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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. In the quarter to June 2026, revenue was flat, EPS grew 2.48%, free cash flow grew 17.4% and total debt rose 37.5%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years, revenue growth for ten; insiders bought in the last twelve months.

79.20 0.78 +0.99%
Market cap
$32.4B
P/E
13.0×
Fwd P/E
12.3×
Dividend yield
2.64%
F-score
7/9
Altman Z
5.73
Beneish M
−2.45
Dividend safety
88/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total buys 0.89
Total sells 2.54
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — 3 — — — — —
Sell — — — 1 — — — — — — — —
Insider Ownership 1.27%

Capital & Financial Ratios $m

Market Cap 32,400.00
Revenue 9,525.00
Net Income 2,637.00
Free Cash Flow 2,327.00
Net Debt 7,372.00
Current Ratio 3.08 (at or above 1.5: strong)
Debt/Equity 2.87 (above 2: weak)
P/E ratio 13.03
Fwd P/E 12.30
P/S ratio 3.47
P/B ratio 10.51 (above 6: high)
Past 5Y EPS Growth 11.97%
This Y EPS Growth (3.15%) (below 0%: weak)
Next Y EPS Growth 3.19%
Next Y revenue growth (2.43%) (below 0%: weak)
Next 5Y EPS Growth 2.61%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.4×, against a ten-year median of 9.1×; over the ten years it ranged from 4.0× in 2026 to 15.3× in 2021.
P/E against its own 10 years 3.50%
10-year low 10-year high
P/S against its own 10 years 3.50%
10-year low 10-year high
P/B against its own 10 years 5.34%
10-year low 10-year high
EV/Sales against its own 10 years 3.61%
10-year low 10-year high
EV/FCF against its own 10 years 2.99%
10-year low 10-year high

Dividends

Payout Ratio 0.34
Annual Dividend Rate 2.09
Annual Dividend Yield 2.64%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 2.12
0.53
0.53
0.53
2025 2.00
0.50
0.50
0.50
0.50
2024 1.73
0.43
0.43
0.43
0.43
2023 1.50
0.38
0.38
0.38
0.38
2022 1.30
0.33
0.33
0.33
0.33
2021 1.00
0.25
0.25
0.25
0.25
2020 0.80
0.20
0.20
0.20
0.20
2019 0.66
0.16
0.16
0.16
0.16
2018 0.50
0.13
0.13
0.13
0.13
2017 0.42
0.11
0.11
0.11
0.11
2016 0.38
0.10
0.10
0.10
0.10
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,041 1,987 2,312 1,676
Receivables 1,304 1,316 1,590 1,571
Inventory 2,564 2,306 2,430 2,574
Other 434 377 436 535
6,343 5,986 6,768 6,356
2023 2024 2025 Q'26
Payables 411 433 487 452
ST’ Debt 3 1,350 — —
Other 102 125 107 125
1,889 3,412 2,235 2,061

Compound Annual Growth %

10y 5y 3y
Sales 7.11% 7.24% 5.42%
Cash Flow 15.90% 6.44% 14.95%
Earnings 22.94% 10.29% 8.13%
Book Value 11.81% (2.46%) (8.88%)

Revenue $m

Mar Jun Sep Dec Year
’26 2,262 2,468 — — —
’25 2,198 2,474 2,400 2,395 9,467
’24 2,190 2,361 2,388 2,317 9,256
’23 2,000 2,180 2,151 2,213 8,544
’22 1,986 2,052 2,002 2,040 8,080
’21 1,871 1,948 1,990 1,967 7,776
’20 1,534 1,548 1,786 1,807 6,675
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 401 655 — — —
’25 515 605 891 893 2,904
’24 595 502 951 905 2,953
’23 549 183 724 897 2,353
’22 309 336 526 741 1,912
’21 400 481 653 679 2,213
’20 408 438 562 718 2,126
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 301 539 — — —
’25 337 459 756 731 2,283
’24 456 370 784 688 2,298
’23 328 18 580 695 1,621
’22 194 190 372 571 1,327
’21 323 368 534 513 1,738
’20 334 351 443 566 1,694
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 1.42 1.65 — — —
’25 1.41 1.61 1.63 1.37 6.02
’24 1.31 1.37 1.50 1.29 5.47
’23 1.19 1.45 1.29 1.14 5.07
’22 1.26 1.12 1.13 0.99 4.49
’21 1.17 1.07 1.16 0.87 4.27
’20 0.88 0.79 1.00 0.75 3.42
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 38.26 52.00 70.20 81.37 90.14 141.41 124.15 141.52 144.80 115.25

Analyst estimates 2026–2028

Powerpack
High 54.15 73.58 96.57 133.66 176.64 249.27 243.24 201.92 200.53 177.40
People
People Employees 9,000 9,200 10,000 10,600 11,300 12,100 13,800 14,100 13,800 14,500
Revenue/emp, $m 0.54 0.58 0.58 0.59 0.59 0.64 0.59 0.61 0.67 0.65
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
Gross margin, % 65.92 66.55 67.19 68.18 69.18 70.38 69.63 70.03 70.62 71.84
EBT 1,228 1,525 1,690 1,801 1,996 2,488 2,656 2,936 3,133 3,360
EBT margin, % 25.12 28.74 29.01 28.77 29.90 32.00 32.87 34.36 33.85 35.49
Net income 819 862 1,424 1,500 1,636 2,034 2,111 2,340 2,496 2,673
Depreciation 240 242 308 412 441 448 465 491 497 487
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
Earnings 1.66 1.76 2.96 3.14 3.44 4.29 4.51 5.08 5.47 6.03
Cash flow 1.44 2.75 3.71 3.75 4.47 4.67 4.08 5.10 6.50 6.55
Capex (0.25) (0.38) (0.58) (0.92) (0.91) (1.00) (1.25) (1.59) (1.44) (1.40)
Free cash flow 1.18 2.37 3.12 2.84 3.56 3.66 2.83 3.52 5.06 5.15
Book value 3.02 3.65 4.52 5.66 7.93 9.58 9.39 10.82 10.50 7.51
Shares, m 496 490 483 478 476 474 469 461 454 443
Valuation, ×
Valuation, × P/E 32.48 40.78 29.00 42.15 48.11 56.75 32.56 38.77 29.73 20.87
P/S 5.43 6.63 7.09 10.11 11.79 14.89 8.52 10.61 8.00 5.89
P/B 17.72 19.69 18.91 23.37 20.86 25.47 15.64 18.16 15.51 16.34
EV/Sales 6.20 7.41 7.91 10.83 12.33 15.29 9.06 11.14 8.49 6.73
EV/FCF 51.64 33.91 30.55 50.00 48.58 68.41 55.15 58.72 34.20 27.92
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
Capex (126) (187) (282) (439) (432) (475) (585) (732) (655) (621)
Free cash flow 587 1,159 1,508 1,356 1,694 1,738 1,327 1,621 2,298 2,283
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
Total debt 4,468 4,953 6,452 6,447 7,199 6,633 7,904 6,567 6,570 9,042
Net debt 3,741 3,389 4,751 4,513 3,595 3,148 4,323 4,526 4,583 6,730
Shareholders’ equity 1,499 1,786 2,185 2,708 3,773 4,544 4,403 4,991 4,770 3,331
Returns, %
Returns, % ROA 10.55 10.64 14.75 13.44 13.02 14.81 14.67 16.05 17.43 18.00
ROIC 14.65 18.42 15.23 15.59 16.93 20.22 19.02 19.28 20.94 20.87
ROE 63.40 52.60 71.92 61.31 50.55 48.98 47.26 49.90 50.94 65.99
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $61.9B 29.6× — +1.71% (above 0%: growing) −4.35% (below 0%: shrinking) −95.56% (below 0%: shrinking) 66.66% 16.51% Compare
TEVA Teva Pharmaceutical Industries Ltd. $47.9B 65.9× 30.7× −0.81% (below 0%: shrinking) n/m +121.43% (above 0%: growing) 51.98% (2.03%) Compare
HLN Haleon PLC Sponsored ADR $43.7B 22.6× 17.6× −0.32% (below 0%: shrinking) +40.00% (above 0%: growing) −42.94% (below 0%: shrinking) 62.88% 25.36% Compare
ZTS Zoetis Inc. $32.4B 13.0× 12.3× −0.24% (below 0%: shrinking) +2.48% (above 0%: growing) +17.43% (above 0%: growing) 72.73% 37.56%
UTHR United Therapeutics Corporation $23.2B 17.6× 20.1× −1.92% (below 0%: shrinking) +13.99% (above 0%: growing) +58.76% (above 0%: growing) 87.30% 42.23% Compare
VTRS Viatris Inc. $20.9B — (loss-making) 61.1× +4.88% (above 0%: growing) n/m +101.08% (above 0%: growing) 38.77% 0.17% Compare
NBIX Neurocrine Biosciences, Inc. $13.9B 19.2× 30.5× +39.49% (above 0%: growing) +31.19% (above 0%: growing) +43.69% (above 0%: growing) 97.58% 15.80% Compare
ELAN Elanco Animal Health Incorporated $11.8B — (loss-making) 278× +10.23% (above 0%: growing) +450.00% (above 0%: growing) +35.56% (above 0%: growing) 58.33% 7.97% Compare
RDY Dr. Reddy's Laboratories Ltd $10.7B 32.9× 24.3× −14.44% (below 0%: shrinking) −70.00% (below 0%: shrinking) −143.40% (below 0%: shrinking) 46.54% 4.81% Compare
Median of peers $22.1B 26.1× 30.5× +0.70% +22.59% +39.63% 60.61% 11.89%

All 86 Drug Manufacturers Specialty & Generic stocks →

ZTS metrics, ten years each

Zoetis Inc. (ZTS) key facts

  • Strength: Zoetis Inc.’s revenue for fiscal 2025 (year ended December 2025) was $9.5 billion, up 2.28% from fiscal 2024.
  • Strength: Net income was $2.7 billion, or $6.03 per share (basic), a net margin of 28.2%.
  • Zoetis Inc. (ZTS) is a Drug Manufacturers Specialty & Generic company in the Healthcare sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, ZTS traded at $79.20, a market capitalization of $32.4 billion.
  • At that price the stock trades at 13.0× trailing-twelve-month earnings and 3.5× sales; its P/E is higher than 4% of its own readings over the past ten years.
  • Zoetis Inc. pays an annual dividend of $2.09 per share, a yield of 2.64%, with a payout ratio of 34.4%.
  • Return on equity was 66.0% and debt-to-equity 2.87.
  • Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 5.73 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Zoetis Inc. (ZTS) Latest News

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stockrow.com/ZTS · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com