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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).
Báo cáo này chưa được dịch. Hãy làm mới sau vài phút khi hàng đợi dịch xử lý xong.
§1 Tóm tắt điều hànhEN
Câu trả lời trong 30 giâyBuy
Giá so với giá trị
Giá
$79.62
Giá trị hợp lý
$95.48
Giá trị tiềm năng
$131.22
Tính đến
2026-10-21
Vì sao luận điểm có thể đúng
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 Kịch bản tiêu cựcEN
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.
Các cách luận điểm này có thể đổ vỡ
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
Tín hiệu cảnh báo sớm cần theo dõi
Năm diễn biến có thể làm suy yếu luận điểm đầu tư của chúng tôi.
Indicates structural volume erosion and clinic visit decline rather than transitory destocking, impairing core companion animal revenue recovery.
Hiện tại:-11% in Q2 2026
Cảnh báo nếuSustained organic contraction worse than -5% through FY2027
02
§3 Lợi thế cạnh tranhEN
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.
Lợi nhuận kinh tế
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
Mối đe dọa đã biết với lợi thế cạnh tranh
Mối đe dọa
Mức độ
Mốc thời gian
Giảm thiểu
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.
Kích hoạt: 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%.
Chất lượng lợi nhuận
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
Xu hướng dự báo
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
Phân bổ vốn
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 $2.12 payout.
Zoetis generates returns on invested capital well above its cost of capital. With an operating margin of 37.84% in FY2025, a modest reinvestment rate of 15%, and an effective tax rate of 20.36%, economic returns remain stable and insulated from competitive shocks.
ROIC exceeds WACC of 7.76% by over 1,000 basis points.
Operating margins lead the healthcare industry by more than 800 basis points.
Phân tích báo cáo kết quả kinh doanhQuy mô kinh doanh chuyển thành lợi nhuận báo cáo như thế nào.30 thg 6, 2026
StockMarketAgent.AI
Doanh thu2,5 T US$Giá vốn doanh thu−673 Tr US$Lợi nhuận gộp1,8 T US$Chi phí hoạt động−858 Tr US$Lợi nhuận hoạt động937 Tr US$Các khoản ngoài hoạt động và thuế−246 Tr US$Lợi nhuận ròng691 Tr US$
Dữ liệu lịch sử tài chính
Doanh thu
2.468.000.000 US$
Giá vốn doanh thu
673.000.000 US$
Lợi nhuận gộp
1.795.000.000 US$
Chi phí hoạt động
858.000.000 US$
Lợi nhuận hoạt động
937.000.000 US$
Các khoản ngoài hoạt động và thuế
-246.000.000 US$
Lợi nhuận ròng
691.000.000 US$
Tổng quan bảng cân đối kế toánCách tài sản đã báo cáo được nắm giữ và tài trợ trong kỳ đã chọn.
StockMarketAgent.AI
Cơ cấu tài sảnNguồn tài trợ
Tổng tài sản15,5 T US$Tiền mặt2,3 T US$Tài sản ngắn hạn6,8 T US$Tổng nợ phải trả12,1 T US$Nợ ngắn hạn2,2 T US$Vốn chủ sở hữu3,3 T US$
Dữ liệu phân tích bảng cân đối kế toán
Tổng tài sản
15.467.000.000 US$
Tiền mặt
2.312.000.000 US$
Tài sản ngắn hạn
6.768.000.000 US$
Tổng nợ phải trả
12.136.000.000 US$
Nợ ngắn hạn
2.235.000.000 US$
Vốn chủ sở hữu
3.331.000.000 US$
Cầu nối dòng tiềnDòng tiền từ hoạt động chuyển thành dòng tiền tự do như thế nào trong FY2025.
StockMarketAgent.AI
Đối chiếu dòng tiền hoạt động
Lợi nhuận ròng2,7 T US$Khấu hao và phân bổ+487 Tr US$Thù lao bằng cổ phiếu+83 Tr US$Điều chỉnh hoạt động khác−339 Tr US$Dòng tiền hoạt động2,9 T US$
Đối chiếu tiền đầu kỳ đến cuối kỳ
Tiền đầu kỳ2 T US$Dòng tiền hoạt động+2,9 T US$Dòng tiền đầu tư−748 Tr US$Dòng tiền tài chính−1,9 T US$Ảnh hưởng tỷ giá+39 Tr US$Tiền cuối kỳ2,3 T US$
2,9 T US$ − 621 Tr US$Dòng tiền tự do 2,3 T US$
Dữ liệu cầu nối dòng tiền
Lợi nhuận ròng
2.673.000.000 US$
Dòng tiền vào từ hoạt động
3.243.000.000 US$
Khấu hao và phân bổ
487.000.000 US$
Thù lao bằng cổ phiếu
83.000.000 US$
Dòng tiền hoạt động
2.904.000.000 US$
Dòng tiền ra từ hoạt động
339.000.000 US$
Tiền sẵn có
4.930.000.000 US$
Tiền đầu kỳ
1.987.000.000 US$
Ảnh hưởng tỷ giá
39.000.000 US$
Dòng tiền ra từ đầu tư
748.000.000 US$
Capex
621.000.000 US$
Hoạt động đầu tư khác
127.000.000 US$
Dòng tiền ra từ tài chính
1.870.000.000 US$
Phát hành nợ ròng
2.498.000.000 US$
Mua lại cổ phiếu
3.235.000.000 US$
Cổ tức đã trả
889.000.000 US$
Hoạt động tài chính khác
244.000.000 US$
Tiền cuối kỳ
2.312.000.000 US$
Dòng tiền đầu tư
-748.000.000 US$
Dòng tiền tài chính
-1.870.000.000 US$
Doanh thu và lợi nhuậnQuy mô kinh doanh chuyển thành lợi nhuận báo cáo như thế nào.
Tiền mặt và nợThanh khoản sẵn có so với tổng dư nợ.
Tạo dòng tiềnDòng tiền hoạt động so với dòng tiền tự do.
Khả năng sinh lờiDiễn biến biên gộp, biên hoạt động và biên ròng.
Dữ liệu tài chính tại thời điểm được dùng trong phân tích ngày 2026-10-22.
Dữ liệu lịch sử tài chính
Kỳ
Doanh thu
EBITDA
Lợi nhuận ròng
Dòng tiền hoạt động
Dòng tiền tự do
Capex
Khấu hao và phân bổ
Thù lao bằng cổ phiếu
Mua lại cổ phiếu
Cổ tức đã trả
Phát hành nợ ròng
Dòng tiền đầu tư
Dòng tiền tài chính
Tiền đầu kỳ
Tiền cuối kỳ
Tiền mặt và đầu tư
Tổng nợ
Biên hoạt động
ROIC
WACC
Chênh lệch ROIC−WACC
2016-12-31
4,9 T US$
1,6 T US$
821 Tr US$
713 Tr US$
497 Tr US$
216 Tr US$
240 Tr US$
37 Tr US$
300 Tr US$
188 Tr US$
—
-214 Tr US$
-903 Tr US$
—
727 Tr US$
727 Tr US$
4,5 T US$
28,7%
—
5,5%
—
2017-12-31
5,3 T US$
1,9 T US$
864 Tr US$
1,3 T US$
1,1 T US$
224 Tr US$
242 Tr US$
44 Tr US$
500 Tr US$
206 Tr US$
—
-270 Tr US$
-251 Tr US$
727 Tr US$
1,6 T US$
1,6 T US$
5 T US$
32,5%
—
5,4%
—
2018-12-31
5,8 T US$
2,2 T US$
1,4 T US$
1,8 T US$
1,5 T US$
338 Tr US$
308 Tr US$
53 Tr US$
698 Tr US$
243 Tr US$
—
-2,3 T US$
533 Tr US$
1,6 T US$
1,6 T US$
1,7 T US$
6,5 T US$
32,3%
—
5,7%
—
2019-12-31
6,3 T US$
2,5 T US$
1,5 T US$
1,8 T US$
1,3 T US$
460 Tr US$
412 Tr US$
67 Tr US$
626 Tr US$
314 Tr US$
—
-504 Tr US$
-951 Tr US$
1,6 T US$
1,9 T US$
1,9 T US$
6,6 T US$
32,2%
—
5,1%
—
2020-12-31
6,7 T US$
2,7 T US$
1,6 T US$
2,1 T US$
1,7 T US$
453 Tr US$
441 Tr US$
59 Tr US$
250 Tr US$
380 Tr US$
—
-572 Tr US$
123 Tr US$
1,9 T US$
3,6 T US$
3,6 T US$
7,4 T US$
34,0%
—
4,0%
—
2021-12-31
7,8 T US$
3,2 T US$
2 T US$
2,2 T US$
1,7 T US$
477 Tr US$
448 Tr US$
58 Tr US$
743 Tr US$
474 Tr US$
—
-458 Tr US$
-1,9 T US$
3,6 T US$
3,5 T US$
3,5 T US$
6,7 T US$
36,0%
—
4,8%
—
2022-12-31
8,1 T US$
3,4 T US$
2,1 T US$
1,9 T US$
1,3 T US$
586 Tr US$
465 Tr US$
62 Tr US$
1,6 T US$
611 Tr US$
1,4 T US$
-883 Tr US$
-904 Tr US$
3,5 T US$
3,6 T US$
3,6 T US$
8,1 T US$
36,2%
—
7,3%
—
2023-12-31
8,5 T US$
3,7 T US$
2,3 T US$
2,4 T US$
1,6 T US$
732 Tr US$
491 Tr US$
60 Tr US$
1,1 T US$
692 Tr US$
-1,3 T US$
-777 Tr US$
-3,1 T US$
3,6 T US$
2 T US$
2 T US$
6,8 T US$
35,9%
—
7,5%
—
2024-12-31
9,3 T US$
3,9 T US$
2,5 T US$
3 T US$
2,3 T US$
655 Tr US$
497 Tr US$
74 Tr US$
1,9 T US$
786 Tr US$
-3 Tr US$
-315 Tr US$
-2,7 T US$
2 T US$
2 T US$
2 T US$
6,7 T US$
36,6%
—
8,0%
—
2025-12-31
9,5 T US$
4,1 T US$
2,7 T US$
2,9 T US$
2,3 T US$
621 Tr US$
487 Tr US$
83 Tr US$
3,2 T US$
889 Tr US$
2,5 T US$
-748 Tr US$
-1,9 T US$
2 T US$
2,3 T US$
2,3 T US$
9,5 T US$
38,0%
—
7,4%
—
§9 So sánh định giá với các doanh nghiệp cùng ngành
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 Ngành và chu kỳEN
Pha chu kỳ
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
Chu kỳ tăng giá
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.
Chu kỳ giảm giá
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.
Xu hướng dài hạn
Xu hướng
Tác động
Ghi chú
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
Định vị
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 Quản lý vị thếEN
Quy mô vị thế
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
Rủi ro
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.
Đợt vào lệnh
Mức
Hành động
Lý do
$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 Quan điểm nhà đầu tưEN
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 Khuyến nghị cuối cùngEN
Hành động
Mua
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.
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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.
Hiện tại:85.4% in FY2025 ($2,283M FCF / $2,673M net income)
Cảnh báo nếuConversion rate dropping below 70%
03
Veterinary Clinic Workflow Integration and Switching Inertia — Veterinarians establish standardized diagnostic and prescription protocols around Zoetis point-of-care analyzers, diagnostics software, and therapeutics. Multi-year clinic rebate and supply contracts spanning two to three years create high operational inertia against wholesale switching.
Moderate
U.S. veterinary clinic visit declines and pet owner price sensitivity.
medium
Next 6-18 months
Expanding international penetration (+8% Q2 2026 growth) and capturing livestock tailwinds (+23% U.S. livestock growth in Q2 2026).
Generic erosion on mature small-molecule brands Cerenia and Convenia.
low
Ongoing
Launching next-generation products (such as Lenivia and Portela) and driving livestock biologicals adoption.
61,1%
Method
Project EPS through the explicit advantage period, fade growth as competition catches up, and discount the full stream at cost of equity.
Discounted forecast-period cash flows (23,71 US$) 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 $222M), offsetting an 11% contraction in U.S. companion animal sales.
Geographic and species diversification insulates Zoetis from localized U.S. veterinary clinic slowdowns.
Diluted share count decreased from 443.8M in FY2025 to 413.2M in October 2026, representing a 6.9% share reduction.
Aggressive buybacks at cyclically compressed multiples amplify future EPS expansion as top-line growth recovers.
ResMed Inc.RMD
Giá / giá trị hợp lý
Giá trị hợp lý239,41 US$Report-date price218,89 US$
Ngày đánh giá
Hào kinh tếWide
Bảng điểm đầu tư76 / 100
Biogen Inc.BIIB
Giá / giá trị hợp lý
Giá trị hợp lý253,08 US$Report-date price199,36 US$
Ngày đánh giá
Hào kinh tếNarrow
Bảng điểm đầu tư65 / 100
Biên
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.
