LT Debt/Capital
Leases
Long-Term Debt
Capital Lease Obligations
Total Other Liabilities
Total Liabilities
Common Stock Equity
Retained Earnings
Total Capitalization
Total Equity
Book Value
$
3,279.0
$
$
1,684.0
Fixed BV
Multiplier
Reproduction
Liability Value
$
3,279.0
$
$
1,684.0
8,896.0
8,896.0
$
$
$
$
$
$
$
$
$
$
$
$
$
13,684.0
27,543.0
31,481.0
22,445.0
23,102.0
105,148.0
82,250.0
56,972.0
113,731.0
82,250.0
187,398.0
$
$
13,684.0
27,543.0
$
$
$
$
31,481.0
22,445.0
23,102.0
105,148.0
$
$
$
82,250.0
56,972.0
113,731.0
$
$
82,250.0
187,398.0
Pfizer Inc.
(PFE)
12/28/2013
Enter Ticker
Current Price
NNWC
NNWC %
NCAV
NCAV %
$28.28
-$6.98
0.0%
-$5.69
0.0%
BV
CLEAR
BV
Multiplier
100%
Net Net Value

$ 35,346.00
Refresh

Cash & Equivalents
Marketable Securities
Accounts Receivable
Other Receivable
Receivables
Inventories: Raw Materials
Inventories: Work in Progress
Inventories: Purchased Components
Inventories: Finished Goods
Inventories: Other
Inventories -- Total
Current Assets - Total
Total Assets
Total Liabilities
Shares Outstanding
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2,134.00
33,212.00
22,382.00
22,382.00
916.00
3,456.00
2,663.00
7,035.00
64,763.00
187,398.00
105,148.00
7,093.22

Market Cap & Share Price
Book Value
Net Net Working Capital
Discount to NNWC
Net Current Asset Value
Discount to NCAV
75%
$
16,786.50
50%
$
3,517.50
$ 64,763.00
$ 187,398.00
$ 105,148.00
7,093.22
Total ($m)
$
64,763.00
200.6B
$
82,250.00
$
(49,498.00)
$
$
$
$
$
(40,385.00) $
Per Share
9.13
28.28
11.60
(6.98)
0%
(5.69)
0%
Stock Valuation Logbook

Enter Ticker
Tickers
GCO
2
Company
Genesco Inc.
Add Stock to DB
3
Sector
Services
No. of Stocks in list

Row Appended
Update Values Only

4
Industry
Apparel Stores
5
Country
USA
68
Earnings
Date
Date
Added
Average
Valuation
Target
31-May-13
25-Jul-10
$32.93
65
Price
67.59
Added
Price
$28.59
Price
Change
%
136.4%
NCAV
$5.59
DCF
$29.30
DCF MOS
-130.7%
DCF Growth
2.0%
Graham
Price
$34.74
Graham
MOS
-94.6%
19
25
Graham
EPS
$2.50
Graham
Growth
5.0%
EPV
$34.75
EPV MOS
-94.5%
EPV Income
$131.25
6.00
Market Cap
$1,622.84
67
Volume
125,926
57
52-Week
High
58
52-Week
Low
-9.80%
34.29%
7.00
P/E
14.63
8
Forward
P/E
10.63
9
PEG
0.98
10
P/S
0.62
11
P/B
2.01
12
P/Cash
27.14
13
P/Free
Cash Flow
14
Dividend
Yield
31.62
0.00%
15
Payout
Ratio
0.00%
16
EPS (ttm)
$4.62
17
EPS growth this
year
32.72%
jaetest
Please Enable Macros to Log in

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Pfizer Inc.

This is a sample for illustration purpose only.

Financial Strength (MRQ)

Price vs DCF Intrinsic Value

December 28, 2013

EV/Free Cash Flow

Selected Financial Statements

Weighted Average Diluted Shares

Net Property, Plants & Equipment

% change from prev year

Income Before Taxes (EBT)

Net Income From Continuing Operations

Net Income From Total Operations

Other Income and Expense

Shares and EPS

% change from prev year

Inventories, raw materials

Inventories, work in progress

Inventories, purchased components

Inventories, finished goods

Total Current Assets

Total Current Liabilities

Total Liabilities & Equity

Liabilities & Stockholders' Equity

Cash Flows Statement

Cash Flows From Operating Activities

Net Cash From Operating Activities

Cash Flows From Investing Activities

Cash Flows From Financing Activities

Free Cash Flow

Selling, General & Admin. Expenses

Research & Development

Other Special Charges

Depreciation & Amortization

Other Income and Expense

Earnings Before Taxes

Earnings After Taxes

Net Income From Total Operations

Other Current Assets

Total Current Assets

Other Long-Term Assets

Total Long-Term Assets

Other Current Liabilities

Deferred Income Taxes

Total Long-Term Liabilities

Depreciation & Amortization

Net Cash From Investing Activities

Liabilities & Stockholders' Equity

Total Current Liabilities

Cash Flows Statement

Cash Flows From Investing Activities

Cash Flows From Financing Activities

Repurchase of Capital Stock

Net Issuance of Stock

Net Issuance of Debt

Financial Statistics & Ratios

P/E (cash adjusted)

EV/Free Cash Flow

GPA (Gross Profitability to Assets)

Total Debt/Equity Ratio

Long Term Debt/Equity Ratio

Cash Conversion Cycle

Average Age of Inventory (Days)

Intangibles % of Book Value