Zoetis

CEO Kristin Peck and CFO Wetteny Joseph have navigated supply scale-up, portfolio mix, and disciplined cost management while maintaining innovation cadence. Execution across geographies remains solid. We note transparent engagement on OA pain mAb safety and the swift implementation of updated labels.

Governance is typical of a large U.S. healthcare company rather than founder-led; alignment is reinforced via consistent buybacks and dividend growth. Key-man risk is low given depth across commercial and R&D leaders. Overall, we see a pragmatic, long-term oriented team with a clear playbook.

Checklist scores: 1) Wide or Narrow Moat: Wide, 88. 2) High and Consistent Return on Capital: Yes; TTM ROIC estimated around high 20s, 90. 3) Revenue and FCF Growth: Yes, sustained high single to low double digit, 80. 4) High Margins: Yes, structurally high gross and strong net margins, 85. 5) Owner-CEO: Not founder-led, but well aligned, 70. 6) Simplicity: Moderate, multi-franchise but understandable, 78. 7) Very Low Debt: Moderate leverage with strong coverage, 80. 8) Dilution: Low; net buybacks, 85. 9) Favorable Jurisdiction: U.S.-based, global reach, 90. 10) Trend Alignment and Boringness: Structural pet-health tailwinds, 88. 11) Superinvestor Inspiration: Fits quality-growth-at-a-reasonable-yield profile, 80. 12) Valuation: Attractive at disciplined FCF yields; see recommendation, 70.