Zoetis
Zoetis returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | — | 26.73% | — | 64.39% | 17.7% | — |
| FY 2026 Q1 | Mar 31, 2026 | — | 27.46% | — | 67.01% | 18.07% | — |
| FY 2025 Q4 | Dec 31, 2025 | 27.44% | 27.63% | 28.68% | 65.99% | 18% | 19.5 pp |
| FY 2025 Q3 | Sep 30, 2025 | — | 25.25% | — | 49.87% | 17.96% | — |
| FY 2025 Q2 | Jun 30, 2025 | — | 27.84% | — | 52.54% | 18.24% | — |
| FY 2025 Q1 | Mar 31, 2025 | — | 27.36% | — | 51.85% | 17.7% | — |
| FY 2024 Q4 | Dec 31, 2024 | 26.29% | 26.82% | — | 50.91% | 17.43% | 18.4 pp |
| FY 2024 Q3 | Sep 30, 2024 | — | 24.2% | — | 47.13% | 17.07% | — |
| FY 2024 Q2 | Jun 30, 2024 | — | 23.9% | — | 48.88% | 16.79% | — |
| FY 2024 Q1 | Mar 31, 2024 | — | 23.66% | — | 50.06% | 17.02% | — |
| FY 2023 Q4 | Dec 31, 2023 | 24.26% | 22.99% | 8.91% | 49.86% | 16.05% | 16.4 pp |
| FY 2023 Q3 | Sep 30, 2023 | 23.5% | 23.71% | 7.78% | 46.81% | 16.41% | 15.6 pp |
| FY 2023 Q2 | Jun 30, 2023 | 23.5% | 23.81% | -1.47% | 48.08% | 16.08% | 15.6 pp |
| FY 2023 Q1 | Mar 31, 2023 | 24.08% | 23% | -7.25% | 45.26% | 15% | 16.2 pp |
| FY 2022 Q4 | Dec 31, 2022 | 26.17% | 22.6% | 6.47% | 47.25% | 14.67% | 18.3 pp |
| FY 2022 Q3 | Sep 30, 2022 | 25.06% | 22.65% | 10.57% | 44.25% | 15.1% | 17.2 pp |
| FY 2022 Q2 | Jun 30, 2022 | 25.92% | 22.97% | 29.92% | 46.81% | 15.01% | 18 pp |
| FY 2022 Q1 | Mar 31, 2022 | 26.78% | 22.89% | 74% | 47.4% | 14.99% | 18.9 pp |
| FY 2021 Q4 | Dec 31, 2021 | 27.61% | 21.54% | 149.58% | 49.01% | 14.81% | 19.7 pp |
| FY 2021 Q3 | Sep 30, 2021 | 25.8% | 20.8% | 108% | 47.87% | 14.45% | 17.9 pp |
| FY 2021 Q2 | Jun 30, 2021 | 25.52% | 20.52% | 65.79% | 52.07% | 14.07% | 17.6 pp |
| FY 2021 Q1 | Mar 31, 2021 | 24.12% | 20.66% | 58.78% | — | 14.01% | 16.2 pp |
| FY 2020 Q4 | Dec 31, 2020 | 22.62% | 19.01% | 134.29% | 50.58% | 13.02% | 14.7 pp |
| FY 2020 Q3 | Sep 30, 2020 | — | 18.45% | — | — | 13.31% | — |
| FY 2020 Q2 | Jun 30, 2020 | — | 17.88% | — | — | 13.44% | — |
| FY 2020 Q1 | Mar 31, 2020 | — | 18.91% | — | — | 14.38% | — |
| FY 2019 Q4 | Dec 31, 2019 | 20.38% | 18.08% | 52.94% | 61.31% | 13.44% | 12.5 pp |
| FY 2019 Q3 | Sep 30, 2019 | — | 17.09% | — | — | 13.45% | — |
| FY 2019 Q2 | Jun 30, 2019 | — | 17.99% | — | — | 14.04% | — |
| FY 2019 Q1 | Mar 31, 2019 | — | 17.86% | — | — | 14.18% | — |
| FY 2018 Q4 | Dec 31, 2018 | 22.18% | 18.85% | 26.27% | 72.21% | 14.75% | 14.3 pp |
| FY 2018 Q3 | Sep 30, 2018 | — | 19.9% | — | 56.68% | 11.79% | — |
| FY 2018 Q2 | Jun 30, 2018 | — | 24.99% | — | 60.52% | 13.59% | — |
| FY 2018 Q1 | Mar 31, 2018 | — | 23.75% | — | 54.81% | 11.97% | — |
| FY 2017 Q4 | Dec 31, 2017 | 16.62% | 21.83% | — | 53.05% | 10.64% | 8.7 pp |
| FY 2017 Q3 | Oct 1, 2017 | 16.99% | 18.88% | 70.21% | 52.43% | 11.02% | 9.1 pp |
| FY 2017 Q2 | Jul 2, 2017 | 16.41% | 20.13% | 49.96% | 57.16% | 11.46% | 8.5 pp |
| FY 2017 Q1 | Apr 2, 2017 | 16.58% | 20.49% | 92.85% | 61.64% | 11.32% | 8.7 pp |
| FY 2016 Q4 | Dec 31, 2016 | 16.96% | 19.36% | 51.29% | 64.27% | 10.55% | 9.1 pp |
| FY 2016 Q3 | Oct 2, 2016 | 15.43% | 19.1% | 18.29% | 48.97% | 9.57% | 7.5 pp |
| FY 2016 Q2 | Jul 3, 2016 | 14.78% | 18.41% | 19.55% | 50.45% | 9.05% | 6.9 pp |
| FY 2016 Q1 | Apr 3, 2016 | 9.09% | 12.3% | -19.57% | 30.95% | 5.45% | 1.2 pp |
| FY 2015 Q4 | Dec 31, 2015 | 9.15% | 10.74% | -67.54% | 28.5% | 4.67% | 1.3 pp |
| FY 2015 Q3 | Sep 27, 2015 | 10.57% | 11.84% | — | 34.17% | 6.71% | 2.7 pp |
| FY 2015 Q2 | Jun 28, 2015 | 10.21% | 11.37% | — | 34.48% | 6.4% | 2.3 pp |
| FY 2015 Q1 | Mar 29, 2015 | 14.59% | 16.04% | — | 50.36% | 9.24% | 6.7 pp |
| FY 2014 Q4 | Dec 31, 2014 | 14.59% | 15.51% | 99.55% | 51.8% | 8.86% | 6.7 pp |
| FY 2014 Q3 | Sep 28, 2014 | 13.43% | 15.38% | — | 50.93% | 8.79% | 5.5 pp |
| FY 2014 Q2 | Jun 29, 2014 | 12.58% | 14.29% | — | 51.17% | 8.25% | 4.7 pp |
| FY 2014 Q1 | Mar 30, 2014 | 12.48% | 14.06% | — | 58.12% | 8.27% | 4.6 pp |
| FY 2013 Q4 | Dec 31, 2013 | — | — | — | — | — | — |
| FY 2013 Q3 | Sep 29, 2013 | — | — | — | — | — | — |
| FY 2013 Q2 | Jun 30, 2013 | — | — | — | — | — | — |
| FY 2013 Q1 | Mar 31, 2013 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.9%, rounded from the Pharmaceuticals benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · ZTS, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.