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Friday 6 November 2026
Export ZTS’s income statement to Excel — free account
Zoetis Inc.
ZTS Healthcare Drug Manufacturers Specialty & Generic
Zoetis Inc.’s revenue for fiscal 2025 (year ended December 2025) was $9.5 billion, up 2.28% from fiscal 2024.
- Revenue
- −0.24%
- EPS
- +2.48%
- Free cash flow
- +17.4%
- Total debt
- +37.5%
Quarter to June 2026, against a year earlier
81.72
7.48
−8.39%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 4,888 | 5,307 | 5,825 | 6,260 | 6,675 | 7,776 | 8,080 | 8,544 | 9,256 | 9,467 | 9,525 | +7.6% | 9,251 | 9,362 | 9,691 | +0.8% | |
| Gross margin, % | 65.92 | 66.55 | 67.19 | 68.18 | 69.18 | 70.38 | 69.63 | 70.03 | 70.62 | 71.84 | 71.67 | +5.9 pt | ||||||
| EBT | 1,228 | 1,525 | 1,690 | 1,801 | 1,996 | 2,488 | 2,656 | 2,936 | 3,133 | 3,360 | 3,299 | +11.8% | ||||||
| EBT margin, % | 25.12 | 28.74 | 29.01 | 28.77 | 29.90 | 32.00 | 32.87 | 34.36 | 33.85 | 35.49 | 34.64 | +10.4 pt | ||||||
| Net income | 819 | 862 | 1,424 | 1,500 | 1,636 | 2,034 | 2,111 | 2,340 | 2,496 | 2,673 | 2,637 | +14.0% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 9.86 | 10.83 | 12.06 | 13.09 | 14.04 | 16.39 | 17.23 | 18.53 | 20.38 | 21.35 | 22.81 | +9.0% | |||||
| Earnings | 1.66 | 1.76 | 2.96 | 3.14 | 3.44 | 4.29 | 4.51 | 5.08 | 5.47 | 6.03 | 6.08 | +15.4% | ||||||
| Cash flow | 1.44 | 2.75 | 3.71 | 3.75 | 4.47 | 4.67 | 4.08 | 5.10 | 6.50 | 6.55 | 6.80 | +18.3% | ||||||
| Capex | (0.25) | (0.38) | (0.58) | (0.92) | (0.91) | (1.00) | (1.25) | (1.59) | (1.44) | (1.40) | (1.23) | +20.9% | ||||||
| Free cash flow | 1.18 | 2.37 | 3.12 | 2.84 | 3.56 | 3.66 | 2.83 | 3.52 | 5.06 | 5.15 | 5.57 | +17.7% | ||||||
| Book value | 3.02 | 3.65 | 4.52 | 5.66 | 7.93 | 9.58 | 9.39 | 10.82 | 10.50 | 7.51 | 7.54 | +10.6% | ||||||
| Shares, m | 496 | 490 | 483 | 478 | 476 | 474 | 469 | 461 | 454 | 443 | 432 | (1.2%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 32.48 | 40.78 | 29.00 | 42.15 | 48.11 | 56.75 | 32.56 | 38.77 | 29.73 | 21.11 | 13.44 | 37.1 | |||||
| P/S | 5.43 | 6.63 | 7.09 | 10.11 | 11.79 | 14.89 | 8.52 | 10.61 | 8.00 | 5.89 | 3.58 | 8.9 | ||||||
| P/B | 17.72 | 19.69 | 18.91 | 23.37 | 20.86 | 25.47 | 15.64 | 18.16 | 15.51 | 16.34 | 10.84 | 19.2 | ||||||
| EV/Sales | 6.20 | 7.41 | 7.91 | 10.83 | 12.33 | 15.29 | 9.06 | 11.14 | 8.49 | 6.73 | 4.50 | 9.5 | ||||||
| EV/FCF | 51.64 | 33.91 | 30.55 | 50.00 | 48.58 | 68.41 | 55.15 | 58.72 | 34.20 | 27.92 | 18.41 | 45.9 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 713 | 1,346 | 1,790 | 1,795 | 2,126 | 2,213 | 1,912 | 2,353 | 2,953 | 2,904 | 2,840 | +16.9% | |||||
| Capex | (126) | (187) | (282) | (439) | (432) | (475) | (585) | (732) | (655) | (621) | (513) | +19.4% | ||||||
| Free cash flow | 587 | 1,159 | 1,508 | 1,356 | 1,694 | 1,738 | 1,327 | 1,621 | 2,298 | 2,283 | 2,327 | +16.3% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 2,273 | 3,123 | 3,176 | 2,942 | 4,441 | 5,133 | 4,339 | 4,454 | 2,574 | 4,533 | 4,295 | +8.0% | |||||
| Net debt | 3,741 | 3,389 | 4,751 | 4,513 | 3,595 | 3,148 | 4,323 | 4,526 | 4,583 | 6,730 | 7,372 | +6.7% | ||||||
| Shareholders’ equity | 1,499 | 1,786 | 2,185 | 2,708 | 3,773 | 4,544 | 4,403 | 4,991 | 4,770 | 3,331 | 3,148 | +9.3% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 10.55 | 10.64 | 14.75 | 13.44 | 13.02 | 14.81 | 14.67 | 16.05 | 17.43 | 18.00 | 17.84 | +7.4 pt | |||||
| ROIC | 14.65 | 18.42 | 15.23 | 15.59 | 16.93 | 20.22 | 19.02 | 19.28 | 20.94 | 20.87 | 19.60 | +6.2 pt | ||||||
| ROE | 63.40 | 52.60 | 71.92 | 61.31 | 50.55 | 48.98 | 47.26 | 49.90 | 50.94 | 65.99 | 64.91 | +2.6 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 9,000 | 9,200 | 10,000 | 10,600 | 11,300 | 12,100 | 13,800 | 14,100 | 13,800 | 14,500 | — | +5.4% | |||||
| Revenue/emp, $m | 0.54 | 0.58 | 0.58 | 0.59 | 0.59 | 0.64 | 0.59 | 0.61 | 0.67 | 0.65 | — | +2.1% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| U.S. | 5,097 | 53.84% |
|---|---|---|
| International | 4,254 | 44.94% |
| Other, not broken out | 116 | 1.23% |
| Gross margin | 71.84% | |
| Operating margin | 35.49% | |
| Pre-tax margin | 35.49% |
Zoetis Inc. vs peers in Drug Manufacturers Specialty & Generic (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| TAK Takeda Pharmaceutical Co. | $67.7B | 32.0× | — | +1.71% (above 0%: growing) | −4.35% (below 0%: shrinking) | +54.88% (above 0%: growing) | 66.66% | 16.51% | Compare |
| TEVA Teva Pharmaceutical Industries Ltd. | $48.7B | 92.6× | 30.7× | −1.90% (below 0%: shrinking) | −47.18% (below 0%: shrinking) | −30.29% (below 0%: shrinking) | 55.52% | 16.25% | Compare |
| HLN Haleon PLC Sponsored ADR | $40.2B | 20.5× | 16.5× | −0.32% (below 0%: shrinking) | +40.00% (above 0%: growing) | −42.94% (below 0%: shrinking) | 62.88% | 25.36% | Compare |
| ZTS Zoetis Inc. | $33.9B | 13.4× | 14.2× | −0.24% (below 0%: shrinking) | +2.48% (above 0%: growing) | +17.43% (above 0%: growing) | 72.73% | 37.56% | |
| UTHR United Therapeutics Corporation | $24.3B | 19.7× | 22.5× | +4.13% (above 0%: growing) | −21.65% (below 0%: shrinking) | −63.65% (below 0%: shrinking) | 88.10% | 36.97% | Compare |
| VTRS Viatris Inc. | $21.8B | — (loss-making) | 82.6× | −0.28% (below 0%: shrinking) | n/m | +38.78% (above 0%: growing) | 38.35% | 6.97% | Compare |
| NBIX Neurocrine Biosciences, Inc. | $16.2B | 23.0× | 20.6× | +41.24% (above 0%: growing) | −3.67% (below 0%: shrinking) | +79.00% (above 0%: growing) | 97.63% | 29.51% | Compare |
| RDY Dr. Reddy's Laboratories Ltd | $12.1B | 44.4× | 30.7× | −10.09% (below 0%: shrinking) | −36.84% (below 0%: shrinking) | −70.49% (below 0%: shrinking) | 52.13% | 14.63% | Compare |
| ELAN Elanco Animal Health Incorporated | $11.8B | — (loss-making) | 161× | +10.23% (above 0%: growing) | +450.00% (above 0%: growing) | +35.56% (above 0%: growing) | 58.33% | 7.97% | Compare |
| Median of peers | $23.0B | 27.5× | 30.7× | +0.72% | −4.35% | +2.64% | 60.61% | 16.38% |
From the latest earnings call
- Kristin Peck said Zoetis is using targeted, time-bound promotions, rebates and point-of-sale offers rather than cutting list prices to protect volume and share.
- Wetteny Vredenburg said the low end of FY2026 guidance assumes macroeconomic and competitive pressures accelerate, prompting further growth-to-net actions.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
95.20%
Held by the ten largest
43.68%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 54.32m | 13.11% | −83.55k |
| BlackRock | 39.43m | 9.52% | +3.85m |
| State Street | 19.67m | 4.75% | +343.32k |
| State Farm | 15.89m | 3.84% | 0.00 |
| Geode Capital Management | 13.29m | 3.21% | +1.94m |
| Wellington Management | 9.42m | 2.28% | −726.20k |
| Morgan Stanley | 8.88m | 2.14% | −5.27m |
| UBS | 7.57m | 1.83% | +370.34k |
| Nordea Investment Management | 6.59m | 1.59% | +727.47k |
| Deutsche Bank (DWS) | 5.85m | 1.41% | +319.71k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 8 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 19.05m | 2.77m | 79.52 |
| 2024 | 17.21m | 759.62k | 101.62 |
| 2023 | 15.24m | 26.37m | 121.90 |
| 2022 | 14.00m | (15.71m) | 89.69 |
| 2021 | 13.10m | 33.52m | 148.26 |
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Read the proxy statement
Zoetis Inc. (ZTS) Latest News
5 Nov
29 Oct
28 Oct
26 Oct
20 Oct
15 Oct
9 Oct
ZTS metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Zoetis discovers, develops, manufactures and sells animal medicines, vaccines, diagnostic products and services. It also offers genetic tests, devices and precision animal health products. Its customers include veterinarians, pet owners and livestock producers around the world.
The business serves companion animals—dogs, cats and horses—and livestock, including cattle, swine, poultry, fish and sheep. Its products help prevent or treat illness, control parasites, relieve pain and itching, and test animal samples for signs of disease. Much of the portfolio is available by prescription through veterinarians.