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ZTSZoetis

Health care · Pharmaceuticals · NYSE

Employees: 14,500
Headquarters: Parsippany, NJ
CEO: Kristin C. Peck
Next results: around Feb 11, 2027

Compare with peers → Embed

All key numbers (38, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	5.93	Sales (ttm)	9.5B	Net income (ttm)	2.5B	Sales growth	+2.3%	EPS growth	+10.1%	Sales Q/Q	-1.3%
Free cash flow	2.2B	Gross margin	71.6%	Oper. margin	-	Net margin	26.4%	FCF margin	23.5%	ROE	75.9%
ROA	16.6%	R&D / sales	7.4%	Dividend	2.03	Debt/Eq	2.74	Curr. ratio	2.35	Cash	1.3B
Op. cash flow (ttm)	2.7B	Net debt	7.7B	Quick ratio	1.43	Payout ratio	33.7%	Tax rate	20.4%	Stock pay / sales	0.9%
Shares out.	406.3M	Shares Y/Y	-2.4%	Book / share	8.13	Cash / share	3.28	Sales / share	23.37	Asset turnover	0.63
Inventory turns	1.08	Days sales out.	54	Sales 3Y CAGR	+5.4%	Sales 5Y CAGR	+7.2%	EPS 3Y CAGR	+10.3%	EPS 5Y CAGR	+12.0%
Employees	14,500	Sales / employee	655K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Debt rose 38%$6.6B → $9.0B · Short-term + long-term debt at year end
Revenue growth slowed to +2.3%+8.3% → +2.3% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗

What management wrote about it → · Every company →

ZTS against Health care peers

Ten years, side by side → · All 60 →

ZTSPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth

+2.3%48th of 60 · median +7.1%

Net margin

26.4%6th of 60 · median 9.6%

Return on equity

75.9%2nd of 54 · median 13.1%

Free cash flow margin

23.5%9th of 56 · median 15.5%

Debt / equity (less is better)

2.7447th of 49 · median 0.66

ZTS and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
ZTS Zoetis	$9.5B	+2.3%	71.6%	26.4%	75.9%	23.5%	2.74
BAX Baxter International	$11.6B	+5.7%	30.1%	-6.2%	-11.1%	9.7%	1.45
ISRG Intuitive Surgical	$11.6B	+20.5%	67.2%	25.5%	18.5%	31.1%	-
BIIB Biogen	$10.3B	+2.2%	74.0%	3.4%	1.8%	20.1%	0.39
ZBH Zimmer Biomet	$8.6B	+7.2%	69.7%	9.0%	6.0%	19.2%	0.59
SOLV Solventum	$8.2B	+0.9%	54.8%	1.9%	3.2%	0.0%	0.95

FY2021FY2022FY2023FY2024FY2025

From $7.8B of sales to $2.0B of profit

FY2021, from the 10-K income statement

Swipe sideways for the whole flow →

From $8.1B of sales to $2.1B of profit

FY2022, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

From $8.5B of sales to $2.3B of profit

FY2023, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

From $9.3B of sales to $2.5B of profit

FY2024, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

From $9.5B of sales to $2.7B of profit

FY2025, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021

$30$44$26

FY2022

$30$43$26

FY2023

$30$43$27

FY2024

$29$44$27

FY2025

$28$44$28

Cost of revenue
Costs, tax, other
Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 3

✓
Net margin above the peer median26.4% vs 9.6%
✓
Return on equity above 15%75.9%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 16.8% → 28.2%

Balance sheet

1 of 3

!
Debt larger than equityDebt / equity 2.74 on the latest balance sheet (peer median 0.66)
✓
Current assets cover current liabilitiesCurrent ratio 2.35
!
Net debt over 3 years of free cash flow$7.7B net debt, 3.5 years

Debt / equity at each year end, FY2016 to FY2025: 3.00 → 2.65

What the debt is made of ↓

Cash and shareholders

4 of 4

✓
Free cash flow positive in every one of 10 years$2.3B last year
✓
Share count down over 5 years−7.3%
✓
Dividend per share up over 5 years$0.85 → $2.03
✓
Cash from operations above net income$2.9B vs $2.7B

Free cash flow, FY2016 to FY2025: 497.0M → 2.3B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026

The debt note's own lines, 2025-12-31

Line, as the company names it	Kind	Rate	Fixed or floating	Amount
0.250% 2025 convertible senior notes due 2029 (Senior Notes)	Convertible	–	not stated	$2.0B
4.700% 2013 senior notes due 2043 (Senior Notes)	Notes and bonds	–	not stated	$1.1B
5.000% 2025 senior notes due 2035 (Senior Notes)	Notes and bonds	–	not stated	$1.0B
4.150% 2025 senior notes due 2028 (Senior Notes)	Notes and bonds	–	not stated	$850.0M
5.600% 2022 senior notes due 2032 (Senior Notes)	Notes and bonds	–	not stated	$750.0M
2.000% 2020 senior notes due 2030 (Senior Notes)	Notes and bonds	–	not stated	$750.0M
3.000% 2017 senior notes due 2027 (Senior Notes)	Notes and bonds	–	not stated	$750.0M
3.900% 2018 senior notes due 2028 (Senior Notes)	Notes and bonds	–	not stated	$500.0M
3.950% 2017 senior notes due 2047 (Senior Notes)	Notes and bonds	–	not stated	$500.0M
3.000% 2020 senior notes due 2050 (Senior Notes)	Notes and bonds	–	not stated	$500.0M
4.450% 2018 senior notes due 2048 (Senior Notes)	Notes and bonds	–	not stated	$400.0M

All 11 lines

From the debt note in the 10-K's XBRL (0001555280-26-000011), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 9.5B Net income 2.7B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

ZTS's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue9.5B

Net income2.7B

Free cash flow2.3B

EPS (diluted)6.02

Dividend per share2.03

Diluted shares443.8M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
United States	5.1B	53.8%	+0.5%
International	4.3B	44.9%	+3.7%

10-K 0001555280-26-000011, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Companion Animal	6.6B	69.6%	+4.9%
Horses	6.3B	66.4%	+4.8%
Livestock	2.8B	29.2%	-4.6%
Parasiticides	2.3B	24.7%	+8.7%
Vaccines	2.0B	20.7%	+7.2%
Dermatology	1.8B	18.5%	+6.0%
Cattle	1.5B	15.8%	-2.5%
Anti-infectives	1.0B	10.9%	-5.8%
Pain & Sedation	840.0M	8.9%	-1.3%
Other pharmaceuticals	697.0M	7.4%	+5.9%
Swine	466.0M	4.9%	-9.7%
Animal health diagnostics	434.0M	4.6%	+12.4%
Poultry	432.0M	4.6%	-18.0%
Dogs and Cats	304.0M	3.2%	+6.7%
Fish	286.0M	3.0%	+18.2%
Other non-pharmaceuticals	263.0M	2.8%	+4.0%
Contract Manufacturing and Human Health Diagnostics	116.0M	1.2%	+45.0%
Other	88.0M	0.9%	+7.3%
Medicated feed additives	27.0M	0.3%	-90.8%

10-K 0001555280-26-000011, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
United States	5.1B	53.8%	+0.5%
Other emerging markets	913.0M	9.6%	+5.5%
Other developed markets	641.0M	6.8%	+13.7%
BRAZIL	393.0M	4.2%	-5.1%
AUSTRALIA	329.0M	3.5%	+3.1%
UNITED KINGDOM	325.0M	3.4%	+3.5%
CANADA	290.0M	3.1%	+4.7%
GERMANY	236.0M	2.5%	+4.9%
CHINA	227.0M	2.4%	-15.9%
FRANCE	165.0M	1.7%	+5.8%
MEXICO	160.0M	1.7%	-5.3%
JAPAN	154.0M	1.6%	+4.8%
SPAIN	145.0M	1.5%	+11.5%
CHILE	139.0M	1.5%	+13.0%
ITALY	137.0M	1.4%	+6.2%

10-K 0001555280-26-000011, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4.9B	5.3B	5.8B	6.3B	6.7B	7.8B	8.1B	8.5B	9.3B	9.5B
Cost of revenue	1.7B	1.8B	1.9B	2.0B	2.1B	2.3B	2.5B	2.6B	2.7B	2.7B
R&D	376.0M	382.0M	432.0M	457.0M	463.0M	508.0M	539.0M	614.0M	686.0M	698.0M
SG&A	1.4B	1.3B	1.5B	1.6B	1.7B	2.0B	2.0B	2.2B	2.3B	2.4B
Interest expense	166.0M	175.0M	206.0M	223.0M	231.0M	224.0M	221.0M	239.0M	225.0M	222.0M
Pretax income	1.2B	1.5B	1.7B	1.8B	2.0B	2.5B	2.7B	2.9B	3.1B	3.4B
Income tax	409.0M	663.0M	266.0M	301.0M	360.0M	454.0M	545.0M	596.0M	637.0M	687.0M
Net income	821.0M	864.0M	1.4B	1.5B	1.6B	2.0B	2.1B	2.3B	2.5B	2.7B
EPS (diluted)	1.65	1.75	2.93	3.11	3.42	4.27	4.49	5.07	5.47	6.02
Diluted shares	498.2M	493.2M	486.9M	481.8M	478.6M	476.7M	470.4M	462.3M	454.8M	443.8M
Depreciation & amortization	240.0M	242.0M	308.0M	412.0M	441.0M	448.0M	465.0M	491.0M	497.0M	487.0M
Net margin	16.8%	16.3%	24.5%	24.0%	24.5%	26.2%	26.2%	27.4%	26.9%	28.2%
Revenue growth	-	+8.6%	+9.8%	+7.5%	+6.6%	+16.5%	+3.9%	+5.7%	+8.3%	+2.3%
EPS growth	-	+6.1%	+67.4%	+6.1%	+10.0%	+24.9%	+5.2%	+12.9%	+7.9%	+10.1%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	727.0M	1.6B	1.6B	1.9B	3.6B	3.5B	3.6B	2.0B	2.0B	2.5B
Short-term investments	-	0	99.0M	0	-	-	-	-	-	0
Receivables	913.0M	998.0M	1.0B	1.1B	1.0B	1.1B	1.2B	1.3B	1.3B	1.4B
Inventory	1.5B	1.4B	1.4B	1.4B	1.6B	1.9B	2.3B	2.6B	2.3B	2.5B
Current assets	3.4B	4.2B	4.4B	4.7B	6.6B	6.9B	7.5B	6.3B	6.0B	6.8B
Property & equipment	1.4B	1.4B	1.7B	1.9B	2.2B	2.4B	2.8B	3.2B	3.4B	3.7B
Goodwill	1.5B	1.5B	2.5B	2.6B	2.7B	2.7B	2.7B	2.8B	2.7B	2.8B
Total assets	7.6B	8.6B	10.8B	11.5B	13.6B	13.9B	14.9B	14.3B	14.2B	15.5B
Accounts payable	265.0M	261.0M	313.0M	301.0M	457.0M	436.0M	405.0M	411.0M	433.0M	445.0M
Current liabilities	1.1B	1.1B	1.2B	1.8B	2.2B	1.8B	3.2B	1.9B	3.4B	2.2B
Total debt	4.5B	5.0B	6.4B	6.4B	7.2B	6.6B	7.9B	6.6B	6.6B	9.0B
Total liabilities	6.2B	6.8B	8.6B	8.8B	9.8B	9.4B	10.5B	9.3B	9.5B	12.1B
Shareholders' equity	1.5B	1.8B	2.2B	2.7B	3.8B	4.5B	4.4B	5.0B	4.8B	3.4B
Retained earnings	1.5B	2.1B	3.3B	4.4B	5.7B	7.2B	8.7B	10.3B	12.0B	13.8B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	713.0M	1.3B	1.8B	1.8B	2.1B	2.2B	1.9B	2.4B	3.0B	2.9B
Capital spending	216.0M	224.0M	338.0M	460.0M	453.0M	477.0M	586.0M	732.0M	655.0M	621.0M
Free cash flow	497.0M	1.1B	1.5B	1.3B	1.7B	1.7B	1.3B	1.6B	2.3B	2.3B
Stock-based pay (added back)	37.0M	44.0M	53.0M	67.0M	59.0M	58.0M	62.0M	60.0M	74.0M	83.0M
Buybacks	300.0M	500.0M	698.0M	626.0M	250.0M	743.0M	1.6B	1.1B	1.9B	3.2B
Acquisitions	88.0M	0	1.9B	0	0	-	-	-	-	-
Debt raised	0	1.2B	1.5B	0	1.2B	0	1.3B	0	0	1.8B
Debt repaid	400.0M	750.0M	0	0	500.0M	600.0M	0	1.4B	0	1.4B
Investing cash flow	-214.0M	-270.0M	-2.3B	-504.0M	-572.0M	-458.0M	-883.0M	-777.0M	-315.0M	-748.0M
Financing cash flow	-903.0M	-251.0M	533.0M	-951.0M	123.0M	-1.9B	-904.0M	-3.1B	-2.7B	-1.9B
Dividend per share	0.39	0.44	0.54	0.69	0.85	1.07	1.35	1.56	1.80	2.03

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	37.0M	44.0M	53.0M	67.0M	59.0M	58.0M	62.0M	60.0M	74.0M	83.0M
Stock-based pay / revenue	0.8%	0.8%	0.9%	1.1%	0.9%	0.7%	0.8%	0.7%	0.8%	0.9%
Operating lease cash paid	-	-	-	42.0M	42.0M	47.0M	51.0M	57.0M	61.0M	67.0M
Finance lease principal paid	-	-	-	-	-	-	0	0	1.0M	2.0M
Right-of-use assets	-	-	0	189.0M	192.0M	181.0M	220.0M	230.0M	219.0M	289.0M
Operating lease liabilities	-	-	200.0M	199.0M	203.0M	192.0M	229.0M	236.0M	225.0M	248.0M
Finance lease liabilities	-	-	-	-	-	-	-	9.0M	8.0M	7.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on ZTS in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/ZTS/export.csv") into a cell.