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Zoetis key statistics and ratios

In fiscal 2025, Zoetis had return on equity of 65.3%, a net margin of 28.2%, debt equal to 267.9% of equity and a current ratio of 3.12. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin61.0%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 margin5.8%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 margin8.6%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%
Return on equity6.6%11.2%20.3%51.8%28.5%64.3%53.1%72.2%61.3%50.6%49.0%47.3%49.9%50.9%65.3%79.7%
Return on assets—7.0%7.9%8.9%4.7%10.6%10.6%14.7%13.4%13.0%14.8%14.7%16.0%17.4%18.0%17.1%
Asset turnover—0.690.710.730.660.630.650.600.560.530.570.560.580.650.640.62
Current ratio—2.552.373.192.153.033.853.602.633.053.862.373.361.753.123.08
Debt to equity0.0%1.8%389.0%278.6%458.8%302.6%282.5%297.5%240.0%192.4%146.4%181.6%133.1%139.4%267.9%290.7%
Effective tax rate37.1%38.6%27.1%28.4%37.8%33.3%43.5%15.7%16.7%18.0%18.2%20.5%20.3%20.3%20.4%20.0%
R&D as % of revenue10.1%9.4%8.7%8.3%7.6%7.7%7.2%7.4%7.3%6.9%6.5%6.7%7.2%7.4%7.4%7.6%
SG&A as % of revenue34.3%33.9%35.4%34.3%32.2%27.9%25.1%25.5%26.2%25.9%25.7%24.9%25.2%25.0%25.1%25.0%
Capital spending as % of revenue3.2%2.9%4.0%3.8%4.7%4.4%4.2%5.8%7.3%6.8%6.1%7.3%8.6%7.1%6.6%5.5%
Free cash flow ÷ net income147.8%75.2%98.6%76.5%129.8%60.5%129.9%101.7%89.0%102.1%85.2%62.7%69.2%92.4%85.4%88.5%
Dividends ÷ net income169.8%14.4%19.4%25.0%49.6%22.9%23.8%17.0%20.9%23.2%23.3%28.9%29.5%31.6%33.3%34.0%
Dividends and buybacks ÷ free cash flow114.9%19.2%19.7%32.7%84.3%98.2%62.9%64.8%70.4%37.7%70.1%166.3%110.1%115.1%180.6%195.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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Figures from Zoetis's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Zoetis.