Zoetis (ZTS)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $31.7B, Zoetis's free cash flow of $2.3B (fiscal 2025) would need to grow about 0% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Zoetis's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from ZTS's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Zoetis's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $7.8B | $8.1B | $8.5B | $9.3B | $9.5B |
| Net income | $2.0B | $2.1B | $2.3B | $2.5B | $2.7B |
| Free cash flow | $1.7B | $1.3B | $1.6B | $2.3B | $2.3B |
| EPS (diluted) | $4.27 | $4.49 | $5.07 | $5.47 | $6.02 |
| Operating margin | — | — | — | — | — |
Where the revenue comes from
Revenue by products, fiscal 2025.
Superinvestors who own ZTS
From each investor's latest 13F filing (what a 13F shows). 9 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Ric Dillon Diamond Hill Capital Management |
Added | $256M | 2.0% | Q2 2026 |
| Ruane, Cunniff & Goldfarb Ruane, Cunniff & Goldfarb |
Trimmed | $169M | 2.6% | Q2 2026 |
| Charles Brandes Brandes Investment Partners, LP |
New position | $139M | 0.97% | Q2 2026 |
| Bill Smead Smead Capital Management |
New position | $89M | 1.9% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $77M | 0.03% | Q2 2026 |
| Tweedy, Browne Tweedy, Browne Company |
New position | $40M | 3.0% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $38M | 0.09% | Q2 2026 |
| Tom Gayner Markel Group Inc. |
New position | $5M | 0.04% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Trimmed | $891,998 | 0.01% | Q2 2026 |
Insider buying
Open-market purchases by Zoetis's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Feb 10, 2026 | Gilbert Ray Cisneros, Jr. |
0 | $128.13 | — |
| Feb 10, 2026 | Gilbert Ray Cisneros, Jr. |
0 | $128.13 | — |
| Jan 13, 2026 | Ro Khanna |
0 | $124.60 | — |
| Jan 13, 2026 | Ro Khanna |
0 | $124.60 | — |
| Jan 6, 2026 | Ro Khanna |
0 | $129.32 | — |
| Jan 6, 2026 | Ro Khanna |
0 | $129.32 | — |
| Dec 19, 2025 | Gilbert Ray Cisneros, Jr. |
0 | $122.34 | — |
| Dec 19, 2025 | Gilbert Ray Cisneros, Jr. |
0 | $122.34 | — |
| Nov 18, 2025 | Gilbert Ray Cisneros, Jr. |
0 | $118.30 | — |
| Nov 18, 2025 | Gilbert Ray Cisneros, Jr. |
0 | $118.30 | — |
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In the full deep dive
Questions
What growth does Zoetis's stock price imply?
At a market value of $31.7B, Zoetis would need its free cash flow to grow about 0% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 18% a year.
Are Zoetis insiders buying the stock?
10 open-market insider purchases of ZTS in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Zoetis?
9 of the superinvestors Investingly tracks hold ZTS in their latest 13F, including Ric Dillon, Ruane, Cunniff & Goldfarb, Charles Brandes.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.