Margins varied 28.6% around their average (limit 35%), and no loss years were recorded (limit 2).
- 10y median
- 25.3%
- Worst year
- 8.9%
- Latest · LTM
- 25.1%
# Pfizer (PFE.US) Canonical: https://gigainvestors.com/s/PFE Analysis as of: 2026-10-16T07:31:08.453Z. Financial observations: FY1996–FY2026. Listing currency: USD. Reporting currency: USD. ## Verdict A wonderful business at a fair price Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes. Share price: $29.44 per share; close as of 2026-10-15. Estimated value: low $26.11 per share, central $29.50 per share, high $34.03 per share. Buy at or below the central value $29.50 per share. Valuation as of 2026-10-16T07:31:08.453Z; scenarios are not confidence intervals. Expected annual return: 10.0% at the stated quote. About 10.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points). ## Checklist ### understandable: pass - 4 revenue declines in the last 10 years (informational) - Financial history: 10 years - Years with declining revenue: 4 - Years with a net loss: 0 - Operating margin variation: 0.29× Chart: Operating margin; fiscal year observations. - FY2017: 0.27× - FY2018: 0.28× - FY2019: 0.18× - FY2020: 0.22× - FY2021: 0.26× - FY2022: 0.37× - FY2023: 0.09× - FY2024: 0.26× - FY2025: 0.25× - LTM to Jun 2026: 0.25× ### moat: pass - ROIC, median of available years: 24.7% - ROIC, second-lowest year: 12.4% - Typical minus recent gross margin: -0.7 pp - Typical gross margin (annual median): 69.7% - Recent gross margin (lower of latest and 3-year median): 70.3% - Years with nonpositive capital: 0 - Capital spending / revenue: 4.2% - ROIC including acquisitions, ten-year median: 15.2% Chart: ROIC excluding acquisitions; fiscal year observations. - FY2017: 37.1% - FY2018: 33.1% - FY2019: 12.4% - FY2020: 20.8% - FY2021: 54.3% - FY2022: 59.2% - FY2023: 6.3% - FY2024: 24.9% - FY2025: 22.4% - LTM to Jun 2026: 24.5% ### economics: pass - Owner earnings / net income, 5-yr: 1.31× - Cash conversion uses consolidated totals: No - Owner earnings, five-year total: $70B - Net income, five-year total: $54B - Return on incremental invested capital: >100% - Working capital / revenue, annual change: -0.1 pp - Working capital / revenue, change between three-year averages: 0.2 pp - Working capital / revenue, final three-year average: 31.1% Chart: Annual owner cash / profit; fiscal year observations. - FY2022: 1.06× - FY2023: 2.12× - FY2024: 1.51× - FY2025: 1.51× - LTM to Jun 2026: 1.96× ### management: pass - Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years) - potential debt-funded buybacks (informational) - buybacks unrelated to price (informational) - ROIC first 3 years vs last 3 years: 37.1% vs 22.4% - Per-share earnings: 1.11 to 1.36 (three-year endpoint medians) - Management verdict uses per-share economic progress: Yes - Ordinary dilution, 10-year annual growth: -1.4% - Ordinary dilution, 5-year annual growth: 0.3% - Market cap gain: -$58B - Cumulative retained earnings: $43B - Diluted shares, 10-year annual growth: -1.4% - Diluted shares, 5-year annual growth: 0.3% - $1 test, starting fiscal year: FY2016 - $1 test, ending fiscal year: FY2025 - Per-share value growth: 2.6% - Per-share value change: $0.25 - Per-share value, starting three-year median: $1.11 - Per-share value, ending three-year median: $1.36 - Buybacks concentrated in cheaper years (correlation): -0.70 - Average buyback yield: 2.9% - Buyback history: 5 years - Debt-funded buybacks: Yes - Acquisition spending: $82B - Cumulative net income, 10 years: $137B - ROIC, first three-year median: 37.1% - ROIC, last three-year median: 22.4% Chart: Earnings per share; fiscal year observations. - FY2016: $1.11 - FY2017: $3.34 - FY2018: $1.87 - FY2019: $2.87 - FY2020: $1.63 - FY2021: $3.88 - FY2022: $5.47 - FY2023: $0.37 - FY2024: $1.41 - FY2025: $1.36 ### accounting: pass - Sloan accruals: -1.9% - Receivables to sales index (DSRI): 1.09× - Restructuring years, last five: 2 - Stock compensation / operating cash flow: 6.8% - Earnings backed by cash: Yes - Operating cash / earnings: 1.51× - Accounting red flags: 0 - Goodwill and intangibles / equity: 1.45× Chart: Sloan accruals; fiscal year observations. - FY2016: -5.1% - FY2017: 2.8% - FY2018: -2.9% - FY2019: 2.2% - FY2020: -3.4% - FY2021: -5.7% - FY2022: 1.1% - FY2023: -2.9% - FY2024: -2.2% - FY2025: -1.9% ## Holders - [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts. - [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Prem Watsa](https://gigainvestors.com/FFH): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Mark Hillman](https://gigainvestors.com/HCM): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Thomas Graham Kahn](https://gigainvestors.com/KB): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Harry Burn](https://gigainvestors.com/SSHFX): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Bruce Berkowitz](https://gigainvestors.com/fairx): tracked 13F investor; follow the investor page for holding quarter and amounts. ## Price story Down 50% since Dec 2021 · "Pfizer faces a looming patent cliff and evaporating demand for its Covid drugs." (finance.yahoo.com, May 2026) · sales +1.8% Story as of 2026-10-16T09:59:23.274Z; price observation 2026-10-15. Price needs cash profits to grow 1.5% a year for ten years - 2025-08-05: Pfizer Reports Strong Second-Quarter 2025 Results And Raises 2025 EPS Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/pfizer-reports-strong-second-quarter-104500407.html)) - 2025-11-04: Pfizer Reports Solid Third-Quarter 2025 Results; Raises and Narrows 2025 EPS Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/pfizer-reports-solid-third-quarter-114500230.html)) - 2026-01-28: Pfizer Reshapes Portfolio As ViiV Exit Meets White House Pricing Deal ([finance.yahoo.com](https://finance.yahoo.com/news/pfizer-reshapes-portfolio-viiv-exit-131859459.html)) - 2026-02-03: Pfizer Stock Drops On Obesity-Drug Study Data ([finance.yahoo.com](https://finance.yahoo.com/m/eea9929c-70ca-3080-8519-b6f8d4c8be71/pfizer-stock-drops-on.html)) - 2026-06-25: Pfizer (PFE) Is Down 7.3% After Mixed Oncology Updates Reshape Its Long-Term Pipeline Narrative ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/pfizer-pfe-down-7-3-002427367.html)) - 2026-08-04: Pfizer posts Q2 2026 earnings beat, revenue guidance raised ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/pfizer-q2-2026-earnings-beat-113919751.html)) ### Sales · FY2025–2026 sales +1.8%; source https://www.sec.gov/Archives/edgar/data/78003/000007800326000026/pfe-20251231.htm; observed 2026-02-26. - FY2017: $53B - FY2018: $54B - FY2019: $41B - FY2020: $42B - FY2021: $81B - FY2022: $100B - FY2023: $60B - FY2024: $64B - FY2025: $63B - FY2026: $64B ### Gross margin · FY2026 gross margin 71.3%; source https://www.sec.gov/Archives/edgar/data/78003/000007800326000026/pfe-20251231.htm; observed 2026-02-26. - FY2017: 70.0% - FY2018: 70.2% - FY2019: 69.3% - FY2020: 71.7% - FY2021: 57.7% - FY2022: 61.9% - FY2023: 50.9% - FY2024: 65.8% - FY2025: 70.3% - FY2026: 71.3% ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### How it makes money Operates in drug manufacturers general; annual sales are USD 62.6 billion. - Source: https://www.sec.gov/Archives/edgar/data/78003/000007800326000026/pfe-20251231.htm (filed 2026-02-26); FY2025: revenue 62579000000; grossProfit 44014000000; margin = grossProfit / revenue. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PFE.US: Pfizer Inc. discovers, develops, manufactures, markets, distributes, and sells biopharmaceutical products in the United States and internationally. It operates in three segments: Biopharma, PC1, and Pfizer Ignite. The company offers internal medicine products, including cardiovascular metabolic diseases products under the Eliquis brand; migraine products under the Nurtec ODT/Vydura and Zavzpret brand; vaccines under the Prevnar family, Abrysvo, Nimenrix, FSME/IMMUN-TicoVac, and Trumenba brands; and Paxlovid for the treatment of COVID-19. It also provides inflammation and immunology products, such as Xeljanz, Enbrel, Cibinqo, Litfulo, Eucrisa, and Velsipity; rare disease products for therapeutic areas comprising amyloidosis, hemophilia, and endocrine diseases under the Vyndaqel family, Genotropin, BeneFIX, Xyntha, Somavert, Ngenla, and Hympavzi brands; and anti-infective and immunoglobulin medicines under the Zavicefta, Octagam, and Panzyga brands. In addition, the company offers oncology products comprising ADCs, small molecules, bispecific, and other immunotherapies for the treatment of cancers, including breast cancer, genitourinary cancer, and hematologic malignancies, as well as melanoma, gastrointestinal, gynecological, and lung cancer under the Ibrance, Xtandi, Padcev, Adcetris, Inlyta, Lorbrena, Bosulif, Tukysa, Braftovi, Mektovi, Orgovyx, Elrexfio, Tivdak, and Talzenna brands. Further, it provides biosimilars under the Inflectra brand; oncology biosimilars comprising Retacrit, Ruxience, Zirabev, Trazimera and Nivestym, and other biosimilars; and sterile injectables, such as Sulperazon, Atgam, Fragmin, Solu Medrol, Solu Cortef, and Bicillin. The company has collaboration agreements with Bristol-Myers Squibb Company; Astellas Pharma US, Inc.; Merck KGaA; and BioNTech SE, as well as a strategic collaboration with Boltz, PBC to develop and deploy biomolecular AI foundation models. Pfizer Inc. was founded in 1849 and is headquartered in New York, New York. ### Why customers stay Margins ranged from 50.9% to 70.3% during 2023–25; it earns 24.7% on its capital. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 50.9%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 65.8%. - Source: https://www.sec.gov/Archives/edgar/data/78003/000007800326000026/pfe-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 70.3%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2017,0.3705010040677617],[2018,0.3314157798959547],[2019,0.1240783948839872],[2020,0.20842312656788123],[2021,0.5432409362668632],[2022,0.5916519858093161],[2023,0.06331506783757268],[2024,0.24901800821851583],[2025,0.22362092942403522],[2026,0.24478288848711427]]; median 0.24690044835281505. ROIC follows the displayed moat series; financial companies use return on tangible equity. ### Where the cash goes Paid dividends in 10 of 10 years. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 1999000000; owner earnings 10973000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 2217000000; owner earnings 25357000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 2196000000; owner earnings 15341000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 2594000000; owner earnings 19434000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 2791000000; owner earnings 11145000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 2711000000; owner earnings 24627000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 3236000000; owner earnings 33193000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 3907000000; owner earnings 4516000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 2909000000; owner earnings 12124000000. Growth capex / owner earnings = 0. - Source: https://www.sec.gov/Archives/edgar/data/78003/000007800326000026/pfe-20251231.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 2629000000; owner earnings 11733000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,7317000000],[2017,7659000000],[2018,7978000000],[2019,8043000000],[2020,8440000000],[2021,8729000000],[2022,8983000000],[2023,9247000000],[2024,9512000000],[2025,9771000000]]. Zero only counted when supported by a complete cash-flow statement. ### Are managers owners Insiders own 0.1% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PFE.US SharesStats.PercentInsiders = 0.104 percentage points; cache date 2026-10-16. ### What could break it "CONCENTRATION" (SEC filing, Feb 2026) - Source: https://www.sec.gov/Archives/edgar/data/78003/000007800326000026/pfe-20251231.htm (filed 2026-02-26); CONCENTRATION ### What the price says The price assumes cash profits grow 1.5% yearly over ten years; actual growth was 2.5%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate -0.0005604461159589135. Price 29.44; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.6114020608114359 → FY2025 2.0537370908454404. Closing-price date 2026-10-15. ## Monthly share-price history (USD per share) - 2016-11: $30.49 per share - 2016-12: $30.82 per share - 2017-01: $30.10 per share - 2017-02: $32.37 per share - 2017-03: $32.46 per share - 2017-04: $32.18 per share - 2017-05: $30.98 per share - 2017-06: $31.87 per share - 2017-07: $31.46 per share - 2017-08: $32.18 per share - 2017-09: $33.87 per share - 2017-10: $33.26 per share - 2017-11: $34.40 per share - 2017-12: $34.36 per share - 2018-01: $35.14 per share - 2018-02: $34.45 per share - 2018-03: $33.67 per share - 2018-04: $34.73 per share - 2018-05: $34.09 per share - 2018-06: $34.42 per share - 2018-07: $37.88 per share - 2018-08: $39.39 per share - 2018-09: $41.81 per share - 2018-10: $40.85 per share - 2018-11: $43.86 per share - 2018-12: $41.41 per share - 2019-01: $40.28 per share - 2019-02: $41.13 per share - 2019-03: $40.29 per share - 2019-04: $38.53 per share - 2019-05: $39.39 per share - 2019-06: $41.10 per share - 2019-07: $36.85 per share - 2019-08: $33.73 per share - 2019-09: $34.09 per share - 2019-10: $36.40 per share - 2019-11: $36.55 per share - 2019-12: $37.17 per share - 2020-01: $35.33 per share - 2020-02: $31.71 per share - 2020-03: $30.97 per share - 2020-04: $36.39 per share - 2020-05: $36.23 per share - 2020-06: $31.02 per share - 2020-07: $36.51 per share - 2020-08: $35.85 per share - 2020-09: $34.82 per share - 2020-10: $33.66 per share - 2020-11: $38.31 per share - 2020-12: $36.81 per share - 2021-01: $35.90 per share - 2021-02: $33.49 per share - 2021-03: $36.23 per share - 2021-04: $38.65 per share - 2021-05: $38.73 per share - 2021-06: $39.16 per share - 2021-07: $42.81 per share - 2021-08: $46.07 per share - 2021-09: $43.01 per share - 2021-10: $43.74 per share - 2021-11: $53.73 per share - 2021-12: $59.05 per share - 2022-01: $52.69 per share - 2022-02: $46.94 per share - 2022-03: $51.77 per share - 2022-04: $49.07 per share - 2022-05: $53.04 per share - 2022-06: $52.43 per share - 2022-07: $50.51 per share - 2022-08: $45.23 per share - 2022-09: $43.76 per share - 2022-10: $46.55 per share - 2022-11: $50.13 per share - 2022-12: $51.24 per share - 2023-01: $44.16 per share - 2023-02: $40.57 per share - 2023-03: $40.80 per share - 2023-04: $38.89 per share - 2023-05: $38.02 per share - 2023-06: $36.68 per share - 2023-07: $36.06 per share - 2023-08: $35.38 per share - 2023-09: $33.17 per share - 2023-10: $30.56 per share - 2023-11: $30.47 per share - 2023-12: $28.79 per share - 2024-01: $27.08 per share - 2024-02: $26.56 per share - 2024-03: $27.75 per share - 2024-04: $25.62 per share - 2024-05: $28.66 per share - 2024-06: $27.98 per share - 2024-07: $30.54 per share - 2024-08: $29.01 per share - 2024-09: $28.94 per share - 2024-10: $28.30 per share - 2024-11: $26.21 per share - 2024-12: $26.53 per share - 2025-01: $26.52 per share - 2025-02: $26.43 per share - 2025-03: $25.34 per share - 2025-04: $24.41 per share - 2025-05: $23.49 per share - 2025-06: $24.24 per share - 2025-07: $23.29 per share - 2025-08: $24.76 per share - 2025-09: $25.48 per share - 2025-10: $24.65 per share - 2025-11: $25.74 per share - 2025-12: $24.90 per share - 2026-01: $26.44 per share - 2026-02: $27.65 per share - 2026-03: $28.08 per share - 2026-04: $26.70 per share - 2026-05: $26.18 per share - 2026-06: $24.08 per share - 2026-07: $25.01 per share - 2026-08: $28.46 per share - 2026-09: $28.52 per share - 2026-10: $28.37 per share ## Annual estimated value (USD per share) - FY2016: low $25.96 per share, central $29.18 per share, high $33.47 per share - FY2017: low $26.60 per share, central $29.86 per share, high $34.20 per share - FY2018: low $28.75 per share, central $32.30 per share, high $37.03 per share - FY2019: low $24.26 per share, central $27.39 per share, high $31.55 per share - FY2020: low $25.14 per share, central $28.32 per share, high $32.57 per share - FY2021: low $52.32 per share, central $58.82 per share, high $67.47 per share - FY2022: low $61.57 per share, central $69.56 per share, high $80.19 per share - FY2023: low $36.56 per share, central $41.32 per share, high $47.66 per share - FY2024: low $36.02 per share, central $40.52 per share, high $46.51 per share - FY2025: low $25.96 per share, central $29.29 per share, high $33.72 per share Historical values use today's bond yield for every fiscal year Historical values use today's FX rate into trading currency for every fiscal year Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates Prior published observations retained from 2026-10-15T06:36:53.016Z where newer inputs omit a numeric field or fiscal period. ## Sources [Original 10-K filing](https://www.sec.gov/Archives/edgar/data/78003/000007800326000026/pfe-20251231.htm); period 2025-12-31, filed 2026-02-26. Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.
← Companies
Pfizer
PFE · US
S&P 500
A wonderful business at a fair price
Passes the quality tests.
- Share price
- $29.44
- Buy up to
- $29.50
- Expected / yr
- 10.0% at today's price (10.0% at central value)
The business
- How it makes money
- Why customers stay
- Where the cash goes
- Are managers owners
- What could break it
- What the price says
1. Is this a good business?
Capital return excluding acquisitions: median 24.7% (minimum 15%), and the second-worst year 12.4% (minimum 10%).
- 10y median
- 24.7%
- Worst year
- 6.3%
- Latest · LTM
- 24.5%
Each $1 of profit left $1.31 for owners over five years (minimum $0.80).
- Five-year totals
- 1.31×
- Annual median
- 1.51×
- Latest · LTM
- 1.96×
Per-share value rose from 1.11 to 1.36, comparing three-year medians at each end (must rise and stay positive).
- 10y median
- $1.75
- Worst year
- $0.37
- Latest · 2025
- $1.36
Profits were backed by cash: accruals were -1.9% of assets (limit 10%).
- 10y median
- -2.6%
- Worst year
- 2.8%
- Latest · 2025
- -1.9%
Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 24.5%, three-year average owner earnings per share 1.66 USD.
2. Is the price low enough?
| Value range | $26.11 – $34.03 |
|---|---|
| Buy at or below | Central value $29.50 |
| Discount to value | 1 − 29.44 / 29.50 = 0.2% |
| Return / year | About 10.0% a year at today's price (required return 10.0%) |
| Cash-flow inputs | Owner cash USD 2.13/share; 0.0% growth fades over 10 years to 3.0%; excess cash USD 1.83/share today. |
| Required return | 10.0% / year, earned by construction at the central value |
Revenue$64B
FY2017 · Revenue: $53B; FY2018 · Revenue: $54B; FY2019 · Revenue: $41B; FY2020 · Revenue: $42B; FY2021 · Revenue: $81B; FY2022 · Revenue: $100B; FY2023 · Revenue: $60B; FY2024 · Revenue: $64B; FY2025 · Revenue: $63B; FY2026 · Revenue: $64B
Owner earnings$8.5B
FY2017 · Owner earnings: $25B; FY2018 · Owner earnings: $15B; FY2019 · Owner earnings: $19B; FY2020 · Owner earnings: $11B; FY2021 · Owner earnings: $25B; FY2022 · Owner earnings: $33B; FY2023 · Owner earnings: $4.5B; FY2024 · Owner earnings: $12B; FY2025 · Owner earnings: $12B; FY2026 · Owner earnings: $8.5B
Operating margin25.1%
FY2017 · Operating margin: 27.4%; FY2018 · Operating margin: 28.5%; FY2019 · Operating margin: 18.2%; FY2020 · Operating margin: 21.8%; FY2021 · Operating margin: 25.6%; FY2022 · Operating margin: 37.4%; FY2023 · Operating margin: 8.9%; FY2024 · Operating margin: 25.9%; FY2025 · Operating margin: 24.7%; FY2026 · Operating margin: 25.1%
Net cash / debt-$54B
FY2016 · Net cash / debt: -$24B; FY2017 · Net cash / debt: -$23B; FY2018 · Net cash / debt: -$23B; FY2019 · Net cash / debt: -$42B; FY2020 · Net cash / debt: -$28B; FY2021 · Net cash / debt: -$7.4B; FY2022 · Net cash / debt: -$13B; FY2023 · Net cash / debt: -$62B; FY2024 · Net cash / debt: -$47B; FY2025 · Net cash / debt: -$54B
Diluted shares5.7B
FY2016 · Diluted shares: 6.5B; FY2017 · Diluted shares: 6.4B; FY2018 · Diluted shares: 6.0B; FY2019 · Diluted shares: 5.7B; FY2020 · Diluted shares: 5.6B; FY2021 · Diluted shares: 5.7B; FY2022 · Diluted shares: 5.7B; FY2023 · Diluted shares: 5.7B; FY2024 · Diluted shares: 5.7B; FY2025 · Diluted shares: 5.7B
Prices 15 Oct 2026 · FY2025Original filing ↗ ·