Zimmer Biomet Holdings, Inc.

ZBH · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Valuation
Market cap	$17,820	$21,028	$25,433	$26,756	$26,540	$32,191	$31,269	$21,668	$25,209	$21,559	$21,432	$18,595	$15,334	$11,311	$9,721	$10,416	$12,328	$8,912	$15,112	$18,478	$16,168	$18,997	$14,186	$7,834	$5,739	$5,589	$5,589	$5,595
Enterprise value	$24,756	$26,715	$30,793	$32,084	$33,236	$39,548	$38,878	$30,069	$34,827	$32,168	$31,307	$18,327	$15,202	$11,581	$10,225	$10,624	$12,698	$9,164	$14,755	$18,314	$16,018	$19,501	$15,225	$7,975	$6,085	–	–	–
P/E (TTM) at period end	25.27×	23.27×	24.84×	115.63×	66.08×	–	27.63×	–	13.90×	70.48×	145.80×	25.82×	19.65×	14.98×	12.78×	17.45×	17.18×	10.50×	19.54×	22.14×	22.07×	35.06×	40.96×	30.39×	38.31×	31.76×	37.26×	38.59×
P/S (TTM) at period end	2.16×	2.74×	3.44×	3.86×	3.89×	5.25×	4.49×	2.73×	3.23×	2.81×	3.57×	3.98×	3.32×	2.53×	2.18×	2.47×	3.01×	2.16×	3.88×	5.29×	4.92×	6.37×	7.46×	5.71×	4.87×	5.37×	5.95×	6.50×
P/B at period end	1.40×	1.69×	2.04×	2.23×	2.10×	2.64×	2.52×	1.92×	2.15×	2.23×	2.17×	2.84×	2.43×	1.93×	1.77×	1.80×	2.19×	1.58×	2.77×	3.76×	3.45×	4.82×	4.51×	21.39×	72.93×	21.41×	14.29×	–
EV / EBITDA (TTM)	11.29×	11.71×	13.81×	19.77×	18.49×	40.29×	19.61×	27.99×	18.70×	17.29×	26.54×	12.97×	10.65×	8.21×	7.39×	8.45×	9.36×	6.71×	10.87×	13.44×	12.91×	20.65×	27.48×	18.71×	22.40×	–	–	–
EV / Sales (TTM)	3.01×	3.48×	4.16×	4.62×	4.87×	6.45×	5.59×	3.79×	4.46×	4.19×	5.22×	3.92×	3.29×	2.59×	2.30×	2.52×	3.10×	2.22×	3.79×	5.24×	4.87×	6.54×	8.01×	5.81×	5.16×	–	–	–
Returns
Return on equity	5.6%	7.2%	8.2%	1.9%	3.2%	(1.1%)	9.1%	(3.4%)	15.5%	3.2%	1.5%	11.0%	12.4%	12.9%	13.8%	10.3%	12.7%	15.0%	14.2%	17.0%	15.6%	13.7%	11.0%	70.4%	190.3%	67.4%	38.4%	–
Return on invested capital	4.7%	6.2%	6.9%	2.9%	4.0%	0.0%	5.6%	0.2%	3.7%	3.1%	2.2%	11.5%	12.0%	11.7%	12.3%	10.2%	12.1%	14.0%	15.1%	17.5%	16.4%	12.7%	7.2%	52.4%	36.4%	67.4%	38.4%	–
Dividend yield	1.1%	0.9%	0.8%	0.8%	0.8%	0.6%	0.6%	0.9%	0.8%	0.9%	0.7%	0.8%	0.9%	0.8%	5.3%	–	–	–	–	–	–	–	–	–	5.1%	–	–	–
Financial health
Current ratio	1.98×	1.91×	1.61×	1.88×	1.41×	1.99×	1.37×	1.83×	1.49×	1.96×	3.62×	4.21×	4.07×	4.28×	3.78×	4.28×	3.96×	2.83×	2.78×	2.78×	2.60×	2.23×	2.07×	1.53×	1.36×	2.24×	2.00×	–
Debt / equity	0.59×	0.50×	0.46×	0.47×	0.56×	0.67×	0.66×	0.79×	0.86×	1.16×	1.16×	0.22×	0.27×	0.31×	0.31×	0.20×	0.20×	0.08×	0.02×	0.02×	0.02×	0.17×	0.35×	0.43×	4.62×	–	–	–
Effective tax rate	15.1%	12.7%	4.0%	27.8%	10.7%	91.3%	(27.0%)	(39.9%)	(290.3%)	23.8%	4.6%	23.4%	22.8%	24.0%	22.4%	30.6%	28.1%	24.3%	31.6%	28.6%	29.5%	25.9%	33.6%	33.7%	37.8%	34.3%	35.1%	31.3%
Share count
Diluted shares outstanding	199	204	210	210	210	207	207	204	204	202	190	172	172	176	189	201	216	228	238	245	250	248	211	197	194	194	194	194

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Revenue and gross profit
Revenue	$8,509	$8,232	$7,679	$7,394	$6,940	$6,827	$6,128	$6,961	$7,933	$7,803	$7,668	$5,998	$4,673	$4,623	$4,472	$4,452	$4,220	$4,095	$4,121	$3,898	$3,495	$3,286	$2,981	$1,901	$1,372	$1,179	$1,041	$939	$861
Cost of revenue	($2,563)	($2,494)	($2,191)	($2,084)	($2,020)	($1,960)	($1,824)	($1,944)	($2,272)	($2,133)	($2,382)	($1,801)	($1,243)	($1,286)	($1,125)	($1,122)	($1,012)	($991)	($997)	($876)	($780)	($739)	($780)	($516)	($345)	($326)	($291)	($269)	($265)
Gross profit	$5,946	$5,738	$5,487	$5,310	$4,920	$4,867	$4,303	$5,017	$5,661	$5,670	$5,287	$4,197	$3,430	$3,337	$3,346	$3,330	$3,208	$3,105	$3,124	$3,022	$2,715	$2,547	$2,201	$1,385	$1,028	$853	$750	$670	$596
Operating expenses
Research and development	($443)	($458)	($437)	($459)	($406)	($436)	($323)	($394)	($392)	($370)	($366)	($269)	($187)	($203)	($226)	($238)	($218)	($206)	($192)	($183)	($188)	($176)	($167)	($106)	($81)	($72)	($52)	($45)	($36)
Selling, general and administrative	($3,433)	($3,257)	($2,930)	($2,839)	($2,762)	($2,843)	($2,713)	($2,810)	($3,379)	($3,105)	($2,945)	($2,284)	($1,751)	($1,749)	($1,807)	($1,834)	($1,759)	($1,729)	($1,704)	($1,517)	($1,356)	($1,260)	($1,190)	($738)	($546)	($533)	($430)	($394)	($349)
Total operating expenses	($4,740)	($4,640)	($4,202)	($4,033)	($4,224)	($4,007)	($4,220)	($3,905)	($5,627)	($4,871)	($4,466)	($3,730)	($2,393)	($2,269)	($2,299)	($2,306)	($2,291)	($2,086)	($2,034)	($1,894)	($1,550)	($1,492)	($1,438)	($934)	($627)	($604)	($482)	($439)	($385)
Total costs and expenses	($7,304)	($7,133)	($6,393)	($6,116)	($6,244)	($5,967)	($6,044)	($5,849)	($7,899)	($7,004)	($6,847)	($5,530)	($3,636)	($3,555)	($3,424)	($3,428)	($3,304)	($3,077)	($3,031)	($2,770)	($2,330)	($2,231)	($2,218)	($1,450)	($972)	($930)	($773)	($708)	($650)
Operating income	$1,205	$1,098	$1,286	$1,278	$696	$860	$83	$1,112	$34	$799	$821	$467	$1,037	$1,069	$1,047	$1,024	$917	$1,019	$1,090	$1,128	$1,165	$1,055	$763	$451	$401	$248	$268	$231	$211
Earnings
EBITDA	$2,314	$2,192	$2,282	$2,229	$1,623	$1,798	$982	$1,983	$1,074	$1,862	$1,860	$1,180	$1,413	$1,427	$1,410	$1,384	$1,257	$1,356	$1,365	$1,358	$1,363	$1,241	$944	$554	$426	$272	$291	$253	$237
Interest income	–	–	–	–	–	–	–	–	–	$2	$3	$9	$12	$16	$16	$10	$4	$2	$32	–	–	–	–	–	–	–	–	–	–
Interest expense	($289)	($293)	($218)	($201)	($165)	($208)	($212)	($227)	($289)	($328)	($358)	($287)	($63)	($70)	($73)	($55)	($60)	($22)	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$934	$831	$1,037	$1,067	$404	$499	($105)	$880	($271)	$465	$400	$153	$939	$1,008	$990	$979	$860	$998	$1,122	$1,132	$1,169	$1,041	$732	$438	$389	$241	$268	$231	$211
Income tax expense	($127)	($126)	($131)	($42)	($112)	($54)	$96	$238	($108)	$1,349	($95)	($7)	($220)	($230)	($237)	($219)	($263)	($281)	($272)	($358)	($334)	($307)	($190)	($147)	($131)	($91)	($92)	($81)	($66)
Net income	$807	$705	$904	$1,024	$231	$402	($139)	$1,132	($379)	$1,814	$306	$147	$720	$780	$755	$761	$597	$717	$849	$773	$834	$732	$542	$346	$258	$150	$176	$150	$145
Per share
Diluted EPS (GAAP)	$4.11	$3.55	$4.43	$4.88	$1.10	$1.91	($0.67)	$5.47	($1.86)	$8.90	$1.51	$0.77	$4.20	$4.54	$4.29	$4.03	$2.97	$3.32	$3.72	$3.26	$3.40	$2.93	$2.19	$1.64	$1.31	$0.77	$0.91	$0.77	$0.75
Basic EPS (GAAP)	$4.13	$3.56	$4.45	$4.91	$1.10	$1.93	($0.67)	$5.52	($1.86)	$8.98	$1.53	$0.78	$4.26	$4.60	$4.32	$4.05	$2.98	$3.34	$3.73	$3.28	$3.43	$2.96	$2.22	$1.67	$1.33	$0.77	$0.91	$0.77	$0.75
Basic shares outstanding	196	198	203	209	210	209	207	205	204	202	200	187	169	170	175	188	200	215	227	236	243	247	244	208	194	194	194	194	194
Margins
Gross margin	69.9%	69.7%	71.5%	71.8%	70.9%	71.3%	70.2%	72.1%	71.4%	72.7%	68.9%	70.0%	73.4%	72.2%	74.8%	74.8%	76.0%	75.8%	75.8%	77.5%	77.7%	77.5%	73.8%	72.8%	74.9%	72.3%	72.0%	71.4%	69.2%
Operating margin	14.2%	13.3%	16.7%	17.3%	10.0%	12.6%	1.4%	16.0%	0.4%	10.2%	10.7%	7.8%	22.2%	23.1%	23.4%	23.0%	21.7%	24.9%	26.4%	28.9%	33.3%	32.1%	25.6%	23.7%	29.2%	21.1%	25.8%	24.6%	24.5%
Net margin	9.5%	8.6%	11.8%	13.8%	3.3%	5.9%	(2.3%)	16.3%	(4.8%)	23.2%	4.0%	2.5%	15.4%	16.9%	16.9%	17.1%	14.1%	17.5%	20.6%	19.8%	23.9%	22.3%	18.2%	18.2%	18.8%	12.7%	16.9%	16.0%	16.8%

Analyst consensus

Hold42 analysts

Bearish · 3 · Hold · 22 · Bullish · 17

Earnings history

	EPS	Estimate
Q3 2024	$1.74	$1.74	Match
Q4 2024	$2.31	$2.30	Beat
Q1 2025	$1.81	$1.77	Beat
Q2 2025	$2.07	$1.98	Beat
Q3 2025	$1.90	$1.87	Beat
Q4 2025	$2.42	$2.38	Beat
Q1 2026	$2.09	$1.86	Beat
Q2 2026	$2.07	$2.01	Beat

Peers

Company overview

IPO dateJul 25, 2001

CEOIvan Tornos

Employees17,000

SectorHealthcare

IndustryMedical - Devices

CountryUS

ExchangeNew York Stock Exchange

Websitewww.zimmerbiomet.com

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.

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