Teva Pharmaceuticals vs Zoetis
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The short version
- Teva Pharmaceuticals is the larger business, with $17.3B of revenue in fiscal 2025 against $9.5B for Zoetis, about 1.8 times as much.
- Teva Pharmaceuticals grew revenue faster (4.3%, against 2.3%).
- Zoetis turned more of its sales into free cash flow (24.1% FCF margin, against 6.7%).
- Zoetis earned a higher return on the capital invested in it (29.3%, against 10.5%).
- Investors pay more for each dollar of Teva Pharmaceuticals’s earnings: a P/E of 65.7x against 13.3x for Zoetis.
| Latest fiscal year | TEVA · FY25 | ZTS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $45.9B | $33.8B |
| Revenue | $17.3B | $9.5B |
| Free cash flow | $1.1B | $2.3B |
| Net income | $1.4B | $2.7B |
| Growth | ||
| Revenue growth | 4.3% | 2.3% |
| 5-year growth | 0.7% | 7.2% |
| Share count change | 2.8% | −2.4% |
| Profitability | ||
| Gross margin | 51.8% | 71.8% |
| Operating margin | 12.5% | — |
| Net margin | 8.2% | 28.2% |
| FCF margin | 6.7% | 24.1% |
| Return on capital | 10.5% | 29.3% |
| Return on equity | 21.2% | 66.0% |
| Balance sheet | ||
| Net debt | $13.3B | $6.7B |
| Net debt / EBITDA | 4.2x | 1.7x |
| Dividends and buybacks | $0.0M | $4.1B |
| Valuation & quality | ||
| P/E | 65.7x | 13.3x |
| Piotroski F-score | 8 | 8 |
Revenue
FY16
TEVA $21.9B
ZTS $4.9B
FY17
TEVA $21.9B
ZTS $5.3B
FY18
TEVA $18.3B
ZTS $5.8B
FY19
TEVA $16.9B
ZTS $6.3B
FY20
TEVA $16.7B
ZTS $6.7B
FY21
TEVA $15.9B
ZTS $7.8B
FY22
TEVA $14.9B
ZTS $8.1B
FY23
TEVA $15.8B
ZTS $8.5B
FY24
TEVA $16.5B
ZTS $9.3B
FY25
TEVA $17.3B
ZTS $9.5B
TEVA
ZTS
Operating margin
FY16
TEVA 9.8%
ZTS —
FY17
TEVA −80.0%
ZTS —
FY18
TEVA −9.0%
ZTS —
FY19
TEVA −2.6%
ZTS —
FY20
TEVA −21.4%
ZTS —
FY21
TEVA 10.8%
ZTS —
FY22
TEVA −14.7%
ZTS —
FY23
TEVA 2.7%
ZTS —
FY24
TEVA −1.8%
ZTS —
FY25
TEVA 12.5%
ZTS —
TEVA
ZTS
Free cash flow
FY16
TEVA $3.0B
ZTS $497M
FY17
TEVA $1.4B
ZTS $1.1B
FY18
TEVA $1.8B
ZTS $1.5B
FY19
TEVA $223M
ZTS $1.3B
FY20
TEVA $638M
ZTS $1.7B
FY21
TEVA $236M
ZTS $1.7B
FY22
TEVA $1.0B
ZTS $1.3B
FY23
TEVA $842M
ZTS $1.6B
FY24
TEVA $749M
ZTS $2.3B
FY25
TEVA $1.1B
ZTS $2.3B
TEVA
ZTS
Return on capital
FY16
TEVA 2.1%
ZTS 18.5%
FY17
TEVA −23.0%
ZTS 18.5%
FY18
TEVA −2.8%
ZTS 26.4%
FY19
TEVA −0.8%
ZTS 23.8%
FY20
TEVA −7.5%
ZTS 25.0%
FY21
TEVA 3.5%
ZTS 29.5%
FY22
TEVA −5.9%
ZTS 27.9%
FY23
TEVA 1.3%
ZTS 27.7%
FY24
TEVA −1.1%
ZTS 28.3%
FY25
TEVA 10.5%
ZTS 29.3%
TEVA
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.