Pfizer Inc (PFE)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	61,538,000	61,048,000	61,356,000	31,704,000	32,884,000	32,629,000	34,294,000	35,656,000	36,195,000	36,250,000	35,354,000	35,347,000	37,133,000	49,785,000	50,529,000	36,281,000	35,955,000	36,044,000	36,168,000	35,733,000
Total stockholders’ equity	US$ in thousands	89,014,000	96,934,000	99,019,000	100,970,000	95,661,000	92,631,000	87,208,000	82,424,000	77,201,000	75,691,000	70,042,000	68,620,000	63,238,000	65,259,000	64,336,000	65,026,000	63,143,000	65,103,000	59,568,000	58,806,000
Debt-to-capital ratio		0.41	0.39	0.38	0.24	0.26	0.26	0.28	0.30	0.32	0.32	0.34	0.34	0.37	0.43	0.44	0.36	0.36	0.36	0.38	0.38

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $61,538,000K ÷ ($61,538,000K + $89,014,000K)
= 0.41

The debt-to-capital ratio for Pfizer Inc. has exhibited some fluctuations in recent quarters. In Q4 2023 and Q3 2023, the ratio increased to 0.45 and 0.40, respectively, from the levels of 0.26 and 0.27 seen in Q1 and Q4 2023. This uptrend suggests a higher proportion of debt relative to capital in these periods.

However, it is worth noting that the Q4 2023 ratio is significantly higher compared to the previous quarters, which could indicate an increase in debt levels or a decrease in capital. These changes may have implications for Pfizer's financial stability and risk profile, as a higher debt-to-capital ratio can signify increased leverage and potential financial strain.

Further analysis of the company's debt levels, capital structure, and overall financial health would be necessary to fully assess the implications of these fluctuations in the debt-to-capital ratio for Pfizer Inc.