How To: Convert each pixel of a raster into a polygon
The Raster To Polygon tool cannot be used to convert each cell of a raster into a polygon if the raster does not have unique values. The tool produces a polygon feature from a group of cells that have the same values, and not from each individual cell.
Use the Raster to Point tool to convert each pixel to a point (found in Conversion Tools > From Raster). These points are later used to label polygons.
Navigate to ArcToolbox > Data Management Tools > Feature Class > Create Fishnet. The values entered into this tool are taken from the properties of the raster. To access the properties of the raster, right-click the raster in the Table Of Contents in ArcMap > Properties > Source tab.
Navigate to ArcToolbox > Data Management Tools > Features > Feature To Polygon. Run the Feature to Polygon tool on the fishnet output from step 2, with the Raster to Points output specified in the Label Features field. This gives the final polygon which has a field named GRID_CODE with the cell values of the raster.