Tearsheet

Zoetis (ZTS)

Market Price (12/23/2025): $123.73 | Market Cap: $54.8 Bil
Sector: Health Care | Industry: Pharmaceuticals

Zoetis (ZTS)

Market Price (12/23/2025): $123.73
Market Cap: $54.8 Bil
Sector: Health Care
Industry: Pharmaceuticals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%	Weak multi-year price returns 2Y Excs Rtn is -81%, 3Y Excs Rtn is -91%	Key risks ZTS key risks include [1] intensifying competition threatening market share in its key companion animal franchises and [2] regulatory scrutiny and reputational challenges for specific products like Librela.
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 38%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%, CFO LTM is 2.9 Bil, FCF LTM is 2.2 Bil
3	Low stock price volatility Vol 12M is 29%
4	Megatrend and thematic drivers Megatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Advanced Diagnostics, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 38%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%, CFO LTM is 2.9 Bil, FCF LTM is 2.2 Bil
3	Low stock price volatility Vol 12M is 29%
4	Megatrend and thematic drivers Megatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Advanced Diagnostics, Show more.
5	Weak multi-year price returns 2Y Excs Rtn is -81%, 3Y Excs Rtn is -91%
6	Key risks ZTS key risks include [1] intensifying competition threatening market share in its key companion animal franchises and [2] regulatory scrutiny and reputational challenges for specific products like Librela.

Valuation, Metrics & Events

	12/23/25	2024	2023	2022	2021
Share Price CYE	$123.73	$160.79	$192.87	$141.92	$234.59
Market Cap CYE ($ Bil)	54.8	72.5	88.5	66.1	111.0
Total Debt ($ Bil)	7.3	6.7	6.8	8.1	6.7
Total Cash ($ Bil)	2.1	2.0	2.0	3.6	3.5
Enterprise Value ($ Bil)	60.0	79.2	95.3	74.2	117.7
Valuation Ratios
P/S TTM	5.8	8.0	10.7	8.5	14.9
P/EBIT TTM	15.4	22.0	28.7	23.9	42.7
P/E TTM	20.7	29.8	38.8	32.5	56.8
P/FCF TTM	24.5	32.2	56.2	51.8	66.7
Sector Ratios
P/S TTM (Sector)	4.3	3.5	3.9	4.5	7.1
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4	-1.3	-2.7
P/E TTM (Sector)	-1.7	-1.5	-1.5	-1.3	-2.8
P/FCF TTM (Sector)	-1.5	-1.4	-1.4	-1.5	-3.2

	12/23/25	2024	2023
Share Price CYE	$123.73	$160.79	$192.87
Market Cap CYE ($ Bil)	54.8	72.5	88.5
Total Debt ($ Bil)	7.3	6.7	6.8
Total Cash ($ Bil)	2.1	2.0	2.0
Enterprise Value ($ Bil)	60.0	79.2	95.3
Valuation Ratios
P/S TTM	5.8	8.0	10.7
P/EBIT TTM	15.4	22.0	28.7
P/E TTM	20.7	29.8	38.8
P/FCF TTM	24.5	32.2	56.2
Sector Ratios
P/S TTM (Sector)	4.3	3.5	3.9
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4
P/E TTM (Sector)	-1.7	-1.5	-1.5
P/FCF TTM (Sector)	-1.5	-1.4	-1.4

	ZTS	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	9.4
Rev Chg Q	0.5%	7.3%
Rev Chg LTM	2.7%	6.1%
Rev Chg 3Y Avg	5.5%	5.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	3.5
CFO LTM ($ Bil)	2.9
Net Inc LTM ($ Bil)	2.7
Op Mgn LTM	37.6%	18.8%
CFO/Rev LTM	31.0%	20.4%
Net Inc Mgn	28.2%	13.1%
VALUATION	MODERATE
P/S	5.8	3.2
P/CFO	18.8	15.7
P/FCF	24.5	20.7
P/E	20.7	23.5
STABILITY	VERY GOOD
Debt/Equity	0.13	0.21
Cash/Assets	0.14	0.07

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Metric	Value	Date	Source
Organic Operational Revenue Growth	5.5% to 6.5% (full-year 2025 guidance)	11042025	Link
Number of Employees	approximately 13,800	2132025	Link
Annual Geographic Expansions	more than 100	12312024	Link
Annual Product Enhancements	nearly 20	12312024	Link
Companion Animal Revenue Percentage of Total Revenue	nearly 65%	11042025	Link
Production Animal Revenue Percentage of Total Revenue	roughly 35%	11042025	Link
Annual Colleague Volunteer Hours	more than 20,000	12312024	Link
Pet Owners Reached Through Community Programs	approximately 322,000	12312024	Link
Animals Affected by Disasters Reached	approximately 428,000	12312024	Link

Upcoming
1/20/2026	Dividend	Amount: $0.53 Payment On: 3/03/2026
2/12/2026	Earnings Release	Rev: - EPS: -

ZTS Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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I cannot provide specific key points for the stock movement of Zoetis (ZTS) for the period between August 31, 2025, and December 23, 2025. This request pertains to a future time frame, and I do not have access to future market data or news events. Show more

Stock Movement Drivers

Fundamental Drivers

The -14.1% change in ZTS stock from 9/22/2025 to 12/22/2025 was primarily driven by a -15.8% change in the company's P/E Multiple.

	9222025	12222025	Change
Stock Price ($)	144.15	123.78	-14.13%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	9385.00	9397.00	0.13%
Net Income Margin (%)	27.83%	28.21%	1.36%
P/E Multiple	24.56	20.68	-15.81%
Shares Outstanding (Mil)	445.10	442.90	0.49%
Cumulative Contribution			-14.13%

LTM = Last Twelve Months as of date shown

Market Drivers

9/22/2025 to 12/22/2025

	Return	Correlation
ZTS	-14.1%
Market (SPY)	2.7%	35.9%
Sector (XLV)	13.7%	32.5%

Fundamental Drivers

The -20.8% change in ZTS stock from 6/23/2025 to 12/22/2025 was primarily driven by a -25.6% change in the company's P/E Multiple.

	6232025	12222025	Change
Stock Price ($)	156.27	123.78	-20.79%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	9286.00	9397.00	1.20%
Net Income Margin (%)	27.12%	28.21%	4.04%
P/E Multiple	27.78	20.68	-25.56%
Shares Outstanding (Mil)	447.60	442.90	1.05%
Cumulative Contribution			-20.80%

LTM = Last Twelve Months as of date shown

Market Drivers

6/23/2025 to 12/22/2025

	Return	Correlation
ZTS	-20.8%
Market (SPY)	14.4%	32.4%
Sector (XLV)	18.0%	40.5%

Fundamental Drivers

The -23.9% change in ZTS stock from 12/22/2024 to 12/22/2025 was primarily driven by a -31.8% change in the company's P/E Multiple.

	12222024	12222025	Change
Stock Price ($)	162.68	123.78	-23.91%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	9152.00	9397.00	2.68%
Net Income Margin (%)	26.55%	28.21%	6.25%
P/E Multiple	30.32	20.68	-31.79%
Shares Outstanding (Mil)	452.90	442.90	2.21%
Cumulative Contribution			-23.95%

LTM = Last Twelve Months as of date shown

Market Drivers

12/22/2024 to 12/22/2025

	Return	Correlation
ZTS	-23.9%
Market (SPY)	16.9%	41.3%
Sector (XLV)	14.5%	55.9%

Fundamental Drivers

The -12.3% change in ZTS stock from 12/23/2022 to 12/22/2025 was primarily driven by a -35.3% change in the company's P/E Multiple.

	12232022	12222025	Change
Stock Price ($)	141.15	123.78	-12.31%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	8007.00	9397.00	17.36%
Net Income Margin (%)	25.81%	28.21%	9.28%
P/E Multiple	31.94	20.68	-35.26%
Shares Outstanding (Mil)	467.80	442.90	5.32%
Cumulative Contribution			-12.55%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2023 to 12/22/2025

	Return	Correlation
ZTS	-35.0%
Market (SPY)	47.7%	37.3%
Sector (XLV)	18.4%	50.4%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
ZTS Return	26%	48%	-40%	36%	-17%	-24%	-3%
Peers Return	17%	8%	-19%	12%	9%	60%	99%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	113%
Monthly Win Rates [3]
ZTS Win Rate	67%	83%	33%	67%	50%	25%
Peers Win Rate	58%	54%	44%	50%	48%	54%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
ZTS Max Drawdown	-30%	-13%	-46%	-1%	-26%	-28%
Peers Max Drawdown	-33%	-7%	-38%	-18%	-17%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: ELAN, IDXX, MRK, PAHC. See ZTS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)

How Low Can It Go

Unique Key	Event	ZTS	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-46.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	88.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-36.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	56.4%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	119 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-16.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	20.2%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	53 days	120 days

Compare to MRK, IDXX, ELAN, PAHC, LHI

In The Past

Zoetis's stock fell -46.9% during the 2022 Inflation Shock from a high on 12/29/2021. A -46.9% loss requires a 88.4% gain to breakeven.

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About Zoetis (ZTS)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Zoetis Inc. discovers, develops, manufactures, and commercializes animal health medicines, vaccines, and diagnostic products in the United States and internationally. It commercializes products primarily across species, including livestock, such as cattle, swine, poultry, fish, and sheep; and companion animals comprising dogs, cats, and horses. The company also offers vaccines, which are biological preparations to prevent diseases of the respiratory, gastrointestinal, and reproductive tracts or induce a specific immune response; anti-infectives that prevent, kill, or slow the growth of bacteria, fungi, or protozoa; and parasiticides that prevent or eliminate external and internal parasites, which include fleas, ticks, and worms. It also provides other pharmaceutical products that comprise pain and sedation, antiemetic, reproductive, and oncology products; dermatology products for itch associated with allergic conditions and atopic dermatitis; and medicated feed additives, which offer medicines to livestock. In addition, the company provides portable blood and urine analysis testing, including point-of-care diagnostic products, instruments and reagents, rapid immunoassay tests, reference laboratory kits and services, and blood glucose monitors; and other non-pharmaceutical products, including nutritionals and agribusiness services, as well as products and services in areas, such as biodevices, genetics tests, and precision animal health. It markets its products to veterinarians, livestock producers, and retail outlets, as well as third-party veterinary distributors through its sales representatives, and technical and veterinary operations specialists. The company was founded in 1952 and is headquartered in Parsippany, New Jersey.

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1-3 brief analogies to describe Zoetis (ZTS):

Pfizer for animals
Merck & Co. for the animal health market
Eli Lilly for pets and livestock

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Vaccines: Preventative medicines that stimulate an animal's immune system to protect against infectious diseases.
Parasiticides: Products designed to treat and control internal and external parasites in animals.
Anti-infectives: Medications used to treat bacterial, fungal, and viral infections in animals.
Other Pharmaceutical Products: A broad category encompassing various specialized medicines for pain management, dermatology, oncology, and other therapeutic areas in animals.
Diagnostic Products: Instruments, reagents, and services that aid in the detection, monitoring, and management of animal diseases.

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Zoetis (symbol: ZTS) primarily sells its products to other companies rather than directly to individual consumers. Its major customers are businesses within the animal health and agriculture sectors. The major customer companies and categories include:

**Animal Health Distributors:** These companies act as intermediaries, purchasing products from Zoetis and then distributing them to veterinary practices, livestock producers, and other retailers. Major public companies in this space that would be Zoetis's customers include:
- **Patterson Companies Inc. (PSX)**
- **Cencora (COR)** (formerly AmerisourceBergen, through its Animal Health segment)
- **Covetrus (CVET)**
**Veterinary Practices and Clinics:** Zoetis sells directly to thousands of veterinary clinics and hospitals globally, which are businesses that use and dispense Zoetis's medicines, vaccines, and diagnostics for companion animals and livestock.
**Livestock Producers and Farmers:** Zoetis supplies products directly to agricultural businesses, ranging from individual farms to large corporate livestock operations, for the health and productivity of their animals.

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Kristin Peck, Chief Executive Officer

Kristin Peck became Chief Executive Officer of Zoetis in January 2020. She joined Zoetis in October 2012 as Executive Vice President and Group President, playing a key role in the company's growth and its Initial Public Offering (IPO) in 2013. Before joining Zoetis, Ms. Peck served as Executive Vice President, Worldwide Business Development and Innovation at Pfizer Inc., where she was responsible for evaluating strategic alternatives for Pfizer's Animal Health and Nutrition businesses, which ultimately led to the spin-off of Zoetis. Prior to Pfizer, she held roles in private equity and real estate finance at The Prudential Realty Group, The O'Connor Group, and J.P. Morgan, as well as at The Boston Consulting Group (BCG).

Wetteny Joseph, Executive Vice President and Chief Financial Officer

Wetteny Joseph joined Zoetis as Executive Vice President and Chief Financial Officer in June 2021. In this role, he oversees financial management, planning, operations, and indirect procurement. He also has oversight of the company's Human Health Diagnostics business. Before Zoetis, Mr. Joseph spent 13 years in executive positions at Catalent, a global leader in pharmaceuticals, biologics, and consumer health products, where he served as Senior Vice President and CFO from 2018. At Catalent, he drove financial growth through acquisitions and organic capital deployment. His career at Catalent began in 2008 as Corporate Controller, and he later became President of the Clinical Supply Services business. Earlier in his career, he held senior financial positions at HD Supply, including CFO for its plumbing and HVAC business unit, and was Corporate Controller for Hughes Supply, a company later acquired by Home Depot and became part of HD Supply. He also worked for six years at PricewaterhouseCoopers as an auditor and strategic financial advisor.

Nick Ashton, Executive Vice President and President, Global Manufacturing and Supply

Nick Ashton serves as Executive Vice President and President, Global Manufacturing and Supply at Zoetis.

Jamie Brannan, Executive Vice President and Chief Commercial Officer

Jamie Brannan is the Executive Vice President and Chief Commercial Officer at Zoetis.

Robert Polzer, Executive Vice President and President, Research and Development

Robert Polzer is the Executive Vice President and President, Research and Development at Zoetis.

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Zoetis (ZTS) faces several key business risks, primarily stemming from market competition and regulatory challenges.

The most significant risk to Zoetis is **intensifying competition and potential market share erosion**, particularly within its key companion animal franchises like parasiticides and dermatology. This competition has reportedly impacted organic growth, with the U.S. Companion Animal organic growth showing a slowdown in Q3 2025. Analysts have downgraded Zoetis' stock due to these growing competitive pressures, which have materialized in the company's financial results. The increased competition from companies such as IDEXX and Elanco in vaccines and diagnostics further threatens Zoetis' market share.

Another major risk is **regulatory scrutiny and product-specific challenges**, highlighted by concerns surrounding the safety and efficacy of new drugs such as Librela. The FDA has issued warnings regarding Librela, posing regulatory and reputational risks that could affect consumer trust and adoption rates. Ongoing litigation and regulatory scrutiny for products like Librela have contributed to short-term volatility in the company's stock and could negatively impact financial performance.

Finally, **macroeconomic and global political conditions** present a broad risk to Zoetis' operations. The company is susceptible to global economic fluctuations, including inflation, supply chain disruptions, and trade tensions, which can impact its cost structure and international profitability. Economic slowdowns, changes in consumer spending on pet care, and volatility in livestock markets can lead to soft demand and operational challenges, particularly in international markets like China.

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The rise of cultured meat (cellular agriculture) and other alternative protein technologies poses a clear emerging threat to Zoetis.

As these technologies scale and gain market acceptance, they have the potential to significantly reduce the global demand for traditionally farmed livestock, thereby shrinking a core market for Zoetis's pharmaceuticals, vaccines, and diagnostic products for cattle, swine, poultry, and fish.

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Zoetis (symbol: ZTS) operates within the global animal health market, which was valued at approximately USD 63.3 billion in 2023 and is projected to grow to USD 119.34 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.3% from 2025 to 2032. Other estimates place the global animal health market at USD 60–70 billion in 2023, with projections reaching USD 75–90 billion by 2028 and up to USD 110 billion by 2033. Another report forecasts the global animal health market to reach USD 112.33 billion by 2030, with a CAGR of 10.46% from 2025 to 2030.

The company's main products and services primarily target two major segments: companion animals and livestock.

Companion Animal Health Market: This market encompasses products such as parasiticides, vaccines, dermatology treatments, anti-infectives, and pain and sedation products for pets like dogs, cats, and horses. The global companion animal health market was estimated at USD 23.08 billion in 2023 and is projected to reach USD 42.50 billion by 2030, growing at a CAGR of 9.3% from 2024 to 2030. Another assessment indicates the global companion animal health market size was USD 25.28 billion in 2024, grew to USD 27.64 billion in 2025, and is projected to reach approximately USD 61.74 billion by 2034, with a CAGR of 9.34% between 2025 and 2034. North America held the largest share of this market, accounting for 35.82% in 2023 and 37% in 2024. Zoetis holds a significant position within this segment, with a 25% market share in companion animal health. Within the companion animal health market, the companion animal drugs segment alone was valued at USD 25.6 billion globally in 2024 and is expected to reach USD 49.8 billion by 2034, growing at a CAGR of 6.8% from 2025 to 2034. The drugs segment, a major component of this market, recorded revenues of USD 13.8 billion in 2024.
Livestock Drug Market: Zoetis also serves the livestock sector, providing products for cattle, swine, poultry, fish, and sheep. The global livestock drug market was valued at USD 7 billion and is projected to reach USD 10.5 billion by 2030, growing at a CAGR of 6.2%.

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Zoetis (ZTS) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market dynamics:

Continued Innovation and New Product Launches: Zoetis maintains a robust pipeline and is expected to continue launching innovative products, particularly within its high-growth franchises. Key drivers include the osteoarthritis pain franchise, with products like Librela for dogs and Solensia for cats, which are projected to reach $1 billion in annual sales. The Simparica franchise, focusing on parasiticides, is also a significant growth engine, with the triple combination treatments market expected to expand. Furthermore, the dermatology franchise, featuring products like Apoquel and Cytopoint, continues to show strong performance and market expansion. The company has over 130 innovations planned for 2025.
Global Market Expansion, Especially in Emerging Markets: Zoetis is actively expanding its presence internationally, investing in infrastructure and operations in key emerging regions like India. This strategy aims to capitalize on rising disposable incomes and increasing global demand for quality pet care and animal protein. The International segment has already demonstrated robust performance, contributing significantly to revenue growth.
Growth in the Companion Animal Segment: The increasing trend of pet ownership and higher spending on pet care globally are significant tailwinds for Zoetis. The company's diverse portfolio of companion animal products, including those for pain management, parasiticides, and dermatology, positions it well to capture this growing market.
Strength and Expansion in the Livestock Segment: The livestock segment has shown consistent and strong organic operational revenue growth, driven by resilient market demand for animal protein and effective vaccine-led growth strategies. Zoetis's focus on developing solutions for cattle, swine, poultry, and fish globally helps meet the evolving needs of producers and contributes to sustainable growth.
Strategic Portfolio Management and Partnerships: Zoetis is refining its focus on high-growth areas through strategic divestitures, such as the sale of its Medicated Feed Additive (MFA) business in late 2024, to concentrate on preventatives, antibiotic alternatives, and genetic innovations. Additionally, strategic partnerships, like the collaboration with Danone on sustainable dairy farming, enhance its offerings and market reach.

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Share Repurchases

In August 2024, Zoetis authorized a new multi-year share repurchase program of up to $6 billion, representing its largest program to date.
The company repurchased $1.86 billion in shares in 2024 and $1.169 billion year-to-date through the third quarter of 2025.
The previous $3.5 billion share repurchase program, authorized in December 2021, was expected to be completed in 2024.

Share Issuance

Zoetis's shares outstanding have shown a consistent decline, decreasing by 1.73% in 2023 from 2022, 1.61% in 2024 from 2023, and 2.27% in the third quarter of 2025 year-over-year, indicating that share repurchases have outweighed issuances.
Share issuances are primarily associated with the exercise of employee share-based awards.

Outbound Investments

Zoetis has actively pursued tuck-in acquisitions to expand its product portfolio, with notable acquisitions including Virtual Recall (2020), Ethos Diagnostic Science (2020), Fish Vet Group (2020), Jurox (2021), Basepaws (2022), NewMetrica (2022), adivo (2023), and PetMedix (2023).
In 2020, Zoetis invested approximately $1 billion internally and externally, including for business development activities, to support future growth.

Capital Expenditures

Capital expenditures were $732 million in 2023 and $655 million in 2024.
Expected capital expenditures for 2025 are approximately $660.6 million.
Zoetis made significant investments to increase supply chain capabilities and capacity, support future growth in its portfolio (especially monoclonal antibodies), and expand manufacturing sites, such as the A$350 million investment in its Victoria, Australia site and the purchase of a new site in Atlanta, Georgia.

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AMGN (11.2% | 5.0x)

Amgen

SYK (10.8% | 5.6x)

Stryker

HCA (6.6% | 1.6x)

HCA Healthcare

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ZTS: 5.5% | 15.5x)

UNH (11.4% | 11.2x)

UnitedHealth

HCA (6.6% | 10.2x)

HCA Healthcare

CVS (7.7% | 9.2x)

CVS Health

UTHR (19.0% | 14.8x)

United Therapeutics

UHS (8.7% | 7.3x)

Universal Health Services

Higher Rev Chg LTM (Value for ZTS: 2.7%)

LLY (36.8%)

Eli Lilly

UNH (10.5%)

UnitedHealth

ABBV (7.4%)

AbbVie

ABT (6.4%)

Abbott Laboratories

JNJ (5.1%)

Johnson & Johnson

Higher Rev Chg 3Y Avg (Value for ZTS: 5.5%)

LLY (23.4%)

Eli Lilly

ISRG (16.3%)

Intuitive Surgical

UNH (11.4%)

UnitedHealth

AMGN (11.2%)

Amgen

JNJ (6.1%)

Johnson & Johnson

Higher Op Mgn LTM (Value for ZTS: 37.6%)

RPRX (65.2%)

Royalty Pharma

UTHR (48.7%)

United Therapeutics

LLY (43.0%)

Eli Lilly

DOCS (39.7%)

Doximity

GILD (38.3%)

Gilead Sciences

Higher CFO/Rev LTM (Value for ZTS: 31.0%)

AMGN (36.5%)

Amgen

ABBV (35.0%)

AbbVie

BMY (34.6%)

Bristol-Myers Squibb

GILD (33.2%)

Gilead Sciences

VRTX (31.7%)

Vertex Pharmaceuticals

Higher FCF/Rev LTM (Value for ZTS: 23.8%)

ABBV (33.0%)

AbbVie

AMGN (32.1%)

Amgen

BMY (31.9%)

Bristol-Myers Squibb

GILD (31.5%)

Gilead Sciences

VRTX (28.5%)

Vertex Pharmaceuticals

Higher Total Yield (Value for ZTS: 6.4%)

MRK (10.4%)

Merck

UNH (8.6%)

UnitedHealth

ABT (8.3%)

Abbott Laboratories

JNJ (7.5%)

Johnson & Johnson

AMGN (6.8%)

Amgen

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ZTS: 5.5% | 5.8x)

AMZN (11.3% | 3.6x)

Amazon.com

BRK-B (19.8% | 2.7x)

Berkshire Hathaway

JPM (13.4% | 5.0x)

JPMorgan Chase

COST (6.7% | 1.3x)

Costco Wholesale

MS (7.6% | 4.4x)

Morgan Stanley

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ZTS: 5.5% | 15.5x)

NEM (23.9% | 12.3x)

Newmont

ENB (8.6% | 9.1x)

Enbridge

MMC (8.3% | 14.8x)

Marsh & McLennan Companies

APO (89.3% | 10.9x)

Apollo Asset Management

GM (8.6% | 9.7x)

General Motors

Higher Rev Chg LTM (Value for ZTS: 2.7%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for ZTS: 5.5%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for ZTS: 37.6%)

NVDA (58.8%)

NVIDIA

MA (58.3%)

Mastercard

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

AVGO (40.8%)

Broadcom

Higher CFO/Rev LTM (Value for ZTS: 31.0%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

GOOGL (39.3%)

Alphabet

Higher FCF/Rev LTM (Value for ZTS: 23.8%)

MA (52.5%)

Mastercard

PLTR (46.0%)

Palantir Technologies

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

Higher Total Yield (Value for ZTS: 6.4%)

XOM (9.3%)

Exxon Mobil

KO (7.1%)

Coca-Cola

BAC (7.1%)

Bank of America

HD (6.9%)

Home Depot

JPM (6.5%)

JPMorgan Chase

		Best Bets In Health Care Sector
	ZTS	RPRX	HALO	DOCS	CPRX	HRMY	LGND	ISRG	GMED	MD	HIMS
What You Pay
P/E	20.7	21.9	13.4	33.4	13.7	12.0	79.8	75.3	28.4	11.5	59.3
P/EBIT	15.5	10.6	10.5	34.2	11.5	9.1	58.0	73.4	27.7	7.7	69.0
What You Get
Rev Chg Q	0.5%	7.9%	22.1%	23.2%	15.3%	28.7%	122.8%	22.9%	22.9%	-3.6%	49.2%
Rev Chg LTM	2.7%	3.7%	31.2%	20.2%	25.6%	21.1%	64.8%	22.2%	11.7%	-4.2%	78.0%
Rev Chg 3Y Avg	5.5%	1.5%	29.0%	17.4%	46.5%	27.4%	16.0%	16.3%	45.6%	-0.5%	71.0%
FCF/Rev 3Y Avg	22.3%	115.2%	45.0%	42.7%	34.2%	33.2%	23.9%	16.5%	14.3%	8.9%	6.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Zoetis Earnings Notes
2	Is Zoetis Stock Poised for a Rally?	Actionable
3	ZTS at 24% Discount, Worth Buying?	Actionable
4	Time To Buy Zoetis Stock?	Buy or Fear
5	ZTS Pricing Powerhouse Now 30% Cheaper - Buy?	Actionable
6	How Low Can Zoetis Stock Really Go?	Return
7	ZTS At Support Zone: Bargain or Bear Trap?	Actionable
8	Zoetis vs United Therapeutics: Which Is A Better Investment?	Counter-Intuitive Comparisons
9	Better Bet Than ZTS Stock: Pay Less Than Zoetis To Get More From ADBE, MU
10	Better Bet Than ZTS Stock: Pay Less Than Zoetis To Get More From MCK, COO

	Title
0	ARTICLES

Trade Ideas

Select ideas related to ZTS. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	21.0%	21.0%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-8.8%	-8.8%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	11.5%	11.5%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	2.7%	2.7%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	13.8%	13.8%	-5.1%
ZTS_11072025_Dip_Buyer_ValueBuy	11072025	ZTS	Zoetis	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	2.9%	2.9%	-3.7%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ADEA	Adeia	1.8	30.5%	21.0%
AAOI	Applied Optoelectronics	2.5	24.8%	6.1%
QBTS	D-Wave Quantum	11.0	20.0%	283.2%
ZBIO	Zenas BioPharma	1.8	17.1%	416.8%
UNF	UniFirst	3.6	16.1%	16.4%
FLY	Firefly Aerospace	4.0	16.0%
UAMY	United States Antimony	0.7	16.0%	215.8%
RZLT	Rezolute	0.2	15.8%	-58.2%
RCAT	Red Cat	0.8	14.5%	-28.2%
KURA	Kura Oncology	1.0	14.5%	29.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TPL	Texas Pacific Land	7.0	-66.3%	-72.5%
EWTX	Edgewise Therapeutics	2.2	-18.0%	-21.6%
DJT	Trump Media & Technology	4.0	-10.4%	-57.7%
AVO	Mission Produce	0.8	-9.7%	-17.0%
GTN-A	Gray Media	1.0	-8.0%	43.1%
ANGX	Angel Studios	0.8	-8.0%
DDS	Dillard's	9.6	-7.7%	48.3%
NKTR	Nektar Therapeutics	0.6	-7.2%	211.7%
MPLT	MapLight Therapeutics	0.8	-6.7%
TLRY	Tilray Brands	11.0	-6.6%	-21.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LUNR	Intuitive Machines	2.0	50.1%	-8.1%
FBYD	Falcons Beyond Global	0.7	46.4%	129.2%
TE	T1 Energy	1.1	44.3%
HUT	Hut 8	5.3	42.2%	145.9%
FLY	Firefly Aerospace	4.0	40.5%
RKLB	Rocket Lab	39.9	40.0%	204.5%
DJT	Trump Media & Technology	4.0	37.8%	-57.7%
QBTS	D-Wave Quantum	11.0	35.6%	283.2%
EEX	Emerald	0.9	34.2%	-0.1%
AAOI	Applied Optoelectronics	2.5	30.8%	6.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-79.5%	-26.1%
TPL	Texas Pacific Land	7.0	-63.9%	-72.5%
LW	Lamb Weston	6.0	-28.0%	-34.3%
OLMA	Olema Pharmaceuticals	2.4	-21.4%	383.4%
FDMT	4D Molecular Therapeutics	0.5	-20.5%	56.4%
NKTR	Nektar Therapeutics	0.6	-18.4%	211.7%
INSP	Inspire Medical Systems	2.9	-17.9%	-47.2%
PLAY	Dave & Buster's Entertainment	0.6	-17.9%	-45.0%
NKE	Nike	84.5	-15.6%	-22.6%
HPP	Hudson Pacific Properties	4.6	-14.9%	-51.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TE	T1 Energy	1.1	168.4%
WVE	WAVE Life Sciences	2.9	166.0%	45.3%
LUNR	Intuitive Machines	2.0	107.3%	-8.1%
AAOI	Applied Optoelectronics	2.5	100.6%	6.1%
RKLB	Rocket Lab	39.9	96.4%	204.5%
VERA	Vera Therapeutics	3.4	93.0%	27.2%
ANF	Abercrombie & Fitch	5.9	83.9%	-16.6%
PL	Planet Labs PBC	6.3	83.4%	409.9%
ARWR	Arrowhead Pharmaceuticals	9.6	81.1%	267.0%
FTRE	Fortrea	1.6	76.2%	-5.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.2	-78.8%	-58.2%
TPL	Texas Pacific Land	7.0	-65.7%	-72.5%
JANX	Janux Therapeutics	0.9	-50.7%	-73.7%
FRMI	Fermi	6.2	-42.4%
LENZ	LENZ Therapeutics	0.5	-36.4%	-39.0%
GOGO	Gogo	0.6	-30.3%	-41.9%
UP	Wheels Up Experience	0.4	-27.4%	-62.1%
ACLX	Arcellx	3.7	-27.2%	-15.0%
ORIC	ORIC Pharmaceuticals	0.7	-26.8%	4.1%
KOS	Kosmos Energy	0.5	-26.5%	-71.8%

Peer Comparisons for Zoetis

Peers to compare with:

Financials

	ZTS	ELAN	IDXX	MRK	PAHC	Median
Name	Zoetis	Elanco A.	IDEXX La.	Merck	Phibro A.
Mkt Price	123.78	22.30	702.12	104.72	37.83	104.72
Mkt Cap	54.8	11.1	56.2	261.3	1.5	54.8
Rev LTM	9,397	4,591	4,167	64,235	1,400	4,591
Op Inc LTM	3,536	241	1,306	22,391	144	1,306
FCF LTM	2,240	354	940	13,049	34	940
FCF 3Y Avg	2,013	223	804	13,685	26	804
CFO LTM	2,916	629	1,088	17,065	77	1,088
CFO 3Y Avg	2,686	426	945	17,506	67	945

Growth & Margins

	ZTS	ELAN	IDXX	MRK	PAHC	Median
Name	Zoetis	Elanco A.	IDEXX La.	Merck	Phibro A.
Rev Chg LTM	2.7%	3.1%	8.4%	1.7%	33.7%	3.1%
Rev Chg 3Y Avg	5.5%	0.4%	7.7%	2.9%	14.2%	5.5%
Rev Chg Q	0.5%	10.4%	13.3%	3.7%	39.7%	10.4%
QoQ Delta Rev Chg LTM	0.1%	2.4%	3.2%	1.0%	8.0%	2.4%
Op Mgn LTM	37.6%	5.2%	31.3%	34.9%	10.3%	31.3%
Op Mgn 3Y Avg	36.8%	6.2%	30.1%	23.7%	7.7%	23.7%
QoQ Delta Op Mgn LTM	0.1%	0.6%	0.3%	3.7%	1.8%	0.6%
CFO/Rev LTM	31.0%	13.7%	26.1%	26.6%	5.5%	26.1%
CFO/Rev 3Y Avg	29.8%	9.4%	24.4%	28.2%	5.9%	24.4%
FCF/Rev LTM	23.8%	7.7%	22.6%	20.3%	2.4%	20.3%
FCF/Rev 3Y Avg	22.3%	4.9%	20.7%	22.0%	2.3%	20.7%

Valuation

	ZTS	ELAN	IDXX	MRK	PAHC	Median
Name	Zoetis	Elanco A.	IDEXX La.	Merck	Phibro A.
Mkt Cap	54.8	11.1	56.2	261.3	1.5	54.8
P/S	5.8	2.4	13.5	4.1	1.1	4.1
P/EBIT	15.5	65.2	42.9	11.3	11.5	15.5
P/E	20.7	307.7	54.7	13.7	22.6	22.6
P/CFO	18.8	17.6	51.7	15.3	20.0	18.8
Total Yield	6.4%	0.3%	1.8%	10.4%	5.7%	5.7%
Dividend Yield	1.6%	0.0%	0.0%	3.1%	1.3%	1.3%
FCF Yield 3Y Avg	2.6%	2.5%	1.9%	5.5%	2.4%	2.5%
D/E	0.1	0.4	0.0	0.2	0.5	0.2
Net D/E	0.1	0.3	0.0	0.1	0.5	0.1

Returns

	ZTS	ELAN	IDXX	MRK	PAHC	Median
Name	Zoetis	Elanco A.	IDEXX La.	Merck	Phibro A.
1M Rtn	1.4%	0.2%	-3.3%	8.0%	-8.9%	0.2%
3M Rtn	-14.1%	17.2%	9.0%	31.4%	-1.2%	9.0%
6M Rtn	-20.8%	67.0%	33.8%	33.1%	55.6%	33.8%
12M Rtn	-23.9%	91.7%	70.3%	10.8%	77.2%	70.3%
3Y Rtn	-12.3%	90.4%	71.0%	2.6%	194.7%	71.0%
1M Excs Rtn	1.6%	-0.2%	-3.3%	6.0%	-12.2%	-0.2%
3M Excs Rtn	-16.2%	17.0%	5.0%	28.8%	-4.6%	5.0%
6M Excs Rtn	-33.9%	52.2%	19.4%	19.9%	40.7%	19.9%
12M Excs Rtn	-42.0%	73.0%	53.8%	-6.6%	63.6%	53.8%
3Y Excs Rtn	-90.6%	5.9%	-7.5%	-71.9%	139.7%	-7.5%

Comparison Analyses

	Title
0	Zoetis vs. Phibro Animal Health: With Return Forecast Of 15%, Zoetis Is A Better Bet
1	ZTS Looks Stronger Than MRK With 23% Return Potential
2	Zoetis vs. Stryker: Both Seem Similar Bets
3	Zoetis vs. Intuit: With Return Forecast Of 34%, Intuit Is A Better Bet
4	Zoetis vs. Booking Holdings: With Return Forecast Of 37%, Booking Holdings Is A Better Bet
5	Zoetis vs. KLA Tencor: Similar Revenue, But KLA Tencor Is A Better Bet
6	Zoetis vs. Constellation Brands: Similar Revenue, But Zoetis Is A Better Bet
7	Zoetis vs. Vertex Pharmaceuticals: Similar Revenue, But Vertex Pharmaceuticals Is A Better Bet
8	Zoetis vs. Estee Lauder: Similar Market Cap, But Estee Lauder Is A Better Bet
9	Zoetis vs. Target: Similar Market Cap, But Zoetis Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/4/2025	2/13/2025	2/13/2024	2/14/2023	2/15/2022	2/16/2021	2/13/2020
Key Financials
Total Revenue	9,397	9,256	8,544	8,080	7,776	6,675	6,260
EBITDA	4,036	3,855	3,666	3,342	3,160	2,668	2,436
Operating Income	3,536	3,392	3,069	2,928	2,803	2,269	2,018
Net Income	2,651	2,486	2,344	2,114	2,037	1,638	1,500
EPS	5.94	5.47	5.08	4.51	4.29	3.44	3.14
Growth Rates
Total Revenue Growth	2.7%	8.3%	5.7%	3.9%	16.5%	6.6%	7.5%
EBITDA Growth	6.7%	5.2%	9.7%	5.8%	18.4%	9.5%	10.5%
Operating Income Growth	6.0%	10.5%	4.8%	4.5%	23.5%	12.4%	7.3%
Net Income Growth	9.1%	6.1%	10.9%	3.8%	24.4%	9.2%	5.0%
Margins
EBITDA Margin	42.9%	41.6%	42.9%	41.4%	40.6%	40.0%	38.9%
Operating Income Margin	37.6%	36.6%	35.9%	36.2%	36.0%	34.0%	32.2%
Net Income Margin	28.2%	26.9%	27.4%	26.2%	26.2%	24.5%	24.0%
Cash & Debt
Total Cash	2,080	1,985	2,039	3,577	3,482	3,602	1,932
Total Debt	7,273	6,744	6,755	8,090	6,743	7,362	6,611
Net Debt / (Cash)	5,193	4,759	4,716	4,513	3,261	3,760	4,679
Cash Flows
Net Cash from Operations	2,916	2,953	2,353	1,912	2,213	2,126	1,795
Free Cash from Operations	2,240	2,298	1,621	1,326	1,736	1,673	1,335
Returns to Shareholders
Dividends	863	786	692	611	474	380	314
Share Repurchases	1,728	1,858	1,092	1,594	743	250	626

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/4/2025	8/5/2025	5/6/2025	2/13/2025	11/4/2024	8/6/2024	5/2/2024	2/13/2024	11/2/2023	8/8/2023	5/4/2023	2/14/2023
Key Financials Quarterly
Total Revenue	2,400	2,460	2,220	2,317	2,388	2,361	2,190	2,213	2,151	2,180	2,000	2,040
Ebitda	1,069	1,078	983	906	1,052	966	931	835	900	1,051	880	773
Operating Income	936	989	846	765	920	906	801	709	798	834	728	690
Net Income	721	718	631	581	682	624	599	525	596	671	552	461
EPS	1.63	1.61	1.41	1.29	1.51	1.37	1.31	1.14	1.29	1.45	1.19	0.99
Key Financials TTM
Total Revenue TTM	9,397	9,385	9,286	9,256	9,152	8,915	8,734	8,544	8,371	8,222	8,094	8,080
Ebitda TTM	4,036	4,019	3,907	3,855	3,784	3,632	3,717	3,666	3,604	3,539	3,328	3,342
Operating Income TTM	3,536	3,520	3,437	3,392	3,336	3,214	3,142	3,069	3,050	2,975	2,867	2,928
Net Income TTM	2,651	2,612	2,518	2,486	2,430	2,344	2,391	2,344	2,280	2,213	2,071	2,114
Growth Rates Quarterly
Total Revenue Growth	0.5%	4.2%	1.4%	4.7%	11.0%	8.3%	9.5%	8.5%	7.4%	6.2%	0.7%	3.7%
EBITDA Growth	1.6%	11.6%	5.6%	8.5%	16.9%	-8.1%	5.8%	8.0%	7.8%	25.1%	-1.6%	14.2%
Operating Income Growth	1.7%	9.2%	5.6%	7.9%	15.3%	8.6%	10.0%	2.8%	10.4%	14.9%	-7.7%	15.8%
Net Income Growth	5.7%	15.1%	5.3%	10.7%	14.4%	-7.0%	8.5%	13.9%	12.7%	26.8%	-7.2%	11.4%
Margins Quarterly
EBITDA Margin	44.5%	43.8%	44.3%	39.1%	44.1%	40.9%	42.5%	37.7%	41.8%	48.2%	44.0%	37.9%
Operating Income Margin	39.0%	40.2%	38.1%	33.0%	38.5%	38.4%	36.6%	32.0%	37.1%	38.3%	36.4%	33.8%
Net Income Margin	30.0%	29.2%	28.4%	25.1%	28.6%	26.4%	27.4%	23.7%	27.7%	30.8%	27.6%	22.6%
Cash & Debt
Total Cash	2,080	1,435	1,720	1,985	1,710	1,573	1,973	2,039	1,751	1,714	2,105	3,577
Total Debt	7,273	6,791	6,750	6,744	6,755	6,744	6,770	6,755	6,745	6,745	6,742	8,090
Net Debt / (Cash)	5,193	5,356	5,030	4,759	5,045	5,171	4,797	4,716	4,994	5,031	4,637	4,513
Cash Flows Quarterly
FCF from Operations	938	486	587	905	951	502	595	897	724	183	549	741
Cash Flows TTM
FCF from Operations TTM	2,916	2,929	2,945	2,953	2,945	2,718	2,399	2,353	2,197	1,999	2,152	1,912
Returns to Shareholders Quarterly
Dividends	222	223	224	194	197	197	198	172	173	173	174	151
Share Repurchases	394	338	443	553	433	533	339	235	250	324	283	405
Return on Invested Capital (ROIC) Quarterly
ROIC	58.6%	58.8%	52.4%	51.0%	57.8%	56.1%	53.6%	48.4%	53.1%	50.9%	49.6%	47.5%
Return on Invested Capital (ROIC) TTM
ROIC TTM	54.2%	51.9%	54.0%	56.8%	52.8%	50.3%	52.4%	51.9%	48.3%	46.2%	48.7%	51.6%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Parasiticides	1,947	1,860	1,635	1,173	966
Vaccines	1,771	1,718	1,673	1,476	1,483
Dermatology	1,427	1,329	1,180	941	770
Anti-infectives	1,057	1,081	1,215	1,206	1,254
Other pharmaceuticals	678	1,043	966	821	780
Pain and sedation	602
Animal health diagnostics	376	353	374	305	268
Medicated feed additives	354	360	420	460	470
Other non-pharmaceuticals	254	250	231	210	184
Contract manufacturing & human health	78	86	82	83	85
Total	8,544	8,080	7,776	6,675	6,260

Price Behavior

Price Behavior

Market Price	$123.78
Market Cap ($ Bil)	54.8
First Trading Date	02/01/2013
Distance from 52W High	-28.8%
	50 Days	200 Days
DMA Price	$128.63	$147.84
DMA Trend	down	down
Distance from DMA	-3.8%	-16.3%
	3M	1YR
Volatility	35.1%	29.2%
Downside Capture	119.63	80.18
Upside Capture	30.06	41.00
Correlation (SPY)	34.8%	41.2%

ZTS Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.75	1.09	1.09	0.95	0.62	0.73
Up Beta	1.19	1.26	1.37	1.12	0.63	0.67
Down Beta	1.22	1.19	1.20	0.97	0.54	0.70
Up Capture	103%	40%	24%	29%	34%	33%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	8	19	26	60	127	380
Down Capture	249%	145%	154%	145%	92%	97%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	22	36	65	121	369

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of ZTS With Other Asset Classes (Last 1Y)
	ZTS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-26.6%	13.6%	14.7%	67.3%	6.8%	-0.5%	-16.6%
Annualized Volatility	29.1%	17.3%	19.7%	19.3%	15.2%	17.6%	35.4%
Sharpe Ratio	-1.05	0.57	0.57	2.54	0.23	-0.18	-0.25
Correlation With Other Assets		56.2%	41.8%	3.0%	5.0%	49.2%	10.8%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of ZTS With Other Asset Classes (Last 5Y)
	ZTS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-4.1%	8.7%	15.0%	18.9%	11.8%	5.1%	35.8%
Annualized Volatility	26.5%	14.5%	17.1%	15.5%	18.7%	18.9%	48.9%
Sharpe Ratio	-0.15	0.42	0.71	0.98	0.51	0.18	0.63
Correlation With Other Assets		60.7%	53.5%	8.0%	5.7%	52.1%	18.7%

Based On 10-Year Data

		Comparison of ZTS With Other Asset Classes (Last 10Y)
	ZTS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	11.1%	10.0%	14.9%	14.9%	6.7%	5.5%	69.9%
Annualized Volatility	26.0%	16.7%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.43	0.50	0.71	0.84	0.30	0.23	0.90
Correlation With Other Assets		67.6%	62.2%	6.2%	15.0%	53.6%	14.9%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	9,178,700
Short Interest: % Change Since 11152025	11.2%
Average Daily Volume	5,155,379
Days-to-Cover Short Interest	1.78
Basic Shares Quantity	442,900,000
Short % of Basic Shares	2.1%

Returns Analyses

	Title
0	How Low Can Zoetis Stock Really Go?
1	Zoetis Stock Return Comparison
2	[10/1/2021] Zoetis (ZTS) Stock Price Forecast: AI Forecasts ZTS Stock Price To Be Around $203 In A Month (Up 3.3%)

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/4/2025	-13.8%	-17.0%	-16.6%
8/5/2025	-3.7%	-1.8%	0.4%
5/6/2025	-5.2%	2.4%	6.7%
2/13/2025	-5.1%	-9.5%	-7.3%
11/4/2024	-3.7%	-2.8%	-2.8%
8/6/2024	6.0%	5.1%	7.2%
5/2/2024	5.5%	4.1%	7.0%
2/13/2024	-6.7%	-5.2%	-10.4%
...
SUMMARY STATS
# Positive	10	10	13
# Negative	14	14	11
Median Positive	4.0%	4.1%	5.8%
Median Negative	-3.7%	-4.5%	-7.3%
Max Positive	6.3%	12.8%	18.3%
Max Negative	-13.8%	-17.0%	-16.6%

	Forward Returns
11/4/2025	-13.8%	-17.0%	-16.6%
8/5/2025	-3.7%	-1.8%	0.4%
5/6/2025	-5.2%	2.4%	6.7%
2/13/2025	-5.1%	-9.5%	-7.3%
11/4/2024	-3.7%	-2.8%	-2.8%
8/6/2024	6.0%	5.1%	7.2%
5/2/2024	5.5%	4.1%	7.0%
2/13/2024	-6.7%	-5.2%	-10.4%
11/2/2023	6.3%	12.8%	18.3%
8/8/2023	4.8%	5.0%	3.4%
5/4/2023	0.4%	4.2%	-3.3%
2/14/2023	5.4%	4.1%	0.3%
11/3/2022	-11.0%	-9.6%	6.8%
8/4/2022	-3.2%	-3.4%	-11.5%
5/5/2022	-3.1%	-9.6%	-4.4%
2/15/2022	0.7%	-3.2%	-2.3%
11/4/2021	3.1%	2.6%	5.8%
8/5/2021	-0.5%	-3.6%	2.2%
5/6/2021	-3.6%	-3.3%	0.8%
2/16/2021	-0.2%	-3.9%	-7.0%
11/5/2020	-2.0%	-5.4%	-9.4%
8/6/2020	2.3%	1.0%	0.7%
5/6/2020	-4.3%	-5.6%	7.0%
2/13/2020	1.4%	0.4%	-12.2%
SUMMARY STATS
# Positive	10	10	13
# Negative	14	14	11
Median Positive	4.0%	4.1%	5.8%
Median Negative	-3.7%	-4.5%	-7.3%
Max Positive	6.3%	12.8%	18.3%
Max Negative	-13.8%	-17.0%	-16.6%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11042025	10-Q 9/30/2025
6302025	8052025	10-Q 6/30/2025
3312025	5062025	10-Q 3/31/2025
12312024	2132025	10-K 12/31/2024
9302024	11042024	10-Q 9/30/2024
6302024	8062024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2132024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8082023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2142023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2152022	10-K 12/31/2021

Insider Activity

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Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Zoetis (ZTS)

Market Price (12/23/2025): $123.73 | Market Cap: $54.8 BilSector: Health Care | Industry: Pharmaceuticals

Zoetis (ZTS)

Market Price (12/23/2025): $123.73Market Cap: $54.8 BilSector: Health CareIndustry: Pharmaceuticals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

ZTS Stock

Why The Stock Moved

Qualitative Assessment

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In The Past

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About Zoetis (ZTS)

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Interactive Breakdown

Better Bets than Zoetis (ZTS)

INDUSTRY: Pharmaceuticals

Higher Rev Chg 3Y Avg | Lower P/S (Values for ZTS: 5.5% | 5.8x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ZTS: 5.5% | 15.5x)

Higher Rev Chg LTM (Value for ZTS: 2.7%)

Higher Rev Chg 3Y Avg (Value for ZTS: 5.5%)

Higher Op Mgn LTM (Value for ZTS: 37.6%)

Higher CFO/Rev LTM (Value for ZTS: 31.0%)

Higher FCF/Rev LTM (Value for ZTS: 23.8%)

Higher Total Yield (Value for ZTS: 6.4%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for ZTS: 5.5% | 5.8x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ZTS: 5.5% | 15.5x)

Higher Rev Chg LTM (Value for ZTS: 2.7%)

Higher Rev Chg 3Y Avg (Value for ZTS: 5.5%)

Higher Op Mgn LTM (Value for ZTS: 37.6%)

Higher CFO/Rev LTM (Value for ZTS: 31.0%)

Higher FCF/Rev LTM (Value for ZTS: 23.8%)

Higher Total Yield (Value for ZTS: 6.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ZTS: 5.5% | 5.8x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ZTS: 5.5% | 15.5x)

Higher Rev Chg LTM (Value for ZTS: 2.7%)

Higher Rev Chg 3Y Avg (Value for ZTS: 5.5%)

Higher Op Mgn LTM (Value for ZTS: 37.6%)

Higher CFO/Rev LTM (Value for ZTS: 31.0%)

Higher FCF/Rev LTM (Value for ZTS: 23.8%)

Higher Total Yield (Value for ZTS: 6.4%)

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Market Price (12/23/2025): $123.73 | Market Cap: $54.8 Bil
Sector: Health Care | Industry: Pharmaceuticals

Market Price (12/23/2025): $123.73
Market Cap: $54.8 Bil
Sector: Health Care
Industry: Pharmaceuticals