Market Cap : 81.99 B | Enterprise Value : 85.59 B | PE Ratio : 39.96 | PB Ratio : 17.62 |
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The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Zoetis has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Zoetis's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Zoetis was 8. The lowest was 4. And the median was 6.
The historical data trend for Zoetis's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Drug Manufacturers - Specialty & Generic subindustry, Zoetis's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Drug Manufacturers industry and Healthcare sector, Zoetis's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Zoetis's Piotroski F-Score falls into.
How is the Piotroski F-Score calculated?
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Mar22) TTM: | Last Year (Mar21) TTM: |
Net Income was 512 + 552 + 414 + 595 = $2,073 Mil. Cash Flow from Operations was 481 + 653 + 679 + 309 = $2,122 Mil. Revenue was 1948 + 1990 + 1967 + 1986 = $7,891 Mil. Gross Profit was 1380 + 1404 + 1367 + 1417 = $5,568 Mil. Average Total Assets from the begining of this year (Mar21) to the end of this year (Mar22) was (13796 + 14069 + 13705 + 13900 + 13860) / 5 = $13866 Mil. Total Assets at the begining of this year (Mar21) was $13,796 Mil. Long-Term Debt & Capital Lease Obligation was $5,386 Mil. Total Current Assets was $6,837 Mil. Total Current Liabilities was $3,034 Mil. |
Net Income was 377 + 479 + 359 + 559 = $1,774 Mil. Revenue was 1548 + 1786 + 1807 + 1871 = $7,012 Mil. Gross Profit was 1097 + 1240 + 1206 + 1322 = $4,865 Mil. Average Total Assets from the begining of last year (Mar20) to the end of last year (Mar21) was (11528 + 13069 + 13725 + 13609 + 13796) / 5 = $13145.4 Mil. Total Assets at the begining of last year (Mar20) was $11,528 Mil. Long-Term Debt & Capital Lease Obligation was $6,746 Mil. Total Current Assets was $6,794 Mil. Total Current Liabilities was $2,066 Mil. |
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Zoetis's current Net Income (TTM) was 2,073.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Zoetis's current Cash Flow from Operations (TTM) was 2,122.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Score 1 if it's higher, 0 if it's lower.
ROA (This Year) | = | Net Income | / | Total Assets (Mar21) |
= | 2073 | / | 13796 | |
= | 0.15026095 |
ROA (Last Year) | = | Net Income | / | Total Assets (Mar20) |
= | 1774 | / | 11528 | |
= | 0.15388619 |
Zoetis's return on assets of this year was 0.15026095. Zoetis's return on assets of last year was 0.15388619.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Score 1 if CFROA > ROA, 0 if CFROA <= ROA.
Zoetis's current Net Income (TTM) was 2,073. Zoetis's current Cash Flow from Operations (TTM) was 2,122.
==> 2,122 > 2,073 ==> CFROA > ROA ==> Score 1.
Funding
Question 5. Change in Gearing or Leverage
Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.
Score 0 if this year's gearing is higher, 1 otherwise.
Gearing (This Year: Mar22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar21 to Mar22 |
= | 5386 | / | 13866 | |
= | 0.38843214 |
Gearing (Last Year: Mar21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar20 to Mar21 |
= | 6746 | / | 13145.4 | |
= | 0.51318332 |
Zoetis's gearing of this year was 0.38843214. Zoetis's gearing of last year was 0.51318332.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Current Ratio (This Year: Mar22) | = | Total Current Assets | / | Total Current Liabilities |
= | 6837 | / | 3034 | |
= | 2.25346078 |
Current Ratio (Last Year: Mar21) | = | Total Current Assets | / | Total Current Liabilities |
= | 6794 | / | 2066 | |
= | 3.28848015 |
Zoetis's current ratio of this year was 2.25346078. Zoetis's current ratio of last year was 3.28848015.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Zoetis's number of shares in issue this year was 474.1. Zoetis's number of shares in issue last year was 477.9.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Gross Margin (This Year: TTM) | = | Gross Profit | / | Revenue |
= | 5568 | / | 7891 | |
= | 0.70561399 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 4865 | / | 7012 | |
= | 0.69381061 |
Zoetis's gross margin of this year was 0.70561399. Zoetis's gross margin of last year was 0.69381061.
==> This year's gross margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Asset Turnover (This Year) | = | Revenue | / | Total Assets at the Beginning of This Year (Mar21) |
= | 7891 | / | 13796 | |
= | 0.57197738 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Mar20) |
= | 7012 | / | 11528 | |
= | 0.60825815 |
Zoetis's asset turnover of this year was 0.57197738. Zoetis's asset turnover of last year was 0.60825815.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 1 | + | 1 | + | 0 | + | 1 | + | 1 | + | 0 | + | 1 | + | 1 | + | 0 | |
= | 6 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Zoetis has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Thank you for viewing the detailed overview of Zoetis's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Kelly Robert Edward | officer: Executive Vice President | C/O ZOETIS INC. 10 SYLVAN WAY PARSIPPANY NJ 07054 |
Lagano Roxanne | officer: Executive Vice President | C/O ZOETIS INC. 100 CAMPUS DRIVE FLORHAM PARK NJ 07940 |
Chen Heidi C. | officer: Executive Vice President | C/O ZOETIS INC. 100 CAMPUS DRIVE FLORHAM PARK NJ 07940 |
Knupp Catherine A. | officer: Executive Vice President | C/O ZOETIS INC. 100 CAMPUS DRIVE FLORHAM PARK NJ 07940 |
David Glenn | officer: Chief Financial Officer | C/O ZOETIS INC., 100 CAMPUS DRIVE FLORHAM PARK NJ 07932 |
Nayak Abhay U | officer: Senior Vice President | C/O ZOETIS INC. 10 SYLVAN WAY PARSIPPANY NJ 07054 |
Peck Kristin C | director, officer: Chief Executive Officer | C/O ZOETIS INC. 100 CAMPUS DRIVE FLORHAM PARK NJ 07940 |
Bettington Timothy J | officer: Executive Vice President | C/O ZOETIS INC. 10 SYLVAN WAY PARSIPPANY NJ 07054 |
Mamilli Wafaa | officer: Executive Vice President | C/O ZOETIS INC. 10 SYLVAN WAY PARSIPPANY NJ 07054 |
Mcfarland James Michael | officer: Executive Vice President | C/O ZOETIS INC. 10 SYLVAN WAY PARSIPPANY NJ 07054 |
Trawicki Roman | officer: Executive Vice President | C/O ZOETIS INC. 100 CAMPUS DRIVE FLORHAM PARK NJ 07932 |
Steere William C Jr | director | 225 LEROY AVENUE DARIEN CT 06820 |
Rhodes Linda | director | 56 EVERGREEN DRIVE PORTLAND ME 04103 |
Reed Willie M | director | C/O ZOETIS 100 CAMPUS DRIVE FLORHAM PARK NJ 07932 |
Alaix Juan Ramon | director | C/O ZOETIS INC. 10 SYLVAN WAY PARSIPPANY NJ 07054 |
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