Stock Analysis on Net
Stock Analysis on Net

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
Quarterly Data

Zoetis Inc., common-size consolidated balance sheet: assets (quarterly data)

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Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Cash and cash equivalents 13.76 14.29 12.43 12.49 15.33 23.99 18.33 19.26 22.62 25.07 23.89 26.00 26.11 26.48 26.62 25.66 16.92 16.75 16.10 15.97 15.88
Short-term investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.11 0.23 0.60
Accounts receivable, less allowance for doubtful accounts 9.01 9.13 8.91 9.62 8.62 8.14 8.70 9.38 8.82 8.15 8.41 8.32 8.15 7.44 7.37 7.53 8.37 9.41 9.14 9.05 8.91
Inventories 18.48 17.95 19.45 19.65 18.63 15.71 16.84 16.01 14.84 13.83 13.68 12.81 12.32 11.96 11.85 12.12 12.85 12.21 12.77 12.78 12.51
Other current assets 3.07 3.04 3.31 3.22 2.99 2.45 4.04 3.65 3.05 2.80 2.78 2.97 2.66 2.69 3.39 2.79 3.25 2.75 2.86 2.79 2.34
Current assets 44.32% 44.40% 44.11% 44.97% 45.58% 50.29% 47.91% 48.30% 49.33% 49.86% 48.76% 50.10% 49.25% 48.58% 49.23% 48.09% 41.39% 41.13% 40.97% 40.82% 40.24%
Property, plant and equipment, less accumulated depreciation 22.66 22.43 21.92 21.90 21.18 18.45 19.18 18.58 17.94 17.42 17.06 16.25 16.14 16.18 15.29 15.39 17.15 16.80 16.08 15.83 15.46
Operating lease right of use assets 1.57 1.61 1.60 1.63 1.57 1.47 1.59 1.40 1.36 1.30 1.37 1.26 1.37 1.41 1.41 1.38 1.58 1.64 1.71 1.77 1.45
Goodwill 19.23 19.31 19.58 19.74 19.91 18.40 19.69 19.75 19.37 19.29 19.72 19.32 19.62 19.80 19.60 20.12 22.41 22.45 22.62 22.80 23.17
Identifiable intangible assets, less accumulated amortization 9.03 9.37 9.91 9.11 9.55 9.25 9.65 10.09 10.32 10.60 11.47 11.66 12.11 12.57 13.07 13.64 15.80 16.37 17.17 17.44 18.28
Noncurrent deferred tax assets 1.62 1.44 1.35 1.40 1.17 1.16 0.81 0.80 0.74 0.72 0.80 0.73 0.72 0.69 0.71 0.67 0.76 0.76 0.64 0.55 0.60
Other noncurrent assets 1.58 1.44 1.53 1.26 1.04 0.98 1.18 1.07 0.93 0.80 0.82 0.69 0.78 0.78 0.68 0.70 0.91 0.85 0.81 0.79 0.80
Noncurrent assets 55.68% 55.60% 55.89% 55.03% 54.42% 49.71% 52.09% 51.70% 50.67% 50.14% 51.24% 49.90% 50.75% 51.42% 50.77% 51.91% 58.61% 58.87% 59.03% 59.18% 59.76%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The asset composition reveals a strategic shift from intangible-heavy assets toward tangible operational assets over the five-year period. A notable transition is observed where the relative weight of identifiable intangible assets and goodwill has decreased, while investments in property, plant, and equipment, as well as inventory levels, have expanded.

Liquidity and Working Capital Trends
Cash and cash equivalents experienced a significant surge starting in mid-2020, peaking at approximately 26.6% of total assets in September 2020 before gradually declining to 13.76% by March 2024. This suggests a period of aggressive liquidity accumulation followed by a reallocation of capital. Concurrently, inventories have shown a consistent upward trajectory, rising from 12.51% in March 2019 to 18.48% in March 2024, indicating an increase in the proportion of capital tied up in product stock.
Fixed Asset Investment
Property, plant, and equipment, net of accumulated depreciation, demonstrates a steady increase in its share of the balance sheet. This item rose from 15.46% in early 2019 to 22.66% by March 2024. This upward trend indicates a sustained commitment to expanding physical infrastructure and productive capacity.
Intangible Asset Amortization and Dilution
There is a pronounced decline in the relative proportion of identifiable intangible assets, which dropped from 18.28% in March 2019 to 9.03% in March 2024. This trend is characteristic of systematic amortization. Similarly, goodwill decreased from 23.17% to 19.23% over the same period; while less steep than the decline in identifiable intangibles, this suggests that the growth of tangible assets is diluting the relative weight of acquired premiums on the balance sheet.
Current versus Noncurrent Asset Distribution
The balance between current and noncurrent assets shifted dynamically. Current assets rose from roughly 40% in 2019 to a peak of over 50% in 2021, largely driven by the spike in cash reserves. However, by early 2024, current assets stabilized at 44.32%, while noncurrent assets settled at 55.68%, reflecting a more balanced distribution between short-term liquidity and long-term investment.

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