Zoetis Inc., current enterprise value calculation

Current share price (P)	$167.07
No. shares of common stock outstanding	456,295,137
US$ in millions
Common equity (market value)¹	76,233)
Add: Equity attributable to noncontrolling interests (per books)	(6)
Total equity	76,227)
Add: Short-term borrowings (per books)	3)
Add: Current portion of long-term debt (per books)	—)
Add: Finance lease liabilities, current (per books)	1)
Add: Long-term debt, net of discount and issuance costs, excluding current portion (per books)	6,564)
Add: Finance lease liabilities, noncurrent (per books)	8)
Total equity and debt	82,803)
Less: Cash and cash equivalents	2,041)
Enterprise value (EV)	80,762)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 167.07 × 456,295,137

Zoetis Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$183.49	$171.90	$197.76	$166.32	$144.94
No. shares of common stock outstanding¹	457,867,115	463,386,716	471,970,580	475,166,373	474,933,945
US$ in millions
Common equity (market value)³	84,014)	79,656)	93,337)	79,030)	68,837)
Add: Equity attributable to noncontrolling interests (book value)	(6)	(2)	1)	4)	—)
Total equity	84,008)	79,654)	93,338)	79,034)	68,837)
Add: Short-term borrowings (book value)	3)	2)	—)	4)	—)
Add: Current portion of long-term debt (book value)	—)	1,350)	—)	600)	500)
Add: Finance lease liabilities, current (book value)	1)	—)	—)	—)	—)
Add: Long-term debt, net of discount and issuance costs, excluding current portion (book value)	6,564)	6,552)	6,592)	6,595)	5,947)
Add: Finance lease liabilities, noncurrent (book value)	8)	—)	—)	—)	—)
Total equity and debt	90,584)	87,558)	99,930)	86,233)	75,284)
Less: Cash and cash equivalents	2,041)	3,581)	3,485)	3,604)	1,934)
Enterprise value (EV)	88,543)	83,977)	96,445)	82,629)	73,350)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Zoetis Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 183.49 × 457,867,115

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Zoetis Inc. EV decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Zoetis Inc. (NYSE:ZTS)

Enterprise Value (EV)