Zoetis Inc. ZTS
Zoetis Inc. is a global leader in the animal health industry, focused on the discovery, development, manufacture and commercialization of medicines, vaccines, diagnostic products and services, biodevices, genetic tests and precision animal health. We have a diversified business, commercializing products across eight core species: dogs, cats and horses (collectively, companion animals) and cattle, swine, poultry, fish and sheep (collectively, livestock); and within seven major product categories: parasiticides, vaccines, dermatology, anti-infectives, pain and sedation, other pharmaceutical and animal health diagnostics. With a legacy of nearly 75 years, we continue to pioneer ways to predict, prevent, detect, and treat animal illness, supporting those raising and caring for animals worldwide - from veterinarians and pet owners to livestock producers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.47B | $9.26B | $8.54B | $8.08B | $7.78B | $6.67B | $6.26B | $5.83B | $5.31B | $4.89B |
| Cost of revenue | $2.67B | $2.72B | $2.56B | $2.45B | $2.30B | $2.06B | $1.99B | $1.91B | $1.77B | $1.67B |
| Gross profit | $6.80B | $6.54B | $5.98B | $5.63B | $5.47B | $4.62B | $4.27B | $3.91B | $3.53B | $3.22B |
| SG&A | $2.38B | $2.32B | $2.15B | $2.01B | $2.00B | $1.73B | $1.64B | $1.48B | $1.33B | $1.36B |
| Interest expense | $222.0M | $225.0M | $239.0M | $221.0M | $224.0M | $231.0M | $223.0M | $206.0M | $175.0M | $166.0M |
| Pre-tax income | $3.36B | $3.13B | $2.94B | $2.66B | $2.49B | $2.00B | $1.80B | $1.69B | $1.52B | $1.23B |
| Income tax | $687.0M | $637.0M | $596.0M | $545.0M | $454.0M | $360.0M | $301.0M | $266.0M | $663.0M | $409.0M |
| Net income | $2.67B | $2.49B | $2.34B | $2.11B | $2.04B | $1.64B | $1.50B | $1.43B | $864.0M | $821.0M |
| EPS, basic | 6.03 | 5.47 | 5.08 | 4.51 | 4.29 | 3.44 | 3.14 | 2.96 | 1.76 | 1.66 |
| EPS, diluted | 6.02 | 5.47 | 5.07 | 4.49 | 4.27 | 3.42 | 3.11 | 2.93 | 1.75 | 1.65 |
| Shares, diluted (wtd. avg.) | 443.8M | 454.8M | 462.3M | 470.4M | 476.7M | 478.6M | 481.8M | 486.9M | 493.2M | 498.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.31B | $1.99B | $2.04B | $3.58B | $3.48B | $3.60B | $1.93B | $1.60B | $1.56B | $727.0M |
| Short-term investments | — | — | — | — | — | — | $0 | $99.0M | $0 | — |
| Receivables | $1.59B | $1.32B | $1.30B | $1.22B | $1.13B | $1.01B | $1.09B | $1.04B | $998.0M | $913.0M |
| Inventory | $2.43B | $2.31B | $2.56B | $2.35B | $1.92B | $1.63B | $1.41B | $1.39B | $1.43B | $1.50B |
| Total current assets | $6.77B | $5.99B | $6.34B | $7.51B | $6.93B | $6.61B | $4.75B | $4.40B | $4.22B | $3.39B |
| Property, plant and equipment | $3.68B | $3.39B | $3.20B | $2.75B | $2.42B | $2.20B | $1.94B | $1.66B | $1.44B | $1.38B |
| Goodwill | $2.77B | $2.72B | $2.76B | $2.75B | $2.68B | $2.69B | $2.59B | $2.52B | $1.51B | $1.48B |
| Other intangibles | $998.0M | $1.13B | $1.34B | $1.38B | $1.47B | $1.71B | $1.89B | $2.05B | $1.27B | $1.23B |
| Total assets | $15.47B | $14.24B | $14.29B | $14.93B | $13.90B | $13.61B | $11.54B | $10.78B | $8.59B | $7.65B |
| Accounts payable | $487.0M | $433.0M | $411.0M | $405.0M | $436.0M | $457.0M | $301.0M | $313.0M | $261.0M | $265.0M |
| Short-term debt | $0 | $1.35B | $0 | $1.35B | $0 | $600.0M | $500.0M | $0 | $0 | $0 |
| Total current liabilities | $2.23B | $3.41B | $1.89B | $3.17B | $1.80B | $2.17B | $1.81B | $1.22B | $1.09B | $1.12B |
| Long-term debt | $9.04B | $5.22B | $6.56B | $6.55B | $6.59B | $6.59B | $5.95B | $6.44B | $4.95B | $4.47B |
| Total liabilities | $12.14B | $9.47B | $9.29B | $10.52B | $9.36B | $9.84B | $8.84B | $8.59B | $6.80B | $6.15B |
| Retained earnings | $13.74B | $11.97B | $10.29B | $8.67B | $7.19B | $5.66B | $4.43B | $3.27B | $2.11B | $1.48B |
| Total equity | $3.33B | $4.77B | $4.99B | $4.40B | $4.54B | $3.77B | $2.71B | $2.19B | $1.79B | $1.50B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.90B | $2.95B | $2.35B | $1.91B | $2.21B | $2.13B | $1.79B | $1.79B | $1.35B | $713.0M |
| Depreciation and amortisation | $487.0M | $497.0M | $491.0M | $465.0M | $448.0M | $441.0M | $412.0M | $308.0M | $242.0M | $240.0M |
| Stock-based compensation | $83.0M | $74.0M | $60.0M | $62.0M | $58.0M | $59.0M | $67.0M | $53.0M | $44.0M | $37.0M |
| Capital expenditure | $621.0M | $655.0M | $732.0M | $586.0M | $477.0M | $453.0M | $460.0M | $338.0M | $224.0M | $216.0M |
| Investing cash flow | -$748.0M | -$315.0M | -$777.0M | -$883.0M | -$458.0M | -$572.0M | -$504.0M | -$2.26B | -$270.0M | -$214.0M |
| Financing cash flow | -$1.87B | -$2.66B | -$3.11B | -$904.0M | -$1.86B | $123.0M | -$951.0M | $533.0M | -$251.0M | -$903.0M |
| Buybacks | $248.0M | $1.86B | $1.09B | $1.59B | $743.0M | $250.0M | $626.0M | $698.0M | $500.0M | $300.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001555280-26-000015.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.89B | $5.31B | $5.83B | $6.26B | $6.67B | $7.78B | $8.08B | $8.54B | $9.26B | $9.47B |
| Gross profit | $3.22B | $3.53B | $3.91B | $4.27B | $4.62B | $5.47B | $5.63B | $5.98B | $6.54B | $6.80B |
| Net income | $821.0M | $864.0M | $1.43B | $1.50B | $1.64B | $2.04B | $2.11B | $2.34B | $2.49B | $2.67B |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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