Explain this page
Arphra AIPlain-English read on Zoetis Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +68.31% | +67.77% | +68.28% | +69.10% | +70.49% | +69.87% | +69.50% | +70.06% | +69.94% |
| Operating margin | +36.05% | +36.24% | +35.92% | +36.65% | +38.00% | +37.41% | +36.98% | +36.75% | +35.77% |
| EBITDA margin | +40.79% | +41.56% | +43.13% | +41.83% | +42.98% | +41.61% | +41.74% | +43.78% | +41.90% |
| EBIT margin | +35.03% | +35.80% | +37.38% | +36.46% | +37.84% | +37.42% | +36.62% | +37.70% | +38.26% |
| Pre-tax margin | +32.00% | +32.87% | +34.36% | +33.85% | +35.49% | +34.92% | +34.19% | +34.73% | +33.78% |
| Net margin | +26.20% | +26.16% | +27.43% | +26.86% | +28.23% | +27.34% | +27.44% | +27.78% | +27.08% |
| Cost structure | |||||||||
| Cost of revenue / sales | +31.69% | +32.23% | +31.72% | +30.90% | +29.51% | +30.48% | +31.03% | +31.60% | +31.50% |
| R&D intensity | +6.53% | +6.67% | +7.19% | +7.41% | +7.37% | +7.46% | +7.27% | +7.14% | +7.41% |
| SG&A intensity | +25.73% | +24.86% | +25.18% | +25.04% | +25.12% | +24.73% | +24.66% | +24.76% | +25.08% |
| Effective tax rate | +18.25% | +20.52% | +20.30% | +20.33% | +20.45% | +20.49% | +20.41% | +20.55% | +21.43% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +44.83% | +48.01% | +46.96% | +52.12% | +80.25% | +57.84% | +57.47% | +57.85% | +54.79% |
| Return on assets (ROA) | +14.65% | +14.16% | +16.41% | +17.46% | +17.28% | +17.38% | +17.11% | +16.91% | +16.88% |
| Return on capital (ROC) | +24.83% | +23.44% | +26.13% | +29.46% | +28.05% | +29.03% | +28.15% | +27.64% | +27.30% |
| Return on invested capital (ROIC) | +18.05% | +16.92% | +19.96% | +21.59% | +20.84% | +21.21% | +20.89% | +20.89% | +20.66% |
| Asset turnover | +55.94% | +54.14% | +59.81% | +65.01% | +61.21% | +63.59% | +62.35% | +60.88% | +62.36% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +26.20% | +26.16% | +27.43% | +26.86% | +28.23% | +27.34% | +27.44% | +27.78% | +27.08% |
| Asset turnover (× revenue / assets) | +55.94% | +54.14% | +59.81% | +65.01% | +61.21% | +63.59% | +62.35% | +60.88% | +62.36% |
| Equity multiplier (× assets / equity) | +305.90% | +338.97% | +286.24% | +298.47% | +464.34% | +332.73% | +335.95% | +342.10% | +324.50% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.56 | 0.54 | 0.60 | 0.65 | 0.61 | 0.64 | 0.62 | 0.61 | 0.62 |
| Fixed-asset turnover | 2.99 | 2.72 | 2.49 | 2.56 | 2.39 | — | — | — | — |
| Inventory turnover | 1.28 | 1.11 | 1.06 | 1.24 | 1.15 | — | — | — | — |
| Receivables turnover | 6.86 | 6.65 | 6.55 | 7.03 | 5.95 | — | — | — | — |
| Payables turnover | 5.65 | 6.43 | 6.59 | 6.61 | 5.74 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 53.18 | 54.89 | 55.71 | 51.89 | 61.30 | — | — | — | — |
| Days inventory outstanding (DIO) | 284.86 | 328.70 | 345.34 | 294.30 | 317.45 | — | — | — | — |
| Days payables outstanding (DPO) | 64.59 | 56.77 | 55.36 | 55.26 | 63.62 | — | — | — | — |
| Cash conversion cycle | 273.46 | 326.81 | 345.69 | 290.93 | 315.13 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.09 | 0.90 | 1.00 | 1.19 | 1.09 | 1.10 | 1.12 | 1.07 | 1.12 |
| FCF / Net income | 0.85 | 0.63 | 0.69 | 0.92 | 0.85 | 0.82 | 0.81 | 0.82 | 0.86 |
| FCF margin | +22.33% | +16.41% | +18.97% | +24.83% | +24.12% | +22.34% | +22.11% | +22.72% | +23.21% |
| OCF margin | +28.46% | +23.66% | +27.54% | +31.90% | +30.67% | +30.03% | +30.69% | +29.59% | +30.31% |
| CapEx / Revenue | +6.13% | +7.25% | +8.57% | +7.08% | +6.56% | +7.60% | +7.35% | +7.56% | +7.46% |
| CapEx / D&A | 1.06 | 1.26 | 1.49 | 1.32 | 1.28 | — | — | — | — |
| Stock-based comp / Revenue | +0.75% | +0.77% | +0.70% | +0.80% | +0.88% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 4.27 | 4.49 | 5.07 | 5.47 | 6.02 | 6.92 | 7.42 | 8.02 | 8.77 |
| EPS · basic | 4.29 | 4.51 | 5.08 | 5.47 | 6.03 | 6.86 | 7.38 | 8.14 | 8.65 |
| Book value / share | 9.53 | 9.36 | 10.80 | 10.49 | 7.51 | 10.49 | 11.04 | 11.53 | 12.46 |
| Tangible BV / share | 0.81 | 0.59 | 1.93 | 2.02 | -0.98 | 10.49 | 11.04 | 11.53 | 12.46 |
| Sales / share | 16.31 | 17.18 | 18.48 | 20.35 | 21.33 | 22.20 | 23.13 | 24.01 | 25.22 |
| Operating CF / share | 4.64 | 4.06 | 5.09 | 6.49 | 6.54 | 6.67 | 7.10 | 7.10 | 7.64 |
| Free cash flow / share | 3.64 | 2.82 | 3.51 | 5.05 | 5.14 | 4.96 | 5.11 | 5.46 | 5.85 |
| Dividends / share | 0.99 | 1.30 | 1.50 | 1.73 | 2.00 | 1.87 | 1.95 | 2.08 | 2.22 |
| Payout ratio | +23.27% | +28.90% | +29.52% | +31.62% | +33.26% | +30.89% | +30.71% | +31.25% | +32.49% |
| Retention ratio | +76.73% | +71.10% | +70.48% | +68.38% | +66.74% | +69.11% | +69.29% | +68.75% | +67.51% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +3.91% | +5.74% | +8.33% | +2.28% | +3.21% | +4.13% | +4.89% | +5.34% | +4.71% |
| Gross profit · YoY | — | +3.09% | +6.54% | +9.63% | +4.33% | +2.31% | +3.57% | +5.75% | +5.15% | +5.02% |
| Profit | ||||||||||
| Operating income · YoY | — | +4.46% | +4.82% | +10.52% | +6.04% | +1.63% | +2.92% | +4.23% | +2.54% | +4.61% |
| EBITDA · YoY | — | +5.86% | +9.74% | +5.07% | +5.09% | -0.09% | +4.46% | +10.01% | +0.83% | +5.07% |
| Net income · YoY | — | +3.78% | +10.88% | +6.06% | +7.52% | -0.07% | +4.50% | +6.20% | +2.68% | +5.15% |
| Operating | ||||||||||
| EBIT · YoY | — | +6.20% | +10.40% | +5.67% | +6.13% | +2.07% | +1.92% | +7.97% | +6.91% | +5.88% |
| R&D · YoY | — | +6.10% | +13.91% | +11.73% | +1.75% | +4.43% | +1.46% | +3.01% | +9.38% | +6.38% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +5.15% | +12.92% | +7.89% | +10.05% | +14.89% | +7.27% | +8.15% | +9.29% | +9.41% |
| EPS · basic · YoY | — | +5.13% | +12.64% | +7.68% | +10.24% | +13.71% | +7.66% | +10.30% | +6.29% | +9.17% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $6.74B | $8.09B | $6.76B | $6.74B | $9.49B | $7.97B | $8.51B | $9.06B | $9.18B |
| Net debt | $3.26B | $4.51B | $4.72B | $4.76B | $7.18B | $5.73B | $6.11B | $6.6B | $6.55B |
| Net debt / EBITDA | 1.03 | 1.34 | 1.28 | 1.23 | 1.76 | 1.41 | 1.44 | 1.41 | 1.39 |
| Debt / equity | 1.48 | 1.84 | 1.35 | 1.41 | 2.85 | 1.73 | 1.75 | 1.77 | 1.65 |
| Debt / assets | +48.51% | +54.20% | +47.28% | +47.37% | +61.38% | +51.90% | +52.12% | +51.71% | +50.90% |
| Equity / assets | +32.69% | +29.50% | +34.94% | +33.50% | +21.54% | +30.05% | +29.77% | +29.23% | +30.82% |
| Coverage | |||||||||
| EBITDA / interest expense | 13.44 | 14.17 | 14.28 | 16.00 | 16.74 | 14.87 | 15.09 | 16.00 | 15.39 |
| Operating income / interest | 11.88 | 12.35 | 11.90 | 14.02 | 14.80 | 13.37 | 13.37 | 13.43 | 13.13 |
| Interest expense | $236M | $237M | $258M | $242M | $243M | $273.37M | $281.43M | $292.09M | $306.18M |
| Liquidity | |||||||||
| Current ratio | 3.86 | 2.37 | 3.36 | 1.75 | 3.03 | — | — | — | — |
| Quick ratio | 2.57 | 1.51 | 1.77 | 0.97 | 1.75 | — | — | — | — |
| Cash ratio | 1.94 | 1.13 | 1.08 | 0.58 | 1.03 | — | — | — | — |
| Working capital | $5.13B | $4.34B | $4.45B | $2.57B | $4.53B | — | — | — | — |
| Working capital / revenue | +66.01% | +53.70% | +52.13% | +27.81% | +47.88% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).