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Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
ZTS — frequently asked questions
Is Zoetis Inc. overvalued?
In our latest published analysis dated 2026-10-22, ZTS looks meaningfully undervalued. The price recorded at analysis is 79,6 USD versus our fair value of 95,5 USD; the high endpoint is presented separately as potential value of 131 USD. That implies roughly 19.9% upside to fair value at that date.
Our latest published report, analyzed 2026-10-22, gives ZTS a fair value of 95,5 USD and a potential value of 131 USD. The conclusion is triangulated across multiple valuation models and weighted by reliability for Zoetis Inc.'s archetype; it is a dated research output, not a live price.
Should I buy ZTS now?
Our latest published rating for ZTS, analyzed 2026-10-22, is Buy. Zoetis Inc. looks meaningfully undervalued at the analysis-date price of 79,6 USD versus fair value of 95,5 USD; potential value is 131 USD. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for ZTS?
The dedicated bear-case section in our report analyzed 2026-10-22 documents Zoetis Inc.'s material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is ZTS's rating?
Our latest published rating for ZTS, analyzed 2026-10-22, is Buy, with a published moat assessment of 8.5/10 (Narrow). It reflects our fair value of 95,5 USD, the potential value of 131 USD, and the price recorded at analysis (79,6 USD).
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§1 Resumen ejecutivoEN
Respuesta en 30 segundosBuy
Precio frente a valor
Precio
$79.62
Valor razonable
$95.48
Valor potencial
$131.22
A fecha de
2026-10-21
Por qué puede funcionar
Accelerated international expansion of novel monoclonal antibody pain therapies (Lenivia and Portela) combined with a rich late-stage pipeline of multiple potential blockbuster therapies across kidney disease, oncology, and cardiology.
Zoetis is rated Buy with Fair value of $95.48, offering 19.9% upside from $79.62 (as of 2026-10-21) as market sentiment overreacts to temporary U.S. dermatology competition and clinic visit declines.
The recent sell-off in Zoetis shares followed management's revision of full-year 2026 guidance to revenue of $9.12B to $9.32B (organic contraction of 1% to 3%) and adjusted diluted EPS of $6.15 to $6.25. This reset reflects an 11% decline in Q2 U.S. companion animal sales resulting from lower vet visits and pet owner price sensitivity, alongside targeted gross-to-net discounting to defend dermatology market share.
However, the underlying earnings power and cash generation of the business remain intact. In FY2025, Zoetis produced $2,904M in operating cash flow and $2,283M in free cash flow on $9,467M of revenue, generating operating margins of 37.84%. Free cash flow conversion exceeds 85%, enabling robust share repurchases that reduced diluted share count from 443.8M in FY2025 to 413.2M.3,6,7
With international operations growing 8% in Q2 and livestock surging 23% in the U.S., portfolio diversification provides a strong operational buffer. Trading at 11.99x forward earnings, Zoetis trades at a discount to diversified healthcare peers like BIIB at 14.65x and GEHC at 12.98x, presenting a compelling accumulation opportunity.3,4
International Biologics Expansion Offsets U.S. Headwinds
International companion animal revenue expanded 8% in Q2 2026, bolstered by European and Canadian rollouts of long-acting monoclonal antibody therapies Lenivia and Portela.
Zoetis Inc. is the world leader in animal health, discovering, developing, manufacturing, and commercializing medicines, vaccines, diagnostics, and biopharmaceuticals for companion animals (dogs, cats, and horses) and livestock (cattle, swine, poultry, fish, and sheep).
The company operates across two commercial reporting segments: the United States, which contributed $5,097M in FY2025 revenue, and International, which contributed $4,254M. Commercial distribution relies on veterinary clinic relationships, direct sales teams, and veterinary distributors.
§2 Caso bajistaEN
In a compounding downside event, U.S. veterinary clinic visits remain depressed while competitive alternatives in dermatology capture significant market share against Apoquel and Cytopoint. Management responds with defensive gross-to-net pricing concessions, causing corporate operating margins to compress from 37.84% in FY2025 to 34.5%. Concurrently, U.S. companion animal volume declines persist across FY2027, restricting 5-year top-line growth to 1.5% and reducing annual operating cash flow generation below $2.4B. Under these conditions, multiple expansion fails to materialize and valuation approaches the lower boundary of the fair value range at $71.42.
Persistent softness in U.S. companion animal clinic visits
In the Bear scenario, competitive entrants capture meaningful market share in canine dermatology, forcing permanent gross-to-net rebates that depress operating margins. U.S. veterinary clinic visits remain sluggish, dampening companion animal demand through FY2028 and constraining earnings compound growth.
Cómo puede fallar esta tesis
Severe Dermatology Inroads and Permanent Gross-to-Net Degradation
Management acknowledged new competitive entry in U.S. dermatology in Q2 2026 putting volume and market share under pressure and requiring gross-to-net discounting, while revised full-year adjusted net incomeguidance was cut to a 5% to 9% decline. If competitive entrants capture substantial share in Apoquel and Cytopoint, operating margin drops 300 bps below FY2025 reported levels of 37.84%.3,5
FV impact
-1.5%
Operating margin 3 points lower throughout
Señales de alerta temprana a vigilar
Los cinco acontecimientos que debilitarían nuestra tesis de inversión.
Indicates structural volume erosion and clinic visit decline rather than transitory destocking, impairing core companion animal revenue recovery.
Actual:-11% in Q2 2026
Alerta siSustained organic contraction worse than -5% through FY2027
02
§3 Foso competitivoEN
Narrow
Zoetis possesses a Narrow economic moat anchored by its comprehensive animal health product portfolio, global commercial distribution reach, and deep clinical integration with veterinary practitioners. Animal health therapeutics differ structurally from human pharmaceuticals due to lower patent cliff exposure, smaller brand erosion upon generic entry, and cash-pay consumer dynamics that reward strong brand loyalty and practitioner trust.
The company's commercial scale is unmatched in animal health, generating $9,467M in FY2025 revenue split between U.S. ($5,097M) and International ($4,254M). Although its largest veterinary distributor accounted for approximately 16% of FY2025 revenue, the ultimate purchasing decision rests with thousands of independent clinics and producers who rely on Zoetis technical specialists and point-of-care diagnostic instrumentation.
While competitive entry in dermatology from newer entrants has intensified, requiring targeted gross-to-net pricing investments, the breadth of Zoetis' portfolio across companion animal parasiticides, vaccines, diagnostics, and livestock provides stability that insulates overall corporate returns above capital costs.
Beneficio económico
Zoetis generated $3,597M in operating income and $2,283M in free cash flow on $9,467M of revenue in FY2025. With a computed WACC of 7.76% and cost of equity of 8.67%, the company produces economic profits substantially in excess of its capital costs.2,3,6,7
8.5/ 10
Narrow
Sources of advantage
01Direct Global Commercial Infrastructure and Distribution Scale — Zoetis deploys the industry's largest dedicated animal health technical sales and diagnostics support network, serving veterinarians across more than 100 countries. In FY2025, U.S. operations generated $5,097M and International generated $4,254M, creating commercial scale that independent biotechnology developers cannot easily replicate.Wide
02Proprietary Biologics and Monoclonal Antibody Manufacturing Moat — Zoetis has pioneered category-defining biologic platforms, including Cytopoint for dermatology and Librela/Solensia for osteoarthritis pain, followed by next-generation monoclonal antibodies Lenivia and Portela recently launched in Europe and Canada. Manufacturing complex biologics at global commercial scale creates substantial intellectual property and regulatory barriers.Wide
Amenazas conocidas al foso
Amenaza
Severidad
Cronograma
Mitigación
Competitive entry in U.S. canine dermatology targeting Apoquel and Cytopoint market share.
The highlighted cell is Fair value when every assumption sits at its base level ($95.48). Each row and column shows what Fair value becomes when one assumption moves.
Free cash flow to the firm stays positive in the first projected year at $2.3B after modeled reinvestment of $409.0M, with terminal value at 81.0% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to revenue, reinvestment, or gross margin resets materially.
Maintain Buy; Maintain core position sizing and verify whether dermatology gross-to-net pressure is abating.
Disparador: Quarterly adjusted diluted EPS exceeding $1.35 and FY2026 revenue tracking toward the top of guidance at $9.32B.5
Demonstrates that international growth and operational cost controls are successfully neutralizing domestic dermatology competition and clinic visit declines.
Signals that competitor inroads in dermatology are accelerating and clinic traffic is deteriorating further, threatening operating margin support at 34.5%.
Calidad de los beneficios
Zoetis exhibits high earnings quality supported by strong cash conversion. In FY2025, operating cash flow reached $2,904M and free cash flow was $2,283M, representing an 85.4% conversion rate from reported net income of $2,673M. Stock-based compensation of $83M represents less than 1% of revenue. Non-GAAP adjustments primarily relate to purchase accounting amortization ($90M in FY2026) and discrete restructuring programs ($150M).6,7
Evolución de las estimaciones
Following the Q2 2026 earnings release, consensus estimates experienced downward revisions. FY2026 consensus EPS fell from $6.87 pre-event to $6.21, while FY2026 revenue consensus adjusted from $9.74B to $9.25B. FY2027 consensus EPS adjusted from $7.39 to $6.52, reflecting the reset in dermatology pricing assumptions and clinic traffic expectations.1
Cash generation is exceptionally strong. In FY2025, cash from operations was $2,904M and capex was $621M, yielding free cash flow of $2,283M. Free cash flow conversion stood at 85.4% of reported net income ($2,673M). For FY2026, forecast FCFF of $2,318M remains resilient despite lower revenue, supported by moderate working capital requirements and stable operating tax rates of 20.36%.2,6,7
Asignación de capital
Zoetis demonstrates disciplined capital allocation focused on organic R&D, capacity investment, and aggressive cash return. In FY2025, was $621M (6.6% of ), supporting next-generation biologics capacity. Capital returns prioritize share repurchases, which reduced diluted to 413.2M by October 2026 from 443.8M diluted average shares in FY2025. Total debt stood at $9,493M as of year-end FY2025, representing a manageable debt-to-capital weight of 21.95%. The board declared a $0.53/share dividend in Q4 2026, maintaining an annualized $2.12 payout.
Zoetis generates returns on invested capital well above its cost of capital. With an operating margin of 37.84% in FY2025, a modest reinvestment rate of 15%, and an effective tax rate of 20.36%, economic returns remain stable and insulated from competitive shocks.
ROIC exceeds WACC of 7.76% by over 1,000 basis points.
Operating margins lead the healthcare industry by more than 800 basis points.
Ingresos más recientes9467 M US$CAGR de ingresos +7,6 %
Margen operativo38,0 %10 periodos fiscales
Flujo de caja libre más reciente2283 M US$FY2025
Deuda neta7181 M US$FY2025
Desglose de la cuenta de resultadosCómo la escala del negocio se convierte en beneficio declarado.30 jun 2026
StockMarketAgent.AI
Ingresos2468 M US$Coste de ventas−673 M US$Beneficio bruto1795 M US$Gastos operativos−858 M US$Beneficio operativo937 M US$Partidas no operativas e impuestos−246 M US$Beneficio neto691 M US$
Datos del historial financiero
Ingresos
2.468.000.000 US$
Coste de ventas
673.000.000 US$
Beneficio bruto
1.795.000.000 US$
Gastos operativos
858.000.000 US$
Beneficio operativo
937.000.000 US$
Partidas no operativas e impuestos
-246.000.000 US$
Beneficio neto
691.000.000 US$
Resumen del balanceCómo se mantienen y financian los activos declarados en el período seleccionado.
StockMarketAgent.AI
Composición de activosFinanciado por
Activos totales15,5 mil M US$Efectivo2312 M US$Activos corrientes6768 M US$Pasivos totales12,1 mil M US$Pasivos corrientes2235 M US$Patrimonio neto3331 M US$
Datos del desglose del balance
Activos totales
15.467.000.000 US$
Efectivo
2.312.000.000 US$
Activos corrientes
6.768.000.000 US$
Pasivos totales
12.136.000.000 US$
Pasivos corrientes
2.235.000.000 US$
Patrimonio neto
3.331.000.000 US$
Puente de flujo de cajaCómo el flujo de caja operativo se convirtió en flujo de caja libre en FY2025.
StockMarketAgent.AI
Conciliación del flujo operativo
Beneficio neto2673 M US$Depreciación y amortización+487 M US$Compensación basada en acciones+83 M US$Otros ajustes operativos−339 M US$Flujo de caja operativo2904 M US$
Conciliación del efectivo inicial al final
Efectivo inicial1987 M US$Flujo de caja operativo+2904 M US$Flujo de inversión−748 M US$Flujo de financiación−1870 M US$Efecto del tipo de cambio+39 M US$Efectivo final2312 M US$
2904 M US$ − 621 M US$Flujo de caja libre 2283 M US$
Datos del puente de flujo de caja
Beneficio neto
2.673.000.000 US$
Entrada operativa
3.243.000.000 US$
Depreciación y amortización
487.000.000 US$
Compensación basada en acciones
83.000.000 US$
Flujo de caja operativo
2.904.000.000 US$
Salida operativa
339.000.000 US$
Efectivo disponible
4.930.000.000 US$
Efectivo inicial
1.987.000.000 US$
Efecto del tipo de cambio
39.000.000 US$
Salida de inversión
748.000.000 US$
Capex
621.000.000 US$
Otras actividades de inversión
127.000.000 US$
Salida de financiación
1.870.000.000 US$
Emisión neta de deuda
2.498.000.000 US$
Recompras de acciones
3.235.000.000 US$
Dividendos pagados
889.000.000 US$
Otras actividades de financiación
244.000.000 US$
Efectivo final
2.312.000.000 US$
Flujo de inversión
-748.000.000 US$
Flujo de financiación
-1.870.000.000 US$
Ingresos y beneficiosCómo la escala del negocio se convierte en beneficio declarado.
Efectivo y deudaLiquidez disponible frente al endeudamiento total.
Generación de efectivoFlujo de caja operativo frente al flujo de caja libre.
RentabilidadEvolución de los márgenes bruto, operativo y neto.
Datos financieros puntuales utilizados en el análisis del 2026-10-22.
Datos del historial financiero
Período
Ingresos
EBITDA
Beneficio neto
Flujo de caja operativo
Flujo de caja libre
Capex
Depreciación y amortización
Compensación basada en acciones
Recompras de acciones
Dividendos pagados
Emisión neta de deuda
Flujo de inversión
Flujo de financiación
Efectivo inicial
Efectivo final
Efectivo e inversiones
Deuda total
Margen operativo
ROIC
WACC
Diferencial ROIC−WACC
2016-12-31
4888 M US$
1634 M US$
821 M US$
713 M US$
497 M US$
216 M US$
240 M US$
37 M US$
300 M US$
188 M US$
—
-214 M US$
-903 M US$
—
727 M US$
727 M US$
4468 M US$
28,7 %
—
5,5 %
—
2017-12-31
5307 M US$
1942 M US$
864 M US$
1346 M US$
1122 M US$
224 M US$
242 M US$
44 M US$
500 M US$
206 M US$
—
-270 M US$
-251 M US$
727 M US$
1564 M US$
1564 M US$
4953 M US$
32,5 %
—
5,4 %
—
2018-12-31
5825 M US$
2210 M US$
1428 M US$
1790 M US$
1452 M US$
338 M US$
308 M US$
53 M US$
698 M US$
243 M US$
—
-2259 M US$
533 M US$
1564 M US$
1602 M US$
1701 M US$
6452 M US$
32,3 %
—
5,7 %
—
2019-12-31
6260 M US$
2455 M US$
1500 M US$
1795 M US$
1335 M US$
460 M US$
412 M US$
67 M US$
626 M US$
314 M US$
—
-504 M US$
-951 M US$
1602 M US$
1934 M US$
1934 M US$
6611 M US$
32,2 %
—
5,1 %
—
2020-12-31
6675 M US$
2686 M US$
1638 M US$
2126 M US$
1673 M US$
453 M US$
441 M US$
59 M US$
250 M US$
380 M US$
—
-572 M US$
123 M US$
1934 M US$
3604 M US$
3606 M US$
7362 M US$
34,0 %
—
4,0 %
—
2021-12-31
7776 M US$
3172 M US$
2037 M US$
2213 M US$
1736 M US$
477 M US$
448 M US$
58 M US$
743 M US$
474 M US$
—
-458 M US$
-1862 M US$
3604 M US$
3485 M US$
3485 M US$
6743 M US$
36,0 %
—
4,8 %
—
2022-12-31
8080 M US$
3358 M US$
2114 M US$
1912 M US$
1326 M US$
586 M US$
465 M US$
62 M US$
1594 M US$
611 M US$
1350 M US$
-883 M US$
-904 M US$
3485 M US$
3581 M US$
3581 M US$
8090 M US$
36,2 %
—
7,3 %
—
2023-12-31
8544 M US$
3685 M US$
2344 M US$
2353 M US$
1621 M US$
732 M US$
491 M US$
60 M US$
1092 M US$
692 M US$
-1349 M US$
-777 M US$
-3109 M US$
3581 M US$
2041 M US$
2041 M US$
6755 M US$
35,9 %
—
7,5 %
—
2024-12-31
9256 M US$
3872 M US$
2486 M US$
2953 M US$
2298 M US$
655 M US$
497 M US$
74 M US$
1858 M US$
786 M US$
-3 M US$
-315 M US$
-2660 M US$
2041 M US$
1987 M US$
1989 M US$
6744 M US$
36,6 %
—
8,0 %
—
2025-12-31
9467 M US$
4069 M US$
2673 M US$
2904 M US$
2283 M US$
621 M US$
487 M US$
83 M US$
3235 M US$
889 M US$
2498 M US$
-748 M US$
-1870 M US$
1987 M US$
2312 M US$
2312 M US$
9493 M US$
38,0 %
—
7,4 %
—
§9 Comparación de valoración con pares
Valor razonableReport-date price
Zoetis Inc.ZTS
Precio / valor razonable
Valor razonable95,48 US$Report-date price79,62 US$
Fecha de evaluación
Ventaja competitivaNarrow
Cuadro de mando de inversión67 / 100
DexCom, Inc.DXCM
Precio / valor razonable
Valor razonable58,97 US$Report-date price85,36 US$
Fecha de evaluación
Ventaja competitivaWide
Cuadro de mando de inversión67 / 100
GE HealthCare Technologies Inc.GEHC
Precio / valor razonable
Valor razonable68,29 US$Report-date price64,29 US$
Fecha de evaluación
Ventaja competitivaNarrow
Cuadro de mando de inversión62 / 100
Zoetis Inc.ZTS
Precio / valor razonable
Valor razonable95,48 US$Report-date price79,62 US$
Zoetis Inc. (ZTS) trades at 12.0x forward earnings against a peer median of 16.6x. Its EV/EBITDA of 10.0x compares with a peer median of 14.6x. The comparison uses 4 peers: DexCom Inc., GE HealthCare Technologies Inc., ResMed Inc. and Biogen Inc., as of 2026-10-21.
§10 Industria y cicloEN
Fase del ciclo
Expansion
Industry capex-to-revenue benchmark is 1.1% and industry capex-to-depreciation stands at 0.8x. Zoetis maintains higher capital intensity to support proprietary biologics, investing $621M in capex (6.6% of revenue) in FY2025.7
Ciclo alcista
The long-term industry expansion is propelled by pet humanization, increasing medicalization rates in emerging markets, preventative veterinary care, and rising global animal protein demand requiring livestock disease prevention.
Ciclo bajista
Downside industry conditions stem from pet owner price sensitivity, cumulative veterinary inflation over recent years, and discretionary visit deferrals that pressure volume across companion animal clinics.
Tendencias seculares
Tendencia
Impacto
Nota
Pet Humanization and Premium Veterinary Care
positive
Pet owners increasingly treat pets as family members, prioritizing advanced therapeutics, diagnostics, and monoclonal antibodies regardless of broader economic fluctuations.
Global Protein Demand and Food Security
positive
Rising middle-class populations in emerging markets drive meat and dairy consumption, increasing demand for herd health biosecurity, vaccines, and productivity enhancers.
Cyclical Pet Owner Price Sensitivity and Visit Moderation
Posicionamiento
Zoetis holds the #1 market share globally in animal health, with leading positions across major companion animal categories (parasiticides, dermatology, pain) and livestock species (cattle, poultry, swine). Its balanced revenue split between the U.S. ($5,097M) and International ($4,254M) insulates the business against localized market downturns.8
§11 Gestión de posiciónEN
Tamaño de posición
4-6%
High conviction is supported by Zoetis' Narrow economic moat, dominant global distribution scale, 85%+ FCF conversion, and a cyclically low valuation of 11.99x forward P/E.3
Riesgo
Risk management centers on monitoring competitive prescription dynamics in canine dermatology and tracking veterinary clinic visit indicators. Exposure is capped strictly within recommended allocation limits, with downside protection provided by livestock diversification and recurring parasiticide volume.
Tramos de entrada
Nivel
Acción
Por qué
$79.62
Initiate primary position tranche
Establishes exposure at a 16.6% discount to Fair value of $95.48.
Organic revenue contraction worsening significantly beyond full-year guidance ranges in Q3 or Q4 of FY2026
Re-assess gross-to-net discount trajectory and reduce conviction rating.
§12 Perspectivas de inversoresEN
Value Investor
Buy
Trading at 11.99x forward P/E, Zoetis trades at a sharp discount to peers BIIB at 14.65x and GEHC at 12.98x, while maintaining superior 37%+ operating margins.3,4
Growth Investor
Buy
Temporary growth deceleration creates a mispriced entry point into an animal health powerhouse advancing 12+ blockbuster pipeline candidates and expanding internationally.
Income & Capital Preservation Investor
Hold
A $2.12 annualized dividend provides income support, but conservative accounts should hold existing positions until U.S. companion animal volume stabilizes.
§14 Recomendación finalEN
Acción
Comprar
Zoetis is rated Buy with Fair value of $95.48, presenting 19.9% upside from $79.62 (as of 2026-10-21).
The market has over-discounted cyclical headwinds in U.S. veterinary clinic visits and dermatology competition, creating an attractive entry multiple of 11.99x forward earnings for a premier compounder with robust free cash flow conversion.
§15Your notes
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Sources
The records this analysis drew on, as they stood when it was run.
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
Prolonged Companion Animal Clinic Visit Contraction and Generic Substitution
U.S. companion animal revenue dropped 11% in Q2 2026 due to declining clinic visits and pet owner price sensitivity, compounded by generic competition on Cerenia and Convenia. If veterinary visit contraction persists and volume fails to rebound in FY2027-FY2028, revenue growth lags the base schedule by 500 bps.1,5
FV impact
-5.8%
Revenue and EPS growth 5 points lower for five years
Trigger
Within 24 months
Multiple Derating on Moat Narrowing and Growth Deceleration
Zoetis trades at a forward P/E of 11.99x, while healthcare peers like BIIB trade at 14.65x and GEHC at 12.98x. If persistent top-line stagnation and patent challenges erode premium compounder status, the exit multiple derates 20% from the modeled 15.0x terminal multiple to 12.0x.3,4
Constrains capital return programs, slowing the pace of share repurchases and muting EPS accretion.
Actual:85.4% in FY2025 ($2,283M FCF / $2,673M net income)
Alerta siConversion rate dropping below 70%
03
Veterinary Clinic Workflow Integration and Switching Inertia — Veterinarians establish standardized diagnostic and prescription protocols around Zoetis point-of-care analyzers, diagnostics software, and therapeutics. Multi-year clinic rebate and supply contracts spanning two to three years create high operational inertia against wholesale switching.
Moderate
U.S. veterinary clinic visit declines and pet owner price sensitivity.
medium
Next 6-18 months
Expanding international penetration (+8% Q2 2026 growth) and capturing livestock tailwinds (+23% U.S. livestock growth in Q2 2026).
Generic erosion on mature small-molecule brands Cerenia and Convenia.
low
Ongoing
Launching next-generation products (such as Lenivia and Portela) and driving livestock biologicals adoption.
61,1%
Method
Project EPS through the explicit advantage period, fade growth as competition catches up, and discount the full stream at cost of equity.
Discounted forecast-period cash flows (23,71 US$) plus discounted terminal value (101 US$) minus signed per current share (17,38 US$) equals the 107 US$ lens value shown above. Negative net debt is , so subtracting it raises value.
Superior pricing power and operational efficiency provide substantial margin cushion to absorb temporary gross-to-net discounting.
Livestock and International expansion mitigate domestic companion animal pressure.
In Q2 2026, International revenue grew 8% (to $1,173M) and U.S. livestock grew 23% (to $222M), offsetting an 11% contraction in U.S. companion animal sales.
Geographic and species diversification insulates Zoetis from localized U.S. veterinary clinic slowdowns.
Diluted share count decreased from 443.8M in FY2025 to 413.2M in October 2026, representing a 6.9% share reduction.
Aggressive buybacks at cyclically compressed multiples amplify future EPS expansion as top-line growth recovers.
ResMed Inc.RMD
Precio / valor razonable
Valor razonable239,41 US$Report-date price218,89 US$
Fecha de evaluación
Ventaja competitivaWide
Cuadro de mando de inversión76 / 100
Biogen Inc.BIIB
Precio / valor razonable
Valor razonable253,08 US$Report-date price199,36 US$
Fecha de evaluación
Ventaja competitivaNarrow
Cuadro de mando de inversión65 / 100
Margen
ZTS
Zoetis Inc.
$32.9B
12.0x
3.5x
10.0x
64.9%
—
DXCM
DexCom Inc.
$32.4B
27.5x
6.5x
22.7x
38.5%
24.3%
GEHC
GE HealthCare Technologies Inc.
$31.9B
13.0x
1.5x
11.3x
19.4%
15.0%
RMD
ResMed Inc.
$34.5B
18.5x
6.1x
16.6x
24.3%
30.9%
BIIB
Biogen Inc.
$35.6B
14.6x
3.6x
12.7x
4.6%
25.1%
negative
Inflationary pressures over the past two years have led pet owners to stretch veterinary visit intervals, moderating foot traffic to clinics in the near term.
