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Held by 388 of 2,417 reporting institutions (98th percentile) — extremely crowded.
Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 23 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LLY | $1.26T | 61.8× | — | 19.4× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 1,730 |
| JNJ | $657.7B | 24.8× | 20.9× | 7.0× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | 0.9× | 1,839 |
| ABBV | $521.1B | 125.0× | 36.8× | 8.5× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 3.9× | 1,635 |
| MRK | $368.9B | 20.5× | — | 5.7× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 1,469 |
| ABT | $183.8B | 28.6× | 19.8× | 4.2× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 0.5× | 1,081 |
| PFE | $174.0B | 22.4× | — | 2.8× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 1,034 |
| VRTX | $141.7B | 36.5× | 31.2× | 11.8× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | -1.2× | 568 |
| BMY | $127.7B | 18.1× | — | 2.6× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 904 |
| REGN | $95.5B | 22.4× | 22.9× | 6.7× | 1.0% | — | 31.4% | 14.4% | 13.6% | -0.3× | 408 |
| TEVA | $49.1B | 34.8× | 18.4× | 2.8× | 4.3% | 51.8% | 8.2% | 17.8% | 14.5% | -0.7× | 7 |
| ONC | $42.1B | — | 65.5× | 7.9× | 40.2% | 87.5% | 5.4% | 6.6% | 5.4% | -6.1× | 61 |
| ZTS | $32.9B | 13.2× | 10.4× | 3.5× | 2.3% | 71.8% | 28.2% | 78.3% | 21.5% | 1.7× | 388 |
| RPRX | $29.9B | 37.7× | 24.5× | 12.6× | 5.1% | — | 32.4% | 7.9% | 4.1% | 5.3× | 161 |
| UTHR | $25.7B | 21.5× | 15.3× | 8.1× | 10.6% | 87.9% | 41.9% | 18.8% | 18.8% | -1.0× | 202 |
| INSM | $24.7B | — | — | 40.7× | 66.7% | 79.7% | -211% | -173% | -99.8% | — | 154 |
| ALNY | $22.1B | 70.8× | 36.7× | 6.0× | 65.2% | 81.8% | 8.4% | 39.8% | 39.8% | -3.0× | 163 |
| ELAN | $11.5B | — | — | 2.4× | 6.2% | 55.0% | -4.9% | -3.5% | -2.2% | — | 122 |
| BMRN | $11.3B | 32.5× | 21.7× | 3.5× | 12.9% | 77.7% | 10.8% | 5.7% | 5.2% | -1.5× | 119 |
| TGTX | $9.4B | 22.1× | 77.3× | 15.2× | 87.3% | 83.7% | 72.6% | 69.0% | 50.0% | 1.4× | 99 |
| CORT | $8.8B | 98.9× | 188.2× | 11.5× | 12.8% | 98.3% | 13.1% | 15.4% | 15.4% | -2.6× | 107 |
| ALKS | $7.6B | 31.7× | 25.7× | 5.2× | -5.2% | 86.7% | 16.4% | 13.3% | 13.3% | -1.4× | 74 |
| AMRX | $7.5B | 97.8× | 21.7× | 2.5× | 8.0% | 36.9% | 2.4% | -102% | 2.9% | 5.1× | 73 |
| KNSA | $7.2B | 123.0× | 91.5× | 10.7× | 60.1% | 88.5% | 8.7% | 10.4% | 10.4% | -2.1× | 1 |
| IONS | $7.2B | — | — | 7.7× | 33.8% | 98.3% | -40.4% | -78.0% | -17.0% | — | 81 |
Peers = companies sharing ZTS's sector (Pharmaceutical Preparations) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $79.72 today, the market must believe free cash flow compounds 0.4%/yr for a decade (off $2.07B on the 3-yr avg basis).
On the basis ($2.00B) the requirement is 0.9%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 0.4% is more conservative than its 9-yr track record.
Default is 7.0% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.41B shares (market data) · net debt $6.59B
mean 24.0% · volatility σ 43% · implied rate exceeded in 6/9 yrs
Central path = implied 0.4%/yr growth; shaded band = ±1σ (43%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $3.23B buybacks = $3.23B returned on $2.28B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 21%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $2.45B (at 2025-12-31) covers the $750.0M due within a year 3.3× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~2.5% on $9.04B of debt.
Cash of $2.45B fully covers short-term debt of $0.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.47B 100.0% | $9.26B 100.0% | $8.54B 100.0% | $8.08B 100.0% | $7.78B 100.0% | $6.67B 100.0% | $6.26B 100.0% | $5.83B 100.0% | $5.31B 100.0% | $4.89B 100.0% |
| Cost of Revenue | $2.67B 28.2% | $2.72B 29.4% | $2.56B 30.0% | $2.45B 30.4% | $2.30B 29.6% | $2.06B 30.8% | $1.99B 31.8% | $1.91B 32.8% | $1.77B 33.4% | $1.67B 34.1% |
| Selling, General & Admin | $2.38B 25.1% | $2.32B 25.0% | $2.15B 25.2% | $2.01B 24.9% | $2.00B 25.7% | $1.73B 25.9% | $1.64B 26.2% | $1.48B 25.5% | $1.33B 25.1% | $1.36B 27.9% |
| Interest Expense | $222.0M 2.3% | $225.0M 2.4% | $239.0M 2.8% | $221.0M 2.7% | $224.0M 2.9% | $231.0M 3.5% | $223.0M 3.6% | $206.0M 3.5% | $175.0M 3.3% | $166.0M 3.4% |
| Other Income (Expense), net | $36.0M 0.4% | $19.0M 0.2% | $159.0M 1.9% | -$40.0M -0.5% | -$48.0M -0.6% | -$17.0M -0.3% | $57.0M 0.9% | $83.0M 1.4% | -$6.0M -0.1% | $2.0M 0.0% |
| Pretax Income | $3.36B 35.5% | $3.13B 33.8% | $2.94B 34.4% | $2.66B 32.9% | $2.49B 32.0% | $2.00B 29.9% | $1.80B 28.8% | $1.69B 29.0% | $1.52B 28.7% | $1.23B 25.1% |
| Income Tax Expense | $687.0M 7.3% | $637.0M 6.9% | $596.0M 7.0% | $545.0M 6.7% | $454.0M 5.8% | $360.0M 5.4% | $301.0M 4.8% | $266.0M 4.6% | $663.0M 12.5% | $409.0M 8.4% |
| Net Income | $2.67B 28.2% | $2.49B 26.9% | $2.34B 27.4% | $2.11B 26.2% | $2.04B 26.2% | $1.64B 24.5% | $1.50B 24.0% | $1.43B 24.5% | $864.0M 16.3% | $821.0M 16.8% |
| Per Share | ||||||||||
| EPS (Basic) | $6.03 | $5.47 | $5.08 | $4.51 | $4.29 | $3.44 | $3.14 | $2.96 | $1.76 | $1.66 |
| EPS (Diluted) | $6.02 | $5.47 | $5.07 | $4.49 | $4.27 | $3.42 | $3.11 | $2.93 | $1.75 | $1.65 |
| Weighted Avg Shares (Basic) | 443.4M | 454.2M | 461.2M | 468.9M | 474.3M | 475.5M | 478.1M | 483.1M | 489.9M | 495.7M |
| Weighted Avg Shares (Diluted) | 443.8M | 454.8M | 462.3M | 470.4M | 476.7M | 478.6M | 481.8M | 486.9M | 493.2M | 498.2M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-30
Where each multiple sits in its own 13-yr range · 2th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 13-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 78% against ROIC 21% — 57% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 65.3% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 3.0× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue |
|---|