Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Historical Valuation Ratios (Summary)
Zoetis Inc., historical price multiples (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).
The analysis of the financial valuation ratios over the examined periods reveals notable trends and fluctuations. Each ratio demonstrates varying degrees of change that reflect shifts in market perception, profitability, and sales performance over time.
- Price to Earnings (P/E) Ratio
- The P/E ratio experienced an initial upward trend from 37.05 at the end of Q1 2020, peaking around 51.98 by Q3 2021. Following this peak, there is a general declining trend with some oscillations, reaching 31.91 by Q1 2024. This indicates that while earnings multiples were relatively high during mid-2021, investor sentiment or earnings growth expectations moderated somewhat thereafter.
- Price to Operating Profit (P/OP) Ratio
- This ratio followed a trend similar to the P/E ratio, starting at 28.78 in early 2020 and rising to nearly 38.47 by Q3 2021. After this peak, the ratio decreased with some fluctuations, ending at 24.57 in Q1 2024. The decline post-2021 suggests improved operating profit or adjustments in valuation multiples by investors, possibly reflecting operational efficiency or changing market outlooks.
- Price to Sales (P/S) Ratio
- The P/S ratio shows an upward movement from 9.42 in Q1 2020 to a peak of 13.53 in Q3 2021, followed by a significant decrease toward 7.63 in Q3 2022. While there was some recovery afterward, the ratio remained below earlier highs, finishing at 8.74 in Q1 2024. This pattern may indicate fluctuations in sales growth or adjustments in pricing relative to revenues, reflecting market reassessments of sales value.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio exhibited a peak of 25.71 in Q2 2020 before experiencing a declining trend overall. After fluctuating through 2021, it decreased more sharply in late 2022 to around 13.11, then partially recovered but remained lower than the initial period, standing at 15.09 in Q1 2024. This trend suggests changes in the company's book value relative to market capitalization, possibly influenced by asset value changes or market sentiment adjustments.
In summary, all valuation ratios reached notable highs around mid to late 2021, followed by a general downward trend through late 2022 and early 2024, with periodic recoveries. This pattern reflects an overall market reassessment of valuation multiples after a peak period, which could be due to a combination of earnings growth normalization, operating profit stabilization, sales performance adjustments, and changes in underlying book values or investor sentiment.
Price to Earnings (P/E)
Zoetis Inc., historical P/E 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 456,295,137 | 457,867,115 | 459,113,691 | 460,316,905 | 462,112,140 | 463,386,716 | 466,071,995 | 468,138,568 | 470,628,655 | 471,970,580 | 473,125,822 | 473,944,193 | 474,766,701 | 475,166,373 | 475,267,819 | 475,144,704 | 474,940,772 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income attributable to Zoetis Inc. (in millions) | 599) | 525) | 596) | 671) | 552) | 461) | 529) | 529) | 595) | 414) | 552) | 512) | 559) | 359) | 479) | 377) | 423) | ||||||
| Earnings per share (EPS)2 | 5.24 | 5.12 | 4.97 | 4.81 | 4.48 | 4.56 | 4.43 | 4.46 | 4.40 | 4.32 | 4.19 | 4.03 | 3.74 | 3.45 | 3.50 | 3.40 | 3.39 | ||||||
| Share price1, 3 | 167.23 | 183.49 | 160.91 | 189.30 | 178.47 | 171.90 | 131.14 | 174.31 | 171.45 | 197.76 | 217.77 | 203.84 | 167.52 | 166.32 | 170.90 | 161.33 | 125.69 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | 31.91 | 35.84 | 32.40 | 39.38 | 39.82 | 37.68 | 29.57 | 39.04 | 38.92 | 45.82 | 51.98 | 50.61 | 44.83 | 48.25 | 48.84 | 47.41 | 37.05 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| AbbVie Inc. | 48.26 | 63.84 | 38.27 | 30.55 | 34.43 | 22.62 | 19.16 | 19.44 | 21.64 | 22.07 | 27.34 | 30.62 | 39.63 | — | — | — | — | ||||||
| Amgen Inc. | 44.38 | 23.14 | 18.09 | 16.31 | 16.18 | 19.56 | 21.00 | 20.03 | 22.23 | 21.05 | 21.91 | 22.56 | 19.20 | — | — | — | — | ||||||
| Bristol-Myers Squibb Co. | — | 12.27 | 13.01 | 15.93 | 19.43 | 23.97 | 23.71 | 24.14 | 25.64 | 20.92 | — | — | — | — | — | — | — | ||||||
| Danaher Corp. | 42.59 | 39.09 | 24.76 | 29.99 | 25.00 | 25.65 | 26.65 | 32.73 | 32.15 | 29.94 | 38.81 | 37.87 | 39.26 | — | — | — | — | ||||||
| Eli Lilly & Co. | 120.94 | 135.24 | 110.43 | 76.21 | 65.16 | 50.08 | 55.53 | 51.05 | 45.29 | 40.66 | 40.07 | 40.34 | 28.77 | — | — | — | — | ||||||
| Gilead Sciences Inc. | 166.76 | 16.17 | 17.10 | 17.88 | 17.75 | 22.68 | 29.30 | 18.66 | 17.25 | 12.36 | 11.44 | 16.83 | 277.25 | — | — | — | — | ||||||
| Johnson & Johnson | 9.46 | 10.73 | 10.12 | 33.35 | 33.43 | 22.97 | 23.52 | 24.98 | 23.95 | 20.93 | 23.98 | 25.51 | 28.35 | — | — | — | — | ||||||
| Merck & Co. Inc. | 140.05 | 893.99 | 56.85 | 86.53 | 22.92 | 19.21 | 16.41 | 13.36 | 15.70 | 14.78 | 28.65 | 34.23 | 28.00 | — | — | — | — | ||||||
| Pfizer Inc. | — | 73.42 | 16.60 | 9.42 | 7.44 | 7.58 | 8.81 | 9.56 | 11.11 | 11.76 | 14.03 | 20.05 | 20.15 | — | — | — | — | ||||||
| Regeneron Pharmaceuticals Inc. | 26.78 | 25.99 | 22.35 | 19.48 | 19.77 | 19.68 | 14.98 | 11.67 | 9.15 | 8.37 | 9.96 | 10.38 | 13.27 | — | — | — | — | ||||||
| Thermo Fisher Scientific Inc. | 36.21 | 35.65 | 29.57 | 37.01 | 34.99 | 30.55 | 27.64 | 31.09 | 28.15 | 27.35 | 29.43 | 24.63 | 23.23 | — | — | — | — | ||||||
| Vertex Pharmaceuticals Inc. | 26.34 | 30.42 | 28.09 | 27.49 | 27.34 | 23.02 | 24.62 | 23.12 | 26.50 | 26.55 | 22.09 | 26.26 | 20.45 | — | — | — | — | ||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
EPS
= (Net income attributable to Zoetis Inc.Q1 2024
+ Net income attributable to Zoetis Inc.Q4 2023
+ Net income attributable to Zoetis Inc.Q3 2023
+ Net income attributable to Zoetis Inc.Q2 2023)
÷ No. shares of common stock outstanding
= (599,000,000 + 525,000,000 + 596,000,000 + 671,000,000)
÷ 456,295,137 = 5.24
3 Closing price as at the filing date of Zoetis Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/E ratio = Share price ÷ EPS
= 167.23 ÷ 5.24 = 31.91
5 Click competitor name to see calculations.
- Share Price Trends
- The share price experienced significant volatility over the analyzed period. Initially, there was a substantial increase from $125.69 at the end of March 2020 to a peak of $217.77 in September 2021. Following this peak, the price declined noticeably to a low of $131.14 in September 2022. Subsequently, a partial recovery occurred reaching $183.49 by December 2023, before decreasing slightly to $167.23 in March 2024.
- Earnings per Share (EPS) Performance
- The EPS showed a steady upward trend throughout the period. Beginning at $3.39 in March 2020, it consistently increased each quarter, reaching $5.24 by March 2024. This growth indicates improving profitability and operational performance over the years analyzed.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio displayed fluctuating behavior, initially rising from 37.05 in March 2020 to a high above 50 in mid-2021. This escalation reflected an increase in share price outpacing EPS growth at the time. Afterward, the P/E ratio trended downward, reaching a low near 29.57 in September 2022, coinciding with the trough in share price. It then rose moderately and stabilized in the 30 to 40 range by the end of the period. The variation in P/E suggests changes in market sentiment and valuation multiples relative to earnings.
- Overall Financial Insight
- The data indicates that while the company’s earnings consistently improved, the market valuation as reflected in the share price and P/E ratio experienced more pronounced volatility, possibly due to external economic factors or changes in investor expectations. The decoupling at points between share price movements and earnings growth suggests periods of market re-evaluation of the company’s future prospects. Nevertheless, the persistent increase in EPS underlines strong underlying financial performance.
Price to Operating Profit (P/OP)
Zoetis Inc., historical P/OP 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 456,295,137 | 457,867,115 | 459,113,691 | 460,316,905 | 462,112,140 | 463,386,716 | 466,071,995 | 468,138,568 | 470,628,655 | 471,970,580 | 473,125,822 | 473,944,193 | 474,766,701 | 475,166,373 | 475,267,819 | 475,144,704 | 474,940,772 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating income (in millions) | 797) | 701) | 782) | 826) | 707) | 688) | 717) | 725) | 787) | 592) | 719) | 703) | 746) | 510) | 659) | 545) | 530) | ||||||
| Operating profit per share2 | 6.81 | 6.59 | 6.54 | 6.38 | 6.14 | 6.29 | 6.05 | 6.03 | 5.95 | 5.85 | 5.66 | 5.52 | 5.18 | 4.72 | 4.66 | 4.45 | 4.37 | ||||||
| Share price1, 3 | 167.23 | 183.49 | 160.91 | 189.30 | 178.47 | 171.90 | 131.14 | 174.31 | 171.45 | 197.76 | 217.77 | 203.84 | 167.52 | 166.32 | 170.90 | 161.33 | 125.69 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | 24.57 | 27.86 | 24.60 | 29.66 | 29.07 | 27.31 | 21.67 | 28.91 | 28.81 | 33.82 | 38.47 | 36.90 | 32.33 | 35.22 | 36.65 | 36.24 | 28.78 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| AbbVie Inc. | 22.62 | 24.34 | 16.55 | 15.26 | 16.15 | 14.78 | 14.52 | 14.12 | 14.57 | 14.21 | 12.41 | 13.12 | 17.23 | — | — | — | — | ||||||
| Amgen Inc. | 23.97 | 19.69 | 15.45 | 13.71 | 14.25 | 13.40 | 14.89 | 14.08 | 15.88 | 16.24 | 16.73 | 17.48 | 15.26 | — | — | — | — | ||||||
| Bristol-Myers Squibb Co. | — | 13.53 | 14.14 | 16.24 | 17.09 | 18.29 | 17.79 | 18.62 | 20.32 | 19.84 | — | — | — | — | — | — | — | ||||||
| Danaher Corp. | 37.52 | 35.64 | 23.61 | 27.01 | 21.31 | 20.97 | 20.71 | 25.91 | 26.48 | 25.14 | 32.12 | 30.83 | 32.62 | — | — | — | — | ||||||
| Eli Lilly & Co. | 99.34 | 109.75 | 93.27 | 69.42 | 59.60 | 43.88 | 46.48 | 39.20 | 36.49 | 35.70 | 37.21 | 42.01 | 31.17 | — | — | — | — | ||||||
| Gilead Sciences Inc. | 51.26 | 12.05 | 12.16 | 11.57 | 11.21 | 14.21 | 16.27 | 11.02 | 10.78 | 7.76 | 7.27 | 8.88 | 18.31 | — | — | — | — | ||||||
| Johnson & Johnson | 16.96 | 17.78 | 15.69 | 18.91 | 18.26 | 17.62 | 19.64 | 20.45 | 21.06 | 18.68 | 18.99 | 20.14 | 21.12 | — | — | — | — | ||||||
| Merck & Co. Inc. | 75.94 | 138.56 | 33.75 | 44.67 | 18.53 | 15.55 | 13.85 | 11.72 | 14.29 | 15.39 | 30.71 | 38.03 | 30.14 | — | — | — | — | ||||||
| Pfizer Inc. | — | 121.63 | 17.49 | 9.17 | 6.74 | 6.80 | 7.82 | 9.11 | 11.49 | 13.30 | 16.37 | 19.83 | 22.85 | — | — | — | — | ||||||
| Regeneron Pharmaceuticals Inc. | 26.82 | 25.39 | 21.13 | 19.32 | 18.68 | 18.01 | 12.91 | 9.68 | 7.98 | 7.55 | 9.32 | 9.65 | 13.32 | — | — | — | — | ||||||
| Thermo Fisher Scientific Inc. | 31.40 | 31.16 | 25.59 | 31.55 | 29.54 | 25.30 | 21.43 | 23.99 | 21.84 | 21.07 | 23.87 | 19.77 | 18.53 | — | — | — | — | ||||||
| Vertex Pharmaceuticals Inc. | 25.25 | 28.74 | 25.14 | 23.33 | 22.03 | 17.75 | 19.41 | 18.11 | 22.13 | 22.35 | 18.14 | 23.06 | 18.68 | — | — | — | — | ||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
Operating profit per share
= (Operating incomeQ1 2024
+ Operating incomeQ4 2023
+ Operating incomeQ3 2023
+ Operating incomeQ2 2023)
÷ No. shares of common stock outstanding
= (797,000,000 + 701,000,000 + 782,000,000 + 826,000,000)
÷ 456,295,137 = 6.81
3 Closing price as at the filing date of Zoetis Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 167.23 ÷ 6.81 = 24.57
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated notable volatility over the observed periods. Initially, there was a rising trend from approximately 125.69 USD at the beginning of 2020, peaking at 217.77 USD in the third quarter of 2021. Following this peak, the price experienced a decline and fluctuated significantly throughout 2022, reaching a low of 131.14 USD in the third quarter of that year. Subsequently, the price rebounded to around 183.49 USD by the end of 2023 but showed signs of a slight decrease into early 2024, finishing at 167.23 USD.
- Operating Profit Per Share (OPPS) Performance
- Operating profit per share showed a consistent upward trajectory throughout the period. From 4.37 USD in the first quarter of 2020, the OPPS expanded steadily, reaching 6.81 USD by the first quarter of 2024. This indicates continuous improvement in operating profitability on a per-share basis, reflecting operational efficiency and growth in earnings generation over time.
- Price to Operating Profit Ratio (P/OP) Analysis
- The P/OP ratio fluctuated considerably, reflecting varying market valuations relative to operating profitability. Early on, the ratio started at 28.78 and increased to a peak of 38.47 in the third quarter of 2021, coinciding with the highest share price observed. Thereafter, the ratio declined sharply during 2022 to a low of 21.67, suggesting either a more attractive valuation of the shares relative to operating profit or market price correction. The ratio slightly recovered towards the end of 2023 but remained lower than the earlier high levels, settling near 24.57 in the first quarter of 2024. This trend may imply that the market became more conservative in pricing the company's operating profits over time.
- Summary of Insights
- The data indicates robust growth in operating profitability per share, which is a positive sign of business performance. However, the share price exhibited considerable volatility, reflecting external market factors or investor sentiment that may not always correlate directly with operating fundamentals. The reduction in the P/OP ratio over recent periods suggests that market valuations have become more tempered relative to the gains in operating profit, possibly indicating increased caution or shifts in growth expectations. Overall, the company maintains strong operational profitability with some market valuation fluctuations that merit monitoring.
Price to Sales (P/S)
Zoetis Inc., historical P/S 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 456,295,137 | 457,867,115 | 459,113,691 | 460,316,905 | 462,112,140 | 463,386,716 | 466,071,995 | 468,138,568 | 470,628,655 | 471,970,580 | 473,125,822 | 473,944,193 | 474,766,701 | 475,166,373 | 475,267,819 | 475,144,704 | 474,940,772 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Revenue (in millions) | 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) | ||||||
| Sales per share2 | 19.14 | 18.66 | 18.23 | 17.86 | 17.52 | 17.44 | 17.18 | 17.08 | 16.77 | 16.48 | 16.10 | 15.64 | 14.77 | 14.05 | 13.76 | 13.34 | 13.35 | ||||||
| Share price1, 3 | 167.23 | 183.49 | 160.91 | 189.30 | 178.47 | 171.90 | 131.14 | 174.31 | 171.45 | 197.76 | 217.77 | 203.84 | 167.52 | 166.32 | 170.90 | 161.33 | 125.69 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | 8.74 | 9.83 | 8.83 | 10.60 | 10.19 | 9.86 | 7.63 | 10.21 | 10.23 | 12.00 | 13.53 | 13.03 | 11.34 | 11.84 | 12.42 | 12.09 | 9.42 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| AbbVie Inc. | 5.32 | 5.72 | 4.52 | 4.74 | 4.60 | 4.61 | 4.44 | 4.28 | 4.76 | 4.53 | 3.73 | 3.80 | 4.07 | — | — | — | — | ||||||
| Amgen Inc. | 5.93 | 5.78 | 5.34 | 5.14 | 5.14 | 5.17 | 5.85 | 5.35 | 5.21 | 5.10 | 5.04 | 5.37 | 5.68 | — | — | — | — | ||||||
| Bristol-Myers Squibb Co. | 1.99 | 2.19 | 2.40 | 2.81 | 3.10 | 3.29 | 3.39 | 3.39 | 3.41 | 3.16 | 2.85 | 3.44 | 3.28 | — | — | — | — | ||||||
| Danaher Corp. | 7.90 | 7.76 | 5.63 | 6.77 | 5.76 | 5.79 | 5.66 | 6.59 | 6.68 | 6.37 | 7.91 | 7.72 | 7.27 | — | — | — | — | ||||||
| Eli Lilly & Co. | 20.66 | 20.77 | 17.18 | 16.78 | 13.38 | 10.96 | 11.46 | 9.99 | 9.47 | 8.01 | 8.62 | 9.16 | 6.88 | — | — | — | — | ||||||
| Gilead Sciences Inc. | 2.97 | 3.40 | 3.69 | 3.61 | 3.70 | 3.86 | 3.64 | 2.84 | 2.86 | 2.85 | 3.11 | 3.30 | 3.31 | — | — | — | — | ||||||
| Johnson & Johnson | 4.25 | 4.43 | 4.01 | 4.84 | 4.60 | 4.34 | 4.69 | 4.80 | 5.00 | 4.66 | 4.69 | 5.08 | 5.09 | — | — | — | — | ||||||
| Merck & Co. Inc. | 5.26 | 5.43 | 4.42 | 4.62 | 5.16 | 4.71 | 4.25 | 3.87 | 4.12 | 3.96 | 4.32 | 4.05 | 4.23 | — | — | — | — | ||||||
| Pfizer Inc. | 2.86 | 2.61 | 2.51 | 2.58 | 2.32 | 2.37 | 2.63 | 2.77 | 3.00 | 3.18 | 4.04 | 4.78 | 4.84 | — | — | — | — | ||||||
| Regeneron Pharmaceuticals Inc. | 7.89 | 7.84 | 6.81 | 6.61 | 6.69 | 7.01 | 5.87 | 4.66 | 4.40 | 4.20 | 5.14 | 5.20 | 5.78 | — | — | — | — | ||||||
| Thermo Fisher Scientific Inc. | 5.14 | 4.99 | 4.05 | 4.87 | 4.81 | 4.73 | 4.40 | 5.40 | 5.20 | 5.39 | 6.45 | 5.54 | 5.13 | — | — | — | — | ||||||
| Vertex Pharmaceuticals Inc. | 10.39 | 11.16 | 10.10 | 9.73 | 9.68 | 8.56 | 9.26 | 8.85 | 8.17 | 8.21 | 6.74 | 7.82 | 8.81 | — | — | — | — | ||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
Sales per share
= (RevenueQ1 2024
+ RevenueQ4 2023
+ RevenueQ3 2023
+ RevenueQ2 2023)
÷ No. shares of common stock outstanding
= (2,190,000,000 + 2,213,000,000 + 2,151,000,000 + 2,180,000,000)
÷ 456,295,137 = 19.14
3 Closing price as at the filing date of Zoetis Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 167.23 ÷ 19.14 = 8.74
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited considerable fluctuation over the analyzed periods. Initially, it rose from approximately $126 to a peak near $218 in the third quarter of 2021. This was followed by a decline to around $131 by the third quarter of 2022. Subsequently, the price partially recovered, reaching just over $189 in the third quarter of 2023, before declining to about $167 by the first quarter of 2024. Overall, the pattern suggests periods of volatility with both sharp advances and corrections.
- Sales per Share Trends
- Sales per share showed a consistent upward trend throughout the entire period. Starting at around $13.35 in the first quarter of 2020, sales per share increased steadily each quarter, reaching approximately $19.14 by the first quarter of 2024. This indicates solid and sustained revenue growth on a per-share basis without significant interruptions or declines.
- Price-to-Sales (P/S) Ratio Trends
- The price-to-sales ratio demonstrated notable variability that partially reflects the fluctuations in the share price. Starting at around 9.42 in early 2020, the ratio increased to peaks above 13 in mid to late 2021, corresponding to the share price peak. Following this, the P/S ratio declined significantly, reaching as low as approximately 7.63 by the third quarter of 2022. A moderate recovery occurred afterward, though the ratio fell again toward the first quarter of 2024 to roughly 8.74. This fluctuation suggests changing market valuations relative to sales, potentially influenced by shifts in investor sentiment or broader market conditions.
- Overall Insights
- While sales per share showed steady growth indicating strong underlying business performance, the share price and P/S ratio experienced considerable volatility. The divergence between continuous sales growth and fluctuating market valuation suggests that external factors beyond fundamental sales growth, such as market dynamics or investor expectations, significantly impacted the valuation of the company during this period. Recent declines in both share price and P/S ratio despite ongoing sales growth could imply market skepticism or external pressures affecting share value.
Price to Book Value (P/BV)
Zoetis Inc., historical P/BV 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 456,295,137 | 457,867,115 | 459,113,691 | 460,316,905 | 462,112,140 | 463,386,716 | 466,071,995 | 468,138,568 | 470,628,655 | 471,970,580 | 473,125,822 | 473,944,193 | 474,766,701 | 475,166,373 | 475,267,819 | 475,144,704 | 474,940,772 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Total Zoetis Inc. equity (in millions) | 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) | ||||||
| Book value per share (BVPS)2 | 11.08 | 10.91 | 11.06 | 10.05 | 9.72 | 9.51 | 10.00 | 9.78 | 9.90 | 9.63 | 9.89 | 9.18 | 8.61 | 7.93 | 7.58 | 6.28 | 5.80 | ||||||
| Share price1, 3 | 167.23 | 183.49 | 160.91 | 189.30 | 178.47 | 171.90 | 131.14 | 174.31 | 171.45 | 197.76 | 217.77 | 203.84 | 167.52 | 166.32 | 170.90 | 161.33 | 125.69 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | 15.09 | 16.81 | 14.55 | 18.84 | 18.35 | 18.08 | 13.11 | 17.82 | 17.32 | 20.55 | 22.02 | 22.21 | 19.45 | 20.97 | 22.55 | 25.71 | 21.68 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| AbbVie Inc. | 36.12 | 29.97 | 20.61 | 20.62 | 19.68 | 15.52 | 16.06 | 16.76 | 16.59 | 16.53 | 15.20 | 16.23 | 14.91 | — | — | — | — | ||||||
| Amgen Inc. | 33.25 | 24.94 | 17.87 | 19.19 | 23.95 | 35.01 | 39.30 | 54.46 | 138.87 | 18.51 | 14.95 | 15.72 | 14.57 | — | — | — | — | ||||||
| Bristol-Myers Squibb Co. | 5.49 | 3.35 | 3.72 | 3.97 | 4.46 | 4.88 | 4.85 | 4.90 | 5.07 | 4.07 | 3.48 | 4.15 | 3.73 | — | — | — | — | ||||||
| Danaher Corp. | 3.51 | 3.47 | 2.78 | 3.65 | 3.33 | 3.64 | 3.77 | 4.36 | 4.36 | 4.16 | 5.11 | 4.82 | 4.46 | — | — | — | — | ||||||
| Eli Lilly & Co. | 57.94 | 65.80 | 49.10 | 44.75 | 33.11 | 29.36 | 33.27 | 34.00 | 29.75 | 25.28 | 30.85 | 38.00 | 25.41 | — | — | — | — | ||||||
| Gilead Sciences Inc. | 4.61 | 4.01 | 4.50 | 4.63 | 4.72 | 4.90 | 4.63 | 3.82 | 3.91 | 3.65 | 3.94 | 4.41 | 4.40 | — | — | — | — | ||||||
| Johnson & Johnson | 5.20 | 5.48 | 4.92 | 5.79 | 6.00 | 5.37 | 6.04 | 6.01 | 6.36 | 5.90 | 6.10 | 6.51 | 6.51 | — | — | — | — | ||||||
| Merck & Co. Inc. | 8.00 | 8.68 | 6.35 | 6.96 | 6.38 | 6.07 | 5.63 | 5.12 | 5.44 | 5.05 | 5.76 | 5.73 | 7.30 | — | — | — | — | ||||||
| Pfizer Inc. | 1.74 | 1.75 | 1.80 | 2.04 | 2.14 | 2.48 | 2.83 | 3.21 | 3.37 | 3.35 | 3.69 | 3.78 | 3.27 | — | — | — | — | ||||||
| Regeneron Pharmaceuticals Inc. | 3.83 | 3.96 | 3.58 | 3.49 | 3.52 | 3.77 | 3.75 | 3.21 | 3.65 | 3.60 | 4.04 | 4.26 | 4.44 | — | — | — | — | ||||||
| Thermo Fisher Scientific Inc. | 4.80 | 4.57 | 3.88 | 4.84 | 4.99 | 4.83 | 4.46 | 5.47 | 5.23 | 5.18 | 6.51 | 5.75 | 5.25 | — | — | — | — | ||||||
| Vertex Pharmaceuticals Inc. | 5.71 | 6.26 | 5.90 | 5.98 | 6.18 | 5.50 | 6.18 | 6.19 | 5.95 | 6.16 | 5.04 | 5.69 | 6.29 | — | — | — | — | ||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
BVPS = Total Zoetis Inc. equity ÷ No. shares of common stock outstanding
= 5,058,000,000 ÷ 456,295,137 = 11.08
3 Closing price as at the filing date of Zoetis Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 167.23 ÷ 11.08 = 15.09
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant volatility over the analyzed periods. Initially, there was a strong upward movement from $125.69 at the end of March 2020 to a peak of $217.77 by September 2021. This was followed by a notable decline, dropping to $131.14 by September 2022. Subsequently, the share price recovered to $189.3 by June 2023 but showed fluctuating movements thereafter, ending at $167.23 by March 2024. Overall, the share price demonstrates cyclical fluctuations with a peak around late 2021 and partial recovery afterwards.
- Book Value Per Share (BVPS) Trend
- The book value per share steadily increased throughout the entire period, beginning at $5.80 in March 2020 and rising consistently to reach $11.08 by March 2024. This represents nearly a doubling of BVPS over four years, indicative of ongoing growth in the underlying equity value of the company. Despite minor fluctuations around the end of 2022, the general trend is a stable increase without sharp volatility.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio showed notable fluctuations correlated with changes in the share price relative to the steadily increasing book value. The ratio was very elevated in the early periods, peaking at 25.71 in June 2020, then gradually declined, reaching a low of 13.11 in September 2022. Following this trough, the ratio rose again but remained below early 2020 levels, ending at 15.09 by March 2024. This indicates a reduction in market premium relative to book value over time with some partial recovery.
- Overall Insights
- The company’s equity base, as measured by book value per share, showed strong and consistent growth throughout the period, reflecting an accumulation of assets or retained earnings. However, the market valuation as reflected in the share price and P/BV ratio was more volatile. The initial rapid appreciation in share price through 2021 suggests market optimism or favorable external factors, followed by a market correction or evaluation reset through 2022. The partial recovery in 2023 indicates renewed investor interest but with more moderate valuation multiples than previously seen. Overall, the data points to resilient underlying value growth accompanied by fluctuating investor sentiment impacting share price and valuation multiples.