ZTSZoetis Inc.
Pharmaceutical Preparations
- Revenue
- $9.5B
- 2.3% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $33.0B
- Employees
- 3,900
- $2M revenue each
- Net debt / EBITDA
- —
- $7.6B net debt
- AI in 10-K
- 4.8
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 3 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRYes$15M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo109% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowYes111% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo18% of assetsOver 40% of assets
- Shareholder dissentNo86% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$2M · 92nd pctBottom quartile of its SIC industry
- Quiet on AINo4.8 per 10K words · 82nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$33.0B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$2M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $7.8B | $8.1B | $8.5B | $9.3B | $9.5B | 2.3% |
| Net income | $2.0B | $2.1B | $2.3B | $2.5B | $2.7B | 7.5% |
| Operating cash flow | $2.2B | $1.9B | $2.4B | $3.0B | $2.9B | 1.7% |
| Capex | $477M | $586M | $732M | $655M | $621M | 5.2% |
| Stock-based comp | $58M | $62M | $60M | $74M | $83M | 12% |
| Buybacks | $743M | $1.6B | $1.1B | $1.9B | $3.2B | 74% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $886K · 3
- Open-market sells, 12 mo
- $3M · 2
- Net
- −$2M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $19M | $3M | 80 | 188 |
| FY2024 | $17M | $760K | 102 | 148 |
| FY2023 | $15M | $26M | 122 | 137 |
| FY2022 | $14M | −$16M | 90 | 136 |
| FY2021 | $13M | $34M | 148 | 126 |