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Zoetis (ZTS) Financials

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$156.32 +0.71 (+0.45%)
Closing price 08/22/2025 03:59 PM Eastern
Extended Trading
$155.78 -0.54 (-0.35%)
As of 08/22/2025 07:53 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for Zoetis

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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 583 339 821 864 1,428 1,500 1,638 2,037 2,114 2,344 2,486
Consolidated Net Income / (Loss)		 587 339 819 862 1,424 1,500 1,636 2,034 2,111 2,340 2,496
Net Income / (Loss) Continuing Operations		 587 339 819 862 1,424 1,500 1,636 2,034 2,111 2,340 2,496
Total Pre-Tax Income 		820 545 1,228 1,525 1,690 1,801 1,996 2,488 2,656 2,936 3,133
Total Operating Income		 944 750 1,392 1,706 1,813 1,967 2,244 2,760 2,917 3,016 3,339
Total Gross Profit		 3,068 3,027 3,222 3,532 3,914 4,268 4,618 5,473 5,626 5,983 6,537
Total Revenue		 4,785 4,765 4,888 5,307 5,825 6,260 6,675 7,776 8,080 8,544 9,256
Operating Revenue		 4,785 4,765 4,888 5,307 5,825 6,260 6,675 7,776 8,080 8,544 9,256
Total Cost of Revenue		 1,717 1,738 1,666 1,775 1,911 1,992 2,057 2,303 2,454 2,561 2,719
Operating Cost of Revenue		 1,717 1,738 1,666 1,775 1,911 1,992 2,057 2,303 2,454 2,561 2,719
Total Operating Expenses		 2,124 2,277 1,830 1,826 2,101 2,301 2,374 2,713 2,709 2,967 3,198
Selling, General & Admin Expense		 1,643 1,532 1,364 1,334 1,484 1,638 1,726 2,001 2,009 2,151 2,318
Research & Development Expense		 396 364 376 382 432 457 463 508 539 614 686
Amortization Expense		 60 61 85 91 117 155 160 161 150 149 141
Restructuring Charge		 25 320 5.00 19 68 51 25 43 11 53 53
Total Other Income / (Expense), net		 -124 -205 -164 -181 -123 -166 -248 -272 -261 -80 -206
Interest Expense		 117 124 166 175 206 223 231 224 221 239 225
Other Income / (Expense), net		 -7.00 -81 2.00 -6.00 83 57 -17 -48 -40 159 19
Income Tax Expense		 233 206 409 663 266 301 360 454 545 596 637
Net Income / (Loss) Attributable to Noncontrolling Interest		 4.00 0.00 -2.00 -2.00 -4.00 0.00 -2.00 -3.00 -3.00 -4.00 10
Basic Earnings per Share		 $1.16 $0.68 $1.66 $1.76 $2.96 $3.14 $3.44 $4.29 $4.51 $5.08 $5.47
Weighted Average Basic Shares Outstanding		 501.06M 499.71M 495.72M 489.92M 483.06M 478.13M 475.50M 474.35M 468.89M 461.17M 454.20M
Diluted Earnings per Share		 $1.16 $0.68 $1.65 $1.75 $2.93 $3.11 $3.42 $4.27 $4.49 $5.07 $5.47
Weighted Average Diluted Shares Outstanding		 502.03M 502.02M 498.23M 493.16M 486.90M 481.79M 478.57M 476.72M 470.39M 462.27M 454.85M
Weighted Average Basic & Diluted Shares Outstanding		 502.60M 498.50M 494.60M 490.90M 482.40M 474.93M 475.17M 471.97M 463.39M 457.87M 447.79M
Cash Dividends to Common per Share		 $0.30 $0.34 $0.39 $0.44 $0.54 $0.69 $0.85 $1.08 $1.35 $1.56 $1.80

Quarterly Income Statements for Zoetis

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

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 461 552 671 596 525 599 624 682 581 631 718
Consolidated Net Income / (Loss)		 460 551 670 596 523 599 624 692 581 631 718
Net Income / (Loss) Continuing Operations		 460 551 670 596 523 599 624 692 581 631 718
Total Pre-Tax Income 		592 697 872 717 650 747 780 874 732 810 902
Total Operating Income		 688 707 826 782 701 797 864 915 763 846 959
Total Gross Profit		 1,387 1,412 1,573 1,513 1,485 1,547 1,693 1,687 1,610 1,598 1,811
Total Revenue		 2,040 2,000 2,180 2,151 2,213 2,190 2,361 2,388 2,317 2,220 2,460
Operating Revenue		 2,040 2,000 2,180 2,151 2,213 2,190 2,361 2,388 2,317 2,220 2,460
Total Cost of Revenue		 653 588 607 638 728 643 668 701 707 622 649
Operating Cost of Revenue		 653 588 607 638 728 643 668 701 707 622 649
Total Operating Expenses		 699 705 747 731 784 750 829 772 847 752 852
Selling, General & Admin Expense		 514 505 556 525 565 547 581 565 625 563 617
Research & Development Expense		 148 142 146 152 174 162 171 167 186 157 172
Amortization Expense		 35 37 37 38 37 37 35 35 34 32 33
Restructuring Charge		 2.00 21 8.00 16 8.00 4.00 42 5.00 2.00 0.00 30
Total Other Income / (Expense), net		 -96 -10 46 -65 -51 -50 -84 -41 -31 -36 -57
Interest Expense		 62 63 58 59 59 58 59 57 51 54 53
Other Income / (Expense), net		 -34 53 104 -6.00 8.00 8.00 -25 16 20 18 -4.00
Income Tax Expense		 132 146 202 121 127 148 156 182 151 179 184
Net Income / (Loss) Attributable to Noncontrolling Interest		 -1.00 -1.00 -1.00 0.00 -2.00 0.00 0.00 10 - 0.00 0.00
Basic Earnings per Share		 $0.99 $1.19 $1.45 $1.29 $1.15 $1.31 $1.37 $1.51 $1.28 $1.41 $1.61
Weighted Average Basic Shares Outstanding		 468.89M 463.50M 461.90M 460.30M 461.17M 458M 455.50M 452.90M 454.20M 447.60M 445.10M
Diluted Earnings per Share		 $0.98 $1.19 $1.45 $1.29 $1.14 $1.31 $1.37 $1.50 $1.29 $1.41 $1.61
Weighted Average Diluted Shares Outstanding		 470.39M 464.60M 462.90M 461.40M 462.27M 458.80M 456M 453.50M 454.85M 448M 445.50M
Weighted Average Basic & Diluted Shares Outstanding		 463.39M 462.11M 460.32M 459.11M 457.87M 456.30M 453.05M 451.17M 447.79M 445.21M 443.18M
Cash Dividends to Common per Share		 $0.70 $0.38 $0.38 $0.00 $0.81 $0.43 $0.43 $0.00 $0.93 $0.50 $0.50

Annual Cash Flow Statements for Zoetis

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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 272 272 -427 837 64 332 1,670 -119 96 -1,540 -54
Net Cash From Operating Activities		 626 664 713 1,346 1,790 1,795 2,126 2,213 1,912 2,353 2,953
Net Cash From Continuing Operating Activities		 626 664 713 1,346 1,790 1,795 2,126 2,213 1,912 2,353 2,970
Net Income / (Loss) Continuing Operations		 587 339 819 862 1,424 1,500 1,636 2,034 2,111 2,340 2,496
Consolidated Net Income / (Loss)		 587 339 819 862 1,424 1,500 1,636 2,034 2,111 2,340 2,496
Depreciation Expense		 204 199 240 242 308 412 441 448 465 491 497
Non-Cash Adjustments To Reconcile Net Income		 133 419 143 125 58 113 196 154 321 95 -119
Changes in Operating Assets and Liabilities, net		 -298 -293 -489 117 0.00 -230 -147 -423 -985 -573 96
Net Cash From Investing Activities		 -187 -1,115 -214 -270 -2,259 -504 -572 -458 -883 -777 -315
Net Cash From Continuing Investing Activities		 -187 -1,115 -214 -270 -2,259 -504 -572 -458 -883 -777 -315
Purchase of Property, Plant & Equipment		 -180 -224 -216 -224 -338 -460 -453 -477 -586 -732 -655
Acquisitions		 -15 -883 -88 -82 -1,998 -195 -113 -14 -312 -155 -8.00
Purchase of Investments		 - - - - 0.00 37 0.00 -12 -9.00 -4.00 -5.00
Sale of Property, Plant & Equipment		 9.00 2.00 90 37 56 21 21 2.00 1.00 4.00 1.00
Divestitures		 - - - - - - - 0.00 0.00 96 293
Sale and/or Maturity of Investments		 - - 0.00 0.00 28 101 -27 44 23 12 62
Other Investing Activities, net		 -1.00 -10 0.00 -1.00 -7.00 -8.00 0.00 -1.00 0.00 2.00 -3.00
Net Cash From Financing Activities		 -154 755 -903 -251 533 -951 123 -1,862 -904 -3,109 -2,660
Net Cash From Continuing Financing Activities		 -154 755 -903 -251 533 -951 123 -1,862 -904 -3,109 -2,652
Repayment of Debt		 -2.00 -121 -408 -750 -11 0.00 -508 -604 -10 -1,350 -3.00
Repurchase of Common Equity		 0.00 -203 -300 -500 -698 -626 -250 -743 -1,594 -1,092 -1,858
Payment of Dividends		 -146 -168 -188 -249 -269 -314 -377 -474 -611 -692 -786
Issuance of Debt		 -8.00 1,236 0.00 1,231 1,504 -9.00 1,240 0.00 1,350 1.00 0.00
Other Financing Activities, net		 2.00 11 -7.00 17 7.00 -2.00 18 -41 -39 24 -5.00
Effect of Exchange Rate Changes		 -13 -32 -23 12 - -8.00 -7.00 -12 -29 -7.00 -32
Cash Interest Paid		 118 117 165 167 190 247 257 253 242 295 274
Cash Income Taxes Paid		 278 224 408 455 336 418 418 548 638 754 892

Quarterly Cash Flow Statements for Zoetis

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 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents		 1,074 -1,472 -392 37 287 -66 -401 140 273 -266 -286
Net Cash From Operating Activities		 741 549 183 724 897 595 502 951 905 587 486
Net Cash From Continuing Operating Activities		 741 549 183 724 897 595 502 951 922 587 483
Net Income / (Loss) Continuing Operations		 460 551 670 596 523 599 624 692 581 631 718
Consolidated Net Income / (Loss)		 460 551 670 596 523 599 624 692 581 631 718
Depreciation Expense		 119 120 121 124 126 126 127 121 123 119 123
Non-Cash Adjustments To Reconcile Net Income		 214 25 -63 66 67 34 91 50 -294 35 64
Changes in Operating Assets and Liabilities, net		 -52 -147 -545 -62 181 -164 -340 88 512 -198 -422
Net Cash From Investing Activities		 -438 -216 -80 -271 -210 -131 -132 -178 126 -175 -247
Net Cash From Continuing Investing Activities		 -438 -216 -80 -271 -210 -131 -132 -178 126 -175 -247
Purchase of Property, Plant & Equipment		 -171 -223 -166 -145 -198 -140 -132 -167 -216 -149 -178
Sale and/or Maturity of Investments		 -51 13 -10 20 -11 10 11 -10 51 -24 -52
Other Investing Activities, net		 - 0.00 3.00 -1.00 - -1.00 -1.00 - -1.00 1.00 -3.00
Net Cash From Financing Activities		 780 -1,802 -494 -416 -397 -524 -763 -628 -745 -677 -564
Net Cash From Continuing Financing Activities		 780 -1,802 -494 -416 -397 -524 -764 -628 -736 -677 -566
Repurchase of Common Equity		 -405 -283 -324 -250 -235 -339 -533 -433 -553 -443 -338
Payment of Dividends		 -151 -174 -173 -173 -172 -198 -197 -197 -194 -224 -223
Other Financing Activities, net		 -1.00 4.00 4.00 7.00 9.00 -8.00 -10 2.00 11 -9.00 -5.00
Effect of Exchange Rate Changes		 -9.00 -3.00 -1.00 - -3.00 -6.00 -8.00 -5.00 -13 -1.00 39
Cash Interest Paid		 33 89 69 67 70 68 70 67 69 68 69
Cash Income Taxes Paid		 167 20 438 128 168 59 422 176 235 47 428

Annual Balance Sheets for Zoetis

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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 6,588 7,913 7,649 8,586 10,777 11,545 13,609 13,900 14,925 14,286 14,237
Total Current Assets		 3,465 3,830 3,390 4,217 4,399 4,748 6,611 6,930 7,506 6,343 5,986
Cash & Equivalents		 882 1,154 727 - - 1,934 3,604 3,485 3,581 2,041 1,987
Accounts Receivable		 980 937 913 998 1,036 1,086 1,013 1,133 1,215 1,304 1,316
Inventories, net		 1,289 1,467 1,502 1,427 1,391 1,410 1,628 1,923 2,345 2,564 2,306
Other Current Assets		 205 272 248 228 271 318 366 389 365 434 377
Plant, Property, & Equipment, net		 1,318 1,307 1,381 1,435 1,658 1,940 2,202 2,422 2,753 3,204 3,391
Total Noncurrent Assets		 1,805 2,776 2,878 2,934 4,720 4,857 4,796 4,548 4,666 4,739 4,860
Goodwill		 976 1,455 1,481 1,510 2,519 2,592 2,694 2,682 2,746 2,759 2,724
Intangible Assets		 727 1,190 1,228 1,269 2,046 1,890 1,710 1,474 1,380 1,338 1,127
Noncurrent Deferred & Refundable Income Taxes		 54 82 96 80 61 88 94 100 173 206 540
Other Noncurrent Operating Assets		 48 49 73 75 94 287 298 292 367 436 469
Total Liabilities & Shareholders' Equity		 6,588 7,913 7,649 8,586 10,777 11,545 13,609 13,900 14,925 14,286 14,237
Total Liabilities		 5,251 6,822 6,150 6,800 8,592 8,837 9,836 9,356 10,522 9,295 9,467
Total Current Liabilities		 1,086 1,781 1,117 1,094 1,223 1,806 2,170 1,797 3,167 1,889 3,412
Short-Term Debt		 - 405 - 0.00 9.00 500 604 0.00 1,352 3.00 1,350
Accounts Payable		 290 293 265 261 313 301 457 436 405 411 433
Accrued Expenses		 475 676 464 432 487 543 556 710 682 683 746
Dividends Payable		 42 47 52 61 79 95 119 154 174 198 224
Current Deferred & Payable Income Tax Liabilities		 26 63 71 60 35 36 46 38 157 110 93
Current Employee Benefit Liabilities		 238 234 224 236 266 276 295 392 300 382 441
Other Current Liabilities		 8.00 59 41 44 34 55 93 67 97 102 125
Total Noncurrent Liabilities		 4,165 5,041 5,033 5,706 7,369 7,031 7,666 7,559 7,355 7,406 6,055
Long-Term Debt		 3,624 4,463 4,468 4,953 6,443 5,947 6,595 6,592 6,552 6,564 5,220
Noncurrent Deferred Revenue		 57 63 73 172 265 257 260 257 258 271 272
Noncurrent Deferred & Payable Income Tax Liabilities		 277 264 244 380 474 434 378 320 142 146 167
Other Noncurrent Operating Liabilities		 207 251 248 201 187 393 433 390 403 425 396
Commitments & Contingencies		 0.00 - - - - - - - - - 0.00
Total Equity & Noncontrolling Interests		 1,337 1,091 1,499 1,786 2,185 2,708 3,773 4,544 4,403 4,991 4,770
Total Preferred & Common Equity		 1,311 1,068 1,487 1,770 2,185 2,708 3,769 4,543 4,405 4,997 4,770
Total Common Equity		 1,311 1,068 1,487 1,770 2,185 2,708 3,769 4,543 4,405 4,997 4,770
Common Stock		 963 1,017 1,029 1,018 1,031 1,049 1,070 1,073 1,093 1,138 1,187
Retained Earnings		 709 876 1,477 2,109 3,270 4,427 5,659 7,186 8,668 10,295 11,968
Treasury Stock		 0.00 -203 -421 -852 -1,487 -2,042 -2,230 -2,952 -4,539 -5,597 -7,445
Accumulated Other Comprehensive Income / (Loss)		 -361 -622 -598 -505 -629 -726 -730 -764 -817 -839 -940
Noncontrolling Interest		 26 23 12 16 - 0.00 4.00 1.00 -2.00 -6.00 0.00

Quarterly Balance Sheets for Zoetis

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 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Total Assets		 14,925 13,754 13,749 14,106 14,286 14,348 14,165 14,357 14,237 14,098 14,479
Total Current Assets		 7,506 6,269 6,183 6,222 6,343 6,359 6,202 6,282 5,986 5,877 5,923
Cash & Equivalents		 3,581 2,109 1,717 1,754 2,041 1,975 1,574 1,714 1,987 1,721 1,435
Accounts Receivable		 1,215 1,186 1,322 1,257 1,304 1,293 1,383 1,411 1,316 1,361 1,540
Inventories, net		 2,345 2,563 2,701 2,744 2,564 2,651 2,452 2,416 2,306 2,365 2,439
Other Current Assets		 365 411 443 467 434 440 467 427 377 430 509
Plant, Property, & Equipment, net		 2,753 2,913 3,011 3,092 3,204 3,251 3,200 3,298 3,391 3,441 3,537
Total Noncurrent Assets		 4,666 4,572 4,555 4,792 4,739 4,738 4,763 4,777 4,860 4,780 5,019
Goodwill		 2,746 2,738 2,714 2,762 2,759 2,759 2,739 2,744 2,724 2,716 2,758
Intangible Assets		 1,380 1,314 1,252 1,398 1,338 1,295 1,226 1,186 1,127 1,082 1,075
Noncurrent Deferred & Refundable Income Taxes		 173 161 192 190 206 232 366 409 540 530 617
Other Noncurrent Operating Assets		 367 359 397 442 436 452 432 438 469 452 569
Total Liabilities & Shareholders' Equity		 14,925 13,754 13,749 14,106 14,286 14,348 14,165 14,357 14,237 14,098 14,479
Total Liabilities		 10,522 9,263 9,128 9,032 9,295 9,296 9,205 9,123 9,467 9,443 9,502
Total Current Liabilities		 3,167 1,915 1,769 1,608 1,889 1,909 1,797 1,702 3,412 3,385 3,366
Short-Term Debt		 1,352 3.00 2.00 2.00 3.00 24 0.00 0.00 1,350 1,350 1,350
Accounts Payable		 405 424 464 388 411 405 420 404 433 420 508
Accrued Expenses		 682 701 689 693 683 691 704 725 746 772 770
Dividends Payable		 174 174 173 0.00 198 198 197 0.00 224 224 222
Current Deferred & Payable Income Tax Liabilities		 157 277 87 144 110 230 82 97 93 211 93
Current Employee Benefit Liabilities		 300 232 247 284 382 272 276 335 441 291 293
Other Current Liabilities		 97 104 107 97 102 89 93 115 125 117 130
Total Noncurrent Liabilities		 7,355 7,348 7,359 7,424 7,406 7,387 7,408 7,421 6,055 6,058 6,136
Long-Term Debt		 6,552 6,559 6,555 6,552 6,564 6,562 6,563 6,574 5,220 5,227 5,231
Noncurrent Deferred Revenue		 258 262 278 262 271 277 267 274 272 277 265
Noncurrent Deferred & Payable Income Tax Liabilities		 142 131 121 160 146 136 175 172 167 161 156
Other Noncurrent Operating Liabilities		 403 396 405 450 425 412 403 401 396 393 484
Commitments & Contingencies		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Equity & Noncontrolling Interests		 4,403 4,491 4,621 5,074 4,991 5,052 4,960 5,234 4,770 4,655 4,977
Total Preferred & Common Equity		 4,405 4,494 4,625 5,078 4,997 5,058 4,966 5,234 4,770 4,655 4,977
Total Common Equity		 4,405 4,494 4,625 5,078 4,997 5,058 4,966 5,234 4,770 4,655 4,977
Common Stock		 1,093 1,084 1,103 1,121 1,138 1,131 1,151 1,168 1,187 1,185 1,208
Retained Earnings		 8,668 9,045 9,543 10,140 10,295 10,696 11,124 11,806 11,968 12,375 12,872
Treasury Stock		 -4,539 -4,807 -5,126 -5,369 -5,597 -5,928 -6,464 -6,889 -7,445 -7,888 -8,226
Accumulated Other Comprehensive Income / (Loss)		 -817 -828 -895 -814 -839 -841 -845 -851 -940 -1,017 -877
Noncontrolling Interest		 -2.00 -3.00 -4.00 -4.00 -6.00 -6.00 -6.00 0.00 0.00 0.00 0.00

Annual Metrics And Ratios for Zoetis

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

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 4.91% -0.42% 2.58% 8.57% 9.76% 7.47% 6.63% 16.49% 3.91% 5.74% 8.33%
EBITDA Growth		 12.75% -23.93% 88.25% 18.85% 13.49% 10.53% 9.52% 18.44% 5.76% 9.69% 5.16%
EBIT Growth		 16.69% -28.60% 108.37% 21.95% 11.53% 6.75% 10.03% 21.78% 6.08% 10.36% 5.76%
NOPAT Growth		 16.75% -30.97% 99.00% 3.87% 58.42% 7.24% 12.27% 22.68% 2.75% 3.68% 10.66%
Net Income Growth		 16.70% -42.25% 141.59% 5.25% 65.20% 5.34% 9.07% 24.33% 3.79% 10.85% 6.67%
EPS Growth		 14.85% -41.38% 142.65% 6.06% 67.43% 6.14% 9.97% 24.85% 5.15% 12.92% 7.89%
Operating Cash Flow Growth		 -8.08% 6.07% 7.38% 88.78% 32.99% 0.28% 18.44% 4.09% -13.60% 23.06% 25.50%
Free Cash Flow Firm Growth		 -29.42% -144.11% 288.30% 107.22% -124.64% 632.01% 24.75% 16.19% -36.88% 29.86% 76.12%
Invested Capital Growth		 2.05% 17.64% 8.98% -1.06% 33.98% 4.29% 2.34% 4.25% 14.03% 9.16% -1.42%
Revenue Q/Q Growth		 1.40% -0.96% 0.06% 3.57% 1.82% 1.79% 2.03% 2.10% 0.91% 2.07% 1.14%
EBITDA Q/Q Growth		 2.15% -8.05% 11.84% 12.00% 1.61% 1.00% -0.56% 2.93% 2.96% 1.72% 1.88%
EBIT Q/Q Growth		 3.19% -10.44% 13.43% 13.94% -0.16% 0.80% -0.67% 3.12% 3.38% 1.76% 2.25%
NOPAT Q/Q Growth		 2.50% -10.73% 12.78% -9.41% 18.82% 4.78% 0.53% 2.26% 2.33% 1.17% 1.59%
Net Income Q/Q Growth		 3.89% -23.82% 19.56% -7.91% 22.86% 2.67% -1.56% 2.78% 2.28% 2.77% 2.38%
EPS Q/Q Growth		 3.57% -23.60% 19.57% -7.89% 23.11% 2.64% -1.16% 2.89% 2.51% 3.26% 2.82%
Operating Cash Flow Q/Q Growth		 16.57% -14.10% 1.13% 31.45% -1.32% -0.11% 6.83% -1.73% 3.35% 7.10% 0.27%
Free Cash Flow Firm Q/Q Growth		 56.70% -139.05% 267.00% 40.64% -87.11% -6.78% 12.52% 4.42% -20.89% 30.24% 4.15%
Invested Capital Q/Q Growth		 -7.09% 13.04% -2.25% -8.99% -2.20% 0.19% -2.12% -2.43% 2.09% -1.61% -2.34%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 64.12% 63.53% 65.92% 66.55% 67.19% 68.18% 69.18% 70.38% 69.63% 70.03% 70.62%
EBITDA Margin		 23.85% 18.22% 33.43% 36.59% 37.84% 38.91% 39.97% 40.64% 41.36% 42.91% 41.65%
Operating Margin		 19.73% 15.74% 28.48% 32.15% 31.12% 31.42% 33.62% 35.49% 36.10% 35.30% 36.07%
EBIT Margin		 19.58% 14.04% 28.52% 32.03% 32.55% 32.33% 33.36% 34.88% 35.61% 37.16% 36.28%
Profit (Net Income) Margin		 12.27% 7.11% 16.76% 16.24% 24.45% 23.96% 24.51% 26.16% 26.13% 27.39% 26.97%
Tax Burden Percent		 71.59% 62.20% 66.69% 56.52% 84.26% 83.29% 81.96% 81.75% 79.48% 79.70% 79.67%
Interest Burden Percent		 87.51% 81.46% 88.09% 89.71% 89.14% 88.98% 89.63% 91.74% 92.32% 92.47% 93.30%
Effective Tax Rate		 28.41% 37.80% 33.31% 43.48% 15.74% 16.71% 18.04% 18.25% 20.52% 20.30% 20.33%
Return on Invested Capital (ROIC)		 16.54% 10.39% 18.30% 18.32% 24.94% 22.86% 24.85% 29.51% 27.76% 25.83% 27.58%
ROIC Less NNEP Spread (ROIC-NNEP)		 13.51% 6.50% 15.40% 15.49% 22.44% 19.93% 19.96% 23.13% 22.41% 24.44% 24.13%
Return on Net Nonoperating Assets (RNNOA)		 34.53% 17.54% 44.95% 34.16% 46.78% 38.45% 25.64% 19.40% 19.43% 23.99% 23.56%
Return on Equity (ROE)		 51.07% 27.92% 63.24% 52.48% 71.72% 61.31% 50.49% 48.91% 47.19% 49.82% 51.14%
Cash Return on Invested Capital (CROIC)		 14.51% -5.82% 9.70% 19.38% -4.10% 18.66% 22.54% 25.35% 14.65% 17.07% 29.01%
Operating Return on Assets (OROA)		 14.26% 9.23% 17.92% 20.94% 19.58% 18.13% 17.71% 19.72% 19.96% 21.74% 23.55%
Return on Assets (ROA)		 8.93% 4.68% 10.53% 10.62% 14.71% 13.44% 13.01% 14.79% 14.65% 16.02% 17.50%
Return on Common Equity (ROCE)		 50.00% 27.36% 62.39% 52.03% 71.43% 61.31% 50.45% 48.88% 47.19% 49.86% 51.17%
Return on Equity Simple (ROE_SIMPLE)		 44.78% 31.74% 55.08% 48.70% 65.17% 55.39% 43.41% 44.77% 47.92% 46.83% 52.33%
Net Operating Profit after Tax (NOPAT)		 676 467 928 964 1,528 1,638 1,839 2,256 2,318 2,404 2,660
NOPAT Margin		 14.12% 9.79% 18.99% 18.17% 26.23% 26.17% 27.55% 29.02% 28.69% 28.13% 28.74%
Net Nonoperating Expense Percent (NNEP)		 3.02% 3.89% 2.89% 2.83% 2.50% 2.93% 4.89% 6.38% 5.35% 1.38% 3.44%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - 18.84% 20.80% 23.46%
Cost of Revenue to Revenue		 35.88% 36.47% 34.08% 33.45% 32.81% 31.82% 30.82% 29.62% 30.37% 29.97% 29.38%
SG&A Expenses to Revenue		 34.34% 32.15% 27.91% 25.14% 25.48% 26.17% 25.86% 25.73% 24.86% 25.18% 25.04%
R&D to Revenue		 8.28% 7.64% 7.69% 7.20% 7.42% 7.30% 6.94% 6.53% 6.67% 7.19% 7.41%
Operating Expenses to Revenue		 44.39% 47.79% 37.44% 34.41% 36.07% 36.76% 35.57% 34.89% 33.53% 34.73% 34.55%
Earnings before Interest and Taxes (EBIT)		 937 669 1,394 1,700 1,896 2,024 2,227 2,712 2,877 3,175 3,358
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,141 868 1,634 1,942 2,204 2,436 2,668 3,160 3,342 3,666 3,855
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 15.34 20.98 16.83 18.92 18.05 22.48 20.27 24.81 15.17 17.90 15.36
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 291.30 239.50 99.40 79.75
Price to Revenue (P/Rev)		 4.20 4.70 5.12 6.31 6.77 9.72 11.44 14.50 8.27 10.47 7.92
Price to Earnings (P/E)		 34.49 66.09 30.49 38.75 27.61 40.58 46.63 55.34 31.61 38.16 29.48
Dividend Yield		 0.72% 0.74% 0.75% 0.61% 0.61% 0.61% 0.50% 0.42% 0.91% 0.77% 1.06%
Earnings Yield		 2.90% 1.51% 3.28% 2.58% 3.62% 2.46% 2.14% 1.81% 3.16% 2.62% 3.39%
Enterprise Value to Invested Capital (EV/IC)		 5.54 5.38 5.44 7.34 6.30 8.94 10.68 14.84 7.99 9.67 8.13
Enterprise Value to Revenue (EV/Rev)		 4.78 5.49 5.89 7.24 7.58 10.44 11.98 14.90 8.80 11.00 8.41
Enterprise Value to EBITDA (EV/EBITDA)		 20.05 30.12 17.62 19.80 20.05 26.84 29.98 36.66 21.29 25.63 20.20
Enterprise Value to EBIT (EV/EBIT)		 24.42 39.08 20.65 22.61 23.30 32.30 35.91 42.71 24.73 29.60 23.19
Enterprise Value to NOPAT (EV/NOPAT)		 33.85 56.04 31.00 39.87 28.92 39.91 43.48 51.34 30.68 39.10 29.27
Enterprise Value to Operating Cash Flow (EV/OCF)		 36.55 39.37 40.37 28.56 24.68 36.42 37.62 52.35 37.21 39.94 26.37
Enterprise Value to Free Cash Flow (EV/FCFF)		 38.60 0.00 58.46 37.68 0.00 48.89 47.94 59.76 58.15 59.15 27.83
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.71 4.46 2.98 2.77 2.95 2.38 1.91 1.45 1.80 1.32 1.38
Long-Term Debt to Equity		 2.71 4.09 2.98 2.77 2.95 2.20 1.75 1.45 1.49 1.32 1.09
Financial Leverage		 2.56 2.70 2.92 2.20 2.09 1.93 1.28 0.84 0.87 0.98 0.98
Leverage Ratio		 5.72 5.97 6.01 4.94 4.88 4.56 3.88 3.31 3.22 3.11 2.92
Compound Leverage Factor		 5.00 4.87 5.29 4.43 4.35 4.06 3.48 3.03 2.97 2.88 2.73
Debt to Total Capital		 73.05% 81.69% 74.88% 73.50% 74.70% 70.42% 65.61% 59.20% 64.22% 56.82% 57.94%
Short-Term Debt to Total Capital		 0.00% 6.80% 0.00% 0.00% 0.10% 5.46% 5.50% 0.00% 10.99% 0.03% 11.90%
Long-Term Debt to Total Capital		 73.05% 74.90% 74.88% 73.50% 74.60% 64.96% 60.11% 59.20% 53.24% 56.79% 46.03%
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		 0.52% 0.39% 0.20% 0.24% 0.00% 0.00% 0.04% 0.01% -0.02% -0.05% 0.00%
Common Equity to Total Capital		 26.43% 17.92% 24.92% 26.27% 25.30% 29.58% 34.35% 40.80% 35.79% 43.23% 42.06%
Debt to EBITDA		 3.18 5.61 2.73 2.55 2.93 2.65 2.70 2.09 2.37 1.79 1.70
Net Debt to EBITDA		 2.40 4.28 2.29 2.55 2.16 1.85 1.35 0.98 1.29 1.23 1.19
Long-Term Debt to EBITDA		 3.18 5.14 2.73 2.55 2.92 2.44 2.47 2.09 1.96 1.79 1.35
Debt to NOPAT		 5.36 10.43 4.81 5.14 4.22 3.94 3.91 2.92 3.41 2.73 2.47
Net Debt to NOPAT		 4.06 7.96 4.03 5.13 3.11 2.75 1.95 1.38 1.86 1.88 1.72
Long-Term Debt to NOPAT		 5.36 9.57 4.81 5.14 4.22 3.63 3.59 2.92 2.83 2.73 1.96
Altman Z-Score		 4.08 3.32 4.31 5.01 4.65 6.10 6.66 9.60 6.15 8.49 7.47
Noncontrolling Interest Sharing Ratio		 2.09% 2.02% 1.35% 0.85% 0.40% 0.00% 0.06% 0.06% -0.01% -0.09% -0.06%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.19 2.15 3.03 3.85 3.60 2.63 3.05 3.86 2.37 3.36 1.75
Quick Ratio		 1.71 1.17 1.47 0.91 0.93 1.67 2.13 2.57 1.51 1.77 0.97
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 593 -261 492 1,020 -251 1,337 1,668 1,938 1,223 1,589 2,798
Operating Cash Flow to CapEx		 366.08% 299.10% 565.87% 719.79% 634.75% 408.88% 492.13% 465.89% 326.84% 323.21% 451.53%
Free Cash Flow to Firm to Interest Expense		 5.07 -2.11 2.97 5.83 -1.22 6.00 7.22 8.65 5.54 6.65 12.44
Operating Cash Flow to Interest Expense		 5.35 5.35 4.30 7.69 8.69 8.05 9.20 9.88 8.65 9.85 13.12
Operating Cash Flow Less CapEx to Interest Expense		 3.89 3.56 3.54 6.62 7.32 6.08 7.33 7.76 6.00 6.80 10.22
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.73 0.66 0.63 0.65 0.60 0.56 0.53 0.57 0.56 0.59 0.65
Accounts Receivable Turnover		 4.52 4.97 5.28 5.55 5.73 5.90 6.36 7.25 6.88 6.78 7.07
Inventory Turnover		 1.33 1.26 1.12 1.21 1.36 1.42 1.35 1.30 1.15 1.04 1.12
Fixed Asset Turnover		 3.66 3.63 3.64 3.77 3.77 3.48 3.22 3.36 3.12 2.87 2.81
Accounts Payable Turnover		 4.31 5.96 5.97 6.75 6.66 6.49 5.43 5.16 5.84 6.28 6.44
Days Sales Outstanding (DSO)		 80.78 73.42 69.07 65.72 63.73 61.86 57.39 50.37 53.03 53.81 51.66
Days Inventory Outstanding (DIO)		 274.44 289.40 325.24 301.15 269.12 256.62 269.54 281.40 317.40 349.82 326.88
Days Payable Outstanding (DPO)		 84.61 61.22 61.13 54.08 54.82 56.25 67.25 70.77 62.54 58.15 56.65
Cash Conversion Cycle (CCC)		 270.61 301.60 333.18 312.79 278.03 262.23 259.67 261.00 307.89 345.48 321.88
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 4,128 4,856 5,292 5,236 7,015 7,316 7,487 7,805 8,900 9,715 9,577
Invested Capital Turnover		 1.17 1.06 0.96 1.01 0.95 0.87 0.90 1.02 0.97 0.92 0.96
Increase / (Decrease) in Invested Capital		 83 728 436 -56 1,779 301 171 318 1,095 815 -138
Enterprise Value (EV)		 22,878 26,142 28,784 38,443 44,181 65,376 79,979 115,841 71,141 93,976 77,870
Market Capitalization		 20,110 22,405 25,031 33,480 39,430 60,865 76,380 112,733 66,820 89,456 73,287
Book Value per Share		 $2.62 $2.14 $3.01 $3.63 $4.55 $5.69 $7.93 $9.60 $9.45 $10.88 $10.57
Tangible Book Value per Share		 ($0.78) ($3.17) ($2.47) ($2.07) ($4.95) ($3.72) ($1.34) $0.82 $0.60 $1.96 $2.04
Total Capital		 4,961 5,959 5,967 6,739 8,637 9,155 10,972 11,136 12,307 11,558 11,340
Total Debt		 3,624 4,868 4,468 4,953 6,452 6,447 7,199 6,592 7,904 6,567 6,570
Total Long-Term Debt		 3,624 4,463 4,468 4,953 6,443 5,947 6,595 6,592 6,552 6,564 5,220
Net Debt		 2,742 3,714 3,741 4,947 4,751 4,511 3,595 3,107 4,323 4,526 4,583
Capital Expenditures (CapEx)		 171 222 126 187 282 439 432 475 585 728 654
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 1,497 1,300 1,546 3,117 1,484 1,506 1,441 1,648 2,110 2,416 1,937
Debt-free Net Working Capital (DFNWC)		 2,379 2,454 2,273 3,123 3,185 3,442 5,045 5,133 5,691 4,457 3,924
Net Working Capital (NWC)		 2,379 2,049 2,273 3,123 3,176 2,942 4,441 5,133 4,339 4,454 2,574
Net Nonoperating Expense (NNE)		 89 128 109 102 104 138 203 222 207 64 164
Net Nonoperating Obligations (NNO)		 2,791 3,765 3,793 3,450 4,830 4,608 3,714 3,261 4,497 4,724 4,807
Total Depreciation and Amortization (D&A)		 204 199 240 242 308 412 441 448 465 491 497
Debt-free, Cash-free Net Working Capital to Revenue		 31.29% 27.28% 31.63% 58.73% 25.48% 24.06% 21.59% 21.19% 26.11% 28.28% 20.93%
Debt-free Net Working Capital to Revenue		 49.72% 51.50% 46.50% 58.85% 54.68% 54.98% 75.58% 66.01% 70.43% 52.17% 42.39%
Net Working Capital to Revenue		 49.72% 43.00% 46.50% 58.85% 54.52% 47.00% 66.53% 66.01% 53.70% 52.13% 27.81%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $3.14 $3.44 $4.29 $4.51 $5.08 $5.47
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 478.13M 475.50M 474.35M 468.89M 461.17M 454.20M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $3.11 $3.42 $4.27 $4.49 $5.07 $5.47
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 481.79M 478.57M 476.72M 470.39M 462.27M 454.85M
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		 0.00 0.00 0.00 0.00 0.00 474.93M 475.17M 471.97M 463.39M 457.87M 447.79M
Normalized Net Operating Profit after Tax (NOPAT)		 694 666 932 975 1,585 1,681 1,860 2,292 2,327 2,446 2,702
Normalized NOPAT Margin		 14.50% 13.97% 19.06% 18.37% 27.21% 26.85% 27.86% 29.47% 28.80% 28.63% 29.20%
Pre Tax Income Margin		 17.14% 11.44% 25.12% 28.74% 29.01% 28.77% 29.90% 32.00% 32.87% 34.36% 33.85%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 8.01 5.40 8.40 9.71 9.20 9.08 9.64 12.11 13.02 13.28 14.92
NOPAT to Interest Expense		 5.78 3.76 5.59 5.51 7.42 7.35 7.96 10.07 10.49 10.06 11.82
EBIT Less CapEx to Interest Expense		 6.55 3.60 7.64 8.65 7.84 7.11 7.77 9.99 10.37 10.24 12.02
NOPAT Less CapEx to Interest Expense		 4.31 1.97 4.83 4.44 6.05 5.38 6.09 7.95 7.84 7.01 8.92
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 24.87% 49.56% 22.95% 28.89% 18.89% 20.93% 23.04% 23.30% 28.94% 29.57% 31.49%
Augmented Payout Ratio		 24.87% 109.44% 59.58% 86.89% 67.91% 62.67% 38.33% 59.83% 104.45% 76.24% 105.93%

Quarterly Metrics And Ratios for Zoetis

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

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 3.71% 0.70% 6.24% 7.44% 8.48% 9.50% 8.30% 11.02% 4.70% 1.37% 4.19%
EBITDA Growth		 14.18% -1.57% 25.12% 7.78% 8.02% 5.80% -8.09% 16.89% 8.50% 5.59% 11.59%
EBIT Growth		 16.79% -2.56% 28.63% 7.78% 8.41% 5.92% -9.78% 19.97% 10.44% 7.33% 13.83%
NOPAT Growth		 10.64% -13.08% 10.87% 14.53% 5.51% 14.35% 8.91% 11.45% 7.37% 3.12% 10.44%
Net Income Growth		 11.38% -7.24% 26.65% 12.88% 13.70% 8.71% -6.87% 16.11% 11.09% 5.34% 15.06%
EPS Growth		 12.64% -5.56% 29.46% 14.16% 16.33% 10.08% -5.52% 16.28% 13.16% 7.63% 17.52%
Operating Cash Flow Growth		 9.13% 77.67% -45.54% 37.64% 21.05% 8.38% 174.32% 31.35% 0.89% -1.34% -3.19%
Free Cash Flow Firm Growth		 -439.24% -261.41% -375.85% -234.15% 55.22% 65.94% 239.05% 256.62% 396.30% 855.53% -45.15%
Invested Capital Growth		 14.03% 10.47% 11.32% 13.26% 9.16% 8.15% 2.19% -0.69% -1.42% -1.28% 5.08%
Revenue Q/Q Growth		 1.90% -1.96% 9.00% -1.33% 2.88% -1.04% 7.81% 1.14% -2.97% -4.19% 10.81%
EBITDA Q/Q Growth		 -7.43% 13.84% 19.43% -14.37% -7.22% 11.50% 3.76% 8.90% -13.88% 8.50% 9.66%
EBIT Q/Q Growth		 -9.17% 16.21% 22.37% -16.56% -8.63% 13.54% 4.22% 10.97% -15.90% 10.34% 10.53%
NOPAT Q/Q Growth		 -5.81% 4.55% 13.55% 2.42% -13.23% 13.31% 8.15% 4.81% -16.41% 8.82% 15.83%
Net Income Q/Q Growth		 -12.88% 19.78% 21.60% -11.04% -12.25% 14.53% 4.17% 10.90% -16.04% 8.61% 13.79%
EPS Q/Q Growth		 -13.27% 21.43% 21.85% -11.03% -11.63% 14.91% 4.58% 9.49% -14.00% 9.30% 14.18%
Operating Cash Flow Q/Q Growth		 40.87% -25.91% -66.67% 295.63% 23.90% -33.67% -15.63% 89.44% -4.84% -35.14% -17.21%
Free Cash Flow Firm Q/Q Growth		 -270.10% 45.56% -13.19% -46.51% 50.40% 58.60% 562.15% 65.03% -6.17% 5.57% -66.45%
Invested Capital Q/Q Growth		 2.09% 2.45% 5.66% 2.49% -1.61% 1.50% -0.16% -0.40% -2.34% 1.65% 6.27%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 67.99% 70.60% 72.16% 70.34% 67.10% 70.64% 71.71% 70.64% 69.49% 71.98% 73.62%
EBITDA Margin		 37.89% 44.00% 48.21% 41.84% 37.73% 42.51% 40.91% 44.05% 39.10% 44.28% 43.82%
Operating Margin		 33.73% 35.35% 37.89% 36.36% 31.68% 36.39% 36.59% 38.32% 32.93% 38.11% 38.98%
EBIT Margin		 32.06% 38.00% 42.66% 36.08% 32.04% 36.76% 35.54% 38.99% 33.79% 38.92% 38.82%
Profit (Net Income) Margin		 22.55% 27.55% 30.73% 27.71% 23.63% 27.35% 26.43% 28.98% 25.08% 28.42% 29.19%
Tax Burden Percent		 77.70% 79.05% 76.83% 83.12% 80.46% 80.19% 80.00% 79.18% 79.37% 77.90% 79.60%
Interest Burden Percent		 90.52% 91.71% 93.76% 92.40% 91.68% 92.80% 92.97% 93.88% 93.49% 93.75% 94.45%
Effective Tax Rate		 22.30% 20.95% 23.17% 16.88% 19.54% 19.81% 20.00% 20.82% 20.63% 22.10% 20.40%
Return on Invested Capital (ROIC)		 25.35% 26.04% 26.18% 27.21% 23.40% 26.86% 26.80% 28.22% 25.08% 28.14% 28.85%
ROIC Less NNEP Spread (ROIC-NNEP)		 23.43% 25.85% 26.96% 25.99% 22.51% 26.01% 25.44% 27.52% 24.56% 27.57% 27.96%
Return on Net Nonoperating Assets (RNNOA)		 20.31% 23.23% 26.62% 23.64% 22.09% 25.72% 26.28% 25.02% 23.99% 28.09% 28.85%
Return on Equity (ROE)		 45.66% 49.27% 52.80% 50.86% 45.49% 52.58% 53.08% 53.24% 49.07% 56.22% 57.70%
Cash Return on Invested Capital (CROIC)		 14.65% 15.77% 14.38% 13.12% 17.07% 18.35% 23.96% 27.30% 29.01% 28.64% 22.31%
Operating Return on Assets (OROA)		 17.97% 22.28% 25.49% 21.74% 18.74% 22.85% 22.70% 25.07% 21.93% 25.41% 25.44%
Return on Assets (ROA)		 12.64% 16.15% 18.37% 16.70% 13.83% 17.00% 16.88% 18.64% 16.27% 18.56% 19.13%
Return on Common Equity (ROCE)		 45.67% 49.29% 52.82% 50.88% 45.53% 52.63% 53.13% 53.26% 49.10% 56.26% 57.74%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 46.02% 47.76% 44.84% 0.00% 47.21% 47.16% 46.58% 0.00% 54.31% 0.00%
Net Operating Profit after Tax (NOPAT)		 535 559 635 650 564 639 691 724 606 659 763
NOPAT Margin		 26.21% 27.95% 29.11% 30.22% 25.49% 29.18% 29.28% 30.34% 26.14% 29.69% 31.03%
Net Nonoperating Expense Percent (NNEP)		 1.92% 0.19% -0.78% 1.22% 0.89% 0.85% 1.36% 0.69% 0.52% 0.57% 0.89%
Return On Investment Capital (ROIC_SIMPLE)		 4.34% - - - 4.88% - - - 5.34% 5.87% 6.60%
Cost of Revenue to Revenue		 32.01% 29.40% 27.84% 29.66% 32.90% 29.36% 28.29% 29.36% 30.51% 28.02% 26.38%
SG&A Expenses to Revenue		 25.20% 25.25% 25.50% 24.41% 25.53% 24.98% 24.61% 23.66% 26.97% 25.36% 25.08%
R&D to Revenue		 7.25% 7.10% 6.70% 7.07% 7.86% 7.40% 7.24% 6.99% 8.03% 7.07% 6.99%
Operating Expenses to Revenue		 34.26% 35.25% 34.27% 33.98% 35.43% 34.25% 35.11% 32.33% 36.56% 33.87% 34.63%
Earnings before Interest and Taxes (EBIT)		 654 760 930 776 709 805 839 931 783 864 955
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 773 880 1,051 900 835 931 966 1,052 906 983 1,078
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 15.17 16.92 17.00 15.58 17.90 15.28 15.89 16.87 15.36 15.79 13.90
Price to Tangible Book Value (P/TBV)		 239.50 172.03 119.31 86.18 99.40 76.97 78.84 67.72 79.75 85.74 60.49
Price to Revenue (P/Rev)		 8.27 9.39 9.56 9.45 10.47 8.85 8.85 9.65 7.92 7.91 7.37
Price to Earnings (P/E)		 31.61 36.72 35.53 34.70 38.16 32.32 33.67 36.34 29.48 29.18 26.49
Dividend Yield		 0.91% 0.82% 0.82% 0.84% 0.77% 0.93% 0.93% 0.86% 1.06% 1.09% 1.20%
Earnings Yield		 3.16% 2.72% 2.81% 2.88% 2.62% 3.09% 2.97% 2.75% 3.39% 3.43% 3.77%
Enterprise Value to Invested Capital (EV/IC)		 7.99 8.83 8.66 8.50 9.67 8.30 8.52 9.50 8.13 8.05 7.19
Enterprise Value to Revenue (EV/Rev)		 8.80 9.94 10.15 10.02 11.00 9.38 9.41 10.18 8.41 8.44 7.92
Enterprise Value to EBITDA (EV/EBITDA)		 21.29 24.18 23.58 23.28 25.63 22.03 23.10 24.62 20.20 20.05 18.50
Enterprise Value to EBIT (EV/EBIT)		 24.73 28.17 27.24 26.89 29.60 25.43 26.81 28.37 23.19 22.93 21.04
Enterprise Value to NOPAT (EV/NOPAT)		 30.68 36.03 36.37 35.32 39.10 32.97 32.97 35.58 29.27 29.23 27.01
Enterprise Value to Operating Cash Flow (EV/OCF)		 37.21 37.40 41.75 38.19 39.94 34.13 30.87 31.64 26.37 26.60 25.38
Enterprise Value to Free Cash Flow (EV/FCFF)		 58.15 58.74 63.47 68.78 59.15 47.04 35.96 34.68 27.83 27.92 33.01
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.80 1.46 1.42 1.29 1.32 1.30 1.32 1.26 1.38 1.41 1.32
Long-Term Debt to Equity		 1.49 1.46 1.42 1.29 1.32 1.30 1.32 1.26 1.09 1.12 1.05
Financial Leverage		 0.87 0.90 0.99 0.91 0.98 0.99 1.03 0.91 0.98 1.02 1.03
Leverage Ratio		 3.22 3.02 2.99 2.85 3.11 2.94 2.91 2.76 2.92 2.93 2.88
Compound Leverage Factor		 2.92 2.77 2.80 2.64 2.85 2.73 2.71 2.59 2.73 2.75 2.72
Debt to Total Capital		 64.22% 59.37% 58.66% 56.36% 56.82% 56.59% 56.96% 55.67% 57.94% 58.56% 56.94%
Short-Term Debt to Total Capital		 10.99% 0.03% 0.02% 0.02% 0.03% 0.21% 0.00% 0.00% 11.90% 12.02% 11.68%
Long-Term Debt to Total Capital		 53.24% 59.34% 58.64% 56.35% 56.79% 56.38% 56.96% 55.67% 46.03% 46.54% 45.26%
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		 -0.02% -0.03% -0.04% -0.03% -0.05% -0.05% -0.05% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 35.79% 40.66% 41.38% 43.67% 43.23% 43.46% 43.10% 44.33% 42.06% 41.44% 43.06%
Debt to EBITDA		 2.37 1.97 1.85 1.82 1.79 1.77 1.81 1.74 1.70 1.68 1.64
Net Debt to EBITDA		 1.29 1.34 1.37 1.33 1.23 1.24 1.37 1.28 1.19 1.24 1.28
Long-Term Debt to EBITDA		 1.96 1.97 1.85 1.82 1.79 1.77 1.81 1.74 1.35 1.34 1.30
Debt to NOPAT		 3.41 2.94 2.86 2.76 2.73 2.65 2.58 2.51 2.47 2.45 2.39
Net Debt to NOPAT		 1.86 1.99 2.11 2.02 1.88 1.86 1.96 1.86 1.72 1.81 1.87
Long-Term Debt to NOPAT		 2.83 2.94 2.86 2.76 2.73 2.64 2.58 2.51 1.96 1.95 1.90
Altman Z-Score		 5.66 7.00 7.35 7.43 7.92 7.20 7.44 8.19 6.87 6.97 6.69
Noncontrolling Interest Sharing Ratio		 -0.01% -0.03% -0.04% -0.05% -0.09% -0.09% -0.10% -0.04% -0.06% -0.06% -0.06%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.37 3.27 3.50 3.87 3.36 3.33 3.45 3.69 1.75 1.74 1.76
Quick Ratio		 1.51 1.72 1.72 1.87 1.77 1.71 1.65 1.84 0.97 0.91 0.88
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -560 -305 -345 -506 -251 -104 480 792 744 785 263
Operating Cash Flow to CapEx		 435.88% 248.42% 110.91% 502.78% 453.03% 428.06% 380.30% 569.46% 418.98% 393.96% 273.03%
Free Cash Flow to Firm to Interest Expense		 -9.04 -4.84 -5.95 -8.58 -4.25 -1.79 8.14 13.90 14.58 14.54 4.97
Operating Cash Flow to Interest Expense		 11.95 8.71 3.16 12.27 15.20 10.26 8.51 16.68 17.75 10.87 9.17
Operating Cash Flow Less CapEx to Interest Expense		 9.21 5.21 0.31 9.83 11.85 7.86 6.27 13.75 13.51 8.11 5.81
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.56 0.59 0.60 0.60 0.59 0.62 0.64 0.64 0.65 0.65 0.66
Accounts Receivable Turnover		 6.88 6.72 6.29 6.84 6.78 7.05 6.59 6.86 7.07 7.00 6.42
Inventory Turnover		 1.15 1.07 1.00 0.99 1.04 1.00 1.04 1.06 1.12 1.08 1.10
Fixed Asset Turnover		 3.12 3.00 2.95 2.93 2.87 2.83 2.87 2.86 2.81 2.78 2.79
Accounts Payable Turnover		 5.84 5.99 5.49 6.53 6.28 6.31 6.06 6.92 6.44 6.54 5.77
Days Sales Outstanding (DSO)		 53.03 54.29 58.00 53.33 53.81 51.80 55.37 53.20 51.66 52.16 56.84
Days Inventory Outstanding (DIO)		 317.40 340.94 364.70 370.51 349.82 363.74 351.30 343.69 326.88 339.30 333.19
Days Payable Outstanding (DPO)		 62.54 60.96 66.46 55.87 58.15 57.83 60.27 52.75 56.65 55.81 63.22
Cash Conversion Cycle (CCC)		 307.89 334.28 356.24 367.97 345.48 357.71 346.41 344.14 321.88 335.65 326.81
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 8,900 9,118 9,634 9,874 9,715 9,861 9,845 9,806 9,577 9,735 10,345
Invested Capital Turnover		 0.97 0.93 0.90 0.90 0.92 0.92 0.92 0.93 0.96 0.95 0.93
Increase / (Decrease) in Invested Capital		 1,095 864 980 1,156 815 743 211 -68 -138 -126 500
Enterprise Value (EV)		 71,141 80,487 83,461 83,907 93,976 81,887 83,899 93,168 77,870 78,337 74,345
Market Capitalization		 66,820 76,037 78,625 79,111 89,456 77,282 78,916 88,308 73,287 73,481 69,199
Book Value per Share		 $9.45 $9.70 $10.01 $11.03 $10.88 $11.04 $10.88 $11.55 $10.57 $10.40 $11.18
Tangible Book Value per Share		 $0.60 $0.95 $1.43 $1.99 $1.96 $2.19 $2.19 $2.88 $2.04 $1.91 $2.57
Total Capital		 12,307 11,053 11,178 11,628 11,558 11,638 11,523 11,808 11,340 11,232 11,558
Total Debt		 7,904 6,562 6,557 6,554 6,567 6,586 6,563 6,574 6,570 6,577 6,581
Total Long-Term Debt		 6,552 6,559 6,555 6,552 6,564 6,562 6,563 6,574 5,220 5,227 5,231
Net Debt		 4,323 4,453 4,840 4,800 4,526 4,611 4,989 4,860 4,583 4,856 5,146
Capital Expenditures (CapEx)		 170 221 165 144 198 139 132 167 216 149 178
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 2,110 2,248 2,699 2,862 2,416 2,499 2,831 2,866 1,937 2,121 2,472
Debt-free Net Working Capital (DFNWC)		 5,691 4,357 4,416 4,616 4,457 4,474 4,405 4,580 3,924 3,842 3,907
Net Working Capital (NWC)		 4,339 4,354 4,414 4,614 4,454 4,450 4,405 4,580 2,574 2,492 2,557
Net Nonoperating Expense (NNE)		 75 7.91 -35 54 41 40 67 32 25 28 45
Net Nonoperating Obligations (NNO)		 4,497 4,627 5,013 4,800 4,724 4,809 4,885 4,572 4,807 5,080 5,368
Total Depreciation and Amortization (D&A)		 119 120 121 124 126 126 127 121 123 119 123
Debt-free, Cash-free Net Working Capital to Revenue		 26.11% 27.77% 32.83% 34.19% 28.28% 28.61% 31.76% 31.32% 20.93% 22.84% 26.34%
Debt-free Net Working Capital to Revenue		 70.43% 53.83% 53.71% 55.14% 52.17% 51.23% 49.41% 50.04% 42.39% 41.37% 41.63%
Net Working Capital to Revenue		 53.70% 53.79% 53.69% 55.12% 52.13% 50.95% 49.41% 50.04% 27.81% 26.84% 27.25%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.99 $1.19 $1.45 $1.29 $1.15 $1.31 $1.37 $1.51 $1.28 $1.41 $1.61
Adjusted Weighted Average Basic Shares Outstanding		 468.89M 463.50M 461.90M 460.30M 461.17M 458M 455.50M 452.90M 454.20M 447.60M 445.10M
Adjusted Diluted Earnings per Share		 $0.98 $1.19 $1.45 $1.29 $1.14 $1.31 $1.37 $1.50 $1.29 $1.41 $1.61
Adjusted Weighted Average Diluted Shares Outstanding		 470.39M 464.60M 462.90M 461.40M 462.27M 458.80M 456M 453.50M 454.85M 448M 445.50M
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		 463.39M 462.11M 460.32M 459.11M 457.87M 456.30M 453.05M 451.17M 447.79M 445.21M 443.18M
Normalized Net Operating Profit after Tax (NOPAT)		 536 576 641 663 570 642 725 728 607 659 787
Normalized NOPAT Margin		 26.28% 28.78% 29.39% 30.84% 25.78% 29.33% 30.70% 30.50% 26.21% 29.69% 32.00%
Pre Tax Income Margin		 29.02% 34.85% 40.00% 33.33% 29.37% 34.11% 33.04% 36.60% 31.59% 36.49% 36.67%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 10.55 12.06 16.03 13.15 12.02 13.88 14.22 16.33 15.35 16.00 18.02
NOPAT to Interest Expense		 8.62 8.87 10.94 11.02 9.56 11.02 11.72 12.71 11.87 12.20 14.40
EBIT Less CapEx to Interest Expense		 7.81 8.56 13.19 10.71 8.66 11.48 11.98 13.40 11.12 13.24 14.66
NOPAT Less CapEx to Interest Expense		 5.88 5.36 8.10 8.58 6.20 8.62 9.48 9.78 7.64 9.45 11.04
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 28.94% 30.51% 29.47% 29.47% 29.57% 29.98% 31.60% 31.34% 31.49% 32.12% 31.96%
Augmented Payout Ratio		 104.45% 103.82% 92.35% 84.89% 76.24% 78.06% 89.54% 94.50% 105.93% 109.73% 99.35%

Key Financial Trends

Zoetis Inc. (NYSE: ZTS) has demonstrated solid financial performance over the last several years through its quarterly statements ending Q2 2025. Below are key positive, neutral, and negative observations derived from their income statements, balance sheets, and cash flow statements, providing insight into recent trends:

  • Strong revenue growth observed with total revenue increasing from approximately $2.00 billion in Q1 2023 to $2.46 billion by Q2 2025, indicating healthy demand and successful business expansion.
  • Net income has steadily increased over the last four years, rising from around $552 million in Q1 2023 to $718 million in Q2 2025, reflecting improved profitability.
  • Consistent earnings per share growth, with diluted EPS improving from approximately $1.19 in Q1 2023 to $1.61 in Q2 2025, benefiting shareholders with enhanced value.
  • Operating income margin remains strong, with total operating income rising to $959 million in Q2 2025 from $707 million in Q1 2023, demonstrating effective cost management and operational efficiency.
  • Robust cash flow generation from operating activities; operating cash flow for Q2 2025 is $486 million, supporting business investments and shareholder return initiatives.
  • Zoetis maintains a solid asset base of approximately $14.5 billion as of Q2 2025, supported by substantial investments in property, plant, and equipment totaling around $3.5 billion, indicating commitment to capacity and capability expansion.
  • Share repurchase and dividend programs remain active, with $338 million spent on repurchasing common equity and $223 million in dividends paid in Q2 2025, highlighting shareholder-friendly capital allocation policies.
  • Total liabilities are substantial, around $9.5 billion as of Q2 2025, largely due to $5.2 billion in long-term debt, which warrants monitoring but is typical for a large-cap pharmaceutical company.
  • Inventories have grown steadily over the period, reaching approximately $2.44 billion in Q2 2025. While this could support growth, it requires efficient management to avoid excess and obsolescence risks.
  • Net cash from investing activities in Q2 2025 shows a significant outflow of $247 million, primarily due to capital expenditures and investments, which could affect short-term liquidity if not balanced by operating cash flows and financing.

Summary: Zoetis shows a positive growth trajectory in revenues, net income, and cash flow with strong operational execution. The company’s sizeable investments in fixed assets and active capital return programs suggest confidence in future growth. However, investors should keep an eye on the company's debt levels and cash flow used for investing activities to ensure sustainable financial health.

08/23/25 05:09 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Zoetis' Financials

When does Zoetis' 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 10 years?

Zoetis' net income appears to be on an upward trend, with a most recent value of $2.50 billion in 2024, rising from $587 million in 2014. The previous period was $2.34 billion in 2023. See Zoetis' forecast for analyst expectations on what’s next for the company.

What is Zoetis' operating income?
Zoetis' 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 10 years?

Over the last 10 years, Zoetis' total revenue changed from $4.79 billion in 2014 to $9.26 billion in 2024, a change of 93.4%.

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 80.3% increase since 2014.

How much cash does Zoetis have?

In the past 10 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 10 years?

Over the last 10 years, Zoetis' book value per share changed from 2.62 in 2014 to 10.57 in 2024, a change of 304.3%.


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This page (NYSE:ZTS) was last updated on 8/23/2025 by MarketBeat.com Staff
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