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Zoetis (ZTS) stock

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NYSE: ZTS NYSE Pharmaceuticals Next results ~November 5, 2026

B Fundamentals grade

Zoetis is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$80

Cash-flow model

Base case. Range ~$55–$110 across our lower- and higher-growth cases (-1.8%–8.2% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 4% above our base value.

Price used: $83.18, November 2, 2026

Zoetis valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Zoetis files

Where Zoetis stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $9.52bn, up 1.5% on a year earlier, slower than 2.8% a quarter earlier. Free-cash-flow margin held at 24.3%. The diluted share count is down 4.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 6 financial-health checks. Our cash-flow model value is $76.04 a share, against a share price of $79.67. At that price, our model says the market is pricing in about 4.0% a year of cash-flow growth for five years, close to the 4.1% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Zoetis's trailing-twelve-month revenue grew 1.5% year on year, with a free-cash-flow margin of 24.3%. Where it stands out: change in share count of -4.2% ranks 5 of 62 pharmaceuticals companies we cover. Where it lags: long-term debt as % of assets of 60.0% ranks 46 of 53 pharmaceuticals companies we cover.

Our discounted-cash-flow model values the business at ~$80 per share in the base case (~$55–$110 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Long-term debt rising: Long-term debt rose 73% year over year, to 60% of total assets.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 24.3% of revenue turned into free cash flow, against a median of 10.1% for pharmaceuticals companies we cover.
  • Shrinking share count. Diluted shares fell 4.2% in a year, so each share owns more of the business.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 60.0% ranks 46 of 53 pharmaceuticals companies we cover (median 23.8%).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 12.9% over 90 days.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$1.87 against an average estimate of $1.85: beat by 0.9%
Revenue
$2.47bn, down 0.2% on a year earlier
Share reaction
-2.3% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
revenue $9.12bn to $9.32bn (Full Year 2026); organic operational revenue growth growth -3% to -1% (Full Year 2026)
Next report
November 5, 2026; average EPS estimate $1.51

Zoetis' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.3%
  • 1 week+3.4%
  • 1 month+20.2%
  • This year-32.4%
  • 1 year-41.0%
  • 5 years-58.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$9.5B
Net margin
27.5%
EPS (TTM, diluted)
$6.08

Growth

Revenue growth
+1.5%
Change in growth rate
−1.3 pts
Share count change
−4.2%

Cash

Free cash flow (TTM)
$2.3B
FCF margin
24.3%
Stock pay % of revenue
1.0%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Regulatory
  2. Leadership
  3. Dividend
  4. Announcement
  5. Announcement
  6. Announcement
  7. Leadership
  8. Results
  9. Guidance
  10. Product

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Zoetis valuation models and calculator

What the price is pricing in

The share price implies about 2.9% a year of cash-flow growth for five years.That is close to the 4.1% a year revenue growth Zoetis has delivered.

  • Priced in2.9%
  • Last 12 months1.5%
  • 3 years a year5.0%
  • 5 years a year4.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($82.73, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$80
Price used
$82.73close November 3, 2026
Implied change
▼ 3%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Zoetis's free cash flow after stock-based pay with after-tax interest added back ($2.4B, FY2026 Q2 TTM), growing -0.8% and 2.7% in the next two years (forecasts, guidance and its record), then back to 3.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$55–~$110 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Zoetis's free cash flow after stock-based pay ( $2.4B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Zoetis as an operating company, with every model that fits that kind of business. Cost of equity 8%: the 10-year Treasury yield (4.9%) plus a beta of 0.67 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$80 ~$55–$110 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$57 ~$59–$120 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$110 ~$91–$140 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$81 ~$57–$110 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Zoetis with Pharmaceuticals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −31%
  • Revenue growth 5 points higher ▲ +40%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▲ +1%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $65$95$135$187$255$342
8.5% $46$67$96$133$181$244
10% $34$51$73$101$138$185

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$43.33$48.80$66.15$79.02$123.04$154.74$229.42$138.79$188.62$157.25$123.05$83.18
Market value$21.8bn$24.3bn$32.6bn$38.5bn$59.3bn$74.1bn$109.4bn$65.3bn$87.2bn$71.5bn$54.6bn$35.8bn
+ Net debt (− = net cash)$3.7bn$3.8bn$3.4bn$4.9bn$4.6bn$3.6bn$3.2bn$4.4bn$4.6bn$4.7bn$6.7bn$7.7bn
Enterprise value$25.5bn$28.1bn$36.1bn$43.4bn$63.8bn$77.7bn$112.5bn$69.7bn$91.8bn$76.2bn$61.3bn$43.5bn
Multiples
Price / sales 4.6x5.0x6.1x6.6x9.5x11.1x14.1x8.1x10.2x7.7x5.8x3.8x
Price / earnings 64.2x29.6x37.8x26.9x39.5x45.2x53.7x30.9x37.2x28.8x20.4x13.7x
Price / free cash flow 49.4x48.9x29.1x26.5x44.4x44.3x63.0x49.2x53.8x31.1x23.9x15.5x
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

93 /100

Strong moat

How hard Zoetis's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 23.3% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 69.9%, moving by 1.9 percentage points (standard deviation) across 10 years.

  • Durability 18 / 20

    Net margin has been a median 25.9%; its worst year was 17.5%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 23.3% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 9.9% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (98 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $2.3bn and EPS of $1.51 (range $1.44 to $1.61) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $6.21 −3% $9.3bn −2%
Next $6.44 +4% $9.4bn +2%

Next year's EPS estimate has moved −12.9% in 90 days, across 15 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −9.6% on 90 days ago. In the last 30 days, 0 analysts raised Zoetis's forecast and 15 cut it.

Consensus EPS forecast Zoetis, last 90 days
$6.00 $6.50 $7.00 $7.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $6.87 Current fiscal year, 60 days ago: $6.21 Current fiscal year, 30 days ago: $6.21 Current fiscal year, 7 days ago: $6.21 Current fiscal year, Now: $6.21 $6.21 Next fiscal year, 90 days ago: $7.39 Next fiscal year, 60 days ago: $6.53 Next fiscal year, 30 days ago: $6.54 Next fiscal year, 7 days ago: $6.55 Next fiscal year, Now: $6.44 $6.44

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $6.87$7.39
60 days ago $6.21$6.53
30 days ago $6.21$6.54
7 days ago $6.21$6.55
Now $6.21$6.44

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.85 $1.87 +0.9%
Mar 2026 $1.62 $1.53 −5.3%
Dec 2025 $1.40 $1.48 +5.5%
Sept 2025 $1.62 $1.70 +4.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Revenue Full Year 2026 $9.12bn to $9.32bn Lowered
    “Revenue of $9.120 billion to $9.320 billion (organic operational growth of (3)% to (1)%)” source
  • Organic operational revenue growth Full Year 2026 -3% growth to -1% growth Non-GAAP Lowered
    “Revenue of $9.120 billion to $9.320 billion (organic operational growth of (3)% to (1)%)” source
  • Reported diluted EPS Full Year 2026 $5.55 to $5.65 GAAP Lowered
    “Reported diluted EPS of $5.55 to $5.65” source
  • Adjusted diluted EPS Full Year 2026 $6.15 to $6.25 Non-GAAP Lowered
    “Adjusted diluted EPS of $6.15 to $6.25” source
  • Reported net income Full Year 2026 $2.33bn to $2.38bn GAAP Lowered
    “Reported net income of $2.330 billion to $2.380 billion” source
  • Adjusted net income Full Year 2026 $2.57bn to $2.62bn Non-GAAP Lowered
    “Adjusted net income of $2.570 billion to $2.620 billion (organic operational growth of (9)% to (5)%)” source
Show 3 more items
  • Organic operational adjusted net income growth Full Year 2026 -9% growth to -5% growth Non-GAAP Lowered
    “Adjusted net income of $2.570 billion to $2.620 billion (organic operational growth of (9)% to (5)%)” source
  • Adjusted cost of sales as a percentage of revenue Full Year 2026 about 29% Non-GAAP Lowered
    “Adjusted cost of sales as a percentage of revenue (b) Approximately 29.0% Approximately 28.5%” source
  • Effective tax rate on adjusted income Full Year 2026 about 20.5% Non-GAAP Maintained
    “Effective tax rate on adjusted income (b) Approximately 20.5% Approximately 20.5%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Zoetis's revenue by -0.8% next year and +2.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-2.0%, weight 56%) , management guidance (-2.4%, weight 19%) and the company's own record (+3.2%, weight 25%) . How the weights are set.

Analyst recommendations

16 analysts, Oct 2026
Buy531%
Hold1169%
Sell00%

Monthly trend

  1. Oct 2026321116
  2. Sep 202644917
  3. Aug 202645918
  4. Jul 202638920

Counts of recommendations published by analysts covering Zoetis, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.8%
of tradable shares
Days to cover
3.99
at average volume
Short interest, 1 month
+1%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.2%
of shares
Employees
14,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −41.0%

$140.91 on October 31, 2025 to $83.18

ThenNowEffect
Revenue (last 12 months) $9.4bn $9.5bn +1.5%
Net margin 27.6% 27.5% −0.5%
P/E multiple 24.4x 13.7x −44.0%
Share count 450m 430m +4.4%

Biggest factor: p/e multiple.

Last 3 years −46.3%

$155.04 on November 3, 2023 to $83.18

ThenNowEffect
Revenue (last 12 months) $8.2bn $9.5bn +15.8%
Net margin 26.9% 27.5% +2.1%
P/E multiple 32.6x 13.7x −58.1%
Share count 466m 430m +8.2%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ZTS+48%−40%+36%−17%−22%−32%
Industry peers (median)−20%−52%−14%−2%+9%−12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ZTS83%33%67%50%25%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ZTS−15%−46%−21%−27%−33%−47%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 70% from December 29, 2021 to October 1, 2026. Getting back needed a 238% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$68.64 – $141.17
From 52-week high
−41.1%
vs 50-day average
+11.4%
vs 200-day average
−9.7%
Volatility (1 year)
39%
Beta vs S&P 500
0.45

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 9 down
typical move ±7.4%
After a week
6 up, 6 down
typical move ±8.0%
After a month
6 up, 6 down
typical move ±10.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −2.3% +0.5% +1.9% +1.9%
May 7, 2026 −25.5% +0.5% −32.1% −29.1%
February 12, 2026 −1.6% −1.5% +0.1% −8.2%
November 4, 2025 −16.5% −0.8% −16.8% −16.6%
August 5, 2025 −3.5% +0.3% −1.3% +0.9%
May 6, 2025 −1.3% −0.4% +1.5% +6.7%
February 13, 2025 −9.4% +1.1% −7.7% −5.0%
November 4, 2024 −3.7% +1.0% −3.2% −3.6%
August 6, 2024 +5.7% +0.2% +7.8% +6.7%
May 2, 2024 +5.4% +2.2% +6.1% +8.8%
February 13, 2024 −6.4% −0.5% −4.2% −11.6%
November 2, 2023 +7.1% +2.8% +12.7% +20.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Zoetis’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.65× the last 60 days’ realised volatility .
  • Puts are priced 4 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

ZTS Zoetis Grade B $82.30

Own 100 shares, sell the $95.00 call expiring December 18, 2026 (46 days) for $1.45 a share — $145 per contract.

Previous session · Bid $1.45, ask $1.70, quoted Mon 2 Nov, 17:41 New York time with ZTS at $82.30. Option prices move with the shares: check the live chain at your broker before trading.

  • If ZTS ends below $95.00: you keep your shares and the $145 — 1.8% extra on the position, 14.0% a year at that pace.
  • If it ends above $95.00: your shares are sold at $95.00, a total return of 17.2% including the premium — at or above our value of ~$80.
$1.4k $0 −$1.6k Our value $80.00 Break-even $80.85 Price $82.30
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$145
Annualised
14.0%
Break-even
$80.85
Max gain
$1,415
Chance of selling
~22%

Results are expected around November 5, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $75.00 put and sell the $95.00 call, both expiring December 18, 2026 (46 days).

  • Net cost of $0.95 a share ($95.00 per contract of 100 shares).
  • Worst case at expiry: -10.0%, if the shares fall below $75.00 (-8.9% from today).
  • Best case at expiry: +14.3%, if the shares rise above $95.00 (+15.4%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $80.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Zoetis in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Zoetis
$8B $8.5B $9B $9.5B $10B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $8.4B Revenue (TTM), FY23 Q4: $8.5B Revenue (TTM), FY24 Q1: $8.7B Revenue (TTM), FY24 Q2: $8.9B Revenue (TTM), FY24 Q3: $9.2B Revenue (TTM), FY24 Q4: $9.3B Revenue (TTM), FY25 Q1: $9.3B Revenue (TTM), FY25 Q2: $9.4B Revenue (TTM), FY25 Q3: $9.4B Revenue (TTM), FY25 Q4: $9.5B Revenue (TTM), FY26 Q1: $9.5B Revenue (TTM), FY26 Q2: $9.5B $9.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $8.4B
FY23 Q4 $8.5B
FY24 Q1 $8.7B
FY24 Q2 $8.9B
FY24 Q3 $9.2B
FY24 Q4 $9.3B
FY25 Q1 $9.3B
FY25 Q2 $9.4B
FY25 Q3 $9.4B
FY25 Q4 $9.5B
FY26 Q1 $9.5B
FY26 Q2 $9.5B
Revenue growth, TTM YoY Zoetis
0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 4.5% Revenue growth, TTM YoY, FY23 Q4: 5.7% Revenue growth, TTM YoY, FY24 Q1: 7.9% Revenue growth, TTM YoY, FY24 Q2: 8.4% Revenue growth, TTM YoY, FY24 Q3: 9.3% Revenue growth, TTM YoY, FY24 Q4: 8.3% Revenue growth, TTM YoY, FY25 Q1: 6.1% Revenue growth, TTM YoY, FY25 Q2: 5.2% Revenue growth, TTM YoY, FY25 Q3: 2.6% Revenue growth, TTM YoY, FY25 Q4: 2.2% Revenue growth, TTM YoY, FY26 Q1: 2.8% Revenue growth, TTM YoY, FY26 Q2: 1.5% 1.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 4.5%
FY23 Q4 5.7%
FY24 Q1 7.9%
FY24 Q2 8.4%
FY24 Q3 9.3%
FY24 Q4 8.3%
FY25 Q1 6.1%
FY25 Q2 5.2%
FY25 Q3 2.6%
FY25 Q4 2.2%
FY26 Q1 2.8%
FY26 Q2 1.5%
FCF margin (TTM) Zoetis
16% 18% 20% 22% 24% 26% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 17.8% FCF margin (TTM), FY23 Q4: 19.0% FCF margin (TTM), FY24 Q1: 20.0% FCF margin (TTM), FY24 Q2: 23.6% FCF margin (TTM), FY24 Q3: 25.2% FCF margin (TTM), FY24 Q4: 24.8% FCF margin (TTM), FY25 Q1: 23.5% FCF margin (TTM), FY25 Q2: 24.2% FCF margin (TTM), FY25 Q3: 23.9% FCF margin (TTM), FY25 Q4: 24.1% FCF margin (TTM), FY26 Q1: 23.5% FCF margin (TTM), FY26 Q2: 24.3% 24.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 17.8%
FY23 Q4 19.0%
FY24 Q1 20.0%
FY24 Q2 23.6%
FY24 Q3 25.2%
FY24 Q4 24.8%
FY25 Q1 23.5%
FY25 Q2 24.2%
FY25 Q3 23.9%
FY25 Q4 24.1%
FY26 Q1 23.5%
FY26 Q2 24.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 4,233 4,336 4,561 4,785 4,765 4,888 5,307 5,825 6,260 6,675 7,776 8,080 8,544 9,256 9,467 9,517
Gross profit 2,581 2,773 2,892 3,068 3,027 3,222 3,532 3,914 4,268 4,618 5,473 5,626 5,983 6,537 6,801 6,808
Net income 245 436 504 583 339 821 864 1,428 1,500 1,638 2,037 2,114 2,344 2,486 2,673 2,616
Diluted EPS $0.49 $0.87 $1.01 $1.16 $0.68 $1.65 $1.75 $2.93 $3.11 $3.42 $4.27 $4.49 $5.07 $5.47 $6.02 $6.08
Growth (year on year)
Revenue — +2.4% +5.2% +4.9% −0.4% +2.6% +8.6% +9.8% +7.5% +6.6% +16.5% +3.9% +5.7% +8.3% +2.3% +1.5%
Net income — +78.0% +15.6% +15.7% −41.9% +142.2% +5.2% +65.3% +5.0% +9.2% +24.4% +3.8% +10.9% +6.1% +7.5% +1.0%
Diluted EPS — +77.6% +16.1% +14.9% −41.4% +142.6% +6.1% +67.4% +6.1% +10.0% +24.9% +5.2% +12.9% +7.9% +10.1% +5.4%
Margins
Gross margin 61.0% 64.0% 63.4% 64.1% 63.5% 65.9% 66.6% 67.2% 68.2% 69.2% 70.4% 69.6% 70.0% 70.6% 71.8% 71.5%
Net margin 5.8% 10.1% 11.1% 12.2% 7.1% 16.8% 16.3% 24.5% 24.0% 24.5% 26.2% 26.2% 27.4% 26.9% 28.2% 27.5%
Free-cash-flow margin 8.6% 7.6% 10.9% 9.3% 9.2% 10.2% 21.1% 24.9% 21.3% 25.1% 22.3% 16.4% 19.0% 24.8% 24.1% 24.3%
Cash flow
Cash from operations 497 454 681 626 664 713 1,346 1,790 1,795 2,126 2,213 1,912 2,353 2,953 2,904 2,840
Capital spending 135 126 184 180 224 216 224 338 460 453 477 586 732 655 621 524
Free cash flow 362 328 497 446 440 497 1,122 1,452 1,335 1,673 1,736 1,326 1,621 2,298 2,283 2,316
Stock-based pay 19 28 43 32 43 37 44 53 67 59 58 62 60 74 83 95
Free cash flow after stock pay 343 300 454 414 397 460 1,078 1,399 1,268 1,614 1,678 1,264 1,561 2,224 2,200 2,221
Balance sheet
Cash 79 317 610 882 1,154 727 1,564 1,602 1,934 3,604 3,485 3,581 2,041 1,987 2,450 1,476
Total debt 0 73 3,657 3,653 4,900 4,500 5,000 6,500 6,500 7,250 6,650 8,000 6,650 6,650 9,150 9,150
Net debt (negative = net cash) −79 −244 3,047 2,771 3,746 3,773 3,436 4,898 4,566 3,646 3,165 4,419 4,609 4,663 6,700 7,674
Diluted shares 500m 500m 500m 502m 502m 498m 493m 487m 482m 479m 477m 470m 462m 455m 444m 430m
Returned to shareholders
Dividends 416 63 98 146 168 188 206 243 314 380 474 611 692 786 889 889
Buybacks — — 0 0 203 300 500 698 626 250 743 1,594 1,092 1,858 3,235 3,644
Total returned 416 63 98 146 371 488 706 941 940 630 1,217 2,205 1,784 2,644 4,124 4,533

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · June 30, 2026
What it owns · $15.1bn
Short-term assets $6.4bnLonger-term assets $8.7bn
What it owes, and who funded it · $15.1bn
Short-term liabilities $2.1bnLonger-term liabilities $9.9bnShareholders' equity $3.1bn
  • Short-term assets cover short-term liabilities $6.4bn of assets due within a year against $2.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $6.4bn short-term assets against $9.9bn of longer-dated liabilities.
  • More cash than debt $1.5bn of cash against $9.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 287% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 145% to 287% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.8bn of operating cash flow against $9.0bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Zoetis's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$3.6B
Dividends (TTM)
$889M
Returned to shareholders
196%
of free cash flow
Buybacks, last 3 fiscal years
$6.2B
Diluted share count
−4.2%
year over year
Total shareholder yield
13.2%
dividends 2.6% + buybacks 10.6% of market value
Dividend payout ratio
34%
of net income paid out
R&D spending
7.6%
of revenue
Sales & admin spending
25.0%
of revenue
Days sales outstanding
60 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated ZTS BHC HLN VTRS OGN UPC Median
Revenue, last 12 months $9.5bn $11.1bn $14.6bn $14.7bn $6.1bn $17.9bn $276m
Revenue growth, last 12 months 1.5% 10.8% 1.3% 4.4% −3.2% −22.4% 9.9%
Revenue growth, 3-year average 5.0% 9.2% — −1.9% −0.3% — 5.5%
Revenue growth, latest quarter −0.2% 9.7% — 4.9% −1.7% — 6.5%
Gross margin 71.5% — 64.2% 34.8% 53.1% 35.3% 62.0%
Operating margin — 11.2% 21.9% −0.6% — −16.3% −5.9%
Operating margin, 3-year average — 14.8% — −6.4% — — −7.4%
Net margin 27.5% −7.6% 15.1% −2.8% 3.5% −20.6% −7.3%
Cash from operations / revenue 29.8% 19.9% 23.9% 15.8% 13.8% −28.3% 10.2%
Free-cash-flow margin 24.3% 16.8% 21.0% 13.3% 11.1% −29.8% 8.6%
Free-cash-flow margin, 3-year average 24.0% 13.0% — 13.0% 11.7% — 7.4%
Stock pay / revenue 1.0% 2.2% 0.8% 1.2% 1.2% — 3.6%
Change in share count −4.2% 1.9% −1.6% −0.5% 2.4% −96.7% 1.9%

Median of all 75 companies we cover in pharmaceuticals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 pharmaceuticals companies
Measure Company Peer median Rank
Revenue growth Growth 1.5% 10.0% 49 of 74
Change in growth rate Growth -1.3pp -0.3pp 43 of 74
Gross margin Profitability 71.5% 59.8% 18 of 59
Net margin Profitability 27.5% -7.3% 9 of 75
Free-cash-flow margin Cash generation 24.3% 10.1% 11 of 74
Stock pay as % of revenue Cash generation 1.0% 3.6% 9 of 69
Long-term debt as % of assets Balance sheet 60.0% 23.8% 46 of 53
Change in share count Balance sheet -4.2% 1.5% 5 of 62
Days sales outstanding Balance sheet 60 days 72 days 18 of 59

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Total Products and Services $9.4B ▲ 1.9%
Companion Animal $6.6B ▲ 4.9%
Horses $6.3B ▲ 4.8%
Livestock $2.8B ▼ 4.6%
Parasiticides $2.3B ▲ 8.7%
Vaccines $2B ▲ 7.2%
Dermatology $1.8B ▲ 6.0%
Cattle $1.5B ▼ 2.5%
Anti Infective Products $1B ▼ 5.8%
Pain Sedation $840M ▼ 1.3%
Other Pharmaceuticals $697M ▲ 5.9%
Swine $466M ▼ 9.7%
Animal Health Diagnostics $434M ▲ 12.4%
Poultry $432M ▼ 18.0%
Dogs and Cats $304M ▲ 6.7%
Fish $286M ▲ 18.2%
Other Non Pharmaceuticals $263M ▲ 4.0%
Contract Manufacturing and Human Health Diagnostics $116M ▲ 45.0%
Manufactured Product Other $88M ▲ 7.3%
Medicated Feed Additives $27M ▼ 90.8%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue YoY
Total Geographical Area $9.4B ▲ 1.9%
United States $5.1B ▲ 0.5%
Other Emerging Markets $913M ▲ 5.5%
Other Developed Markets $641M ▲ 13.7%
Brazil $393M ▼ 5.1%
Australia $329M ▲ 3.1%
United Kingdom $325M ▲ 3.5%
Canada $290M ▲ 4.7%
Germany $236M ▲ 4.9%
China $227M ▼ 15.9%
France $165M ▲ 5.8%
Mexico $160M ▼ 5.3%
Japan $154M ▲ 4.8%
ES $145M ▲ 11.5%
CL $139M ▲ 13.0%
IT $137M ▲ 6.2%

These categories overlap or exclude eliminations, so shares aren't shown.

From Zoetis's 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$28.5B
Institutions reporting
1,410
Shares held vs prior quarter
▼ 2.8%
Positions opened / closed
149 / 325

Top buyers and sellers, Q2 2026: 652 institutions bought and 910 sold ; the biggest buyer was Flossbach Von Storch Se (+4.2M shares) and the biggest seller Morgan Stanley (−5.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.8B 39.4M 9.9% ▲ 10.8%
Vanguard Capital Management LLC $1.9B 26.0M 6.6% ▼ 0.2%
Vanguard Portfolio Management LLC $1.7B 23.9M 6.0% ▼ 0.4%
State Street Corp $1.4B 19.7M 5.0% ▲ 1.8%
State Farm Mutual Automobile Insurance Co $1.1B 15.9M 4.0% 0.0%
Geode Capital Management, LLC $952M 13.3M 3.3% ▲ 17.1%
Wellington Management Group LLP $677M 9.4M 2.4% ▼ 7.2%
Morgan Stanley $638M 8.9M 2.2% ▼ 37.2%
Nordea Investment Management AB $472M 6.6M 1.7% ▲ 12.4%
Deutsche Bank Ag\ $421M 5.9M 1.5% ▲ 5.8%
Northern Trust Corp $398M 5.5M 1.4% ▼ 0.1%
Invesco Ltd. $397M 5.5M 1.4% ▲ 56.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Zoetis's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $886,384 3 trades by 3 insiders, last 12 months Insider sales History → $2.5M 2 trades by 1 insider · 100% under pre-set plans
Net ▼ $1.7M net selling
Insider Date Trade Shares Price Value
Bisaro Paul Director May 13, 2026 Buy 2,000 $75.88 $151,760
Damelio Frank A Director May 13, 2026 Buy 6,650 $75.39 $501,344
Mccallister Michael B Director May 11, 2026 Buy 3,000 $77.76 $233,280
Peck Kristin C Chief Executive Officer February 17, 2026 Sell pre-set plan 9,200 $126.46 $1.2M
Peck Kristin C Chief Executive Officer February 17, 2026 Sell pre-set plan 10,800 $127.55 $1.4M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 75 trades and filings

In the last 12 months, 2 members of Congress disclosed 7 purchases and 3 sales of Zoetis shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded September 18, 2026, filed October 12, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded July 17, 2026, filed September 4, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded June 16, 2026, filed July 2, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 12, 2026
  • November 4, 2025
  • August 5, 2025
  • May 6, 2025

Recent SEC filings

Data status

When each part of this page on Zoetis was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Zoetis in brief

What does Zoetis do?
Zoetis is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is Zoetis's stock ticker?
Zoetis trades under the ticker ZTS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Zoetis's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Zoetis reported revenue of $9.5B, 1.5% higher than a year earlier, according to its SEC filings.
What is Zoetis's free cash flow?
Zoetis's free-cash-flow margin is 24.3% of revenue over the trailing twelve months, ranking 11 of the 74 pharmaceuticals companies we cover.
What is Zoetis's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Zoetis's free cash flow after stock-based pay gives ~$80 per share in the base case, and ~$55–$110 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Zoetis's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Zoetis buying back stock, and does it pay a dividend?
Zoetis spent $3.6B on share repurchases over the trailing twelve months, and its diluted share count fell 4.2% over the year.
What is Zoetis's market cap?
On November 2, 2026, Zoetis's market capitalisation was about $35.8B, with a price-to-earnings ratio of 13.7 and net debt of $7.7B. Market figures come from third-party market data and may be delayed.
Does Zoetis pay a dividend?
Yes: Zoetis paid $889M in dividends over the trailing twelve months, a dividend yield of 2.58% and a payout ratio of 34.0%.
How much debt does Zoetis have?
Zoetis's debt-to-equity ratio is 287.4%, from its latest balance sheet (145.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Zoetis's competitors?
In our Pharmaceuticals peer group, the companies closest to Zoetis are Bausch Health Companies Inc., Haleon plc, Viatris, Organon & Co. and Universe Pharmaceuticals Inc. The side-by-side comparison below sets their revenue, margins and growth against Zoetis's.
Are insiders buying or selling Zoetis stock?
Over the last 12 months, Zoetis's directors and officers reported 3 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Zoetis's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Zoetis announces its own schedule.