Pfizer (NYSE:PFE) has outperformed the market nicely in 2011. Yes, it faces the same challenge that persists across all of Big Pharma — looming patent expirations. But the company has a decent research pipeline with some up-and-coming drugs that could rotate in to prop up revenues. Most importantly for dividend investors, the company has $26 billion in cash and a simply amazing 12-month cash flow of $22 billion. That’s almost enough to pay four years of its current dividend! Throw in a P/E ratio of around 8.5 — one of the lowest in the industry — and you have a decent buy in Pfizer right now.