Zoetis Inc. (ZTS) Key Metrics
ZTS valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $32.80B
- Enterprise value
- $37.16B
- P/E (TTM)
- 13.1 10-yr median 35.8
- Forward P/E
- 12.0
- PEG ratio
- 6.66
- Price / sales
- 3.4 10-yr median 8.3
- Price / book
- 9.4 10-yr median 18.7
- EV / EBITDA
- 9.2 10-yr median 21.4
- Dividend yield
- 2.67% $2.12 a year
- Beta
- 0.74
ZTS key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsZTS valuation Price multiples at each fiscal year-end price.
ZTS returns How much profit the business earns on the capital it uses.
ZTS per-share figures Results divided by the shares outstanding at year-end.
ZTS financial health Debt, liquidity and how easily interest is covered.
ZTS efficiency & capital use Working capital cycle and where the cash goes.
ZTS valuation history
ZTS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ZTS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ZTS cash returned to shareholders
ZTS price vs earnings per share
ZTS key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $55.84B | $74.11B | $91.24B | $68.93B | $116.33B | $79.20B | $63.76B | $41.65B | $35.53B | $26.67B |
| Enterprise value | $63.02B | $78.87B | $95.95B | $73.45B | $119.59B | $82.96B | $68.44B | $46.41B | $38.92B | $30.41B |
| P/E ratio | 20.9 | 29.8 | 38.9 | 32.6 | 57.1 | 48.4 | 42.5 | 29.2 | 41.1 | 32.5 |
| Price / sales | 5.9 | 8.0 | 10.7 | 8.5 | 15.0 | 11.9 | 10.2 | 7.2 | 6.7 | 5.5 |
| Price / book | 16.8 | 15.5 | 18.3 | 15.6 | 25.6 | 21.0 | 23.5 | 19.1 | 19.9 | 17.8 |
| Price / free cash flow | 24.5 | 32.2 | 56.3 | 52.0 | 67.0 | 47.3 | 47.8 | 28.7 | 31.7 | 53.7 |
| Price / operating cash flow | 19.2 | 25.1 | 38.8 | 36.1 | 52.6 | 37.3 | 35.5 | 23.3 | 26.4 | 37.4 |
| EV / sales | 6.7 | 8.5 | 11.2 | 9.1 | 15.4 | 12.4 | 10.9 | 8.0 | 7.3 | 6.2 |
| EV / EBITDA | 15.5 | 20.4 | 26.0 | 21.9 | 37.7 | 30.9 | 27.9 | 21.0 | 20.0 | 18.6 |
| EV / free cash flow | 27.6 | 34.3 | 59.2 | 55.4 | 68.9 | 49.6 | 51.3 | 32.0 | 34.7 | 61.2 |
| Earnings yield | 4.8% | 3.4% | 2.6% | 3.1% | 1.8% | 2.1% | 2.4% | 3.4% | 2.4% | 3.1% |
| Free cash flow yield | 4.1% | 3.1% | 1.8% | 1.9% | 1.5% | 2.1% | 2.1% | 3.5% | 3.2% | 1.9% |
| Dividend yield | 1.6% | 1.1% | 0.8% | 0.9% | 0.4% | 0.5% | 0.5% | 0.6% | 0.6% | 0.7% |
| Shareholder yield (dividends + buybacks) | 7.4% | 3.6% | 2.0% | 3.2% | 1.0% | 0.8% | 1.5% | 2.3% | 2.0% | 1.8% |
| Share price at fiscal year-end | $125.82 | $162.93 | $197.37 | $146.55 | $244.03 | $165.50 | $132.35 | $85.54 | $72.04 | $53.53 |
| Per share | ||||||||||
| Revenue per share | $21.33 | $20.35 | $18.48 | $17.18 | $16.31 | $13.95 | $12.99 | $11.96 | $10.76 | $9.81 |
| Earnings per share | $6.02 | $5.47 | $5.07 | $4.49 | $4.27 | $3.42 | $3.11 | $2.93 | $1.75 | $1.65 |
| Operating cash flow per share | $6.54 | $6.49 | $5.09 | $4.06 | $4.64 | $4.44 | $3.73 | $3.68 | $2.73 | $1.43 |
| Free cash flow per share | $5.14 | $5.05 | $3.51 | $2.82 | $3.64 | $3.50 | $2.77 | $2.98 | $2.28 | $1.00 |
| Cash per share | $5.21 | $4.36 | $4.41 | $7.60 | $7.30 | $7.53 | $4.01 | $3.48 | $3.17 | $1.46 |
| Book value per share | $7.51 | $10.49 | $10.81 | $9.36 | $9.53 | $7.88 | $5.62 | $4.49 | $3.62 | $3.01 |
| Tangible book value per share | −$0.98 | $2.02 | $1.95 | $0.59 | $0.81 | −$1.33 | −$3.68 | −$4.89 | −$2.01 | −$2.43 |
| Dividends per share | $2.00 | $1.73 | $1.50 | $1.30 | $0.99 | $0.79 | $0.65 | $0.50 | $0.42 | $0.38 |
| Capex per share | $1.40 | $1.44 | $1.58 | $1.25 | $1.00 | $0.95 | $0.95 | $0.69 | $0.45 | $0.43 |
| Debt per share | $21.39 | $14.83 | $14.61 | $17.20 | $14.14 | $15.38 | $13.72 | $13.25 | $10.04 | $8.97 |
| Shares outstanding | 443.8M | 454.8M | 462.3M | 470.4M | 476.7M | 478.6M | 481.8M | 486.9M | 493.2M | 498.2M |
| Change in shares outstanding | −2.4% | −1.6% | −1.7% | −1.3% | −0.4% | −0.7% | −1.0% | −1.3% | −1.0% | −0.8% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 66.0% | 50.9% | 49.9% | 47.3% | 49.0% | 50.6% | 61.3% | 71.9% | 52.6% | 64.0% |
| Return on invested capital (ROIC) | 28.6% | 28.1% | 26.3% | 27.8% | 29.9% | 24.9% | 23.5% | 26.2% | 18.7% | 18.7% |
| Return on assets (ROA) | 18.0% | 17.4% | 16.0% | 14.7% | 14.8% | 13.0% | 13.4% | 14.7% | 10.6% | 10.6% |
| Return on tangible assets | 22.8% | 23.9% | 23.0% | 19.6% | 20.9% | 17.8% | 21.2% | 23.0% | 14.9% | 16.6% |
| Free cash flow margin | 24.1% | 24.8% | 19.0% | 16.4% | 22.3% | 25.1% | 21.3% | 24.9% | 21.1% | 10.2% |
| Income quality (OCF / net income) | 1.09 | 1.19 | 1.00 | 0.90 | 1.09 | 1.30 | 1.20 | 1.25 | 1.56 | 0.87 |
| Financial health | ||||||||||
| Total debt | $9.49B | $6.74B | $6.75B | $8.09B | $6.74B | $7.36B | $6.61B | $6.45B | $4.95B | $4.47B |
| Cash & short-term investments | $2.31B | $1.99B | $2.04B | $3.58B | $3.48B | $3.60B | $1.93B | $1.70B | $1.56B | $727.0M |
| Net debt | $7.18B | $4.76B | $4.72B | $4.51B | $3.26B | $3.76B | $4.68B | $4.76B | $3.39B | $3.74B |
| Debt / equity | 2.85 | 1.41 | 1.35 | 1.84 | 1.48 | 1.95 | 2.44 | 2.95 | 2.77 | 2.98 |
| Debt / assets | 0.61 | 0.47 | 0.47 | 0.54 | 0.49 | 0.54 | 0.57 | 0.60 | 0.58 | 0.58 |
| Net debt / EBITDA | 1.76 | 1.23 | 1.28 | 1.34 | 1.03 | 1.40 | 1.91 | 2.15 | 1.75 | 2.29 |
| Current ratio | 3.03 | 1.75 | 3.36 | 2.37 | 3.86 | 3.05 | 2.63 | 3.60 | 3.85 | 3.03 |
| Quick ratio | 1.94 | 1.08 | 2.00 | 1.63 | 2.79 | 2.30 | 1.85 | 2.46 | 2.55 | 1.69 |
| Interest coverage | 14.8 | 14.0 | 11.9 | 12.4 | 11.9 | 9.1 | 8.3 | 8.9 | 9.9 | 8.5 |
| Working capital | $4.53B | $2.57B | $4.45B | $4.34B | $5.13B | $4.44B | $2.94B | $3.18B | $3.12B | $2.27B |
| Invested capital | $10.51B | $9.53B | $9.71B | $8.92B | $7.80B | $7.53B | $7.39B | $6.94B | $5.17B | $5.24B |
| Tangible asset value | −$434.0M | $919.0M | $894.0M | $277.0M | $388.0M | −$631.0M | −$1.77B | −$2.38B | −$993.0M | −$1.21B |
| Net current asset value | −$5.37B | −$3.48B | −$2.95B | −$3.02B | −$2.43B | −$3.23B | −$4.09B | −$4.19B | −$2.58B | −$2.76B |
| Graham number | $31.89 | $35.91 | $35.12 | $30.77 | $30.27 | $24.63 | $19.84 | $17.21 | $11.95 | $10.56 |
| Graham net-net per share | −$16.71 | −$11.74 | −$10.81 | −$10.33 | −$8.52 | −$9.74 | −$11.18 | −$11.14 | −$7.65 | −$8.00 |
| Capital allocation | ||||||||||
| Dividends paid | $889.0M | $786.0M | $692.0M | $611.0M | $474.0M | $380.0M | $314.0M | $243.0M | $206.0M | $188.0M |
| Share buybacks (net) | $3.23B | $1.86B | $1.09B | $1.59B | $743.0M | $250.0M | $626.0M | $698.0M | $500.0M | $300.0M |
| Dividend payout ratio | 33.3% | 31.6% | 29.5% | 28.9% | 23.3% | 23.2% | 20.9% | 17.0% | 23.8% | 22.9% |
| Dividends + buybacks / free cash flow | 180.6% | 115.1% | 110.1% | 166.3% | 70.1% | 37.7% | 70.4% | 64.8% | 62.9% | 98.2% |
| Capex / revenue | 6.6% | 7.1% | 8.6% | 7.3% | 6.1% | 6.8% | 7.3% | 5.8% | 4.2% | 4.4% |
| Capex / operating cash flow | 21.4% | 22.2% | 31.1% | 30.6% | 21.6% | 21.3% | 25.6% | 18.9% | 16.6% | 30.3% |
| Capex / depreciation | 1.28 | 1.32 | 1.49 | 1.26 | 1.06 | 1.03 | 1.12 | 1.10 | 0.93 | 0.90 |
| Stock-based compensation / revenue | 0.9% | 0.8% | 0.7% | 0.8% | 0.7% | 0.9% | 1.1% | 0.9% | 0.8% | 0.8% |
| R&D / revenue | 7.4% | 7.4% | 7.2% | 6.7% | 6.5% | 6.9% | 7.3% | 7.4% | 7.2% | 7.7% |
| SG&A / revenue | 25.1% | 25.0% | 25.2% | 24.9% | 25.7% | 25.9% | 26.2% | 25.4% | 25.0% | 26.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 56.0 | 51.7 | 53.8 | 53.0 | 50.4 | 57.4 | 61.9 | 63.7 | 65.7 | 69.1 |
| Days of inventory on hand | 309.3 | 310.8 | 330.6 | 299.1 | 263.0 | 250.1 | 238.1 | 253.6 | 286.8 | 310.5 |
| Days payables outstanding | 60.1 | 53.9 | 55.0 | 58.9 | 66.1 | 62.4 | 52.2 | 51.7 | 51.5 | 58.4 |
| Cash conversion cycle (days) | 305.3 | 308.6 | 329.4 | 293.2 | 247.2 | 245.1 | 247.8 | 265.7 | 301.0 | 321.2 |
| Receivables turnover | 6.52 | 7.07 | 6.78 | 6.88 | 7.25 | 6.36 | 5.90 | 5.73 | 5.55 | 5.28 |
| Payables turnover | 6.07 | 6.78 | 6.64 | 6.19 | 5.52 | 5.85 | 6.99 | 7.07 | 7.09 | 6.25 |
| Inventory turnover | 1.18 | 1.17 | 1.10 | 1.22 | 1.39 | 1.46 | 1.53 | 1.44 | 1.27 | 1.18 |
| Asset turnover | 0.64 | 0.65 | 0.58 | 0.56 | 0.57 | 0.53 | 0.56 | 0.60 | 0.65 | 0.63 |
| Average receivables | $1.45B | $1.31B | $1.26B | $1.17B | $1.07B | $1.05B | $1.06B | $1.02B | $955.5M | $925.0M |
| Average payables | $460.0M | $422.0M | $408.0M | $420.5M | $446.5M | $379.0M | $307.0M | $287.0M | $263.0M | $279.0M |
| Average inventory | $2.37B | $2.44B | $2.45B | $2.13B | $1.78B | $1.52B | $1.40B | $1.41B | $1.46B | $1.48B |
| Intangibles / total assets | 24.3% | 27.0% | 28.7% | 27.6% | 29.9% | 32.4% | 38.8% | 42.4% | 32.4% | 35.4% |
Computed from ZTS's annual financial statements (latest annual report filed February 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ZTS valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Zoetis traded at 20.9 times earnings, against a 10-year median of 35.8. Based on the latest twelve months, the trailing P/E is 13.1 and the forward P/E is 12.0. Zoetis earned a return on equity of 66.0% and a return on invested capital of 28.6% in fiscal 2025. It ended the year with $9.5 billion of debt and $2.3 billion in cash and short-term investments, net debt of $7.2 billion. It returned $4.1 billion to shareholders: $889.0 million in dividends and $3.2 billion in share buybacks, 181% of free cash flow. The share count fell 10.9% from 498.2M to 443.8M over 9 years.
See the ZTS income statement, the ZTS chart for price history, or the ZTS stock overview for the latest quote and news.
ZTS key metrics FAQ
What is Zoetis's P/E ratio?
Zoetis's trailing P/E ratio is 13.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 12.0. At the end of fiscal 2025 it was 20.9, compared with a 10-year median of 35.8.
What is Zoetis's EV/EBITDA?
Zoetis's enterprise value was 15.5 times EBITDA at the end of fiscal 2025 (enterprise value $63.0 billion, EBITDA $4.1 billion); the current EV/EBITDA is 9.2.
What is Zoetis's return on equity?
Zoetis's return on equity (ROE) was 66.0% in fiscal 2025: net income of $2.7 billion on average shareholders' equity of $4.1 billion.
What is Zoetis's ROIC?
Zoetis's return on invested capital was 28.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Zoetis have?
Zoetis had total debt of $9.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 2.85 and $7.2 billion of net debt (1.76 times EBITDA).
What is Zoetis's dividend yield?
Zoetis's forward dividend yield is 2.67%. Zoetis paid $889.0 million in dividends in fiscal 2025 ($2.00 per share), a payout ratio of 33.3%.
Does Zoetis buy back its shares?
Yes. Zoetis spent $3.2 billion on net share repurchases in fiscal 2025 Shares outstanding changed −2.4% over the year, to 443.8M..
What is Zoetis's free cash flow yield?
Zoetis generated $2.3 billion of free cash flow in fiscal 2025, a free cash flow yield of 4.1% on its market value at year-end ($55.8 billion).
What is Zoetis's current ratio?
Zoetis's current ratio was 3.03 at the end of fiscal 2025: current assets were 3.03 times current liabilities.