Revenue vs Net income
Reported dollars from 10-Q / 10-K filings. Q4 bars are derived (annual less nine months) where the 10-K does not tag Q4 separately.
Margin trend
Gross, operating and net margin. Margins are derived from reported dollars.
Revenue YoY growth
Year-over-year change vs the same quarter (or fiscal year) a year earlier. Shown where the prior-year period is in the 8-quarter snapshot (latest four quarters).
Income statement
From 10-Q / 10-K XBRL. Values in reported dollars; EPS in $/share; share counts in shares.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $7.8B | $8.1B | $8.5B | $9.3B | $9.5B |
| YoY | — | +3.9% | +5.7% | +8.3% | +2.3% |
| Cost of goods sold | $2.3B | $2.5B | $2.6B | $2.7B | $2.7B |
| YoY | — | +6.6% | +4.4% | +6.2% | -1.9% |
| Gross profit | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Research & development | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Selling, general & administrative | $2.0B | $2.0B | $2.2B | $2.3B | $2.4B |
| YoY | — | +0.4% | +7.1% | +7.8% | +2.6% |
| Operating income | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Pretax income | $2.5B | $2.7B | $2.9B | $3.1B | $3.4B |
| YoY | — | +6.8% | +10.5% | +6.7% | +7.2% |
| Income tax | $454.0M | $545.0M | $596.0M | $637.0M | $687.0M |
| YoY | — | +20.0% | +9.4% | +6.9% | +7.8% |
| Net income | $2.0B | $2.1B | $2.3B | $2.5B | $2.7B |
| YoY | — | +3.8% | +10.9% | +6.1% | +7.5% |
| EPS — basic | $4.29 | $4.51 | $5.08 | $5.47 | $6.03 |
| YoY | — | +5.1% | +12.6% | +7.7% | +10.2% |
| EPS — diluted | $4.27 | $4.49 | $5.07 | $5.47 | $6.02 |
| YoY | — | +5.2% | +12.9% | +7.9% | +10.1% |
| Weighted shares — basic | 474.3M | 468.9M | 461.2M | 454.2M | 443.4M |
| Weighted shares — diluted | 476.7M | 470.4M | 462.3M | 454.8M | 443.8M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $3.5B | $3.6B | $2.0B | $2.0B | $2.5B |
| YoY | — | +2.8% | -43.0% | -2.6% | +23.3% |
| Marketable securities (current) | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Accounts receivable | $1.1B | $1.2B | $1.3B | $1.3B | $1.4B |
| YoY | — | +7.2% | +7.3% | +0.9% | +7.1% |
| Inventory | $1.9B | $2.3B | $2.6B | $2.3B | $2.5B |
| YoY | — | +21.9% | +9.3% | -10.1% | +6.9% |
| Total current assets | $6.9B | $7.5B | $6.3B | $6.0B | $6.8B |
| YoY | — | +8.3% | -15.5% | -5.6% | +13.1% |
| Total assets | $13.9B | $14.9B | $14.3B | $14.2B | $15.5B |
| YoY | — | +7.4% | -4.3% | -0.3% | +8.8% |
| Total current liabilities | $1.8B | $3.2B | $1.9B | $3.4B | $2.2B |
| YoY | — | +76.2% | -40.4% | +80.6% | -36.3% |
| Total liabilities | $9.4B | $10.5B | $9.3B | $9.5B | $12.1B |
| YoY | — | +12.5% | -11.7% | +1.9% | +27.5% |
| Total equity | $4.5B | $4.4B | $5.0B | $4.8B | $3.4B |
| YoY | — | -3.0% | +13.4% | -4.5% | -28.4% |
| Shares outstanding | 472.6M | 463.8M | 458.4M | 448.5M | 424.9M |
| YoY | — | -1.9% | -1.2% | -2.2% | -5.3% |
Cash flow
Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Operating cash flow | $2.2B | $1.9B | $2.4B | $3.0B | $2.9B |
| YoY | — | -13.6% | +23.1% | +25.5% | -1.7% |
| Capital expenditures | $477.0M | $586.0M | $732.0M | $655.0M | $621.0M |
| YoY | — | +22.9% | +24.9% | -10.5% | -5.2% |
| Free cash flow | $1.7B | $1.3B | $1.6B | $2.3B | $2.3B |
| YoY | — | -23.6% | +22.2% | +41.8% | -0.7% |
| Dividends paid | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Share repurchases | $743.0M | $1.6B | $1.1B | $1.9B | $3.2B |
| YoY | — | +114.5% | -31.5% | +70.1% | +74.1% |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — |
| Operating margin | — | — | — | — | — |
| Net margin | 26.2% | 26.2% | 27.4% | 26.9% | 28.2% |
| Free cash flow margin | 22.3% | 16.4% | 19.0% | 24.8% | 24.1% |
| Effective tax rate | 18.2% | 20.5% | 20.3% | 20.3% | 20.4% |
| Current ratio | 3.86x | 2.37x | 3.36x | 1.75x | 3.12x |
| Total liabilities / equity | 2.06x | 2.39x | 1.86x | 1.98x | 3.54x |
Peer comparison — latest full year
Same sector (Health Care), sorted by revenue. All figures from the same EDGAR XBRL snapshot.
| Ticker | Revenue | Revenue YoY | Gross margin | Operating margin | Net margin | FCF margin |
|---|---|---|---|---|---|---|
| ZTS FY25 · this stock | $9.5B | +2.3% | — | — | 28.2% | 24.1% |
| UNH FY25 | $447.6B | +11.8% | — | 4.2% | 2.7% | 3.6% |
| CVS FY25 | $402.1B | +7.8% | — | 1.2% | 0.4% | 1.9% |
| CI FY25 | $274.9B | +11.2% | — | 3.3% | — | — |
| ELV FY25 | $199.1B | +12.5% | — | 3.6% | 2.8% | 1.6% |
| JNJ FY25 | $94.2B | +6.0% | 67.9% | — | 28.5% | 20.9% |
| LLY FY25 | $65.2B | +44.7% | — | — | 31.7% | — |
| MRK FY25 | $65.0B | +1.3% | — | — | 28.1% | 19.0% |
| ABBV FY25 | $61.2B | +8.6% | — | 24.6% | 6.9% | 29.1% |
| BMY FY25 | $48.2B | -0.2% | — | — | 14.6% | 26.7% |
| TMO FY25 | $44.6B | +3.9% | — | 17.4% | 15.0% | 14.1% |
Source: SEC EDGAR XBRL company facts (10-Q / 10-K), snapshot generated 2026-11-03 for 218 tickers. Q4 values are derived as the 10-K annual less the first nine months, since Q4 is not separately tagged in company facts; cash-flow quarterly values are derived from year-to-date filings the same way. Free cash flow = operating cash flow − capital expenditures. Blank cells mean the filing does not report that line item under a standard US-GAAP tag — nothing is estimated or filled in. Descriptive research, not investment advice. How EarnIQ builds fundamentals.