Pfizer Inc
PFE高于价值9 位超级投资者持有。
SEC 10-K · 基本面
生意质量
截至 2025-12-31- 营收增速
- -1.6%
- 净利率
- 12.4%
- ROE
- 9.0%
- FCF 利润率
- 14.5%
估值 · 价值带
高于合理价值
零增长底
$15
中枢 IV
$16
乐观上沿
$18
Pfizer Inc（PFE）：保守价值带 $15–$18 / 股（零增长底到增速封顶的乐观上沿），中枢约 $16。今日价格高于这条带（价格 $25 截至 2026-07-20）。
中间是主读数；右侧上沿是同一套保守假设下的乐观档，不是绝对上限。
- 最新盈利低于多年均值，价值带按更低的运行率计。
营收增 0%（历史下滑，封顶为零） · 护城河 10 年 · 折现 11.9% · 零增长下行 $15
价格截至 2026-07-20 · yahoo · DGS10 4.5% @ 2026-07-17.
方法与数字
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.
所示年度的回购大体只抵消了股权激励（SBC）造成的稀释 — 应视为维持股本、而非净额回馈股东。
模型警示
- 所有者盈利收益率与 10 年期美债大幅背离（超过 300 个基点）。
保守内在价值带（零增长底到增速封顶的 DCF）加一道有形资产地板 — 非投资建议、非买卖信号、亦非目标价。
所有者盈利 DCF $14.18 – $18.17 · Greenwald 零增长 $18.26 · 零增长基准 $18.26 · 重置 $4.20
护城河 特许经营（护城河） · 终值占现值 32% · 所有者盈利收益率 8% 对 10Y 4.5%.
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).
年份：2025, 2024, 2023, 2022, 2021
Buffett owner-earnings value$15.32 – $18.26 / 股
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 10.4–12.4% band (9–11% base + 1.4pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
年份：2025, 2024, 2023, 2022, 2021
v1 简化：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 159% (> 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 1.4pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 5.8 years of owner earnings, adding 1.4pp of cost-of-equity risk premium.
资产地板：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).
护城河读数：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.
假设一般护城河 · 竞争优势期约 10 年。
增长价值无法评估 — Operating income is not available across the window, so ROIIC / growth value cannot be computed.
窗口 FY 2025, 2024, 2023, 2022, 2021 · 贴现带 9%–11% · 正常化税率 0% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · 股数 diluted.
基线 9%–11%，净债务约 5.8 年所有者盈利 → 加 1.4 个百分点风险溢价 → 实际 10.4%–12.4%。
所有者盈利 DCF：增长 g₁ 0%（历史下滑 → 封顶为 0） · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 10.47%–13.42% (DGS10 +4.5% to a 12% strict end, each +1.42pp for leverage premium, as of 2026-07-17). 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.
价格在赌什么
现价把公司未来几年的 owner-earnings 年增定在 8.7%；公司过去营收年增 2.0%。
市场要它明显快过自己一贯的水平。
价值带信心不足时仍可对照：这里只说明市场在赌多快，不把它当成「确认便宜」。
SEC 13F · 持有人
持有该证券的超级投资者
9 位持有 · 合计 $489.7M · 本季 +1 新建 / -0 清仓
- 市值$166.4M权重（上季→本季）0.5% → 0.5% ▲
- 市值$80.6M权重（上季→本季）新建 · 2.7%
- 市值$75.6M权重（上季→本季）0.6% → 0.8% ▲
- 市值$64.2M权重（上季→本季）0.2% → 0.2% ▲
- 市值$53.8M权重（上季→本季）0.7% → 0.7% ▼
- 市值$27.8M权重（上季→本季）1.1% → 1.4% ▲
- 市值$13.6M权重（上季→本季）2.4% → 2.4% ▼
- 市值$5.3M权重（上季→本季）2.7% → 3.7% ▲
- 市值$2.5M权重（上季→本季）0.0% → 0.0% ▲
SEC 13F · 说明
文字说明
文字说明
Pfizer Inc（PFE）被 Compounder 追踪的 9 位超级投资者持有，合计申报市值 $489.7M。仓位最大的是 Richard Pzena，占其组合 0.5%。
按市值，其他主要持有人包括 Harry Burn（占其组合 2.7%），Jim Cullen（占其组合 0.8%） 和 Jeremy Grantham（占其组合 0.2%）。
最近一个季度，追踪范围内有 1 位新建 PFE 仓位，3 位加仓，5 位减仓，0 位清仓。
以上持有人数与市值来自最新的 SEC Form 13F 申报，截至 2026-03-31 季度。来源：SEC EDGAR。13F 仅涵盖美股多头持仓，且可能滞后实际组合最多 45 天，因此这是已披露的多头持有情况，并非完整全貌。
SEC 13F · 共持信号
他们还共同持有
持有 Pfizer Inc（PFE）的这些人还共同重仓 →
看哪些股票相对价值带便宜。 浏览全部可估值股票
数据来源· SEC EDGAR 13F 截至 2026-03-31 · 2026-05-15 提交
仅供教育与信息参考，不构成投资建议。13F 持仓为机构自行申报，可能滞后最多 45 天。
订阅更新
新一季 13F 异动与估值更新，发到你的邮箱。