Stock Analysis on Net

Zoetis Inc. (NYSE:ZTS)

This company has been moved to the archive! The financial data has not been updated since May 2, 2024.

Analysis of Short-term (Operating) Activity Ratios

Microsoft Excel

Short-term Activity Ratios (Summary)

Zoetis Inc., short-term (operating) activity ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Turnover Ratios
Inventory turnover 1.00 1.05 1.20 1.26 1.41
Receivables turnover 6.55 6.65 6.86 6.59 5.76
Payables turnover 6.23 6.06 5.28 4.50 6.62
Working capital turnover 1.92 1.86 1.51 1.50 2.13
Average No. Days
Average inventory processing period 365 349 305 289 258
Add: Average receivable collection period 56 55 53 55 63
Operating cycle 421 404 358 344 321
Less: Average payables payment period 59 60 69 81 55
Cash conversion cycle 362 344 289 263 266

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).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Zoetis Inc. inventory turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Receivables turnover An activity ratio equal to revenue divided by receivables. Zoetis Inc. receivables turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Zoetis Inc. payables turnover ratio increased from 2021 to 2022 and from 2022 to 2023.
Working capital turnover An activity ratio calculated as revenue divided by working capital. Zoetis Inc. working capital turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Zoetis Inc. number of days of inventory outstanding deteriorated from 2021 to 2022 and from 2022 to 2023.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Zoetis Inc. number of days of receivables outstanding deteriorated from 2021 to 2022 and from 2022 to 2023.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Zoetis Inc. operating cycle deteriorated from 2021 to 2022 and from 2022 to 2023.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Zoetis Inc. number of days of payables outstanding decreased from 2021 to 2022 and from 2022 to 2023.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Zoetis Inc. cash conversion cycle deteriorated from 2021 to 2022 and from 2022 to 2023.

Inventory Turnover

Zoetis Inc., inventory turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Cost of sales 2,561 2,454 2,303 2,057 1,992
Inventories 2,564 2,345 1,923 1,628 1,410
Short-term Activity Ratio
Inventory turnover1 1.00 1.05 1.20 1.26 1.41
Benchmarks
Inventory Turnover, Competitors2
AbbVie Inc. 4.98 4.87 5.58 4.65
Amgen Inc. 0.89 1.30 1.58 1.58
Bristol-Myers Squibb Co. 4.02 4.33 4.74 5.68
Danaher Corp. 3.80 4.03 4.16 4.28
Eli Lilly & Co. 1.23 1.54 1.88 1.38
Gilead Sciences Inc. 3.64 3.75 4.08 2.72
Johnson & Johnson 2.37 2.49 2.87 3.04
Merck & Co. Inc. 2.54 2.95 2.29 2.45
Pfizer Inc. 2.45 3.82 3.40 1.08
Regeneron Pharmaceuticals Inc. 0.70 0.65 1.25 0.58
Thermo Fisher Scientific Inc. 5.06 4.60 3.88 4.02
Vertex Pharmaceuticals Inc. 1.71 2.35 2.56 2.62
Inventory Turnover, Sector
Pharmaceuticals, Biotechnology & Life Sciences 2.55 3.06 3.11 2.63
Inventory Turnover, Industry
Health Care 10.01 10.11 10.19 9.16

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 2023 Calculation
Inventory turnover = Cost of sales ÷ Inventories
= 2,561 ÷ 2,564 = 1.00

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Zoetis Inc. inventory turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Receivables Turnover

Zoetis Inc., receivables turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Revenue 8,544 8,080 7,776 6,675 6,260
Accounts receivable, less allowance for doubtful accounts 1,304 1,215 1,133 1,013 1,086
Short-term Activity Ratio
Receivables turnover1 6.55 6.65 6.86 6.59 5.76
Benchmarks
Receivables Turnover, Competitors2
AbbVie Inc. 4.87 5.16 5.63 5.19
Amgen Inc. 3.70 4.46 4.96 5.36
Bristol-Myers Squibb Co. 4.93 5.48 5.65 5.72
Danaher Corp. 6.09 6.40 6.36 5.51
Eli Lilly & Co. 3.75 4.14 4.24 4.18
Gilead Sciences Inc. 5.78 5.65 6.01 4.98
Johnson & Johnson 5.73 5.88 6.14 6.08
Merck & Co. Inc. 5.81 6.27 5.28 6.11
Pfizer Inc. 5.33 9.24 7.16 5.38
Regeneron Pharmaceuticals Inc. 2.31 2.28 2.66 2.07
Thermo Fisher Scientific Inc. 5.21 5.53 4.92 5.61
Vertex Pharmaceuticals Inc. 6.31 6.19 6.66 7.01
Receivables Turnover, Sector
Pharmaceuticals, Biotechnology & Life Sciences 4.96 5.76 5.54 5.34
Receivables Turnover, Industry
Health Care 8.54 9.25 9.09 9.09

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 2023 Calculation
Receivables turnover = Revenue ÷ Accounts receivable, less allowance for doubtful accounts
= 8,544 ÷ 1,304 = 6.55

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Zoetis Inc. receivables turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Payables Turnover

Zoetis Inc., payables turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Cost of sales 2,561 2,454 2,303 2,057 1,992
Accounts payable 411 405 436 457 301
Short-term Activity Ratio
Payables turnover1 6.23 6.06 5.28 4.50 6.62
Benchmarks
Payables Turnover, Competitors2
AbbVie Inc. 5.54 5.94 6.05 6.76
Amgen Inc. 5.32 4.08 4.72 4.33
Bristol-Myers Squibb Co. 3.28 3.33 3.37 4.34
Danaher Corp. 5.58 5.45 4.48 4.79
Eli Lilly & Co. 2.73 3.43 4.38 3.41
Gilead Sciences Inc. 11.81 6.25 9.36 5.42
Johnson & Johnson 2.76 2.66 2.70 2.99
Merck & Co. Inc. 4.11 4.08 2.96 3.37
Pfizer Inc. 3.72 5.04 5.53 2.02
Regeneron Pharmaceuticals Inc. 2.99 2.65 4.32 2.36
Thermo Fisher Scientific Inc. 8.97 7.67 6.83 7.45
Vertex Pharmaceuticals Inc. 3.46 3.55 4.64 4.75
Payables Turnover, Sector
Pharmaceuticals, Biotechnology & Life Sciences 4.25 4.28 4.23 3.86
Payables Turnover, Industry
Health Care 7.77 7.48 7.62 7.51

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 2023 Calculation
Payables turnover = Cost of sales ÷ Accounts payable
= 2,561 ÷ 411 = 6.23

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Zoetis Inc. payables turnover ratio increased from 2021 to 2022 and from 2022 to 2023.

Working Capital Turnover

Zoetis Inc., working capital turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Current assets 6,343 7,506 6,930 6,611 4,748
Less: Current liabilities 1,889 3,167 1,797 2,170 1,806
Working capital 4,454 4,339 5,133 4,441 2,942
 
Revenue 8,544 8,080 7,776 6,675 6,260
Short-term Activity Ratio
Working capital turnover1 1.92 1.86 1.51 1.50 2.13
Benchmarks
Working Capital Turnover, Competitors2
AbbVie Inc.
Amgen Inc. 2.25 3.82 3.37 2.55
Bristol-Myers Squibb Co. 4.60 8.30 3.95 3.72
Danaher Corp. 4.22 4.20 8.40 3.48
Eli Lilly & Co. 31.84 8.33 4.93
Gilead Sciences Inc. 5.61 8.42 8.54 5.30
Johnson & Johnson 11.81 5.95 9.44
Merck & Co. Inc. 9.29 5.16 7.62 109.83
Pfizer Inc. 11.09 4.83 4.67
Regeneron Pharmaceuticals Inc. 0.82 0.96 1.59 1.20
Thermo Fisher Scientific Inc. 4.05 5.46 5.87 2.76
Vertex Pharmaceuticals Inc. 0.93 0.85 1.02 0.99
Working Capital Turnover, Sector
Pharmaceuticals, Biotechnology & Life Sciences 6.68 7.25 5.87 5.34
Working Capital Turnover, Industry
Health Care 20.96 19.09 14.05 14.19

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 2023 Calculation
Working capital turnover = Revenue ÷ Working capital
= 8,544 ÷ 4,454 = 1.92

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital. Zoetis Inc. working capital turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Average Inventory Processing Period

Zoetis Inc., average inventory processing period calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Inventory turnover 1.00 1.05 1.20 1.26 1.41
Short-term Activity Ratio (no. days)
Average inventory processing period1 365 349 305 289 258
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
AbbVie Inc. 73 75 65 79
Amgen Inc. 411 281 231 231
Bristol-Myers Squibb Co. 91 84 77 64
Danaher Corp. 96 91 88 85
Eli Lilly & Co. 298 237 194 265
Gilead Sciences Inc. 100 97 89 134
Johnson & Johnson 154 147 127 120
Merck & Co. Inc. 144 124 159 149
Pfizer Inc. 149 95 107 338
Regeneron Pharmaceuticals Inc. 519 562 292 625
Thermo Fisher Scientific Inc. 72 79 94 91
Vertex Pharmaceuticals Inc. 214 156 143 139
Average Inventory Processing Period, Sector
Pharmaceuticals, Biotechnology & Life Sciences 143 119 117 139
Average Inventory Processing Period, Industry
Health Care 36 36 36 40

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 2023 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 1.00 = 365

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Zoetis Inc. number of days of inventory outstanding deteriorated from 2021 to 2022 and from 2022 to 2023.

Average Receivable Collection Period

Zoetis Inc., average receivable collection period calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Receivables turnover 6.55 6.65 6.86 6.59 5.76
Short-term Activity Ratio (no. days)
Average receivable collection period1 56 55 53 55 63
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
AbbVie Inc. 75 71 65 70
Amgen Inc. 99 82 74 68
Bristol-Myers Squibb Co. 74 67 65 64
Danaher Corp. 60 57 57 66
Eli Lilly & Co. 97 88 86 87
Gilead Sciences Inc. 63 65 61 73
Johnson & Johnson 64 62 59 60
Merck & Co. Inc. 63 58 69 60
Pfizer Inc. 69 40 51 68
Regeneron Pharmaceuticals Inc. 158 160 137 177
Thermo Fisher Scientific Inc. 70 66 74 65
Vertex Pharmaceuticals Inc. 58 59 55 52
Average Receivable Collection Period, Sector
Pharmaceuticals, Biotechnology & Life Sciences 74 63 66 68
Average Receivable Collection Period, Industry
Health Care 43 39 40 40

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 2023 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 6.55 = 56

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Zoetis Inc. number of days of receivables outstanding deteriorated from 2021 to 2022 and from 2022 to 2023.

Operating Cycle

Zoetis Inc., operating cycle calculation, comparison to benchmarks

No. days

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Average inventory processing period 365 349 305 289 258
Average receivable collection period 56 55 53 55 63
Short-term Activity Ratio
Operating cycle1 421 404 358 344 321
Benchmarks
Operating Cycle, Competitors2
AbbVie Inc. 148 146 130 149
Amgen Inc. 510 363 305 299
Bristol-Myers Squibb Co. 165 151 142 128
Danaher Corp. 156 148 145 151
Eli Lilly & Co. 395 325 280 352
Gilead Sciences Inc. 163 162 150 207
Johnson & Johnson 218 209 186 180
Merck & Co. Inc. 207 182 228 209
Pfizer Inc. 218 135 158 406
Regeneron Pharmaceuticals Inc. 677 722 429 802
Thermo Fisher Scientific Inc. 142 145 168 156
Vertex Pharmaceuticals Inc. 272 215 198 191
Operating Cycle, Sector
Pharmaceuticals, Biotechnology & Life Sciences 217 182 183 207
Operating Cycle, Industry
Health Care 79 75 76 80

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 2023 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 365 + 56 = 421

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Zoetis Inc. operating cycle deteriorated from 2021 to 2022 and from 2022 to 2023.

Average Payables Payment Period

Zoetis Inc., average payables payment period calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Payables turnover 6.23 6.06 5.28 4.50 6.62
Short-term Activity Ratio (no. days)
Average payables payment period1 59 60 69 81 55
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
AbbVie Inc. 66 61 60 54
Amgen Inc. 69 90 77 84
Bristol-Myers Squibb Co. 111 109 108 84
Danaher Corp. 65 67 82 76
Eli Lilly & Co. 134 106 83 107
Gilead Sciences Inc. 31 58 39 67
Johnson & Johnson 132 137 135 122
Merck & Co. Inc. 89 89 123 108
Pfizer Inc. 98 72 66 181
Regeneron Pharmaceuticals Inc. 122 138 84 155
Thermo Fisher Scientific Inc. 41 48 53 49
Vertex Pharmaceuticals Inc. 106 103 79 77
Average Payables Payment Period, Sector
Pharmaceuticals, Biotechnology & Life Sciences 86 85 86 95
Average Payables Payment Period, Industry
Health Care 47 49 48 49

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 2023 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 6.23 = 59

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Zoetis Inc. number of days of payables outstanding decreased from 2021 to 2022 and from 2022 to 2023.

Cash Conversion Cycle

Zoetis Inc., cash conversion cycle calculation, comparison to benchmarks

No. days

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Average inventory processing period 365 349 305 289 258
Average receivable collection period 56 55 53 55 63
Average payables payment period 59 60 69 81 55
Short-term Activity Ratio
Cash conversion cycle1 362 344 289 263 266
Benchmarks
Cash Conversion Cycle, Competitors2
AbbVie Inc. 82 85 70 95
Amgen Inc. 441 273 228 215
Bristol-Myers Squibb Co. 54 42 34 44
Danaher Corp. 91 81 63 75
Eli Lilly & Co. 261 219 197 245
Gilead Sciences Inc. 132 104 111 140
Johnson & Johnson 86 72 51 58
Merck & Co. Inc. 118 93 105 101
Pfizer Inc. 120 63 92 225
Regeneron Pharmaceuticals Inc. 555 584 345 647
Thermo Fisher Scientific Inc. 101 97 115 107
Vertex Pharmaceuticals Inc. 166 112 119 114
Cash Conversion Cycle, Sector
Pharmaceuticals, Biotechnology & Life Sciences 131 97 97 112
Cash Conversion Cycle, Industry
Health Care 32 26 28 31

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 2023 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 365 + 5659 = 362

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Zoetis Inc. cash conversion cycle deteriorated from 2021 to 2022 and from 2022 to 2023.