Latest revenue
$2.26B
as of 2026-03-31
Latest net income
$601.0M
as of 2026-03-31
Net margin
26.6%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $38.65B
- Enterprise value
- $43.63B
- P/E (trailing)
- 14.5×
- Forward P/E
- —
- P/B
- 7.16×
- Dividend yield
- 2.5%
- 52-wk high
- $172.23
- 52-wk low
- $72.38
- Beta
- —
- Shares out
- 475.2M
5-year trend
What this company does
Zoetis develops, manufactures, and sells medicines, vaccines, and diagnostics for pets and livestock, serving veterinarians and animal producers worldwide. It generates revenue primarily through product sales of animal health pharmaceuticals, with Q3 2025 sales of $2.4 billion roughly flat year-over-year and nine-month revenue up 2% to $7.08 billion. The company is leaning on margin expansion and aggressive capital return—buying back $1.17 billion of stock and refinancing $1.35 billion of debt with new senior notes—as top-line growth slows to low single digits.
Generated from ZTS's filing dated 2026-02-12
Key risks
- Revenue growth stalling: Q3 revenue rose just 0.5% YoY ($2,400M vs $2,388M); 9-month growth only 2%, suggesting franchise maturity.
- Rising leverage: long-term debt jumped to $7,069M from $5,220M after $1,848M senior notes issuance, with interest expense at $165M YTD.
- Working-capital drag: inventories up $159M and receivables up $225M YTD, cutting operating cash flow to $2,011M despite higher net income.
Generated from ZTS's filing dated 2026-02-12
Profitability
Net margin
28.2%
5.1%Return on equity
80.2%
54.0%Return on assets
17.3%
1.0%Leverage
Debt / equity
3.64×
83.6%Long-term debt / equity
2.71×
148.0%Debt / assets
78.5%
18.0%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $2.26B | +2.9% | $601.0M | -0.2% | 26.6% |
Q4 2025 2025-12-31 | $2.41B | +4.0% | $632.0M | +8.8% | 26.2% |
Q3 2025 2025-09-30 | $2.40B | +0.5% | $721.0M | +5.7% | 30.0% |
Q2 2025 2025-06-30 | $2.46B | +4.2% | $718.0M | +15.1% | 29.2% |
Q1 2025 2025-03-31 | $2.20B | +0.4% | $602.0M | +0.5% | 27.4% |
Q4 2024 2024-12-31 | $2.32B | — | $581.0M | — | 25.1% |
Q3 2024 2024-09-30 | $2.39B | +11.0% | $682.0M | +14.4% | 28.6% |
Q2 2024 2024-06-30 | $2.36B | +8.3% | $624.0M | -7.0% | 26.4% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Pharmaceutical Preparations · SIC 2834
Your notes
Keep private notes on ZTS — thesis, target price, catalysts to watch.
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Insider activity
Insider buying
$886.4K
Insider selling
$2.7M
Net activity
−$1.8M
Distinct insiders
5
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns ZTS
Institutional value
$17.46B
Total shares held
151.9M
Distinct holders
709
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 26.1M | $3.08B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 24.0M | $2.83B | — | New |
| 3 | DEUTSCHE BANK AG\ | 5.5M | $653.9M | — | New |
| 4 | WELLS FARGO & COMPANY/MN | 5.5M | $649.1M | — | New |
| 5 | Mitsubishi UFJ Asset Management Co., Ltd. | 4.2M | $501.7M | — | New |
| 6 | Bank of New York Mellon Corp | 3.9M | $461.0M | — | New |
| 7 | Legal & General Group Plc | 3.7M | $431.6M | — | New |
| 8 | Invesco Ltd. | 3.5M | $418.6M | — | New |
| 9 | Swedbank AB | 3.0M | $355.1M | — | New |
| 10 | Nuveen, LLC | 3.0M | $350.6M | — | New |
| 11 | DIAMOND HILL CAPITAL MANAGEMENT INC | 2.9M | $346.1M | — | New |
| 12 | UBS Group AG | 2.8M | $330.9M | — | New |
| 13 | DIMENSIONAL FUND ADVISORS LP | 2.8M | $327.6M | — | New |
| 14 | VANGUARD FIDUCIARY TRUST CO | 2.4M | $283.2M | — | New |
| 15 | HSBC HOLDINGS PLC | 2.1M | $243.7M | — | New |
| 16 | BLS CAPITAL FONDSMAEGLERSELSKAB A/S | 2.0M | $231.2M | — | New |
| 17 | CIBC Bancorp USA Inc. | 1.7M | $199.4M | — | New |
| 18 | MONTRUSCO BOLTON INVESTMENTS INC. | 1.7M | $191.4M | — | New |
| 19 | TD ASSET MANAGEMENT INC | 1.6M | $185.5M | — | New |
| 20 | Employees Provident Fund Board | 1.5M | $181.7M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Q3 revenue grew only 0.5% YoY to $2.4B—what's driving the deceleration, and is Librela facing competitive or safety-related demand erosion?
- 2
Inventories rose to $2.47B against flat revenue; how much excess Simparica/Librela stock sits in the channel heading into 2026?
- 3
Long-term debt jumped from $5.22B to $7.07B while you bought back $1.17B in stock—defend prioritizing buybacks over deleveraging at these rates.
Refreshed when ZTS files a new report · last from 2026-02-12