ZBH Healthcare

Zimmer Biomet Holdings, Inc.

$97.06-0.30%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Healthcare
Industry: Medical Devices
Country: United States
Market cap: 18.5B USD
Enterprise value: 25.2B USD
Full-time employees: 17,000

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback: less short-term liquidity (current ratio 1.69 vs a peer median of 2.59)less liquidity (current ratio 1.69 vs peers 2.59)
Drawback: more debt relative to equity (0.59× vs a peer median of 0.22×)more debt vs equity (0.59× vs peers 0.22×)
About average: growth and risk (debt, liquidity and share-price swings)growth and risk

Ranks #523 of 1,157 healthcare companies (top 46%)

See how it ranks against its peers

Worth knowing

Profits growing faster than sales. Since 2022: revenue +19%, operating profit +58%.
Since 2022, Zimmer Biomet's revenue grew 19% while operating profit grew 58%: each extra dollar of sales is adding more profit.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $6.1B in 2020 to $8.2B in 2025.
Zimmer Biomet's fiscal-year revenue rose in each of the five years to 2025, from $6.1B to $8.2B.
Profit is backed by cash. Free cash flow is 189% of reported profit.
Zimmer Biomet's free cash flow is 189% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

StockQuotient Score

54/ 100

Oct 5 55 → Nov 4 54 (-1)

Valuation

Is the price right?

73/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Stronger than most peers on:

▲ EBITDA yield
▲ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield4.4%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 1.95Sector median: 0.0148 · MAD: 0.0148

EBITDA yield9.0%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 1.26Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield8.2%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield68.2%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

48/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth1.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.27Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth5.7%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.01Sector median: 0.0584 · MAD: 0.0840

Revenue growth8.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.26Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

60/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Operating margin
▲ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin14.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.58Sector median: 0.0706 · MAD: 0.1217

Return on assets3.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.35Sector median: 0.0166 · MAD: 0.0537

Return on invested capital4.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.01Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin69.9%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity6.4%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Beta
▼ Debt / equity
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.47

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.46Sector median: 0.6250 · MAD: 0.3380

Current ratio1.69×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.65Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.59×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.82Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Zimmer Biomet

Is Zimmer Biomet getting weaker?: Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 54/100 since Oct 28, 2026.
How is Zimmer Biomet valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 73/100 against 1,393 healthcare peers. EBITDA yield 9.0% vs a peer median of 4.0% (stronger than 78% of peers).EBITDA yield 9.0% vs peers 4.0% (stronger than 78% of peers).
Is Zimmer Biomet growing?: At about the same pace as its peers. Growth scores 48/100 against 1,393 healthcare peers.
How profitable is Zimmer Biomet?: More profitable than most of its peers. Profitability scores 60/100 against 1,393 healthcare peers. Operating margin 14.2% vs a peer median of 7.1% (stronger than 70% of peers).Operating margin 14.2% vs peers 7.1% (stronger than 70% of peers).
How risky is Zimmer Biomet?: Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Beta 0.47 vs a peer median of 0.63 (stronger than 63% of peers).Beta 0.47 vs peers 0.63 (stronger than 63% of peers). Debt / equity 0.59× vs a peer median of 0.22× (weaker than 70% of peers).Debt / equity 0.59× vs peers 0.22× (weaker than 70% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	8.4B USD	8.5B USD	+1.2%
Net income (12 months)	761.2M USD	806.7M USD	+6.0%
Operating margin	14.0%	14.2%	+0.1 pts
Free cash flow (12 months)	1.5B USD	1.5B USD	+4.5%
Debt	7.5B USD	7.5B USD	+0.1%
Cash	424.2M USD	410.0M USD	−3.3%
Shares outstanding	193.5M	190.7M	−1.4%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Medical Devices · 33 companies

Valuations in Medical Devices are near the bottom of their range since 2016.

7% of months since 2016 were valued lower than now.
4% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −8% and earnings +33% (medians): earnings grew faster than prices.
Median price-to-sales is +20% vs the whole market, against a usual +109%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	12.6%	10.0%	17.3%	16.7%	13.3%	▼ 3.4 pts
Net margin	5.9%	3.3%	13.8%	11.8%	8.6%	▼ 3.2 pts
Return on assets (ROA)	1.7%	1.1%	4.8%	4.2%	3.1%	▼ 1.2 pts
Return on equity (ROE)	3.2%	1.9%	8.2%	7.2%	5.6%	▼ 1.7 pts
Free cash flow margin	19.9%	16.8%	17.5%	16.9%	17.9%	▲ 1.0 pts
Current ratio	1.41×	1.88×	1.61×	1.91×	1.98×	▲ 4.0%
Quick ratio	0.79×	0.97×	0.78×	0.99×	1.10×	▲ 10%
Debt to equity	0.56×	0.47×	0.46×	0.50×	0.59×	▲ 19%

ZBH price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

Drawback: less short-term liquidity (current ratio 1.69 vs a peer median of 2.59)less liquidity (current ratio 1.69 vs peers 2.59)

Drawback: more debt relative to equity (0.59× vs a peer median of 0.22×)more debt vs equity (0.59× vs peers 0.22×)

About average: growth and risk (debt, liquidity and share-price swings)growth and risk

Ranks #523 of 1,157 healthcare companies (top 46%)

See how it ranks against its peers

Worth knowing

Profits growing faster than sales. Since 2022: revenue +19%, operating profit +58%.

Since 2022, Zimmer Biomet's revenue grew 19% while operating profit grew 58%: each extra dollar of sales is adding more profit.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $6.1B in 2020 to $8.2B in 2025.

Zimmer Biomet's fiscal-year revenue rose in each of the five years to 2025, from $6.1B to $8.2B.

Profit is backed by cash. Free cash flow is 189% of reported profit.

Zimmer Biomet's free cash flow is 189% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Questions investors ask about Zimmer Biomet

Is Zimmer Biomet getting weaker?

Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 54/100 since Oct 28, 2026.

How is Zimmer Biomet valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 73/100 against 1,393 healthcare peers. EBITDA yield 9.0% vs a peer median of 4.0% (stronger than 78% of peers).EBITDA yield 9.0% vs peers 4.0% (stronger than 78% of peers).

Is Zimmer Biomet growing?

At about the same pace as its peers. Growth scores 48/100 against 1,393 healthcare peers.

How profitable is Zimmer Biomet?

More profitable than most of its peers. Profitability scores 60/100 against 1,393 healthcare peers. Operating margin 14.2% vs a peer median of 7.1% (stronger than 70% of peers).Operating margin 14.2% vs peers 7.1% (stronger than 70% of peers).

How risky is Zimmer Biomet?

Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Beta 0.47 vs a peer median of 0.63 (stronger than 63% of peers).Beta 0.47 vs peers 0.63 (stronger than 63% of peers). Debt / equity 0.59× vs a peer median of 0.22× (weaker than 70% of peers).Debt / equity 0.59× vs peers 0.22× (weaker than 70% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

8.4B USD

8.5B USD

+1.2%

Net income (12 months)

761.2M USD

806.7M USD

+6.0%

Operating margin

14.0%

14.2%

+0.1 pts

Free cash flow (12 months)

1.5B USD

1.5B USD

+4.5%

Debt

7.5B USD

7.5B USD

+0.1%

Cash

424.2M USD

410.0M USD

−3.3%

Shares outstanding

193.5M

190.7M

−1.4%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

12.6%

10.0%

17.3%

16.7%

13.3%

▼ 3.4 pts

Net margin

5.9%

3.3%

13.8%

11.8%

8.6%

▼ 3.2 pts

Return on assets (ROA)

1.7%

1.1%

4.8%

4.2%

3.1%

▼ 1.2 pts

Return on equity (ROE)

3.2%

1.9%

8.2%

7.2%

5.6%

▼ 1.7 pts

Free cash flow margin

19.9%

16.8%

17.5%

16.9%

17.9%

▲ 1.0 pts

Current ratio

1.41×

1.88×

1.61×

1.91×

1.98×

▲ 4.0%

Quick ratio

0.79×

0.97×

0.78×

0.99×

1.10×

▲ 10%

Debt to equity

0.56×

0.47×

0.46×

0.50×

0.59×

▲ 19%