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Not Investment Advice

ZTS

NYSE · USD
Zoetis Inc.
Healthcare · Drug Manufacturers - Specialty & Generic
CEO Kristin C. Peck Employees 14,500 R&D / revenue 7.4%
Last price
$79.32+1.15%last session
Market cap
$32.8B
P/E (TTM)
13.0x
From 52w high
−46.5%
From 52w low
+15.3%
1-year return
−44.4%
RSI 14 · vs SMA200
69.4 · −17.2%
IS score
66.0/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

ZTS   SPY   XLV (sector ETF) · weekly closes
6080100120Jan 26Apr 26Jul 26Oct 26XLV 124SPY 116ZTS 56

Score DNA

Each bar is a 0-100 score within the scored universe
98
Profitability
47
Growth
71
Value
66
Momentum
100
Risk (safety)
68
Quality
56
Balance sheet
76
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Insider buying✓ Congress buying
Warnings
None of the computed warning flags fires for ZTS (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Wide, Efficient ScalePiotroski 6 / 9Altman Z 4.6Beta 0.733 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
3
$0.89M bought
Form 144 notices (12m): 3, $3.3M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
16
Last disclosed purchase 2026-09-18
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−175
173 new holders, 329 closed
1,427 filers hold 95.8% · 506 added, 591 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+205
1,343 funds adding shares
1,138 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
36.1%
20-day avg 46.1%, 50-day avg 43.8%
Latest 10.0 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$9.5B
Revenue growth YoY+2.3%
Gross margin70.5%
Operating income$3.6B
Operating margin38.0%
Net income$2.7B
Net margin28.2%
EPS (diluted)$6.02
Cash flow
Operating cash flow$2.9B
Capital expenditure$621.0M
Free cash flow$2.3B
FCF conversion (FCF / OCF)78.6%
Stock-based compensation$83.0M
FCF less SBC$2.2B
Buybacks$3.2B
Dividends$889.0M
Balance sheet & returns
Cash & short-term investments$2.3B
Total debt$9.3B
Net debt$7.0B
Shareholders' equity$3.3B
Goodwill & intangibles$3.8B
Debt / equity2.93
ROE (TTM)69.3%
ROIC (TTM)21.6%
Operating margin by fiscal year
36.0%FY202136.2%FY202235.9%FY202336.6%FY202438.0%FY2025
Revenue $7.8B (FY2021) to $9.5B (FY2025), a 5.0% CAGR.

Valuation

P/E (TTM)13.0x
EV / EBITDA10.2x
Price / sales3.44x
Price / FCF13.9x
FCF yield7.22%
Buyback yield9.87%
SBC / revenue1.0%
Price / book10.52x
Forward P/E FY202612.8x
Forward P/E FY202712.4x
Forward P/E FY202811.5x
Forward multiples divide today's price by Street EPS estimates. Street mean target $86.17 across 6 analysts last quarter is theirs, not ours.

ZTS vs industry median

461 companies in Drug Manufacturers - Specialty & Generic
Gross margin 70.9% 44.9% Operating margin 37.0% -18.2% Net margin 27.5% -20.6% ROIC 21.6% -0.8%
ZTS (TTM)Industry median Asset turnover 0.63 vs industry 0.40 · financial leverage 4.79

Earnings delivery

Next report 2026-11-05 · consensus EPS $1.51
75%
beat rate, 9 of 12 quarters
+3.8%
median EPS surprise
8
longest beat streak
+0-6+3+5+8+2+5+9+5+6-4+1
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-02 to 2026-08-06. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
ZTS Zoetis Inc. $32.8B13.0x69.3%27.5%+2.3% −44.4%
TEVA Teva Pharmaceutical Industri $48.4B65.6x9.7%-13.9%+4.1% +111.4%
VTRS Viatris Inc. $21.4Bn/m-2.8%-3.2%+4.4% +87.0%
ELAN Elanco Animal Health Incorpo $11.8Bn/m-3.0%3.9%+12.0% +14.8%
ALKS Alkermes plc $6.9B102.3x3.9%0.1%+10.8% +33.8%
LNTH Lantheus Holdings, Inc. $6.5B23.7x22.2%19.3%+2.3% —
AMRX Amneal Pharmaceuticals, Inc. $6.1B38.6x-395.8%7.2%+9.3% —
INDV Indivior Pharmaceuticals Inc $4.0B11.4x-152.4%35.6%+13.5% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-10-13Officer/Director Change; Regulation FD; Exhibits
2026-10-08Regulation FD; Exhibits
2026-08-06Earnings Release; Exhibits
2026-08-06Officer/Director Change; Exhibits
2026-05-22Officer/Director Change; Shareholder Vote
2026-05-20Regulation FD; Exhibits

Context

Shares outstanding413,224,000
Free float99.8%
Institutional ownership95.8%
Beta0.73
Dividend yield2.63%
Last dividend$0.53 on 2026-10-30
50 / 200-day average$73.94 / $96.10
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Wide).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where ZTS sits among 29 scored companies in Drug Manufacturers - Specialty & Generic (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureZTSIndustry medianIndustry percentileSector median
P/E (TTM) 12.5x 16.4x
20th		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) 1.33 — 1.28
Price / sales 3.4x 2.3x
64th		 3.7x
Price / book 10.4x 2.3x
86th		 3.6x
Price / tangible book —
Price / free cash flow 13.9x 16.8x
45th		 21.2x
Price / operating cash flow 11.4x 12.4x
45th		 17.1x
Enterprise value $40.3B $1.6B
96th		 $2.5B
EV / sales 4.2x 2.3x
75th		 3.8x
EV / EBITDA 10.1x 12.3x
39th		 16.2x
EV / EBIT 11.5x 15.8x
27th		 23.0x
EV / free cash flow 17.0x 17.0x
50th		 24.6x
Earnings yield 8.0% 1.0%
89th		 -0.3%
FCF yield 7.2% 3.2%
68th		 1.7%
Operating cash flow yield 8.8% 4.4%
68th		 2.9%
Graham number (per share) $32.59 $14.77
85th		 $26.70

Profitability (TTM)

MeasureZTSIndustry medianIndustry percentileSector median
Gross margin 70.9% 60.0%
75th		 65.1%
EBITDA margin 42.0% 15.4%
93rd		 6.6%
Operating margin 37.0% 9.6%
96th		 3.5%
EBIT margin 36.9% 4.0%
96th		 2.4%
Net margin 27.5% 4.0%
89th		 0.3%
NOPAT margin 29.6% 7.6%
93rd		 2.7%
FCF margin 24.9% 7.8%
89th		 4.3%
Operating cash flow margin 30.3% 12.3%
93rd		 7.1%
R&D / revenue 7.6% 6.9%
64th		 12.4%
SG&A / revenue 25.0% 29.7%
39th		 37.9%
Stock comp / revenue 1.0% 2.6%
19th		 4.5%
Effective tax rate 20.0% 21.0%
29th		 21.0%

Returns on capital

MeasureZTSIndustry medianIndustry percentileSector median
ROE (on average equity) 64.4% 6.5%
100th		 0.8%
ROA 17.7% 1.8%
89th		 -0.3%
ROIC 26.3% 7.5%
86th		 5.5%
ROCE 27.0% 2.6%
93rd		 2.3%
Return on tangible assets 23.8% 2.1%
93rd		 1.7%
Cash ROIC (OCF / invested capital) 27.0% 9.0%
81st		 9.7%
Gross profitability (GP / assets) 44.7% 30.6%
75th		 29.9%
ROIC, 3-yr average 21.5% 1.3%
91st		 2.6%
ROIC, 5-yr average 23.2% 0.7%
84th		 3.2%
ROE, 5-yr average 55.3% -3.1%
100th		 -4.9%
Incremental ROIC 117.6% -4.6%
86th		 17.2%

Growth

MeasureZTSIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 1.4% 10.8%
25th		 10.5%
Revenue growth (QoQ) 9.1% 7.4%
61st		 7.2%
Revenue CAGR, 3 yr 5.0% 9.4%
36th		 10.7%
Revenue CAGR, 5 yr 5.1% 9.0%
24th		 12.1%
Gross profit CAGR, 3 yr 6.3% 11.6%
20th		 10.6%
Operating income CAGR, 3 yr 5.8% 23.5%
23rd		 11.7%
Net income growth (TTM YoY) 0.2% 32.1%
20th		 17.5%
Net income CAGR, 3 yr 5.7% 25.4%
40th		 11.3%
EPS growth (TTM YoY) 6.8% 59.0%
30th		 19.2%
EPS CAGR, 3 yr 9.4% 27.0%
40th		 14.0%
EPS CAGR, 5 yr 9.4% 8.8%
57th		 8.1%
FCF growth (TTM YoY) 6.6% 6.8%
44th		 18.6%
FCF CAGR, 3 yr 22.6% 11.8%
79th		 15.4%
Operating cash flow CAGR, 3 yr 13.0% 11.7%
62nd		 11.9%
Book value CAGR, 3 yr -9.0% 1.6%
38th		 2.1%
Dividend CAGR, 3 yr 5.5% 0.0%
80th		 2.2%
Sustainable growth rate 42.5% 17.6%
92nd		 12.2%

Margin history & stability

MeasureZTSIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 69.7% 54.3%
75th		 62.6%
Operating margin, 3-yr average 36.9% 3.7%
96th		 1.0%
Net margin, 3-yr average 27.2% -2.3%
96th		 -2.6%
FCF margin, 3-yr average 24.0% 8.6%
89th		 3.2%
Revenue stability (0-1) 0.97 0.80
89th		 0.80
Earnings stability (0-1) 0.97 0.30
100th		 0.37
Margin stability (0-1) 0.98 0.92
86th		 0.93

Liquidity (latest quarter)

MeasureZTSIndustry medianIndustry percentileSector median
Cash & short-term investments $1.7B $222.0M
93rd		 $330.9M
Net cash (− = net debt) −$7.6B −$317.7M
11th		 $8.4M
Working capital $4.3B $376.9M
100th		 $381.1M
Current ratio 3.08 2.30
71st		 3.02
Quick ratio 1.84 1.71
54th		 2.51
Cash ratio (cash + ST investments / current liabilities) 0.81 0.81
50th		 1.43
Defensive interval (days) 368 days 377 days
43rd		 415 days

Leverage & solvency (latest quarter)

MeasureZTSIndustry medianIndustry percentileSector median
Total debt $9.2B $581.8M
89th		 $289.1M
Debt / equity 2.93 0.75
90th		 0.45
Net debt / equity 2.40 0.51
90th		 −0.13
Debt / assets 61.3% 40.2%
75th		 24.4%
Debt / capital 74.6% 42.4%
90th		 31.1%
Debt / EBITDA 2.31 3.59
39th		 2.62
Net debt / EBITDA 1.89 1.89
50th		 1.42
Interest coverage (EBIT / interest) 14.4x 1.5x
88th		 2.1x
Cash interest coverage 11.8x 2.0x
88th		 3.6x
Debt payback (years of OCF) 3.2 yrs 3.7 yrs
45th		 2.7 yrs
Liabilities / assets 79.1% 66.9%
61st		 49.8%
IS credit model rating AA — —
Implied credit spread (bps) 80 550
11th		 225

Efficiency

MeasureZTSIndustry medianIndustry percentileSector median
Asset turnover 0.64 0.50
68th		 0.56
Fixed asset turnover 2.36 5.20
18th		 4.87
Inventory turnover 1.1 2.2
15th		 2.7
Receivables turnover 6.1 5.2
89th		 6.4
Days sales outstanding 60 days 70 days
11th		 57 days
Days inventory outstanding 330 days 168 days
85th		 136 days
Days payables outstanding 63 days 63 days
50th		 59 days
Cash conversion cycle (days) 326 days 175 days
96th		 70 days
Capex / revenue 5.5% 3.1%
93rd		 2.6%
Capex / depreciation 1.08 0.48
75th		 0.55
Operating expense ratio 34.8% 45.8%
29th		 56.5%

Cash flow & earnings quality

MeasureZTSIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.10 1.46
27th		 1.61
FCF / net income 0.90 1.30
33rd		 1.36
FCF / operating cash flow 82.0% 82.8%
40th		 81.2%
Capex / operating cash flow 18.0% 17.2%
60th		 18.8%
Accruals ratio -1.8% -6.0%
75th		 -5.4%
Sloan accruals ratio 8.5% -3.7%
82nd		 -1.3%
Earnings quality score (0-1) 1.00 0.75
73rd		 0.75

Dividends & buybacks

MeasureZTSIndustry medianIndustry percentileSector median
Dividend yield 2.6% 0.0%
93rd		 0.0%
Dividend per share (TTM) $2.09 $0.00
100th		 $0.00
Payout ratio (dividends / net income) 34.0% 0.0%
93rd		 0.0%
Dividends / FCF 37.6% 0.0%
85th		 0.0%
Dividend growth (YoY) 13.1% 6.2%
60th		 4.5%
Buyback yield 11.1% 0.0%
100th		 0.0%
Shareholder yield (dividends + buybacks) 13.8% 0.0%
100th		 0.0%
Share count change (YoY) -6.2% 1.2%
11th		 2.0%
Buybacks, last 5 years $9.0B $0
100th		 $0

Scores & forensic checks

MeasureZTSIndustry medianIndustry percentileSector median
IS score 66 44
82nd		 46
IS profitability 98 27
100th		 22
IS growth 47 54
32nd		 60
IS value 71 40
89th		 39
IS momentum 66 66
50th		 67
IS risk (safety) 100 50
86th		 80
IS quality 68 51
71st		 49
IS balance sheet 56 42
64th		 55
IS earnings quality 76 56
100th		 56
IS cash flow 65 41
68th		 41
Piotroski F-score (0-9) 6 5
54th		 5
Altman Z-score 4.6 2.0
86th		 3.2
Beneish M-score −2.55 −2.59
61st		 −2.62
Ohlson O-score −7.32 −6.69
36th		 −7.16
IS credit score 85 38
89th		 62

Per share

MeasureZTSIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $6.26 $0.36
100th		 −$0.03
Book value per share $7.54 $6.62
57th		 $7.10
Tangible book per share −$1.30 −$0.97
39th		 $1.91
Revenue per share $22.78 $10.01
79th		 $9.38
FCF per share $5.66 $0.46
89th		 $0.46
Operating cash flow per share $6.91 $1.12
93rd		 $0.93
Cash per share $4.01 $2.07
75th		 $3.51

Size (TTM)

MeasureZTSIndustry medianIndustry percentileSector median
Market cap $32.8B $1.7B
96th		 $2.4B
Revenue $9.5B $808.2M
89th		 $770.2M
EBITDA $4.0B $114.8M
100th		 $56.1M
Net income $2.6B $14.6M
100th		 −$3.3M
Free cash flow $2.4B $83.1M
100th		 $41.2M
Total assets $15.1B $1.6B
89th		 $1.3B
Shareholders' equity $3.1B $385.5M
89th		 $568.4M
Employees 14,500 1,193
89th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-09Peck Kristin C
Director, Chief Executive Officer
 Award / grant 720——66,915
2026-10-09Esch Kevin
Executive Vice President
 Award / grant 360——1,167
2026-10-09Driscoll Rimma
Executive Vice President
 Award / grant 278——6,551
2026-10-09Fuller Julie
Executive Vice President
 Award / grant 368——2,480
2026-10-09Sarbaugh Keith
Executive Vice President
 Award / grant 303——2,668
2026-10-09Ferran Astorga Jeannette
Executive Vice President
 Award / grant 53——2,349
2026-10-09Nayak Abhay U
Executive Vice President
 Award / grant 321——5,022
2026-10-09Lagano Roxanne
Executive Vice President
 Award / grant 368——31,315
2026-09-30Fuller Julie
Executive Vice President
 Option exercise 799——1,862
2026-09-30Fuller Julie
Executive Vice President
 Tax withholding 274$69.83$19,1331,588
2026-09-30Fuller Julie
Executive Vice President
 Option exercise 799——799
2026-09-17Stetter Mark
Director
 Award / grant 342——880

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired2087,168—
GiftDisposed27,859—
Open-market buyAcquired311,650$886,367
Option exerciseDisposed514,762—
Option exerciseAcquired514,760—
Tax withholdingDisposed2349$27,756
—Disposed924,025$2.2M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 3 notices · 26,008 shares · $3.3M
FiledFilerShares proposedEst. proceeds
2026-02-17Peck Kristin C20,000$2.5M
2026-02-17Polzer Robert J2,346$298,742
2026-02-13Polzer Robert J3,662$472,728
2025-06-03Lagano Roxanne652$110,840
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 34 trades (25 purchases) · Senate 2 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-09-18Gilbert CisnerosHousePurchase$1,001 - $15,0002026-10-13
2026-09-18Gilbert CisnerosHousePurchase$1,001 - $15,0002026-10-12
2026-09-11Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2025-11-10Markwayne MullinSenateSale$15,001 - $50,0002025-12-05
2025-11-10Markwayne MullinSenateSale (Full)$15,001 - $50,0002025-12-04
2025-05-13Markwayne MullinSenatePurchase$50,001 - $100,0002025-06-11
2025-05-13Markwayne MullinSenatePurchase$50,001 - $100,0002025-06-11
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.39,430,181$2.8B9.54%
VANGUARD CAPITAL MANAGEMENT LLC26,027,984$1.9B6.30%
VANGUARD PORTFOLIO MANAGEMENT LLC23,860,445$1.7B5.77%
STATE STREET CORP19,667,723$1.4B4.76%
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO15,892,903$1.1B3.85%
GEODE CAPITAL MANAGEMENT, LLC13,289,622$951.8M3.22%
WELLINGTON MANAGEMENT GROUP LLP9,423,895$677.2M2.28%
NORDEA INVESTMENT MANAGEMENT AB6,592,578$471.7M1.60%
DEUTSCHE BANK AG\5,825,580$418.6M1.41%
Invesco Ltd.5,523,018$396.9M1.34%
FIL Ltd5,381,783$386.7M1.30%
MORGAN STANLEY4,753,048$341.6M1.15%
NORGES BANK4,689,847$337.0M1.13%
NORTHERN TRUST CORP4,474,602$321.5M1.08%
VAN ECK ASSOCIATES CORP4,252,140$305.6M1.03%

Institutional ownership by quarter

2023-092026-0695.8%
% of shares held by 13F filers
2023-092026-061,427
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,42795.8%173506591329
2026-03-311,60297.4%162619627189
2025-12-311,662103.9%212439843288
2025-09-301,77998.1%123611823160
2025-06-301,848100.9%150723728141
2025-03-311,867100.3%172753710124
2024-12-311,84899.9%260660712143
2024-09-301,762100.0%15673663087
2024-06-301,719101.1%153710652129
2024-03-311,719101.8%173789540155
2023-12-311,722102.1%22664961976
2023-09-301,601100.7%11565858293

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.2%30,277,753
2026-04-29SCHEDULE 13GVanguard Portfolio Management5.7%24,070,531
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
2026-01-07SCHEDULE 13G/AThe Vanguard Group10.8%47,778,909
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.04%$824.8M
VTSAX0.04%$824.8M
VTI0.04%$824.8M
VSMPX0.04%$824.8M
VFIAX0.04%$757.7M
VFINX0.04%$757.7M

Share structure

Shares outstanding413,224,000
Float412,372,361
Free float99.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$7.8B$8.1B$8.5B$9.3B$9.5B
Cost of revenue$2.5B$2.6B$2.7B$2.9B$2.8B
Gross profit$5.3B$5.5B$5.8B$6.4B$6.7B
R&D$508.0M$539.0M$614.0M$686.0M$698.0M
SG&A$2.0B$2.0B$2.2B$2.3B$2.4B
Operating income$2.8B$2.9B$3.1B$3.4B$3.6B
EBITDA$3.2B$3.4B$3.7B$3.9B$4.1B
Pretax income$2.5B$2.7B$2.9B$3.1B$3.4B
Income tax$454.0M$545.0M$596.0M$637.0M$687.0M
Net income$2.0B$2.1B$2.3B$2.5B$2.7B
EPS, diluted$4.27$4.49$5.07$5.47$6.02
Diluted shares476.7M470.4M462.3M454.8M443.8M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$3.5B$3.6B$2.0B$2.0B$2.3B
Receivables$1.1B$1.2B$1.3B$1.3B$1.6B
Inventory$1.9B$2.3B$2.6B$2.3B$2.4B
Total current assets$6.9B$7.5B$6.3B$6.0B$6.8B
PP&E, net$2.6B$3.0B$3.4B$3.6B$4.0B
Goodwill & intangibles$4.2B$4.1B$4.1B$3.9B$3.8B
Total assets$13.9B$14.9B$14.3B$14.2B$15.5B
Accounts payable$436.0M$405.0M$411.0M$433.0M$487.0M
Total current liabilities$1.8B$3.2B$1.9B$3.4B$2.2B
Long-term debt$6.6B$6.6B$6.6B$5.2B$9.2B
Total liabilities$9.4B$10.5B$9.3B$9.5B$12.1B
Shareholders' equity$4.5B$4.4B$5.0B$4.8B$3.3B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$2.0B$2.1B$2.3B$2.5B$2.7B
Depreciation & amortization$448.0M$465.0M$491.0M$497.0M$487.0M
Stock-based compensation$58.0M$62.0M$60.0M$74.0M$83.0M
Change in working capital−$343.0M−$699.0M−$512.0M$79.0M−$408.0M
Operating cash flow$2.2B$1.9B$2.4B$3.0B$2.9B
Capital expenditure−$477.0M−$586.0M−$732.0M−$655.0M−$621.0M
Free cash flow$1.7B$1.3B$1.6B$2.3B$2.3B
Investing cash flow−$458.0M−$883.0M−$777.0M−$315.0M−$748.0M
Net debt issued / repaid−$604.0M$1.4B−$1.3B−$3.0M$2.3B
Buybacks−$743.0M−$1.6B−$1.1B−$1.9B−$3.2B
Dividends paid−$474.0M−$611.0M−$692.0M−$786.0M−$889.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin68.3%67.8%68.3%69.1%70.5%
Operating margin36.0%36.2%35.9%36.6%38.0%
Net margin26.2%26.2%27.4%26.9%28.2%
FCF margin22.3%16.4%19.0%24.8%24.1%
ROE49.0%47.3%49.9%50.9%66.0%
ROIC29.4%26.1%25.2%28.4%27.2%
ROA14.8%14.7%16.0%17.4%18.0%
Debt / equity1.481.841.351.412.85
Interest coverage11.5x12.2x12.6x13.9x15.1x
Current ratio3.862.373.361.753.03
Revenue growth+16.5%+3.9%+5.7%+8.3%+2.3%
EPS growth+25.0%+5.7%+12.5%+8.2%+10.6%
P/E at year end54.8x31.3x37.9x29.2x20.6x
EV / EBITDA at year end36.2x21.1x25.4x20.0x15.3x
FCF yield at year end1.56%2.00%1.83%3.17%4.14%
Dividend payout23.3%28.9%29.5%31.6%33.3%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Horses$4.4B$4.9B$5.3B$6.0B$6.3B
Cattle$1.6B$1.4B$1.5B$1.5B$1.5B
Swine$659.0M$565.0M$543.0M$516.0M$466.0M
Poultry$507.0M$476.0M$524.0M$527.0M$432.0M
Dogs and Cats$263.0M$264.0M$285.0M$285.0M$304.0M
Fish$187.0M$212.0M$220.0M$242.0M$286.0M

Revenue by region · FY2025

United States Segment$5.1B · 55%
International Segment$4.3B · 45%

Street estimates by fiscal year

Next report 2026-11-05 · consensus EPS $1.51 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$9.3B$9.1B – $9.4B$6.21$5.72 – $6.311012.8x
2027$9.4B$9.0B – $9.8B$6.41$6.04 – $6.831112.4x
2028$9.8B$9.0B – $11.0B$6.92$5.64 – $8.10611.5x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-06$1.85$1.87+1.1%$2.5B$2.5B−1.3%
2026-05-07$1.60$1.53−4.4%$2.3B$2.3B−1.7%
2026-02-12$1.40$1.48+5.7%$2.4B$2.4B+1.1%
2025-11-04$1.62$1.70+4.9%$2.4B$2.4B−0.4%
2025-08-05$1.62$1.76+8.6%$2.4B$2.5B+2.1%
2025-05-06$1.41$1.48+5.0%$2.2B$2.2B+1.4%
2025-02-13$1.37$1.40+2.2%$2.3B$2.3B+0.9%
2024-11-04$1.46$1.58+8.2%$2.3B$2.4B+4.3%
2024-08-06$1.49$1.56+4.7%$2.3B$2.4B+2.1%
2024-05-02$1.34$1.38+3.0%$2.2B$2.2B+1.7%
2024-02-13$1.32$1.24−6.1%$2.2B$2.2B+1.1%
2023-11-02$1.36$1.360.0%$2.2B$2.2B−1.4%
2023-08-08$1.32$1.41+6.8%$2.2B$2.2B+0.7%
2023-05-04$1.26$1.31+4.0%$2.0B$2.0B−0.6%
2023-02-14$1.05$1.15+9.5%$2.0B$2.0B+1.8%
2022-11-03$1.24$1.21−2.4%$2.1B$2.0B−3.9%
2022-08-04$1.22$1.20−1.6%$2.0B$2.1B+1.3%
2022-05-05$1.23$1.32+7.3%$2.0B$2.0B+0.4%
2022-02-15$0.96$1.00+4.2%$1.9B$2.0B+1.8%
2021-11-04$1.10$1.25+13.6%$1.9B$2.0B+3.0%
2021-08-05$1.08$1.19+10.2%$1.8B$1.9B+6.8%
2021-05-06$1.03$1.26+22.3%$1.7B$1.9B+8.3%
2021-02-16$0.87$0.91+4.6%$1.7B$1.8B+4.8%
2020-11-05$0.92$1.10+19.6%$1.5B$1.8B+19.6%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.506-150.506-220.406-290.607-060.507-130.507-200.507-271.108-030.608-100.408-170.308-240.308-31
Week ofNotionalSharesTrades
2026-08-31$326.7M4,266,99388,205
2026-08-24$321.0M4,175,20383,423
2026-08-17$413.6M5,497,04194,390
2026-08-10$596.5M8,085,162109,198
2026-08-03$1.1B14,690,477162,912
2026-07-27$482.5M6,246,022102,248

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1536.1%
DateShort shareShort volumeTotal volume
2026-10-1536.1%684,0821,894,780
2026-10-1450.8%576,7281,135,630
2026-10-1340.9%391,462958,262
2026-10-1244.0%591,8181,344,133
2026-10-0953.0%590,0771,114,025
2026-10-0848.9%750,8721,535,848
2026-10-0735.1%596,3891,698,193
2026-10-0636.8%513,7671,397,141
2026-10-0541.7%591,7121,419,540
2026-10-0250.8%1,100,5372,166,895
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.8Jan+1.6Feb-3.0Mar+2.4Apr+2.4May+0.7Jun+3.0Jul+1.2Aug-0.9Sep-1.0Oct+3.3Nov+1.7Dec
MonthAvg returnUp yearsYears
Jan−0.8%46%13
Feb+1.6%50%14
Mar−3.0%21%14
Apr+2.4%69%13
May+2.4%62%13
Jun+0.7%46%13
Jul+3.0%77%13
Aug+1.2%77%13
Sep−0.9%54%13
Oct−1.0%38%13
Nov+3.3%54%13
Dec+1.7%54%13
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1469.4
MFI64.0
ADX23.1
Stochastic %K / %D91.0 / 88.8
Williams %R-10.4
CCI212
TSI / signal13.8 / -4.2
Chaikin money flow0.09
ATR$2.01
Bollinger width15.3%
Volume vs 20-day avg0.82x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$72.63 (+9.2%)
SMA 50$73.98 (+7.2%)
SMA 200$95.78 (−17.2%)
EMA 21$73.96 (+7.2%)
EMA 50$74.51 (+6.5%)
EMA 200$93.08 (−14.8%)
Bollinger upper$78.18 (+1.5%)
Bollinger lower$67.09 (+18.2%)
Parabolic SAR$72.71 (+9.1%)
Open the live chart, 110+ indicators

About Zoetis Inc.

Zoetis Inc. stands as a global leader in animal health, focusing on the research, development, manufacturing, and commercialization of veterinary pharmaceuticals, vaccines, and diagnostic tools. Its comprehensive portfolio serves a broad spectrum of species, encompassing both livestock, including cattle, swine, poultry, fish, and sheep, and beloved companion animals such as dogs, cats, and horses. Among its pharmaceutical offerings are various therapeutic agents. This includes vaccines, vital for preventing respiratory, gastrointestinal, and reproductive diseases by stimulating a targeted immune response; anti-infectives that combat or inhibit the proliferation of bacterial, fungal, or protozoal pathogens; and parasiticides aimed at eradicating both internal and external pests such as fleas, ticks, and various worms. Additional pharmaceuticals address areas such as pain management and sedation, anti-emesis, reproductive health, and oncology. The portfolio also features dermatological solutions for allergic skin conditions and atopic dermatitis, alongside medicated feed additives specifically designed for livestock. Beyond therapeutics, Zoetis offers an extensive array of diagnostic solutions. These include portable analysis systems for blood and urine, point-of-care testing devices, specialized instruments and reagents, rapid immunoassay kits, comprehensive reference laboratory services, and blood glucose monitoring equipment. Further extending its reach, the company provides supplementary offerings such as nutritional products, agribusiness support services, biodevices, genetic testing, and innovations in precision animal health. Zoetis distributes its diverse product portfolio to a broad customer base, including veterinary professionals, livestock producers, and retail channels. This distribution occurs directly via its sales representatives and technical specialists, as well as through partnerships with third-party veterinary distributors. Established in 1952, the company maintains its corporate headquarters in Parsippany, New Jersey.

https://www.zoetis.com

Key executives

NameTitlePayBorn
Kristin C. PeckChief Executive Officer & Director$5.4M1971
Wetteny N. JosephSpecial Advisor to the CEO$1.8M1972
Jamie BrannanExecutive Vice President & Chief Commercial Officer$1.7M1973
Robert J. PolzerScientific Advisor$1.4M1969
Roxanne LaganoExecutive Vice President, General Counsel & Corporate Secretary$1.4M1965
James K. SaccaroExecutive VP, CFO & COO—1973
Jeannette Ferran AstorgaExecutive Vice President of Corporate Affairs & Chief Sustainability Officer—1976
Julie A. FullerExecutive Vice President, Chief Human Resources Officer & Global Operations—1973

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Kristin C. Peck Chief Executive Officer2024$1.3M$9.6M$2.7M$17.2M
Wetteny Joseph Executive Vice President (“EVP”) and Chief Financial Officer2024$750,000$2.4M$997,500$5.1M
Heidi C. Chen Former EVP, General Counsel and Corporate Secretary; Business Lead of Human Health Diagnostics2024$346,808$1.1M$310,740$3.6M
Jamie Brannan EVP and Chief Commercial Officer2024$659,423$910,910$752,123$3.0M
Robert J. Polzer EVP and President of Research and Development2024$660,000$1.1M$739,200$3.0M
Wafaa Mamilli Former EVP, Chief Digital and Technology Officer and Group President for China, Brazil and Precision Animal Health2024$650,000$1.0M$623,740$2.8M

Employees

10k201811k201911k202012k202114k202214k202314k202414k2025

Dividends

Ex-dateAmountPaid
2026-10-30$0.532026-12-01
2026-07-20$0.532026-09-01
2026-04-20$0.532026-06-02
2026-01-20$0.532026-03-03
2025-10-31$0.52025-12-02
2025-07-18$0.52025-09-03
2025-04-21$0.52025-06-03
2025-01-21$0.52025-03-04

Moat model

Wide · Efficient Scale · 2026-06-30
Cost advantage75
Intangibles72
Switching costs82
Network effect50
Efficient scale90
Our component scores (0-100) and overall 74.5; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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