Viatris vs Zoetis
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KIRA’s take AI analyst
I put Viatris and Zoetis side by side, using each one’s latest annual report. Here is what stands out:
- Viatris is the larger business, with $14.3B of revenue in fiscal 2025 against $9.5B for Zoetis, about 1.5 times as much.
- Zoetis grew revenue faster (2.3%, against −3.0%).
- Zoetis turned more of its sales into free cash flow (24.1% FCF margin, against 13.6%).
- Zoetis earned a higher return on the capital invested in it (29.3%, against −7.1%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Viatris
VTRS
0/10
Zoetis
ZTS
10/10
Revenue growth5-year growthGross marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | VTRS FY25 | ZTS FY25 |
|---|---|---|
| Size | ||
| Market cap | $21.3B | $33.8B |
| Revenue | $14.3B | $9.5B |
| Free cash flow | $1.9B | $2.3B |
| Net income | −$3.5B | $2.7B |
| Growth | ||
| Revenue growth | −3.0% | 2.3% |
| 5-year growth | 3.7% | 7.2% |
| Share count change | −1.9% | −2.4% |
| Profitability | ||
| Gross margin | 35.1% | 71.8% |
| Operating margin | −18.6% | — |
| Net margin | −24.6% | 28.2% |
| FCF margin | 13.6% | 24.1% |
| Return on capital | −7.1% | 29.3% |
| Return on equity | −21.1% | 66.0% |
| Balance sheet | ||
| Net debt | $13.1B | $6.7B |
| Net debt / EBITDA | 96.5x | 1.7x |
| Dividends and buybacks | $501M | $4.1B |
| Valuation & quality | ||
| P/E | — | 13.3x |
| Piotroski F-score | 4 | 8 |
Ten years
Revenue
FY16
VTRS $11.1B
ZTS $4.9B
FY17
VTRS $11.9B
ZTS $5.3B
FY18
VTRS $11.4B
ZTS $5.8B
FY19
VTRS $11.5B
ZTS $6.3B
FY20
VTRS $11.9B
ZTS $6.7B
FY21
VTRS $17.9B
ZTS $7.8B
FY22
VTRS $16.3B
ZTS $8.1B
FY23
VTRS $15.4B
ZTS $8.5B
FY24
VTRS $14.7B
ZTS $9.3B
FY25
VTRS $14.3B
ZTS $9.5B
VTRS
ZTS
Operating margin
FY16
VTRS 6.3%
ZTS —
FY17
VTRS 12.1%
ZTS —
FY18
VTRS 7.9%
ZTS —
FY19
VTRS 6.2%
ZTS —
FY20
VTRS −1.8%
ZTS —
FY21
VTRS −0.2%
ZTS —
FY22
VTRS 9.9%
ZTS —
FY23
VTRS 5.0%
ZTS —
FY24
VTRS 0.1%
ZTS —
FY25
VTRS −18.6%
ZTS —
VTRS
ZTS
Free cash flow
FY16
VTRS $1.7B
ZTS $497M
FY17
VTRS $1.8B
ZTS $1.1B
FY18
VTRS $2.1B
ZTS $1.5B
FY19
VTRS $1.6B
ZTS $1.3B
FY20
VTRS $989M
ZTS $1.7B
FY21
VTRS $2.6B
ZTS $1.7B
FY22
VTRS $2.6B
ZTS $1.3B
FY23
VTRS $2.5B
ZTS $1.6B
FY24
VTRS $2.0B
ZTS $2.3B
FY25
VTRS $1.9B
ZTS $2.3B
VTRS
ZTS
Return on capital
FY16
VTRS 3.4%
ZTS 18.5%
FY17
VTRS 4.2%
ZTS 18.5%
FY18
VTRS 3.4%
ZTS 26.4%
FY19
VTRS 1.4%
ZTS 23.8%
FY20
VTRS −0.5%
ZTS 25.0%
FY21
VTRS −0.1%
ZTS 29.5%
FY22
VTRS 2.9%
ZTS 27.9%
FY23
VTRS 1.0%
ZTS 27.7%
FY24
VTRS 0.0%
ZTS 28.3%
FY25
VTRS −7.1%
ZTS 29.3%
VTRS
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.