Stock Analysis on Net
Stock Analysis on Net

Zoetis Inc. (NYSE:ZTS)

$22.49

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

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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Zoetis Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Short-term borrowings
Current portion of long-term debt
Accounts payable
Dividends payable
Accrued expenses
Accrued compensation and related items
Income taxes payable
Finance lease liabilities, current
Other current liabilities
Current liabilities
Long-term debt, net of discount and issuance costs, excluding current portion
Noncurrent deferred tax liabilities
Operating lease liabilities, noncurrent
Other taxes payable
Finance lease liabilities, noncurrent
Other noncurrent liabilities
Noncurrent liabilities
Total liabilities
Common stock, $0.01 par value
Treasury stock, at cost
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Total Zoetis Inc. equity
Equity attributable to noncontrolling interests
Total equity
Total liabilities and equity

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 financial data over the analyzed period reveals several notable trends in the company's capital structure and liability composition.

Short-term borrowings and current portion of long-term debt
Short-term borrowings remained minimal, fluctuating marginally between 0.01% and 0.03% of total liabilities and equity, indicating limited reliance on short-term debt financing. The current portion of long-term debt exhibited volatility, with a significant peak at 9.05% in 2022, followed by an absence of reported data in 2023, suggesting potential repayment or reclassification activities.
Accounts payable and accrued liabilities
Accounts payable fluctuated moderately around an average of roughly 2.7%, with no clear upward or downward trajectory, indicating relative stability in trade payables. Accrued expenses showed some variability, peaking at 5.11% in 2021 and slightly declining thereafter, reflecting possible fluctuations in accrued obligations. Accrued compensation declined in 2022 to 2.01% but recovered to 2.67% by 2023, indicating variations in employee-related liabilities.
Income taxes payable and other current liabilities
Income taxes payable rose markedly to 1.05% in 2022 from approximately 0.3% in prior years, before decreasing to 0.77% in 2023, reflecting variations in tax obligations possibly linked to profitability or tax planning. Other current liabilities exhibited a slight upward trend, increasing from 0.48% in 2019 to 0.71% in 2023.
Current liabilities overall
Current liabilities showed variability, peaking at 21.22% in 2022 before falling back to 13.22% in 2023. The 2022 increase is likely influenced by the spike in the current portion of long-term debt and income taxes payable, suggesting a temporary elevation in short-term obligations during that year.
Long-term liabilities
Long-term debt (net of discounts) consistently represented the largest component of liabilities but exhibited a declining trend from 51.51% in 2019 to 45.95% in 2023, indicating gradual deleveraging or repayment over time. Noncurrent deferred tax liabilities diminished substantially from 3.76% to approximately 1.02%, reflecting changes in deferred tax positions. Other noncurrent liabilities showed a modest decrease from 1.98% to 1.6%, and operating lease liabilities remained stable around 1.2%-1.3%. Finance lease liabilities, both current and noncurrent, emerged in 2022 and 2023 at minimal levels, indicating new lease obligations recognized under finance accounting standards.
Total liabilities
Total liabilities declined from 76.54% to 65.06% over the period, signifying a reduction in leverage relative to total capital. This shift is driven primarily by decreases in both current and long-term liabilities as a percentage of total capital.
Equity components
Common stock remained stable at approximately 0.03%-0.04%, reflecting no major issuances or retirements. Treasury stock increased substantially in magnitude (negative value increasing from -17.69% to -39.18%), indicating significant share repurchases. Additional paid-in capital remained relatively steady around 7.3%-9.0%, showing limited fluctuation in capital contributions. Retained earnings demonstrated a strong and consistent increase from 38.35% to 72.06%, reflecting sustained profitability and reinvestment. Accumulated other comprehensive loss remained relatively stable near -5.5%, indicating steady unrealized losses or adjustments in other comprehensive income components.
Total equity and overall financing structure
Total equity increased from 23.46% to 34.94%, driven primarily by the growth in retained earnings and partially offset by substantial treasury stock increases. The mix shift from liabilities to equity suggests an improvement in financial stability and reduced leverage. Equity attributable to noncontrolling interests was minimal and slightly negative toward the end, suggesting marginal impacts from minority interests.

In summary, the period analyzed depicts a company progressively reducing its reliance on liabilities, especially long-term debt, while boosting equity primarily through retained earnings accumulation and notable share repurchases. The fluctuations in current liabilities in 2022 appear to reflect transient changes in short-term debt and tax obligations. Overall, the trends indicate a strengthening balance sheet with improving equity proportions and controlled liability levels.