Zoetis Inc.
ZTSNYSE
$81.76
Last price · USD
- Market cap
- $36.29B
- P/E
- 13.6x
- EV / EBITDA
- 10.7x
- P/S
- 3.8x
- FCF yield
- 6.3%
- Div. yield
- 2.45%
Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.
Zoetis Inc. cash flow statement
Annual · USD millions except per-share data · 36 lines
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | CAGR | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | 2,673 | 2,496 | 2,344 | 2,111 | 2,034 | +7.1% | |
| Depreciation & amortization | 487 | 497 | 491 | 465 | 448 | +2.1% | |
| Deferred income tax | (52) | (338) | (61) | (286) | (80) | — | |
| Stock-based compensation | 83 | 74 | 60 | 62 | 58 | +9.4% | |
| Change in working capital | (408) | 79 | (512) | (699) | (343) | — | |
| Accounts receivables | (236) | (61) | (102) | (137) | (155) | — | |
| Inventory | (199) | (40) | (361) | (486) | (366) | — | |
| Accounts payables | 46 | 31 | 13 | (29) | (17) | — | |
| Other working capital | (19) | 149 | (62) | (47) | 195 | — | |
| Other non-cash items | 121 | 145 | 31 | 259 | 96 | +6.0% | |
| Net cash from operating activities | 2,904 | 2,953 | 2,353 | 1,912 | 2,213 | +7.0% | |
| Operating cash flow | 2,904 | 2,953 | 2,353 | 1,912 | 2,213 | +7.0% | |
| Investing activities | |||||||
| Investments in PP&E | (621) | (655) | (732) | (586) | (477) | — | |
| Capital expenditure | (621) | (655) | (732) | (586) | (477) | — | |
| Acquisitions, net | (24) | 285 | (59) | (312) | (14) | — | |
| Purchases of investments | (7) | (5) | (4) | (9) | (12) | — | |
| Sales / maturities of investments | 0 | 62 | 12 | 23 | 44 | — | |
| Other investing activities | (96) | (2) | 6 | 1 | 1 | — | |
| Net cash from investing activities | (748) | (315) | (777) | (883) | (458) | — | |
| Financing activities | |||||||
| Net debt issuance | 2,268 | (3) | (1,349) | 1,350 | (604) | — | |
| Short-term net debt issuance | 0 | (3) | 1 | 2 | (4) | — | |
| Long-term net debt issuance | 2,268 | 0 | (1,350) | 1,348 | (600) | — | |
| Net stock issuance | (3,235) | (1,858) | (1,092) | (1,594) | (743) | — | |
| Common stock repurchased | (3,235) | (1,858) | (1,092) | (1,594) | (743) | — | |
| Net common stock issuance | (3,235) | (1,858) | (1,092) | (1,594) | (743) | — | |
| Common dividends paid | (889) | (786) | (692) | (611) | (474) | — | |
| Net dividends paid | (889) | (786) | (692) | (611) | (474) | — | |
| Other financing activities | (14) | (13) | 24 | (49) | (45) | — | |
| Net cash from financing activities | (1,870) | (2,660) | (3,109) | (904) | (1,862) | — | |
| Cash summary | |||||||
| Effect of forex changes on cash | 39 | (32) | (7) | (29) | (12) | — | |
| Net change in cash | 325 | (54) | (1,540) | 96 | (119) | — | |
| Cash at beginning of period | 1,987 | 2,041 | 3,581 | 3,485 | 3,604 | -13.8% | |
| Cash at end of period | 2,312 | 1,987 | 2,041 | 3,581 | 3,485 | -9.8% | |
| Free cash flow | 2,283 | 2,298 | 1,621 | 1,326 | 1,736 | +7.1% | |
| Income taxes paid | 715 | 892 | 754 | 638 | 548 | +6.9% | |
| Interest paid | 261 | 274 | 295 | 242 | 253 | +0.8% | |