WAT vs. ZTS: Waters vs. Zoetis Stock Comparison

November 11, 2026

How do Waters (WAT) and Zoetis (ZTS) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Waters (WAT) and Zoetis (ZTS) both fall under the Pharmaceuticals, Biotechnology & Life Sciences industry group, but WAT is classified in Life Sciences Tools & Services while ZTS is classified in Pharmaceuticals.

Company profile comparison for Waters (WAT) and Zoetis (ZTS)
Profile Item	WAT	ZTS
Name	Waters Corporation	Zoetis Inc. Class A Common Stock
Country/Region	United States	United States
GICS Sector	Health Care	Health Care
GICS Industry Group	Pharmaceuticals, Biotechnology & Life Sciences	Pharmaceuticals, Biotechnology & Life Sciences
GICS Industry	Life Sciences Tools & Services	Pharmaceuticals
GICS Sub-Industry	Life Sciences Tools & Services	Pharmaceuticals
Market Capitalization	44.93 billion USD	32.26 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	November 17, 1995	February 1, 2013
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

WAT

ZTS

GSPC

Waters (WAT) vs. Zoetis (ZTS), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Waters (WAT) and Zoetis (ZTS). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Waters (WAT) and Zoetis (ZTS). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Waters (WAT) and Zoetis (ZTS)
Metric	WAT	ZTS
Total Return (1Y)	27.70%	-30.10%
Total Return (3Y, Annualized)	23.32%	-20.42%
Total Return (5Y, Annualized)	6.27%	-16.87%

Risk Profile

Drawdown History

WAT

ZTS

GSPC

Waters (WAT) vs. Zoetis (ZTS), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Waters (WAT) and Zoetis (ZTS). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Waters (WAT) and Zoetis (ZTS)
Metric	WAT	ZTS
Volatility (1Y, Annualized)	35.45%	38.23%
Beta (5Y)	1.13	0.66
Max Drawdown (5Y)	-36.47%	-70.45%
Avg. Volume (3M)	816.72K	4.65M

Risk-Adjusted Performance

Risk-Return Positioning

WAT and ZTS are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Waters (WAT) and Zoetis (ZTS)
Metric	WAT	ZTS
Sharpe Ratio (1Y)	0.66	-0.90
Sortino Ratio (1Y)	0.98	-1.10

Profitability

ROE (TTM)

Zoetis (ZTS) at 57.63% sits in the top ROE quartile, while Waters (WAT) at 1.12% is closer to the peer norm — stronger capital efficiency for ZTS.

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.12%

Max: 109.18%
Q3: 6.23%
WAT: 1.12%
Median: -26.66%
Q1: -64.05%
Min: -167.77%

ZTS

Pharmaceuticals, Biotechnology & Life Sciences industry group

57.63%

Max: 109.18%
ZTS: 57.63%
Q3: 6.23%
Median: -26.66%
Q1: -64.05%
Min: -167.77%

Waters (WAT) vs. Zoetis (ZTS): A comparison of their ROE against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Net Margin (TTM)

Zoetis (ZTS) at 26.41% converts revenue to bottom-line profit above its industry’s benchmark range, while Waters (WAT) at 1.76% keeps roughly the typical share for its industry.

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.76%

Max: 18.05%
Q3: 4.78%
WAT: 1.76%
Median: 0.00%
Q1: -4.14%
Min: -17.05%

ZTS

Pharmaceuticals, Biotechnology & Life Sciences industry group

26.41%

ZTS: 26.41%
Max: 18.05%
Q3: 4.78%
Median: 0.00%
Q1: -4.14%
Min: -17.05%

Waters (WAT) vs. Zoetis (ZTS): A comparison of their net margin against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Operating Margin (TTM)

Zoetis (ZTS) at 38.19% operates in the top operating margin quartile, ahead of Waters (WAT) at 11.38%, which runs around its industry’s norm.

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

11.38%

Max: 83.12%
Q3: 14.77%
WAT: 11.38%
Median: 0.00%
Q1: -78.82%
Min: -207.40%

ZTS

Pharmaceuticals, Biotechnology & Life Sciences industry group

38.19%

Max: 83.12%
ZTS: 38.19%
Q3: 14.77%
Median: 0.00%
Q1: -78.82%
Min: -207.40%

Waters (WAT) vs. Zoetis (ZTS): A comparison of their operating margin against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Profitability Metrics

Profitability metrics for Waters (WAT) and Zoetis (ZTS)
Metric	WAT	ZTS
ROE (TTM)	1.12%	57.63%
ROA (TTM)	2.36%	14.87%
Net Margin (TTM)	1.76%	26.41%
Operating Margin (TTM)	11.38%	38.19%
Gross Margin (TTM)	49.83%	71.65%

Growth

Revenue Growth

Both Waters (WAT) at 6.99% and Zoetis (ZTS) at 2.28% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

Waters (WAT) vs. Zoetis (ZTS): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Waters (WAT) at 0.47% and Zoetis (ZTS) at 10.05% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.

Waters (WAT) vs. Zoetis (ZTS): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Waters (WAT) and Zoetis (ZTS)
Metric	WAT	ZTS
Revenue Growth (YoY)	6.99%	2.28%
Revenue Growth (3Y CAGR)	2.12%	5.42%
EPS Growth (YoY)	0.47%	10.05%
EPS Growth (3Y CAGR)	-2.84%	10.27%

Financial Strength

Current Ratio (MRQ)

Short-term liquidity can only be read on one side of this pairing: Zoetis (ZTS) shows current ratio of 2.35 against its industry benchmark, while Waters (WAT) has no reading this period.

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

Max: 25.13
Q3: 12.13
Median: 5.52
Q1: 2.47
Min: 0.10
WAT: --

ZTS

Pharmaceuticals, Biotechnology & Life Sciences industry group

2.35

Max: 25.13
Q3: 12.13
Median: 5.52
Q1: 2.47
ZTS: 2.35
Min: 0.10

Waters (WAT) vs. Zoetis (ZTS): WAT does not report current ratio, so it has no value marker; ZTS is benchmarked against the Pharmaceuticals, Biotechnology & Life Sciences industry group.

Debt / Equity (MRQ)

Waters (WAT) at 0.34 is near its industry mid-range for debt-to-equity ratio, while Zoetis (ZTS) at 2.80 sits above its benchmark range, pointing to a heavier debt load relative to equity.

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.34

Max: 1.42
Q3: 0.65
WAT: 0.34
Median: 0.15
Q1: 0.02
Min: 0.00

ZTS

Pharmaceuticals, Biotechnology & Life Sciences industry group

2.80

ZTS: 2.80
Max: 1.42
Q3: 0.65
Median: 0.15
Q1: 0.02
Min: 0.00

Waters (WAT) vs. Zoetis (ZTS): A comparison of their debt-to-equity ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Waters (WAT) and Zoetis (ZTS)
Metric	WAT	ZTS
Current Ratio (MRQ)	--	2.35
Debt / Equity (MRQ)	0.34	2.80
Net Debt / EBITDA	3.23	1.92

Dividends

Dividend Yield (TTM)

Waters (WAT) pays no dividend (yield 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Zoetis (ZTS) reports a yield of 2.55%, ranking against industry peers normally.

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

WAT: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

ZTS

Pharmaceuticals, Biotechnology & Life Sciences industry group

2.55%

ZTS: 2.55%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Waters (WAT) vs. Zoetis (ZTS): A comparison of their dividend yield against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Dividend Payout Ratio (TTM)

Waters (WAT) pays no dividend (payout 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Zoetis (ZTS) reports a payout of 35.24%, ranking against industry peers normally.

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

WAT: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

ZTS

Pharmaceuticals, Biotechnology & Life Sciences industry group

35.24%

ZTS: 35.24%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Waters (WAT) vs. Zoetis (ZTS): A comparison of their payout ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Dividend Metrics

Dividend metrics for Waters (WAT) and Zoetis (ZTS)
Metric	WAT	ZTS
Dividend Yield (TTM)	0.00%	2.55%
Dividend Payout Ratio (TTM)	0.00%	35.24%

Valuation

P/E Ratio (TTM)

Zoetis (ZTS) at 13.50 is near its industry’s usual P/E ratio, while Waters (WAT) at 191.46 sits above its peer range — an unusually expensive price for WAT’s trailing earnings.

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

191.46

WAT: 191.46
Max: 85.34
Q3: 43.46
Median: 26.69
Q1: 13.30
Min: 0.07

ZTS

Pharmaceuticals, Biotechnology & Life Sciences industry group

13.50

Max: 85.34
Q3: 43.46
Median: 26.69
ZTS: 13.50
Q1: 13.30
Min: 0.07

Waters (WAT) vs. Zoetis (ZTS): A comparison of their P/E ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

P/S Ratio (TTM)

On P/S ratio, both Waters (WAT) at 8.01 and Zoetis (ZTS) at 3.40 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

8.01

Max: 58.18
Q3: 25.77
WAT: 8.01
Median: 7.30
Q1: 3.01
Min: 0.01

ZTS

Pharmaceuticals, Biotechnology & Life Sciences industry group

3.40

Max: 58.18
Q3: 25.77
Median: 7.30
ZTS: 3.40
Q1: 3.01
Min: 0.01

Waters (WAT) vs. Zoetis (ZTS): A comparison of their P/S ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

P/B Ratio (MRQ)

Waters (WAT) at 2.94 is valued about in line with its industry on P/B ratio, while Zoetis (ZTS) at 9.80 carries an above-peer premium to book — ZTS is pricier on assets.

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

2.94

Max: 13.53
Q3: 6.54
Median: 3.25
WAT: 2.94
Q1: 1.69
Min: -5.59

ZTS

Pharmaceuticals, Biotechnology & Life Sciences industry group

9.80

Max: 13.53
ZTS: 9.80
Q3: 6.54
Median: 3.25
Q1: 1.69
Min: -5.59

Waters (WAT) vs. Zoetis (ZTS): A comparison of their P/B ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Valuation Metrics

Valuation metrics for Waters (WAT) and Zoetis (ZTS)
Metric	WAT	ZTS
P/E Ratio (TTM)	191.46	13.50
P/S Ratio (TTM)	8.01	3.40
P/B Ratio (MRQ)	2.94	9.80
Free Cash Flow Yield (TTM)	--	6.36%