— Know what they know.
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Not Investment Advice

ZBH

NYSE · USD
Zimmer Biomet Holdings, Inc.
Healthcare · Medical - Devices
CEO Ivan Tornos Employees 17,000 R&D / revenue 5.6%
Last price
$94.98+0.64%last session
Market cap
$18.1B
P/E (TTM)
23.0x
From 52w high
−11.1%
From 52w low
+20.0%
1-year return
−5.0%
RSI 14 · vs SMA200
57.5 · +4.0%
IS score
59.6/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

ZBH   SPY   XLV (sector ETF) · weekly closes
8090100110120Jan 26Apr 26Jul 26Oct 26XLV 124SPY 116ZBH 95

Score DNA

Each bar is a 0-100 score within the scored universe
45
Profitability
44
Growth
65
Value
74
Momentum
50
Risk (safety)
72
Quality
50
Balance sheet
71
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Congress buying
Warnings
None of the computed warning flags fires for ZBH (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Cost AdvantagePiotroski 6 / 9Altman Z 2.4Beta 0.473 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
4 open-market sales, $1.2M
Form 144 notices (12m): 9, $5.8M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
2
Last disclosed purchase 2026-09-11
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+1
95 new holders, 83 closed
910 filers hold 104.1% · 314 added, 306 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+136
913 funds adding shares
777 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
56.0%
20-day avg 46.7%, 50-day avg 49.4%
Latest 9.3 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$8.2B
Revenue growth YoY+7.2%
Gross margin61.6%
Operating income$1.4B
Operating margin16.5%
Net income$705.2M
Net margin8.6%
EPS (diluted)$3.55
Cash flow
Operating cash flow$1.7B
Capital expenditure$224.5M
Free cash flow$1.5B
FCF conversion (FCF / OCF)86.8%
Stock-based compensation$0
FCF less SBC$1.5B
Buybacks$487.0M
Dividends$190.3M
Balance sheet & returns
Cash & short-term investments$591.9M
Total debt$7.5B
Net debt$6.9B
Shareholders' equity$12.7B
Goodwill & intangibles$14.7B
Debt / equity0.59
ROE (TTM)6.4%
ROIC (TTM)5.5%
Operating margin by fiscal year
11.4%FY202110.0%FY202217.3%FY202316.7%FY202415.0%FY2025
Revenue $6.8B (FY2021) to $8.2B (FY2025), a 4.8% CAGR.

Valuation

P/E (TTM)23.0x
EV / EBITDA10.8x
Price / sales2.13x
Price / FCF9.9x
FCF yield10.10%
Buyback yield2.69%
SBC / revenue1.2%
Price / book1.45x
Forward P/E FY202611.1x
Forward P/E FY202710.5x
Forward P/E FY20289.8x
Forward multiples divide today's price by Street EPS estimates. Street mean target $105.50 across 8 analysts last quarter is theirs, not ours.

ZBH vs industry median

318 companies in Medical - Devices
Gross margin 69.9% 57.3% Operating margin 15.7% -22.8% Net margin 9.5% -23.0% ROIC 5.5% -5.0%
ZBH (TTM)Industry median Asset turnover 0.37 vs industry 0.55 · financial leverage 1.81

Earnings delivery

Next report 2026-11-04 · consensus EPS $1.88
92%
beat rate, 11 of 12 quarters
+2.3%
median EPS surprise
7
longest beat streak
+4+2+4+1+0+0+2+5+2+2+12+3
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-07 to 2026-08-05. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
ZBH Zimmer Biomet Holdings, Inc. $18.1B23.0x6.4%9.5%+7.2% −5.0%
PEN Penumbra, Inc. $12.6B78.4x11.4%8.9%+17.6% +26.4%
SNN Smith & Nephew plc $12.2B19.0x21.7%9.8%+11.5% −16.6%
ALGN Align Technology, Inc. $10.5B25.6x10.2%10.3%+4.4% +13.5%
GMED Globus Medical, Inc. $10.3B19.3x11.8%19.2%+19.7% +30.9%
DXCM DexCom, Inc. $32.5B33.2x38.5%19.0%+15.5% —
PODD Insulet Corp. $9.8B26.3x26.0%11.8%+29.4% —
GKOS Glaukos Corporation $9.7Bn/m-26.0%-9.9%+41.5% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-09-08Officer/Director Change; Regulation FD; Exhibits
2026-08-05Earnings Release; Exhibits
2026-08-05Other Events; Exhibits
2026-06-29Material Agreement; Termination of Agreement; Financial Obligation; Exhibits
2026-05-27Shareholder Vote; Exhibits
2026-05-12Regulation FD; Exhibits

Context

Shares outstanding190,738,000
Free float99.8%
Institutional ownership104.1%
Beta0.47
Dividend yield1.01%
Last dividend$0.24 on 2026-09-30
50 / 200-day average$95.32 / $91.37
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where ZBH sits among 61 scored companies in Medical - Devices (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureZBHIndustry medianIndustry percentileSector median
P/E (TTM) 22.5x 25.7x
33rd		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) 1.11 1.33
47th		 1.28
Price / sales 2.1x 3.3x
23rd		 3.7x
Price / book 1.4x 3.5x
16th		 3.6x
Price / tangible book —
Price / free cash flow 9.9x 26.8x
11th		 21.2x
Price / operating cash flow 10.4x 19.5x
14th		 17.1x
Enterprise value $25.2B $2.0B
88th		 $2.5B
EV / sales 3.0x 3.5x
42nd		 3.8x
EV / EBITDA 11.3x 18.6x
29th		 16.2x
EV / EBIT 20.5x 24.7x
42nd		 23.0x
EV / free cash flow 13.8x 27.6x
14th		 24.6x
Earnings yield 4.5% -0.7%
85th		 -0.3%
FCF yield 10.1% 1.9%
93rd		 1.7%
Operating cash flow yield 9.6% 3.4%
90th		 2.9%
Graham number (per share) $78.52 $42.90
81st		 $26.70

Profitability (TTM)

MeasureZBHIndustry medianIndustry percentileSector median
Gross margin 69.9% 63.7%
68th		 65.1%
EBITDA margin 26.2% 9.3%
88th		 6.6%
Operating margin 15.7% 4.0%
80th		 3.5%
EBIT margin 14.4% 1.4%
77th		 2.4%
Net margin 9.5% -1.7%
73rd		 0.3%
NOPAT margin 13.6% 0.1%
80th		 2.7%
FCF margin 21.5% 3.0%
90th		 4.3%
Operating cash flow margin 20.5% 8.5%
80th		 7.1%
R&D / revenue 5.2% 10.1%
22nd		 12.4%
SG&A / revenue 40.3% 46.6%
33rd		 37.9%
Stock comp / revenue 1.2% 3.5%
17th		 4.5%
Effective tax rate 13.6% 21.0%
9th		 21.0%

Returns on capital

MeasureZBHIndustry medianIndustry percentileSector median
ROE (on average equity) 6.4% -1.7%
63rd		 0.8%
ROA 3.5% -1.1%
63rd		 -0.3%
ROIC 5.9% 1.1%
61st		 5.5%
ROCE 6.2% 1.6%
58th		 2.3%
Return on tangible assets 5.4% 1.0%
60th		 1.7%
Cash ROIC (OCF / invested capital) 8.9% 7.0%
58th		 9.7%
Gross profitability (GP / assets) 26.1% 36.4%
28th		 29.9%
ROIC, 3-yr average 4.6% -1.0%
61st		 2.6%
ROIC, 5-yr average 3.7% -0.4%
59th		 3.2%
ROE, 5-yr average 5.4% -4.8%
65th		 -4.9%
Incremental ROIC —

Growth

MeasureZBHIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 8.6% 11.5%
41st		 10.5%
Revenue growth (QoQ) 4.3% 7.8%
28th		 7.2%
Revenue CAGR, 3 yr 5.7% 11.6%
26th		 10.7%
Revenue CAGR, 5 yr 2.9% 12.8%
10th		 12.1%
Gross profit CAGR, 3 yr 4.8% 12.8%
19th		 10.6%
Operating income CAGR, 3 yr 15.3% 12.0%
60th		 11.7%
Net income growth (TTM YoY) -2.0% 8.7%
42nd		 17.5%
Net income CAGR, 3 yr 16.9% 13.1%
65th		 11.3%
EPS growth (TTM YoY) 0.8% 7.8%
42nd		 19.2%
EPS CAGR, 3 yr 20.2% 14.5%
60th		 14.0%
EPS CAGR, 5 yr -0.8% 9.1%
30th		 8.1%
FCF growth (TTM YoY) 28.5% 16.8%
53rd		 18.6%
FCF CAGR, 3 yr 21.1% 32.2%
38th		 15.4%
Operating cash flow CAGR, 3 yr 8.9% 18.3%
23rd		 11.9%
Book value CAGR, 3 yr 3.6% 5.2%
47th		 2.1%
Dividend CAGR, 3 yr 2.1% 2.5%
38th		 2.2%
Sustainable growth rate 4.9% 10.9%
26th		 12.2%

Margin history & stability

MeasureZBHIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 70.9% 64.5%
74th		 62.6%
Operating margin, 3-yr average 16.1% 4.3%
83rd		 1.0%
Net margin, 3-yr average 11.1% -5.8%
79th		 -2.6%
FCF margin, 3-yr average 18.1% 2.8%
94th		 3.2%
Revenue stability (0-1) 0.66 0.90
15th		 0.80
Earnings stability (0-1) 0.10 0.30
17th		 0.37
Margin stability (0-1) 0.99 0.96
96th		 0.93

Liquidity (latest quarter)

MeasureZBHIndustry medianIndustry percentileSector median
Cash & short-term investments $410.0M $184.9M
67th		 $330.9M
Net cash (− = net debt) −$7.1B −$37.3M
8th		 $8.4M
Working capital $2.1B $318.0M
92nd		 $381.1M
Current ratio 1.69 3.35
18th		 3.02
Quick ratio 1.69 2.33
37th		 2.51
Cash ratio (cash + ST investments / current liabilities) 0.14 0.87
12th		 1.43
Defensive interval (days) 173 days 324 days
15th		 415 days

Leverage & solvency (latest quarter)

MeasureZBHIndustry medianIndustry percentileSector median
Total debt $7.5B $263.7M
92nd		 $289.1M
Debt / equity 0.59 0.54
54th		 0.45
Net debt / equity 0.56 0.28
68th		 −0.13
Debt / assets 32.8% 27.9%
63rd		 24.4%
Debt / capital 37.2% 35.1%
54th		 31.1%
Debt / EBITDA 3.36 2.56
61st		 2.62
Net debt / EBITDA 3.17 2.08
66th		 1.42
Interest coverage (EBIT / interest) 4.3x 0.4x
65th		 2.1x
Cash interest coverage 6.0x 3.2x
67th		 3.6x
Debt payback (years of OCF) 4.3 yrs 3.4 yrs
58th		 2.7 yrs
Liabilities / assets 44.6% 49.8%
42nd		 49.8%
IS credit model rating BBB — —
Implied credit spread (bps) 275 225
53rd		 225

Efficiency

MeasureZBHIndustry medianIndustry percentileSector median
Asset turnover 0.37 0.60
10th		 0.56
Fixed asset turnover 3.80 4.84
28th		 4.87
Inventory turnover 2.1 1.8
67th		 2.7
Receivables turnover 5.0 6.4
25th		 6.4
Days sales outstanding 73 days 57 days
75th		 57 days
Days inventory outstanding 175 days 207 days
33rd		 136 days
Days payables outstanding 50 days 59 days
47th		 59 days
Cash conversion cycle (days) 197 days 214 days
45th		 70 days
Capex / revenue —
Capex / depreciation —
Operating expense ratio 55.8% 57.4%
41st		 56.5%

Cash flow & earnings quality

MeasureZBHIndustry medianIndustry percentileSector median
Operating cash flow / net income 2.16 1.65
78th		 1.61
FCF / net income 2.27 1.30
89th		 1.36
FCF / operating cash flow —
Capex / operating cash flow —
Accruals ratio -4.1% -5.2%
63rd		 -5.4%
Sloan accruals ratio -5.6% -1.3%
32nd		 -1.3%
Earnings quality score (0-1) 1.00 1.00
48th		 0.75

Dividends & buybacks

MeasureZBHIndustry medianIndustry percentileSector median
Dividend yield 1.0% 0.0%
92nd		 0.0%
Dividend per share (TTM) $0.96 $0.00
93rd		 $0.00
Payout ratio (dividends / net income) 23.4% 0.0%
81st		 0.0%
Dividends / FCF 10.3% 0.0%
75th		 0.0%
Dividend growth (YoY) 0.7% 4.0%
22nd		 4.5%
Buyback yield 2.8% 0.0%
87th		 0.0%
Shareholder yield (dividends + buybacks) 3.9% 0.0%
92nd		 0.0%
Share count change (YoY) -2.8% 1.4%
9th		 2.0%
Buybacks, last 5 years $2.0B $0
93rd		 $0

Scores & forensic checks

MeasureZBHIndustry medianIndustry percentileSector median
IS score 60 41
73rd		 46
IS profitability 45 20
62nd		 22
IS growth 44 60
23rd		 60
IS value 65 39
93rd		 39
IS momentum 74 67
61st		 67
IS risk (safety) 50 65
35th		 80
IS quality 72 49
67th		 49
IS balance sheet 50 50
47th		 55
IS earnings quality 71 56
70th		 56
IS cash flow 77 32
87th		 41
Piotroski F-score (0-9) 6 6
47th		 5
Altman Z-score 2.4 3.0
37th		 3.2
Beneish M-score −2.59 −2.67
61st		 −2.62
Ohlson O-score −8.82 −7.26
27th		 −7.16
IS credit score 57 62
43rd		 62

Per share

MeasureZBHIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $4.18 −$0.07
88th		 −$0.03
Book value per share $65.48 $10.13
97th		 $7.10
Tangible book per share −$9.10 $2.24
3rd		 $1.91
Revenue per share $44.13 $12.68
87th		 $9.38
FCF per share $9.49 $0.62
93rd		 $0.46
Operating cash flow per share $9.04 $1.25
92nd		 $0.93
Cash per share $2.13 $2.47
43rd		 $3.51

Size (TTM)

MeasureZBHIndustry medianIndustry percentileSector median
Market cap $18.1B $1.6B
88th		 $2.4B
Revenue $8.5B $815.1M
90th		 $770.2M
EBITDA $2.2B $83.1M
90th		 $56.1M
Net income $806.8M −$7.2M
87th		 −$3.3M
Free cash flow $1.8B $38.8M
93rd		 $41.2M
Total assets $22.8B $1.1B
92nd		 $1.3B
Shareholders' equity $12.6B $496.6M
93rd		 $568.4M
Employees 17,000 1,800
88th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Campbell Gary Craig
President, Americas
 Option exercise 2,368——2,368
2026-10-01Campbell Gary Craig
President, Americas
 Tax withholding 932$88.42$82,4071,436
2026-10-01Campbell Gary Craig
President, Americas
 Option exercise 1,218——2,654
2026-10-01Campbell Gary Craig
President, Americas
 Tax withholding 480$88.42$42,4422,174
2026-10-01Campbell Gary Craig
President, Americas
 Option exercise 2,368——0
2026-10-01Campbell Gary Craig
President, Americas
 Option exercise 1,218——2,434
2026-10-01Hatcher Brian Matthew
President, Recon, SET, CMFT
 — 6,201——0
2026-10-01Hatcher Brian Matthew
President, Recon, SET, CMFT
 — 2,156$120.04$258,8060
2026-10-01Hatcher Brian Matthew
President, Recon, SET, CMFT
 — 2,448$152.84$374,1520
2026-10-01Hatcher Brian Matthew
President, Recon, SET, CMFT
 — 2,121$158.90$337,0270
2026-10-01Hatcher Brian Matthew
President, Recon, SET, CMFT
 — 7,035$117.22$824,6430
2026-10-01Hatcher Brian Matthew
President, Recon, SET, CMFT
 — 575$118.25$67,9940

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired3444,816$1.0M
Open-market saleDisposed413,691$1.2M
Option exerciseAcquired313,543—
Option exerciseDisposed313,543—
Tax withholdingDisposed35,678$520,222
—Disposed1636,145$3.7M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 9 notices · 66,195 shares · $5.8M
FiledFilerShares proposedEst. proceeds
2026-09-11Thornal Kevin R5,691$528,978
2026-09-04Phipps Chad F3,000$295,050
2026-07-16Upadhyay Suketu7,668$712,050
2026-06-24Upadhyay Suketu4,560$410,696
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 7 trades (2 purchases) · Senate 1 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-14Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-09-14Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-09-11Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-09-11Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-20
2016-12-16John ReedSenateSale (Full)$1,001 - $15,0002017-01-04
2016-12-16John ReedSenateSale (Full)$1,001 - $15,0002017-01-04
2016-12-16John ReedSenateSale (Full)$1,001 - $15,0002017-01-03
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
DODGE & COX24,124,735$2.1B12.65%
BlackRock, Inc.15,614,847$1.3B8.19%
VANGUARD CAPITAL MANAGEMENT LLC12,634,937$1.1B6.62%
Capital International Investors12,183,614$1.0B6.39%
STATE STREET CORP8,877,171$766.3M4.65%
VANGUARD PORTFOLIO MANAGEMENT LLC8,441,747$726.7M4.43%
GEODE CAPITAL MANAGEMENT, LLC5,349,223$458.7M2.80%
PRICE T ROWE ASSOCIATES INC /MD/4,797,157$413.0M2.52%
Invesco Ltd.3,979,860$342.6M2.09%
PRIMECAP MANAGEMENT CO/CA/3,816,680$328.6M2.00%
VAN ECK ASSOCIATES CORP3,501,654$301.5M1.84%
CITADEL ADVISORS LLC3,477,472$299.4M1.82%
UBS Group AG2,755,107$237.2M1.44%
AMERICAN CENTURY COMPANIES INC2,744,463$236.3M1.44%
BANK OF AMERICA CORP /DE/2,177,724$187.5M1.14%

Institutional ownership by quarter

2023-092026-06104.1%
% of shares held by 13F filers
2023-092026-06910
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-30910104.1%9531430683
2026-03-31909100.0%95310300107
2025-12-31940103.3%125264365124
2025-09-3096099.8%11132632768
2025-06-30931100.4%92305358147
2025-03-3199896.3%9229538399
2024-12-311,02195.0%15830137290
2024-09-3097594.3%8829639994
2024-06-3099596.9%9130539689
2024-03-311,00896.5%8733337691
2023-12-311,02395.0%12627642296
2023-09-301,00895.3%109311370103

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-13SCHEDULE 13G/ADodge & Cox12.5%24,124,735
2026-08-12SCHEDULE 13GCapital International Investors6.4%12,438,366
2026-05-15SCHEDULE 13G/AT. Rowe Price Associates, Inc.4.1%7,997,806
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%14,767,527
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.02%$537.0M
VTI0.02%$537.0M
VSMPX0.02%$537.0M
VTSAX0.02%$537.0M
VWNFX0.77%$505.1M
VWNAX0.77%$505.1M

Share structure

Shares outstanding190,738,000
Float190,403,636
Free float99.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$6.8B$6.9B$7.4B$7.7B$8.2B
Cost of revenue$2.0B$2.0B$2.1B$2.2B$3.2B
Gross profit$4.9B$4.9B$5.3B$5.5B$5.1B
R&D$435.8M$406.0M$458.7M$437.4M$458.5M
SG&A$2.8B$2.8B$2.8B$2.9B$3.3B
Operating income$860.3M$696.3M$1.3B$1.3B$1.4B
EBITDA$1.6B$1.5B$2.2B$2.3B$2.2B
Pretax income$499.0M$403.5M$1.1B$1.0B$830.8M
Income tax$53.5M$112.3M$42.2M$131.4M$125.7M
Net income$401.6M$231.4M$1.0B$903.8M$705.2M
EPS, diluted$1.91$1.10$4.88$4.43$3.55
Diluted shares210.4M210.3M209.7M203.9M198.7M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$378.1M$375.7M$415.8M$525.5M$591.9M
Receivables$1.3B$1.4B$1.4B$1.5B$1.7B
Inventory$2.1B$2.1B$2.4B$2.2B$2.3B
Total current assets$4.9B$4.4B$4.6B$4.7B$5.1B
PP&E, net$1.8B$1.9B$2.1B$2.0B$2.2B
Goodwill & intangibles$14.5B$13.6B$13.7B$13.5B$14.7B
Total assets$23.5B$21.1B$21.5B$21.4B$23.1B
Accounts payable$306.5M$354.1M$410.6M$194.6M$0
Total current liabilities$3.5B$2.4B$2.9B$2.5B$2.6B
Long-term debt$5.5B$5.2B$4.9B$5.3B$6.9B
Total liabilities$10.8B$9.0B$9.0B$8.9B$10.4B
Shareholders' equity$12.7B$12.0B$12.5B$12.5B$12.7B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$445.5M$291.2M$1.0B$905.2M$705.2M
Depreciation & amortization$937.7M$926.4M$951.7M$996.3M$1.1B
Stock-based compensation$76.0M$105.0M$99.8M$101.0M$0
Change in working capital−$134.2M−$311.4M−$396.2M−$455.4M−$104.9M
Operating cash flow$1.5B$1.3B$1.6B$1.5B$1.7B
Capital expenditure−$152.0M−$217.6M−$394.5M−$356.8M−$224.5M
Free cash flow$1.3B$1.1B$1.2B$1.1B$1.5B
Investing cash flow−$503.6M−$529.2M−$778.9M−$888.1M−$2.0B
Net debt issued / repaid−$1.1B−$1.1B$54.6M$536.3M$1.0B
Buybacks$0−$126.4M−$692.2M−$868.0M−$487.0M
Dividends paid−$200.1M−$201.2M−$200.9M−$196.0M−$190.3M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin70.6%70.9%71.8%71.5%69.7%
Operating margin11.4%10.0%17.3%16.7%15.0%
Net margin5.7%3.3%13.8%11.8%8.6%
FCF margin18.8%15.8%16.1%14.9%22.5%
ROE3.2%1.9%8.4%7.2%5.6%
ROIC3.9%2.9%6.9%6.2%5.3%
ROA1.7%1.0%4.8%4.2%3.2%
Debt / equity0.560.470.460.500.59
Interest coverage3.1x3.4x6.3x5.8x3.8x
Current ratio1.411.881.611.911.98
Revenue growth+0.9%−2.1%+6.5%+3.8%+7.2%
EPS growth+389.7%−42.6%+345.1%−7.9%−21.3%
P/E at year end62.4x113.4x24.4x23.2x25.3x
EV / EBITDA at year end19.5x21.1x13.7x11.8x11.2x
FCF yield at year end5.32%4.18%4.77%5.45%10.38%
Dividend payout49.8%86.9%19.6%21.7%27.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Knees$2.6B$2.8B$3.0B$3.2B$3.3B
S E T$1.7B$1.7B$1.8B$1.9B$2.2B
Hips$1.9B$1.9B$2.0B$2.0B$2.1B
Other Product Category$595.6M$570.0M$636.0M$640.3M—

Revenue by region · FY2025

Americas$5.1B · 62%
E M E A$1.8B · 22%
Asia Pacific$1.3B · 15%

Street estimates by fiscal year

Next report 2026-11-04 · consensus EPS $1.88 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$8.6B$8.6B – $8.6B$8.53$8.49 – $8.561711.1x
2027$8.9B$8.8B – $9.0B$9.05$8.84 – $9.411710.5x
2028$9.3B$9.1B – $9.4B$9.71$8.31 – $11.3799.8x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-05$2.01$2.07+3.0%$2.1B$2.2B+2.0%
2026-04-28$1.86$2.09+12.4%$2.1B$2.1B+0.8%
2026-02-10$2.38$2.42+1.7%$2.2B$2.2B+0.9%
2025-11-05$1.87$1.90+1.6%$2.0B$2.0B−0.5%
2025-08-07$1.98$2.07+4.5%$2.1B$2.1B+1.0%
2025-05-05$1.77$1.81+2.3%$1.9B$1.9B+0.7%
2025-02-06$2.30$2.31+0.4%$2.0B$2.0B+0.4%
2024-10-30$1.74$1.740.0%$1.8B$1.8B+1.4%
2024-08-07$1.99$2.01+1.0%$1.9B$1.9B+0.1%
2024-05-02$1.87$1.94+3.7%$1.9B$1.9B+1.2%
2024-02-08$2.15$2.20+2.3%$1.9B$1.9B+0.6%
2023-11-07$1.59$1.65+3.8%$1.7B$1.8B+0.3%
2023-08-01$1.82$1.820.0%$1.8B$1.9B+2.5%
2023-05-02$1.66$1.89+13.9%$1.7B$1.8B+7.4%
2023-02-03$1.83$1.88+2.7%$1.8B$1.8B+3.6%
2022-11-02$1.56$1.58+1.3%$1.6B$1.7B+2.2%
2022-08-02$1.63$1.82+11.7%$1.7B$1.8B+3.5%
2022-05-03$1.40$1.61+15.0%—$1.7B—
2022-02-07$1.96$1.95−0.5%$2.1B$1.8B−14.2%
2021-11-04$1.75$1.81+3.4%$2.0B$1.9B−2.9%
2021-08-03$1.84$1.90+3.3%$2.0B$2.0B+2.5%
2021-05-04$1.51$1.71+13.2%$1.6B$1.8B+13.3%
2021-02-05$2.06$2.11+2.4%$2.0B$2.1B+2.5%
2020-11-06$1.05$1.81+72.4%$1.5B$1.9B+31.0%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.206-150.206-220.306-290.307-060.407-130.207-200.407-270.508-030.408-100.208-170.208-240.208-31
Week ofNotionalSharesTrades
2026-08-31$190.1M1,908,17046,052
2026-08-24$190.2M1,889,04644,807
2026-08-17$193.6M1,938,77149,519
2026-08-10$355.6M3,627,24170,245
2026-08-03$548.2M5,653,85587,543
2026-07-27$393.4M4,143,07877,847

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1556.0%
DateShort shareShort volumeTotal volume
2026-10-1556.0%382,349682,928
2026-10-1453.9%352,927654,437
2026-10-1369.9%724,9101,036,527
2026-10-1249.2%331,660673,876
2026-10-0952.5%289,975552,226
2026-10-0844.4%330,058743,234
2026-10-0761.1%379,638621,692
2026-10-0646.0%281,087610,661
2026-10-0528.8%286,818997,325
2026-10-0242.7%276,113646,072
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+3.1Jan+0.3Feb+0.7Mar+2.8Apr-1.3May-1.7Jun+2.3Jul-0.5Aug+0.1Sep-2.6Oct+0.7Nov+2.7Dec
MonthAvg returnUp yearsYears
Jan+3.1%65%20
Feb+0.3%50%20
Mar+0.7%67%21
Apr+2.8%55%20
May−1.3%35%20
Jun−1.7%25%20
Jul+2.3%55%20
Aug−0.5%40%20
Sep+0.1%45%20
Oct−2.6%45%20
Nov+0.7%65%20
Dec+2.7%85%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1457.5
MFI41.1
ADX18.1
Stochastic %K / %D84.1 / 79.8
Williams %R-10.7
CCI169
TSI / signal-5.4 / -13.3
Chaikin money flow-0.06
ATR$2.43
Bollinger width9.2%
Volume vs 20-day avg0.64x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$90.97 (+4.4%)
SMA 50$95.23 (−0.3%)
SMA 200$91.35 (+4.0%)
EMA 21$92.13 (+3.1%)
EMA 50$93.11 (+2.0%)
EMA 200$92.88 (+2.3%)
Bollinger upper$95.14 (−0.2%)
Bollinger lower$86.80 (+9.4%)
Parabolic SAR$87.68 (+8.3%)
Open the live chart, 110+ indicators

About Zimmer Biomet Holdings, Inc.

Zimmer Biomet Holdings, Inc. engages in the design, manufacture, and marketing of orthopedic reconstructive products. The firm also offers sports medicine, biologics, extremities, and trauma products, spine, craniomaxillofacial, and thoracic products, office-based technologies, dental implants, and related surgical products. It operates through the following geographical segments: Americas, Europe Middle East and Africa, and Asia Pacific. The Americas segment consists of the U.S. and includes other North, Central and South American markets. The Europe Middle East and Africa segment includes France, Germany, Italy, Spain, and the United Kingdom. The Asia Pacific segment refers to the key markets such as Japan, China, Australia, New Zealand, Korea, Taiwan, India, Thailand, Singapore, Hong Kong, and Malaysia. The company was founded by Justin O. Zimmer in 1927 and is headquartered in Warsaw, IN.

https://www.zimmerbiomet.com

Key executives

NameTitlePayBorn
Ivan TornosPresident, Chief Executive Officer & Chairman of the Board$4.1M1975
JehanZeb NoorSenior VP, Chief Strategy, Business Development, Innovation & Transformation Officer$2.6M1982
Wilfred van ZuilenGroup President of Europe, Middle East & Africa$1.6M1970
Chad F. PhippsSenior VP, Chief Legal & Corporate Affairs Officer and Secretary$1.3M1972
Kevin R. ThornalGroup President of Global Businesses & Americas$1.3M1974
David DeMartinoSenior Vice President of Investor Relations——
Jonathan VigdorchikChief Science, Technology & Medical Affairs Officer——
Kristen CardilloSenior Vice President & Chief Communications Officer——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Ivan Tornos Chairman, President and CEO2025$1.3M$12.0M$2.4M$16.1M
Jehanzeb Noor SVP, Chief Strategy, Business Development, Innovation and Transformation Officer2025$683,000$5.1M$730,913$7.9M
Suketu Upadhyay CFO and EVP - Finance, Operations and Supply Chain2025$906,780$4.0M$1.1M$6.2M
Kevin Thornal Group President, Global Businesses and the Americas2025$405,385$5.3M$505,275$6.2M
Wilfred van Zuilen Group President, EMEA2025$743,149$2.0M$730,333$4.1M

Employees

19k201820k201920k202020k202118k202218k202317k202417k2025

Dividends

Ex-dateAmountPaid
2026-09-30$0.242026-10-30
2026-06-25$0.242026-07-31
2026-03-31$0.242026-04-30
2025-12-30$0.242026-01-30
2025-09-30$0.242025-10-31
2025-06-26$0.242025-07-31
2025-03-31$0.242025-04-30
2024-12-30$0.242025-01-31

Moat model

Weak · Cost Advantage · 2026-06-30
Cost advantage68
Intangibles48
Switching costs27
Network effect47
Efficient scale55
Our component scores (0-100) and overall 47.7; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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