ZTS
Zoetis Inc.
ZTS's fundamentals are mixed, but it looks cheap: trading at 14x earnings, about a third of its usual 37x. Analysts expect earnings to hold roughly steady.
ZTS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Stable |
ZTS's profitability and cash flow are currently healthy, and its revenue and balance sheet are stable.
ZTS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 13x | $82.96 | — |
| Current | 14x | $82.96 | — |
| Cheap | 25x | $149 | +79% |
| Fair | 37x | $219 | +164% |
| Expensive | 47x | $275 | +232% |
Historical ranges are pointers, not guarantees.
ZTS's PE is in its cheap range at 14x. On analysts' estimates for next year's earnings, today's price would be 13x.
ZTS Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Stable | |
| Stable | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect ZTS's earnings, revenue and profitability to hold roughly steady.
ZTS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.18 | +5.2% |
| Q3 2026 | $5.88 | -1% |
| Q2 2026 | $6.07 | +4.5% |
| Q1 2026 | $6.03 | +8.3% |
| Q4 2025 | $6.02 | +10% |
| Q3 2025 | $5.94 | +12% |
| Q2 2025 | $5.81 | +14% |
| Q1 2025 | $5.57 | +7.3% |
| Q4 2024 | $5.47 | +7.9% |
ZTS earned $5.88 per share over the past year, down 1% from the year before.
ZTS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.4B | -0.4% |
| Q2 2026 | $2.5B | +0.3% |
| Q1 2026 | $2.3B | +1.9% |
| Q4 2025 | $2.4B | +3% |
| Q3 2025 | $2.4B | +0.5% |
| Q2 2025 | $2.5B | +4.2% |
| Q1 2025 | $2.2B | +1.4% |
| Q4 2024 | $2.3B | +4.7% |
ZTS's revenue grew through 2024 and has held roughly level since: $2.4B last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | -6.5 points |
| Q2 2026 | 35% | -1.6 points |
| Q1 2026 | 34% | -3 points |
| Q4 2025 | 32% | +0.3 points |
| Q3 2025 | 37% | +0.4 points |
| Q2 2025 | 37% | +3.6 points |
| Q1 2025 | 36% | +2.4 points |
| Q4 2024 | 32% | +2.2 points |
ZTS's operating margin was 30% last quarter, down 6.5 points from the same quarter a year ago.
ZTS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $717M | -11% |
| Q2 2026 | $538M | +75% |
| Q1 2026 | $291M | -34% |
| Q4 2025 | $732M | +6.2% |
| Q3 2025 | $805M | +2.7% |
| Q2 2025 | $308M | -17% |
| Q1 2025 | $438M | -3.7% |
| Q4 2024 | $689M | -1.4% |
ZTS's free cash flow has been positive every quarter for seven years: $2.3B over the past year, up 1.7% from the year before.
ZTS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.5% | -6.1M shares |
| 1 year | -7.1% | -31.6M shares |
| 3 years | -11% | -49.8M shares |
| 5 years | -14% | -64.7M shares |
| Available history | -15% | -70.2M shares |
ZTS has 412M diluted shares, down 7.1% from a year ago, with $3.8B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $500M |
| Q2 2026 | $584M |
| Q1 2026 | $606M |
| Q4 2025 | $2.1B |
| Q3 2025 | $394M |
| Q2 2025 | $338M |
| Q1 2025 | $443M |
| Q4 2024 | $553M |
ZTS spent $3.8B buying back its own shares over the past year, up 117% from the year before.
ZTS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.2x | Moderate |
| Q2 2026 | 2.0x | Moderate |
| Q1 2026 | 1.9x | Healthy |
| Q4 2025 | 1.8x | Healthy |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 1.4x | Healthy |
| Q1 2025 | 1.3x | Healthy |
| Q4 2024 | 1.3x | Healthy |
ZTS's net debt is about 2.1 years of its operating earnings (EBITDA), up from 1.3 years a year ago.
ZTS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.0 | Neutral |
| Stochastic | 67.3 | Neutral |
ZTS's weekly RSI is 50 (neutral) and its Stochastic is 67 (neutral).
ZTS PE vs Healthcare Sector
| Metric | ZTS | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 26x | 45% below |
| PE % | 7 | 29 | 22 pts below |
ZTS is trading at 14x earnings, a 45% discount to the Healthcare sector's median of 26x.
ZTS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $77.3 | 7.4% above |
| 20 week MA | $76.0 | 9.2% above |
| 50 week MA | $96.6 | 14% below |
| 100 week MA | $125.5 | 34% below |
| 200 week MA | $151.4 | 45% below |
ZTS has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 45% below its 200-week average.
ZTS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $133.3 | $160.7 | +21% |
| 2021 | $160.7 | $242.5 | +51% |
| 2022 | $242.5 | $145.8 | -40% |
| 2023 | $145.8 | $197.4 | +35% |
| 2024 | $197.4 | $164.6 | -17% |
| 2025 | $164.6 | $126.2 | -23% |
| 2026 YTD | $126.2 | $83.0 | -34% |
ZTS has finished lower in three of the last six years. It's down 34% so far in 2026.