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.
Others in SIC 2834
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AKTX | Akari Therapeutics Plc | $1.79T | — | — |
| LLY | ELI LILLY & Co | $1.08T | 50.1x | 44.7% |
| JNJ | JOHNSON & JOHNSON | $663.28B | 25.0x | 6.0% |
| ONC | BeOne Medicines Ltd. | $529.55B | 1,885.6x | 40.2% |
| ABBV | AbbVie Inc. | $453.19B | 108.7x | 8.6% |
| MRK | Merck & Co., Inc. | $370.89B | 20.6x | 1.3% |
| ABT | ABBOTT LABORATORIES | $188.69B | 29.1x | 5.7% |
| PFE | PFIZER INC | $162.16B | 20.9x | -1.6% |