Bausch Health Companies vs Zoetis
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The short version
- Bausch Health Companies is the larger business, with $10.3B of revenue in fiscal 2025 against $9.5B for Zoetis.
- Bausch Health Companies grew revenue faster (6.7%, against 2.3%).
- Zoetis turned more of its sales into free cash flow (24.1% FCF margin, against 9.8%).
- Zoetis earned a higher return on the capital invested in it (29.3%, against 4.5%).
| Latest fiscal year | BHC · FY25 | ZTS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.4B | $33.8B |
| Revenue | $10.3B | $9.5B |
| Free cash flow | $1.0B | $2.3B |
| Net income | $157M | $2.7B |
| Growth | ||
| Revenue growth | 6.7% | 2.3% |
| 5-year growth | 5.0% | 7.2% |
| Share count change | 1.9% | −2.4% |
| Profitability | ||
| Gross margin | — | 71.8% |
| Operating margin | 17.7% | — |
| Net margin | 1.5% | 28.2% |
| FCF margin | 9.8% | 24.1% |
| Return on capital | 4.5% | 29.3% |
| Return on equity | — | 66.0% |
| Balance sheet | ||
| Net debt | $19.5B | $6.7B |
| Net debt / EBITDA | 6.5x | 1.7x |
| Dividends and buybacks | $0.0M | $4.1B |
| Valuation & quality | ||
| P/E | — | 13.3x |
| Piotroski F-score | 7 | 8 |
Revenue
FY16
BHC $9.7B
ZTS $4.9B
FY17
BHC $8.7B
ZTS $5.3B
FY18
BHC $8.4B
ZTS $5.8B
FY19
BHC $8.6B
ZTS $6.3B
FY20
BHC $8.0B
ZTS $6.7B
FY21
BHC $8.4B
ZTS $7.8B
FY22
BHC $8.1B
ZTS $8.1B
FY23
BHC $8.8B
ZTS $8.5B
FY24
BHC $9.6B
ZTS $9.3B
FY25
BHC $10.3B
ZTS $9.5B
BHC
ZTS
Operating margin
FY16
BHC −5.9%
ZTS —
FY17
BHC 1.2%
ZTS —
FY18
BHC −28.5%
ZTS —
FY19
BHC −2.4%
ZTS —
FY20
BHC 8.4%
ZTS —
FY21
BHC 5.3%
ZTS —
FY22
BHC 5.6%
ZTS —
FY23
BHC 11.0%
ZTS —
FY24
BHC 16.1%
ZTS —
FY25
BHC 17.7%
ZTS —
BHC
ZTS
Free cash flow
FY16
BHC $1.9B
ZTS $497M
FY17
BHC $2.1B
ZTS $1.1B
FY18
BHC $1.3B
ZTS $1.5B
FY19
BHC $1.2B
ZTS $1.3B
FY20
BHC $809M
ZTS $1.7B
FY21
BHC $1.2B
ZTS $1.7B
FY22
BHC −$946M
ZTS $1.3B
FY23
BHC $817M
ZTS $1.6B
FY24
BHC $1.3B
ZTS $2.3B
FY25
BHC $1.0B
ZTS $2.3B
BHC
ZTS
Return on capital
FY16
BHC −1.3%
ZTS 18.5%
FY17
BHC 0.3%
ZTS 18.5%
FY18
BHC −6.6%
ZTS 26.4%
FY19
BHC −0.6%
ZTS 23.8%
FY20
BHC 2.2%
ZTS 25.0%
FY21
BHC 1.6%
ZTS 29.5%
FY22
BHC 1.7%
ZTS 27.9%
FY23
BHC 3.6%
ZTS 27.7%
FY24
BHC 3.7%
ZTS 28.3%
FY25
BHC 4.5%
ZTS 29.3%
BHC
ZTS
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.