Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Zoetis Inc., long-term (investment) activity ratios (quarterly data)
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 financial data reveals several notable trends across the analyzed periods for the key turnover ratios.
- Net Fixed Asset Turnover
- This ratio began being recorded from March 31, 2019, showing a generally declining trend from an initial 3.23 in early 2019 down to 2.69 by the first quarter of 2024. The ratio experienced a gradual decrease with minor fluctuations, indicating a diminishing efficiency in the use of fixed assets to generate sales over time.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The adjusted version of net fixed asset turnover, which factors in operating leases, started at 2.94 in the first quarter of 2019 and followed a similarly downward trend, declining to 2.51 by the first quarter of 2024. This decrease suggests that when lease assets are considered, the efficiency ratio also diminishes steadily, reflecting changes in asset utilization including leased assets.
- Total Asset Turnover
- This ratio exhibited more variability but showed a generally upward trend beginning from 0.54 in early 2019 to 0.61 in the first quarter of 2024. Despite some early declines and fluctuations in 2019 and 2020, the total asset turnover improved after 2020, indicating an overall enhancement in the company’s ability to generate sales from its total asset base.
- Equity Turnover
- Equity turnover experienced a decline from 2.31 in the first quarter of 2019 to a low near 1.63 at the end of 2020, suggesting reduced efficiency in generating sales per unit of equity during that period. After 2020, this ratio showed fluctuations without a clear sustained recovery, ending at 1.73 in the first quarter of 2024. This pattern may reflect changes in capital structure or variations in sales performance relative to shareholder equity.
In summary, the net fixed asset turnover ratios decreased over time, indicating a reduction in how effectively fixed and leased assets contribute to sales. Conversely, total asset turnover improved gradually, highlighting better utilization of the overall asset base. Equity turnover declined initially, then showed volatility with modest recovery but no return to the initial higher levels, suggesting ongoing challenges or changes in equity utilization to drive sales.
Net Fixed Asset Turnover
Zoetis Inc., net fixed asset turnover calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Revenue | 2,190) | 2,213) | 2,151) | 2,180) | 2,000) | 2,040) | 2,002) | 2,052) | 1,986) | 1,967) | 1,990) | 1,948) | 1,871) | 1,807) | 1,786) | 1,548) | 1,534) | 1,674) | 1,584) | 1,547) | 1,455) | |||||||
| Property, plant and equipment, less accumulated depreciation | 3,251) | 3,204) | 3,092) | 3,011) | 2,913) | 2,753) | 2,623) | 2,559) | 2,487) | 2,422) | 2,338) | 2,286) | 2,227) | 2,202) | 2,099) | 2,011) | 1,977) | 1,940) | 1,813) | 1,739) | 1,683) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 2.69 | 2.67 | 2.71 | 2.73 | 2.78 | 2.93 | 3.05 | 3.12 | 3.17 | 3.21 | 3.26 | 3.24 | 3.15 | 3.03 | 3.12 | 3.15 | 3.21 | 3.23 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| AbbVie Inc. | 10.92 | 10.89 | 11.18 | 11.33 | 11.51 | 11.76 | 11.82 | 11.57 | 11.18 | 11.00 | 10.75 | 10.41 | 9.67 | 8.73 | — | — | — | — | — | — | — | |||||||
| Amgen Inc. | 4.70 | 4.53 | 4.61 | 4.58 | 4.56 | 4.57 | 4.73 | 4.77 | 4.75 | 4.69 | 4.89 | 4.92 | 4.93 | 4.96 | — | — | — | — | — | — | — | |||||||
| Bristol-Myers Squibb Co. | 6.75 | 6.77 | 6.93 | 7.11 | 7.30 | 7.38 | 7.74 | 7.90 | 7.77 | 7.67 | 7.75 | 7.66 | 7.43 | 7.22 | — | — | — | — | — | — | — | |||||||
| Danaher Corp. | 5.20 | 5.25 | 6.01 | 6.68 | 7.31 | 7.96 | 8.40 | 8.12 | 7.94 | 7.77 | 7.71 | 7.84 | 7.59 | 6.83 | — | — | — | — | — | — | — | |||||||
| Eli Lilly & Co. | 2.64 | 2.64 | 2.70 | 2.62 | 2.63 | 2.81 | 3.14 | 3.18 | 3.22 | 3.15 | 3.11 | 3.02 | 2.95 | 2.83 | — | — | — | — | — | — | — | |||||||
| Gilead Sciences Inc. | 5.13 | 5.07 | 4.88 | 4.91 | 4.88 | 4.93 | 5.01 | 5.13 | 5.18 | 5.27 | 5.40 | 5.27 | 5.06 | 4.90 | — | — | — | — | — | — | — | |||||||
| Johnson & Johnson | 4.36 | 4.28 | 4.65 | 4.37 | 4.58 | 4.79 | 5.29 | 5.21 | 5.07 | 4.95 | 4.95 | 4.79 | 4.59 | 4.40 | — | — | — | — | — | — | — | |||||||
| Merck & Co. Inc. | 2.66 | 2.61 | 2.63 | 2.62 | 2.66 | 2.77 | 2.89 | 2.85 | 2.73 | 2.53 | 2.57 | 2.61 | 2.55 | 2.67 | — | — | — | — | — | — | — | |||||||
| Pfizer Inc. | 2.98 | 3.14 | 3.88 | 4.48 | 5.46 | 6.17 | 6.47 | 6.64 | 6.12 | 5.46 | 4.79 | 3.89 | 3.31 | 3.01 | — | — | — | — | — | — | — | |||||||
| Regeneron Pharmaceuticals Inc. | 3.10 | 3.16 | 3.27 | 3.23 | 3.19 | 3.23 | 3.70 | 3.91 | 4.64 | 4.62 | 3.99 | 3.69 | 2.82 | 2.64 | — | — | — | — | — | — | — | |||||||
| Thermo Fisher Scientific Inc. | 4.56 | 4.54 | 4.74 | 4.68 | 4.68 | 4.84 | 5.12 | 5.02 | 4.87 | 4.71 | 5.54 | 5.83 | 5.85 | 5.45 | — | — | — | — | — | — | — | |||||||
| Vertex Pharmaceuticals Inc. | 8.68 | 8.51 | 8.59 | 8.47 | 8.28 | 8.06 | 7.78 | 7.59 | 7.18 | 6.92 | 6.84 | 6.54 | 6.51 | 6.47 | — | — | — | — | — | — | — | |||||||
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).
1 Q1 2024 Calculation
Net fixed asset turnover
= (RevenueQ1 2024
+ RevenueQ4 2023
+ RevenueQ3 2023
+ RevenueQ2 2023)
÷ Property, plant and equipment, less accumulated depreciation
= (2,190 + 2,213 + 2,151 + 2,180)
÷ 3,251 = 2.69
2 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends in revenue, property, plant and equipment, and net fixed asset turnover over the analyzed period.
- Revenue
- Revenue exhibited a generally upward trajectory from March 31, 2019, amounting to 1,455 million USD, reaching a peak close to 2,213 million USD by September 30, 2023. There were fluctuations, including a slight revenue dip in the first quarter of 2020, corresponding likely to external economic factors during that timeframe. Starting mid-2020, revenue increased steadily, crossing the 2,000 million USD mark from the first quarter of 2022 onward and sustaining above this threshold through the latest quarter ending March 31, 2024, at 2,190 million USD.
- Property, Plant and Equipment, less Accumulated Depreciation
- The net value of property, plant, and equipment showed consistent growth throughout the periods. From 1,683 million USD at the end of Q1 2019, the figure gradually increased to 3,251 million USD by Q1 2024. This steady rise suggests ongoing investments in fixed assets or capital expenditures, reflecting company expansion or modernization efforts. The increase appears uninterrupted and smooth, indicating no significant disposals or impairments in these assets over the observed duration.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio showed a declining trend after peaking around 3.26 in December 2021. Initially, the ratio was relatively stable above 3.0 from the first reported value in September 2019 through 2021. However, starting in 2022, the ratio began to decrease steadily, falling from approximately 3.17 in Q1 2022 to a low near 2.67 by December 2023. A slight increase to 2.69 was observed in the last reported quarter of March 2024. This decline indicates that incremental revenue growth has not kept pace proportionally with the expanding base of fixed assets, suggesting reduced efficiency in utilizing fixed assets for revenue generation in recent years.
In summary, the company demonstrated consistent revenue growth and increasing investment in fixed assets over the analyzed period. However, the effectiveness of fixed asset utilization has diminished gradually, as shown by a declining net fixed asset turnover ratio, which may warrant further operational review to ensure asset productivity aligns with capital spending.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Zoetis Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Revenue | 2,190) | 2,213) | 2,151) | 2,180) | 2,000) | 2,040) | 2,002) | 2,052) | 1,986) | 1,967) | 1,990) | 1,948) | 1,871) | 1,807) | 1,786) | 1,548) | 1,534) | 1,674) | 1,584) | 1,547) | 1,455) | |||||||
| Property, plant and equipment, less accumulated depreciation | 3,251) | 3,204) | 3,092) | 3,011) | 2,913) | 2,753) | 2,623) | 2,559) | 2,487) | 2,422) | 2,338) | 2,286) | 2,227) | 2,202) | 2,099) | 2,011) | 1,977) | 1,940) | 1,813) | 1,739) | 1,683) | |||||||
| Operating lease right of use assets | 225) | 230) | 226) | 224) | 216) | 220) | 217) | 193) | 189) | 181) | 188) | 177) | 189) | 192) | 194) | 181) | 182) | 189) | 193) | 195) | 158) | |||||||
| Property, plant and equipment, less accumulated depreciation (including operating lease, right-of-use asset) | 3,476) | 3,434) | 3,318) | 3,235) | 3,129) | 2,973) | 2,840) | 2,752) | 2,676) | 2,603) | 2,526) | 2,463) | 2,416) | 2,394) | 2,293) | 2,192) | 2,159) | 2,129) | 2,006) | 1,934) | 1,841) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 2.51 | 2.49 | 2.52 | 2.54 | 2.59 | 2.72 | 2.82 | 2.91 | 2.95 | 2.99 | 3.02 | 3.01 | 2.90 | 2.79 | 2.85 | 2.89 | 2.94 | 2.94 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | 6.86 | 6.79 | 6.73 | 6.57 | 6.36 | 6.13 | 5.95 | 5.89 | 5.53 | 5.32 | 5.26 | 4.99 | 4.90 | 4.83 | — | — | — | — | — | — | — | |||||||
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).
1 Q1 2024 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenueQ1 2024
+ RevenueQ4 2023
+ RevenueQ3 2023
+ RevenueQ2 2023)
÷ Property, plant and equipment, less accumulated depreciation (including operating lease, right-of-use asset)
= (2,190 + 2,213 + 2,151 + 2,180)
÷ 3,476 = 2.51
2 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends in key financial metrics over the observed periods.
- Revenue
- Revenue shows a generally upward trajectory from US$1,455 million in March 2019 to a peak of US$2,213 million in September 2023. While there are minor fluctuations, such as a dip in March 2020 and March 2023, the overall trend is positive, indicating consistent growth in sales over the five-year span. The recovery following the 2020 dip is strong, with revenues surpassing previous highs by the end of 2023.
- Property, Plant, and Equipment (PP&E), net of accumulated depreciation
- The net value of property, plant, and equipment increases steadily from US$1,841 million in March 2019 to US$3,476 million in March 2024. This consistent rise reflects ongoing investment in fixed assets, including operating lease right-of-use assets, indicating capacity expansion or modernization efforts. The growth in PP&E appears smooth and incremental, without abrupt changes.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, calculated including operating lease right-of-use assets, shows a declining trend over the period it is reported, starting at 2.94 in December 2019 and gradually decreasing to 2.51 by March 2024. This decline suggests that revenue generated per unit of fixed assets has reduced over time. Despite rising revenues, the rate of increase in fixed assets has outpaced revenue growth, leading to decreased efficiency in asset utilization.
In summary, the company exhibits strong and steady revenue growth alongside continuous investment in fixed assets. However, the declining trend in net fixed asset turnover ratio warrants attention, as it indicates diminishing returns on fixed asset investments. This could be symptomatic of either over-investment or operational inefficiencies, and should be monitored to ensure sustained profitability and optimal asset deployment.
Total Asset Turnover
Zoetis Inc., total asset turnover calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Revenue | 2,190) | 2,213) | 2,151) | 2,180) | 2,000) | 2,040) | 2,002) | 2,052) | 1,986) | 1,967) | 1,990) | 1,948) | 1,871) | 1,807) | 1,786) | 1,548) | 1,534) | 1,674) | 1,584) | 1,547) | 1,455) | |||||||
| Total assets | 14,348) | 14,286) | 14,106) | 13,749) | 13,754) | 14,925) | 13,674) | 13,770) | 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) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Total asset turnover1 | 0.61 | 0.60 | 0.59 | 0.60 | 0.59 | 0.54 | 0.59 | 0.58 | 0.57 | 0.56 | 0.56 | 0.53 | 0.51 | 0.49 | 0.48 | 0.49 | 0.55 | 0.54 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| AbbVie Inc. | 0.37 | 0.40 | 0.40 | 0.41 | 0.42 | 0.42 | 0.41 | 0.40 | 0.40 | 0.38 | 0.37 | 0.36 | 0.33 | 0.30 | — | — | — | — | — | — | — | |||||||
| Amgen Inc. | 0.30 | 0.28 | 0.28 | 0.28 | 0.28 | 0.38 | 0.38 | 0.41 | 0.41 | 0.40 | 0.37 | 0.40 | 0.38 | 0.39 | — | — | — | — | — | — | — | |||||||
| Bristol-Myers Squibb Co. | 0.46 | 0.47 | 0.49 | 0.48 | 0.49 | 0.48 | 0.48 | 0.47 | 0.46 | 0.42 | 0.41 | 0.40 | 0.38 | 0.36 | — | — | — | — | — | — | — | |||||||
| Danaher Corp. | 0.28 | 0.28 | 0.29 | 0.33 | 0.35 | 0.37 | 0.39 | 0.38 | 0.36 | 0.35 | 0.34 | 0.34 | 0.33 | 0.29 | — | — | — | — | — | — | — | |||||||
| Eli Lilly & Co. | 0.56 | 0.53 | 0.55 | 0.54 | 0.52 | 0.58 | 0.62 | 0.62 | 0.62 | 0.58 | 0.58 | 0.56 | 0.54 | 0.53 | — | — | — | — | — | — | — | |||||||
| Gilead Sciences Inc. | 0.48 | 0.43 | 0.44 | 0.44 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.40 | 0.41 | 0.39 | 0.37 | 0.36 | — | — | — | — | — | — | — | |||||||
| Johnson & Johnson | 0.50 | 0.51 | 0.53 | 0.47 | 0.47 | 0.51 | 0.55 | 0.54 | 0.53 | 0.52 | 0.51 | 0.51 | 0.49 | 0.47 | — | — | — | — | — | — | — | |||||||
| Merck & Co. Inc. | 0.58 | 0.56 | 0.56 | 0.56 | 0.54 | 0.54 | 0.55 | 0.53 | 0.51 | 0.46 | 0.51 | 0.52 | 0.51 | 0.52 | — | — | — | — | — | — | — | |||||||
| Pfizer Inc. | 0.25 | 0.26 | 0.32 | 0.36 | 0.48 | 0.51 | 0.51 | 0.52 | 0.50 | 0.45 | 0.39 | 0.33 | 0.29 | 0.27 | — | — | — | — | — | — | — | |||||||
| Regeneron Pharmaceuticals Inc. | 0.38 | 0.40 | 0.41 | 0.41 | 0.41 | 0.42 | 0.50 | 0.52 | 0.63 | 0.63 | 0.57 | 0.58 | 0.52 | 0.50 | — | — | — | — | — | — | — | |||||||
| Thermo Fisher Scientific Inc. | 0.44 | 0.43 | 0.45 | 0.46 | 0.46 | 0.46 | 0.49 | 0.47 | 0.44 | 0.41 | 0.53 | 0.57 | 0.54 | 0.47 | — | — | — | — | — | — | — | |||||||
| Vertex Pharmaceuticals Inc. | 0.43 | 0.43 | 0.44 | 0.47 | 0.49 | 0.49 | 0.52 | 0.54 | 0.56 | 0.56 | 0.57 | 0.55 | 0.53 | 0.53 | — | — | — | — | — | — | — | |||||||
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).
1 Q1 2024 Calculation
Total asset turnover
= (RevenueQ1 2024
+ RevenueQ4 2023
+ RevenueQ3 2023
+ RevenueQ2 2023)
÷ Total assets
= (2,190 + 2,213 + 2,151 + 2,180)
÷ 14,348 = 0.61
2 Click competitor name to see calculations.
The quarterly financial data reveal several noteworthy trends across the reported periods.
- Revenue
- Revenue showed a general upward trajectory from March 2019 to March 2024. Starting at approximately $1,455 million in the first quarter of 2019, revenue increased steadily with minor fluctuations, peaking around $2,213 million by the fourth quarter of 2023. Some quarters demonstrated slight decreases or plateaus, such as in Q1 2020 and Q3 2022, but these were temporary and followed by subsequent gains. This pattern indicates consistent growth over the five-year span, suggesting strengthened sales performance or market expansion.
- Total Assets
- Total assets exhibited a modest increase throughout the observed timeframe, beginning at approximately $10,883 million in Q1 2019 and rising to about $14,348 million by Q1 2024. The asset base expanded in phases, with more notable growth occurring between mid-2019 and early 2021 and again around late 2022 to early 2024. Despite fluctuations in individual quarters, the overall growth implies ongoing investments or asset accumulation aligned with operational expansion.
- Total Asset Turnover
- The total asset turnover ratio, available from the third quarter of 2019 onward, generally improved over time, moving from approximately 0.54 to 0.61 by Q1 2024. This measure indicates enhanced efficiency in utilizing assets to generate revenue. Although some quarter-to-quarter variability occurred, the upward trend suggests progressive gains in operational productivity and asset management effectiveness.
Collectively, the data demonstrate a pattern of sustained revenue growth supported by an expanding asset base and improved asset utilization efficiency. These trends may reflect strategic investments, operational optimization, and successful market engagement over the analyzed periods.
Equity Turnover
Zoetis Inc., equity turnover calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Revenue | 2,190) | 2,213) | 2,151) | 2,180) | 2,000) | 2,040) | 2,002) | 2,052) | 1,986) | 1,967) | 1,990) | 1,948) | 1,871) | 1,807) | 1,786) | 1,548) | 1,534) | 1,674) | 1,584) | 1,547) | 1,455) | |||||||
| Total Zoetis Inc. equity | 5,058) | 4,997) | 5,078) | 4,625) | 4,494) | 4,405) | 4,663) | 4,580) | 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) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Equity turnover1 | 1.73 | 1.71 | 1.65 | 1.78 | 1.80 | 1.83 | 1.72 | 1.75 | 1.69 | 1.71 | 1.63 | 1.70 | 1.71 | 1.77 | 1.82 | 2.13 | 2.30 | 2.31 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||
| AbbVie Inc. | 6.79 | 5.24 | 4.56 | 4.35 | 4.27 | 3.36 | 3.62 | 3.91 | 3.48 | 3.65 | 4.07 | 4.27 | 3.66 | 3.50 | — | — | — | — | — | — | — | |||||||
| Amgen Inc. | 5.61 | 4.32 | 3.35 | 3.73 | 4.66 | 6.77 | 6.71 | 10.17 | 26.68 | 3.63 | 2.96 | 2.93 | 2.56 | 2.58 | — | — | — | — | — | — | — | |||||||
| Bristol-Myers Squibb Co. | 2.76 | 1.53 | 1.55 | 1.41 | 1.44 | 1.49 | 1.43 | 1.45 | 1.49 | 1.29 | 1.22 | 1.21 | 1.14 | 1.12 | — | — | — | — | — | — | — | |||||||
| Danaher Corp. | 0.44 | 0.45 | 0.49 | 0.54 | 0.58 | 0.63 | 0.67 | 0.66 | 0.65 | 0.65 | 0.65 | 0.62 | 0.61 | 0.56 | — | — | — | — | — | — | — | |||||||
| Eli Lilly & Co. | 2.80 | 3.17 | 2.86 | 2.67 | 2.47 | 2.68 | 2.90 | 3.40 | 3.14 | 3.15 | 3.58 | 4.15 | 3.69 | 4.35 | — | — | — | — | — | — | — | |||||||
| Gilead Sciences Inc. | 1.56 | 1.18 | 1.22 | 1.28 | 1.27 | 1.27 | 1.27 | 1.34 | 1.37 | 1.28 | 1.27 | 1.34 | 1.33 | 1.34 | — | — | — | — | — | — | — | |||||||
| Johnson & Johnson | 1.22 | 1.24 | 1.23 | 1.20 | 1.30 | 1.24 | 1.29 | 1.25 | 1.27 | 1.27 | 1.30 | 1.28 | 1.28 | 1.31 | — | — | — | — | — | — | — | |||||||
| Merck & Co. Inc. | 1.52 | 1.60 | 1.44 | 1.51 | 1.24 | 1.29 | 1.33 | 1.32 | 1.32 | 1.28 | 1.33 | 1.41 | 1.73 | 1.90 | — | — | — | — | — | — | — | |||||||
| Pfizer Inc. | 0.61 | 0.67 | 0.71 | 0.79 | 0.92 | 1.05 | 1.08 | 1.16 | 1.12 | 1.05 | 0.91 | 0.79 | 0.68 | 0.66 | — | — | — | — | — | — | — | |||||||
| Regeneron Pharmaceuticals Inc. | 0.49 | 0.51 | 0.53 | 0.53 | 0.53 | 0.54 | 0.64 | 0.69 | 0.83 | 0.86 | 0.78 | 0.82 | 0.77 | 0.77 | — | — | — | — | — | — | — | |||||||
| Thermo Fisher Scientific Inc. | 0.93 | 0.92 | 0.96 | 0.99 | 1.04 | 1.02 | 1.01 | 1.01 | 1.00 | 0.96 | 1.01 | 1.04 | 1.02 | 0.93 | — | — | — | — | — | — | — | |||||||
| Vertex Pharmaceuticals Inc. | 0.55 | 0.56 | 0.58 | 0.61 | 0.64 | 0.64 | 0.67 | 0.70 | 0.73 | 0.75 | 0.75 | 0.73 | 0.71 | 0.71 | — | — | — | — | — | — | — | |||||||
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).
1 Q1 2024 Calculation
Equity turnover
= (RevenueQ1 2024
+ RevenueQ4 2023
+ RevenueQ3 2023
+ RevenueQ2 2023)
÷ Total Zoetis Inc. equity
= (2,190 + 2,213 + 2,151 + 2,180)
÷ 5,058 = 1.73
2 Click competitor name to see calculations.
The quarterly financial data exhibits distinct trends in revenue, equity, and equity turnover over the measured periods.
- Revenue
- Revenue demonstrates a general upward trajectory from March 2019 through March 2024 with periodic fluctuations. Initial values start at approximately 1,455 million US dollars in March 2019 and progressively increase to a peak of about 2,213 million US dollars in December 2023, before slightly declining to 2,190 million US dollars by March 2024. Notably, there is a dip in revenue around the first half of 2020, reflecting potential external factors affecting performance, followed by recovery and growth through subsequent quarters. The overall pattern suggests steady expansion with some short-term variability.
- Total Equity
- Total equity also reflects an increasing pattern from 2,317 million US dollars in March 2019 to a high point of approximately 5,078 million US dollars in December 2023. There are minor periods of decline or stagnation, particularly towards the end of 2022 and early 2023, but the general trend is a significant increase in equity value. This growth indicates strengthening financial stability and capital accumulation over the years.
- Equity Turnover
- Equity turnover ratios are available starting in September 2019 and show a gradual decrease from 2.31 to around 1.63 by December 2019, followed by a relatively stable pattern fluctuating between 1.6 and 1.8 in the following years. The declining trend in equity turnover ratio suggests that revenue generation relative to equity has decreased over time, which may indicate the company is either holding more equity relative to its revenue or experiencing slower relative revenue growth compared to equity growth.
In summary, the data reflects a company with steady revenue and equity growth over the analyzed periods, accompanied by a decrease and stabilization in equity turnover ratio. The temporary revenue dip in early 2020 aligns with broader economic disruptions during that time. The overall financial indicators imply enhanced equity base alongside consistent revenue expansion, though the efficiency of equity use in generating revenue appears to have moderated.