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Zimmer Biomet (ZBH) stock

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NYSE: ZBH NYSE Health Care Equipment Next results ~November 4, 2026

B Fundamentals grade

Zimmer Biomet is a US-listed company in the health care equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$120

Cash-flow model

Base case. Range ~$80–$170 across our lower- and higher-growth cases (2.2%–12.2% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 19% below our base value.

Price used: $96.66, November 3, 2026

Zimmer Biomet valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 6 sales by directors and officers, last 12 monthsInsider trades
  • Funds392 adding, 389 cuttingOf 67 active managers that changed their stake, 39 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Zimmer Biomet files

Where Zimmer Biomet stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $8.51bn, up 8.6% on a year earlier, slower than 9.2% a quarter earlier. Free-cash-flow margin held at 17.9%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 6 financial-health checks. Our cash-flow model value is $134 a share, against a share price of $95.36. At that price, our model says the market is pricing in about 2.6% a year of cash-flow growth for five years, close to the 4.5% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Zimmer Biomet's trailing-twelve-month revenue grew 8.6% year on year, with a free-cash-flow margin of 17.9%. Where it stands out: stock pay as % of revenue of 1.2% ranks 12 of 123 health care equipment companies we cover.

Our discounted-cash-flow model values the business at ~$120 per share in the base case (~$80–$170 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Operating margin compressing: TTM operating margin fell to 14.2%, down 1.9pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $97.35 is 22% below our value per share of $120.
  • Shrinking share count. Diluted shares fell 1.9% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Below peers: days sales outstanding. Days sales outstanding of 76 days ranks 92 of 118 health care equipment companies we cover (median 57 days).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$2.07 against an average estimate of $2.01: beat by 3.0%
Revenue
$2.18bn, up 4.8% on a year earlier
Share reaction
+1.4% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
2026 Reported Revenue Change growth 3.9% to 4.9% (Projected Year Ending December 31, 2026); foreign Currency Exchange Impact 0.5% (Projected Year Ending December 31, 2026)
Next report
November 4, 2026; average EPS estimate $1.88

Zimmer Biomet's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.7%
  • 1 week+0.6%
  • 1 month+9.5%
  • This year+9.1%
  • 1 year-2.2%
  • 5 years-24.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$8.5B
Operating margin
14.2%
Net margin
9.5%
EPS (TTM, diluted)
$4.11

Growth

Revenue growth
+8.6%
Change in growth rate
−0.6 pts
Share count change
−1.9%

Cash

Free cash flow (TTM)
$1.5B
FCF margin
17.9%
Stock pay % of revenue
1.2%

Earnings

Last results
August 5, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Announcement
  3. Results
  4. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Zimmer Biomet valuation models and calculator

What the price is pricing in

The share price implies about 3.5% a year of cash-flow growth for five years.That is close to the 4.5% a year revenue growth Zimmer Biomet has delivered.

  • Priced in3.5%
  • Last 12 months8.6%
  • 3 years a year5.7%
  • 5 years a year4.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($96.69, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$120
Price used
$96.69close November 3, 2026
Implied change
▲ +23%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Zimmer Biomet's free cash flow after stock-based pay with after-tax interest added back ($1.4B, FY2026 Q2 TTM), growing 3.9% and 5.8% in the next two years (forecasts, guidance and its record), then back to 7.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$80–~$170 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Zimmer Biomet's free cash flow after stock-based pay ( $1.4B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Zimmer Biomet as an operating company, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.8 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$120 ~$80–$170 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$150 ~$130–$240 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$42 ~$28–$64 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$28 ~$24–$34 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$92 ~$28–$150 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Zimmer Biomet with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −31%
  • Revenue growth 5 points higher ▲ +40%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▼ −6%
  • Discount rate 1 point higher ▼ −19%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $70$108$158$224$311$423
8.5% $45$72$109$156$218$297
10% $30$51$79$115$162$222

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$92.43$108.93$94.44$137.29$142.46$118.22$123.22$118.53$103.76$89.20$97.35
Market value$18.7bn$22.2bn$19.2bn$28.4bn$29.5bn$24.9bn$25.9bn$24.9bn$21.2bn$17.7bn$19.1bn
+ Net debt (− = net cash)$10.6bn$9.6bn$8.4bn$7.6bn$7.3bn$6.7bn$5.3bn$5.4bn$5.7bn$6.9bn$7.1bn
Enterprise value$29.3bn$31.8bn$27.6bn$36.0bn$36.8bn$31.6bn$31.2bn$30.2bn$26.8bn$24.7bn$26.2bn
Multiples
Price / sales 2.4x2.8x2.4x3.6x4.8x3.6x3.7x3.4x2.8x2.2x2.2x
Price / earnings 61.2x12.2x—25.1x—61.9x112.0x24.3x23.4x25.1x23.7x
Price / free cash flow 12.9x15.6x12.1x20.6x27.0x18.3x22.2x19.3x16.3x12.0x12.6x
EV / EBITDA 15.8x17.1x25.7x16.8x37.5x17.6x19.3x13.6x11.8x11.2x11.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

71 /100

Strong moat

How hard Zimmer Biomet's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Cash operating profit has been a median 10.0% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 70.8%, moving by 4.4 percentage points (standard deviation) across 10 years.

  • Durability 3 / 20

    Operating margin has been a median 13.3%; its worst year was -0.6%.

  • Cash conversion 19 / 20

    Free cash flow was positive in 10 of 10 years, at a median 18.3% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 6.0% over five years; stock-based pay has been a median 1.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, before the open. Analysts expect revenue of $2.0bn and EPS of $1.88 (range $1.86 to $1.91) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $8.54 +4% $8.6bn +4%
Next $9.05 +6% $8.9bn +4%

Next year's EPS estimate has moved +0.6% in 90 days, across 27 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.7% on 90 days ago. In the last 30 days, 22 analysts raised Zimmer Biomet's forecast and 1 cut it.

Consensus EPS forecast Zimmer Biomet, last 90 days
$8.40 $8.60 $8.80 $9.00 $9.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.48 Current fiscal year, 60 days ago: $8.53 Current fiscal year, 30 days ago: $8.53 Current fiscal year, 7 days ago: $8.53 Current fiscal year, Now: $8.54 $8.54 Next fiscal year, 90 days ago: $9.00 Next fiscal year, 60 days ago: $9.07 Next fiscal year, 30 days ago: $9.07 Next fiscal year, 7 days ago: $9.05 Next fiscal year, Now: $9.05 $9.05

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.48$9.00
60 days ago $8.53$9.07
30 days ago $8.53$9.07
7 days ago $8.53$9.05
Now $8.54$9.05

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $2.01 $2.07 +3.0%
Mar 2026 $1.86 $2.09 +12.2%
Dec 2025 $2.40 $2.42 +0.9%
Sept 2025 $1.87 $1.90 +1.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • 2026 Reported Revenue Change Projected Year Ending December 31, 2026 3.9% growth to 4.9% growth Raised
    “2026 Reported Revenue Change 2.5% - 4.5% 3.9% - 4.9%” source
  • 2026 Constant Currency Revenue Change Projected Year Ending December 31, 2026 3.4% growth to 4.4% growth Non-GAAP Raised
    “2026 Constant Currency Revenue Change 2.0% - 4.0% 3.4% - 4.4%” source
  • 2026 Organic Constant Currency Revenue Change Projected Year Ending December 31, 2026 2.25% growth to 3.25% growth Non-GAAP Raised
    “2026 Organic Constant Currency Revenue Change (1) 1.0% - 3.0% 2.25% - 3.25%” source
  • Adjusted Diluted EPS Projected Year Ending December 31, 2026 $8.47 to $8.59 Non-GAAP Raised
    “Adjusted Diluted EPS (2) $8.40 - $8.55 $8.47 - $8.59” source
  • Foreign Currency Exchange Impact Projected Year Ending December 31, 2026 about 0.5% Maintained
    “Foreign Currency Exchange Impact +0.5% +0.5%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Zimmer Biomet's revenue by +3.9% next year and +5.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+2.8%, weight 57%) , management guidance (+2.8%, weight 18%) and the company's own record (+7.2%, weight 25%) . How the weights are set.

Analyst recommendations

27 analysts, Oct 2026
Buy830%
Hold1970%
Sell00%

Monthly trend

  1. Oct 2026261927
  2. Sep 2026361827
  3. Aug 2026361827
  4. Jul 2026361827

Counts of recommendations published by analysts covering Zimmer Biomet, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.5%
of tradable shares
Days to cover
3.64
at average volume
Short interest, 1 month
−7%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.2%
of shares
Employees
17,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −2.2%

$99.49 on October 31, 2025 to $97.35

ThenNowEffect
Revenue (last 12 months) $7.8bn $8.5bn +8.6%
Net margin 10.5% 9.5% −9.8%
P/E multiple 24.2x 23.7x −2.1%
Share count 200m 196m +2.0%

Biggest factor: net margin.

Last 3 years −7.9%

$105.71 on November 3, 2023 to $97.35

ThenNowEffect
Revenue (last 12 months) $7.2bn $8.5bn +18.3%
Net margin 7.0% 9.5% +34.9%
P/E multiple 44.0x 23.7x −46.1%
Share count 210m 196m +7.1%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ZBH−17%+4%−4%−13%−14%+9%
Industry peers (median)−7%−37%−9%−20%−16%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ZBH33%50%42%42%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ZBH−33%−24%−29%−23%−22%−21%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 52% from April 29, 2021 to May 11, 2026. Getting back needed a 109% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$79.16 – $102.09
From 52-week high
−4.6%
vs 50-day average
+2.9%
vs 200-day average
+6.7%
Volatility (1 year)
33%
Beta vs S&P 500
0.14

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±6.2%
After a week
5 up, 7 down
typical move ±5.9%
After a month
7 up, 5 down
typical move ±6.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 +1.4% −0.4% +2.2% +3.2%
April 28, 2026 −13.5% −0.5% −10.3% −10.6%
February 10, 2026 +6.6% −0.3% +9.5% +3.2%
November 5, 2025 −14.2% −0.7% −12.7% −8.6%
August 7, 2025 +8.9% +0.7% +12.0% +14.9%
May 5, 2025 −9.9% −1.4% −4.1% −10.7%
February 6, 2025 −6.8% −0.6% −7.7% +2.2%
October 30, 2024 +2.9% −2.3% +6.1% +7.9%
August 7, 2024 −0.8% +1.6% −0.9% −4.3%
May 2, 2024 +1.8% +2.2% +1.6% −5.4%
February 8, 2024 −3.7% +0.6% −2.5% +0.4%
November 7, 2023 −4.1% +0.4% −1.1% +7.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Zimmer Biomet’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.56× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Zimmer Biomet in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Zimmer Biomet
$7B $7.5B $8B $8.5B $9B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $7.3B Revenue (TTM), FY23 Q4: $7.4B Revenue (TTM), FY24 Q1: $7.5B Revenue (TTM), FY24 Q2: $7.5B Revenue (TTM), FY24 Q3: $7.6B Revenue (TTM), FY24 Q4: $7.7B Revenue (TTM), FY25 Q1: $7.7B Revenue (TTM), FY25 Q2: $7.8B Revenue (TTM), FY25 Q3: $8B Revenue (TTM), FY25 Q4: $8.2B Revenue (TTM), FY26 Q1: $8.4B Revenue (TTM), FY26 Q2: $8.5B $8.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $7.3B
FY23 Q4 $7.4B
FY24 Q1 $7.5B
FY24 Q2 $7.5B
FY24 Q3 $7.6B
FY24 Q4 $7.7B
FY25 Q1 $7.7B
FY25 Q2 $7.8B
FY25 Q3 $8B
FY25 Q4 $8.2B
FY26 Q1 $8.4B
FY26 Q2 $8.5B
Revenue growth, TTM YoY Zimmer Biomet
2% 4% 6% 8% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 5.6% Revenue growth, TTM YoY, FY23 Q4: 6.5% Revenue growth, TTM YoY, FY24 Q1: 4.9% Revenue growth, TTM YoY, FY24 Q2: 4.6% Revenue growth, TTM YoY, FY24 Q3: 4.3% Revenue growth, TTM YoY, FY24 Q4: 3.8% Revenue growth, TTM YoY, FY25 Q1: 3.3% Revenue growth, TTM YoY, FY25 Q2: 4.1% Revenue growth, TTM YoY, FY25 Q3: 5.5% Revenue growth, TTM YoY, FY25 Q4: 7.2% Revenue growth, TTM YoY, FY26 Q1: 9.2% Revenue growth, TTM YoY, FY26 Q2: 8.6% 8.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 5.6%
FY23 Q4 6.5%
FY24 Q1 4.9%
FY24 Q2 4.6%
FY24 Q3 4.3%
FY24 Q4 3.8%
FY25 Q1 3.3%
FY25 Q2 4.1%
FY25 Q3 5.5%
FY25 Q4 7.2%
FY26 Q1 9.2%
FY26 Q2 8.6%
Operating margin (TTM) Zimmer Biomet
12% 14% 16% 18% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 12.3% Operating margin (TTM), FY23 Q4: 17.3% Operating margin (TTM), FY24 Q1: 16.3% Operating margin (TTM), FY24 Q2: 16.5% Operating margin (TTM), FY24 Q3: 16.5% Operating margin (TTM), FY24 Q4: 16.7% Operating margin (TTM), FY25 Q1: 17.0% Operating margin (TTM), FY25 Q2: 16.1% Operating margin (TTM), FY25 Q3: 16.6% Operating margin (TTM), FY25 Q4: 13.3% Operating margin (TTM), FY26 Q1: 14.0% Operating margin (TTM), FY26 Q2: 14.2% 14.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 12.3%
FY23 Q4 17.3%
FY24 Q1 16.3%
FY24 Q2 16.5%
FY24 Q3 16.5%
FY24 Q4 16.7%
FY25 Q1 17.0%
FY25 Q2 16.1%
FY25 Q3 16.6%
FY25 Q4 13.3%
FY26 Q1 14.0%
FY26 Q2 14.2%
FCF margin (TTM) Zimmer Biomet
12% 14% 16% 18% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 13.0% FCF margin (TTM), FY23 Q4: 17.5% FCF margin (TTM), FY24 Q1: 16.1% FCF margin (TTM), FY24 Q2: 16.9% FCF margin (TTM), FY24 Q3: 18.0% FCF margin (TTM), FY24 Q4: 16.9% FCF margin (TTM), FY25 Q1: 19.0% FCF margin (TTM), FY25 Q2: 18.8% FCF margin (TTM), FY25 Q3: 18.5% FCF margin (TTM), FY25 Q4: 17.9% FCF margin (TTM), FY26 Q1: 17.3% FCF margin (TTM), FY26 Q2: 17.9% 17.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 13.0%
FY23 Q4 17.5%
FY24 Q1 16.1%
FY24 Q2 16.9%
FY24 Q3 18.0%
FY24 Q4 16.9%
FY25 Q1 19.0%
FY25 Q2 18.8%
FY25 Q3 18.5%
FY25 Q4 17.9%
FY26 Q1 17.3%
FY26 Q2 17.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Zimmer Biomet took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $8.2B
  2. Cost of revenue $2.5B · 30.3%
  3. Gross profit $5.7B · 69.7%
  4. Research and development $459M · 5.6%
  5. Selling, general and admin $3.3B · 39.6%
  6. Other operating costs $924M · 11.2%
  7. Operating income $1.1B · 13.3%
  8. Income tax $126M · 1.5%
  9. Interest and other $267M · 3.2%
  10. Net income $705M · 8.6%

Shares of revenue. Source: Zimmer Biomet's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2007 Dec 2007 2008 Dec 2008 2009 Dec 2009 2010 Dec 2010 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 3.9 4.1 4.1 4.2 7.7 7.8 7.9 8.0 6.1 6.8 6.9 7.4 7.7 8.2 8.5
Gross profit 3.0 3.1 3.1 3.2 5.3 5.7 5.7 5.7 4.3 4.9 4.9 5.3 5.5 5.7 5.9
EBITDA 1.4 1.4 1.4 1.3 1.9 1.9 1.1 2.1 1.0 1.8 1.6 2.2 2.3 2.2 2.3
Operating income 1.1 1.1 1.0 0.9 0.8 0.8 0.0 1.1 0.1 0.9 0.7 1.3 1.3 1.1 1.2
Net income 0.8 0.8 0.7 0.6 0.3 1.8 −0.4 1.1 −0.1 0.4 0.2 1.0 0.9 0.7 0.8
Diluted EPS $3.26 $3.72 $3.32 $2.97 $1.51 $8.90 −$1.86 $5.47 −$0.67 $1.91 $1.10 $4.88 $4.43 $3.55 $4.11
Growth (year on year)
Revenue — +5.7% −0.6% +3.0% +81.7% +1.8% +1.7% +0.6% −23.2% +11.4% +1.6% +6.5% +3.8% +7.2% +8.6%
EBITDA — +0.6% −0.7% −7.3% +48.0% +0.1% −42.3% +99.5% −54.2% +83.2% −9.7% +37.4% +2.4% −3.9% +0.5%
Operating income — −3.3% −6.5% −10.0% −10.4% −2.7% −95.8% — −92.7% — −19.1% +83.5% +0.6% −14.6% −4.4%
Net income — +9.8% −15.5% −16.8% −48.8% +492.9% −120.9% — −112.3% — −42.4% +342.5% −11.7% −22.0% −2.0%
Diluted EPS — +14.1% −10.8% −10.5% −49.2% +489.4% −120.9% — −112.2% — −42.4% +343.6% −9.2% −19.9% −0.1%
Margins
Gross margin 77.5% 75.8% 75.8% 76.0% 68.9% 72.7% 71.4% 71.8% 70.2% 71.3% 70.9% 71.8% 71.5% 69.7% 69.9%
EBITDA margin 34.8% 33.1% 33.1% 29.8% 24.3% 23.9% 13.5% 26.9% 16.0% 26.3% 23.4% 30.2% 29.7% 26.6% 27.2%
Operating margin 28.9% 26.4% 24.9% 21.7% 10.7% 10.2% 0.4% 14.3% 1.4% 12.6% 10.0% 17.3% 16.7% 13.3% 14.2%
Net margin 19.8% 20.6% 17.5% 14.1% 4.0% 23.2% −4.8% 14.2% −2.3% 5.9% 3.3% 13.8% 11.8% 8.6% 9.5%
Free-cash-flow margin 22.9% 19.1% 24.7% 26.4% 18.9% 18.3% 20.0% 17.3% 17.8% 19.9% 16.8% 17.5% 16.9% 17.9% 17.9%
Cash flow
Cash from operations 1.1 1.0 1.1 1.2 1.6 1.6 1.7 1.6 1.2 1.5 1.4 1.6 1.5 1.7 1.7
Capital spending 0.2 0.3 0.1 0.1 0.2 0.2 0.2 0.2 0.1 0.1 0.2 0.3 0.2 0.2 0.2
Free cash flow 0.9 0.8 1.0 1.1 1.4 1.4 1.6 1.4 1.1 1.4 1.2 1.3 1.3 1.5 1.5
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.8 0.7 0.9 1.1 1.4 1.4 1.5 1.3 1.0 1.3 1.1 1.2 1.2 1.4 1.4
Balance sheet
Cash 0.5 0.2 0.7 0.7 0.6 0.5 0.5 0.6 0.8 0.4 0.4 0.4 0.5 0.6 0.4
Total debt 0.0 0.5 1.1 1.1 11.2 10.1 8.9 8.2 8.1 7.1 5.7 5.8 6.2 7.5 7.5
Net debt (negative = net cash) −0.5 0.2 0.4 0.5 10.6 9.6 8.4 7.6 7.3 6.7 5.3 5.4 5.7 6.9 7.1
Diluted shares 238m 228m 216m 201m 202m 204m 204m 207m 207m 210m 210m 210m 204m 199m 196m
Returned to shareholders
Dividends — — — — 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Buybacks 0.6 0.7 0.9 0.5 0.4 — — — — — 0.1 0.7 0.9 0.5 0.8
Total returned 0.6 0.7 0.9 0.5 0.6 0.2 0.2 0.2 0.2 0.2 0.3 0.9 1.1 0.7 0.9

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · June 30, 2026
What it owns · $22.8bn
Short-term assets $5.1bnLonger-term assets $17.7bn
What it owes, and who funded it · $22.8bn
Short-term liabilities $3.0bnLonger-term liabilities $7.2bnShareholders' equity $12.6bn
  • Short-term assets cover short-term liabilities $5.1bn of assets due within a year against $3.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $5.1bn short-term assets against $7.2bn of longer-dated liabilities.
  • More cash than debt $410m of cash against $7.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 59% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 43% to 59% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.7bn of operating cash flow against $7.5bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Zimmer Biomet's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$751M
Dividends (TTM)
$188M
Returned to shareholders
62%
of free cash flow
Buybacks, last 3 fiscal years
$2B
Diluted share count
−1.9%
year over year
Total shareholder yield
5.0%
dividends 1.0% + buybacks 4.0% of market value
Dividend payout ratio
23%
of net income paid out
R&D spending
5.2%
of revenue
Sales & admin spending
40.3%
of revenue
Days sales outstanding
76 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated ZBH ALC EW ISRG BAX STE Median
Revenue, last 12 months $8.5bn $10.4bn $6.5bn $11.6bn $11.6bn $6.0bn $99m
Revenue growth, last 12 months 8.6% 4.9% 14.6% 20.5% 5.3% 8.4% 9.2%
Revenue growth, 3-year average 5.7% — 15.3% 19.1% 0.7% 9.0% 13.5%
Revenue growth, latest quarter 4.8% — 13.6% 21.7% 5.0% 7.3% 10.2%
Gross margin 69.9% 55.2% 77.8% 67.2% 30.1% 44.4% 61.2%
Operating margin 14.2% 13.1% 22.3% 28.4% −1.9% 18.9% −8.5%
Operating margin, 3-year average 15.6% 6.3% 25.2% 28.0% 1.7% 17.1% −17.9%
Net margin 9.5% 9.4% 15.4% 25.5% −6.2% 13.3% −12.0%
Cash from operations / revenue 20.5% 21.8% 26.4% 35.3% 14.1% 21.3% −1.9%
Free-cash-flow margin 17.9% 16.6% 22.0% 31.1% 8.4% 15.3% −3.9%
Free-cash-flow margin, 3-year average 17.9% 12.1% 14.4% 20.7% 4.1% 14.3% −7.0%
Stock pay / revenue 1.2% — 2.6% 7.3% 0.9% 1.0% 6.1%
Change in share count −1.9% −0.3% −1.6% −1.7% 0.7% −0.5% 4.0%

Median of all 134 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

134 health care equipment companies
Measure Company Peer median Rank
Revenue growth Growth 8.6% 9.1% 69 of 129
Change in growth rate Growth -0.6pp -0.6pp 66 of 129
Gross margin Profitability 69.9% 61.9% 40 of 123
Operating margin Profitability 14.2% -8.3% 21 of 132
Net margin Profitability 9.5% -12.0% 29 of 133
Free-cash-flow margin Cash generation 17.9% -3.4% 15 of 128
Stock pay as % of revenue Cash generation 1.2% 6.1% 12 of 123
Long-term debt as % of assets Balance sheet 27.5% 24.2% 51 of 87
Change in share count Balance sheet -1.9% 3.3% 16 of 115
Days sales outstanding Balance sheet 76 days 57 days 92 of 118

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Knees $3.3B 40.4% ▲ 4.7%
SET $2.2B 26.1% ▲ 15.2%
Hips $2.1B 25.4% ▲ 4.7%
Technology and Data Bone Cement and Surgical $666M 8.1% ▲ 4.0%
Geography
Region Revenue Share YoY
United States $4.8B 57.9% ▲ 7.3%
Outside the US $3.5B 42.1% ▲ 7.0%

From Zimmer Biomet's 10-K filed February 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$17.1B
Institutions reporting
898
Shares held vs prior quarter
▲ 3.2%
Positions opened / closed
79 / 87

Top buyers and sellers, Q2 2026: 392 institutions bought and 389 sold ; the biggest buyer was Capital International Investors (+3.1M shares) and the biggest seller Franklin Resources Inc (−5.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Dodge & Cox $2.1B 24.1M 12.2% ▲ 2.5%
Blackrock, Inc. $1.3B 15.6M 7.9% ▲ 1.8%
Harris Associates L P $1.1B 12.7M 6.4% ▼ 1.7%
Vanguard Capital Management LLC $1.1B 12.6M 6.4% ▼ 1.2%
Capital International Investors $1B 12.2M 6.1% ▲ 33.6%
State Street Corp $766M 8.9M 4.5% ▲ 0.6%
Vanguard Portfolio Management LLC $727M 8.4M 4.3% ▼ 2.4%
Geode Capital Management, LLC $459M 5.3M 2.7% ▼ 0.6%
Price T Rowe Associates Inc $413M 4.8M 2.4% ▼ 40.0%
Invesco Ltd. $343M 4.0M 2.0% ▲ 10.4%
Primecap Management Co $329M 3.8M 1.9% ▼ 2.3%
Van Eck Associates Corp $301M 3.5M 1.8% ▼ 7.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Zimmer Biomet's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.6M 6 trades by 4 insiders · 0% under pre-set plans
Net ▼ $1.6M net selling
Insider Date Trade Shares Price Value
Thornal Kevin R Grp Pres-Global Business September 11, 2026 Sell 5,691 $92.95 $528,978
Phipps Chad F See remarks below. September 4, 2026 Sell 3,000 $98.35 $295,050
Yi Sang Group President, Asia Pacific May 29, 2026 Sell 800 $82.66 $66,128
Yi Sang Group President, Asia Pacific May 29, 2026 Sell 4,200 $82.64 $347,088
Winkler Lori SVP and CHRO March 12, 2026 Sell 2,650 $94.66 $250,849
Yi Sang Group President, Asia Pacific February 12, 2026 Sell 1,000 $96.49 $96,490

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 19 trades and filings

No trades in Zimmer Biomet disclosed in the last 12 months; 19 earlier trades on record.

  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded May 15, 2025, filed May 31, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Purchase, $1,001 - $15,000, traded April 8, 2025, filed May 8, 2025
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded February 11, 2025, filed March 12, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • April 28, 2026
  • February 10, 2026
  • November 5, 2025
  • August 7, 2025
  • May 5, 2025

Recent SEC filings

Data status

When each part of this page on Zimmer Biomet was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Zimmer Biomet in brief

What does Zimmer Biomet do?
Zimmer Biomet is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Zimmer Biomet's stock ticker?
Zimmer Biomet trades under the ticker ZBH on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Zimmer Biomet's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Zimmer Biomet reported revenue of $8.5B, 8.6% higher than a year earlier, according to its SEC filings.
What is Zimmer Biomet's free cash flow?
Zimmer Biomet's free-cash-flow margin is 17.9% of revenue over the trailing twelve months, ranking 15 of the 128 health care equipment companies we cover.
What is Zimmer Biomet's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Zimmer Biomet's free cash flow after stock-based pay gives ~$120 per share in the base case, and ~$80–$170 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Zimmer Biomet's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Dodge & Cox, Blackrock, Inc. and Harris Associates L P. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Zimmer Biomet buying back stock, and does it pay a dividend?
Zimmer Biomet spent $751M on share repurchases over the trailing twelve months, and its diluted share count fell 1.9% over the year.
What is Zimmer Biomet's market cap?
On November 2, 2026, Zimmer Biomet's market capitalisation was about $19.1B, with a price-to-earnings ratio of 23.7 and net debt of $7.1B. Market figures come from third-party market data and may be delayed.
Does Zimmer Biomet pay a dividend?
Yes: Zimmer Biomet paid $188M in dividends over the trailing twelve months, a dividend yield of 1.00% and a payout ratio of 23.4%.
How much debt does Zimmer Biomet have?
Zimmer Biomet's debt-to-equity ratio is 59.2%, from its latest balance sheet (43.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Zimmer Biomet's competitors?
In our Health Care Equipment peer group, the companies closest to Zimmer Biomet are Alcon Inc, Edwards Lifesciences, Intuitive Surgical, Baxter International and Steris. The side-by-side comparison below sets their revenue, margins and growth against Zimmer Biomet's.
Are insiders buying or selling Zimmer Biomet stock?
Over the last 12 months, Zimmer Biomet's directors and officers reported 0 open-market purchases and 6 sales on Form 4. The insider trading page charts every trade.
When is Zimmer Biomet's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Zimmer Biomet announces its own schedule.