Zoetis Inc., current enterprise value calculation

Current share price (P)	$171.45
No. shares of common stock outstanding	470,628,655
US$ in millions
Common equity (market value)¹	80,689)
Add: Equity attributable to noncontrolling interests (per books)	1)
Total equity	80,690)
Add: Short-term borrowings (per books)	—)
Add: Current portion of long-term debt (per books)	—)
Add: Long-term debt, net of discount and issuance costs, excluding current portion (per books)	6,592)
Total equity and debt	87,282)
Less: Cash and cash equivalents	3,485)
Less: Short-term investments	—)
Enterprise value (EV)	83,797)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 171.45 × 470,628,655

Zoetis Inc., EV calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Share price^1, 2	$197.76	$166.32	$144.94	$85.54	$78.50
No. shares of common stock outstanding¹	471,970,580	475,166,373	474,933,945	478,771,915	485,253,713
US$ in millions
Common equity (market value)³	93,337)	79,030)	68,837)	40,954)	38,092)
Add: Equity attributable to noncontrolling interests (book value)	1)	4)	—)	—)	16)
Total equity	93,338)	79,034)	68,837)	40,954)	38,108)
Add: Short-term borrowings (book value)	—)	4)	—)	9)	—)
Add: Current portion of long-term debt (book value)	—)	600)	500)	—)	—)
Add: Long-term debt, net of discount and issuance costs, excluding current portion (book value)	6,592)	6,595)	5,947)	6,443)	4,953)
Total equity and debt	99,930)	86,233)	75,284)	47,406)	43,061)
Less: Cash and cash equivalents	3,485)	3,604)	1,934)	1,602)	1,564)
Less: Short-term investments	—)	—)	—)	99)	—)
Enterprise value (EV)	96,445)	82,629)	73,350)	45,705)	41,497)

¹ Data adjusted for splits and stock dividends.

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

³ 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 197.76 × 471,970,580

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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. EV increased from 2019 to 2020 and from 2020 to 2021.

Zoetis Inc. (NYSE:ZTS)

Enterprise Value (EV)