FirmAtlas
Company handbook · ZTS · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
ZTS · CIK 1555280 · LATEST FILING: 10-Q JUN '26 · FILED AUG 6, 2026
Zoetis Inc.
$79.38
+0.96 (+1.22%)
Close, Oct 16, 2026 · 52-week $69–148
Last fiscal year
Zoetis Inc. reported revenue of $9.5B for the year ended Dec 31, 2025 (FY25), up 2.3% from FY24. Net income was $2.7B, operating cash flow $2.9B and free cash flow $2.3B. Source: 10-K filed Feb 12, 2026.
Market cap
$33.7B
P/E
12.8
EV/EBITDA
9.6x
P/B
10.7
Div yield
2.63%
ROIC
32.8%
Revenue 1Y
2.3%/yr
EPS 1Y
10.1%/yr
Shares 1Y
−5%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOKristin C. Peck
HQParsippany, NJ
AuditorKPMG LLP
Employees14,500
Year endsDecember
Revenue by segment · FY25
United States55%
International45%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
4.7%
−17.1%
−23.2%
−44.6%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$8.3B deployed
Capex
$1.3B
15.4%
Dividends
$1.7B
20.2%
Buybacks
$5.3B
64.4%
Operating cash flow over the period: $5.9B. Total debt changed by +$3.8B. R&D of $1.4B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
9,256
9,467+2.3%
9,525
YoY
+2.3%
Gross profit
6,537
6,801+4.0%
6,827
Gross margin
70.6%
71.8%+1.2 pp
—
Operating income
3,533
3,725+5.4%
—
Operating margin
38.2%
39.3%+1.2 pp
—
EBITDA
4,030
4,212+4.5%
—
EBITDA margin
43.5%
44.5%+1.0 pp
—
Interest expense
225
222−1.3%
—
Interest coverage
17.91x
18.97x+1.06x
—
Net income
2,486
2,673+7.5%
2,637
YoY
+7.5%
Net margin
26.9%
28.2%+1.4 pp
—
EPS (diluted, $)
5.47
6.02+10.1%
6.17
YoY
+10.1%
Balance sheet
Total assets
14,237
15,467+8.6%
15,077
Cash & short-term investments
1,987
2,312+16.4%
—
Accounts receivable
1,316
1,590+20.8%
—
Inventory
2,306
2,430+5.4%
—
Net PP&E
3,391
3,681+8.6%
—
Other assets
5,237
5,454+4.1%
—
Total liabilities
9,467
12,136+28.2%
11,929
Accounts payable
433
487+12.5%
—
Total debt
5,220
9,042+73.2%
9,048
Other liabilities
3,814
2,607−31.6%
—
Shareholders’ equity
4,770
3,331−30.2%
3,148
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,953
2,904−1.7%
2,840
Net income
2,496
2,673+7.1%
—
Depreciation & amortization
497
487−2.0%
—
Stock-based compensation
74
83+12.2%
—
Working capital & other
(114)
(339)n/m
—
Cash from investing
(315)
(748)n/m
—
Capex
(655)
(621)n/m
—
PP&E sold
1
—
—
Investments bought
(5)
(7)n/m
—
Other investing
344
(120)−134.9%
—
Cash from financing
(2,660)
(1,870)n/m
—
Debt raised
0
1,848n/m
—
Debt repaid
0
(1,350)n/m
—
Dividends
(786)
(889)n/m
—
Buybacks
(1,858)
(3,483)n/m
—
Shares issued
20
9−55.0%
—
Other financing
(36)
1,995n/m
—
Net change in cash
(54)
325n/m
—
Free cash flow (OCF − capex)
2,298
2,283−0.7%
2,316
Where the cash went
Operating cash flow
2,953
2,904−1.7%
2,840
Reinvested in the business
655
621−5.2%
—
% of operating cash flow
22.2%
21.4%
Capex
655
621−5.2%
524
R&D (memo, already in costs)
686
698+1.7%
—
Free cash flow
2,298
2,283−0.7%
2,316
YoY
−0.7%
Returned to shareholders
2,644
4,372+65.4%
—
% of free cash flow
115.1%
191.5%
Dividends
786
889+13.1%
—
Buybacks
1,858
3,483+87.5%
—
Change in total debt
—
3,822
—
Cash left over
—
1,733
—
FCF conversion (FCF ÷ net income)
92.4%
85.4%−7.0 pp
—
Owner earnings
—
2,195
—
Owner earnings margin
—
23.2%
—
Buyback yield
2.5%
6.5%+4.0 pp
—
Returns & ratios
ROIC (all capital)
35.2%
32.8%−2.4 pp
—
ROIC (operating)
42.8%
43.0%+0.2 pp
—
Net debt / EBITDA
0.80x
1.60x+0.80x
—
Debt / equity
1.09x
2.71x+1.62x
—
Cash conversion cycle (days)
303
327+24 d
—
ROE
52.1%
80.2%+28.1 pp
—
ROA
17.5%
17.3%−0.2 pp
—
ROCE
32.6%
28.2%−4.5 pp
—
NOPAT
2,815
2,963+5.3%
—
Invested capital (operating)
6,580
7,214+9.6%
—
Invested capital (all)
8,003
10,061+25.7%
—
Reinvestment rate
—
21.4%
—
Debtor days
52
61+9 d
—
Inventory days
310
333+23 d
—
Days payable
58
67+9 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
2,400
2,395
2,262
2,468
vs year-ago quarter
Gross profit
1,717
1,694
1,621
1,795
Gross margin
71.5%
70.7%
71.7%
72.7%
Net income
721
624
601
691
vs year-ago quarter
Net margin
30.0%
26.1%
26.6%
28.0%
EPS (diluted, $)
1.63
1.47
1.42
1.65
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
15,159
15,467
15,154
15,077
Cash & equivalents
2,084
2,312
1,941
1,476
Total debt
7,069
9,042
9,045
9,048
Shareholders’ equity
5,398
3,331
3,233
3,148
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
891
893
401
655
Capex
136
161
110
117
Free cash flow
755
732
291
538
vs year-ago quarter