Zoetis (ZTS) FY2020 results: revenue $6.7 billion, up 6.6% on the year
Zoetis Inc. (ZTS) reported revenue of $6.7 billion for fiscal 2020, the year ended 31 December 2020, up 6.6% on the year before. Net income was $1.6 billion, up 9.2%, and diluted earnings per share $3.42. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2021.
Revenue
$6.7 billion
+6.6% on the year
FY2013FY2020
Operating margin
n/a
FY2013FY2020
Net income
$1.6 billion
+9.2% on the year
FY2013FY2020
Diluted EPS
$3.42
+10.0% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
6,675
6,260
5,825
+6.6%
Cost of revenue
2,057
1,992
1,911
+3.3%
Gross profit
4,618
4,268
3,914
+8.2%
Gross margin
69.2%
68.2%
67.2%
Research and development
463
457
432
+1.3%
Selling, general and administrative
1,726
1,638
1,484
+5.4%
Interest expense
231
223
206
+3.6%
Pre-tax income
1,996
1,801
1,690
+10.8%
Income tax
360
301
266
+19.6%
Effective tax rate
18.0%
16.7%
15.7%
Net income
1,638
1,500
1,428
+9.2%
Net margin
24.5%
24.0%
24.5%
Diluted EPS
$3.42
$3.11
$2.93
+10.0%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
2,126
1,795
1,790
+18.4%
Capital expenditure
453
460
338
-1.5%
Free cash flow
1,673
1,335
1,452
+25.3%
Free cash flow margin
25.1%
21.3%
24.9%
Cash from investing
-572
-504
-2,259
Cash from financing
123
-951
533
Depreciation and amortisation
441
412
308
+7.0%
Share-based compensation
59.0
67.0
53.0
-11.9%
Buybacks
250
626
698
-60.1%
Dividends paid
380
314
243
+21.0%
Dividend per share
$0.85
$0.69
$0.54
+22.8%
Diluted shares, weighted
479m
482m
487m
-0.7%
Shares outstanding at period end
475m
476m
480m
-0.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
3,769
2,708
2,185
+39.2%
Non-controlling interest
4.0
0.0
0.0
Short-term borrowings
4.0
0.0
9.0
Debt
7,195
6,447
6,443
+11.6%
Operating lease liabilities
163
164
0.0
-0.6%
Other liabilities
2,474
2,226
2,140
+11.1%
Total liabilities and equity
13,609
11,545
10,777
+17.9%
Fixed assets
2,202
1,940
1,658
+13.5%
Goodwill
2,694
2,592
2,519
+3.9%
Intangible assets
1,710
1,890
2,046
-9.5%
Investments
n/a
0.0
99.0
Cash and equivalents
3,604
1,934
1,602
+86.3%
Receivables
1,013
1,086
1,036
-6.7%
Inventory
1,628
1,410
1,391
+15.5%
Other assets
758
693
426
+9.4%
Total assets
13,609
11,545
10,777
+17.9%
10-K for the year ended 31 December 2020, filed 16 February 2021: the filing.