ZTSZoetis

Health care · Pharmaceuticals · NYSE

ZTS and 9 peers, year by year

The 9 Health care companies closest to ZTS in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
ZTS Zoetis	FY2025	$9.5B	+2.3%	-	-	28.2%	24.1%	78.3%	2.65
BIIB Biogen	FY2025	$9.9B	+2.2%	-	-	13.1%	20.7%	7.1%	0.34
ZBH Zimmer Biomet	FY2025	$8.2B	+7.2%	-	13.3%	8.6%	17.9%	5.6%	0.59
SOLV Solventum	FY2025	$8.3B	+0.9%	53.5%	26.2%	18.7%	−0.1%	30.8%	1.00
ISRG Intuitive Surgical	FY2025	$10.1B	+20.5%	66.0%	29.3%	28.4%	24.7%	16.0%	-
BAX Baxter International	FY2025	$11.2B	+5.7%	30.1%	−2.7%	−8.5%	3.0%	−15.6%	1.54
A Agilent Technologies	FY2025	$6.9B	+6.7%	-	21.3%	18.8%	16.6%	19.3%	0.50
DGX Quest Diagnostics	FY2025	$11.0B	+11.8%	-	14.1%	9.0%	12.3%	13.8%	0.79
EW Edwards Lifesciences	FY2025	$6.1B	+11.5%	78.0%	20.8%	17.7%	22.0%	10.4%	0.06
STE Steris	FY2026	$5.9B	+8.7%	44.2%	18.6%	13.2%	16.4%	10.9%	0.27

Revenuepeer median $8.3B

Sales growthpeer median +7.2%

Gross marginpeer median 53.5%

EW 78.0%
ISRG 66.0%
SOLV 53.5%
STE 44.2%
BAX 30.1%
ZTS -
BIIB -
ZBH -
A -
DGX -

Operating marginpeer median 19.7%

Net marginpeer median 13.2%

FCF marginpeer median 16.6%

Return on equitypeer median 10.9%

Debt / equitypeer median 0.54

ZTS 2.65
BAX 1.54
SOLV 1.00
DGX 0.79
ZBH 0.59
A 0.50
BIIB 0.34
STE 0.27
EW 0.06
ISRG -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ZTS Dec	$4.9B	$5.3B	$5.8B	$6.3B	$6.7B	$7.8B	$8.1B	$8.5B	$9.3B	$9.5B
BIIB Dec	$11.4B	$12.3B	$13.5B	$14.4B	$13.4B	$11.0B	$10.2B	$9.8B	$9.7B	$9.9B
ZBH Dec	$7.7B	$7.8B	$7.9B	$8.0B	$6.1B	$6.8B	$6.9B	$7.4B	$7.7B	$8.2B
SOLV Dec	-	-	-	-	-	-	$8.1B	$8.2B	$8.3B	$8.3B
ISRG Dec	$2.7B	$3.1B	$3.7B	$4.5B	$4.4B	$5.7B	$6.2B	$7.1B	$8.4B	$10.1B
BAX Dec	$10.2B	$10.6B	$11.1B	$11.4B	$11.7B	$12.1B	$10.1B	$10.4B	$10.6B	$11.2B
A Oct	$4.2B	$4.5B	$4.9B	$5.2B	$5.3B	$6.3B	$6.8B	$6.8B	$6.5B	$6.9B
DGX Dec	$7.2B	$7.4B	$7.5B	$7.7B	$9.4B	$10.8B	$9.9B	$9.3B	$9.9B	$11.0B
EW Dec	$3.0B	$3.4B	$3.7B	$4.3B	$4.4B	$5.2B	$4.5B	$5.0B	$5.4B	$6.1B
STE Mar	-	$2.6B	$2.6B	$2.8B	$3.0B	$3.1B	$4.2B	$4.5B	$5.1B	$5.5B
Peer median	$7.2B	$5.9B	$6.2B	$6.4B	$5.7B	$6.6B	$6.9B	$7.4B	$8.3B	$8.3B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ZTS Dec	+2.6%	+8.6%	+9.8%	+7.5%	+6.6%	+16.5%	+3.9%	+5.7%	+8.3%	+2.3%
BIIB Dec	+6.4%	+7.2%	+9.6%	+6.9%	−6.5%	−18.3%	−7.4%	−3.3%	−1.6%	+2.2%
ZBH Dec	+27.9%	+1.8%	+1.7%	+0.6%	−12.0%	+11.4%	+1.6%	+6.5%	+3.8%	+7.2%
SOLV Dec	-	-	-	-	-	-	-	+0.8%	+0.7%	+0.9%
ISRG Dec	+13.4%	+16.0%	+18.7%	+20.3%	−2.7%	+31.0%	+9.0%	+14.5%	+17.2%	+20.5%
BAX Dec	+2.0%	+3.9%	+4.9%	+2.4%	+2.7%	+9.5%	+19.4%	+3.0%	+2.7%	+5.7%
A Oct	+4.1%	+6.4%	+9.9%	+5.1%	+3.4%	+18.4%	+8.4%	−0.2%	−4.7%	+6.7%
DGX Dec	+0.3%	+2.6%	+1.7%	+2.6%	+22.1%	+14.3%	−8.4%	−6.4%	+6.7%	+11.8%
EW Dec	+18.8%	+15.9%	+8.4%	+16.8%	+0.9%	+19.3%	+2.9%	+12.2%	+8.6%	+11.5%
STE Mar	-	-	+0.3%	+6.2%	+8.9%	+2.5%	+47.5%	+7.4%	+13.3%	+6.2%
Peer median	+6.4%	+6.4%	+6.6%	+5.6%	+1.8%	+12.9%	+5.6%	+3.0%	+3.8%	+6.7%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ZTS Dec	-	-	-	-	-	-	-	-	-	-
BIIB Dec	87.1%	86.7%	86.5%	86.4%	86.6%	-	-	-	-	-
ZBH Dec	-	-	-	-	-	-	-	-	-	-
SOLV Dec	-	-	-	-	-	-	57.7%	57.3%	55.6%	53.5%
ISRG Dec	69.9%	70.2%	69.9%	69.4%	65.6%	69.3%	67.4%	66.4%	67.5%	66.0%
BAX Dec	40.5%	42.3%	42.9%	41.9%	39.3%	38.9%	35.3%	40.1%	37.5%	30.1%
A Oct	-	-	-	-	-	-	-	-	-	-
DGX Dec	40.2%	36.2%	34.6%	34.8%	38.5%	-	-	-	-	-
EW Dec	73.1%	74.5%	74.8%	74.4%	75.4%	76.1%	83.8%	80.5%	79.5%	78.0%
STE Mar	-	39.3%	41.7%	42.2%	43.6%	43.2%	44.6%	43.7%	43.2%	44.0%
Peer median	69.9%	56.2%	56.4%	55.8%	54.6%	56.3%	57.7%	57.3%	55.6%	53.5%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ZTS Dec	-	-	-	-	-	-	-	-	-	-
BIIB Dec	45.0%	43.6%	43.8%	49.0%	33.8%	25.9%	-	-	-	-
ZBH Dec	10.7%	10.2%	0.4%	14.3%	1.4%	12.6%	10.0%	17.3%	16.7%	13.3%
SOLV Dec	-	-	-	-	-	-	20.8%	20.6%	12.6%	26.2%
ISRG Dec	35.1%	33.9%	32.2%	30.7%	24.1%	31.9%	25.3%	24.8%	28.1%	29.3%
BAX Dec	7.3%	12.2%	14.3%	15.6%	13.8%	11.1%	−28.3%	6.8%	0.1%	−2.7%
A Oct	14.6%	18.0%	18.4%	18.2%	15.8%	21.3%	23.6%	19.8%	22.9%	21.3%
DGX Dec	17.7%	15.7%	14.6%	15.9%	20.9%	22.1%	14.4%	13.6%	13.6%	14.1%
EW Dec	25.3%	31.7%	20.1%	26.4%	20.5%	32.3%	33.6%	26.1%	25.3%	20.8%
STE Mar	-	8.7%	15.3%	14.8%	17.7%	17.6%	11.3%	17.4%	16.3%	15.9%
Peer median	17.7%	16.9%	16.8%	17.1%	19.1%	21.7%	17.6%	18.6%	16.5%	18.4%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ZTS Dec	16.8%	16.3%	24.5%	24.0%	24.5%	26.2%	26.2%	27.4%	26.9%	28.2%
BIIB Dec	32.3%	20.7%	32.9%	41.0%	29.8%	14.2%	29.9%	11.8%	16.9%	13.1%
ZBH Dec	4.0%	23.2%	−4.8%	14.2%	−2.3%	5.9%	3.3%	13.8%	11.8%	8.6%
SOLV Dec	-	-	-	-	-	-	16.5%	16.4%	5.8%	18.7%
ISRG Dec	27.3%	21.4%	30.3%	30.8%	24.3%	29.9%	21.3%	25.2%	27.8%	28.4%
BAX Dec	48.9%	5.7%	13.9%	8.8%	9.4%	10.6%	−24.2%	25.6%	−6.1%	−8.5%
A Oct	11.0%	15.3%	6.4%	20.7%	13.5%	19.1%	18.3%	18.1%	19.8%	18.8%
DGX Dec	8.9%	10.4%	9.8%	11.1%	15.2%	18.5%	9.6%	9.2%	8.8%	9.0%
EW Dec	19.2%	17.0%	19.4%	24.1%	18.8%	28.7%	34.1%	28.0%	76.7%	17.7%
STE Mar	-	4.2%	11.1%	10.9%	13.5%	12.8%	5.8%	2.4%	7.4%	11.3%
Peer median	19.2%	16.1%	12.5%	17.5%	14.3%	16.3%	16.5%	16.4%	11.8%	13.1%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ZTS Dec	$497.0M	$1.1B	$1.5B	$1.3B	$1.7B	$1.7B	$1.3B	$1.6B	$2.3B	$2.3B
BIIB Dec	$4.0B	$3.7B	$5.4B	$6.6B	$3.8B	$3.4B	$1.1B	$1.3B	$2.7B	$2.1B
ZBH Dec	$1.4B	$1.4B	$1.6B	$1.4B	$1.1B	$1.4B	$1.2B	$1.3B	$1.3B	$1.5B
SOLV Dec	-	-	-	-	-	-	$1.4B	$1.6B	$805.0M	−$10.0M
ISRG Dec	$1.0B	$953.2M	$982.2M	$1.2B	$1.1B	$1.7B	$958.4M	$749.6M	$1.3B	$2.5B
BAX Dec	$935.0M	$1.1B	$1.4B	$1.4B	$1.2B	$1.5B	$834.0M	$1.3B	$573.0M	$332.0M
A Oct	$654.0M	$713.0M	$910.0M	$866.0M	$802.0M	$1.3B	$1.0B	$1.5B	$1.4B	$1.2B
DGX Dec	$823.0M	$923.0M	$817.0M	$843.0M	$1.6B	$1.8B	$1.3B	$864.0M	$909.0M	$1.4B
EW Dec	$528.3M	$832.6M	$688.0M	$928.5M	$647.3M	$1.4B	$973.6M	$642.8M	$289.9M	$1.3B
STE Mar	-	$251.2M	$292.2M	$349.8M	$376.0M	$450.4M	$397.2M	$395.0M	$613.0M	$778.0M
Peer median	$935.0M	$938.1M	$946.1M	$1.1B	$1.1B	$1.5B	$1.0B	$1.3B	$909.0M	$1.3B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ZTS Dec	10.2%	21.1%	24.9%	21.3%	25.1%	22.3%	16.4%	19.0%	24.8%	24.1%
BIIB Dec	34.7%	30.0%	40.3%	45.7%	28.3%	30.8%	11.2%	12.9%	28.1%	20.7%
ZBH Dec	18.9%	18.3%	20.0%	17.3%	17.8%	19.9%	16.8%	17.5%	16.9%	17.9%
SOLV Dec	-	-	-	-	-	-	17.6%	19.8%	9.8%	−0.1%
ISRG Dec	38.2%	30.4%	26.4%	26.2%	26.2%	30.6%	15.4%	10.5%	15.6%	24.7%
BAX Dec	9.2%	10.4%	12.2%	12.4%	9.9%	12.6%	8.3%	12.5%	5.4%	3.0%
A Oct	15.6%	15.9%	18.5%	16.8%	15.0%	20.5%	14.9%	21.6%	21.1%	16.6%
DGX Dec	11.4%	12.5%	10.8%	10.9%	16.8%	17.0%	13.3%	9.3%	9.2%	12.3%
EW Dec	17.8%	24.2%	18.5%	21.4%	14.8%	26.9%	21.8%	12.8%	5.3%	22.0%
STE Mar	-	9.6%	11.2%	12.6%	12.4%	14.5%	9.4%	8.7%	11.9%	14.3%
Peer median	17.8%	17.1%	18.5%	17.0%	15.9%	20.2%	14.9%	12.8%	11.9%	16.6%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ZTS Dec	55.2%	48.8%	65.4%	55.4%	43.5%	44.8%	48.0%	46.9%	52.1%	78.3%
BIIB Dec	30.5%	20.1%	34.0%	44.1%	37.4%	14.3%	22.7%	7.8%	9.8%	7.1%
ZBH Dec	3.2%	15.5%	−3.4%	9.1%	−1.1%	3.2%	1.9%	8.2%	7.2%	5.6%
SOLV Dec	-	-	-	-	-	-	11.4%	11.5%	16.2%	30.8%
ISRG Dec	12.8%	14.0%	16.9%	16.7%	10.9%	14.3%	12.0%	13.5%	14.1%	16.0%
BAX Dec	59.9%	6.6%	19.7%	12.7%	12.7%	14.1%	−41.7%	31.6%	−9.3%	−15.6%
A Oct	10.9%	14.2%	6.9%	22.6%	14.8%	22.5%	23.6%	21.2%	21.9%	19.3%
DGX Dec	13.9%	15.7%	14.1%	15.2%	21.2%	31.0%	16.1%	13.5%	12.9%	13.8%
EW Dec	21.7%	19.7%	23.0%	25.2%	18.0%	25.8%	26.2%	21.1%	41.8%	10.4%
STE Mar	-	3.9%	9.1%	9.6%	12.0%	10.2%	3.7%	1.8%	6.0%	9.3%
Peer median	13.9%	14.8%	15.5%	16.0%	13.7%	14.3%	12.0%	13.5%	12.9%	10.4%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ZTS Dec	3.00	2.80	2.95	2.38	1.91	1.45	1.79	1.31	1.38	2.65
BIIB Dec	0.54	0.47	0.46	0.33	0.69	0.58	0.47	0.46	0.27	0.34
ZBH Dec	1.16	0.86	0.79	0.66	0.67	0.08	0.47	0.46	0.50	0.59
SOLV Dec	-	-	-	-	-	-	-	0.00	2.71	1.00
ISRG Dec	-	-	-	-	-	-	-	-	-	-
BAX Dec	0.34	0.38	0.44	0.68	0.72	1.99	2.91	1.65	2.20	1.54
A Oct	0.44	0.41	0.39	0.51	0.48	0.51	0.52	0.47	0.57	0.50
DGX Dec	0.81	0.77	0.75	0.85	0.59	0.62	0.68	0.75	0.92	0.79
EW Dec	0.31	0.35	0.19	0.14	0.13	0.10	0.10	0.09	0.06	0.06
STE Mar	-	-	0.41	0.37	0.34	0.43	0.47	0.51	0.51	0.31
Peer median	0.49	0.44	0.44	0.51	0.59	0.51	0.47	0.47	0.54	0.54

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ZTS Dec	$1.65	$1.75	$2.93	$3.11	$3.42	$4.27	$4.49	$5.07	$5.47	$6.02
BIIB Dec	$16.93	$11.92	$21.58	$31.42	$24.80	$10.40	$20.87	$7.97	$11.18	$8.79
ZBH Dec	$1.51	$8.90	−$1.86	$5.47	−$0.67	$1.91	$1.10	$4.88	$4.43	$3.55
SOLV Dec	-	-	-	-	-	-	$7.78	$7.79	$2.76	$8.88
ISRG Dec	$2.09	$1.92	$3.16	$3.85	$2.94	$4.66	$3.65	$5.03	$6.42	$7.87
BAX Dec	$9.01	$1.08	$2.83	$1.93	$2.13	$2.53	−$4.83	$5.23	−$1.27	−$1.87
A Oct	$1.40	$2.10	$0.97	$3.37	$2.30	$3.94	$4.18	$4.19	$4.43	$4.57
DGX Dec	$4.51	$5.50	$5.29	$6.28	$10.47	$15.55	$7.97	$7.49	$7.69	$8.75
EW Dec	$0.87	$0.90	$1.13	$1.64	$1.30	$2.38	$2.44	$2.30	$6.97	$1.83
STE Mar	-	$1.28	$3.39	$3.55	$4.76	$4.63	$2.48	$1.07	$3.81	$6.20
Peer median	$2.09	$2.01	$3.00	$3.70	$2.62	$4.29	$3.65	$5.03	$4.43	$6.20

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out ZTS and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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