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Zimmer Biomet Holdings, Inc.

ZBH Healthcare Medical Devices

Zimmer Biomet Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $8.2 billion, up 7.20% from fiscal 2024.

Revenue
+3.07%
EPS
−13.5%
Free cash flow
+29.8%
Total debt
−7.50%

Quarter to September 2026, against a year earlier

105.85 1.00 −0.94%
Market cap
$20.4B
P/E
26.9×
Fwd P/E
18.9×
Dividend yield
0.90%
F-score
6/9
Altman Z
2.38
Beneish M
−2.59
Dividend safety
72/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Knees
  • S.E.T
  • Hips
  • Technology & Data, Bone Cement and Surgical

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 1.58
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 1 — 1 — — — 2 — —
Insider Ownership 0.05%

Capital & Financial Ratios $m

Size
Market Cap 20,380.00
Revenue ttm 8,570.30
Net income ttm 768.80
Free cash flow ttm 1,116.20
Net debt Q 7,104.30
Valuation
P/E 26.87
Forward P/E 18.90
Price / sales 2.37
Forward P/S Powerpack
Price / FCF 18.22
Price / book 1.61
Financial health
Current ratio Q 1.46
Debt / equity Q 0.59
Interest coverage Q 4.11
Growth
Revenue growth Q +3.07% (above 0%: growing)
Operating income growth Q −12.47% (below 0%: shrinking)
EPS, this year +4.28%
EPS, next year A +5.13%
Revenue, next year A +4.43%
EPS, past 5 yrs —
EPS, next 5 yrs A +5.61%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.2×, against a ten-year median of 4.3×; over the ten years it ranged from 2.7× in 2026 to 7.3× in 2021.
P/E against its own 10 years 42.00%
10-year low 10-year high
P/S against its own 10 years 10.16%
10-year low 10-year high
P/B against its own 10 years 13.82%
10-year low 10-year high
EV/Sales against its own 10 years 10.12%
10-year low 10-year high
EV/FCF against its own 10 years 13.82%
10-year low 10-year high

Dividends

Yield
0.90%
Annual rate
0.96
Payout ratio
24.3%
Growth, 2017–25
+0.37%/yr
  1. 0.93 ’17
  2. 0.93 ’18 +0
  3. 0.93 ’19 +0
  4. 0.93 ’20 +0
  5. 0.93 ’21 +0
  6. 0.96 ’22 +3
  7. 0.96 ’23 +0
  8. 0.96 ’24 +0
  9. 0.96 ’25 +0
  10. 0.97 ’26e +1
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 416 526 592 400
Receivables 1,442 1,481 1,704 1,816
Inventory 2,385 2,235 2,286 2,367
Other — — — 546
4,610 4,672 5,120 5,129
2023 2024 2025 Q'26
Payables 411 195 303 —
ST’ Debt 900 863 587 1,288
Other 1,547 1,393 1,694 2,215
2,857 2,451 2,584 3,502

Compound Annual Growth %

10y 5y 3y
Sales 3.22% 6.08% 5.85%
Cash Flow 7.16% 9.55% 7.76%
Earnings 16.98% 0.00% 44.98%
Book Value 2.54% 0.82% 1.85%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.89 Actual 1.90

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.38 2.42 Beat by 0.04
Q1 FY26 1.86 2.09 Beat by 0.23
Q2 FY26 2.01 2.07 Beat by 0.06
Q3 FY26 1.89 1.90 Beat by 0.01
Q4 FY26 2.50 — Reports 9 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.22 1.03 1.01 — —
’25 0.91 0.77 1.16 0.70 3.55
’24 0.84 1.18 1.23 1.20 4.43
’23 1.11 1.00 0.77 2.01 4.88
’22 0.07 0.73 0.92 (0.62) 1.10
’21 0.94 0.67 0.69 (0.40) 1.91
’20 (2.46) (1.00) 1.16 1.59 (0.67)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,087 2,177 2,063 — —
’25 1,909 2,077 2,001 2,244 8,232
’24 1,889 1,942 1,824 2,023 7,679
’23 1,831 1,870 1,754 1,940 7,394
’22 1,663 1,782 1,670 1,825 6,940
’21 1,601 1,763 1,685 1,777 6,827
’20 1,784 1,226 1,929 1,188 6,128
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 359 448 560 — —
’25 383 378 419 517 1,697
’24 228 369 396 506 1,499
’23 308 348 338 588 1,582
’22 316 346 451 244 1,356
’21 224 419 424 338 1,404
’20 451 (53) 381 296 1,076
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 207 246 347 — —
’25 276 218 268 316 1,120
’24 48 198 288 250 902
’23 164 113 157 442 875
’22 223 240 332 85 880
’21 126 333 311 209 979
’20 325 (145) 287 238 704
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 9.8% a year for ten years. It grew 2.9% a year over the last ten.

Implied
9.8%
10 years, reported
2.9%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 7,668 7,803 7,933 7,982 6,128 6,827 6,940 7,394 7,679 8,232 8,570 +0.8% 8,596 8,900 9,243 +3.9%
Gross margin, % 68.94 72.67 71.36 71.78 70.23 71.29 70.90 71.82 71.46 69.71 69.68 +0.8 pt
EBT 400 465 (271) 906 (105) 499 404 1,067 1,037 831 885 +8.5%
EBT margin, % 5.21 5.95 (3.42) 11.35 (1.72) 7.31 5.81 14.43 13.50 10.09 10.32 +4.9 pt
Net income 305 1,813 (379) 1,132 (9) 446 291 1,025 905 705 769 +9.8%
Per share, $
Per share, $ Revenue 38.34 38.65 38.98 38.92 29.60 32.73 33.11 35.43 37.81 41.57 44.99 +0.9%
Earnings 1.51 9.11 (1.86) 5.52 (0.67) 1.93 1.10 4.91 4.45 3.56 3.97 +10.0%
Cash flow 8.16 7.84 8.59 7.73 5.20 6.73 6.47 7.58 7.38 8.57 9.89 +0.5%
Capex (2.65) (2.44) (2.16) (3.51) (1.79) (2.04) (2.27) (3.38) (2.94) (2.92) (4.03) +1.1%
Free cash flow 5.51 5.40 6.43 4.22 3.40 4.69 4.20 4.19 4.44 5.66 5.86 +0.3%
Book value 48.35 58.13 55.41 60.42 58.93 60.72 57.38 59.84 61.43 64.17 66.80 +3.2%
Shares, m 200 202 204 205 207 209 210 209 203 198 194 (0.1%)
Valuation, ×
Valuation, × P/E 68.03 13.37 0.00 26.65 0.00 64.57 115.71 24.72 23.74 25.19 26.87 36.2
P/S 2.64 3.15 2.61 3.77 5.11 3.81 3.84 3.43 2.79 2.16 2.37 3.3
P/B 2.10 2.09 1.84 2.43 2.56 2.05 2.22 2.03 1.72 1.40 1.61 2.0
EV/Sales 4.03 4.38 3.67 4.73 6.30 4.79 4.61 4.15 3.53 3.00 3.20 4.3
EV/FCF 28.02 31.39 22.24 46.51 76.21 33.41 36.70 35.05 34.67 22.96 24.58 36.7
Cash, $m
Cash, $m Operating cash flow 1,632 1,582 1,747 1,586 1,076 1,404 1,356 1,582 1,499 1,697 1,885 +0.4%
Capex (530) (493) (439) (721) (371) (426) (476) (706) (597) (577) (768) +1.0%
Free cash flow 1,102 1,089 1,308 865 704 979 880 875 902 1,120 1,116 +0.2%
Balance, $m
Balance, $m Working capital 2,282 1,495 2,006 1,282 2,526 1,417 2,069 1,752 2,221 2,536 1,627 +1.2%
Net debt 10,607 9,618 8,396 7,604 7,324 6,691 5,321 5,352 5,679 6,927 7,104 (4.6%)
Shareholders’ equity 9,670 11,736 11,276 12,393 12,199 12,666 12,027 12,488 12,476 12,706 12,726 +3.1%
Returns, %
Returns, % ROA 1.14 6.88 (1.51) 4.64 (0.57) 1.68 1.04 4.81 4.22 3.17 3.26 +2.0 pt
ROIC 2.53 2.34 0.11 3.56 0.27 2.78 2.51 4.48 4.43 3.50 3.66 +1.0 pt
ROE 3.13 16.95 (3.30) 9.56 (1.13) 3.23 1.87 8.35 7.24 5.60 6.02 +2.5 pt
People
People Employees 18,500 18,200 19,000 19,900 20,000 19,500 18,000 18,000 17,000 17,000 — (0.9%)
Revenue/emp, $m 0.41 0.43 0.42 0.40 0.31 0.35 0.39 0.41 0.45 0.48 — +1.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Zimmer Biomet designs, manufactures and sells medical devices used to treat injuries and disorders of bones, joints and surrounding soft tissue. Founded in 1927, it is headquartered in Warsaw, Indiana, and led by Chairman, President and CEO Ivan Tornos.

The company is known for orthopedic reconstruction: implants and instruments used to replace or repair joints. Its knee products include components for total and partial replacements, as well as products for revision procedures when an existing implant needs to be replaced, repaired or enhanced. Its hip systems serve both first-time replacements and revisions.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Knees 3,322 40.36%
S.E.T 2,150 26.12%
Hips 2,094 25.43%
Technology & Data, Bone Cement and Surgical 666 8.09%
Gross margin 69.71%
Operating margin 13.34%
Pre-tax margin 10.09%

Revenue by segment since 2016

Zimmer Biomet Holdings, Inc. vs peers in Medical Devices (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DXCM DexCom, Inc. $31.5B 32.6× 31.8× +11.18% (above 0%: growing) 0.00% −52.93% (below 0%: shrinking) 64.29% 24.34% Compare
PHG Koninklijke Philips N.V. $29.8B 25.8× 11.2× +0.55% (above 0%: growing) −85.00% (below 0%: shrinking) +154.15% (above 0%: growing) 46.44% 3.76% Compare
STE STERIS plc $24.8B 30.0× 25.1× +8.79% (above 0%: growing) +12.82% (above 0%: growing) +43.64% (above 0%: growing) 44.74% 18.53% Compare
ZBH Zimmer Biomet Holdings, Inc. $20.4B 26.9× 18.9× +3.07% (above 0%: growing) −13.45% (below 0%: shrinking) +29.77% (above 0%: growing) 71.18% 14.91%
SNN Smith & Nephew SNATS, Inc. $13.4B 38.9× 18.9× +7.99% (above 0%: growing) −14.23% (below 0%: shrinking) +293.94% (above 0%: growing) 69.42% 0.00% Compare
GKOS Glaukos Corporation $13.0B — (loss-making) — (loss-making) +58.03% (above 0%: growing) n/m +411.22% (above 0%: growing) 85.23% 0.39% Compare
PEN Penumbra, Inc. $12.7B 80.3× 68.7× +15.64% (above 0%: growing) −8.29% (below 0%: shrinking) −37.16% (below 0%: shrinking) 68.34% 12.37% Compare
GMED Globus Medical, Inc. $10.9B 19.5× 18.8× −0.69% (below 0%: shrinking) +19.32% (above 0%: growing) +10.10% (above 0%: growing) 69.50% 23.25% Compare
PODD Insulet Corporation $10.8B 25.2× 24.4× +19.21% (above 0%: growing) +64.06% (above 0%: growing) −29.81% (below 0%: shrinking) 75.07% 22.54% Compare
Median of peers $13.2B 30.0× 24.4× +9.99% 0.00% +26.87% 68.88% 15.45%

All 149 Medical Devices stocks →

From the latest earnings call

Updated

  • On the second-quarter call, CEO Ivan Tornos said the U.S. sales-force transition was progressing better than expected and remained on track for completion by the end of 2027.
  • Tornos said demand for Zimmer Biomet’s iodine-coated hip implant in Japan had outpaced supply and that the company was discussing a U.S. pathway with the FDA.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 103.66%
Held by the ten largest 60.22%
Holder Shares Stake Change
Dodge & Cox 24.12m 12.65% +582.04k
Vanguard 23.11m 12.12% −366.16k
BlackRock 15.61m 8.19% +274.04k
Capital Group 12.45m 6.53% +3.09m
HARRIS ASSOCIATES L P 12.34m 6.47% −180.71k
State Street 8.88m 4.65% +52.04k
Geode Capital Management 5.35m 2.80% −30.30k
T. Rowe Price 4.80m 2.52% −3.20m
UBS 4.22m 2.21% +1.37m
Invesco 3.98m 2.09% +374.44k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 1 April 2026

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 12.30%
Dodge & Cox. 11.40%
BlackRock, Inc. 8.00%
T. Rowe Price Associates, Inc. 7.60%
Harris Associates L.P. 6.30%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Zimmer Biomet Holdings, Inc. (ZBH) Latest News

5 Nov

Impact 3 · · MT Newswires
Impact 3 · · Simply Wall St.
Impact 3 · · GuruFocus.com

4 Nov

Impact 3 · · Simply Wall St.
Impact 3 · · The Motley Fool transcript
Impact 3 · · medtechdive.com
Impact 3 · · medicaldevice-network.com
Impact 3 · · TIKR
Impact 3 · · Zacks
Impact 3 · · PR Newswire

29 Oct

Impact 4 · · PR Newswire
Impact 3 · · Zacks
Impact 3 · · Trefis

26 Oct

Impact 4 · · PR Newswire
Impact 3 · · PR Newswire

23 Oct

Impact 3 · · Barchart

21 Oct

Impact 4 · · medtechdive.com

13 Oct

Impact 4 · · PR Newswire

12 Oct

Impact 3 · · Zacks

25 Sep

Impact 4 · · Simply Wall St.
Impact 3 ·

21 Sep

Impact 3 · · Trefis

18 Sep

Impact 3 · · Trefis

14 Sep

Impact 3 ·
Impact 3 · · medtechdive.com

14 Aug

Impact 3 ·

13 Aug

Impact 3 ·

12 Aug

Impact 4 · · The Motley Fool transcript

9 Aug

Impact 4 · · MarketBeat transcript

7 Aug

Impact 3 ·

ZBH metrics, ten years each

stockrow.com/ZBH · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com