Zimmer Biomet Holdings, Inc. (ZBH)

NYSE: ZBH · USD

$96.3

+0.26 (+0.3%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-11

Our latest published analysis: ZBH rated Strong Buy

Zimmer Biomet Holdings, Inc.'s published Strong Buy conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$120 / share

Potential value

$186 / share

Upside to FV

+34.2%

from $96.3

Moat

7.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$17.0B
Revenue (ttm)	8.5B
Net income (ttm)	806.7M
EPS (ttm)	$4.12
Shares out	190.7M
P/E (trailing)	23.4x
P/E (forward)	10.1x
Dividend	$0.96 (1.00%)
Volume	1,814,544
Beta	0.49

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 8.5B
Net income (ttm): 806.7M
EPS (ttm): $4.12
P/E (trailing): 23.4x
P/E (forward): 10.1x
Market cap: $17.0B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$6.83B	$6.94B	$7.39B	$7.68B	$8.23B	+4.8%
Gross profit	$4.87B	$4.92B	$5.31B	$5.49B	$5.07B	+1.0%
Operating income	$860.3M	$696.3M	$1.28B	$1.29B	$1.10B	+6.3%
Net income	$401.6M	$231.4M	$1.02B	$903.8M	$705.1M	+15.1%
EPS (diluted)	$1.91	$1.10	$4.88	$4.43	$3.55	+16.8%
EBITDA	$1.65B	$1.49B	$2.22B	$2.25B	$2.22B	+7.7%
R&D	$435.8M	$406.0M	$458.7M	$437.4M	$458.5M	+1.3%
SG&A	$2.84B	$2.76B	$2.84B	$2.93B	$3.26B	+3.5%

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AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	매도
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ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	적극 매수
ABBV	AbbVie Inc.	505.6B	80.8x	7.9x	17.7%	+3.7%	+29.1%	매도
ABT	Abbott Laboratories	177.6B	38.2x	3.7x	7.2%	+2.7%	-17.2%	비중 축소
ALGN	Align Technology Inc.	10.9B	26.6x	2.6x	17.2%	+3.6%	+11.6%	비중 축소

Base and Bull scenarios

Base55%

Price target

$119.59

+34.2% from spot

Under the base case, Zimmer Biomet executes its commercial reorganization across three stages through 2027, stabilizing domestic knee and hip market share while ROSA robotics placements expand procedural volume. FY2026 reported revenue grows 4.43% to $8,596.2M, and FY2027 revenue reaches $8,904.5M. Operating margins trough at 13.0% in FY2026 before expanding to 14.0% in FY2027 and 16.0% by FY2030. Diluted EPS expands from $8.53 in FY2026 to $9.07 in FY2027, supported by share repurchases of up to $1.0B.

FY2026 revenue growth of 4.43% stepping down to 3.5% terminal
Operating margin trough of 13.0% in FY2026 expanding to 16.0% by FY2030
Normalized effective tax rate of 18.0%
Reinvestment rate of 15.0% of NOPAT
Terminal exit multiple in line with historical valuation levels

Bull20%

Price target

$185.55

+108.2% from spot

In the bull case, rapid ROSA surgical robotics placement drives accelerating market share gains in knees and shoulders, while international launches of first-to-world iodine-coated hips in Japan achieve rapid market conversion at 40% premiums. Salesforce specialization concludes ahead of schedule with negligible turnover. Revenue growth accelerates to 5.0% and operating margins reach 17.0%, propelling intrinsic value toward $185.55.

Revenue growth accelerates toward 5.0% driven by surgical robotics and ASC share capture
Operating margins expand as salesforce restructuring leverage takes hold
Japan iodine-coated hip rollout converts majority of addressable market at 40% premium
Terminal exit multiple expands toward medtech peer levels

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($119.59). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.0%	2.3%	2.5%	2.8%	3.0%
6.4%	$131	$136	$141	$147	$153
6.9%	$122	$125	$129	$133	$138
7.4%	$114	$116	$120	$123	$127
7.9%	$107	$109	$112	$115	$118
8.4%	$101	$103	$105	$108	$110

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E10.1

P25 n/aP50 n/aP75 n/a

Trailing P/E21.6

P25 n/aP50 n/aP75 n/a

ROE6.4

P25 n/aP50 n/aP75 n/a

ROIC6.2

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All ZBH indicators

Market & fundamental data

Available fields

289

Groups with data

Currency

USD

Showing 289 of 289 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001136869
Company name	Zimmer Biomet Holdings, Inc.
Country	United States
Country code	US
CUSIP number	98956P102
Earnings date	2026-11-04
Earnings time	bmo
Employees	17,000
Employees change	-1,000
Employees growth	-5.56%
Enterprise value	$25.5B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	1927
In index	SP500
Industry	Medical Devices
Is primary listing	Yes
Is SPAC	No
ISIN number	US98956P1021
Last 10-K release date	2026-02-20
Last earnings date	2026-08-05
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$18.4B
Market cap category	Large-Cap
Next earnings date	2026-11-04
Options	Yes
Price	$96.32
Price currency	USD
Sector	Healthcare
SIC code	3842
Stock price date	2026-10-28
Symbol	ZBH
U.S. state	Indiana
Website	https://www.zimmerbiomet.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	11.36x
Average P/E ratio (10Y)	62.14x
Average P/E ratio (3Y)	25.69x
Average P/E ratio (5Y)	47.28x
Earnings yield	4.27%
EV/Earnings	31.6x
EV/EBIT	17.99x
EV/EBITDA	10.09x
EV/FCF	21.24x
EV/Sales	3x
FCF / EV yield	4.71%
FCF yield	6.54%
Forward EV/Sales	2.91x
Forward P/E	10.99x
Forward P/S	2.1x
Graham number	78.32155
Graham upside	-18.59%
Industry forward P/E	19.81x
Industry P/E	39.28x
Lynch fair value	$20.58
Lynch upside	-78.61%
P/(FCF - SBC) ratio	16.65x
P/(OCF - SBC) ratio	11.15x
P/B ratio	1.45x
P/E ratio	23.4x
P/FCF ratio	15.29x
P/OCF ratio	10.53x
P/S ratio	2.16x
PEG ratio	1.93x
Price/EBITDA ratio	7.27x
Sector forward P/E	23.56x
Sector P/E	50.13x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	16.65%
EBITDA margin	29.68%
Effective tax rate	13.56%
FCF margin	14.1%
Gross margin	69.52%
Operating margin	16.65%
Pretax margin	10.97%
Profit margin	9.48%
Profit per employee	$47,453
Profitable quarters	14
Profitable years	5
Revenue per employee	$500,518
ROA	3.88%
ROA (5Y)	3.96%
ROCE	7.16%
ROE	6.41%
ROE (5Y)	5.43%
ROIC	6.19%
ROIC (5Y)	6.45%
SBC / revenue	1.15%
Tax / revenue	1.49%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	0.17%
EPS growth (Q)	33.77%
EPS growth (QoQ)	-15.57%
EPS growth 10Y	14.16%
EPS growth 3Y	19.72%
EPS growth 5Y	-1.28%
EPS growth quarters	2
EPS growth years	0
FCF growth	-3.14%
FCF growth (Q)	24.48%
FCF growth (QoQ)	25.34%
FCF growth 3Y	14.96%
FCF growth 5Y	1.17%
Gross profit growth	6.05%
Gross profit growth (Q)	3.8%
Gross profit growth 3Y	4.66%
Gross profit growth 5Y	2.29%
Net income growth	-2.04%
Net income growth (Q)	29.78%
Net income growth (QoQ)	-16.72%
Net income growth 3Y	16.85%
Net income growth 5Y	-2.51%
Net income growth quarters	2
Net income growth years	0
OCF growth	4.83%
OCF growth (Q)	18.4%
OCF growth (QoQ)	24.6%
OCF growth 10Y	3.69%
OCF growth 3Y	8.88%
OCF growth 5Y	2.96%
Operating income growth	-8.28%
Operating income growth (Q)	-3.22%
Operating income growth 3Y	0.13%
Operating income growth 5Y	1.82%
Revenue growth	8.62%
Revenue growth (Q)	4.8%
Revenue growth (QoQ)	4.33%
Revenue growth 10Y	1.22%
Revenue growth 3Y	5.75%
Revenue growth 5Y	2.89%
Revenue growth quarters	15
Revenue growth years	5

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-543.2M
Depreciation and amortization	$1.1B
EBIT	$1.4B
EBITDA	$2.5B
EPS	$4.12
FCF per share	$6.29
Financing cash flow	$-1.1B
Free cash flow	$1.2B
Free cash flow minus SBC	$1.1B
Gross profit	$5.9B
Income taxes	$126.6M
Investing cash flow	$-835.1M
Net borrowing	$-46M
Net cash flow	$-146.9M
Net income	$806.7M
Operating cash flow minus SBC	$1.6B
Operating income	$1.4B
Revenue	$8.5B
Stock-based compensation	$98.2M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	2.51
Book value per share	$66.23
Debt / EBITDA	2.94
Debt / equity	0.6
Debt / FCF	6.33
Goodwill	$9.9B
Interest coverage	4.9
Long-term assets	$17.7B
Long-term liabilities	$7.2B
Net cash (debt)	$-7.1B
Net cash / market cap	-38.89%
Net debt / EBITDA	2.83
Net debt / equity	0.56
Net debt / FCF	5.95
Piotroski F-Score	6
Property, plant and equipment	$2.2B
Shareholders' equity	$12.6B
Tangible book value	$-1.8B
Tangible book value per share	$-9.22
Total assets	$22.8B
Total cash	$464.5M
Total debt	$7.6B
Total liabilities	$10.2B
WACC	5.86%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.37
Current assets	$5.1B
Current liabilities	$3B
Current ratio	1.69
Inventory turnover	1.1
Net working capital	$2.8B
Quick ratio	0.74
Working capital	$2.1B
Working capital turnover	3.83

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	1.95%
Dividend growth	0%
Dividend growth (10Y)	0.21%
Dividend growth (3Y)	0%
Dividend growth (5Y)	0%
Dividend growth years	0
Dividend payment date	2026-10-30
Dividend payment years	15
Dividend payout frequency	Quarterly
Dividend per share	$0.96
Dividend yield	1%
Ex-dividend date	2026-09-30
FCF payout ratio	15.26%
Last dividend	$0.24
Payout ratio	23.32%
Shareholder yield	2.95%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	-20.39%
10Y return CAGR	-1.14%
10Y total return	-10.83%
150-day SMA	$91.46
15Y price change	77.81%
15Y return CAGR	5.01%
15Y total return	108.14%
1D price change	0.27%
1M price change	5.8%
1M total return	6.08%
1W price change	1.54%
1W total return	1.54%
1Y price change	-6.59%
1Y return CAGR	-5.6%
1Y total return	-5.59%
20-day SMA	$93.13
200-day SMA	$91.56
20Y price change	35.21%
20Y return CAGR	2.32%
20Y total return	58.27%
3M price change	4.62%
3M total return	4.89%
3Y price change	-6.66%
3Y return CAGR	-1.34%
3Y total return	-3.97%
50-day SMA	$95.00
50-day SMA vs 200-day SMA	50over200
52-week high	$103.70
52-week high date	2025-11-04
52-week low	$79.12
52-week low date	2026-05-11
5Y price change	-34.17%
5Y return CAGR	-6.64%
5Y total return	-29.06%
6M price change	4.03%
6M total return	4.58%
All-time high	$180.36
All-time high date	2021-04-29
All-time low	$24.70
All-time low date	2001-09-18
Average true range (ATR)	$2.34
Average volume	1.9M
Beta (1Y)	0.26
Beta (2Y)	0.36
Beta (5Y)	0.49
Change from 52-week high	-7.12%
Change from 52-week low	21.74%
Change from all-time high	-46.6%
Change from all-time low	289.96%
Change from open	0.03%
Day's gap	0.24%
Dollar volume	$174.8M
High price	$96.50
Low price	$95.73
Monthly RSI	48.68
Open price	$96.29
Position in 52-week range	76.62%
Premarket change	0.1%
Premarket close	$96.06
Premarket price	$96.16
Previous close	$96.06
Price vs 150-day SMA	5.31%
Price vs 20-day SMA	3.43%
Price vs 200-day SMA	5.2%
Price vs 50-day SMA	1.39%
Relative volume	0.97
RSI	56.09
Sharpe ratio	-0.13
Sharpe ratio (3Y)	-0.08
Sharpe ratio (5Y)	-0.28
Sortino ratio	-0.01
Sortino ratio (3Y)	0.09
Sortino ratio (5Y)	-0.18
Volume	1.8M
Weekly RSI	53.89
YTD price change	7.12%
YTD total return	7.98%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	190.1M
Float percentage	99.68%
Shares change (QoQ)	-1.53%
Shares change (YoY)	-1.95%
Shares held by insiders	0.18%
Shares held by institutions	106.12%
Shares outstanding	190.7M
Short % of float	4.19%
Short % of shares	4.17%
Short ratio	3.6 days

Deeper analysis on ZBH

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this ZBH report

What is the latest published ZBH stock rating?

Zimmer Biomet Holdings, Inc. is shown with Strong Buy in the latest published report, analyzed 2026-10-11. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full ZBH analysis?

The full latest published report, analyzed 2026-10-11, lives at /stocks/ZBH/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for ZBH?

The latest published report analyzed 2026-10-11 gives ZBH a fair value of USD 120 and a potential value of USD 186. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the ZBH page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-11). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

Strong BuyZBH · Fair value $120+34.2%

Read full analysis →

Zimmer Biomet Holdings, Inc. (ZBH)

Our latest published analysis: ZBH rated Strong Buy

Price

Financial snapshot

Fair-value bridge

Latest news · ZBH

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All ZBH indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on ZBH

Frequently asked questions

등급 이력

Category	Score	Reading
Valuation	8.5
Management	7.5
Balance Sheet	7.0
Profitability	5.0
Revenue Growth	4.5
Risk Assessment	7.5
Competitive Moat	7.5
Earnings Quality	9.0
Capital Efficiency	3.5