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Zoetis (ZTS) Financials

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$151.12 -1.19 (-0.78%)
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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 2015 2016 2017 2018 2019 2020 2021 2022 2023 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

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 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 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

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 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

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 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 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

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 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

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 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 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

Annual Metrics and Ratios for Zoetis

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
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%

Quarterly Metrics and Ratios for Zoetis

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
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 financial year end?

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

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 4/25/2025 by MarketBeat.com Staff
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