Haleon vs Zoetis
Haleon is the larger business, with $14.55bn of revenue in fiscal 2025 against $9.47bn for Zoetis (1.5 times as much). Zoetis grew faster (2.3% against 1.3%). Zoetis kept more of each dollar of sales as profit: a net margin of 28.2% against 15.1%. Haleon carries less debt relative to equity (52.4% against 267.9%).
| Latest fiscal year | HaleonHLN, 2025 | ZoetisZTS, 2025 |
|---|---|---|
| Revenue | $14.55bn | $9.47bn |
| Revenue growth | 1.3% | 2.3% |
| Net income | $2.20bn | $2.67bn |
| Operating margin | 21.9% | — |
| Net margin | 15.1% | 28.2% |
| Return on equity | 10.4% | 65.3% |
| Free cash flow | $3.05bn | $2.28bn |
| Cash | $1.78bn | $2.45bn |
| Total debt | $11.58bn | $9.15bn |
| Debt to equity | 52.4% | 267.9% |
| Dividend per share | — | $2.03 |
| Dividend yield | — | 2.6% |
| Share buybacks | — | $3.23bn |
| Employees | — | — |
| Market value | $39.59bn | $34.37bn |
| Price vs our value range | Above our value range | Within our value range |
| Moat score | — | 93 (Strong) |
| Insider trades, 12 months | 0 buys, 0 sales | 3 buys, 2 sales |