Zoetis Inc.

ZTS · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Valuation
Market cap	$55,448	$73,508	$90,615	$68,303	$115,457	$78,302	$62,618	$40,471	$34,084	$25,326	$22,672	$21,560	$16,345	–	–	–	–
Enterprise value	$62,491	$78,138	$95,323	$72,810	$118,716	$82,064	$67,295	$45,222	$37,489	$29,079	$26,409	$24,335	$19,414	–	–	–	–
P/E (TTM) at period end	20.74×	29.57×	38.66×	32.31×	56.68×	47.80×	41.75×	28.34×	39.45×	30.85×	66.88×	36.98×	32.43×	–	–	–	–
P/S (TTM) at period end	5.86×	7.94×	10.61×	8.45×	14.85×	11.73×	10.00×	6.95×	6.42×	5.18×	4.76×	4.51×	3.58×	–	–	–	–
P/B at period end	16.24×	15.41×	18.13×	15.51×	25.41×	20.78×	23.12×	18.52×	19.26×	17.03×	21.23×	16.45×	17.39×	–	–	–	–
EV / EBITDA (TTM)	15.30×	20.09×	26.78×	21.46×	36.52×	30.28×	27.69×	20.66×	19.04×	17.69×	20.62×	20.73×	18.85×	–	–	–	–
EV / Sales (TTM)	6.60×	8.44×	11.16×	9.01×	15.27×	12.29×	10.75×	7.76×	7.06×	5.95×	5.54×	5.09×	4.26×	–	–	–	–
Returns
Return on equity	78.3%	52.1%	46.9%	48.0%	44.8%	43.5%	55.4%	65.4%	48.8%	55.2%	31.7%	44.5%	53.6%	10.8%	6.6%	3.3%	–
Return on invested capital	27.4%	28.5%	25.2%	26.1%	29.4%	24.7%	22.8%	22.5%	18.9%	17.9%	14.0%	17.0%	14.9%	12.2%	10.2%	4.8%	5.5%
Dividend yield	1.6%	1.1%	0.8%	0.9%	0.4%	0.5%	0.5%	0.6%	0.6%	0.7%	0.7%	0.7%	0.6%	–	–	–	–
Financial health
Current ratio	3.12×	1.75×	3.36×	2.37×	3.86×	3.05×	2.63×	3.60×	3.85×	3.03×	2.15×	3.19×	2.37×	2.55×	2.74×	2.62×	–
Debt / equity	2.65×	1.38×	1.31×	1.79×	1.45×	1.91×	2.38×	2.95×	2.80×	3.00×	4.18×	2.77×	3.89×	0.02×	0.15×	0.21×	–
Effective tax rate	20.4%	20.3%	20.3%	20.5%	18.2%	18.0%	16.7%	15.7%	43.5%	33.3%	37.8%	28.4%	27.1%	38.6%	37.1%	37.6%	31.8%
Share count
Diluted shares outstanding	444	455	462	470	477	479	482	487	493	498	502	502	500	500	500	482	482

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Revenue and gross profit
Revenue	$9,517	$9,467	$9,256	$8,544	$8,080	$7,776	$6,675	$6,260	$5,825	$5,307	$4,888	$4,765	$4,785	$4,561	$4,336	$4,233	$3,582	$2,760
Cost of revenue	($2,709)	($2,666)	($2,719)	($2,561)	($2,454)	($2,303)	($2,057)	($1,992)	($1,911)	($1,775)	($1,666)	($1,738)	($1,717)	($1,669)	($1,563)	($1,652)	($1,444)	($1,058)
Gross profit	$6,808	$6,801	$6,537	$5,983	$5,626	$5,473	$4,618	$4,268	$3,914	$3,532	$3,222	$3,027	$3,068	$2,892	$2,773	$2,581	$2,138	$1,702
Operating expenses
Research and development	($722)	($698)	($686)	($614)	($539)	($508)	($463)	($457)	($432)	($382)	($376)	($364)	($396)	($399)	($409)	($427)	($411)	($368)
Selling, general and administrative	($2,378)	($2,378)	($2,318)	($2,151)	($2,009)	($2,001)	($1,726)	($1,638)	($1,484)	($1,334)	($1,364)	($1,532)	($1,643)	($1,613)	($1,470)	($1,453)	($1,382)	($1,066)
Total operating expenses	($3,287)	($3,204)	($3,145)	($2,914)	($2,698)	($2,670)	($2,349)	($2,250)	($2,033)	($1,805)	($1,818)	($1,945)	($2,098)	($2,071)	($1,919)	($1,897)	($1,829)	($1,421)
Total costs and expenses	($5,996)	($5,870)	($5,864)	($5,475)	($5,152)	($4,973)	($4,406)	($4,242)	($3,944)	($3,580)	($3,484)	($3,683)	($3,815)	($3,740)	($3,482)	($3,549)	($3,273)	($2,479)
Operating income	$3,521	$3,597	$3,392	$3,069	$2,928	$2,803	$2,269	$2,018	$1,881	$1,727	$1,404	$1,082	$970	$821	$854	$684	$309	$281
Earnings
EBITDA	$4,004	$4,084	$3,889	$3,560	$3,393	$3,251	$2,710	$2,430	$2,189	$1,969	$1,644	$1,281	$1,174	$1,030	$1,054	$889	$494	$405
Interest income	–	$93	$106	$105	$50	$6	$12	$37	$31	–	–	–	–	–	–	–	–	–
Interest expense	($238)	($222)	($225)	($239)	($221)	($224)	($231)	($223)	($206)	($175)	($166)	($124)	($117)	($113)	($31)	($36)	($37)	($26)
Pre-tax income	$3,272	$3,360	$3,133	$2,936	$2,656	$2,488	$1,996	$1,801	$1,690	$1,525	$1,228	$545	$820	$690	$710	$394	$178	($148)
Income tax expense	($656)	($687)	($637)	($596)	($545)	($454)	($360)	($301)	($266)	($663)	($409)	($206)	($233)	($187)	($274)	($146)	($67)	$47
Net income	$2,616	$2,673	$2,486	$2,344	$2,114	$2,037	$1,638	$1,500	$1,428	$864	$821	$339	$583	$504	$436	$245	$110	($100)
Per share
Diluted EPS (GAAP)	$6.07	$6.02	$5.47	$5.07	$4.49	$4.27	$3.42	$3.11	$2.93	$1.75	$1.65	$0.68	$1.16	$1.01	$0.87	$0.49	$0.23	($0.21)
Basic EPS (GAAP)	$6.08	$6.03	$5.47	$5.08	$4.51	$4.29	$3.44	$3.14	$2.96	$1.76	$1.66	$0.68	$1.16	$1.01	$0.87	$0.49	$0.23	($0.21)
Basic shares outstanding	430	443	454	461	469	474	476	478	483	490	496	500	501	500	500	500	478	478
Margins
Gross margin	71.5%	71.8%	70.6%	70.0%	69.6%	70.4%	69.2%	68.2%	67.2%	66.6%	65.9%	63.5%	64.1%	63.4%	64.0%	61.0%	59.7%	61.7%
Operating margin	37.0%	38.0%	36.6%	35.9%	36.2%	36.0%	34.0%	32.2%	32.3%	32.5%	28.7%	22.7%	20.3%	18.0%	19.7%	16.2%	8.6%	10.2%
Net margin	27.5%	28.2%	26.9%	27.4%	26.2%	26.2%	24.5%	24.0%	24.5%	16.3%	16.8%	7.1%	12.2%	11.1%	10.1%	5.8%	3.1%	(3.6%)

Analyst consensus

Hold32 analysts

Bearish · 0 · Hold · 18 · Bullish · 14

Earnings history

	EPS	Estimate
Q3 2024	$1.58	$1.46	Beat
Q4 2024	$1.40	$1.37	Beat
Q1 2025	$1.48	$1.41	Beat
Q2 2025	$1.76	$1.62	Beat
Q3 2025	$1.70	$1.62	Beat
Q4 2025	$1.48	$1.40	Beat
Q1 2026	$1.53	$1.60	Miss
Q2 2026	$1.87	$1.85	Beat

Peers

Company overview

IPO dateFeb 1, 2013

CEOKristin C. Peck

Employees14,500

SectorHealthcare

IndustryDrug Manufacturers - Specialty & Generic

CountryUS

ExchangeNew York Stock Exchange

Websitewww.zoetis.com

Zoetis Inc. stands as a global leader in animal health, focusing on the research, development, manufacturing, and commercialization of veterinary pharmaceuticals, vaccines, and diagnostic tools. Its comprehensive portfolio serves a broad spectrum of species, encompassing both livestock, including cattle, swine, poultry, fish, and sheep, and beloved companion animals such as dogs, cats, and horses. Among its pharmaceutical offerings are various therapeutic agents. This includes vaccines, vital for preventing respiratory, gastrointestinal, and reproductive diseases by stimulating a targeted immune response; anti-infectives that combat or inhibit the proliferation of bacterial, fungal, or protozoal pathogens; and parasiticides aimed at eradicating both internal and external pests such as fleas, ticks, and various worms. Additional pharmaceuticals address areas such as pain management and sedation, anti-emesis, reproductive health, and oncology. The portfolio also features dermatological solutions for allergic skin conditions and atopic dermatitis, alongside medicated feed additives specifically designed for livestock. Beyond therapeutics, Zoetis offers an extensive array of diagnostic solutions. These include portable analysis systems for blood and urine, point-of-care testing devices, specialized instruments and reagents, rapid immunoassay kits, comprehensive reference laboratory services, and blood glucose monitoring equipment. Further extending its reach, the company provides supplementary offerings such as nutritional products, agribusiness support services, biodevices, genetic testing, and innovations in precision animal health. Zoetis distributes its diverse product portfolio to a broad customer base, including veterinary professionals, livestock producers, and retail channels. This distribution occurs directly via its sales representatives and technical specialists, as well as through partnerships with third-party veterinary distributors. Established in 1952, the company maintains its corporate headquarters in Parsippany, New Jersey.

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