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Zoetis Inc. (NYSE:ZTS)

This company has been moved to the archive! The financial data has not been updated since May 2, 2024.

Common-Size Balance Sheet: Assets

Zoetis Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Cash and cash equivalents 14.29 23.99 25.07 26.48 16.75
Accounts receivable, less allowance for doubtful accounts 9.13 8.14 8.15 7.44 9.41
Inventories 17.95 15.71 13.83 11.96 12.21
Other current assets 3.04 2.45 2.80 2.69 2.75
Current assets 44.40% 50.29% 49.86% 48.58% 41.13%
Property, plant and equipment, less accumulated depreciation 22.43 18.45 17.42 16.18 16.80
Finance lease right of use assets 0.06 0.00 0.00 0.00 0.00
Property, plant and equipment including finance lease right of use assets, less accumulated depreciation 22.49% 18.45% 17.42% 16.18% 16.80%
Operating lease right of use assets 1.61 1.47 1.30 1.41 1.64
Goodwill 19.31 18.40 19.29 19.80 22.45
Identifiable intangible assets, less accumulated amortization 9.37 9.25 10.60 12.57 16.37
Noncurrent deferred tax assets 1.44 1.16 0.72 0.69 0.76
Other noncurrent assets 1.38 0.98 0.80 0.78 0.85
Noncurrent assets 55.60% 49.71% 50.14% 51.42% 58.87%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

The asset composition reflects a shift in liquidity and capital allocation over the five-year period, characterized by a peak in current asset concentration between 2020 and 2022 followed by a strategic reallocation toward long-term productive assets by 2023.

Liquidity and Cash Position
A significant fluctuation in cash and cash equivalents is observed, rising from 16.75% of total assets in 2019 to a peak of 26.48% in 2020. This liquidity position remained elevated through 2022 before experiencing a sharp contraction to 14.29% by the end of 2023, the lowest level in the analyzed period.
Working Capital Dynamics
Inventories exhibit a consistent upward trend, increasing from 12.21% in 2019 to 17.95% in 2023. This suggests an expanding operational scale or a strategic increase in stock levels. Conversely, accounts receivable have remained relatively stable, fluctuating within a narrow band between 7.44% and 9.41%, indicating consistent credit management practices.
Fixed Asset Investment
Property, plant, and equipment (PP&E) show a steady increase in their share of total assets, rising from 16.80% in 2019 to 22.43% in 2023. This trend points toward sustained capital expenditure and investment in physical infrastructure to support growth.
Intangible Assets and Goodwill
Identifiable intangible assets have undergone a significant decline, dropping from 16.37% in 2019 to 9.37% in 2023, likely reflecting the systematic effect of amortization. Goodwill has remained more stable, though it trended slightly downward from 22.45% in 2019 to 19.31% in 2023.
Overall Asset Structure
The balance between current and noncurrent assets shifted noticeably. Current assets rose from 41.13% in 2019 to a peak of 50.29% in 2022, before moderating to 44.40% in 2023. Noncurrent assets followed an inverse trajectory, reaching a low of 49.71% in 2022 before increasing to 55.60% in 2023, primarily driven by the growth in PP&E.

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