Question 1

What is Zoetis's P/FCF ratio?

Accepted Answer

Zoetis (ZTS) P/FCF ratio is 14.7× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Zoetis?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Zoetis specifically, the relevant sector benchmark is the current sector median of 19.1×.

Question 5

Is Zoetis's P/FCF ratio high or low?

Accepted Answer

Zoetis's P/FCF ratio of 14.7× is below its own 5-year average of 45.2× and below the sector median of 19.1×. That places the current reading at the 0th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Zoetis's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Zoetis (ZTS) P/FCF ratio has ranged from a low of 14.2× in 2026 to a high of 120.1× in 2012. The 5-year average is 45.2× and the 5-year median is 51.3×.

Question 7

What was Zoetis's P/FCF ratio in 2025?

Accepted Answer

Zoetis (ZTS) P/FCF ratio at the end of 2025 was 24.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Zoetis's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$55.1B	$2.28B	24.1×	-7.8×	Dec 31, 2025
2024	$73.4B	$2.3B	31.9×	-23.9×	Dec 31, 2024
2023	$90.6B	$1.62B	55.9×	+4.4×	Dec 31, 2023
2022	$68.2B	$1.33B	51.5×	-15.0×	Dec 31, 2022
2021	$115B	$1.74B	66.5×	+19.5×	Dec 31, 2021
2020	$78.7B	$1.67B	47.0×	-0.2×	Dec 31, 2020
2019	$63.1B	$1.34B	47.2×	+18.9×	Dec 31, 2019
2018	$41.1B	$1.45B	28.3×	-3.0×	Dec 31, 2018
2017	$35.1B	$1.12B	31.3×	-21.9×	Dec 31, 2017
2016	$26.4B	$497M	53.2×	-1.1×	Dec 31, 2016
2015	$23.9B	$440M	54.3×	+4.2×	Dec 31, 2015
2014	$21.6B	$431M	50.1×	+17.2×	Dec 31, 2014
2013	$16.3B	$497M	32.9×	-14.4×	Dec 31, 2013
2012	$15.5B	$328M	47.3×	+6.5×	Dec 31, 2012
2011	$14.8B	$362M	40.8×	—	Dec 31, 2011


McKesson (MCK)	17.8×
Gilead Sciences (GILD)	16.9×
DexCom (DXCM)	16.9×
Pfizer (PFE)	16.7×
Humana (HUM)	16.4×
Quest Diagnostics (DGX)	16.3×
UnitedHealth Group (UNH)	15.9×
Labcorp Holdings (LH)	15.9×
Becton, Dickinson and (BDX)	14.0×
HCA Healthcare (HCA)	13.5×
Elevance Health (ELV)	13.4×
Incyte (INCY)	12.9×
CVS Health (CVS)	12.4×
Universal Health Services (UHS)	12.2×
Baxter International (BAX)	12.1×
Cardinal Health (CAH)	11.3×
IQVIA (IQV)	11.3×
Bristol-Myers Squibb (BMY)	10.4×
Biogen (BIIB)	10.3×
Zimmer Biomet Holdings (ZBH)	9.6×
Cigna (CI)	9.1×
Viatris (VTRS)	9.1×
DaVita (DVA)	6.9×
Teladoc Health (TDOC)	3.9×
Centene (CNC)	2.5×

P/FCF Ratio for Zoetis (ZTS) 2011-2026

P/FCF Ratio daily chart for Zoetis (ZTS)

Historical P/FCF Ratio for Zoetis (ZTS) from 2011 to 2025

About P/FCF Ratio at Zoetis (ZTS)

Zoetis P/FCF Ratio by Year

Zoetis P/FCF Ratio 2025: 24.1×

Zoetis P/FCF Ratio 2024: 31.9×

Zoetis P/FCF Ratio 2023: 55.9×

Zoetis P/FCF Ratio 2022: 51.5×

Zoetis P/FCF Ratio 2021: 66.5×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Zoetis (ZTS) Key Financials