Health Care · Health Care Equipment · US stock · price as of 16 Oct 2026
Key indicators
Price
$94.98
52-week range
$78.70 – $105.75
Market cap
$18.3B
P/E (trailing)
23.1×
EV / EBITDA
11.0×
Free-cash-flow yield
8.3%
Dividend yield
1.0%
Revenue (last 12 months)
$8.5B
Revenue growth (3y a year)
5.9%
Operating margin
14.2%
Return on invested capital
5.3%
Net debt / EBITDA
3.1×
Fair value
Blended fair value$99.44 range $95 – $104
Versus priceFair+5% to fair value
Peer multiples
$115.69
Fundamentals-adjusted multiple
$118.52
10-year DCF (market-scaled)
$64.11
Earnings power value (floor, not blended)
$24.23
Model uncertainty
Medium
X-Ray Score
53/ 100 · High confidence · ahead of 57% of sector peers
Valuation67
Growth66
Profitability40
Financial health49
Dividends35
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Knee and hip replacement implants sit at the centre of what Zimmer Biomet designs, manufactures and markets for treating bone and joint conditions. It also supplies sports medicine, trauma and shoulder products, together with surgical instruments and robotic systems that guide surgeons during operations. Its customers are hospitals, surgery centres and the orthopaedic surgeons who work in them, and it serves them through regional commercial teams around the world.
The company earns money from implants, instruments and related surgical technology that hospitals purchase for procedures. Revenue was $8.5 billion over the last twelve months, with growth of 5.9% a year across the last three years, and the operating margin is 14.2%. The business earns a profit of 5% on the capital invested in it, while net debt is 3.1 times EBITDA. It pays a dividend with a yield of 1.0%.
StocksXray gives Zimmer Biomet Holdings, Inc. an X-Ray Score of 53 out of 100 (high confidence), ahead of 57% of the S&P 500 stocks in its sector. Its strongest lens is valuation (67) and its weakest is dividends (35).
Our fair value blend is $99.44 (range $94.78 to $103.74). At $94.98 the stock trades 4% below that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Zimmer Biomet Holdings, Inc. (ZBH)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$118.22
$123.22
$118.53
$103.76
$89.20
$94.98
Market cap
$24.9B
$25.9B
$24.9B
$21.2B
$17.7B
$18.3B
P/E
61.9×
112.0×
24.3×
23.4×
25.1×
23.1×
EV / revenue
4.6×
4.5×
4.1×
3.5×
3.0×
3.0×
EV / EBITDA
17.6×
19.3×
13.6×
11.8×
11.3×
11.0×
Price / free cash flow
18.3×
–
19.3×
16.3×
12.0×
12.0×
Free-cash-flow yield
5.4%
–
5.2%
6.1%
8.3%
8.3%
Price / book
2.0×
2.2×
2.0×
1.7×
1.4×
1.5×
Dividend yield
0.81%
0.78%
0.81%
0.93%
1.08%
1.01%
Fundamentals checklist ● 4 Good · ● 9 Average · ● 2 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−4.1%Average
Free-cash-flow yield8.3%Good
Risk models
Altman Z score4.0×Average
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)47.8%Good
Revenue growth (3y)5.9%Average
Growth consistency100%Good
Balance sheet
Current ratio1.7×Average
Net debt / EBITDA3.1×Average
Interest coverno interest costGood
Valuation
Fair value vs price1.0×Average
EBIT / EV yield4.7%Average
Profitability
Return on invested capital5.3%Bad
Operating margin14.2%Average
Gross profitability26.1%Average
XStocksXray
Zimmer Biomet Holdings, Inc. (ZBH)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
6,827
6,940
7,394
7,679
8,232
8,509
Gross profit
4,867
4,920
5,310
5,487
5,738
5,946
Operating income
860
696
1,278
1,286
1,098
1,205
Net income
402
231
1,024
904
705
807
Diluted EPS ($)
1.91
1.10
4.88
4.43
3.55
4.10
Free cash flow
1,356
–
1,291
1,296
1,473
1,523
Gross margin
71.3%
70.9%
71.8%
71.5%
69.7%
69.9%
Operating margin
12.6%
10.0%
17.3%
16.7%
13.3%
14.2%
Net margin
5.9%
3.3%
13.8%
11.8%
8.6%
9.5%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
23,456
21,066
21,497
21,365
23,092
22,798
Cash
378
376
416
526
592
410
Total debt
7,069
5,697
5,768
6,205
7,519
7,479
Equity
12,661
12,020
12,481
12,468
12,698
12,624
Dividend per share ($)
0.96
0.96
0.96
0.96
0.96
0.96
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.