Zoetis Inc., current enterprise value calculation

Current share price (P)	$167.23
No. shares of common stock outstanding	456,295,137
US$ in millions
Common equity (market value)¹	76,306)
Add: Equity attributable to noncontrolling interests (per books)	(6)
Total equity	76,300)
Add: Short-term borrowings (per books)	3)
Add: Current portion of long-term debt (per books)	—)
Add: Finance lease liabilities, current (per books)	1)
Add: Long-term debt, net of discount and issuance costs, excluding current portion (per books)	6,564)
Add: Finance lease liabilities, noncurrent (per books)	8)
Total equity and debt	82,876)
Less: Cash and cash equivalents	2,041)
Enterprise value (EV)	80,835)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 167.23 × 456,295,137

Zoetis Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$183.49	$171.90	$197.76	$166.32	$144.94
No. shares of common stock outstanding¹	457,867,115	463,386,716	471,970,580	475,166,373	474,933,945
US$ in millions
Common equity (market value)³	84,014)	79,656)	93,337)	79,030)	68,837)
Add: Equity attributable to noncontrolling interests (book value)	(6)	(2)	1)	4)	—)
Total equity	84,008)	79,654)	93,338)	79,034)	68,837)
Add: Short-term borrowings (book value)	3)	2)	—)	4)	—)
Add: Current portion of long-term debt (book value)	—)	1,350)	—)	600)	500)
Add: Finance lease liabilities, current (book value)	1)	—)	—)	—)	—)
Add: Long-term debt, net of discount and issuance costs, excluding current portion (book value)	6,564)	6,552)	6,592)	6,595)	5,947)
Add: Finance lease liabilities, noncurrent (book value)	8)	—)	—)	—)	—)
Total equity and debt	90,584)	87,558)	99,930)	86,233)	75,284)
Less: Cash and cash equivalents	2,041)	3,581)	3,485)	3,604)	1,934)
Enterprise value (EV)	88,543)	83,977)	96,445)	82,629)	73,350)

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
= 183.49 × 457,867,115

Download chart

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 decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Zoetis Inc. (NYSE:ZTS)

Enterprise Value (EV)