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Side-by-side financial comparison of ICON PLC (ICLR) 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 $2.0B, roughly 1.2× ICON PLC). Zoetis runs the higher net margin — 25.3% vs 0.1%, a 25.1% gap on every dollar of revenue. On growth, Zoetis posted the faster year-over-year revenue change (3.0% vs 0.6%). Zoetis produced more free cash flow last quarter ($732.0M vs $333.9M). Over the past eight quarters, Zoetis's revenue compounded faster (4.4% CAGR vs 0.6%).
ICON plc is an Irish headquartered multinational healthcare intelligence and clinical research organisation. As of February 2025 had approximately 41,900 employees in 55 countries.
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...
ICLR vs ZTS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $2.4B |
| Net Profit | $2.4M | $603.0M |
| Gross Margin | — | 70.2% |
| Operating Margin | 4.2% | 31.9% |
| Net Margin | 0.1% | 25.3% |
| Revenue YoY | 0.6% | 3.0% |
| Net Profit YoY | -98.8% | 3.8% |
| EPS (diluted) | $0.03 | $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 | — | $2.4B | ||
| Q3 25 | $2.0B | $2.4B | ||
| Q2 25 | $2.0B | $2.5B | ||
| Q1 25 | $2.0B | $2.2B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | $2.0B | $2.4B | ||
| Q2 24 | $2.1B | $2.4B | ||
| Q1 24 | $2.1B | $2.2B |
| Q4 25 | — | $603.0M | ||
| Q3 25 | $2.4M | $721.0M | ||
| Q2 25 | $183.0M | $718.0M | ||
| Q1 25 | $154.2M | $631.0M | ||
| Q4 24 | — | $581.0M | ||
| Q3 24 | $197.1M | $682.0M | ||
| Q2 24 | $146.9M | $624.0M | ||
| Q1 24 | $187.4M | $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 | — | 31.9% | ||
| Q3 25 | 4.2% | 37.0% | ||
| Q2 25 | 10.4% | 36.7% | ||
| Q1 25 | 11.0% | 36.5% | ||
| Q4 24 | — | 31.6% | ||
| Q3 24 | 14.1% | 36.6% | ||
| Q2 24 | 10.8% | 33.0% | ||
| Q1 24 | 13.7% | 34.1% |
| Q4 25 | — | 25.3% | ||
| Q3 25 | 0.1% | 30.0% | ||
| Q2 25 | 9.1% | 29.2% | ||
| Q1 25 | 7.7% | 28.4% | ||
| Q4 24 | — | 25.1% | ||
| Q3 24 | 9.7% | 28.6% | ||
| Q2 24 | 6.9% | 26.4% | ||
| Q1 24 | 9.0% | 27.4% |
| Q4 25 | — | $1.37 | ||
| Q3 25 | $0.03 | $1.63 | ||
| Q2 25 | $2.30 | $1.61 | ||
| Q1 25 | $1.90 | $1.41 | ||
| Q4 24 | — | $1.29 | ||
| Q3 24 | $2.36 | $1.50 | ||
| Q2 24 | $1.76 | $1.37 | ||
| Q1 24 | $2.25 | $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 | $468.9M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.3B | $3.3B |
| Total Assets | $16.5B | $15.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $468.9M | $2.1B | ||
| Q2 25 | $390.4M | $1.4B | ||
| Q1 25 | $526.7M | $1.7B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | $695.5M | $1.7B | ||
| Q2 24 | $506.6M | $1.6B | ||
| Q1 24 | $396.1M | $2.0B |
| Q4 25 | — | $3.3B | ||
| Q3 25 | $9.3B | $5.4B | ||
| Q2 25 | $9.6B | $5.0B | ||
| Q1 25 | $9.5B | $4.7B | ||
| Q4 24 | — | $4.8B | ||
| Q3 24 | $9.8B | $5.2B | ||
| Q2 24 | $9.6B | $5.0B | ||
| Q1 24 | $9.4B | $5.1B |
| Q4 25 | — | $15.5B | ||
| Q3 25 | $16.5B | $15.2B | ||
| Q2 25 | $16.6B | $14.5B | ||
| Q1 25 | $16.7B | $14.1B | ||
| Q4 24 | — | $14.2B | ||
| Q3 24 | $17.2B | $14.4B | ||
| Q2 24 | $17.0B | $14.2B | ||
| Q1 24 | $17.0B | $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 | $387.6M | $893.0M |
| Free Cash FlowOCF − Capex | $333.9M | $732.0M |
| FCF MarginFCF / Revenue | 16.3% | 30.7% |
| Capex IntensityCapex / Revenue | 2.6% | 6.7% |
| Cash ConversionOCF / Net Profit | 164.59× | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | $1.0B | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $893.0M | ||
| Q3 25 | $387.6M | $938.0M | ||
| Q2 25 | $146.2M | $486.0M | ||
| Q1 25 | $268.2M | $587.0M | ||
| Q4 24 | — | $905.0M | ||
| Q3 24 | $402.7M | $951.0M | ||
| Q2 24 | $218.6M | $502.0M | ||
| Q1 24 | $327.1M | $595.0M |
| Q4 25 | — | $732.0M | ||
| Q3 25 | $333.9M | $805.0M | ||
| Q2 25 | $113.9M | $308.0M | ||
| Q1 25 | $239.3M | $438.0M | ||
| Q4 24 | — | $689.0M | ||
| Q3 24 | $359.3M | $784.0M | ||
| Q2 24 | $182.3M | $370.0M | ||
| Q1 24 | $299.9M | $455.0M |
| Q4 25 | — | 30.7% | ||
| Q3 25 | 16.3% | 33.5% | ||
| Q2 25 | 5.6% | 12.5% | ||
| Q1 25 | 12.0% | 19.7% | ||
| Q4 24 | — | 29.7% | ||
| Q3 24 | 17.7% | 32.8% | ||
| Q2 24 | 8.6% | 15.7% | ||
| Q1 24 | 14.3% | 20.8% |
| Q4 25 | — | 6.7% | ||
| Q3 25 | 2.6% | 5.5% | ||
| Q2 25 | 1.6% | 7.2% | ||
| Q1 25 | 1.4% | 6.7% | ||
| Q4 24 | — | 9.3% | ||
| Q3 24 | 2.1% | 7.0% | ||
| Q2 24 | 1.7% | 5.6% | ||
| Q1 24 | 1.3% | 6.4% |
| Q4 25 | — | 1.48× | ||
| Q3 25 | 164.59× | 1.30× | ||
| Q2 25 | 0.80× | 0.68× | ||
| Q1 25 | 1.74× | 0.93× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | 2.04× | 1.39× | ||
| Q2 24 | 1.49× | 0.80× | ||
| Q1 24 | 1.74× | 0.99× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ICLR
| Other Customers | $681.3M | 33% |
| Clients1125 | $549.4M | 27% |
| Clients15 | $503.3M | 25% |
| Clients610 | $308.8M | 15% |
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% |
