Loading…
World's largest animal-health company, selling vaccines, medicines and diagnostics for pets and livestock.
World's largest animal-health company, selling vaccines, medicines and diagnostics for pets and livestock.
Sells mostly through veterinarians and distributors, with pet medicines for itch, pain and parasites making up the larger share and livestock products steadier. A few big brands, such as Apoquel and Cytopoint for dog skin allergies, carry much of it. Pfizer floated it in 2013.
Moat: wide (scale, brand, distribution). Largest R&D and sales scale in animal health with entrenched veterinary relationships.
Headquarters: Parsippany, New Jersey, United States · Founded: 1952 · Employees: 14,500
Size Zoetis (ZTS) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $32.8B, the 338th largest of 3,117 United States companies the cockpit tracks. Shares closed at $79.40 on 6 Nov 2026.
Performance Over six months the shares fell 4.1%, against +8.8% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 1.4% over the last twelve months (peer median +16.1%); the operating margin is 37.6% (peer median 17.5%).
Valuation It trades at 12.8× forward earnings against a peer median of 23.7× (4th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -4% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 18.8 points above its cost of capital (7.6% WACC).
Credit Zoetis has 11 bonds outstanding ($9.15B), rated BBB+ by the agencies and trading like A- at a weighted spread of 75 bp.
Short interest Short interest is 4.2% of the free float (15 Oct 2026).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $9.52B | $9.47B | $9.26B | $8.54B | $8.08B |
| Revenue growth | — | +2% | +8% | +6% | — |
| Gross profit | $6.68B | $6.67B | $6.40B | $5.83B | $5.48B |
| EBITDA | $4.07B | $4.08B | $3.89B | $3.56B | $3.39B |
| Net income | $2.62B | $2.67B | $2.49B | $2.34B | $2.11B |
| Free cash flow | $2.37B | $2.28B | $2.30B | $1.62B | $1.33B |
| Capital expenditure | $521M | $621M | $655M | $732M | $586M |
| Total debt | $9.24B | $9.30B | $6.80B | $6.81B | $8.13B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Zoetis ZTS | $32.8B | -4% | +1% | 38% | 12.8× | -4.3% |
| Elanco Animal Health ELAN | $12.9B | +9% | +12% | 7% | 21.8× | 34.8% |
| Merck & MRK | $362B | +33% | +5% | 18% | 17.4× | 4.1% |
| Idexx Laboratories IDXX | $53.3B | +21% | +12% | 32% | 41.5× | 28.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ZTS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.7% | +7.6% | 10th highest of 21 |
| 6-month return | -4.1% | +8.8% | 6th lowest of 21 |
| Distance from 52-week high | -39.8% | -10.0% | 3rd lowest of 21 |
| Revenue growth (TTM) | +1.4% | +16.1% | 4th lowest of 21 |
| Operating margin | 37.6% | 17.5% | 2nd highest of 21 |
| Forward P/E | 12.8× | 23.7× | 4th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -4.3% | 10.0% | 2nd least demanding of 19 |
| Growth delivered (Del g) | +7.2% | +11.1% | 8th lowest of 19 |
| Hurdle (Req g minus delivered) | -11.5 pp | +2.3 pp | 5th least demanding of 19 |
| ROIC minus cost of capital | +18.8 pp | +4.6 pp | 7th highest of 21 |
| EV / EBITDA | 9.9× | 24.1× | 4th cheapest of 18 |
| Net debt / EBITDA | 1.9× | -0.5× | 6th most indebted of 18 |
| Bond spread | 75 bp | 94 bp | 2nd tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zoetis ZTS | United States | $32.8B | -4% | +1% | 38% | 12.8× | -4.3% | +7.2% |
| Daiichi Sankyo 4568.T | Japan | $31.9B | +7% | +17% | 13% | 18.6× | 7.2% | +17.1% |
| Biogen BIIB | United States | $36.7B | +28% | +2% | 17% | 16.8× | 9.4% | -5.1% |
| Divi's Laboratories DIVISLAB.NS | India | $29.0B | +54% | +16% | 31% | 82.0× | 50.9% | +8.9% |
| Astellas Pharma 4503.T | Japan | $28.2B | +11% | +19% | 23% | 11.6× | -11.0% | +11.4% |
| Roivant Sciences ROIV | United States | $28.1B | +36% | -68% | -18,146% | n/a | n/a | n/a |
| Otsuka Hldgs 4578.T | Japan | $38.6B | +2% | +11% | 18% | 16.3× | 0.4% | +11.7% |
| Royalty Pharma RPRX | United States | $38.8B | +33% | +11% | 66% | 11.3× | 9.9% | +2.3% |
| Hansoh Pharma 3692.HK | Hong Kong | $26.9B | -7% | +25% | 38% | 27.5× | 8.9% | +10.8% |
| Haleon HLN.L | United Kingdom | $40.1B | +1% | +1% | 23% | 16.3× | 4.6% | +2.2% |
| Insmed INSM | United States | $25.1B | -16% | +240% | -42% | n/a | n/a | n/a |
| Incyte INCY | United States | $24.4B | +21% | +25% | 12% | 15.4× | 14.2% | +14.0% |
| Sandoz SDZ.SW | Switzerland | $44.4B | +24% | +1% | 15% | 25.3× | 7.9% | +0.4% |
| BeOne Medicines 688235.SS | China | $45.8B | +19% | +28% | 15% | 74.5× | 23.3% | +79.3% |
| Viatris VTRS | United States | $22.9B | +17% | +5% | 10% | 7.5× | 12.5% | +3.7% |
| Sun Pharmaceutical Industries SUNPHARMA.NS | India | $47.3B | +1% | +12% | 23% | 35.4× | 28.4% | +11.7% |
| Sigma Healthcare SIG.AX | Australia | $22.4B | -1% | +209% | 9% | 37.1× | 28.2% | +26.1% |
| Jiangsu Hengrui Pharmaceuticals 1276.HK | Hong Kong | $48.8B | -20% | +11% | 27% | 32.1× | 10.2% | +2.0% |
| Alnylam Pharmaceuticals ALNY | United States | $20.9B | -47% | +56% | 20% | 22.2× | 0.9% | +49.8% |
| Galderma GALD.SW | Switzerland | $54.8B | +17% | +16% | 19% | 48.1× | 18.4% | +6.4% |
| Innovent Biologics 1801.HK | Hong Kong | $19.2B | -5% | +43% | 17% | 53.3× | 11.7% | +26.8% |
Zoetis has 11 bonds outstanding with $9.15B face value. The agencies rate it BBB+; its bonds trade like A-. Weighted yield 5.59%, a spread of 75 bp over government bonds.