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Side-by-side financial comparison of Macy's, Inc. (M) and Zoetis (ZTS). Click either name above to swap in a different company.
Macy's, Inc. is the larger business by last-quarter revenue ($4.7B vs $2.4B, roughly 2.0× Zoetis). Zoetis runs the higher net margin — 25.3% vs 0.2%, a 25.0% 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 $-101.0M). Over the past eight quarters, Zoetis's revenue compounded faster (4.4% CAGR vs -23.8%).
Macy's, Inc. is an American holding company of department stores. Upon its establishment in 1929, Federated held ownership of the regional department store chains Abraham & Straus, Lazarus, Filene's, and Shillito's. Bloomingdale's joined Federated Department Stores the next year. Throughout its early history, frequent acquisitions and divestitures saw the company operate a number of nameplates. In 1994, Federated took over Macy's, the old department store chain originally founded in 1858 by A...
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...
M vs ZTS — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.7B | $2.4B |
| Net Profit | $11.0M | $603.0M |
| Gross Margin | 39.4% | 70.2% |
| Operating Margin | 0.9% | 31.9% |
| Net Margin | 0.2% | 25.3% |
| Revenue YoY | -0.6% | 3.0% |
| Net Profit YoY | -60.7% | 3.8% |
| EPS (diluted) | $0.04 | $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 | $4.7B | $2.4B | ||
| Q3 25 | $4.8B | $2.4B | ||
| Q2 25 | $4.6B | $2.5B | ||
| Q1 25 | $7.8B | $2.2B | ||
| Q4 24 | $4.7B | $2.3B | ||
| Q3 24 | $4.9B | $2.4B | ||
| Q2 24 | $4.8B | $2.4B | ||
| Q1 24 | $8.1B | $2.2B |
| Q4 25 | $11.0M | $603.0M | ||
| Q3 25 | $87.0M | $721.0M | ||
| Q2 25 | $38.0M | $718.0M | ||
| Q1 25 | $342.0M | $631.0M | ||
| Q4 24 | $28.0M | $581.0M | ||
| Q3 24 | $150.0M | $682.0M | ||
| Q2 24 | $62.0M | $624.0M | ||
| Q1 24 | $-71.0M | $599.0M |
| Q4 25 | 39.4% | 70.2% | ||
| Q3 25 | 39.7% | 71.5% | ||
| Q2 25 | 39.2% | 73.6% | ||
| Q1 25 | 35.7% | 72.0% | ||
| Q4 24 | 39.6% | 69.5% | ||
| Q3 24 | 40.5% | 70.6% | ||
| Q2 24 | 39.2% | 71.7% | ||
| Q1 24 | 37.5% | 70.6% |
| Q4 25 | 0.9% | 31.9% | ||
| Q3 25 | 3.1% | 37.0% | ||
| Q2 25 | 2.0% | 36.7% | ||
| Q1 25 | 6.4% | 36.5% | ||
| Q4 24 | 1.3% | 31.6% | ||
| Q3 24 | 4.5% | 36.6% | ||
| Q2 24 | 2.6% | 33.0% | ||
| Q1 24 | -0.9% | 34.1% |
| Q4 25 | 0.2% | 25.3% | ||
| Q3 25 | 1.8% | 30.0% | ||
| Q2 25 | 0.8% | 29.2% | ||
| Q1 25 | 4.4% | 28.4% | ||
| Q4 24 | 0.6% | 25.1% | ||
| Q3 24 | 3.0% | 28.6% | ||
| Q2 24 | 1.3% | 26.4% | ||
| Q1 24 | -0.9% | 27.4% |
| Q4 25 | $0.04 | $1.37 | ||
| Q3 25 | $0.31 | $1.63 | ||
| Q2 25 | $0.13 | $1.61 | ||
| Q1 25 | $1.22 | $1.41 | ||
| Q4 24 | $0.10 | $1.29 | ||
| Q3 24 | $0.53 | $1.50 | ||
| Q2 24 | $0.22 | $1.37 | ||
| Q1 24 | $-0.25 | $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 | $447.0M | — |
| Total DebtLower is stronger | $2.4B | — |
| Stockholders' EquityBook value | $4.3B | $3.3B |
| Total Assets | $17.1B | $15.5B |
| Debt / EquityLower = less leverage | 0.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $447.0M | — | ||
| Q3 25 | $829.0M | $2.1B | ||
| Q2 25 | $932.0M | $1.4B | ||
| Q1 25 | $1.3B | $1.7B | ||
| Q4 24 | $315.0M | $2.0B | ||
| Q3 24 | $646.0M | $1.7B | ||
| Q2 24 | $876.0M | $1.6B | ||
| Q1 24 | $1.0B | $2.0B |
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.8B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.0B | — |
| Q4 25 | $4.3B | $3.3B | ||
| Q3 25 | $4.5B | $5.4B | ||
| Q2 25 | $4.5B | $5.0B | ||
| Q1 25 | $4.6B | $4.7B | ||
| Q4 24 | $4.1B | $4.8B | ||
| Q3 24 | $4.3B | $5.2B | ||
| Q2 24 | $4.2B | $5.0B | ||
| Q1 24 | $4.1B | $5.1B |
| Q4 25 | $17.1B | $15.5B | ||
| Q3 25 | $15.6B | $15.2B | ||
| Q2 25 | $16.1B | $14.5B | ||
| Q1 25 | $16.4B | $14.1B | ||
| Q4 24 | $17.3B | $14.2B | ||
| Q3 24 | $15.8B | $14.4B | ||
| Q2 24 | $16.4B | $14.2B | ||
| Q1 24 | $16.2B | $14.3B |
| Q4 25 | 0.56× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.62× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | 0.67× | — | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 0.72× | — | ||
| Q1 24 | 0.72× | — |
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 | $-8.0M | $893.0M |
| Free Cash FlowOCF − Capex | $-101.0M | $732.0M |
| FCF MarginFCF / Revenue | -2.1% | 30.7% |
| Capex IntensityCapex / Revenue | 2.0% | 6.7% |
| Cash ConversionOCF / Net Profit | -0.73× | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | $1.2B | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.0M | $893.0M | ||
| Q3 25 | $319.0M | $938.0M | ||
| Q2 25 | $-64.0M | $486.0M | ||
| Q1 25 | $1.3B | $587.0M | ||
| Q4 24 | $-167.0M | $905.0M | ||
| Q3 24 | $8.0M | $951.0M | ||
| Q2 24 | $129.0M | $502.0M | ||
| Q1 24 | $1.1B | $595.0M |
| Q4 25 | $-101.0M | $732.0M | ||
| Q3 25 | $240.0M | $805.0M | ||
| Q2 25 | $-164.0M | $308.0M | ||
| Q1 25 | $1.2B | $438.0M | ||
| Q4 24 | $-295.0M | $689.0M | ||
| Q3 24 | $-109.0M | $784.0M | ||
| Q2 24 | $-25.0M | $370.0M | ||
| Q1 24 | $1.0B | $455.0M |
| Q4 25 | -2.1% | 30.7% | ||
| Q3 25 | 5.0% | 33.5% | ||
| Q2 25 | -3.6% | 12.5% | ||
| Q1 25 | 15.3% | 19.7% | ||
| Q4 24 | -6.2% | 29.7% | ||
| Q3 24 | -2.2% | 32.8% | ||
| Q2 24 | -0.5% | 15.7% | ||
| Q1 24 | 12.3% | 20.8% |
| Q4 25 | 2.0% | 6.7% | ||
| Q3 25 | 1.6% | 5.5% | ||
| Q2 25 | 2.2% | 7.2% | ||
| Q1 25 | 1.5% | 6.7% | ||
| Q4 24 | 2.7% | 9.3% | ||
| Q3 24 | 2.4% | 7.0% | ||
| Q2 24 | 3.2% | 5.6% | ||
| Q1 24 | 1.8% | 6.4% |
| Q4 25 | -0.73× | 1.48× | ||
| Q3 25 | 3.67× | 1.30× | ||
| Q2 25 | -1.68× | 0.68× | ||
| Q1 25 | 3.82× | 0.93× | ||
| Q4 24 | -5.96× | 1.56× | ||
| Q3 24 | 0.05× | 1.39× | ||
| Q2 24 | 2.08× | 0.80× | ||
| Q1 24 | — | 0.99× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
M
| Womens Accessories Shoes Cosmetics And Fragrances | $1.9B | 41% |
| Womens Apparel | $1.1B | 23% |
| Mens And Kids | $1.0B | 22% |
| Home Other | $638.0M | 14% |
| Credit Card Revenues Net | $158.0M | 3% |
| Macys Media Network Revenue Net | $42.0M | 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% |
