Zoetis Inc.
ZTS · Healthcare · $31.6B mkt cap · FY2025 filings · Not rated ·
Not rated
We don't have enough comparable filing data to score at least four of the five filters for ZTS, so we don't publish a composite. Missing: returnsOnCapital, balanceSheet. No composite: 2 components abstained (returnsOnCapital: Not enough years of ROIC data to score returns on capital.; balanceSheet: Insufficient leverage/coverage inputs to score the balance sheet.).
16 years of fundamentals
The business, in plain English
Zoetis Inc. booked $9.5B of revenue in FY2025 in the Healthcare sector and kept 71.8% of it as gross profit — a high-margin business by that measure. After every other cost, 28.2% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $4.2B (FY2011) to $9.5B (FY2025) — about 5.9% a year compounded over 14 years.
The balance sheet carried $9.0B of total debt in FY2025 against $2.7B of owner earnings — roughly 3.4 years of owner earnings to retire it all.
The share count fell 15.0% between FY2013 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 100/100.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Not disclosed in ZTS’s filings for these years — we don’t estimate it.
Gaps in a line mean that item isn’t in ZTS’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Moat Score history
No composite readings yet — ZTS’s filings don’t give the engine enough comparable data to score, and we log that honestly instead of guessing a number.
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
- Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.
Track record
How Zoetis Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored ZTS on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The indexed price path isn't available for this company yet; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, ZTS did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Healthcare context
Not ranked — ZTS doesn’t have enough comparable filing data for a composite score, so we don’t place it on the board.
Healthcare leaders by Moat Score
- #1IDXX IDEXX LABORATORIES INC /DE96.2 out of 100, Wide moatWide moat
- #2GRMN GARMIN LTD93.8 out of 100, Wide moatWide moat
- #3CORT CORCEPT THERAPEUTICS INC91.9 out of 100, Wide moatWide moat
Common questions about ZTS
- Does Zoetis Inc. have an economic moat?
- We don't publish a Moat Score for Zoetis Inc. (ZTS): its SEC filings don't provide enough comparable data to score at least four of the five filters, and the Index records each gap rather than a guessed number. Missing inputs: returns on capital, balance-sheet safety.
- Is ZTS trading below the conservative owner-earnings estimate?
- The conservative owner-earnings floor is $61.29 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $74.32, that is 21% above owner-earnings floor. The model also publishes a capped-growth comparison, but the floor is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
- How has ZTS's Moat Score changed over time?
- The record logs 12 readings since Jul 17, 2026, none with a composite — ZTS hasn't had enough comparable filing data to score. No tier changes on record yet. (Methodology upgrades on Jul 20, 2026, Jul 23, 2026 re-based the score; readings across engine versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.