Elanco
ELAN · Pharmaceuticals
$22.52
0.7%Zoetis
ZTS · Pharmaceuticals
$81.03
1.2%The short version
- Zoetis is the larger business, with $9.5B of revenue in fiscal 2025 against $4.7B for Elanco, about 2.0 times as much.
- Elanco grew revenue faster (6.2%, against 2.3%).
- Zoetis turned more of its sales into free cash flow (24.1% FCF margin, against 6.0% FCF margin).
- Zoetis earned a higher return on the capital invested in it (29.3%, against −0.1%).
| Latest fiscal year | ELAN · FY25 | ZTS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.4B | $33.8B |
| Revenue | $4.7B | $9.5B |
| Free cash flow | $284M | $2.3B |
| Net income | −$232M | $2.7B |
| Growth | ||
| Revenue growth | 6.2% | 2.3% |
| 5-year growth | 7.6% | 7.2% |
| Share count change | −0.2% | −2.4% |
| Profitability | ||
| Gross margin | 55.0% | 71.8% |
| Operating margin | — | — |
| Net margin | −4.9% | 28.2% |
| FCF margin | 6.0% | 24.1% |
| Return on capital | −0.1% | 29.3% |
| Return on equity | −3.7% | 66.0% |
| Balance sheet | ||
| Net debt | $3.5B | $6.7B |
| Net debt / EBITDA | 5.2x | 1.7x |
| Dividends and buybacks | $0.0M | $4.1B |
| Valuation & quality | ||
| P/E | — | 13.4x |
| Piotroski F-score | 6 | 8 |
FY16
ELAN $2.9B
ZTS $4.9B
FY17
ELAN $2.9B
ZTS $5.3B
FY18
ELAN $3.1B
ZTS $5.8B
FY19
ELAN $3.1B
ZTS $6.3B
FY20
ELAN $3.3B
ZTS $6.7B
FY21
ELAN $4.8B
ZTS $7.8B
FY22
ELAN $4.4B
ZTS $8.1B
FY23
ELAN $4.4B
ZTS $8.5B
FY24
ELAN $4.4B
ZTS $9.3B
FY25
ELAN $4.7B
ZTS $9.5B
ELAN
ZTS
FY16
ELAN —
ZTS —
FY17
ELAN —
ZTS —
FY18
ELAN —
ZTS —
FY19
ELAN —
ZTS —
FY20
ELAN —
ZTS —
FY21
ELAN —
ZTS —
FY22
ELAN —
ZTS —
FY23
ELAN —
ZTS —
FY24
ELAN —
ZTS —
FY25
ELAN —
ZTS —
ELAN
ZTS
FY16
ELAN $45.6M
ZTS $497M
FY17
ELAN $75.2M
ZTS $1.1B
FY18
ELAN $353M
ZTS $1.5B
FY19
ELAN $84.0M
ZTS $1.3B
FY20
ELAN −$176M
ZTS $1.7B
FY21
ELAN $324M
ZTS $1.7B
FY22
ELAN $281M
ZTS $1.3B
FY23
ELAN $131M
ZTS $1.6B
FY24
ELAN $394M
ZTS $2.3B
FY25
ELAN $284M
ZTS $2.3B
ELAN
ZTS
FY16
ELAN —
ZTS 18.5%
FY17
ELAN —
ZTS 18.5%
FY18
ELAN 1.5%
ZTS 26.4%
FY19
ELAN 1.9%
ZTS 23.8%
FY20
ELAN −3.9%
ZTS 25.0%
FY21
ELAN −1.9%
ZTS 29.5%
FY22
ELAN 1.0%
ZTS 27.9%
FY23
ELAN −5.9%
ZTS 27.7%
FY24
ELAN 5.0%
ZTS 28.3%
FY25
ELAN −0.1%
ZTS 29.3%
ELAN
ZTS
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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.