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Side-by-side financial comparison of Under Armour, Inc. (UAA) 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 $1.3B, roughly 1.8× Under Armour, Inc.). Zoetis runs the higher net margin — 25.3% vs -32.4%, a 57.7% gap on every dollar of revenue. On growth, Zoetis posted the faster year-over-year revenue change (3.0% vs -5.2%). Zoetis produced more free cash flow last quarter ($732.0M vs $261.9M). Over the past eight quarters, Zoetis's revenue compounded faster (4.4% CAGR vs -0.2%).
Under Armour, Inc. is an American sportswear company that manufactures footwear and apparel headquartered in Baltimore, Maryland, United States.
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...
UAA vs ZTS — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.3B | $2.4B |
| Net Profit | $-430.8M | $603.0M |
| Gross Margin | 44.4% | 70.2% |
| Operating Margin | -11.3% | 31.9% |
| Net Margin | -32.4% | 25.3% |
| Revenue YoY | -5.2% | 3.0% |
| Net Profit YoY | -35013.0% | 3.8% |
| EPS (diluted) | $-1.01 | $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 | $1.3B | $2.4B | ||
| Q3 25 | $1.3B | $2.4B | ||
| Q2 25 | $1.1B | $2.5B | ||
| Q1 25 | $1.2B | $2.2B | ||
| Q4 24 | $1.4B | $2.3B | ||
| Q3 24 | $1.4B | $2.4B | ||
| Q2 24 | $1.2B | $2.4B | ||
| Q1 24 | $1.3B | $2.2B |
| Q4 25 | $-430.8M | $603.0M | ||
| Q3 25 | $-18.8M | $721.0M | ||
| Q2 25 | $-2.6M | $718.0M | ||
| Q1 25 | $-67.5M | $631.0M | ||
| Q4 24 | $1.2M | $581.0M | ||
| Q3 24 | $170.4M | $682.0M | ||
| Q2 24 | $-305.4M | $624.0M | ||
| Q1 24 | $6.6M | $599.0M |
| Q4 25 | 44.4% | 70.2% | ||
| Q3 25 | 47.3% | 71.5% | ||
| Q2 25 | 48.2% | 73.6% | ||
| Q1 25 | 46.7% | 72.0% | ||
| Q4 24 | 47.5% | 69.5% | ||
| Q3 24 | 49.8% | 70.6% | ||
| Q2 24 | 47.5% | 71.7% | ||
| Q1 24 | 45.0% | 70.6% |
| Q4 25 | -11.3% | 31.9% | ||
| Q3 25 | 1.3% | 37.0% | ||
| Q2 25 | 0.3% | 36.7% | ||
| Q1 25 | -6.1% | 36.5% | ||
| Q4 24 | 1.0% | 31.6% | ||
| Q3 24 | 12.4% | 36.6% | ||
| Q2 24 | -25.3% | 33.0% | ||
| Q1 24 | -0.3% | 34.1% |
| Q4 25 | -32.4% | 25.3% | ||
| Q3 25 | -1.4% | 30.0% | ||
| Q2 25 | -0.2% | 29.2% | ||
| Q1 25 | -5.7% | 28.4% | ||
| Q4 24 | 0.1% | 25.1% | ||
| Q3 24 | 12.2% | 28.6% | ||
| Q2 24 | -25.8% | 26.4% | ||
| Q1 24 | 0.5% | 27.4% |
| Q4 25 | $-1.01 | $1.37 | ||
| Q3 25 | $-0.04 | $1.63 | ||
| Q2 25 | $-0.01 | $1.61 | ||
| Q1 25 | $-0.16 | $1.41 | ||
| Q4 24 | $0.00 | $1.29 | ||
| Q3 24 | $0.39 | $1.50 | ||
| Q2 24 | $-0.70 | $1.37 | ||
| Q1 24 | $0.02 | $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 | $464.6M | — |
| Total DebtLower is stronger | $989.7M | — |
| Stockholders' EquityBook value | $1.4B | $3.3B |
| Total Assets | $4.6B | $15.5B |
| Debt / EquityLower = less leverage | 0.69× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $464.6M | — | ||
| Q3 25 | $396.0M | $2.1B | ||
| Q2 25 | $911.0M | $1.4B | ||
| Q1 25 | $501.4M | $1.7B | ||
| Q4 24 | $726.9M | $2.0B | ||
| Q3 24 | $530.7M | $1.7B | ||
| Q2 24 | $884.6M | $1.6B | ||
| Q1 24 | $858.7M | $2.0B |
| Q4 25 | $989.7M | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $989.2M | — | ||
| Q1 25 | $595.1M | — | ||
| Q4 24 | $595.2M | — | ||
| Q3 24 | $594.6M | — | ||
| Q2 24 | $595.4M | — | ||
| Q1 24 | $675.8M | — |
| Q4 25 | $1.4B | $3.3B | ||
| Q3 25 | $1.9B | $5.4B | ||
| Q2 25 | $1.9B | $5.0B | ||
| Q1 25 | $1.9B | $4.7B | ||
| Q4 24 | $2.0B | $4.8B | ||
| Q3 24 | $2.0B | $5.2B | ||
| Q2 24 | $1.8B | $5.0B | ||
| Q1 24 | $2.2B | $5.1B |
| Q4 25 | $4.6B | $15.5B | ||
| Q3 25 | $4.9B | $15.2B | ||
| Q2 25 | $4.9B | $14.5B | ||
| Q1 25 | $4.3B | $14.1B | ||
| Q4 24 | $4.6B | $14.2B | ||
| Q3 24 | $4.5B | $14.4B | ||
| Q2 24 | $4.9B | $14.2B | ||
| Q1 24 | $4.8B | $14.3B |
| Q4 25 | 0.69× | — | ||
| Q3 25 | 0.64× | — | ||
| Q2 25 | 0.53× | — | ||
| Q1 25 | 0.31× | — | ||
| Q4 24 | 0.30× | — | ||
| Q3 24 | 0.30× | — | ||
| Q2 24 | 0.33× | — | ||
| Q1 24 | 0.31× | — |
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 | $278.1M | $893.0M |
| Free Cash FlowOCF − Capex | $261.9M | $732.0M |
| FCF MarginFCF / Revenue | 19.7% | 30.7% |
| Capex IntensityCapex / Revenue | 1.2% | 6.7% |
| Cash ConversionOCF / Net Profit | — | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | $-45.9M | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.1M | $893.0M | ||
| Q3 25 | $-69.8M | $938.0M | ||
| Q2 25 | $48.9M | $486.0M | ||
| Q1 25 | $-202.2M | $587.0M | ||
| Q4 24 | $311.3M | $905.0M | ||
| Q3 24 | $-321.4M | $951.0M | ||
| Q2 24 | $153.0M | $502.0M | ||
| Q1 24 | $-122.9M | $595.0M |
| Q4 25 | $261.9M | $732.0M | ||
| Q3 25 | $-90.3M | $805.0M | ||
| Q2 25 | $13.5M | $308.0M | ||
| Q1 25 | $-231.0M | $438.0M | ||
| Q4 24 | $262.9M | $689.0M | ||
| Q3 24 | $-367.2M | $784.0M | ||
| Q2 24 | $107.3M | $370.0M | ||
| Q1 24 | $-156.7M | $455.0M |
| Q4 25 | 19.7% | 30.7% | ||
| Q3 25 | -6.8% | 33.5% | ||
| Q2 25 | 1.2% | 12.5% | ||
| Q1 25 | -19.6% | 19.7% | ||
| Q4 24 | 18.8% | 29.7% | ||
| Q3 24 | -26.2% | 32.8% | ||
| Q2 24 | 9.1% | 15.7% | ||
| Q1 24 | -11.8% | 20.8% |
| Q4 25 | 1.2% | 6.7% | ||
| Q3 25 | 1.5% | 5.5% | ||
| Q2 25 | 3.1% | 7.2% | ||
| Q1 25 | 2.4% | 6.7% | ||
| Q4 24 | 3.5% | 9.3% | ||
| Q3 24 | 3.3% | 7.0% | ||
| Q2 24 | 3.9% | 5.6% | ||
| Q1 24 | 2.5% | 6.4% |
| Q4 25 | — | 1.48× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | — | 0.68× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | 252.26× | 1.56× | ||
| Q3 24 | -1.89× | 1.39× | ||
| Q2 24 | — | 0.80× | ||
| Q1 24 | -18.71× | 0.99× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
UAA
| Apparel | $934.0M | 70% |
| Footwear | $265.1M | 20% |
| Accessories | $107.7M | 8% |
| License | $27.2M | 2% |
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% |
