Enterprise Value (EV)
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Zoetis Inc. pages available for free this week:
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2012
- Current Ratio since 2012
- Debt to Equity since 2012
- Price to Earnings (P/E) since 2012
- Price to Book Value (P/BV) since 2012
- Aggregate Accruals
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Current Enterprise Value (EV)
Zoetis Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Equity attributable to noncontrolling interests (per books) | |
| Total equity | |
| Add: Short-term borrowings (per books) | |
| Add: Current portion of long-term debt (per books) | |
| Add: Finance lease liabilities, current (per books) | |
| Add: Long-term debt, net of discount and issuance costs, excluding current portion (per books) | |
| Add: Finance lease liabilities, noncurrent (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2023-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Zoetis Inc., EV calculation
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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Zoetis Inc. Annual Report.
3 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
The financial data presents several key trends over the five-year period from 2019 to 2023. The company's common equity (market value) shows a general upward trajectory, increasing from $68,837 million in 2019 to $84,014 million in 2023. This represents a growth, although the value peaked in 2021 at $93,337 million before declining significantly in 2022 to $79,656 million, and then recovering moderately in 2023.
Total equity follows a very similar pattern to common equity, reflecting close alignment between the two measures. Total equity increased from $68,837 million in 2019 to a high of $93,338 million in 2021, before dropping to $79,654 million in 2022 and rising again to $84,008 million in 2023. The slight difference between total equity and common equity suggests minimal impact from components such as preferred equity or minority interests.
Total equity and debt collectively grew from $75,284 million in 2019 to a peak of $99,930 million in 2021. Following this peak, there was a decline to $87,558 million in 2022, with a modest increase to $90,584 million in 2023. This pattern indicates the company’s leverage or debt levels may have increased up to 2021 before a reduction or stabilization in subsequent years.
Enterprise value (EV), which accounts for market capitalization and net debt, shows a consistent trend similar to total equity and debt. EV rose from $73,350 million in 2019 to $96,445 million in 2021, then declined to $83,977 million in 2022 and improved to $88,543 million in 2023. This suggests market valuation alongside debt considerations reflects the overall financial position and market perception, with notable volatility between 2021 and 2023.
- Equity Trends
- Both common equity and total equity exhibit growth from 2019 to 2021, followed by a decline in 2022 and partial recovery in 2023.
- Debt and Total Capital
- Total equity and debt peaked in 2021, aligning with equity trends, but experienced a decline and then stabilization afterward.
- Enterprise Value Movement
- EV mirrored the capital structure changes, rising until 2021, then decreasing in 2022 with some rebound in 2023, indicating shifts in market valuation and financial leverage.
- Overall Insight
- The data reflects a period of growth culminating in 2021, followed by contraction in 2022, possibly due to external market factors or company-specific challenges, with signs of recovery in 2023.