ZTS · Zoetis Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $9.47B | $9.26B | $8.54B | $8.08B | $7.78B | $6.67B |
| Cost of Revenue | $2.67B | $2.72B | $2.56B | $2.45B | $2.30B | $2.06B |
| Gross Profit | $6.80B | $6.54B | $5.98B | $5.63B | $5.47B | $4.62B |
| R&D | $698.00M | $686.00M | $614.00M | $539.00M | $508.00M | $463.00M |
| SG&A | $2.38B | $2.32B | $2.15B | $2.01B | $2.00B | $1.73B |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $487.00M | $497.00M | $491.00M | $465.00M | $448.00M | $441.00M |
| Operating Income | $3.36B | $3.13B | $2.94B | $2.66B | $2.49B | $2.00B |
| Interest Expense | $222.00M | $225.00M | $239.00M | $221.00M | $224.00M | $231.00M |
| Income Tax | $687.00M | $637.00M | $596.00M | $545.00M | $454.00M | $360.00M |
| Net Income | $2.67B | $2.49B | $2.34B | $2.11B | $2.04B | $1.64B |
| EPS - Basic | $6.03 | $5.47 | $5.08 | $4.51 | $4.29 | $3.44 |
| EPS - Diluted | $6.02 | $5.47 | $5.07 | $4.49 | $4.27 | $3.42 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.31B | $1.99B | $2.04B | $3.58B | $3.48B | $3.60B |
| Accounts Receivable | $1.59B | $1.32B | $1.30B | $1.22B | $1.13B | $1.01B |
| Inventory | $2.43B | $2.31B | $2.56B | $2.35B | $1.92B | $1.63B |
| Accounts Payable | $487.00M | $433.00M | $411.00M | $405.00M | $436.00M | $457.00M |
| Current Assets | $6.77B | $5.99B | $6.34B | $7.51B | $6.93B | $6.61B |
| Total Assets | $15.47B | $14.24B | $14.29B | $14.93B | $13.90B | $13.61B |
| Current Liabilities | $2.23B | $3.41B | $1.89B | $3.17B | $1.80B | $2.17B |
| Long-term Debt | $9.04B | $5.22B | $6.56B | $6.55B | $6.59B | $6.59B |
| Total Liabilities | $12.14B | $9.47B | $9.29B | $10.52B | $9.36B | $9.84B |
| Stockholders' Equity | $3.33B | $4.77B | $5.00B | $4.41B | $4.54B | $3.77B |
| Retained Earnings | $13.74B | $11.97B | $10.29B | $8.67B | $7.19B | $5.66B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.90B | $2.95B | $2.35B | $1.91B | $2.21B | $2.13B |
| Investing Cash Flow | ($748.00M) | ($315.00M) | ($777.00M) | ($883.00M) | ($458.00M) | ($572.00M) |
| Financing Cash Flow | ($1.87B) | ($2.66B) | ($3.11B) | ($904.00M) | ($1.86B) | $123.00M |
| CapEx | $621.00M | $655.00M | $732.00M | $586.00M | $477.00M | $453.00M |
| Free Cash Flow | $2.28B | $2.30B | $1.62B | $1.33B | $1.74B | $1.67B |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 71.8% | 70.6% | 70.0% | 69.6% | 70.4% | 69.2% |
| Operating margin | 35.5% | 33.8% | 34.4% | 32.9% | 32.0% | 29.9% |
| EBITDA margin | 40.6% | 39.2% | 40.1% | 38.6% | 37.8% | 36.5% |
| Net margin | 28.2% | 26.9% | 27.4% | 26.2% | 26.2% | 24.5% |
| Free cash flow margin | 24.1% | 24.8% | 19.0% | 16.4% | 22.3% | 25.1% |
| FCF / Net income | 0.85 | 0.92 | 0.69 | 0.63 | 0.85 | 1.02 |
| R&D / Revenue | 7.4% | 7.4% | 7.2% | 6.7% | 6.5% | 6.9% |
| SG&A / Revenue | 25.1% | 25.0% | 25.2% | 24.9% | 25.7% | 25.9% |
| Effective tax rate | 20.4% | 20.4% | 20.3% | 20.5% | 18.2% | 18.0% |
| Return on assets | 17.3% | 17.5% | 16.4% | 14.2% | 14.7% | 12.0% |
| Return on equity | 80.2% | 52.1% | 46.9% | 48.0% | 44.8% | 43.5% |
| Return on invested capital | 21.6% | 25.0% | 20.2% | 19.3% | 18.3% | 15.8% |
| Liquidity | ||||||
| Current ratio | 3.03 | 1.75 | 3.36 | 2.37 | 3.86 | 3.05 |
| Quick ratio | 1.94 | 1.08 | 2.00 | 1.63 | 2.79 | 2.30 |
| Cash ratio | 1.03 | 0.58 | 1.08 | 1.13 | 1.94 | 1.66 |
| Leverage | ||||||
| Debt / Equity | 2.71 | 1.09 | 1.31 | 1.49 | 1.45 | 1.75 |
| Debt / Assets | 0.58 | 0.37 | 0.46 | 0.44 | 0.47 | 0.48 |
| Debt / EBITDA | 2.35 | 1.44 | 1.92 | 2.10 | 2.25 | 2.71 |
| Interest coverage | 15.1x | 13.9x | 12.3x | 12.0x | 11.1x | 8.6x |
| Equity multiplier | 4.64 | 2.98 | 2.86 | 3.39 | 3.06 | 3.61 |
| Liabilities / Assets | 0.78 | 0.66 | 0.65 | 0.70 | 0.67 | 0.72 |
| Efficiency | ||||||
| Asset turnover | 0.61 | 0.65 | 0.60 | 0.54 | 0.56 | 0.49 |
| Inventory turnover | 1.10 | 1.18 | 1.00 | 1.05 | 1.20 | 1.26 |
| Days sales outstanding | 61d | 52d | 56d | 55d | 53d | 55d |
| Days inventory outstanding | 333d | 310d | 365d | 349d | 305d | 289d |
| Days payable outstanding | 67d | 58d | 59d | 60d | 69d | 81d |
| Cash conversion cycle | 327d | 303d | 363d | 343d | 289d | 263d |
| Valuation | ||||||
| P / E | 20.9x | 29.8x | 38.9x | 32.6x | 57.1x | 48.4x |
| P / B | 16.8x | 15.5x | 18.3x | 15.6x | 25.6x | 21.0x |
| P / S | 5.9x | 8.0x | 10.7x | 8.5x | 15.0x | 11.9x |
| EV / EBITDA | 16.3x | 21.3x | 27.9x | 23.0x | 40.7x | 33.7x |
| Growth | ||||||
| Revenue growth (YoY) | 2.3% | 8.3% | 5.7% | 3.9% | 16.5% | 6.6% |
| Revenue CAGR (3y) | 5.4% | 6.0% | 8.6% | 8.9% | 16.7% | 7.9% |
| Revenue CAGR (5y) | 7.2% | 8.1% | 11.8% | 8.8% | 9.7% | 7.0% |
| Gross profit growth (YoY) | 4.0% | 9.3% | 6.3% | 2.8% | 18.5% | 8.2% |
| Operating income growth (YoY) | 7.2% | 6.7% | 10.5% | 6.8% | 24.6% | 10.8% |
| Net income growth (YoY) | 7.5% | 6.1% | 10.9% | 3.8% | 24.4% | 9.2% |
| EPS growth (YoY) | 10.1% | 7.9% | 12.9% | 5.2% | 24.9% | 10.0% |
| EPS CAGR (3y) | 10.3% | 8.6% | 14.0% | 13.0% | 13.4% | 25.0% |
| EPS CAGR (5y) | 12.0% | 12.0% | 11.6% | 20.7% | 20.9% | 38.1% |
| FCF growth (YoY) | -0.7% | 41.8% | 22.2% | -23.6% | 3.8% | 25.3% |
| FCF CAGR (5y) | 6.4% | 11.5% | 2.2% | 3.4% | 28.4% | 30.6% |
| Book value growth (YoY) | -30.2% | -4.5% | 13.4% | -3.0% | 20.5% | 39.2% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$9.35B totalUnited States Segment$5.10B · 54.5%
International Segment$4.25B · 45.5%
Product / service
$33.27B totalTotal Productsand Services$9.35B · 28.1%
Horses$6.28B · 18.9%
Companion Animal$4.22B · 12.7%
Parasiticides$2.34B · 7.0%
Vaccines$1.96B · 5.9%
Dermatology$1.75B · 5.3%
Cattle$1.49B · 4.5%
Anti Infective Products$1.04B · 3.1%
Livestock$877.00M · 2.6%
Pain Sedation$840.00M · 2.5%
Other Pharmaceuticals$697.00M · 2.1%
Swine$466.00M · 1.4%
Animal Health Diagnostics$434.00M · 1.3%
Poultry$432.00M · 1.3%
Dogs And Cats$304.00M · 0.9%
Fish$286.00M · 0.9%
Other Non Pharmaceuticals$263.00M · 0.8%
Contract Manufacturingand Human Health Diagnostics$116.00M · 0.3%
Manufactured Product Other$88.00M · 0.3%
Medicated Feed Additives$27.00M · 0.1%
Geographic
$18.70B totalTotal Geographical Area$9.35B · 50.0%
US$5.10B · 27.3%
Other Emerging Markets$913.00M · 4.9%
Other Developed Markets$641.00M · 3.4%
BR$393.00M · 2.1%
AU$329.00M · 1.8%
GB$325.00M · 1.7%
CA$290.00M · 1.6%
DE$236.00M · 1.3%
CN$227.00M · 1.2%
FR$165.00M · 0.9%
MX$160.00M · 0.9%
JP$154.00M · 0.8%
ES$145.00M · 0.8%
CL$139.00M · 0.7%
IT$137.00M · 0.7%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
2.36
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing Zoetis Inc. against the 5 most active filers in the same SIC group.
Dividends
$2.06/share trailing 12 months · +10.5% YoY
| Ex-date | Per share |
|---|---|
| Apr 20, 2026 | $0.5300 |
| Jan 20, 2026 | $0.5300 |
| Oct 31, 2025 | $0.5000 |
| Jul 18, 2025 | $0.5000 |
| Apr 21, 2025 | $0.5000 |
| Jan 21, 2025 | $0.5000 |
| Oct 31, 2024 | $0.4320 |
| Jul 18, 2024 | $0.4320 |
| Apr 18, 2024 | $0.4320 |
| Jan 18, 2024 | $0.4320 |
| Oct 31, 2023 | $0.3750 |
| Jul 20, 2023 | $0.3750 |
| Apr 20, 2023 | $0.3750 |
| Jan 19, 2023 | $0.3750 |
| Oct 31, 2022 | $0.3250 |
| Jul 20, 2022 | $0.3250 |
| Apr 20, 2022 | $0.3250 |
| Jan 19, 2022 | $0.3250 |
| Oct 28, 2021 | $0.2500 |
| Jul 20, 2021 | $0.2500 |
| Apr 20, 2021 | $0.2500 |
| Jan 19, 2021 | $0.2500 |
| Oct 20, 2020 | $0.2000 |
| Jul 16, 2020 | $0.2000 |