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Side-by-side financial comparison of Solventum (SOLV) 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× Solventum). Zoetis runs the higher net margin — 25.3% vs 3.2%, a 22.1% gap on every dollar of revenue. On growth, Zoetis posted the faster year-over-year revenue change (3.0% vs -3.7%). Zoetis produced more free cash flow last quarter ($732.0M vs $32.0M). Over the past eight quarters, Zoetis's revenue compounded faster (4.4% CAGR vs -0.4%).
Solventum Corporation is an American health care company that was spun off from 3M on April 1, 2024.
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...
SOLV vs ZTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $2.4B |
| Net Profit | $63.0M | $603.0M |
| Gross Margin | 51.4% | 70.2% |
| Operating Margin | 6.3% | 31.9% |
| Net Margin | 3.2% | 25.3% |
| Revenue YoY | -3.7% | 3.0% |
| Net Profit YoY | 103.2% | 3.8% |
| EPS (diluted) | $0.37 | $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 | $2.0B | $2.4B | ||
| Q3 25 | $2.1B | $2.4B | ||
| Q2 25 | $2.2B | $2.5B | ||
| Q1 25 | $2.1B | $2.2B | ||
| Q4 24 | $2.1B | $2.3B | ||
| Q3 24 | $2.1B | $2.4B | ||
| Q2 24 | $2.1B | $2.4B | ||
| Q1 24 | $2.0B | $2.2B |
| Q4 25 | $63.0M | $603.0M | ||
| Q3 25 | $1.3B | $721.0M | ||
| Q2 25 | $90.0M | $718.0M | ||
| Q1 25 | $137.0M | $631.0M | ||
| Q4 24 | $31.0M | $581.0M | ||
| Q3 24 | $122.0M | $682.0M | ||
| Q2 24 | $89.0M | $624.0M | ||
| Q1 24 | $237.0M | $599.0M |
| Q4 25 | 51.4% | 70.2% | ||
| Q3 25 | 54.2% | 71.5% | ||
| Q2 25 | 54.4% | 73.6% | ||
| Q1 25 | 53.8% | 72.0% | ||
| Q4 24 | 53.9% | 69.5% | ||
| Q3 24 | 56.0% | 70.6% | ||
| Q2 24 | 54.6% | 71.7% | ||
| Q1 24 | 58.1% | 70.6% |
| Q4 25 | 6.3% | 31.9% | ||
| Q3 25 | 80.6% | 37.0% | ||
| Q2 25 | 9.9% | 36.7% | ||
| Q1 25 | 7.3% | 36.5% | ||
| Q4 24 | 6.6% | 31.6% | ||
| Q3 24 | 13.2% | 36.6% | ||
| Q2 24 | 11.7% | 33.0% | ||
| Q1 24 | 18.9% | 34.1% |
| Q4 25 | 3.2% | 25.3% | ||
| Q3 25 | 60.4% | 30.0% | ||
| Q2 25 | 4.2% | 29.2% | ||
| Q1 25 | 6.6% | 28.4% | ||
| Q4 24 | 1.5% | 25.1% | ||
| Q3 24 | 5.9% | 28.6% | ||
| Q2 24 | 4.3% | 26.4% | ||
| Q1 24 | 11.8% | 27.4% |
| Q4 25 | $0.37 | $1.37 | ||
| Q3 25 | $7.22 | $1.63 | ||
| Q2 25 | $0.51 | $1.61 | ||
| Q1 25 | $0.78 | $1.41 | ||
| Q4 24 | $0.18 | $1.29 | ||
| Q3 24 | $0.70 | $1.50 | ||
| Q2 24 | $0.51 | $1.37 | ||
| Q1 24 | $1.37 | $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 | $878.0M | — |
| Total DebtLower is stronger | $5.0B | — |
| Stockholders' EquityBook value | $5.0B | $3.3B |
| Total Assets | $14.3B | $15.5B |
| Debt / EquityLower = less leverage | 1.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $878.0M | — | ||
| Q3 25 | $1.6B | $2.1B | ||
| Q2 25 | $492.0M | $1.4B | ||
| Q1 25 | $534.0M | $1.7B | ||
| Q4 24 | $762.0M | $2.0B | ||
| Q3 24 | $772.0M | $1.7B | ||
| Q2 24 | $897.0M | $1.6B | ||
| Q1 24 | $996.0M | $2.0B |
| Q4 25 | $5.0B | — | ||
| Q3 25 | $5.1B | — | ||
| Q2 25 | $7.8B | — | ||
| Q1 25 | $7.9B | — | ||
| Q4 24 | $8.0B | — | ||
| Q3 24 | $8.1B | — | ||
| Q2 24 | $8.3B | — | ||
| Q1 24 | $8.3B | — |
| Q4 25 | $5.0B | $3.3B | ||
| Q3 25 | $5.0B | $5.4B | ||
| Q2 25 | $3.6B | $5.0B | ||
| Q1 25 | $3.3B | $4.7B | ||
| Q4 24 | $3.0B | $4.8B | ||
| Q3 24 | $3.2B | $5.2B | ||
| Q2 24 | $2.9B | $5.0B | ||
| Q1 24 | $3.9B | $5.1B |
| Q4 25 | $14.3B | $15.5B | ||
| Q3 25 | $14.0B | $15.2B | ||
| Q2 25 | $15.1B | $14.5B | ||
| Q1 25 | $14.5B | $14.1B | ||
| Q4 24 | $14.5B | $14.2B | ||
| Q3 24 | $14.7B | $14.4B | ||
| Q2 24 | $14.6B | $14.2B | ||
| Q1 24 | $14.7B | $14.3B |
| Q4 25 | 1.00× | — | ||
| Q3 25 | 1.03× | — | ||
| Q2 25 | 2.14× | — | ||
| Q1 25 | 2.43× | — | ||
| Q4 24 | 2.71× | — | ||
| Q3 24 | 2.54× | — | ||
| Q2 24 | 2.90× | — | ||
| Q1 24 | 2.16× | — |
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 | $95.0M | $893.0M |
| Free Cash FlowOCF − Capex | $32.0M | $732.0M |
| FCF MarginFCF / Revenue | 1.6% | 30.7% |
| Capex IntensityCapex / Revenue | 3.2% | 6.7% |
| Cash ConversionOCF / Net Profit | 1.51× | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | $-10.0M | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $95.0M | $893.0M | ||
| Q3 25 | $76.0M | $938.0M | ||
| Q2 25 | $169.0M | $486.0M | ||
| Q1 25 | $29.0M | $587.0M | ||
| Q4 24 | $219.0M | $905.0M | ||
| Q3 24 | $169.0M | $951.0M | ||
| Q2 24 | $355.0M | $502.0M | ||
| Q1 24 | $442.0M | $595.0M |
| Q4 25 | $32.0M | $732.0M | ||
| Q3 25 | $-21.0M | $805.0M | ||
| Q2 25 | $59.0M | $308.0M | ||
| Q1 25 | $-80.0M | $438.0M | ||
| Q4 24 | $92.0M | $689.0M | ||
| Q3 24 | $76.0M | $784.0M | ||
| Q2 24 | $297.0M | $370.0M | ||
| Q1 24 | $340.0M | $455.0M |
| Q4 25 | 1.6% | 30.7% | ||
| Q3 25 | -1.0% | 33.5% | ||
| Q2 25 | 2.7% | 12.5% | ||
| Q1 25 | -3.9% | 19.7% | ||
| Q4 24 | 4.4% | 29.7% | ||
| Q3 24 | 3.7% | 32.8% | ||
| Q2 24 | 14.3% | 15.7% | ||
| Q1 24 | 16.9% | 20.8% |
| Q4 25 | 3.2% | 6.7% | ||
| Q3 25 | 4.6% | 5.5% | ||
| Q2 25 | 5.1% | 7.2% | ||
| Q1 25 | 5.3% | 6.7% | ||
| Q4 24 | 6.1% | 9.3% | ||
| Q3 24 | 4.5% | 7.0% | ||
| Q2 24 | 2.8% | 5.6% | ||
| Q1 24 | 5.1% | 6.4% |
| Q4 25 | 1.51× | 1.48× | ||
| Q3 25 | 0.06× | 1.30× | ||
| Q2 25 | 1.88× | 0.68× | ||
| Q1 25 | 0.21× | 0.93× | ||
| Q4 24 | 7.06× | 1.56× | ||
| Q3 24 | 1.39× | 1.39× | ||
| Q2 24 | 3.99× | 0.80× | ||
| Q1 24 | 1.86× | 0.99× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SOLV
| Infection Prevention And Surgical Solutions | $752.0M | 38% |
| Cost Of Software And Rentals | $508.0M | 25% |
| Health Information Systems Segment | $347.0M | 17% |
| Dental Solutions Segment | $343.0M | 17% |
| Related Party | $14.0M | 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% |
