Pfizer Inc
PFEAbove valueHeld by 11 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-12-31Valuation basis: trailing twelve months to 2026-06-28 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- -1.6%
- Net margin
- 12.4%
- ROE
- 9.0%
- FCF margin
- 14.5%
Valuation · value band
Above fair value
Zero-growth floor
$10
Central IV
$11
Optimistic top
$12
Pfizer Inc (PFE): A conservative value band $10–$12 / sh (zero-growth floor to growth-capped optimistic top); central read about $11. Today’s price sits above that band (price $28 as of 2026-08-26).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
- Recent earnings are below the multi-year average, so the band uses the lower run-rate.
Revenue growth 0% (history declining, capped at zero) · moat 10 yr · discount 13.0% · Zero-growth downside $10
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Buybacks over the years shown roughly only offset stock-based-compensation dilution — read them as maintaining the share count, not a net return of capital.
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $9.71 – $12.09 · Greenwald zero-growth $12.26 · zero-growth base $12.26 · reproduction $4.55
Moat Franchise (moat) · terminal value 30% of present value · owner-earnings yield 5% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).
Years: TTM 2026-06-28, 2024, 2023, 2022, 2021
Buffett owner-earnings value$10.43 – $12.26 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 11.4–13.4% band (9–11% base + 2.4pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-06-28, 2024, 2023, 2022, 2021
v1 simplifications: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 195% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 2.4pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 7.8 years of owner earnings, adding 2.4pp of cost-of-equity risk premium.
Asset floor: Reproduction value = tangible net assets + acquired-intangible reset proxy, ÷ diluted shares; tangible net assets alone are negative for this asset-light franchise (no R&D history to capitalize).
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Assumes a narrow moat · competitive-advantage period ≈ 10 years.
Growth value not assessable — Operating income is not available across the window, so ROIIC / growth value cannot be computed.
Window TTM 2026-06-28, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 0% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Baseline 9%–11%, net debt ≈ 7.8 years of owner earnings → +2.4pp cost-of-equity premium → effective 11.4%–13.4%.
Owner-earnings DCF: growth g₁ 0% (history declining → capped at 0) · OE FY TTM 2026-06-28, 2024, 2023, 2022, 2021 · Discount band: 11.56%–14.40% (DGS10 +4.5% to a 12% strict end, each +2.40pp for leverage premium, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Valuation basis: trailing twelve months to 2026-06-28 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about 19.6% a year in owner-earnings for the next few years. Revenue actually grew 2.0% a year.
The market wants it well ahead of its own track record.
Even when the value band is low-confidence: use this to see what the price assumes — not as a cheapness confirmation.
SEC 13F · holders
Superinvestors Holding This Security
11 holders · $448.0M combined · this quarter +2 opened / -0 exited
- Value$143.5MWeight (prev→now)0.5% → 0.4% ▼
- Value$92.0MWeight (prev→now)2.7% → 2.8% ▲
- Value$58.9MWeight (prev→now)0.8% → 0.6% ▼
- Value$52.5MWeight (prev→now)0.2% → 0.1% ▼
- Value$46.2MWeight (prev→now)0.7% → 0.5% ▼
- Value$25.1MWeight (prev→now)1.4% → 1.0% ▼
- Value$13.6MWeight (prev→now)2.4% → 2.4%
- Value$5.6MWeight (prev→now)New · 0.4%
- Value$4.3MWeight (prev→now)New · 0.0%
- Value$4.2MWeight (prev→now)3.7% → 3.0% ▼
Show all 11 holders ▸Collapse ▾
- Value$2.1MWeight (prev→now)0.0% → 0.0% ▼
SEC 13F · notes
Written summary
Written summary
Pfizer Inc (PFE) is held by 11 of the superinvestors tracked on Compounder, with a combined $448.0M in reported 13F value. The largest position belongs to Richard Pzena, where it makes up 0.4% of the portfolio.
Other notable holders by value include Harry Burn (2.8% of its book), Jim Cullen (0.6% of its book) and Jeremy Grantham (0.1% of its book).
Over the latest quarter, 2 of the tracked filers opened a new position in PFE, 4 added to existing ones, 4 trimmed, and 0 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Pfizer Inc (PFE) also commonly hold →
- Walt Disney Co/TheDIS9 holders
- Microsoft CorpMSFT8 holders
- Merck & Co. IncMRK8 holders
- Taiwan Semiconductor-Sp AdrTSM8 holders
- Cvs Health CorpCVS7 holders
- Alphabet Inc-Cl AGOOGL7 holders
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Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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