Zoetis (ZTS) FY2019 results: revenue $6.3 billion, up 7.5% on the year
Zoetis Inc. (ZTS) reported revenue of $6.3 billion for fiscal 2019, the year ended 31 December 2019, up 7.5% on the year before. Net income was $1.5 billion, up 5.0%, and diluted earnings per share $3.11. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2020.
Revenue
$6.3 billion
+7.5% on the year
FY2012FY2019
Operating margin
n/a
FY2012FY2019
Net income
$1.5 billion
+5.0% on the year
FY2012FY2019
Diluted EPS
$3.11
+6.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
6,260
5,825
5,307
+7.5%
Cost of revenue
1,992
1,911
1,775
+4.2%
Gross profit
4,268
3,914
3,532
+9.0%
Gross margin
68.2%
67.2%
66.6%
Research and development
457
432
382
+5.8%
Selling, general and administrative
1,638
1,484
1,334
+10.4%
Interest expense
223
206
175
+8.3%
Pre-tax income
1,801
1,690
1,525
+6.6%
Income tax
301
266
663
+13.2%
Effective tax rate
16.7%
15.7%
43.5%
Net income
1,500
1,428
864
+5.0%
Net margin
24.0%
24.5%
16.3%
Diluted EPS
$3.11
$2.93
$1.75
+6.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,795
1,790
1,346
+0.3%
Capital expenditure
460
338
224
+36.1%
Free cash flow
1,335
1,452
1,122
-8.1%
Free cash flow margin
21.3%
24.9%
21.1%
Cash from investing
-504
-2,259
-270
Cash from financing
-951
533
-251
Depreciation and amortisation
412
308
242
+33.8%
Share-based compensation
67.0
53.0
44.0
+26.4%
Buybacks
626
698
500
-10.3%
Dividends paid
314
243
206
+29.2%
Dividend per share
$0.69
$0.54
$0.44
+27.7%
Diluted shares, weighted
482m
487m
493m
-1.0%
Shares outstanding at period end
476m
480m
486m
-0.8%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
2,708
2,185
1,770
+23.9%
Non-controlling interest
0.0
0.0
16.0
Short-term borrowings
0.0
9.0
n/a
Debt
6,447
6,443
4,953
+0.1%
Operating lease liabilities
164
0.0
n/a
Other liabilities
2,226
2,140
1,847
+4.0%
Total liabilities and equity
11,545
10,777
8,586
+7.1%
Fixed assets
1,940
1,658
1,435
+17.0%
Goodwill
2,592
2,519
1,510
+2.9%
Intangible assets
1,890
2,046
1,269
-7.6%
Investments
0.0
99.0
0.0
Cash and equivalents
1,934
1,602
1,564
+20.7%
Receivables
1,086
1,036
998
+4.8%
Inventory
1,410
1,391
1,427
+1.4%
Other assets
693
426
383
+62.7%
Total assets
11,545
10,777
8,586
+7.1%
10-K for the year ended 31 December 2019, filed 13 February 2020: the filing.