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Side-by-side financial comparison of Carlyle Group Inc. (CG) and Zoetis (ZTS). Click either name above to swap in a different company.
Zoetis is the larger business by last-quarter revenue ($2.4B vs $1.9B, roughly 1.3× Carlyle Group Inc.). Zoetis runs the higher net margin — 25.3% vs 18.8%, a 6.4% gap on every dollar of revenue. On growth, Carlyle Group Inc. posted the faster year-over-year revenue change (84.1% vs 3.0%). Zoetis produced more free cash flow last quarter ($732.0M vs $-1.2B). Over the past eight quarters, Carlyle Group Inc.'s revenue compounded faster (66.2% CAGR vs 4.4%).
The Carlyle Group Inc. is an American multinational company with operations in private equity, alternative asset management and financial services. As of 2023, the company had $426 billion of assets under management.
Zoetis Inc. (/zō-EH-tis/) is an American drug company, the world's largest producer of medicine and vaccinations for pets and livestock. The company was a subsidiary of Pfizer, the world's largest drug maker, but with Pfizer's spinoff of its 83% interest in the firm it is now a completely independent company. The company directly markets its products in approximately 45 countries, and sells them in more than 100 countries. Operations outside the United States accounted for 50% of the total re...
CG vs ZTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $2.4B |
| Net Profit | $358.1M | $603.0M |
| Gross Margin | — | 70.2% |
| Operating Margin | 24.3% | 31.9% |
| Net Margin | 18.8% | 25.3% |
| Revenue YoY | 84.1% | 3.0% |
| Net Profit YoY | 69.8% | 3.8% |
| EPS (diluted) | $0.96 | $1.37 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.9B | $2.4B | ||
| Q3 25 | $332.7M | $2.4B | ||
| Q2 25 | $1.6B | $2.5B | ||
| Q1 25 | $973.1M | $2.2B | ||
| Q4 24 | $1.0B | $2.3B | ||
| Q3 24 | $2.6B | $2.4B | ||
| Q2 24 | $1.1B | $2.4B | ||
| Q1 24 | $688.4M | $2.2B |
| Q4 25 | $358.1M | $603.0M | ||
| Q3 25 | $900.0K | $721.0M | ||
| Q2 25 | $319.7M | $718.0M | ||
| Q1 25 | $130.0M | $631.0M | ||
| Q4 24 | $210.9M | $581.0M | ||
| Q3 24 | $595.7M | $682.0M | ||
| Q2 24 | $148.2M | $624.0M | ||
| Q1 24 | $65.6M | $599.0M |
| Q4 25 | — | 70.2% | ||
| Q3 25 | — | 71.5% | ||
| Q2 25 | — | 73.6% | ||
| Q1 25 | — | 72.0% | ||
| Q4 24 | — | 69.5% | ||
| Q3 24 | — | 70.6% | ||
| Q2 24 | — | 71.7% | ||
| Q1 24 | — | 70.6% |
| Q4 25 | 24.3% | 31.9% | ||
| Q3 25 | 25.8% | 37.0% | ||
| Q2 25 | 28.0% | 36.7% | ||
| Q1 25 | 17.6% | 36.5% | ||
| Q4 24 | 25.7% | 31.6% | ||
| Q3 24 | 29.9% | 36.6% | ||
| Q2 24 | 20.5% | 33.0% | ||
| Q1 24 | 17.5% | 34.1% |
| Q4 25 | 18.8% | 25.3% | ||
| Q3 25 | 0.3% | 30.0% | ||
| Q2 25 | 20.3% | 29.2% | ||
| Q1 25 | 13.4% | 28.4% | ||
| Q4 24 | 20.4% | 25.1% | ||
| Q3 24 | 22.6% | 28.6% | ||
| Q2 24 | 13.9% | 26.4% | ||
| Q1 24 | 9.5% | 27.4% |
| Q4 25 | $0.96 | $1.37 | ||
| Q3 25 | $0.00 | $1.63 | ||
| Q2 25 | $0.87 | $1.61 | ||
| Q1 25 | $0.35 | $1.41 | ||
| Q4 24 | $0.56 | $1.29 | ||
| Q3 24 | $1.63 | $1.50 | ||
| Q2 24 | $0.40 | $1.37 | ||
| Q1 24 | $0.18 | $1.31 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.0B | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $7.1B | $3.3B |
| Total Assets | $29.1B | $15.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | — | ||
| Q3 25 | $2.2B | $2.1B | ||
| Q2 25 | $1.3B | $1.4B | ||
| Q1 25 | $1.2B | $1.7B | ||
| Q4 24 | $1.3B | $2.0B | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | $914.8M | $1.6B | ||
| Q1 24 | $1.3B | $2.0B |
| Q4 25 | $7.1B | $3.3B | ||
| Q3 25 | $6.8B | $5.4B | ||
| Q2 25 | $6.7B | $5.0B | ||
| Q1 25 | $6.4B | $4.7B | ||
| Q4 24 | $6.3B | $4.8B | ||
| Q3 24 | $6.3B | $5.2B | ||
| Q2 24 | $5.7B | $5.0B | ||
| Q1 24 | $5.7B | $5.1B |
| Q4 25 | $29.1B | $15.5B | ||
| Q3 25 | $27.1B | $15.2B | ||
| Q2 25 | $25.1B | $14.5B | ||
| Q1 25 | $24.1B | $14.1B | ||
| Q4 24 | $23.1B | $14.2B | ||
| Q3 24 | $22.7B | $14.4B | ||
| Q2 24 | $22.3B | $14.2B | ||
| Q1 24 | $20.8B | $14.3B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-1.2B | $893.0M |
| Free Cash FlowOCF − Capex | $-1.2B | $732.0M |
| FCF MarginFCF / Revenue | -65.1% | 30.7% |
| Capex IntensityCapex / Revenue | 2.2% | 6.7% |
| Cash ConversionOCF / Net Profit | -3.34× | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.4B | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.2B | $893.0M | ||
| Q3 25 | $-1.6B | $938.0M | ||
| Q2 25 | $-168.8M | $486.0M | ||
| Q1 25 | $-352.1M | $587.0M | ||
| Q4 24 | $-352.8M | $905.0M | ||
| Q3 24 | $791.9M | $951.0M | ||
| Q2 24 | $-1.3B | $502.0M | ||
| Q1 24 | $71.1M | $595.0M |
| Q4 25 | $-1.2B | $732.0M | ||
| Q3 25 | $-1.6B | $805.0M | ||
| Q2 25 | $-186.3M | $308.0M | ||
| Q1 25 | $-368.8M | $438.0M | ||
| Q4 24 | $-379.5M | $689.0M | ||
| Q3 24 | $772.8M | $784.0M | ||
| Q2 24 | $-1.3B | $370.0M | ||
| Q1 24 | $56.9M | $455.0M |
| Q4 25 | -65.1% | 30.7% | ||
| Q3 25 | -475.7% | 33.5% | ||
| Q2 25 | -11.8% | 12.5% | ||
| Q1 25 | -37.9% | 19.7% | ||
| Q4 24 | -36.8% | 29.7% | ||
| Q3 24 | 29.3% | 32.8% | ||
| Q2 24 | -120.4% | 15.7% | ||
| Q1 24 | 8.3% | 20.8% |
| Q4 25 | 2.2% | 6.7% | ||
| Q3 25 | 7.0% | 5.5% | ||
| Q2 25 | 1.1% | 7.2% | ||
| Q1 25 | 1.7% | 6.7% | ||
| Q4 24 | 2.6% | 9.3% | ||
| Q3 24 | 0.7% | 7.0% | ||
| Q2 24 | 1.7% | 5.6% | ||
| Q1 24 | 2.1% | 6.4% |
| Q4 25 | -3.34× | 1.48× | ||
| Q3 25 | -1732.78× | 1.30× | ||
| Q2 25 | -0.53× | 0.68× | ||
| Q1 25 | -2.71× | 0.93× | ||
| Q4 24 | -1.67× | 1.56× | ||
| Q3 24 | 1.33× | 1.39× | ||
| Q2 24 | -8.57× | 0.80× | ||
| Q1 24 | 1.08× | 0.99× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CG
| Fund Management Fee | $606.8M | 32% |
| Other | $528.7M | 28% |
| Global Private Equity Segment | $307.3M | 16% |
| Global Credit Segment | $238.0M | 13% |
| Carlyle Alp Invest Segment | $124.6M | 7% |
| Incentive Fee | $55.4M | 3% |
| Fee Related Performance Revenues | $29.2M | 2% |
| Investment Advice | $11.1M | 1% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
