ZTSNYSEPharmaceutical PreparationsFiscal year ends December 31
Zoetis Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$79.59+0.21 (+0.26%)
Close on Oct 19, 2026
- Market cap
- $33.24B
- P/E (TTM)
- 13.1
- Dividend yield
- 2.55%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
71.8%+2.7 pts over 5 years
Net margin
28.2%+3.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +2.3% | +5.4% | +7.2% | +7.1% | |
| Gross profit | +4.0% | +6.5% | +8.0% | +8.4% | |
| Net income | +7.5% | +8.1% | +10.3% | +22.9% | |
| EPS, diluted | +10.1% | +10.3% | +12.0% | +24.4% | |
| Free cash flow | -0.7% | +19.9% | +6.4% | +17.9% | |
| Dividend per share | +13.0% | +14.6% | +19.0% | +19.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 64.3% | 50.6% | 65.3% | |
| Return on assets | 10.6% | 13.0% | 18.0% | |
| Current ratio | 3.03 | 3.05 | 3.12 | |
| Debt to equity | 3.00 | 1.91 | 2.65 | |
| Inventory turnover | 1.1× | 1.4× | 1.1× | |
| Capex to revenue | 4.4% | 6.8% | 6.6% | |
| Diluted shares | 498M | 479M | 444M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Zoetis generated $12.34B from operations and spent $11.59B on capital expenditure, dividends and share buybacks. 26% of that went back into the business.
Generated
$12.34B
Used
$11.59B
Capital expenditure$3.07B26%Dividends$00%Share buybacks$8.52B74%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin28.2%
×Asset turnover0.64×
×Equity multiplier3.63×
=Return on equity, FY202565.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 28.2% | 0.64× | 3.63× | 65.3% |
| FY2024 | 26.9% | 0.65× | 2.92× | 50.9% |
| FY2023 | 27.4% | 0.58× | 3.11× | 49.9% |
| FY2022 | 26.2% | 0.56× | 3.22× | 47.3% |
| FY2021 | 26.2% | 0.57× | 3.31× | 49.0% |
| FY2020 | 24.5% | 0.53× | 3.88× | 50.6% |
| FY2019 | 24.0% | 0.56× | 4.56× | 61.3% |
| FY2018 | 24.5% | 0.60× | 4.90× | 72.2% |
| FY2017 | 16.3% | 0.65× | 4.98× | 53.1% |
| FY2016 | 16.8% | 0.63× | 6.09× | 64.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$2.67B
- Cash generatingOperating cash flow above zero$2.90B
- Return on assets improvedROA up on the prior year17.4% → 18.8%
- Earnings backed by cashOperating cash flow above net income$2.90B vs $2.67B
- Less leverageLong-term debt to assets fell36.7% → 58.4%
- Better liquidityCurrent ratio rose1.75 → 3.12
- No dilutionShare count did not rise455M → 444M
- Gross margin improvedGross margin up on the prior year70.62% → 71.84%
- More efficientAsset turnover rose0.65 → 0.66