Zoetis (ZTS) Financials

$166.23 +3.65 (+2.25%)

Closing price 05/27/2025 03:59 PM Eastern

Extended Trading

$165.34 -0.89 (-0.53%)

As of 04:30 AM Eastern

Annual Income Statements for Zoetis

This table shows Zoetis' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	2,486	2,344	2,114	2,037	1,638	1,500	1,428	864	821	339
Consolidated Net Income / (Loss)	2,496	2,340	2,111	2,034	1,636	1,500	1,424	862	819	339
Net Income / (Loss) Continuing Operations	2,496	2,340	2,111	2,034	1,636	1,500	1,424	862	819	339
Total Pre-Tax Income	3,133	2,936	2,656	2,488	1,996	1,801	1,690	1,525	1,228	545
Total Operating Income	3,339	3,016	2,917	2,760	2,244	1,967	1,813	1,706	1,392	750
Total Gross Profit	6,537	5,983	5,626	5,473	4,618	4,268	3,914	3,532	3,222	3,027
Total Revenue	9,256	8,544	8,080	7,776	6,675	6,260	5,825	5,307	4,888	4,765
Operating Revenue	9,256	8,544	8,080	7,776	6,675	6,260	5,825	5,307	4,888	4,765
Total Cost of Revenue	2,719	2,561	2,454	2,303	2,057	1,992	1,911	1,775	1,666	1,738
Operating Cost of Revenue	2,719	2,561	2,454	2,303	2,057	1,992	1,911	1,775	1,666	1,738
Total Operating Expenses	3,198	2,967	2,709	2,713	2,374	2,301	2,101	1,826	1,830	2,277
Selling, General & Admin Expense	2,318	2,151	2,009	2,001	1,726	1,638	1,484	1,334	1,364	1,532
Research & Development Expense	686	614	539	508	463	457	432	382	376	364
Amortization Expense	141	149	150	161	160	155	117	91	85	61
Restructuring Charge	53	53	11	43	25	51	68	19	5.00	320
Total Other Income / (Expense), net	-206	-80	-261	-272	-248	-166	-123	-181	-164	-205
Interest Expense	225	239	221	224	231	223	206	175	166	124
Other Income / (Expense), net	19	159	-40	-48	-17	57	83	-6.00	2.00	-81
Income Tax Expense	637	596	545	454	360	301	266	663	409	206
Net Income / (Loss) Attributable to Noncontrolling Interest	10	-4.00	-3.00	-3.00	-2.00	0.00	-4.00	-2.00	-2.00	0.00
Basic Earnings per Share	$5.47	$5.08	$4.51	$4.29	$3.44	$3.14	$2.96	$1.76	$1.66	$0.68
Weighted Average Basic Shares Outstanding	454.20M	461.17M	468.89M	474.35M	475.50M	478.13M	483.06M	489.92M	495.72M	499.71M
Diluted Earnings per Share	$5.47	$5.07	$4.49	$4.27	$3.42	$3.11	$2.93	$1.75	$1.65	$0.68
Weighted Average Diluted Shares Outstanding	454.85M	462.27M	470.39M	476.72M	478.57M	481.79M	486.90M	493.16M	498.23M	502.02M
Weighted Average Basic & Diluted Shares Outstanding	447.79M	457.87M	463.39M	471.97M	475.17M	474.93M	482.40M	490.90M	494.60M	498.50M
Cash Dividends to Common per Share	$1.80	$1.56	$1.35	$1.08	$0.85	$0.69	$0.54	$0.44	$0.39	$0.34

This table shows Zoetis' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	631	581	682	624	599	525	596	671	552	461	529
Consolidated Net Income / (Loss)	631	581	692	624	599	523	596	670	551	460	528
Net Income / (Loss) Continuing Operations	631	581	692	624	599	523	596	670	551	460	528
Total Pre-Tax Income	810	732	874	780	747	650	717	872	697	592	667
Total Operating Income	846	763	915	864	797	701	782	826	707	688	717
Total Gross Profit	1,598	1,610	1,687	1,693	1,547	1,485	1,513	1,573	1,412	1,387	1,395
Total Revenue	2,220	2,317	2,388	2,361	2,190	2,213	2,151	2,180	2,000	2,040	2,002
Operating Revenue	2,220	2,317	2,388	2,361	2,190	2,213	2,151	2,180	2,000	2,040	2,002
Total Cost of Revenue	622	707	701	668	643	728	638	607	588	653	607
Operating Cost of Revenue	622	707	701	668	643	728	638	607	588	653	607
Total Operating Expenses	752	847	772	829	750	784	731	747	705	699	678
Selling, General & Admin Expense	563	625	565	581	547	565	525	556	505	514	501
Research & Development Expense	157	186	167	171	162	174	152	146	142	148	134
Amortization Expense	32	34	35	35	37	37	38	37	37	35	37
Restructuring Charge	0.00	2.00	5.00	42	4.00	8.00	16	8.00	21	2.00	6.00
Total Other Income / (Expense), net	-36	-31	-41	-84	-50	-51	-65	46	-10	-96	-50
Interest Expense	54	51	57	59	58	59	59	58	63	62	53
Other Income / (Expense), net	18	20	16	-25	8.00	8.00	-6.00	104	53	-34	3.00
Income Tax Expense	179	151	182	156	148	127	121	202	146	132	139
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	-	10	0.00	0.00	-2.00	0.00	-1.00	-1.00	-1.00	-1.00
Basic Earnings per Share	$1.41	$1.28	$1.51	$1.37	$1.31	$1.15	$1.29	$1.45	$1.19	$0.99	$1.13
Weighted Average Basic Shares Outstanding	447.60M	454.20M	452.90M	455.50M	458M	461.17M	460.30M	461.90M	463.50M	468.89M	467.80M
Diluted Earnings per Share	$1.41	$1.29	$1.50	$1.37	$1.31	$1.14	$1.29	$1.45	$1.19	$0.98	$1.13
Weighted Average Diluted Shares Outstanding	448M	454.85M	453.50M	456M	458.80M	462.27M	461.40M	462.90M	464.60M	470.39M	469.10M
Weighted Average Basic & Diluted Shares Outstanding	445.21M	447.79M	451.17M	453.05M	456.30M	457.87M	459.11M	460.32M	462.11M	463.39M	466.07M
Cash Dividends to Common per Share	$0.50	$0.93	$0.00	$0.43	$0.43	$0.81	$0.00	$0.38	$0.38	$0.70	$0.00

This table details how cash moves in and out of Zoetis' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-54	-1,540	96	-119	1,670	332	64	837	-427	272
Net Cash From Operating Activities	2,953	2,353	1,912	2,213	2,126	1,795	1,790	1,346	713	664
Net Cash From Continuing Operating Activities	2,970	2,353	1,912	2,213	2,126	1,795	1,790	1,346	713	664
Net Income / (Loss) Continuing Operations	2,496	2,340	2,111	2,034	1,636	1,500	1,424	862	819	339
Consolidated Net Income / (Loss)	2,496	2,340	2,111	2,034	1,636	1,500	1,424	862	819	339
Depreciation Expense	497	491	465	448	441	412	308	242	240	199
Non-Cash Adjustments To Reconcile Net Income	-119	95	321	154	196	113	58	125	143	419
Changes in Operating Assets and Liabilities, net	96	-573	-985	-423	-147	-230	0.00	117	-489	-293
Net Cash From Investing Activities	-315	-777	-883	-458	-572	-504	-2,259	-270	-214	-1,115
Net Cash From Continuing Investing Activities	-315	-777	-883	-458	-572	-504	-2,259	-270	-214	-1,115
Purchase of Property, Plant & Equipment	-655	-732	-586	-477	-453	-460	-338	-224	-216	-224
Acquisitions	-8.00	-155	-312	-14	-113	-195	-1,998	-82	-88	-883
Purchase of Investments	-5.00	-4.00	-9.00	-12	0.00	37	0.00	-	-	-
Sale of Property, Plant & Equipment	1.00	4.00	1.00	2.00	21	21	56	37	90	2.00
Divestitures	293	96	0.00	0.00	-	-	-	-	-	-
Sale and/or Maturity of Investments	62	12	23	44	-27	101	28	0.00	0.00	-
Other Investing Activities, net	-3.00	2.00	0.00	-1.00	0.00	-8.00	-7.00	-1.00	0.00	-10
Net Cash From Financing Activities	-2,660	-3,109	-904	-1,862	123	-951	533	-251	-903	755
Net Cash From Continuing Financing Activities	-2,652	-3,109	-904	-1,862	123	-951	533	-251	-903	755
Repayment of Debt	-3.00	-1,350	-10	-604	-508	0.00	-11	-750	-408	-121
Repurchase of Common Equity	-1,858	-1,092	-1,594	-743	-250	-626	-698	-500	-300	-203
Payment of Dividends	-786	-692	-611	-474	-377	-314	-269	-249	-188	-168
Issuance of Debt	0.00	1.00	1,350	0.00	1,240	-9.00	1,504	1,231	0.00	1,236
Other Financing Activities, net	-5.00	24	-39	-41	18	-2.00	7.00	17	-7.00	11
Effect of Exchange Rate Changes	-32	-7.00	-29	-12	-7.00	-8.00	-	12	-23	-32
Cash Interest Paid	274	295	242	253	257	247	190	167	165	117
Cash Income Taxes Paid	892	754	638	548	418	418	336	455	408	224

This table details how cash moves in and out of Zoetis' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-266	273	140	-401	-66	287	37	-392	-1,472	1,074	-145
Net Cash From Operating Activities	587	905	951	502	595	897	724	183	549	741	526
Net Cash From Continuing Operating Activities	587	922	951	502	595	897	724	183	549	741	526
Net Income / (Loss) Continuing Operations	631	581	692	624	599	523	596	670	551	460	528
Consolidated Net Income / (Loss)	631	581	692	624	599	523	596	670	551	460	528
Depreciation Expense	119	123	121	127	126	126	124	121	120	119	115
Non-Cash Adjustments To Reconcile Net Income	35	-294	50	91	34	67	66	-63	25	214	29
Changes in Operating Assets and Liabilities, net	-198	512	88	-340	-164	181	-62	-545	-147	-52	-146
Net Cash From Investing Activities	-175	126	-178	-132	-131	-210	-271	-80	-216	-438	-124
Net Cash From Continuing Investing Activities	-175	126	-178	-132	-131	-210	-271	-80	-216	-438	-124
Purchase of Property, Plant & Equipment	-149	-216	-167	-132	-140	-198	-145	-166	-223	-171	-154
Purchase of Investments	-3.00	-1.00	-1.00	-2.00	-1.00	-1.00	-1.00	-1.00	-1.00	-1.00	-1.00
Sale of Property, Plant & Equipment	0.00	-	-	-	1.00	-	1.00	1.00	2.00	1.00	-
Sale and/or Maturity of Investments	-24	51	-10	11	10	-11	20	-10	13	-51	34
Other Investing Activities, net	1.00	-1.00	-	-1.00	-1.00	-	-1.00	3.00	0.00	-	-
Net Cash From Financing Activities	-677	-745	-628	-763	-524	-397	-416	-494	-1,802	780	-529
Net Cash From Continuing Financing Activities	-677	-736	-628	-764	-524	-397	-416	-494	-1,802	780	-529
Repayment of Debt	-1.00	-3.00	-	-	0.00	-	-	-	-1,350	-10	-
Repurchase of Common Equity	-443	-553	-433	-533	-339	-235	-250	-324	-283	-405	-377
Payment of Dividends	-224	-194	-197	-197	-198	-172	-173	-173	-174	-151	-153
Issuance of Debt	0.00	3.00	-	-24	21	1.00	-	-1.00	1.00	1,347	1.00
Other Financing Activities, net	-9.00	11	2.00	-10	-8.00	9.00	7.00	4.00	4.00	-1.00	-
Effect of Exchange Rate Changes	-1.00	-13	-5.00	-8.00	-6.00	-3.00	-	-1.00	-3.00	-9.00	-18
Cash Interest Paid	68	69	67	70	68	70	67	69	89	33	88
Cash Income Taxes Paid	47	235	176	422	59	168	128	438	20	167	155

This table presents Zoetis' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	14,237	14,286	14,925	13,900	13,609	11,545	10,777	8,586	7,649	7,913
Total Current Assets	5,986	6,343	7,506	6,930	6,611	4,748	4,399	4,217	3,390	3,830
Cash & Equivalents	1,987	2,041	3,581	3,485	3,604	1,934	-	-	727	1,154
Accounts Receivable	1,316	1,304	1,215	1,133	1,013	1,086	1,036	998	913	937
Inventories, net	2,306	2,564	2,345	1,923	1,628	1,410	1,391	1,427	1,502	1,467
Other Current Assets	377	434	365	389	366	318	271	228	248	272
Plant, Property, & Equipment, net	3,391	3,204	2,753	2,422	2,202	1,940	1,658	1,435	1,381	1,307
Total Noncurrent Assets	4,860	4,739	4,666	4,548	4,796	4,857	4,720	2,934	2,878	2,776
Goodwill	2,724	2,759	2,746	2,682	2,694	2,592	2,519	1,510	1,481	1,455
Intangible Assets	1,127	1,338	1,380	1,474	1,710	1,890	2,046	1,269	1,228	1,190
Noncurrent Deferred & Refundable Income Taxes	540	206	173	100	94	88	61	80	96	82
Other Noncurrent Operating Assets	469	436	367	292	298	287	94	75	73	49
Total Liabilities & Shareholders' Equity	14,237	14,286	14,925	13,900	13,609	11,545	10,777	8,586	7,649	7,913
Total Liabilities	9,467	9,295	10,522	9,356	9,836	8,837	8,592	6,800	6,150	6,822
Total Current Liabilities	3,412	1,889	3,167	1,797	2,170	1,806	1,223	1,094	1,117	1,781
Short-Term Debt	1,350	3.00	1,352	0.00	604	500	9.00	0.00	-	405
Accounts Payable	433	411	405	436	457	301	313	261	265	293
Accrued Expenses	746	683	682	710	556	543	487	432	464	676
Dividends Payable	224	198	174	154	119	95	79	61	52	47
Current Deferred & Payable Income Tax Liabilities	93	110	157	38	46	36	35	60	71	63
Current Employee Benefit Liabilities	441	382	300	392	295	276	266	236	224	234
Other Current Liabilities	125	102	97	67	93	55	34	44	41	59
Total Noncurrent Liabilities	6,055	7,406	7,355	7,559	7,666	7,031	7,369	5,706	5,033	5,041
Long-Term Debt	5,220	6,564	6,552	6,592	6,595	5,947	6,443	4,953	4,468	4,463
Noncurrent Deferred Revenue	272	271	258	257	260	257	265	172	73	63
Noncurrent Deferred & Payable Income Tax Liabilities	167	146	142	320	378	434	474	380	244	264
Other Noncurrent Operating Liabilities	396	425	403	390	433	393	187	201	248	251
Total Equity & Noncontrolling Interests	4,770	4,991	4,403	4,544	3,773	2,708	2,185	1,786	1,499	1,091
Total Preferred & Common Equity	4,770	4,997	4,405	4,543	3,769	2,708	2,185	1,770	1,487	1,068
Total Common Equity	4,770	4,997	4,405	4,543	3,769	2,708	2,185	1,770	1,487	1,068
Common Stock	1,187	1,138	1,093	1,073	1,070	1,049	1,031	1,018	1,029	1,017
Retained Earnings	11,968	10,295	8,668	7,186	5,659	4,427	3,270	2,109	1,477	876
Treasury Stock	-7,445	-5,597	-4,539	-2,952	-2,230	-2,042	-1,487	-852	-421	-203
Accumulated Other Comprehensive Income / (Loss)	-940	-839	-817	-764	-730	-726	-629	-505	-598	-622
Noncontrolling Interest	0.00	-6.00	-2.00	1.00	4.00	0.00	-	16	12	23

This table presents Zoetis' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	14,098	14,237	14,357	14,165	14,348	14,286	14,106	13,749	13,754	14,925	13,674
Total Current Assets	5,877	5,986	6,282	6,202	6,359	6,343	6,222	6,183	6,269	7,506	6,551
Cash & Equivalents	1,721	1,987	1,714	1,574	1,975	2,041	1,754	1,717	2,109	3,581	2,507
Accounts Receivable	1,361	1,316	1,411	1,383	1,293	1,304	1,257	1,322	1,186	1,215	1,189
Inventories, net	2,365	2,306	2,416	2,452	2,651	2,564	2,744	2,701	2,563	2,345	2,303
Other Current Assets	430	377	427	467	440	434	467	443	411	365	552
Plant, Property, & Equipment, net	3,441	3,391	3,298	3,200	3,251	3,204	3,092	3,011	2,913	2,753	2,623
Total Noncurrent Assets	4,780	4,860	4,777	4,763	4,738	4,739	4,792	4,555	4,572	4,666	4,500
Goodwill	2,716	2,724	2,744	2,739	2,759	2,759	2,762	2,714	2,738	2,746	2,692
Intangible Assets	1,082	1,127	1,186	1,226	1,295	1,338	1,398	1,252	1,314	1,380	1,319
Noncurrent Deferred & Refundable Income Taxes	530	540	409	366	232	206	190	192	161	173	111
Other Noncurrent Operating Assets	452	469	438	432	452	436	442	397	359	367	378
Total Liabilities & Shareholders' Equity	14,098	14,237	14,357	14,165	14,348	14,286	14,106	13,749	13,754	14,925	13,674
Total Liabilities	9,443	9,467	9,123	9,205	9,296	9,295	9,032	9,128	9,263	10,522	9,012
Total Current Liabilities	3,385	3,412	1,702	1,797	1,909	1,889	1,608	1,769	1,915	3,167	2,880
Short-Term Debt	1,350	1,350	0.00	0.00	24	3.00	2.00	2.00	3.00	1,352	1,353
Accounts Payable	420	433	404	420	405	411	388	464	424	405	373
Accrued Expenses	772	746	725	704	691	683	693	689	701	682	679
Dividends Payable	224	224	0.00	197	198	198	0.00	173	174	174	0.00
Current Deferred & Payable Income Tax Liabilities	211	93	97	82	230	110	144	87	277	157	84
Current Employee Benefit Liabilities	291	441	335	276	272	382	284	247	232	300	257
Other Current Liabilities	117	125	115	93	89	102	97	107	104	97	134
Total Noncurrent Liabilities	6,058	6,055	7,421	7,408	7,387	7,406	7,424	7,359	7,348	7,355	6,132
Long-Term Debt	5,227	5,220	6,574	6,563	6,562	6,564	6,552	6,555	6,559	6,552	5,210
Noncurrent Deferred Revenue	277	272	274	267	277	271	262	278	262	258	241
Noncurrent Deferred & Payable Income Tax Liabilities	161	167	172	175	136	146	160	121	131	142	256
Other Noncurrent Operating Liabilities	393	396	401	403	412	425	450	405	396	403	425
Commitments & Contingencies	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	-
Total Equity & Noncontrolling Interests	4,655	4,770	5,234	4,960	5,052	4,991	5,074	4,621	4,491	4,403	4,662
Total Preferred & Common Equity	4,655	4,770	5,234	4,966	5,058	4,997	5,078	4,625	4,494	4,405	4,663
Total Common Equity	4,655	4,770	5,234	4,966	5,058	4,997	5,078	4,625	4,494	4,405	4,663
Common Stock	1,185	1,187	1,168	1,151	1,131	1,138	1,121	1,103	1,084	1,093	1,078
Retained Earnings	12,375	11,968	11,806	11,124	10,696	10,295	10,140	9,543	9,045	8,668	8,533
Treasury Stock	-7,888	-7,445	-6,889	-6,464	-5,928	-5,597	-5,369	-5,126	-4,807	-4,539	-4,139
Accumulated Other Comprehensive Income / (Loss)	-1,017	-940	-851	-845	-841	-839	-814	-895	-828	-817	-809
Noncontrolling Interest	0.00	0.00	0.00	-6.00	-6.00	-6.00	-4.00	-4.00	-3.00	-2.00	-1.00

This table displays calculated financial ratios and metrics derived from Zoetis' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.33%	5.74%	3.91%	16.49%	6.63%	7.47%	9.76%	8.57%	2.58%	-0.42%
EBITDA Growth	5.16%	9.69%	5.76%	18.44%	9.52%	10.53%	13.49%	18.85%	88.25%	-23.93%
EBIT Growth	5.76%	10.36%	6.08%	21.78%	10.03%	6.75%	11.53%	21.95%	108.37%	-28.60%
NOPAT Growth	10.66%	3.68%	2.75%	22.68%	12.27%	7.24%	58.42%	3.87%	99.00%	-30.97%
Net Income Growth	6.67%	10.85%	3.79%	24.33%	9.07%	5.34%	65.20%	5.25%	141.59%	-42.25%
EPS Growth	7.89%	12.92%	5.15%	24.85%	9.97%	6.14%	67.43%	6.06%	142.65%	-41.38%
Operating Cash Flow Growth	25.50%	23.06%	-13.60%	4.09%	18.44%	0.28%	32.99%	88.78%	7.38%	6.07%
Free Cash Flow Firm Growth	76.12%	29.86%	-36.88%	16.19%	24.75%	632.01%	-124.64%	107.22%	288.30%	-144.11%
Invested Capital Growth	-1.42%	9.16%	14.03%	4.25%	2.34%	4.29%	33.98%	-1.06%	8.98%	17.64%
Revenue Q/Q Growth	1.14%	2.07%	0.91%	2.10%	2.03%	1.79%	1.82%	3.57%	0.06%	-0.96%
EBITDA Q/Q Growth	1.88%	1.72%	2.96%	2.93%	-0.56%	1.00%	1.61%	12.00%	11.84%	-8.05%
EBIT Q/Q Growth	2.25%	1.76%	3.38%	3.12%	-0.67%	0.80%	-0.16%	13.94%	13.43%	-10.44%
NOPAT Q/Q Growth	1.59%	1.17%	2.33%	2.26%	0.53%	4.78%	18.82%	-9.41%	12.78%	-10.73%
Net Income Q/Q Growth	2.38%	2.77%	2.28%	2.78%	-1.56%	2.67%	22.86%	-7.91%	19.56%	-23.82%
EPS Q/Q Growth	2.82%	3.26%	2.51%	2.89%	-1.16%	2.64%	23.11%	-7.89%	19.57%	-23.60%
Operating Cash Flow Q/Q Growth	0.27%	7.10%	3.35%	-1.73%	6.83%	-0.11%	-1.32%	31.45%	1.13%	-14.10%
Free Cash Flow Firm Q/Q Growth	4.15%	30.24%	-20.89%	4.42%	12.52%	-6.78%	-87.11%	40.64%	267.00%	-139.05%
Invested Capital Q/Q Growth	-2.34%	-1.61%	2.09%	-2.43%	-2.12%	0.19%	-2.20%	-8.99%	-2.25%	13.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	70.62%	70.03%	69.63%	70.38%	69.18%	68.18%	67.19%	66.55%	65.92%	63.53%
EBITDA Margin	41.65%	42.91%	41.36%	40.64%	39.97%	38.91%	37.84%	36.59%	33.43%	18.22%
Operating Margin	36.07%	35.30%	36.10%	35.49%	33.62%	31.42%	31.12%	32.15%	28.48%	15.74%
EBIT Margin	36.28%	37.16%	35.61%	34.88%	33.36%	32.33%	32.55%	32.03%	28.52%	14.04%
Profit (Net Income) Margin	26.97%	27.39%	26.13%	26.16%	24.51%	23.96%	24.45%	16.24%	16.76%	7.11%
Tax Burden Percent	79.67%	79.70%	79.48%	81.75%	81.96%	83.29%	84.26%	56.52%	66.69%	62.20%
Interest Burden Percent	93.30%	92.47%	92.32%	91.74%	89.63%	88.98%	89.14%	89.71%	88.09%	81.46%
Effective Tax Rate	20.33%	20.30%	20.52%	18.25%	18.04%	16.71%	15.74%	43.48%	33.31%	37.80%
Return on Invested Capital (ROIC)	27.58%	25.83%	27.76%	29.51%	24.85%	22.86%	24.94%	18.32%	18.30%	10.39%
ROIC Less NNEP Spread (ROIC-NNEP)	24.13%	24.44%	22.41%	23.13%	19.96%	19.93%	22.44%	15.49%	15.40%	6.50%
Return on Net Nonoperating Assets (RNNOA)	23.56%	23.99%	19.43%	19.40%	25.64%	38.45%	46.78%	34.16%	44.95%	17.54%
Return on Equity (ROE)	51.14%	49.82%	47.19%	48.91%	50.49%	61.31%	71.72%	52.48%	63.24%	27.92%
Cash Return on Invested Capital (CROIC)	29.01%	17.07%	14.65%	25.35%	22.54%	18.66%	-4.10%	19.38%	9.70%	-5.82%
Operating Return on Assets (OROA)	23.55%	21.74%	19.96%	19.72%	17.71%	18.13%	19.58%	20.94%	17.92%	9.23%
Return on Assets (ROA)	17.50%	16.02%	14.65%	14.79%	13.01%	13.44%	14.71%	10.62%	10.53%	4.68%
Return on Common Equity (ROCE)	51.17%	49.86%	47.19%	48.88%	50.45%	61.31%	71.43%	52.03%	62.39%	27.36%
Return on Equity Simple (ROE_SIMPLE)	52.33%	46.83%	47.92%	44.77%	43.41%	55.39%	65.17%	48.70%	55.08%	31.74%
Net Operating Profit after Tax (NOPAT)	2,660	2,404	2,318	2,256	1,839	1,638	1,528	964	928	467
NOPAT Margin	28.74%	28.13%	28.69%	29.02%	27.55%	26.17%	26.23%	18.17%	18.99%	9.79%
Net Nonoperating Expense Percent (NNEP)	3.44%	1.38%	5.35%	6.38%	4.89%	2.93%	2.50%	2.83%	2.89%	3.89%
Return On Investment Capital (ROIC_SIMPLE)	23.46%	20.80%	18.84%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	29.38%	29.97%	30.37%	29.62%	30.82%	31.82%	32.81%	33.45%	34.08%	36.47%
SG&A Expenses to Revenue	25.04%	25.18%	24.86%	25.73%	25.86%	26.17%	25.48%	25.14%	27.91%	32.15%
R&D to Revenue	7.41%	7.19%	6.67%	6.53%	6.94%	7.30%	7.42%	7.20%	7.69%	7.64%
Operating Expenses to Revenue	34.55%	34.73%	33.53%	34.89%	35.57%	36.76%	36.07%	34.41%	37.44%	47.79%
Earnings before Interest and Taxes (EBIT)	3,358	3,175	2,877	2,712	2,227	2,024	1,896	1,700	1,394	669
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,855	3,666	3,342	3,160	2,668	2,436	2,204	1,942	1,634	868
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	15.36	17.90	15.17	24.81	20.27	22.48	18.05	18.92	16.83	20.98
Price to Tangible Book Value (P/TBV)	79.75	99.40	239.50	291.30	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	7.92	10.47	8.27	14.50	11.44	9.72	6.77	6.31	5.12	4.70
Price to Earnings (P/E)	29.48	38.16	31.61	55.34	46.63	40.58	27.61	38.75	30.49	66.09
Dividend Yield	1.06%	0.77%	0.91%	0.42%	0.50%	0.61%	0.61%	0.61%	0.75%	0.74%
Earnings Yield	3.39%	2.62%	3.16%	1.81%	2.14%	2.46%	3.62%	2.58%	3.28%	1.51%
Enterprise Value to Invested Capital (EV/IC)	8.13	9.67	7.99	14.84	10.68	8.94	6.30	7.34	5.44	5.38
Enterprise Value to Revenue (EV/Rev)	8.41	11.00	8.80	14.90	11.98	10.44	7.58	7.24	5.89	5.49
Enterprise Value to EBITDA (EV/EBITDA)	20.20	25.63	21.29	36.66	29.98	26.84	20.05	19.80	17.62	30.12
Enterprise Value to EBIT (EV/EBIT)	23.19	29.60	24.73	42.71	35.91	32.30	23.30	22.61	20.65	39.08
Enterprise Value to NOPAT (EV/NOPAT)	29.27	39.10	30.68	51.34	43.48	39.91	28.92	39.87	31.00	56.04
Enterprise Value to Operating Cash Flow (EV/OCF)	26.37	39.94	37.21	52.35	37.62	36.42	24.68	28.56	40.37	39.37
Enterprise Value to Free Cash Flow (EV/FCFF)	27.83	59.15	58.15	59.76	47.94	48.89	0.00	37.68	58.46	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.38	1.32	1.80	1.45	1.91	2.38	2.95	2.77	2.98	4.46
Long-Term Debt to Equity	1.09	1.32	1.49	1.45	1.75	2.20	2.95	2.77	2.98	4.09
Financial Leverage	0.98	0.98	0.87	0.84	1.28	1.93	2.09	2.20	2.92	2.70
Leverage Ratio	2.92	3.11	3.22	3.31	3.88	4.56	4.88	4.94	6.01	5.97
Compound Leverage Factor	2.73	2.88	2.97	3.03	3.48	4.06	4.35	4.43	5.29	4.87
Debt to Total Capital	57.94%	56.82%	64.22%	59.20%	65.61%	70.42%	74.70%	73.50%	74.88%	81.69%
Short-Term Debt to Total Capital	11.90%	0.03%	10.99%	0.00%	5.50%	5.46%	0.10%	0.00%	0.00%	6.80%
Long-Term Debt to Total Capital	46.03%	56.79%	53.24%	59.20%	60.11%	64.96%	74.60%	73.50%	74.88%	74.90%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	-0.05%	-0.02%	0.01%	0.04%	0.00%	0.00%	0.24%	0.20%	0.39%
Common Equity to Total Capital	42.06%	43.23%	35.79%	40.80%	34.35%	29.58%	25.30%	26.27%	24.92%	17.92%
Debt to EBITDA	1.70	1.79	2.37	2.09	2.70	2.65	2.93	2.55	2.73	5.61
Net Debt to EBITDA	1.19	1.23	1.29	0.98	1.35	1.85	2.16	2.55	2.29	4.28
Long-Term Debt to EBITDA	1.35	1.79	1.96	2.09	2.47	2.44	2.92	2.55	2.73	5.14
Debt to NOPAT	2.47	2.73	3.41	2.92	3.91	3.94	4.22	5.14	4.81	10.43
Net Debt to NOPAT	1.72	1.88	1.86	1.38	1.95	2.75	3.11	5.13	4.03	7.96
Long-Term Debt to NOPAT	1.96	2.73	2.83	2.92	3.59	3.63	4.22	5.14	4.81	9.57
Altman Z-Score	7.47	8.49	6.15	9.60	6.66	6.10	4.65	5.01	4.31	3.32
Noncontrolling Interest Sharing Ratio	-0.06%	-0.09%	-0.01%	0.06%	0.06%	0.00%	0.40%	0.85%	1.35%	2.02%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.75	3.36	2.37	3.86	3.05	2.63	3.60	3.85	3.03	2.15
Quick Ratio	0.97	1.77	1.51	2.57	2.13	1.67	0.93	0.91	1.47	1.17
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,798	1,589	1,223	1,938	1,668	1,337	-251	1,020	492	-261
Operating Cash Flow to CapEx	451.53%	323.21%	326.84%	465.89%	492.13%	408.88%	634.75%	719.79%	565.87%	299.10%
Free Cash Flow to Firm to Interest Expense	12.44	6.65	5.54	8.65	7.22	6.00	-1.22	5.83	2.97	-2.11
Operating Cash Flow to Interest Expense	13.12	9.85	8.65	9.88	9.20	8.05	8.69	7.69	4.30	5.35
Operating Cash Flow Less CapEx to Interest Expense	10.22	6.80	6.00	7.76	7.33	6.08	7.32	6.62	3.54	3.56
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.65	0.59	0.56	0.57	0.53	0.56	0.60	0.65	0.63	0.66
Accounts Receivable Turnover	7.07	6.78	6.88	7.25	6.36	5.90	5.73	5.55	5.28	4.97
Inventory Turnover	1.12	1.04	1.15	1.30	1.35	1.42	1.36	1.21	1.12	1.26
Fixed Asset Turnover	2.81	2.87	3.12	3.36	3.22	3.48	3.77	3.77	3.64	3.63
Accounts Payable Turnover	6.44	6.28	5.84	5.16	5.43	6.49	6.66	6.75	5.97	5.96
Days Sales Outstanding (DSO)	51.66	53.81	53.03	50.37	57.39	61.86	63.73	65.72	69.07	73.42
Days Inventory Outstanding (DIO)	326.88	349.82	317.40	281.40	269.54	256.62	269.12	301.15	325.24	289.40
Days Payable Outstanding (DPO)	56.65	58.15	62.54	70.77	67.25	56.25	54.82	54.08	61.13	61.22
Cash Conversion Cycle (CCC)	321.88	345.48	307.89	261.00	259.67	262.23	278.03	312.79	333.18	301.60
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,577	9,715	8,900	7,805	7,487	7,316	7,015	5,236	5,292	4,856
Invested Capital Turnover	0.96	0.92	0.97	1.02	0.90	0.87	0.95	1.01	0.96	1.06
Increase / (Decrease) in Invested Capital	-138	815	1,095	318	171	301	1,779	-56	436	728
Enterprise Value (EV)	77,870	93,976	71,141	115,841	79,979	65,376	44,181	38,443	28,784	26,142
Market Capitalization	73,287	89,456	66,820	112,733	76,380	60,865	39,430	33,480	25,031	22,405
Book Value per Share	$10.57	$10.88	$9.45	$9.60	$7.93	$5.69	$4.55	$3.63	$3.01	$2.14
Tangible Book Value per Share	$2.04	$1.96	$0.60	$0.82	($1.34)	($3.72)	($4.95)	($2.07)	($2.47)	($3.17)
Total Capital	11,340	11,558	12,307	11,136	10,972	9,155	8,637	6,739	5,967	5,959
Total Debt	6,570	6,567	7,904	6,592	7,199	6,447	6,452	4,953	4,468	4,868
Total Long-Term Debt	5,220	6,564	6,552	6,592	6,595	5,947	6,443	4,953	4,468	4,463
Net Debt	4,583	4,526	4,323	3,107	3,595	4,511	4,751	4,947	3,741	3,714
Capital Expenditures (CapEx)	654	728	585	475	432	439	282	187	126	222
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,937	2,416	2,110	1,648	1,441	1,506	1,484	3,117	1,546	1,300
Debt-free Net Working Capital (DFNWC)	3,924	4,457	5,691	5,133	5,045	3,442	3,185	3,123	2,273	2,454
Net Working Capital (NWC)	2,574	4,454	4,339	5,133	4,441	2,942	3,176	3,123	2,273	2,049
Net Nonoperating Expense (NNE)	164	64	207	222	203	138	104	102	109	128
Net Nonoperating Obligations (NNO)	4,807	4,724	4,497	3,261	3,714	4,608	4,830	3,450	3,793	3,765
Total Depreciation and Amortization (D&A)	497	491	465	448	441	412	308	242	240	199
Debt-free, Cash-free Net Working Capital to Revenue	20.93%	28.28%	26.11%	21.19%	21.59%	24.06%	25.48%	58.73%	31.63%	27.28%
Debt-free Net Working Capital to Revenue	42.39%	52.17%	70.43%	66.01%	75.58%	54.98%	54.68%	58.85%	46.50%	51.50%
Net Working Capital to Revenue	27.81%	52.13%	53.70%	66.01%	66.53%	47.00%	54.52%	58.85%	46.50%	43.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.47	$5.08	$4.51	$4.29	$3.44	$3.14	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	454.20M	461.17M	468.89M	474.35M	475.50M	478.13M	0.00	0.00	0.00	0.00
Adjusted Diluted Earnings per Share	$5.47	$5.07	$4.49	$4.27	$3.42	$3.11	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	454.85M	462.27M	470.39M	476.72M	478.57M	481.79M	0.00	0.00	0.00	0.00
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	447.79M	457.87M	463.39M	471.97M	475.17M	474.93M	0.00	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	2,702	2,446	2,327	2,292	1,860	1,681	1,585	975	932	666
Normalized NOPAT Margin	29.20%	28.63%	28.80%	29.47%	27.86%	26.85%	27.21%	18.37%	19.06%	13.97%
Pre Tax Income Margin	33.85%	34.36%	32.87%	32.00%	29.90%	28.77%	29.01%	28.74%	25.12%	11.44%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	14.92	13.28	13.02	12.11	9.64	9.08	9.20	9.71	8.40	5.40
NOPAT to Interest Expense	11.82	10.06	10.49	10.07	7.96	7.35	7.42	5.51	5.59	3.76
EBIT Less CapEx to Interest Expense	12.02	10.24	10.37	9.99	7.77	7.11	7.84	8.65	7.64	3.60
NOPAT Less CapEx to Interest Expense	8.92	7.01	7.84	7.95	6.09	5.38	6.05	4.44	4.83	1.97
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	31.49%	29.57%	28.94%	23.30%	23.04%	20.93%	18.89%	28.89%	22.95%	49.56%
Augmented Payout Ratio	105.93%	76.24%	104.45%	59.83%	38.33%	62.67%	67.91%	86.89%	59.58%	109.44%

This table displays calculated financial ratios and metrics derived from Zoetis' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.37%	4.70%	11.02%	8.30%	9.50%	8.48%	7.44%	6.24%	0.70%	3.71%	0.60%
EBITDA Growth	5.59%	8.50%	16.89%	-8.09%	5.80%	8.02%	7.78%	25.12%	-1.57%	14.18%	1.21%
EBIT Growth	7.33%	10.44%	19.97%	-9.78%	5.92%	8.41%	7.78%	28.63%	-2.56%	16.79%	0.70%
NOPAT Growth	3.12%	7.37%	11.45%	8.91%	14.35%	5.51%	14.53%	10.87%	-13.08%	10.64%	-5.76%
Net Income Growth	5.34%	11.09%	16.11%	-6.87%	8.71%	13.70%	12.88%	26.65%	-7.24%	11.38%	-4.35%
EPS Growth	7.63%	13.16%	16.28%	-5.52%	10.08%	16.33%	14.16%	29.46%	-5.56%	12.64%	-2.59%
Operating Cash Flow Growth	-1.34%	0.89%	31.35%	174.32%	8.38%	21.05%	37.64%	-45.54%	77.67%	9.13%	-19.45%
Free Cash Flow Firm Growth	855.53%	396.30%	256.62%	239.05%	65.94%	55.22%	-234.15%	-375.85%	-261.41%	-439.24%	-160.03%
Invested Capital Growth	-1.28%	-1.42%	-0.69%	2.19%	8.15%	9.16%	13.26%	11.32%	10.47%	14.03%	8.99%
Revenue Q/Q Growth	-4.19%	-2.97%	1.14%	7.81%	-1.04%	2.88%	-1.33%	9.00%	-1.96%	1.90%	-2.44%
EBITDA Q/Q Growth	8.50%	-13.88%	8.90%	3.76%	11.50%	-7.22%	-14.37%	19.43%	13.84%	-7.43%	-0.60%
EBIT Q/Q Growth	10.34%	-15.90%	10.97%	4.22%	13.54%	-8.63%	-16.56%	22.37%	16.21%	-9.17%	-0.41%
NOPAT Q/Q Growth	8.82%	-16.41%	4.81%	8.15%	13.31%	-13.23%	2.42%	13.55%	4.55%	-5.81%	-0.85%
Net Income Q/Q Growth	8.61%	-16.04%	10.90%	4.17%	14.53%	-12.25%	-11.04%	21.60%	19.78%	-12.88%	-0.19%
EPS Q/Q Growth	9.30%	-14.00%	9.49%	4.58%	14.91%	-11.63%	-11.03%	21.85%	21.43%	-13.27%	0.89%
Operating Cash Flow Q/Q Growth	-35.14%	-4.84%	89.44%	-15.63%	-33.67%	23.90%	295.63%	-66.67%	-25.91%	40.87%	56.55%
Free Cash Flow Firm Q/Q Growth	5.57%	-6.17%	65.03%	562.15%	58.60%	50.40%	-46.51%	-13.19%	45.56%	-270.10%	-108.64%
Invested Capital Q/Q Growth	1.65%	-2.34%	-0.40%	-0.16%	1.50%	-1.61%	2.49%	5.66%	2.45%	2.09%	0.74%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	71.98%	69.49%	70.64%	71.71%	70.64%	67.10%	70.34%	72.16%	70.60%	67.99%	69.68%
EBITDA Margin	44.28%	39.10%	44.05%	40.91%	42.51%	37.73%	41.84%	48.21%	44.00%	37.89%	41.71%
Operating Margin	38.11%	32.93%	38.32%	36.59%	36.39%	31.68%	36.36%	37.89%	35.35%	33.73%	35.81%
EBIT Margin	38.92%	33.79%	38.99%	35.54%	36.76%	32.04%	36.08%	42.66%	38.00%	32.06%	35.96%
Profit (Net Income) Margin	28.42%	25.08%	28.98%	26.43%	27.35%	23.63%	27.71%	30.73%	27.55%	22.55%	26.37%
Tax Burden Percent	77.90%	79.37%	79.18%	80.00%	80.19%	80.46%	83.12%	76.83%	79.05%	77.70%	79.16%
Interest Burden Percent	93.75%	93.49%	93.88%	92.97%	92.80%	91.68%	92.40%	93.76%	91.71%	90.52%	92.64%
Effective Tax Rate	22.10%	20.63%	20.82%	20.00%	19.81%	19.54%	16.88%	23.17%	20.95%	22.30%	20.84%
Return on Invested Capital (ROIC)	28.14%	25.08%	28.22%	26.80%	26.86%	23.40%	27.21%	26.18%	26.04%	25.35%	27.16%
ROIC Less NNEP Spread (ROIC-NNEP)	27.57%	24.56%	27.52%	25.44%	26.01%	22.51%	25.99%	26.96%	25.85%	23.43%	26.08%
Return on Net Nonoperating Assets (RNNOA)	28.09%	23.99%	25.02%	26.28%	25.72%	22.09%	23.64%	26.62%	23.23%	20.31%	20.59%
Return on Equity (ROE)	56.22%	49.07%	53.24%	53.08%	52.58%	45.49%	50.86%	52.80%	49.27%	45.66%	47.75%
Cash Return on Invested Capital (CROIC)	28.64%	29.01%	27.30%	23.96%	18.35%	17.07%	13.12%	14.38%	15.77%	14.65%	18.50%
Operating Return on Assets (OROA)	25.41%	21.93%	25.07%	22.70%	22.85%	18.74%	21.74%	25.49%	22.28%	17.97%	21.04%
Return on Assets (ROA)	18.56%	16.27%	18.64%	16.88%	17.00%	13.83%	16.70%	18.37%	16.15%	12.64%	15.43%
Return on Common Equity (ROCE)	56.26%	49.10%	53.26%	53.13%	52.63%	45.53%	50.88%	52.82%	49.29%	45.67%	47.74%
Return on Equity Simple (ROE_SIMPLE)	54.31%	0.00%	46.58%	47.16%	47.21%	0.00%	44.84%	47.76%	46.02%	0.00%	44.26%
Net Operating Profit after Tax (NOPAT)	659	606	724	691	639	564	650	635	559	535	568
NOPAT Margin	29.69%	26.14%	30.34%	29.28%	29.18%	25.49%	30.22%	29.11%	27.95%	26.21%	28.35%
Net Nonoperating Expense Percent (NNEP)	0.57%	0.52%	0.69%	1.36%	0.85%	0.89%	1.22%	-0.78%	0.19%	1.92%	1.07%
Return On Investment Capital (ROIC_SIMPLE)	5.87%	5.34%	-	-	-	4.88%	-	-	-	4.34%	-
Cost of Revenue to Revenue	28.02%	30.51%	29.36%	28.29%	29.36%	32.90%	29.66%	27.84%	29.40%	32.01%	30.32%
SG&A Expenses to Revenue	25.36%	26.97%	23.66%	24.61%	24.98%	25.53%	24.41%	25.50%	25.25%	25.20%	25.03%
R&D to Revenue	7.07%	8.03%	6.99%	7.24%	7.40%	7.86%	7.07%	6.70%	7.10%	7.25%	6.69%
Operating Expenses to Revenue	33.87%	36.56%	32.33%	35.11%	34.25%	35.43%	33.98%	34.27%	35.25%	34.26%	33.87%
Earnings before Interest and Taxes (EBIT)	864	783	931	839	805	709	776	930	760	654	720
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	983	906	1,052	966	931	835	900	1,051	880	773	835
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	15.79	15.36	16.87	15.89	15.28	17.90	15.58	17.00	16.92	15.17	14.61
Price to Tangible Book Value (P/TBV)	85.74	79.75	67.72	78.84	76.97	99.40	86.18	119.31	172.03	239.50	104.50
Price to Revenue (P/Rev)	7.91	7.92	9.65	8.85	8.85	10.47	9.45	9.56	9.39	8.27	8.51
Price to Earnings (P/E)	29.18	29.48	36.34	33.67	32.32	38.16	34.70	35.53	36.72	31.61	32.96
Dividend Yield	1.09%	1.06%	0.86%	0.93%	0.93%	0.77%	0.84%	0.82%	0.82%	0.91%	0.84%
Earnings Yield	3.43%	3.39%	2.75%	2.97%	3.09%	2.62%	2.88%	2.81%	2.72%	3.16%	3.03%
Enterprise Value to Invested Capital (EV/IC)	8.05	8.13	9.50	8.52	8.30	9.67	8.50	8.66	8.83	7.99	8.28
Enterprise Value to Revenue (EV/Rev)	8.44	8.41	10.18	9.41	9.38	11.00	10.02	10.15	9.94	8.80	9.02
Enterprise Value to EBITDA (EV/EBITDA)	20.05	20.20	24.62	23.10	22.03	25.63	23.28	23.58	24.18	21.29	22.24
Enterprise Value to EBIT (EV/EBIT)	22.93	23.19	28.37	26.81	25.43	29.60	26.89	27.24	28.17	24.73	25.94
Enterprise Value to NOPAT (EV/NOPAT)	29.23	29.27	35.58	32.97	32.97	39.10	35.32	36.37	36.03	30.68	31.86
Enterprise Value to Operating Cash Flow (EV/OCF)	26.60	26.37	31.64	30.87	34.13	39.94	38.19	41.75	37.40	37.21	39.02
Enterprise Value to Free Cash Flow (EV/FCFF)	27.92	27.83	34.68	35.96	47.04	59.15	68.78	63.47	58.74	58.15	46.68
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.41	1.38	1.26	1.32	1.30	1.32	1.29	1.42	1.46	1.80	1.41
Long-Term Debt to Equity	1.12	1.09	1.26	1.32	1.30	1.32	1.29	1.42	1.46	1.49	1.12
Financial Leverage	1.02	0.98	0.91	1.03	0.99	0.98	0.91	0.99	0.90	0.87	0.79
Leverage Ratio	2.93	2.92	2.76	2.91	2.94	3.11	2.85	2.99	3.02	3.22	2.93
Compound Leverage Factor	2.75	2.73	2.59	2.71	2.73	2.85	2.64	2.80	2.77	2.92	2.71
Debt to Total Capital	58.56%	57.94%	55.67%	56.96%	56.59%	56.82%	56.36%	58.66%	59.37%	64.22%	58.47%
Short-Term Debt to Total Capital	12.02%	11.90%	0.00%	0.00%	0.21%	0.03%	0.02%	0.02%	0.03%	10.99%	12.05%
Long-Term Debt to Total Capital	46.54%	46.03%	55.67%	56.96%	56.38%	56.79%	56.35%	58.64%	59.34%	53.24%	46.41%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	-0.05%	-0.05%	-0.05%	-0.03%	-0.04%	-0.03%	-0.02%	-0.01%
Common Equity to Total Capital	41.44%	42.06%	44.33%	43.10%	43.46%	43.23%	43.67%	41.38%	40.66%	35.79%	41.54%
Debt to EBITDA	1.68	1.70	1.74	1.81	1.77	1.79	1.82	1.85	1.97	2.37	2.02
Net Debt to EBITDA	1.24	1.19	1.28	1.37	1.24	1.23	1.33	1.37	1.34	1.29	1.25
Long-Term Debt to EBITDA	1.34	1.35	1.74	1.81	1.77	1.79	1.82	1.85	1.97	1.96	1.61
Debt to NOPAT	2.45	2.47	2.51	2.58	2.65	2.73	2.76	2.86	2.94	3.41	2.90
Net Debt to NOPAT	1.81	1.72	1.86	1.96	1.86	1.88	2.02	2.11	1.99	1.86	1.79
Long-Term Debt to NOPAT	1.95	1.96	2.51	2.58	2.64	2.73	2.76	2.86	2.94	2.83	2.30
Altman Z-Score	6.97	6.87	8.19	7.44	7.20	7.92	7.43	7.35	7.00	5.66	6.49
Noncontrolling Interest Sharing Ratio	-0.06%	-0.06%	-0.04%	-0.10%	-0.09%	-0.09%	-0.05%	-0.04%	-0.03%	-0.01%	0.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.74	1.75	3.69	3.45	3.33	3.36	3.87	3.50	3.27	2.37	2.27
Quick Ratio	0.91	0.97	1.84	1.65	1.71	1.77	1.87	1.72	1.72	1.51	1.28
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	785	744	792	480	-104	-251	-506	-345	-305	-560	-151
Operating Cash Flow to CapEx	393.96%	418.98%	569.46%	380.30%	428.06%	453.03%	502.78%	110.91%	248.42%	435.88%	341.56%
Free Cash Flow to Firm to Interest Expense	14.54	14.58	13.90	8.14	-1.79	-4.25	-8.58	-5.95	-4.84	-9.04	-2.86
Operating Cash Flow to Interest Expense	10.87	17.75	16.68	8.51	10.26	15.20	12.27	3.16	8.71	11.95	9.92
Operating Cash Flow Less CapEx to Interest Expense	8.11	13.51	13.75	6.27	7.86	11.85	9.83	0.31	5.21	9.21	7.02
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.65	0.65	0.64	0.64	0.62	0.59	0.60	0.60	0.59	0.56	0.58
Accounts Receivable Turnover	7.00	7.07	6.86	6.59	7.05	6.78	6.84	6.29	6.72	6.88	6.84
Inventory Turnover	1.08	1.12	1.06	1.04	1.00	1.04	0.99	1.00	1.07	1.15	1.15
Fixed Asset Turnover	2.78	2.81	2.86	2.87	2.83	2.87	2.93	2.95	3.00	3.12	3.23
Accounts Payable Turnover	6.54	6.44	6.92	6.06	6.31	6.28	6.53	5.49	5.99	5.84	6.32
Days Sales Outstanding (DSO)	52.16	51.66	53.20	55.37	51.80	53.81	53.33	58.00	54.29	53.03	53.36
Days Inventory Outstanding (DIO)	339.30	326.88	343.69	351.30	363.74	349.82	370.51	364.70	340.94	317.40	317.57
Days Payable Outstanding (DPO)	55.81	56.65	52.75	60.27	57.83	58.15	55.87	66.46	60.96	62.54	57.77
Cash Conversion Cycle (CCC)	335.65	321.88	344.14	346.41	357.71	345.48	367.97	356.24	334.28	307.89	313.16
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,735	9,577	9,806	9,845	9,861	9,715	9,874	9,634	9,118	8,900	8,718
Invested Capital Turnover	0.95	0.96	0.93	0.92	0.92	0.92	0.90	0.90	0.93	0.97	0.96
Increase / (Decrease) in Invested Capital	-126	-138	-68	211	743	815	1,156	980	864	1,095	719
Enterprise Value (EV)	78,337	77,870	93,168	83,899	81,887	93,976	83,907	83,461	80,487	71,141	72,190
Market Capitalization	73,481	73,287	88,308	78,916	77,282	89,456	79,111	78,625	76,037	66,820	68,135
Book Value per Share	$10.40	$10.57	$11.55	$10.88	$11.04	$10.88	$11.03	$10.01	$9.70	$9.45	$9.96
Tangible Book Value per Share	$1.91	$2.04	$2.88	$2.19	$2.19	$1.96	$1.99	$1.43	$0.95	$0.60	$1.39
Total Capital	11,232	11,340	11,808	11,523	11,638	11,558	11,628	11,178	11,053	12,307	11,225
Total Debt	6,577	6,570	6,574	6,563	6,586	6,567	6,554	6,557	6,562	7,904	6,563
Total Long-Term Debt	5,227	5,220	6,574	6,563	6,562	6,564	6,552	6,555	6,559	6,552	5,210
Net Debt	4,856	4,583	4,860	4,989	4,611	4,526	4,800	4,840	4,453	4,323	4,056
Capital Expenditures (CapEx)	149	216	167	132	139	198	144	165	221	170	154
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,121	1,937	2,866	2,831	2,499	2,416	2,862	2,699	2,248	2,110	2,517
Debt-free Net Working Capital (DFNWC)	3,842	3,924	4,580	4,405	4,474	4,457	4,616	4,416	4,357	5,691	5,024
Net Working Capital (NWC)	2,492	2,574	4,580	4,405	4,450	4,454	4,614	4,414	4,354	4,339	3,671
Net Nonoperating Expense (NNE)	28	25	32	67	40	41	54	-35	7.91	75	40
Net Nonoperating Obligations (NNO)	5,080	4,807	4,572	4,885	4,809	4,724	4,800	5,013	4,627	4,497	4,056
Total Depreciation and Amortization (D&A)	119	123	121	127	126	126	124	121	120	119	115
Debt-free, Cash-free Net Working Capital to Revenue	22.84%	20.93%	31.32%	31.76%	28.61%	28.28%	34.19%	32.83%	27.77%	26.11%	31.44%
Debt-free Net Working Capital to Revenue	41.37%	42.39%	50.04%	49.41%	51.23%	52.17%	55.14%	53.71%	53.83%	70.43%	62.75%
Net Working Capital to Revenue	26.84%	27.81%	50.04%	49.41%	50.95%	52.13%	55.12%	53.69%	53.79%	53.70%	45.85%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.41	$1.28	$1.51	$1.37	$1.31	$1.15	$1.29	$1.45	$1.19	$0.99	$1.13
Adjusted Weighted Average Basic Shares Outstanding	447.60M	454.20M	452.90M	455.50M	458M	461.17M	460.30M	461.90M	463.50M	468.89M	467.80M
Adjusted Diluted Earnings per Share	$1.41	$1.29	$1.50	$1.37	$1.31	$1.14	$1.29	$1.45	$1.19	$0.98	$1.13
Adjusted Weighted Average Diluted Shares Outstanding	448M	454.85M	453.50M	456M	458.80M	462.27M	461.40M	462.90M	464.60M	470.39M	469.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	445.21M	447.79M	451.17M	453.05M	456.30M	457.87M	459.11M	460.32M	462.11M	463.39M	466.07M
Normalized Net Operating Profit after Tax (NOPAT)	659	607	728	725	642	570	663	641	576	536	572
Normalized NOPAT Margin	29.69%	26.21%	30.50%	30.70%	29.33%	25.78%	30.84%	29.39%	28.78%	26.28%	28.59%
Pre Tax Income Margin	36.49%	31.59%	36.60%	33.04%	34.11%	29.37%	33.33%	40.00%	34.85%	29.02%	33.32%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	16.00	15.35	16.33	14.22	13.88	12.02	13.15	16.03	12.06	10.55	13.58
NOPAT to Interest Expense	12.20	11.87	12.71	11.72	11.02	9.56	11.02	10.94	8.87	8.62	10.71
EBIT Less CapEx to Interest Expense	13.24	11.12	13.40	11.98	11.48	8.66	10.71	13.19	8.56	7.81	10.68
NOPAT Less CapEx to Interest Expense	9.45	7.64	9.78	9.48	8.62	6.20	8.58	8.10	5.36	5.88	7.80
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	32.12%	31.49%	31.34%	31.60%	29.98%	29.57%	29.47%	29.47%	30.51%	28.94%	27.96%
Augmented Payout Ratio	109.73%	105.93%	94.50%	89.54%	78.06%	76.24%	84.89%	92.35%	103.82%	104.45%	95.16%

Frequently Asked Questions About Zoetis' Financials

When does Zoetis's fiscal year end?

According to the most recent income statement we have on file, Zoetis' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Zoetis' net income changed over the last 9 years?

Zoetis' net income appears to be on an upward trend, with a most recent value of $2.50 billion in 2024, rising from $339 million in 2015. The previous period was $2.34 billion in 2023. View Zoetis' forecast to see where analysts expect Zoetis to go next.

What is Zoetis's operating income?

Zoetis's total operating income in 2024 was $3.34 billion, based on the following breakdown:

Total Gross Profit: $6.54 billion
Total Operating Expenses: $3.20 billion

How has Zoetis revenue changed over the last 9 years?

Over the last 9 years, Zoetis' total revenue changed from $4.77 billion in 2015 to $9.26 billion in 2024, a change of 94.2%.

How much debt does Zoetis have?

Zoetis' total liabilities were at $9.47 billion at the end of 2024, a 1.9% increase from 2023, and a 38.8% increase since 2015.

How much cash does Zoetis have?

In the past 9 years, Zoetis' cash and equivalents has ranged from $0.00 in 2017 to $3.60 billion in 2020, and is currently $1.99 billion as of their latest financial filing in 2024.

How has Zoetis' book value per share changed over the last 9 years?

Over the last 9 years, Zoetis' book value per share changed from 2.14 in 2015 to 10.57 in 2024, a change of 392.9%.

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This page (NYSE:ZTS) was last updated on 5/28/2025 by MarketBeat.com Staff

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