Zoetis (ZTS) Financials

$149.82 -8.24 (-5.21%)

Closing price 05/6/2025 03:59 PM Eastern

Extended Trading

$150.40 +0.58 (+0.39%)

As of 05/6/2025 07:59 PM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	339	821	864	1,428	1,500	1,638	2,037	2,114	2,344	2,486
Consolidated Net Income / (Loss)	339	819	862	1,424	1,500	1,636	2,034	2,111	2,340	2,496
Net Income / (Loss) Continuing Operations	339	819	862	1,424	1,500	1,636	2,034	2,111	2,340	2,496
Total Pre-Tax Income	545	1,228	1,525	1,690	1,801	1,996	2,488	2,656	2,936	3,133
Total Operating Income	750	1,392	1,706	1,813	1,967	2,244	2,760	2,917	3,016	3,339
Total Gross Profit	3,027	3,222	3,532	3,914	4,268	4,618	5,473	5,626	5,983	6,537
Total Revenue	4,765	4,888	5,307	5,825	6,260	6,675	7,776	8,080	8,544	9,256
Operating Revenue	4,765	4,888	5,307	5,825	6,260	6,675	7,776	8,080	8,544	9,256
Total Cost of Revenue	1,738	1,666	1,775	1,911	1,992	2,057	2,303	2,454	2,561	2,719
Operating Cost of Revenue	1,738	1,666	1,775	1,911	1,992	2,057	2,303	2,454	2,561	2,719
Total Operating Expenses	2,277	1,830	1,826	2,101	2,301	2,374	2,713	2,709	2,967	3,198
Selling, General & Admin Expense	1,532	1,364	1,334	1,484	1,638	1,726	2,001	2,009	2,151	2,318
Research & Development Expense	364	376	382	432	457	463	508	539	614	686
Amortization Expense	61	85	91	117	155	160	161	150	149	141
Restructuring Charge	320	5.00	19	68	51	25	43	11	53	53
Total Other Income / (Expense), net	-205	-164	-181	-123	-166	-248	-272	-261	-80	-206
Interest Expense	124	166	175	206	223	231	224	221	239	225
Other Income / (Expense), net	-81	2.00	-6.00	83	57	-17	-48	-40	159	19
Income Tax Expense	206	409	663	266	301	360	454	545	596	637
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	-2.00	-2.00	-4.00	0.00	-2.00	-3.00	-3.00	-4.00	10
Basic Earnings per Share	$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	499.71M	495.72M	489.92M	483.06M	478.13M	475.50M	474.35M	468.89M	461.17M	454.20M
Diluted Earnings per Share	$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	502.02M	498.23M	493.16M	486.90M	481.79M	478.57M	476.72M	470.39M	462.27M	454.85M
Weighted Average Basic & Diluted Shares Outstanding	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	$0.34	$0.39	$0.44	$0.54	$0.69	$0.85	$1.08	$1.35	$1.56	$1.80

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

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

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

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	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
Net Change in Cash & Equivalents	-145	1,074	-1,472	-392	37	287	-66	-401	140	273
Net Cash From Operating Activities	526	741	549	183	724	897	595	502	951	905
Net Cash From Continuing Operating Activities	526	741	549	183	724	897	595	502	951	922
Net Income / (Loss) Continuing Operations	528	460	551	670	596	523	599	624	692	581
Consolidated Net Income / (Loss)	528	460	551	670	596	523	599	624	692	581
Depreciation Expense	115	119	120	121	124	126	126	127	121	123
Non-Cash Adjustments To Reconcile Net Income	29	214	25	-63	66	67	34	91	50	-294
Changes in Operating Assets and Liabilities, net	-146	-52	-147	-545	-62	181	-164	-340	88	512
Net Cash From Investing Activities	-124	-438	-216	-80	-271	-210	-131	-132	-178	126
Net Cash From Continuing Investing Activities	-124	-438	-216	-80	-271	-210	-131	-132	-178	126
Purchase of Property, Plant & Equipment	-154	-171	-223	-166	-145	-198	-140	-132	-167	-216
Purchase of Investments	-1.00	-1.00	-1.00	-1.00	-1.00	-1.00	-1.00	-2.00	-1.00	-1.00
Divestitures	-	-	0.00	93	3.00	-	0.00	-	-	293
Sale and/or Maturity of Investments	34	-51	13	-10	20	-11	10	11	-10	51
Other Investing Activities, net	-	-	0.00	3.00	-1.00	-	-1.00	-1.00	-	-1.00
Net Cash From Financing Activities	-529	780	-1,802	-494	-416	-397	-524	-763	-628	-745
Net Cash From Continuing Financing Activities	-529	780	-1,802	-494	-416	-397	-524	-764	-628	-736
Repayment of Debt	-	-10	-1,350	-	-	-	0.00	-	-	-3.00
Repurchase of Common Equity	-377	-405	-283	-324	-250	-235	-339	-533	-433	-553
Payment of Dividends	-153	-151	-174	-173	-173	-172	-198	-197	-197	-194
Issuance of Debt	1.00	1,347	1.00	-1.00	-	1.00	21	-24	-	3.00
Other Financing Activities, net	-	-1.00	4.00	4.00	7.00	9.00	-8.00	-10	2.00	11
Effect of Exchange Rate Changes	-18	-9.00	-3.00	-1.00	-	-3.00	-6.00	-8.00	-5.00	-13
Cash Interest Paid	88	33	89	69	67	70	68	70	67	69
Cash Income Taxes Paid	155	167	20	438	128	168	59	422	176	235

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

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

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	-0.42%	2.58%	8.57%	9.76%	7.47%	6.63%	16.49%	3.91%	5.74%	8.33%
EBITDA Growth	-23.93%	88.25%	18.85%	13.49%	10.53%	9.52%	18.44%	5.76%	9.69%	5.16%
EBIT Growth	-28.60%	108.37%	21.95%	11.53%	6.75%	10.03%	21.78%	6.08%	10.36%	5.76%
NOPAT Growth	-30.97%	99.00%	3.87%	58.42%	7.24%	12.27%	22.68%	2.75%	3.68%	10.66%
Net Income Growth	-42.25%	141.59%	5.25%	65.20%	5.34%	9.07%	24.33%	3.79%	10.85%	6.67%
EPS Growth	-41.38%	142.65%	6.06%	67.43%	6.14%	9.97%	24.85%	5.15%	12.92%	7.89%
Operating Cash Flow Growth	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	-144.11%	288.30%	107.22%	-124.64%	632.01%	24.75%	16.19%	-36.88%	29.86%	76.12%
Invested Capital Growth	17.64%	8.98%	-1.06%	33.98%	4.29%	2.34%	4.25%	14.03%	9.16%	-1.42%
Revenue Q/Q Growth	-0.96%	0.06%	3.57%	1.82%	1.79%	2.03%	2.10%	0.91%	2.07%	1.14%
EBITDA Q/Q Growth	-8.05%	11.84%	12.00%	1.61%	1.00%	-0.56%	2.93%	2.96%	1.72%	1.88%
EBIT Q/Q Growth	-10.44%	13.43%	13.94%	-0.16%	0.80%	-0.67%	3.12%	3.38%	1.76%	2.25%
NOPAT Q/Q Growth	-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	-23.82%	19.56%	-7.91%	22.86%	2.67%	-1.56%	2.78%	2.28%	2.77%	2.38%
EPS Q/Q Growth	-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	-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	-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	13.04%	-2.25%	-8.99%	-2.20%	0.19%	-2.12%	-2.43%	2.09%	-1.61%	-2.34%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	63.53%	65.92%	66.55%	67.19%	68.18%	69.18%	70.38%	69.63%	70.03%	70.62%
EBITDA Margin	18.22%	33.43%	36.59%	37.84%	38.91%	39.97%	40.64%	41.36%	42.91%	41.65%
Operating Margin	15.74%	28.48%	32.15%	31.12%	31.42%	33.62%	35.49%	36.10%	35.30%	36.07%
EBIT Margin	14.04%	28.52%	32.03%	32.55%	32.33%	33.36%	34.88%	35.61%	37.16%	36.28%
Profit (Net Income) Margin	7.11%	16.76%	16.24%	24.45%	23.96%	24.51%	26.16%	26.13%	27.39%	26.97%
Tax Burden Percent	62.20%	66.69%	56.52%	84.26%	83.29%	81.96%	81.75%	79.48%	79.70%	79.67%
Interest Burden Percent	81.46%	88.09%	89.71%	89.14%	88.98%	89.63%	91.74%	92.32%	92.47%	93.30%
Effective Tax Rate	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)	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)	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)	17.54%	44.95%	34.16%	46.78%	38.45%	25.64%	19.40%	19.43%	23.99%	23.56%
Return on Equity (ROE)	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)	-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)	9.23%	17.92%	20.94%	19.58%	18.13%	17.71%	19.72%	19.96%	21.74%	23.55%
Return on Assets (ROA)	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)	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)	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)	467	928	964	1,528	1,638	1,839	2,256	2,318	2,404	2,660
NOPAT Margin	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)	3.89%	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	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	32.15%	27.91%	25.14%	25.48%	26.17%	25.86%	25.73%	24.86%	25.18%	25.04%
R&D to Revenue	7.64%	7.69%	7.20%	7.42%	7.30%	6.94%	6.53%	6.67%	7.19%	7.41%
Operating Expenses to Revenue	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)	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)	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)	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	291.30	239.50	99.40	79.75
Price to Revenue (P/Rev)	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)	66.09	30.49	38.75	27.61	40.58	46.63	55.34	31.61	38.16	29.48
Dividend Yield	0.74%	0.75%	0.61%	0.61%	0.61%	0.50%	0.42%	0.91%	0.77%	1.06%
Earnings Yield	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)	5.38	5.44	7.34	6.30	8.94	10.68	14.84	7.99	9.67	8.13
Enterprise Value to Revenue (EV/Rev)	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)	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)	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)	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)	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)	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	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	4.09	2.98	2.77	2.95	2.20	1.75	1.45	1.49	1.32	1.09
Financial Leverage	2.70	2.92	2.20	2.09	1.93	1.28	0.84	0.87	0.98	0.98
Leverage Ratio	5.97	6.01	4.94	4.88	4.56	3.88	3.31	3.22	3.11	2.92
Compound Leverage Factor	4.87	5.29	4.43	4.35	4.06	3.48	3.03	2.97	2.88	2.73
Debt to Total Capital	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	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	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%
Noncontrolling Interests to Total Capital	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	17.92%	24.92%	26.27%	25.30%	29.58%	34.35%	40.80%	35.79%	43.23%	42.06%
Debt to EBITDA	5.61	2.73	2.55	2.93	2.65	2.70	2.09	2.37	1.79	1.70
Net Debt to EBITDA	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	5.14	2.73	2.55	2.92	2.44	2.47	2.09	1.96	1.79	1.35
Debt to NOPAT	10.43	4.81	5.14	4.22	3.94	3.91	2.92	3.41	2.73	2.47
Net Debt to NOPAT	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	9.57	4.81	5.14	4.22	3.63	3.59	2.92	2.83	2.73	1.96
Altman Z-Score	3.32	4.31	5.01	4.65	6.10	6.66	9.60	6.15	8.49	7.47
Noncontrolling Interest Sharing Ratio	2.02%	1.35%	0.85%	0.40%	0.00%	0.06%	0.06%	-0.01%	-0.09%	-0.06%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.15	3.03	3.85	3.60	2.63	3.05	3.86	2.37	3.36	1.75
Quick Ratio	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)	-261	492	1,020	-251	1,337	1,668	1,938	1,223	1,589	2,798
Operating Cash Flow to CapEx	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	-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	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	3.56	3.54	6.62	7.32	6.08	7.33	7.76	6.00	6.80	10.22
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.66	0.63	0.65	0.60	0.56	0.53	0.57	0.56	0.59	0.65
Accounts Receivable Turnover	4.97	5.28	5.55	5.73	5.90	6.36	7.25	6.88	6.78	7.07
Inventory Turnover	1.26	1.12	1.21	1.36	1.42	1.35	1.30	1.15	1.04	1.12
Fixed Asset Turnover	3.63	3.64	3.77	3.77	3.48	3.22	3.36	3.12	2.87	2.81
Accounts Payable Turnover	5.96	5.97	6.75	6.66	6.49	5.43	5.16	5.84	6.28	6.44
Days Sales Outstanding (DSO)	73.42	69.07	65.72	63.73	61.86	57.39	50.37	53.03	53.81	51.66
Days Inventory Outstanding (DIO)	289.40	325.24	301.15	269.12	256.62	269.54	281.40	317.40	349.82	326.88
Days Payable Outstanding (DPO)	61.22	61.13	54.08	54.82	56.25	67.25	70.77	62.54	58.15	56.65
Cash Conversion Cycle (CCC)	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	4,856	5,292	5,236	7,015	7,316	7,487	7,805	8,900	9,715	9,577
Invested Capital Turnover	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	728	436	-56	1,779	301	171	318	1,095	815	-138
Enterprise Value (EV)	26,142	28,784	38,443	44,181	65,376	79,979	115,841	71,141	93,976	77,870
Market Capitalization	22,405	25,031	33,480	39,430	60,865	76,380	112,733	66,820	89,456	73,287
Book Value per Share	$2.14	$3.01	$3.63	$4.55	$5.69	$7.93	$9.60	$9.45	$10.88	$10.57
Tangible Book Value per Share	($3.17)	($2.47)	($2.07)	($4.95)	($3.72)	($1.34)	$0.82	$0.60	$1.96	$2.04
Total Capital	5,959	5,967	6,739	8,637	9,155	10,972	11,136	12,307	11,558	11,340
Total Debt	4,868	4,468	4,953	6,452	6,447	7,199	6,592	7,904	6,567	6,570
Total Long-Term Debt	4,463	4,468	4,953	6,443	5,947	6,595	6,592	6,552	6,564	5,220
Net Debt	3,714	3,741	4,947	4,751	4,511	3,595	3,107	4,323	4,526	4,583
Capital Expenditures (CapEx)	222	126	187	282	439	432	475	585	728	654
Debt-free, Cash-free Net Working Capital (DFCFNWC)	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)	2,454	2,273	3,123	3,185	3,442	5,045	5,133	5,691	4,457	3,924
Net Working Capital (NWC)	2,049	2,273	3,123	3,176	2,942	4,441	5,133	4,339	4,454	2,574
Net Nonoperating Expense (NNE)	128	109	102	104	138	203	222	207	64	164
Net Nonoperating Obligations (NNO)	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)	199	240	242	308	412	441	448	465	491	497
Debt-free, Cash-free Net Working Capital to Revenue	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	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	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	$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	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	$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	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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	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)	666	932	975	1,585	1,681	1,860	2,292	2,327	2,446	2,702
Normalized NOPAT Margin	13.97%	19.06%	18.37%	27.21%	26.85%	27.86%	29.47%	28.80%	28.63%	29.20%
Pre Tax Income Margin	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	5.40	8.40	9.71	9.20	9.08	9.64	12.11	13.02	13.28	14.92
NOPAT to Interest Expense	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	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	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	49.56%	22.95%	28.89%	18.89%	20.93%	23.04%	23.30%	28.94%	29.57%	31.49%
Augmented Payout Ratio	109.44%	59.58%	86.89%	67.91%	62.67%	38.33%	59.83%	104.45%	76.24%	105.93%

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

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

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. Find out what analysts predict for Zoetis in the coming months.

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 5/7/2025 by MarketBeat.com Staff

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Zoetis (ZTS) Financials

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