Zimmer Biomet (ZBH)
Market Price (4/6/2026): $90.5 | Market Cap: $17.8 BilSector: Health Care | Industry: Health Care Equipment
Zimmer Biomet (ZBH)
Market Price (4/6/2026): $90.5Market Cap: $17.8 BilSector: Health CareIndustry: Health Care Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% Attractive yieldFCF Yield is 7.9% Low stock price volatilityVol 12M is 31% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, Precision Medicine, and Automation & Robotics. Themes include Geriatric Care, Show more. | Weak multi-year price returns2Y Excs Rtn is -55%, 3Y Excs Rtn is -92% | Key risksZBH key risks include [1] regulatory non-compliance and legal challenges tied to specific products like its CPT Hip System, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Attractive yieldFCF Yield is 7.9% |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, Precision Medicine, and Automation & Robotics. Themes include Geriatric Care, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -55%, 3Y Excs Rtn is -92% |
| Key risksZBH key risks include [1] regulatory non-compliance and legal challenges tied to specific products like its CPT Hip System, Show more. |
Qualitative Assessment
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Zimmer Biomet (ZBH) stock has remained largely at the same level since 12/31/2025 because of the following key factors:
1. Mixed Q4 2025 Earnings Report and Cautious 2026 Outlook.
Zimmer Biomet reported adjusted earnings per share (EPS) of $2.42 for the fourth quarter of 2025 and revenue of $2.24 billion, both exceeding analyst consensus estimates of $2.38 and $2.22 billion, respectively. Despite this beat, the company's shares slipped 0.81% in pre-market trading, primarily due to a cautious 2026 outlook. ZBH projected adjusted EPS for 2026 between $8.30 and $8.45 per share, falling slightly short of the analyst consensus of $8.47, and anticipated revenue growth between 2.5% and 4.5% on a reported basis. This tempered forward guidance offset the positive Q4 results, contributing to the stock's flat movement.
2. Predominantly Neutral Analyst Sentiment.
Analyst ratings for Zimmer Biomet largely reflect a "Hold" consensus among the twenty-two research firms covering the company. While the average 12-month price target is around $100.00 to $106.20, implying some potential upside, the lack of a strong "Buy" consensus limits significant upward momentum. Notably, BTIG downgraded Zimmer Biomet from "Buy" to "Neutral" on March 23, 2026, further indicating a lack of strong conviction for substantial stock appreciation.
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1. Mixed Q4 2025 Earnings Report and Cautious 2026 Outlook.
Zimmer Biomet reported adjusted earnings per share (EPS) of $2.42 for the fourth quarter of 2025 and revenue of $2.24 billion, both exceeding analyst consensus estimates of $2.38 and $2.22 billion, respectively. Despite this beat, the company's shares slipped 0.81% in pre-market trading, primarily due to a cautious 2026 outlook. ZBH projected adjusted EPS for 2026 between $8.30 and $8.45 per share, falling slightly short of the analyst consensus of $8.47, and anticipated revenue growth between 2.5% and 4.5% on a reported basis. This tempered forward guidance offset the positive Q4 results, contributing to the stock's flat movement.
2. Predominantly Neutral Analyst Sentiment.
Analyst ratings for Zimmer Biomet largely reflect a "Hold" consensus among the twenty-two research firms covering the company. While the average 12-month price target is around $100.00 to $106.20, implying some potential upside, the lack of a strong "Buy" consensus limits significant upward momentum. Notably, BTIG downgraded Zimmer Biomet from "Buy" to "Neutral" on March 23, 2026, further indicating a lack of strong conviction for substantial stock appreciation.
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Stock Movement Drivers
Fundamental Drivers
The 1.4% change in ZBH stock from 12/31/2025 to 4/5/2026 was primarily driven by a 15.2% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4052026 | Change |
|---|---|---|---|
| Stock Price ($) | 89.68 | 90.89 | 1.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,011 | 8,232 | 2.8% |
| Net Income Margin (%) | 10.1% | 8.6% | -14.8% |
| P/E Multiple | 22.1 | 25.4 | 15.2% |
| Shares Outstanding (Mil) | 198 | 197 | 0.5% |
| Cumulative Contribution | 1.4% |
Market Drivers
12/31/2025 to 4/5/2026| Return | Correlation | |
|---|---|---|
| ZBH | 1.4% | |
| Market (SPY) | -5.4% | 16.0% |
| Sector (XLV) | -5.2% | 34.8% |
Fundamental Drivers
The -7.2% change in ZBH stock from 9/30/2025 to 4/5/2026 was primarily driven by a -18.5% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 4052026 | Change |
|---|---|---|---|
| Stock Price ($) | 97.97 | 90.89 | -7.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,834 | 8,232 | 5.1% |
| Net Income Margin (%) | 10.5% | 8.6% | -18.5% |
| P/E Multiple | 23.5 | 25.4 | 7.9% |
| Shares Outstanding (Mil) | 198 | 197 | 0.4% |
| Cumulative Contribution | -7.2% |
Market Drivers
9/30/2025 to 4/5/2026| Return | Correlation | |
|---|---|---|
| ZBH | -7.2% | |
| Market (SPY) | -2.9% | 10.9% |
| Sector (XLV) | 5.9% | 31.3% |
Fundamental Drivers
The -18.9% change in ZBH stock from 3/31/2025 to 4/5/2026 was primarily driven by a -27.2% change in the company's Net Income Margin (%).| (LTM values as of) | 3312025 | 4052026 | Change |
|---|---|---|---|
| Stock Price ($) | 112.01 | 90.89 | -18.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,679 | 8,232 | 7.2% |
| Net Income Margin (%) | 11.8% | 8.6% | -27.2% |
| P/E Multiple | 24.7 | 25.4 | 2.9% |
| Shares Outstanding (Mil) | 199 | 197 | 1.1% |
| Cumulative Contribution | -18.9% |
Market Drivers
3/31/2025 to 4/5/2026| Return | Correlation | |
|---|---|---|
| ZBH | -18.9% | |
| Market (SPY) | 16.3% | 23.1% |
| Sector (XLV) | 1.9% | 37.3% |
Fundamental Drivers
The -27.7% change in ZBH stock from 3/31/2023 to 4/5/2026 was primarily driven by a -77.7% change in the company's P/E Multiple.| (LTM values as of) | 3312023 | 4052026 | Change |
|---|---|---|---|
| Stock Price ($) | 125.77 | 90.89 | -27.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,940 | 8,232 | 18.6% |
| Net Income Margin (%) | 3.3% | 8.6% | 156.9% |
| P/E Multiple | 114.1 | 25.4 | -77.7% |
| Shares Outstanding (Mil) | 210 | 197 | 6.5% |
| Cumulative Contribution | -27.7% |
Market Drivers
3/31/2023 to 4/5/2026| Return | Correlation | |
|---|---|---|
| ZBH | -27.7% | |
| Market (SPY) | 63.3% | 23.8% |
| Sector (XLV) | 18.7% | 39.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ZBH Return | -17% | 4% | -4% | -12% | -14% | 2% | -37% |
| Peers Return | 13% | -7% | 11% | 10% | 8% | -5% | 31% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -4% | 75% |
Monthly Win Rates [3] | |||||||
| ZBH Win Rate | 33% | 50% | 42% | 42% | 42% | 50% | |
| Peers Win Rate | 55% | 47% | 50% | 52% | 53% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ZBH Max Drawdown | -22% | -18% | -19% | -16% | -17% | -5% | |
| Peers Max Drawdown | -9% | -26% | -12% | -10% | -13% | -12% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SYK, JNJ, MDT, ISRG, ENOV. See ZBH Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/2/2026 (YTD)
How Low Can It Go
| Event | ZBH | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -43.1% | -25.4% |
| % Gain to Breakeven | 75.7% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -49.7% | -33.9% |
| % Gain to Breakeven | 98.9% | 51.3% |
| Time to Breakeven | 301 days | 148 days |
| 2018 Correction | ||
| % Loss | -26.0% | -19.8% |
| % Gain to Breakeven | 35.2% | 24.7% |
| Time to Breakeven | 214 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -65.0% | -56.8% |
| % Gain to Breakeven | 185.9% | 131.3% |
| Time to Breakeven | 1,733 days | 1,480 days |
Compare to SYK, JNJ, MDT, ISRG, ENOV
In The Past
Zimmer Biomet's stock fell -43.1% during the 2022 Inflation Shock from a high on 4/29/2021. A -43.1% loss requires a 75.7% gain to breakeven.
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About Zimmer Biomet (ZBH)
Zimmer Biomet Holdings, Inc., together with its subsidiaries, operates in the musculoskeletal healthcare business in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company designs, manufactures, and markets orthopaedic reconstructive products, such as knee and hip products; S.E.T. products, including sports medicine, biologics, foot and ankle, extremities, and trauma products; spine products comprising medical devices and surgical instruments; and face and skull reconstruction products, as well as products that fixate and stabilize the bones of the chest toss facilitate healing or reconstruction after open heart surgery, trauma, or for deformities of the chest. It also offers dental products that include dental reconstructive implants, and dental prosthetic and regenerative products, as well as robotic, surgical and bone cement products. The company's products and solutions are used to treat patients suffering from disorders of, or injuries to, bones, joints, or supporting soft tissues. It serves orthopedic surgeons, neurosurgeons, oral surgeons, dentists, hospitals, stocking distributors, healthcare dealers, and other specialists, as well as agents, healthcare purchasing organizations, or buying groups. The company was formerly known as Zimmer Holdings, Inc. and changed its name to Zimmer Biomet Holdings, Inc. in June 2015. Zimmer Biomet Holdings, Inc. was founded in 1927 and is headquartered in Warsaw, Indiana.
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Here are 1-3 brief analogies for Zimmer Biomet:
The Johnson & Johnson for orthopedic and dental medical devices.
Medtronic for bones, joints, and dental implants.
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- Orthopaedic Reconstructive Products: Includes knee and hip implants designed to restore function to damaged joints.
- S.E.T. Products: A category encompassing sports medicine solutions, biologics, and products for foot, ankle, extremities, and trauma treatment.
- Spine Products: Medical devices and surgical instruments used for spinal conditions and procedures.
- Face and Skull Reconstruction Products: Products engineered for reconstructing and stabilizing bones of the face and skull.
- Chest Reconstruction and Stabilization Products: Devices used to fixate and stabilize chest bones following open heart surgery, trauma, or for deformities.
- Dental Products: Consists of dental reconstructive implants, dental prosthetics, and regenerative materials for oral health.
- Robotic, Surgical and Bone Cement Products: This category includes advanced robotic surgical systems, various surgical instruments, and bone cements used in orthopedic procedures.
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Zimmer Biomet (ZBH) sells primarily to other companies and organizations within the healthcare industry, rather than directly to individual consumers. Based on the provided company description, its major customers fall into the following categories:
- Hospitals: These institutions are primary end-users of Zimmer Biomet's orthopaedic reconstructive products, S.E.T. products, spine products, face and skull reconstruction products, and dental products for patient treatment and surgical procedures.
- Stocking Distributors, Healthcare Dealers, and Agents: These companies serve as crucial intermediaries in the healthcare supply chain. They purchase products from Zimmer Biomet and then resell them to various healthcare providers, including hospitals, clinics, and individual practitioners.
- Healthcare Purchasing Organizations (GPOs) and Buying Groups: These organizations represent groups of hospitals, health systems, and other healthcare providers. They negotiate contracts and bulk purchasing agreements on behalf of their members, making them significant customers for medical device manufacturers like Zimmer Biomet.
- Orthopedic Surgeons, Neurosurgeons, Oral Surgeons, Dentists, and Other Specialists: While these are individual professionals, they often act as key decision-makers or purchasers of Zimmer Biomet's specialized products, either for their private practices or on behalf of the hospitals and clinics where they operate.
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Here is the management team for Zimmer Biomet (ZBH):Ivan Tornos, Chairman, President and Chief Executive Officer
Mr. Tornos was appointed President and CEO of Zimmer Biomet in August 2023, and Chairman in May 2025. He joined the company in November 2018 as Group President, Orthopedics, and subsequently served as Group President, Global Businesses and the Americas, and Chief Operating Officer. His prior experience includes serving as Worldwide President of the Global Urology/Medical and Critical Care Division of Becton, Dickinson and Company; President, Europe, Middle East and Africa Regions at C.R. Bard; Vice President and General Manager of the Americas Pharmaceutical and Medical/Imaging Segments of Covidien International; International Vice President, Business Development and Strategy with Baxter International Inc.; and over a decade in leadership assignments with Johnson & Johnson. Mr. Tornos is an independent member of the Board of Directors of PHC Holdings Corporation.
Suketu Upadhyay, Chief Financial Officer and Executive Vice President – Finance, Operations and Supply Chain
Mr. Upadhyay was appointed Chief Financial Officer and Executive Vice President, Finance, Operations & Supply Chain in August 2023, having initially joined Zimmer Biomet in 2019 as Executive Vice President and Chief Financial Officer. Before Zimmer Biomet, he was Senior Vice President, Global Financial Operations at Bristol-Myers Squibb Company, and Executive Vice President and Chief Financial Officer of Endo International plc. He also served as Interim Chief Financial Officer, Senior Vice President of Finance, Corporate Controller and Principal Accounting Officer of Becton, Dickinson and Company (BD), and held various leadership roles at AstraZeneca PLC and Johnson & Johnson. Mr. Upadhyay has served as an independent director on the board of Vertex Pharmaceuticals Incorporated since May 2022.
Wilfred van Zuilen, Group President, Europe, Middle East and Africa
Mr. van Zuilen was appointed Group President of Europe, Middle East and Africa (EMEA) in September 2023. He joined Zimmer Biomet in June 2021 as President, EMEA. Prior to his time at Zimmer Biomet, he was Regional Vice President, North Western Europe at Medtronic, and held leadership positions with Covidien, Novartis, and Edwards Lifesciences.
Kevin Thornal, Group President, Global Businesses and the Americas
Mr. Thornal brings over 20 years of experience in the medical device, orthopedics, and diagnostics industries. Before joining Zimmer Biomet, he served as CEO and President of Nevro Corp. He also held senior leadership positions at Hologic, Inc., and various roles in sales, marketing, and corporate business development at Stryker Corp.
Nitin Goyal, MD, Chief Science, Technology and Innovation Officer
Dr. Goyal joined Zimmer Biomet in June 2021 in the newly created role of Chief Science, Technology and Innovation Officer, overseeing global innovation, medical education, clinical affairs, and reimbursement strategy. He is a practicing adult hip and knee reconstruction surgeon. Previously, he served as Chief Medical Officer and Senior Vice President of Innovation and Digital Care Delivery at Rally Health, part of the Optum business of UnitedHealth Group.
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```htmlKey Risks to Zimmer Biomet (ZBH)
- Regulatory and Legal Risks: As a medical device manufacturer, Zimmer Biomet is subject to extensive and evolving regulatory requirements globally. The company's success relies on obtaining and maintaining regulatory approvals for its products, which can be complex and time-consuming. Furthermore, potential legal proceedings related to product liability, intellectual property, and commercial litigation could lead to substantial financial losses and reputational damage.
- Supply Chain and Operational Disruptions: Zimmer Biomet faces significant challenges in its supply chain and operations. These include disruptions in the supply of raw materials and components, some of which are single-sourced, as well as broader manufacturing and distribution difficulties. The implementation of a new enterprise resource planning (ERP) system has contributed to operational challenges, resulting in increased backorders and charges for excess and obsolete inventory. Additionally, staffing shortages exacerbate these operational hurdles.
- Macroeconomic and Geopolitical Headwinds: The company's business is significantly impacted by a difficult macroeconomic environment and geopolitical complications. This includes deteriorating international trade, rising raw material and labor costs, increased freight charges, and adverse effects from foreign exchange rate fluctuations, particularly with a strong U.S. dollar impacting revenues generated in Europe and Japan. Specific geopolitical situations, such as headwinds in Russia, disproportionately affect international business, and challenges in emerging markets have led to distributor order cancellations and missed forecasts.
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The advancement of regenerative medicine and biological therapies poses an emerging threat to Zimmer Biomet. As these therapies progress, they aim to repair or regenerate damaged tissues and joints naturally, potentially reducing or eliminating the need for the artificial reconstructive implants (such as knees, hips, and spine products) that constitute a significant portion of Zimmer Biomet's core business.
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Zimmer Biomet Holdings, Inc. operates in various musculoskeletal healthcare markets. The addressable market sizes for its main product categories, along with their respective regions, are detailed below:
- Orthopaedic Reconstructive Products (Knee Products): The global knee replacement market was valued at approximately USD 11.06 billion in 2025 and is projected to reach around USD 18.15 billion by 2035. North America held a significant share of this market, accounting for 50.75% in 2025. The U.S. total knee replacement market alone was valued at USD 4.9 billion in 2024.
- Orthopaedic Reconstructive Products (Hip Products): The global hip replacement market was valued at about USD 7.8 billion in 2024 and is projected to grow to USD 11.4 billion by 2033. Another estimate places the global market at USD 8.40 billion in 2025, with a projected increase to USD 13.76 billion by 2034. North America is a dominant region, commanding 41.33% of the global hip replacement market in 2024, and its market in 2025 stood at USD 2.84 billion.
- Sports Medicine Products: The global sports medicine market was valued at approximately USD 6.1 billion in 2024 and is expected to grow at a rate of around 8% during the forecast period. Other sources indicate the market at USD 7.30 billion in 2024, projected to reach USD 15.25 billion by 2033, or USD 7.5 billion in 2025, projected to reach USD 15 billion by 2035. North America led the global market with a 51.36% share in 2024.
- Orthopedic Biologics Products: The global orthobiologics market was estimated at USD 6.77 billion in 2024 and is projected to reach USD 10.34 billion by 2033. Another report valued it at USD 7.37 billion in 2025, with a projection to reach approximately USD 12.55 billion by 2035. North America held the largest share of this market, with 46.03% in 2024.
- Foot and Ankle Products (Orthopedic Extremities): The global foot and ankle devices market was projected to be USD 4.88 billion in 2024 and is expected to grow to USD 9.21 billion by 2033. Another estimate for the global orthopedic extremity market (which includes foot and ankle) was approximately USD 34 billion in 2023, projected to reach around USD 58 billion by 2032. North America is the largest market for foot and ankle devices.
- Trauma Products (Orthopedic Trauma Devices): The global orthopedic trauma devices market is estimated to reach a size of USD 11.5 billion in 2025 and is predicted to rise to USD 17.5 billion by 2032. Another source valued it at USD 11.83 billion in 2024, growing to USD 23.08 billion by 2034. North America is a dominant region, holding over 42.9% market share in 2024 with a revenue of US$ 4.8 Billion, and the U.S. alone accounted for 66% of trauma market sales in 2023, exceeding USD 5.6 billion.
- Spine Products: The global spine surgery market was estimated at USD 44.55 billion in 2024 and is projected to grow to USD 70.34 billion by 2035. North America is a key region in this market, holding a value of USD 20.5 billion in 2024 and expected to reach USD 33.5 billion by 2035.
- Face and Skull Reconstruction Products (Craniomaxillofacial (CMF) Devices): The global craniomaxillofacial (CMF) devices market was valued at USD 2.2 billion in 2024 and is estimated to reach USD 4.2 billion by 2033. Another valuation states the market at USD 2.8 billion in 2024, expected to grow to USD 5.1 billion by 2034. North America significantly dominates this market, holding a 78.0% share in 2024 or 49.7% in 2024, with the U.S. market reaching USD 1.3 billion in 2024.
- Dental Products (Dental Implants): The global dental implants market size was estimated at USD 5.56 billion in 2025 and is projected to reach USD 11.02 billion by 2033. Other estimates show the market at USD 4.9 billion in 2024, expected to reach USD 9.6 billion by 2034, or USD 6.8 billion in 2024, projected to reach USD 9.8 billion by 2033. North America was valued at USD 2.10 billion in 2025, while Europe dominated with a 35.65% market share in 2025.
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Zimmer Biomet Holdings, Inc. (ZBH) anticipates future revenue growth over the next two to three years will be driven by several key strategic initiatives:
- New Product Innovation and Launches: The company is leveraging a robust innovation cycle, including the "Magnificent Seven" new product introductions, to accelerate revenue growth. This includes products like the ROSA robotic system and Persona IQ smart implants, with plans to launch over 50 innovative products within 36 months.
- Strategic Acquisitions and Portfolio Expansion: Recent acquisitions are expected to contribute significantly to reported and organic sales growth. The acquisition of Paragon 28 strengthens Zimmer Biomet's Sports Medicine, Extremities, and Trauma (S.E.T.) business and is projected to add to sales growth. Additionally, the acquisition of Monogram Technologies, focusing on AI-navigated total knee arthroplasty robotic technology, is poised for commercialization with Zimmer Biomet implants in early 2027, enhancing robotics capabilities.
- U.S. Commercial Organization Transformation: Zimmer Biomet is undergoing an overhaul of its U.S. commercial organization, accelerating its transition to a dedicated and specialized sales channel. While this is expected to cause some near-term disruption, it is aimed at driving long-term durable and consistent growth, with the full impact anticipated to materialize as the company exits 2027 and beyond.
- Expansion in Ambulatory Surgical Centers (ASCs) and Higher-Growth Markets: The company is focused on diversifying into higher-growth markets and capitalizing on the trend of orthopedic cases shifting to Ambulatory Surgical Centers. A significant portion of orthopedic procedures is expected to move to ASCs over the next three to five years, representing a key area for market expansion.
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Share Repurchases
- A new share repurchase program of up to $1.5 billion was authorized in February 2026.
- The company completed $250 million of share repurchases during the fourth quarter of fiscal 2025.
- As of December 31, 2025, $770.2 million remained under a $2.0 billion share repurchase program authorized in May 2024.
Share Issuance
- In January 2023, Zimmer Biomet issued 1.1 million shares of common stock, valued at $135.0 million, as part of the initial consideration for the acquisition of Embody.
- Fully diluted shares outstanding decreased to 198.1 million in Q4 2025, driven by share repurchases in 2025.
Outbound Investments
- In July 2025, Zimmer Biomet acquired Monogram for $177 million, a company specializing in robotic surgical systems and personalized 3D-printed orthopedic implants.
- The company completed the acquisition of Paragon 28 in April 2025, a medical device company focused on the foot and ankle orthopedic market, aimed at accelerating revenue growth and diversifying the portfolio.
- Zimmer Biomet acquired Orthogrid Systems in 2024, which specializes in orthopedic imaging and alignment technology.
Capital Expenditures
- Capital expenditures for the fiscal year ending December 2025 were $525 million.
- Capital expenditures averaged $487.1 million from fiscal years ending December 2021 to 2025, peaking at $602.8 million in December 2023.
- Expected capital expenditures for 2026 are approximately $562.3 million. These expenditures often focus on innovation, including advancements in robotic and digital technologies.
Latest Trefis Analyses
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|---|---|---|---|---|---|---|---|
| 03312026 | PGNY | Progyny | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 03272026 | CNC | Centene | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 2.3% | 2.3% | -0.6% |
| 03272026 | OSCR | Oscar Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 3.0% | 3.0% | -2.6% |
| 03202026 | WAT | Waters | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.4% | -0.4% | -3.3% |
| 03202026 | GILD | Gilead Sciences | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 1.6% | 1.6% | -2.2% |
| 11072025 | ZBH | Zimmer Biomet | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 2.7% | 2.7% | -2.9% |
| 06302022 | ZBH | Zimmer Biomet | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 22.2% | 39.7% | -3.2% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 166.97 |
| Mkt Cap | 119.0 |
| Rev LTM | 17,590 |
| Op Inc LTM | 4,002 |
| FCF LTM | 3,387 |
| FCF 3Y Avg | 2,575 |
| CFO LTM | 4,037 |
| CFO 3Y Avg | 3,376 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.0% |
| Rev Chg 3Y Avg | 8.3% |
| Rev Chg Q | 10.0% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Mgn LTM | 19.4% |
| Op Mgn 3Y Avg | 19.3% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 20.6% |
| CFO/Rev 3Y Avg | 20.7% |
| FCF/Rev LTM | 17.2% |
| FCF/Rev 3Y Avg | 16.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 119.0 |
| P/S | 4.1 |
| P/EBIT | 17.6 |
| P/E | 24.7 |
| P/CFO | 19.6 |
| Total Yield | 4.3% |
| Dividend Yield | 1.0% |
| FCF Yield 3Y Avg | 3.7% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -5.8% |
| 3M Rtn | -6.8% |
| 6M Rtn | -9.6% |
| 12M Rtn | -1.5% |
| 3Y Rtn | 18.8% |
| 1M Excs Rtn | -5.0% |
| 3M Excs Rtn | -3.4% |
| 6M Excs Rtn | -5.5% |
| 12M Excs Rtn | -26.5% |
| 3Y Excs Rtn | -44.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Knees | 3,174 | 3,038 | 2,778 | 2,648 | 2,378 |
| Hips | 1,999 | 1,967 | 1,895 | 1,856 | 1,750 |
| Sports Medicine, Extremities and Trauma (S.E.T.) | 1,866 | 1,753 | 1,697 | 1,728 | 1,526 |
| Technology & Data, Bone Cement and Surgical | 640 | 636 | 570 | 596 | 473 |
| Spine and Dental | 897 | ||||
| Total | 7,679 | 7,394 | 6,940 | 6,827 | 7,024 |
Price Behavior
Price Behavior
| Market Price | $90.89 | |
| Market Cap ($ Bil) | 17.9 | |
| First Trading Date | 07/25/2001 | |
| Distance from 52W High | -15.0% | |
| 50 Days | 200 Days | |
| DMA Price | $91.87 | $94.55 |
| DMA Trend | indeterminate | up |
| Distance from DMA | -1.1% | -3.9% |
| 3M | 1YR | |
| Volatility | 24.5% | 30.8% |
| Downside Capture | 0.04 | 0.33 |
| Upside Capture | 16.80 | 23.07 |
| Correlation (SPY) | 15.9% | 24.0% |
ZBH Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.35 | 0.30 | 0.33 | 0.28 | 0.38 | 0.40 |
| Up Beta | -0.90 | -0.07 | 0.33 | 0.95 | 0.31 | 0.46 |
| Down Beta | 0.52 | 1.25 | 0.67 | 0.56 | 0.47 | 0.32 |
| Up Capture | -30% | 16% | 16% | -12% | 16% | 9% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 10 | 23 | 32 | 65 | 131 | 380 |
| Down Capture | 78% | -13% | 18% | 11% | 65% | 76% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 12 | 19 | 31 | 61 | 121 | 371 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ZBH | |
|---|---|---|---|---|
| ZBH | -18.3% | 31.0% | -0.63 | - |
| Sector ETF (XLV) | 3.8% | 17.6% | 0.06 | 37.3% |
| Equity (SPY) | 16.1% | 19.0% | 0.67 | 23.1% |
| Gold (GLD) | 50.5% | 28.0% | 1.46 | -1.0% |
| Commodities (DBC) | 16.2% | 17.7% | 0.77 | 4.0% |
| Real Estate (VNQ) | 3.6% | 16.5% | 0.04 | 35.8% |
| Bitcoin (BTCUSD) | -21.5% | 44.0% | -0.42 | 6.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ZBH | |
|---|---|---|---|---|
| ZBH | -9.6% | 26.0% | -0.39 | - |
| Sector ETF (XLV) | 6.3% | 14.5% | 0.25 | 46.3% |
| Equity (SPY) | 11.6% | 17.0% | 0.53 | 41.1% |
| Gold (GLD) | 21.7% | 17.8% | 1.00 | 5.3% |
| Commodities (DBC) | 11.6% | 18.8% | 0.51 | 8.5% |
| Real Estate (VNQ) | 3.3% | 18.8% | 0.08 | 42.5% |
| Bitcoin (BTCUSD) | 3.9% | 56.5% | 0.29 | 14.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ZBH | |
|---|---|---|---|---|
| ZBH | -0.2% | 28.1% | 0.04 | - |
| Sector ETF (XLV) | 9.9% | 16.5% | 0.49 | 53.7% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 52.2% |
| Gold (GLD) | 14.0% | 15.9% | 0.73 | 1.9% |
| Commodities (DBC) | 8.4% | 17.6% | 0.40 | 20.6% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.22 | 47.6% |
| Bitcoin (BTCUSD) | 66.2% | 66.8% | 1.06 | 10.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/10/2026 | 1.9% | 8.3% | 4.5% |
| 11/5/2025 | -15.1% | -14.2% | -8.6% |
| 8/7/2025 | 8.0% | 13.2% | 16.0% |
| 5/5/2025 | -11.6% | -7.0% | -10.3% |
| 2/6/2025 | -5.1% | -8.6% | -0.2% |
| 10/30/2024 | 5.7% | 4.9% | 7.8% |
| 8/7/2024 | -3.4% | -0.2% | -4.7% |
| 5/2/2024 | -0.9% | 1.1% | -3.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 10 | 8 |
| # Negative | 17 | 14 | 16 |
| Median Positive | 3.0% | 2.9% | 7.0% |
| Median Negative | -3.7% | -6.2% | -4.2% |
| Max Positive | 8.0% | 13.2% | 16.0% |
| Max Negative | -15.1% | -14.2% | -18.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/10/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Reported Revenue Change | 0.03 | 0.04 | 0.04 | -51.4% | -3.7% | Lowered | Guidance: 0.07 for 2025 |
| 2026 Foreign Currency Exchange Impact | 0.01 | -33.3% | -0.2% | Lowered | Guidance: 0.01 for 2025 | ||
| 2026 Constant Currency Revenue Change | 0.02 | 0.03 | 0.04 | -53.5% | -3.4% | Lowered | Guidance: 0.06 for 2025 |
| 2026 Organic Constant Currency Revenue Change | 0.01 | 0.02 | 0.03 | -46.7% | -1.8% | Lowered | Guidance: 0.04 for 2025 |
| 2026 Adjusted Diluted EPS | 8.3 | 8.38 | 8.45 | 2.1% | Raised | Guidance: 8.2 for 2025 | |
Prior: Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Reported Revenue Change | 0.07 | 0.07 | 0.08 | 0 | 0 | Affirmed | Guidance: 0.07 for 2025 |
| 2025 Foreign Currency Exchange Impact | 0.01 | 0.01 | 0.01 | 50.0% | 0.2% | Raised | Guidance: 0.01 for 2025 |
| 2025 Constant Currency Revenue Change | 0.06 | 0.06 | 0.07 | -3.7% | -0.2% | Lowered | Guidance: 0.07 for 2025 |
| 2025 Organic Constant Currency Revenue Change | 0.04 | 0.04 | 0.04 | -6.2% | -0.2% | Lowered | Guidance: 0.04 for 2025 |
| 2025 Adjusted Diluted EPS | 8.1 | 8.2 | 8.3 | 0 | Affirmed | Guidance: 8.2 for 2025 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Yi, Sang | Group President, Asia Pacific | Direct | Sell | 9152025 | 103.58 | 1,200 | 124,302 | 1,925,024 | Form |
| 2 | Winkler, Lori | SVP and CHRO | Direct | Sell | 9102025 | 104.15 | 1,500 | 156,225 | 711,657 | Form |
| 3 | Winkler, Lori | SVP and CHRO | Direct | Sell | 8202025 | 102.49 | 1,500 | 153,735 | 854,049 | Form |
| 4 | Yi, Sang | Group President, Asia Pacific | Direct | Sell | 6172025 | 92.51 | 800 | 74,011 | 1,815,495 | Form |
| 5 | Yi, Sang | Group President, Asia Pacific | Direct | Sell | 6132025 | 95.00 | 1,000 | 95,000 | 1,940,280 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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