Zoetis Inc. (ZTS)

Pharmaceutical Preparations

Latest Price

$73.67

TTM P/E

12.14

Normalized P/E

14.09

Div Yield

1.44%

Book Value

7.50

P/B Ratio

9.83

Valuation metrics

EPS: $6.02

Book value / share: $7.84

Formula: √(22.5 × EPS × BVPS)

Graham Number

$32.59

56% downside

Norm. op. income: $2.9B (median of 7yr)

Tax rate: 20%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$38.12

48% downside

Base FCF: $1.7B (median of recent 5yr)

Growth: 13%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$110.41

+50% upside

EPS: $6.02

Target P/E: 14×

Formula: EPS × P/E

P/E Fair Value

$84.28

+14% upside

94.7% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	39.43M	$2.83B	9.52%	+3.85M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	26.03M	$1.87B	6.28%	-44.9K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	23.86M	$1.71B	5.76%	-107.0K	2026-06-30
STATE STREET CORP	19.67M	$1.41B	4.75%	+343.3K	2026-06-30
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO	15.89M	$1.14B	3.84%	--	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	13.29M	$951.0M	3.21%	+1.94M	2026-06-30
WELLINGTON MANAGEMENT GROUP LLP	9.42M	$677.0M	2.28%	-726.2K	2026-06-30
MORGAN STANLEY	8.88M	$638.0M	2.14%	-5.27M	2026-06-30
NORDEA INVESTMENT MANAGEMENT AB	6.59M	$471.0M	1.59%	+727.5K	2026-06-30
DEUTSCHE BANK AG\	5.85M	$420.0M	1.41%	+319.7K	2026-06-30