Stock Analysis on Net
Stock Analysis on Net
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Zoetis Inc. (NYSE:ZTS)

Enterprise Value (EV)

Intermediate level

Current Enterprise Value (EV)

Zoetis Inc., current enterprise value calculation

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Current share price (P) $163.33
No. shares of common stock outstanding 475,267,819
US$ in millions
Common equity (market value)1 77,625 
Add: Equity attributable to noncontrolling interests (per books) — 
Total equity 77,625 
Add: Short-term borrowings (per books) — 
Add: Current portion of long-term debt (per books) 500 
Add: Long-term debt, net of discount and issuance costs, excluding current portion (per books) 5,947 
Total equity and debt 84,072 
Less: Cash and cash equivalents 1,934 
Less: Short-term investments — 
Enterprise value (EV) 82,138 

Based on: 10-K (filing date: 2020-02-13).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 163.33 × 475,267,819


Historical Enterprise Value (EV)

Zoetis Inc., EV calculation

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Share price1, 2 $144.94 $85.54 $78.50 $52.78 $42.37
No. shares of common stock outstanding1 474,933,945 478,771,915 485,253,713 491,964,064 497,155,532
US$ in millions
Common equity (market value)3 68,837  40,954  38,092  25,966  21,064 
Add: Equity attributable to noncontrolling interests (book value) —  —  16  12  23 
Total equity 68,837  40,954  38,108  25,978  21,087 
Add: Short-term borrowings (book value) —  —  — 
Add: Current portion of long-term debt (book value) 500  —  —  —  400 
Add: Long-term debt, net of discount and issuance costs, excluding current portion (book value) 5,947  6,443  4,953  4,468  4,463 
Total equity and debt 75,284  47,406  43,061  30,446  25,955 
Less: Cash and cash equivalents 1,934  1,602  1,564  727  1,154 
Less: Short-term investments —  99  —  —  — 
Enterprise value (EV) 73,350  45,705  41,497  29,719  24,801 

Based on: 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-14), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-16), 10-K (filing date: 2016-02-24).

1 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of Zoetis Inc.’s Annual Report.

3 2019 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 144.94 × 474,933,945

Item Description The company
EV Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments. Zoetis Inc.’s EV increased from 2017 to 2018 and from 2018 to 2019.