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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.

Total Asset Turnover
since 2012

Microsoft Excel

Calculation

Zoetis Inc., total asset turnover, long-term trends, calculation

Microsoft Excel
Total asset turnover = Revenue1 ÷ Total assets1
Dec 31, 2023 0.60 = 8,544 ÷ 14,286
Dec 31, 2022 0.54 = 8,080 ÷ 14,925
Dec 31, 2021 0.56 = 7,776 ÷ 13,900
Dec 31, 2020 0.49 = 6,675 ÷ 13,609
Dec 31, 2019 0.54 = 6,260 ÷ 11,545
Dec 31, 2018 0.54 = 5,825 ÷ 10,777
Dec 31, 2017 0.62 = 5,307 ÷ 8,586
Dec 31, 2016 0.64 = 4,888 ÷ 7,649
Dec 31, 2015 0.60 = 4,765 ÷ 7,913
Dec 31, 2014 0.72 = 4,785 ÷ 6,607
Dec 31, 2013 0.70 = 4,561 ÷ 6,558
Dec 31, 2012 0.69 = 4,336 ÷ 6,262

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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).

1 US$ in millions

Revenue exhibits a consistent upward trajectory over the analyzed period, increasing from 4,336 million USD in 2012 to 8,544 million USD in 2023. Concurrently, total assets experienced a more pronounced expansion, growing from 6,262 million USD in 2012 to 14,286 million USD by 2023. This divergence in growth rates between revenue and the asset base is reflected in the fluctuations of the total asset turnover ratio.

Asset Turnover Trend Analysis
The total asset turnover ratio peaked at 0.72 in 2014, following an initial period of growth from 0.69 in 2012. Subsequently, a general decline occurred over several years, reaching a minimum of 0.49 in 2020. This period of contraction indicates a phase where asset accumulation outpaced the generation of proportional revenue.
Recent Efficiency Recovery
Since 2020, a positive trend in asset utilization is evident, with the ratio recovering from 0.49 to 0.60 by the end of 2023. This movement indicates an improved ability to leverage the expanded asset base to drive sales growth in the most recent fiscal years.
Asset-to-Revenue Correlation
The significant increase in total assets—particularly the expansion from 8,586 million USD in 2017 to 13,609 million USD in 2020—corresponds with the lowest observed efficiency ratios. The recent stabilization of the asset base, coupled with continued revenue growth, has contributed to the upward shift in turnover efficiency observed between 2021 and 2023.

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Comparison to Competitors

Zoetis Inc., total asset turnover, long-term trends, comparison to competitors

Microsoft Excel
Zoetis Inc. AbbVie Inc. Amgen Inc. Bristol-Myers Squibb Co. Danaher Corp. Eli Lilly & Co. Gilead Sciences Inc. Johnson & Johnson Merck & Co. Inc. Pfizer Inc. Regeneron Pharmaceuticals Inc. Thermo Fisher Scientific Inc. Vertex Pharmaceuticals Inc.
Dec 31, 2023 0.60 0.40 0.28 0.47 0.28 0.53 0.43 0.51 0.56 0.26 0.40 0.43 0.43
Dec 31, 2022 0.54 0.42 0.38 0.48 0.37 0.58 0.43 0.51 0.54 0.51 0.42 0.46 0.49
Dec 31, 2021 0.56 0.38 0.40 0.42 0.35 0.58 0.40 0.52 0.46 0.45 0.63 0.41 0.56
Dec 31, 2020 0.49 0.30 0.39 0.36 0.29 0.53 0.36 0.47 0.52 0.28 0.50 0.47 0.53
Dec 31, 2019 0.54 0.37 0.37 0.20 0.29 0.57 0.36 0.52 0.55 0.31 0.53 0.44 0.50
Dec 31, 2018 0.54 0.55 0.34 0.64 0.42 0.56 0.34 0.53 0.51 0.34 0.57 0.43 0.49
Dec 31, 2017 0.62 0.40 0.27 0.62 0.39 0.51 0.37 0.49 0.46 0.31 0.67 0.37 0.70
Dec 31, 2016 0.64 0.39 0.28 0.58 0.37 0.55 0.53 0.51 0.42 0.31 0.70 0.40 0.59
Dec 31, 2015 0.60 0.43 0.29 0.52 0.43 0.56 0.62 0.53 0.39 0.29 0.73 0.41 0.41
Dec 31, 2014 0.72 0.72 0.28 0.47 0.54 0.53 0.71 0.57 0.43 0.29 0.73 0.39 0.25
Dec 31, 2013 0.70 0.64 0.28 0.42 0.55 0.66 0.48 0.54 0.42 0.30 0.71 0.41 0.52
Dec 31, 2012 0.69 0.68 0.31 0.49 0.55 0.66 0.44 0.55 0.45 0.32 0.66 0.46 0.55

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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).

Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)

Zoetis Inc., total asset turnover, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)

Microsoft Excel
Zoetis Inc. Pharmaceuticals, Biotechnology & Life Sciences
Dec 31, 2023 0.60 0.40
Dec 31, 2022 0.54 0.47
Dec 31, 2021 0.56 0.45
Dec 31, 2020 0.49 0.39
Dec 31, 2019 0.54 0.39
Dec 31, 2018 0.54 0.45
Dec 31, 2017 0.62 0.40
Dec 31, 2016 0.64 0.41
Dec 31, 2015 0.60 0.42
Dec 31, 2014 0.72 0.44
Dec 31, 2013 0.70 0.43
Dec 31, 2012 0.69 0.45

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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).

Comparison to Industry (Health Care)

Zoetis Inc., total asset turnover, long-term trends, comparison to industry (health care)

Microsoft Excel
Zoetis Inc. Health Care
Dec 31, 2023 0.60 0.63
Dec 31, 2022 0.54 0.66
Dec 31, 2021 0.56 0.62
Dec 31, 2020 0.49 0.57
Dec 31, 2019 0.54 0.57
Dec 31, 2018 0.54 0.63
Dec 31, 2017 0.62 0.56
Dec 31, 2016 0.64 0.57
Dec 31, 2015 0.60 0.55
Dec 31, 2014 0.72 0.60
Dec 31, 2013 0.70 0.58
Dec 31, 2012 0.69 0.58

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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).