Buyback yield (TTM)
6.81%
Shareholder yield (TTM)
8.59%
5Y share count change
-7.3%
Buyback spend (TTM)
$3.40B
Cumulative buybacks
$11.10B
Key takeaways
- Zoetis (ZTS) repurchased about $3.40B of stock over the trailing twelve months.
- Diluted share count is down 7.3% over the last ~5 fiscal years — buybacks are net-shrinking the share base.
- TTM buyback ÷ stock-based-comp ratio of 37.34× — repurchases more than cover SBC dilution.
- Cash buyback spend has compounded at +66.9% per year over the latest 5-year window.
- TTM repurchases used about 272% of free cash flow remaining after dividends.
Dividend & buyback yield over time for Zoetis (ZTS)
Stacked annual yields — buyback yield (TTM cash repurchases ÷ market cap) plus dividend yield from the same fiscal-year-end key-metrics period — show how total cash return per dollar of equity has evolved.
Diluted vs basic shares (annual) for Zoetis (ZTS)
Diluted weighted-average shares are the EPS denominator — a falling count means buybacks are outpacing SBC dilution.
Year-over-year change in diluted shares for Zoetis (ZTS)
Green is fewer shares vs the prior fiscal year (net repurchase); red is growth (dilution). The earliest year shown has no prior year to compare.
Cash buyback spend over time for Zoetis (ZTS)
Latest: $3.23B
Overview
As of the 2025 fiscal year, Zoetis (ZTS) reported buyback spend of $3.23B – surged 74.1% year-over-year.
Across 2020–2025 (5 years), Zoetis buyback spend produced a CAGR of +66.9% – sustaining 2 straight years of year-over-year growth.
$3.23B stands as the all-time-high annual buyback spend, posted in 2025, against a low of $0.00 during 2009.
Zoetis Buyback Spend 2025: $3.23B
In 2025, Zoetis reported buyback spend of $3.23B, surged 74.1% from 2024. This figure represents the highest annual value in the available history.
Zoetis Buyback Spend 2024: $1.86B
Zoetis buyback spend in 2024 was $1.86B, surged 70.1% from 2023.
Zoetis Buyback Spend 2023: $1.09B
2023's buyback spend for Zoetis came in at $1.09B, plunged 31.5% below 2022.
Zoetis Buyback Spend 2022: $1.59B
Zoetis posted buyback spend of $1.59B in 2022, surged 114.5% from 2021.
Zoetis Buyback Spend 2021: $743.00M
Zoetis buyback spend in 2021 was $743.00M.
See more financial history for Zoetis (ZTS).
Buyback, SBC & dilution history
Buyback spend, SBC, net dilution effect, and share count.
| 2025 | $3.23B | $83.00M | $3.15B | 5.87% | 0.44B | -2.4% | |
| 2024 | $1.86B | $74.00M | $1.78B | 2.53% | 0.45B | -1.6% | |
| 2023 | $1.09B | $60.00M | $1.03B | 1.21% | 0.46B | -1.7% | |
| 2022 | $1.59B | $62.00M | $1.53B | 2.34% | 0.47B | -1.3% | |
| 2021 | $743.00M | $58.00M | $685.00M | 0.64% | 0.48B | -0.4% | |
| 2020 | $250.00M | $59.00M | $191.00M | 0.32% | 0.48B | -0.7% | |
| 2019 | $626.00M | $67.00M | $559.00M | 0.99% | 0.48B | -1.0% | |
| 2018 | $698.00M | $53.00M | $645.00M | 1.70% | 0.49B | -1.3% | |
| 2017 | $500.00M | $44.00M | $456.00M | 1.42% | 0.49B | -1.0% | |
| 2016 | $300.00M | $37.00M | $263.00M | 1.13% | 0.50B | -0.8% | |
| 2015 | $203.00M | $43.00M | $160.00M | 0.85% | 0.50B | -0.0% | |
| 2014 | $0.00 | $32.00M | −$32.00M | — | 0.50B | +0.3% | |
| 2013 | $0.00 | $43.00M | −$43.00M | — | 0.50B | +0.1% | |
| 2012 | $0.00 | $28.00M | −$28.00M | — | 0.50B | +3.8% | |
| 2011 | $0.00 | $19.00M | −$19.00M | — | 0.48B | 0.0% | |
| 2010 | $0.00 | $16.00M | −$16.00M | — | 0.48B | 0.0% | |
| 2009 | $0.00 | $15.00M | −$15.00M | — | 0.48B | — |
- 2025$3.23B
- 2024$1.86B
- 2023$1.09B
- 2022$1.59B
- 2021$743.00M
- 2020$250.00M
- 2019$626.00M
- 2018$698.00M
- 2017$500.00M
- 2016$300.00M
- 2015$203.00M
- 2014$0.00
- 2013$0.00
- 2012$0.00
- 2011$0.00
- 2010$0.00
- 2009$0.00
Buybacks vs stock-based compensation for Zoetis (ZTS)
Annual cash repurchases set against stock-based compensation. Coverage above 1× means buybacks fully offset the equity dilution from SBC. TTM coverage: 37.34×.
Buybacks vs dividends (share of cash returned) for Zoetis (ZTS)
How Zoetis splits cash returned to shareholders between dividends and buybacks.
Sector peers by buyback spend
Companies in the same sector as Zoetis, ranked by their latest buyback spend.
| $5.95B | |
| $5.54B | |
| $5.08B | |
| $4.11B | |
| $980.00M | |
| $216.35M | |
| $0.00 | |
| $0.00 |
- $5.95B
- $5.54B
- $5.08B
- $4.11B
- $980.00M
- $216.35M
- $0.00
- $0.00
Buyback capacity (TTM)
Free cash flow minus dividends paid versus actual TTM repurchases — the headroom bar shows how much of post-dividend FCF is still being deployed elsewhere.
Headroom $1.25B (TTM FCF − TTM dividends, clamped at zero).
Frequently asked questions
Data & methodology
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