UTHR vs ZTS: United Therapeutics and Zoetis compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Zoetis is the larger company, worth $33.3B, about 1.5 times United Therapeutics.
- Zoetis grew revenue faster over the last year (-0.2% vs -1.9%).
- On earnings, Zoetis is the cheaper stock (13.0x vs 19.8x).
- United Therapeutics's price assumes faster free cash flow growth: about 6% a year, against 1% for Zoetis (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | UTHR | ZTS |
|---|---|---|
| Market cap | $22.8B | $33.3B |
| Share price | $549.16 | $74.81 |
| Revenue (last fiscal year) | $3.2B | $9.5B |
| Free cash flow (last fiscal year) | $1.0B | $2.3B |
| Revenue growth, last year | -1.9% | -0.2% |
| Revenue growth per year, last 5 fiscal years | +17.2% | +5.0% |
| Operating margin | 44.4% | — |
| Net margin | 41.6% | 27.5% |
| Return on equity | 20.5% | 83.1% |
| P/E (trailing) | 19.8x | 13.0x |
| Price / free cash flow | 21.9x | 14.6x |
| EV / EBITDA | 11.7x | 10.0x |
| FCF growth the price implies | 6.2% | 0.86% |
| Dividend yield | — | 2.6% |
| Debt / equity | 0.13x | 3.79x |
| Fundamental grade | B | C |
| Superinvestors holding it | 0 | 9 |
| Insider purchases, last 12 months | 0 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
United Therapeutics
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.7B | $477M | 33.0% |
| 2022 | $1.9B | $664M | 50.6% |
| 2023 | $2.3B | $748M | 50.9% |
| 2024 | $2.9B | $1.1B | 47.9% |
| 2025 | $3.2B | $1.0B | 46.9% |
Zoetis
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $7.8B | $1.7B | — |
| 2022 | $8.1B | $1.3B | — |
| 2023 | $8.5B | $1.6B | — |
| 2024 | $9.3B | $2.3B | — |
| 2025 | $9.5B | $2.3B | — |
Where the revenue comes from
United Therapeutics · by products, 2025
Tyvaso DPI$1.3B41%
Nebulized Tyvaso$586M18%
Remodulin$527M17%
Orenitram$497M16%
Unituxin$227M7%
Adcirca$30M1%
Zoetis · by products, 2025
Companion Animal$6.6B70%
Livestock$2.8B29%
Contract Manufacturing and Human Health Diagnostics$116M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open UTHR in InvestinglyQuestions
Which is bigger, United Therapeutics or Zoetis?
Zoetis (ZTS), at $33.3B against $22.8B.
Is UTHR or ZTS cheaper?
By trailing P/E, Zoetis (13.0x) is cheaper than United Therapeutics (19.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, UTHR or ZTS?
Zoetis: revenue grew -0.2% over the last year, against -1.9%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.