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 5, 2022.

Analysis of Solvency Ratios
Quarterly Data

Microsoft Excel

Solvency Ratios (Summary)

Zoetis Inc., solvency ratios (quarterly data)

Microsoft Excel
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 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017
Debt Ratios
Debt to equity 1.41 1.45 1.41 1.65 1.76 1.91 2.14 2.58 2.35 2.38 2.41 2.67 2.78 2.95 3.04 2.52 2.53 2.80 2.87 2.66 2.78
Debt to equity (including operating lease liability) 1.45 1.48 1.44 1.69 1.80 1.95 2.18 2.63 2.41 2.44 2.47 2.74 2.84 2.95 3.04 2.52 2.53 2.80 2.87 2.66 2.78
Debt to capital 0.59 0.59 0.58 0.62 0.64 0.66 0.68 0.72 0.70 0.70 0.71 0.73 0.74 0.75 0.75 0.72 0.72 0.74 0.74 0.73 0.74
Debt to capital (including operating lease liability) 0.59 0.60 0.59 0.63 0.64 0.66 0.69 0.72 0.71 0.71 0.71 0.73 0.74 0.75 0.75 0.72 0.72 0.74 0.74 0.73 0.74
Debt to assets 0.47 0.47 0.48 0.51 0.52 0.53 0.56 0.59 0.56 0.56 0.57 0.59 0.59 0.60 0.62 0.58 0.57 0.58 0.61 0.59 0.58
Debt to assets (including operating lease liability) 0.49 0.49 0.49 0.52 0.53 0.54 0.57 0.60 0.57 0.57 0.59 0.60 0.60 0.60 0.62 0.58 0.57 0.58 0.61 0.59 0.58
Financial leverage 2.98 3.06 2.93 3.23 3.37 3.61 3.81 4.38 4.19 4.26 4.21 4.56 4.70 4.93 4.94 4.37 4.43 4.85 4.67 4.55 4.75
Coverage Ratios
Interest coverage 12.49 12.11 11.54 11.00 10.30 9.64 9.79 9.72 9.71 9.08 8.88 8.46 8.69 9.20 9.64 10.12 9.87 9.71

Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Zoetis Inc. debt to equity ratio deteriorated from Q3 2021 to Q4 2021 but then improved from Q4 2021 to Q1 2022 not reaching Q3 2021 level.
Debt to equity (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Zoetis Inc. debt to equity ratio (including operating lease liability) deteriorated from Q3 2021 to Q4 2021 but then improved from Q4 2021 to Q1 2022 not reaching Q3 2021 level.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Zoetis Inc. debt to capital ratio deteriorated from Q3 2021 to Q4 2021 but then improved from Q4 2021 to Q1 2022 not reaching Q3 2021 level.
Debt to capital (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Zoetis Inc. debt to capital ratio (including operating lease liability) deteriorated from Q3 2021 to Q4 2021 but then improved from Q4 2021 to Q1 2022 not reaching Q3 2021 level.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Zoetis Inc. debt to assets ratio improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022.
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Zoetis Inc. debt to assets ratio (including operating lease liability) improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Zoetis Inc. financial leverage ratio increased from Q3 2021 to Q4 2021 but then slightly decreased from Q4 2021 to Q1 2022 not reaching Q3 2021 level.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Zoetis Inc. interest coverage ratio improved from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.

Debt to Equity

Zoetis Inc., debt to equity calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017
Selected Financial Data (US$ in millions)
Short-term borrowings 4 4 4 1 1 9 100
Current portion of long-term debt 1,350 600 600 600 1,100 500 500 500 750 750 750
Long-term debt, net of discount and issuance costs, excluding current portion 5,228 6,592 6,592 6,592 6,587 6,595 6,595 7,194 5,963 5,947 6,447 6,446 6,444 6,443 6,441 4,955 4,954 4,953 4,952 3,719 3,718
Total debt 6,578 6,592 6,592 7,196 7,191 7,199 7,696 7,695 6,463 6,447 6,447 6,446 6,444 6,452 6,441 4,955 4,954 4,953 5,702 4,569 4,468
 
Total Zoetis Inc. equity 4,658 4,543 4,679 4,350 4,089 3,769 3,602 2,982 2,753 2,708 2,678 2,411 2,317 2,185 2,118 1,970 1,960 1,770 1,989 1,715 1,609
Solvency Ratio
Debt to equity1 1.41 1.45 1.41 1.65 1.76 1.91 2.14 2.58 2.35 2.38 2.41 2.67 2.78 2.95 3.04 2.52 2.53 2.80 2.87 2.66 2.78
Benchmarks
Debt to Equity, Competitors2
AbbVie Inc. 4.51 4.98 5.96 6.53 6.24 6.58 5.70 5.94
Amgen Inc. 40.23 4.97 4.57 3.98 3.50 3.51 3.13 3.21 3.36 3.09 2.73 2.84 3.05
Bristol-Myers Squibb Co. 1.42 1.24 1.20 1.23 1.23 1.34 0.90 0.95 0.94 0.91 1.41 1.56 0.40
Eli Lilly & Co. 1.77 1.88 2.20 2.56 2.35 2.94 3.51 3.99 5.60 5.88 4.50 5.68 6.44
Gilead Sciences Inc. 1.32 1.27 1.29 1.53 1.59 1.73 1.68 1.34 1.09 1.09 1.19 1.15 1.21
Johnson & Johnson 0.44 0.46 0.48 0.48 0.51 0.56 0.59 0.48 0.45 0.47 0.50 0.48 0.50
Merck & Co. Inc. 0.78 0.87 0.74 0.80 1.16 1.26 0.98 1.12 1.07 1.02 0.97 0.96 0.94
Pfizer Inc. 0.44 0.50 0.53 0.56 0.58 0.63 0.97 0.99 0.80 0.83 0.81 0.78 0.77
Regeneron Pharmaceuticals Inc. 0.14 0.14 0.16 0.18 0.23 0.24 0.27 0.24 0.06 0.06 0.07 0.07 0.08
Thermo Fisher Scientific Inc. 0.81 0.85 0.56 0.51 0.53 0.63 0.66 0.71 0.70 0.60 0.58 0.66 0.66
Vertex Pharmaceuticals Inc. 0.05 0.05 0.05 0.06 0.06 0.06 0.07 0.07 0.08 0.09 0.10 0.11 0.12

Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02).

1 Q1 2022 Calculation
Debt to equity = Total debt ÷ Total Zoetis Inc. equity
= 6,578 ÷ 4,658 = 1.41

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Zoetis Inc. debt to equity ratio deteriorated from Q3 2021 to Q4 2021 but then improved from Q4 2021 to Q1 2022 not reaching Q3 2021 level.

Debt to Equity (including Operating Lease Liability)

Zoetis Inc., debt to equity (including operating lease liability) calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017
Selected Financial Data (US$ in millions)
Short-term borrowings 4 4 4 1 1 9 100
Current portion of long-term debt 1,350 600 600 600 1,100 500 500 500 750 750 750
Long-term debt, net of discount and issuance costs, excluding current portion 5,228 6,592 6,592 6,592 6,587 6,595 6,595 7,194 5,963 5,947 6,447 6,446 6,444 6,443 6,441 4,955 4,954 4,953 4,952 3,719 3,718
Total debt 6,578 6,592 6,592 7,196 7,191 7,199 7,696 7,695 6,463 6,447 6,447 6,446 6,444 6,452 6,441 4,955 4,954 4,953 5,702 4,569 4,468
Noncurrent operating lease liabilities 158 151 160 147 159 163 167 155 159 164 169 169 134
Total debt (including operating lease liability) 6,736 6,743 6,752 7,343 7,350 7,362 7,863 7,850 6,622 6,611 6,616 6,615 6,578 6,452 6,441 4,955 4,954 4,953 5,702 4,569 4,468
 
Total Zoetis Inc. equity 4,658 4,543 4,679 4,350 4,089 3,769 3,602 2,982 2,753 2,708 2,678 2,411 2,317 2,185 2,118 1,970 1,960 1,770 1,989 1,715 1,609
Solvency Ratio
Debt to equity (including operating lease liability)1 1.45 1.48 1.44 1.69 1.80 1.95 2.18 2.63 2.41 2.44 2.47 2.74 2.84 2.95 3.04 2.52 2.53 2.80 2.87 2.66 2.78
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Vertex Pharmaceuticals Inc. 0.08 0.09 0.09 0.10 0.10 0.10 0.07 0.07 0.08 0.09 0.10 0.11 0.12

Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02).

1 Q1 2022 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Zoetis Inc. equity
= 6,736 ÷ 4,658 = 1.45

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Zoetis Inc. debt to equity ratio (including operating lease liability) deteriorated from Q3 2021 to Q4 2021 but then improved from Q4 2021 to Q1 2022 not reaching Q3 2021 level.

Debt to Capital

Zoetis Inc., debt to capital calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017
Selected Financial Data (US$ in millions)
Short-term borrowings 4 4 4 1 1 9 100
Current portion of long-term debt 1,350 600 600 600 1,100 500 500 500 750 750 750
Long-term debt, net of discount and issuance costs, excluding current portion 5,228 6,592 6,592 6,592 6,587 6,595 6,595 7,194 5,963 5,947 6,447 6,446 6,444 6,443 6,441 4,955 4,954 4,953 4,952 3,719 3,718
Total debt 6,578 6,592 6,592 7,196 7,191 7,199 7,696 7,695 6,463 6,447 6,447 6,446 6,444 6,452 6,441 4,955 4,954 4,953 5,702 4,569 4,468
Total Zoetis Inc. equity 4,658 4,543 4,679 4,350 4,089 3,769 3,602 2,982 2,753 2,708 2,678 2,411 2,317 2,185 2,118 1,970 1,960 1,770 1,989 1,715 1,609
Total capital 11,236 11,135 11,271 11,546 11,280 10,968 11,298 10,677 9,216 9,155 9,125 8,857 8,761 8,637 8,559 6,925 6,914 6,723 7,691 6,284 6,077
Solvency Ratio
Debt to capital1 0.59 0.59 0.58 0.62 0.64 0.66 0.68 0.72 0.70 0.70 0.71 0.73 0.74 0.75 0.75 0.72 0.72 0.74 0.74 0.73 0.74
Benchmarks
Debt to Capital, Competitors2
AbbVie Inc. 0.82 0.83 0.86 0.87 0.86 0.87 0.85 0.86 1.12 1.14 1.27 1.30 1.27
Amgen Inc. 0.98 0.83 0.82 0.80 0.78 0.78 0.76 0.76 0.77 0.76 0.73 0.74 0.75
Bristol-Myers Squibb Co. 0.59 0.55 0.55 0.55 0.55 0.57 0.47 0.49 0.48 0.48 0.59 0.61 0.28
Eli Lilly & Co. 0.64 0.65 0.69 0.72 0.70 0.75 0.78 0.80 0.85 0.85 0.82 0.85 0.87
Gilead Sciences Inc. 0.57 0.56 0.56 0.60 0.61 0.63 0.63 0.57 0.52 0.52 0.54 0.54 0.55
Johnson & Johnson 0.31 0.31 0.33 0.32 0.34 0.36 0.37 0.33 0.31 0.32 0.33 0.33 0.33
Merck & Co. Inc. 0.44 0.46 0.42 0.44 0.54 0.56 0.50 0.53 0.52 0.50 0.49 0.49 0.48
Pfizer Inc. 0.31 0.33 0.35 0.36 0.37 0.39 0.49 0.50 0.45 0.45 0.45 0.44 0.43
Regeneron Pharmaceuticals Inc. 0.12 0.13 0.14 0.15 0.18 0.20 0.21 0.20 0.06 0.06 0.06 0.07 0.07
Thermo Fisher Scientific Inc. 0.45 0.46 0.36 0.34 0.35 0.39 0.40 0.42 0.41 0.37 0.37 0.40 0.40
Vertex Pharmaceuticals Inc. 0.04 0.05 0.05 0.05 0.06 0.06 0.06 0.06 0.08 0.08 0.09 0.10 0.11

Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02).

1 Q1 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 6,578 ÷ 11,236 = 0.59

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Zoetis Inc. debt to capital ratio deteriorated from Q3 2021 to Q4 2021 but then improved from Q4 2021 to Q1 2022 not reaching Q3 2021 level.

Debt to Capital (including Operating Lease Liability)

Zoetis Inc., debt to capital (including operating lease liability) calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017
Selected Financial Data (US$ in millions)
Short-term borrowings 4 4 4 1 1 9 100
Current portion of long-term debt 1,350 600 600 600 1,100 500 500 500 750 750 750
Long-term debt, net of discount and issuance costs, excluding current portion 5,228 6,592 6,592 6,592 6,587 6,595 6,595 7,194 5,963 5,947 6,447 6,446 6,444 6,443 6,441 4,955 4,954 4,953 4,952 3,719 3,718
Total debt 6,578 6,592 6,592 7,196 7,191 7,199 7,696 7,695 6,463 6,447 6,447 6,446 6,444 6,452 6,441 4,955 4,954 4,953 5,702 4,569 4,468
Noncurrent operating lease liabilities 158 151 160 147 159 163 167 155 159 164 169 169 134
Total debt (including operating lease liability) 6,736 6,743 6,752 7,343 7,350 7,362 7,863 7,850 6,622 6,611 6,616 6,615 6,578 6,452 6,441 4,955 4,954 4,953 5,702 4,569 4,468
Total Zoetis Inc. equity 4,658 4,543 4,679 4,350 4,089 3,769 3,602 2,982 2,753 2,708 2,678 2,411 2,317 2,185 2,118 1,970 1,960 1,770 1,989 1,715 1,609
Total capital (including operating lease liability) 11,394 11,286 11,431 11,693 11,439 11,131 11,465 10,832 9,375 9,319 9,294 9,026 8,895 8,637 8,559 6,925 6,914 6,723 7,691 6,284 6,077
Solvency Ratio
Debt to capital (including operating lease liability)1 0.59 0.60 0.59 0.63 0.64 0.66 0.69 0.72 0.71 0.71 0.71 0.73 0.74 0.75 0.75 0.72 0.72 0.74 0.74 0.73 0.74
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Vertex Pharmaceuticals Inc. 0.07 0.08 0.08 0.09 0.09 0.09 0.06 0.06 0.08 0.08 0.09 0.10 0.11

Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02).

1 Q1 2022 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 6,736 ÷ 11,394 = 0.59

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Zoetis Inc. debt to capital ratio (including operating lease liability) deteriorated from Q3 2021 to Q4 2021 but then improved from Q4 2021 to Q1 2022 not reaching Q3 2021 level.

Debt to Assets

Zoetis Inc., debt to assets calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017
Selected Financial Data (US$ in millions)
Short-term borrowings 4 4 4 1 1 9 100
Current portion of long-term debt 1,350 600 600 600 1,100 500 500 500 750 750 750
Long-term debt, net of discount and issuance costs, excluding current portion 5,228 6,592 6,592 6,592 6,587 6,595 6,595 7,194 5,963 5,947 6,447 6,446 6,444 6,443 6,441 4,955 4,954 4,953 4,952 3,719 3,718
Total debt 6,578 6,592 6,592 7,196 7,191 7,199 7,696 7,695 6,463 6,447 6,447 6,446 6,444 6,452 6,441 4,955 4,954 4,953 5,702 4,569 4,468
 
Total assets 13,860 13,900 13,705 14,069 13,796 13,609 13,725 13,069 11,528 11,545 11,272 10,986 10,883 10,777 10,459 8,603 8,690 8,586 9,288 7,802 7,649
Solvency Ratio
Debt to assets1 0.47 0.47 0.48 0.51 0.52 0.53 0.56 0.59 0.56 0.56 0.57 0.59 0.59 0.60 0.62 0.58 0.57 0.58 0.61 0.59 0.58
Benchmarks
Debt to Assets, Competitors2
AbbVie Inc. 0.51 0.52 0.54 0.56 0.57 0.57 0.58 0.58 0.74 0.75 0.65 0.65 0.65
Amgen Inc. 0.62 0.54 0.58 0.55 0.52 0.52 0.53 0.53 0.52 0.50 0.50 0.52 0.52
Bristol-Myers Squibb Co. 0.44 0.41 0.40 0.41 0.41 0.43 0.36 0.36 0.36 0.36 0.43 0.45 0.17
Eli Lilly & Co. 0.35 0.35 0.35 0.35 0.35 0.36 0.39 0.39 0.42 0.39 0.40 0.41 0.42
Gilead Sciences Inc. 0.42 0.39 0.41 0.44 0.45 0.46 0.48 0.43 0.40 0.40 0.42 0.41 0.42
Johnson & Johnson 0.19 0.19 0.19 0.19 0.19 0.20 0.22 0.19 0.18 0.18 0.19 0.19 0.20
Merck & Co. Inc. 0.30 0.31 0.28 0.29 0.34 0.35 0.32 0.34 0.33 0.31 0.31 0.32 0.31
Pfizer Inc. 0.20 0.21 0.22 0.23 0.25 0.26 0.35 0.36 0.31 0.31 0.31 0.30 0.29
Regeneron Pharmaceuticals Inc. 0.10 0.11 0.11 0.13 0.15 0.16 0.17 0.15 0.05 0.05 0.05 0.05 0.06
Thermo Fisher Scientific Inc. 0.36 0.37 0.29 0.28 0.28 0.31 0.33 0.35 0.34 0.30 0.30 0.33 0.33
Vertex Pharmaceuticals Inc. 0.03 0.04 0.04 0.04 0.04 0.05 0.05 0.05 0.06 0.06 0.07 0.08 0.09

Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02).

1 Q1 2022 Calculation
Debt to assets = Total debt ÷ Total assets
= 6,578 ÷ 13,860 = 0.47

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Zoetis Inc. debt to assets ratio improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022.

Debt to Assets (including Operating Lease Liability)

Zoetis Inc., debt to assets (including operating lease liability) calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017
Selected Financial Data (US$ in millions)
Short-term borrowings 4 4 4 1 1 9 100
Current portion of long-term debt 1,350 600 600 600 1,100 500 500 500 750 750 750
Long-term debt, net of discount and issuance costs, excluding current portion 5,228 6,592 6,592 6,592 6,587 6,595 6,595 7,194 5,963 5,947 6,447 6,446 6,444 6,443 6,441 4,955 4,954 4,953 4,952 3,719 3,718
Total debt 6,578 6,592 6,592 7,196 7,191 7,199 7,696 7,695 6,463 6,447 6,447 6,446 6,444 6,452 6,441 4,955 4,954 4,953 5,702 4,569 4,468
Noncurrent operating lease liabilities 158 151 160 147 159 163 167 155 159 164 169 169 134
Total debt (including operating lease liability) 6,736 6,743 6,752 7,343 7,350 7,362 7,863 7,850 6,622 6,611 6,616 6,615 6,578 6,452 6,441 4,955 4,954 4,953 5,702 4,569 4,468
 
Total assets 13,860 13,900 13,705 14,069 13,796 13,609 13,725 13,069 11,528 11,545 11,272 10,986 10,883 10,777 10,459 8,603 8,690 8,586 9,288 7,802 7,649
Solvency Ratio
Debt to assets (including operating lease liability)1 0.49 0.49 0.49 0.52 0.53 0.54 0.57 0.60 0.57 0.57 0.59 0.60 0.60 0.60 0.62 0.58 0.57 0.58 0.61 0.59 0.58
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Vertex Pharmaceuticals Inc. 0.06 0.07 0.07 0.07 0.07 0.08 0.05 0.05 0.06 0.06 0.07 0.08 0.09

Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02).

1 Q1 2022 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 6,736 ÷ 13,860 = 0.49

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Zoetis Inc. debt to assets ratio (including operating lease liability) improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022.

Financial Leverage

Zoetis Inc., financial leverage calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017
Selected Financial Data (US$ in millions)
Total assets 13,860 13,900 13,705 14,069 13,796 13,609 13,725 13,069 11,528 11,545 11,272 10,986 10,883 10,777 10,459 8,603 8,690 8,586 9,288 7,802 7,649
Total Zoetis Inc. equity 4,658 4,543 4,679 4,350 4,089 3,769 3,602 2,982 2,753 2,708 2,678 2,411 2,317 2,185 2,118 1,970 1,960 1,770 1,989 1,715 1,609
Solvency Ratio
Financial leverage1 2.98 3.06 2.93 3.23 3.37 3.61 3.81 4.38 4.19 4.26 4.21 4.56 4.70 4.93 4.94 4.37 4.43 4.85 4.67 4.55 4.75
Benchmarks
Financial Leverage, Competitors2
AbbVie Inc. 8.80 9.51 10.99 11.77 10.98 11.51 9.80 10.17
Amgen Inc. 64.62 9.13 7.91 7.25 6.70 6.69 5.90 6.10 6.50 6.17 5.45 5.50 5.91
Bristol-Myers Squibb Co. 3.26 3.04 2.98 3.01 2.99 3.13 2.50 2.61 2.59 2.52 3.25 3.44 2.29
Eli Lilly & Co. 5.03 5.44 6.21 7.42 6.79 8.27 9.10 10.25 13.35 15.07 11.20 13.91 15.32
Gilead Sciences Inc. 3.17 3.23 3.13 3.45 3.56 3.76 3.49 3.10 2.71 2.74 2.87 2.79 2.86
Johnson & Johnson 2.39 2.46 2.55 2.54 2.62 2.76 2.65 2.51 2.53 2.65 2.67 2.55 2.54
Merck & Co. Inc. 2.61 2.77 2.61 2.72 3.37 3.62 3.08 3.28 3.24 3.26 3.10 3.04 2.99
Pfizer Inc. 2.23 2.35 2.37 2.43 2.31 2.44 2.74 2.77 2.56 2.65 2.62 2.62 2.64
Regeneron Pharmaceuticals Inc. 1.32 1.36 1.37 1.42 1.48 1.56 1.59 1.59 1.30 1.34 1.33 1.35 1.36
Thermo Fisher Scientific Inc. 2.26 2.33 1.90 1.84 1.88 2.00 2.01 2.06 2.05 1.97 1.93 2.02 2.01
Vertex Pharmaceuticals Inc. 1.31 1.33 1.32 1.33 1.35 1.35 1.39 1.36 1.38 1.37 1.43 1.39 1.39

Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02).

1 Q1 2022 Calculation
Financial leverage = Total assets ÷ Total Zoetis Inc. equity
= 13,860 ÷ 4,658 = 2.98

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Zoetis Inc. financial leverage ratio increased from Q3 2021 to Q4 2021 but then slightly decreased from Q4 2021 to Q1 2022 not reaching Q3 2021 level.

Interest Coverage

Zoetis Inc., interest coverage calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017
Selected Financial Data (US$ in millions)
Net income attributable to Zoetis Inc. 595 414 552 512 559 359 479 377 423 384 433 371 312 345 347 384 352 81 298 247 238
Add: Net income attributable to noncontrolling interest (1) (1) (1) (1) (1) (1) (2) (2) (1) (2) 1
Add: Income tax expense 133 93 107 125 129 62 118 106 74 53 95 84 69 73 71 55 67 350 117 98 98
Add: Interest expense, net of capitalized interest 53 54 56 57 57 58 62 58 53 56 56 55 56 59 54 46 47 50 43 41 41
Earnings before interest and tax (EBIT) 780 560 715 693 744 478 659 540 550 493 584 510 437 477 472 483 464 480 456 386 378
Solvency Ratio
Interest coverage1 12.49 12.11 11.54 11.00 10.30 9.64 9.79 9.72 9.71 9.08 8.88 8.46 8.69 9.20 9.64 10.12 9.87 9.71
Benchmarks
Interest Coverage, Competitors2
Amgen Inc. 6.40 6.60 6.46 6.48 7.64 7.44 7.62 7.62 7.85 8.09
Gilead Sciences Inc. 6.97 9.27 10.06 7.61 2.93 2.70 2.83 0.41 5.90 6.19
Johnson & Johnson 164.15 125.46 94.27 87.06 73.87 83.07 96.82 81.36 81.56 55.49
Regeneron Pharmaceuticals Inc. 163.24 163.75 139.74 104.12 68.20 67.97 72.22 108.12 90.22 81.43
Thermo Fisher Scientific Inc. 16.73 17.49 19.94 19.52 17.58 14.07 10.78 7.93 7.66 7.02
Vertex Pharmaceuticals Inc. 48.17 45.40 44.83 40.33 55.95 54.60 52.77 40.26 30.99 24.84

Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02).

1 Q1 2022 Calculation
Interest coverage = (EBITQ1 2022 + EBITQ4 2021 + EBITQ3 2021 + EBITQ2 2021) ÷ (Interest expenseQ1 2022 + Interest expenseQ4 2021 + Interest expenseQ3 2021 + Interest expenseQ2 2021)
= (780 + 560 + 715 + 693) ÷ (53 + 54 + 56 + 57) = 12.49

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Zoetis Inc. interest coverage ratio improved from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.