# 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.

## Reported holder observations

- [Sarah Ketterer](https://gigainvestors.com/CAU): 1,916,801 PFE shares; USD 46,157,000 reported position value; 0.5% of portfolio; add; quarter 2026 Q2.
- [David Hoeft](https://gigainvestors.com/DAC): 87,814 PFE shares; USD 2,115,000 reported position value; 0% of portfolio; reduce; quarter 2026 Q2.
- [Prem Watsa](https://gigainvestors.com/FFH): 1,043,900 PFE shares; USD 25,116,000 reported position value; 0.95% of portfolio; add; quarter 2026 Q2.
- [Mark Hillman](https://gigainvestors.com/HCM): 174,610 PFE shares; USD 4,205,000 reported position value; 3.04% of portfolio; reduce; quarter 2026 Q2.
- [Thomas Graham Kahn](https://gigainvestors.com/KB): 464,001 PFE shares; USD 11,173,000 reported position value; 1.77% of portfolio; reduce; quarter 2026 Q2.
- [Andrew Adams](https://gigainvestors.com/MPF): 67,679 PFE shares; USD 1,630,000 reported position value; 0.01% of portfolio; reduce; quarter 2026 Q2.
- [Richard Pzena](https://gigainvestors.com/PIM): 5,958,922 PFE shares; USD 143,491,000 reported position value; 0.42% of portfolio; add; quarter 2026 Q2.
- [Harry Burn](https://gigainvestors.com/SSHFX): 3,820,117 PFE shares; USD 91,988,000 reported position value; 2.83% of portfolio; add; quarter 2026 Q2.
- [Robert Torray](https://gigainvestors.com/T): 859,418 PFE shares; USD 20,695,000 reported position value; 3.07% of portfolio; add; quarter 2026 Q2.
- [Bruce Berkowitz](https://gigainvestors.com/fairx): 231,000 PFE shares; USD 5,562,000 reported position value; 0.37% of portfolio; new; quarter 2026 Q2.

# PFE — Pfizer Inc.

Held by 10 investors · USD 352,132,000 total · 2026 Q2 · reported price USD 24.08 (split-adjusted).
Page: https://gigainvestors.com/s/PFE

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Richard Pzena (https://gigainvestors.com/PIM) | USD 143,491,000 | 0.4% | add +0.57% |
| Harry Burn (https://gigainvestors.com/SSHFX) | USD 91,988,000 | 2.8% | add +33.09% |
| Sarah Ketterer (https://gigainvestors.com/CAU) | USD 46,157,000 | 0.5% | add +0.13% |
| Prem Watsa (https://gigainvestors.com/FFH) | USD 25,116,000 | 1.0% | add +5.35% |
| Robert Torray (https://gigainvestors.com/T) | USD 20,695,000 | 3.1% | add +10.68% |
| Thomas Graham Kahn (https://gigainvestors.com/KB) | USD 11,173,000 | 1.8% | reduce -4.28% |
| Bruce Berkowitz (https://gigainvestors.com/fairx) | USD 5,562,000 | 0.4% | new |
| Mark Hillman (https://gigainvestors.com/HCM) | USD 4,205,000 | 3.0% | reduce -7.09% |
| David Hoeft (https://gigainvestors.com/DAC) | USD 2,115,000 | 0.0% | reduce -0.85% |
| Andrew Adams (https://gigainvestors.com/MPF) | USD 1,630,000 | <0.1% | reduce -5.78% |

## Total held by quarter

- 2006 Q4: USD 94,692,886 · 2 holders · USD 25.90
- 2007 Q1: USD 92,883,445 · 2 holders · USD 25.26
- 2007 Q2: USD 153,570,761 · 3 holders · USD 25.57
- 2007 Q3: USD 154,209,391 · 3 holders · USD 24.43
- 2007 Q4: USD 164,353,811 · 3 holders · USD 22.73
- 2008 Q1: USD 154,235,263 · 3 holders · USD 20.93
- 2008 Q2: USD 1,382,721,154 · 5 holders · USD 17.47
- 2008 Q3: USD 1,725,942,554 · 5 holders · USD 18.44
- 2008 Q4: USD 1,692,956,855 · 5 holders · USD 17.71
- 2009 Q1: USD 1,255,402,280 · 4 holders · USD 13.62
- 2009 Q2: USD 1,226,142,357 · 3 holders · USD 15.00
- 2009 Q3: USD 1,342,015,701 · 3 holders · USD 16.55
- 2009 Q4: USD 384,519,073 · 3 holders · USD 18.19
- 2010 Q1: USD 69,776,490 · 2 holders · USD 17.15
- 2010 Q2: USD 53,769,095 · 2 holders · USD 14.26
- 2010 Q3: USD 68,185,504 · 2 holders · USD 17.17
- 2010 Q4: USD 66,735,863 · 2 holders · USD 17.51
- 2011 Q1: USD 64,709,691 · 2 holders · USD 20.31
- 2011 Q2: USD 58,145,270 · 2 holders · USD 20.60
- 2011 Q3: USD 44,049,720 · 2 holders · USD 17.68
- 2011 Q4: USD 52,085,316 · 2 holders · USD 21.64
- 2012 Q1: USD 106,597,916 · 3 holders · USD 22.64
- 2012 Q2: USD 106,016,537 · 3 holders · USD 23.00
- 2012 Q3: USD 112,158,274 · 3 holders · USD 24.85
- 2012 Q4: USD 109,291,309 · 3 holders · USD 25.08
- 2013 Q1: USD 122,772,551 · 3 holders · USD 28.86
- 2013 Q2: USD 107,284,227 · 3 holders · USD 28.01
- 2013 Q3: USD 78,776,667 · 2 holders · USD 28.72
- 2013 Q4: USD 65,385,318 · 2 holders · USD 30.63
- 2014 Q1: USD 75,411,946 · 2 holders · USD 32.12
- 2014 Q2: USD 69,134,998 · 2 holders · USD 29.67
- 2014 Q3: USD 65,650,161 · 2 holders · USD 29.57
- 2014 Q4: USD 65,982,460 · 2 holders · USD 31.15
- 2015 Q1: USD 71,183,247 · 2 holders · USD 34.80
- 2015 Q2: USD 67,386,409 · 2 holders · USD 33.53
- 2015 Q3: USD 59,866,335 · 2 holders · USD 31.41
- 2015 Q4: USD 57,452,200 · 2 holders · USD 32.28
- 2016 Q1: USD 90,562,095 · 3 holders · USD 29.64
- 2016 Q2: USD 97,524,882 · 3 holders · USD 35.21
- 2016 Q3: USD 90,088,950 · 3 holders · USD 33.87
- 2016 Q4: USD 84,464,391 · 3 holders · USD 32.48
- 2017 Q1: USD 89,740,412 · 3 holders · USD 34.21
- 2017 Q2: USD 75,502,460 · 3 holders · USD 33.59
- 2017 Q3: USD 88,213,892 · 3 holders · USD 35.70
- 2017 Q4: USD 93,800,018 · 3 holders · USD 36.22
- 2018 Q1: USD 84,284,989 · 2 holders · USD 35.49
- 2018 Q2: USD 86,053,149 · 2 holders · USD 36.28
- 2018 Q3: USD 318,003,348 · 3 holders · USD 44.07
- 2018 Q4: USD 283,695,493 · 3 holders · USD 43.65
- 2019 Q1: USD 287,817,279 · 3 holders · USD 42.47
- 2019 Q2: USD 358,224,733 · 3 holders · USD 43.32
- 2019 Q3: USD 329,588,405 · 2 holders · USD 35.93
- 2019 Q4: USD 410,909,731 · 3 holders · USD 39.18
- 2020 Q1: USD 378,292,900 · 3 holders · USD 32.64
- 2020 Q2: USD 398,426,250 · 3 holders · USD 32.70
- 2020 Q3: USD 603,868,296 · 4 holders · USD 36.70
- 2020 Q4: USD 474,377,060 · 4 holders · USD 36.81
- 2021 Q1: USD 482,075,438 · 4 holders · USD 36.23
- 2021 Q2: USD 529,414,653 · 4 holders · USD 39.16
- 2021 Q3: USD 545,859,299 · 4 holders · USD 43.01
- 2021 Q4: USD 695,296,573 · 4 holders · USD 59.05
- 2022 Q1: USD 611,704,225 · 4 holders · USD 51.77
- 2022 Q2: USD 624,668,492 · 4 holders · USD 52.43
- 2022 Q3: USD 526,923,551 · 4 holders · USD 43.76
- 2022 Q4: USD 644,922,009 · 4 holders · USD 51.24
- 2023 Q1: USD 629,470,896 · 4 holders · USD 40.80
- 2023 Q2: USD 557,371,833 · 5 holders · USD 36.68
- 2023 Q3: USD 516,138,518 · 6 holders · USD 33.17
- 2023 Q4: USD 434,423,076 · 5 holders · USD 28.79
- 2024 Q1: USD 346,091,336 · 8 holders · USD 27.75
- 2024 Q2: USD 400,584,119 · 9 holders · USD 27.98
- 2024 Q3: USD 417,836,465 · 9 holders · USD 28.94
- 2024 Q4: USD 290,787,726 · 8 holders · USD 26.53
- 2025 Q1: USD 287,505,236 · 9 holders · USD 25.34
- 2025 Q2: USD 266,034,374 · 8 holders · USD 24.24
- 2025 Q3: USD 291,064,318 · 8 holders · USD 25.48
- 2025 Q4: USD 279,042,573 · 8 holders · USD 24.90
- 2026 Q1: USD 373,733,487 · 9 holders · USD 28.08
- 2026 Q2: USD 352,132,000 · 10 holders · USD 24.08