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Major maker of orthopedic joint-replacement implants, spine, sports medicine and surgical robotics (ROSA) products.
Major maker of orthopedic joint-replacement implants, spine, sports medicine and surgical robotics (ROSA) products.
Sells implants to hospitals and surgery centres, with each operation drawing on instrument trays and implant sets the company supplies and its representatives attend, so revenue is earned case by case; replacement knees and hips are the core. It was formed by the 2015 Zimmer and Biomet merger and spun off ZimVie (dental and spine) in 2022.
Moat: narrow (installed base, switching costs, brand). Long-standing surgeon relationships and installed robotic base in a concentrated orthopedic implant market.
Headquarters: Warsaw, Indiana, USA · Founded: 1927 · Employees: 17,000
Size Zimmer Biomet (ZBH) is a United States Health Care company (Medical Specialties) with a market value of $20.1B, the 495th largest of 3,117 United States companies the cockpit tracks. Shares closed at $105.59 on 6 Nov 2026.
Performance Over six months the shares gained 28.6%, against +29.9% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 7.0% over the last twelve months (peer median +7.2%); the operating margin is 16.4% (peer median 17.4%).
Valuation It trades at 12.0× forward earnings against a peer median of 27.0× (cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.0 points above its cost of capital (6.8% WACC).
Credit Zimmer Biomet has 14 bonds outstanding ($7.29B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 88 bp.
Short interest Short interest is 4.2% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $8.57B | $8.23B | $7.68B | $7.39B | $6.94B |
| Revenue growth | — | +7% | +4% | +7% | — |
| Gross profit | $6.26B | $5.02B | $4.82B | $4.66B | $4.34B |
| EBITDA | $3.33B | $2.42B | $2.48B | $2.34B | $2.13B |
| Net income | $767M | $705M | $904M | $1.02B | $231M |
| Free cash flow | $1.57B | $1.17B | $1.06B | $979M | $838M |
| Capital expenditure | $452M | $577M | $597M | $689M | $512M |
| Total debt | $7.50B | $7.75B | $6.39B | $6.00B | $5.92B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Zimmer Biomet ZBH | $20.1B | +29% | +7% | 16% | 12.0× | -1.4% |
| Stryker SYK | $124B | +14% | +8% | 25% | 20.4× | 10.6% |
| Johnson & Johnson JNJ | $665B | +26% | +8% | 26% | 24.5× | 3.5% |
| Smith & Nephew SN..L | $13.1B | +5% | +2% | 17% | 14.4× | 11.1% |
| Medtronic MDT | $130B | +35% | +10% | 20% | 16.9× | 8.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ZBH | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +18.8% | +9.3% | 5th highest of 21 |
| 6-month return | +28.6% | +29.9% | 10th lowest of 21 |
| Distance from 52-week high | -6.2% | -12.0% | 7th highest of 21 |
| Revenue growth (TTM) | +7.0% | +7.2% | 11th highest of 21 |
| Operating margin | 16.4% | 17.4% | 9th lowest of 21 |
| Forward P/E | 12.0× | 27.0× | cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -1.4% | 15.2% | 2nd least demanding of 18 |
| Growth delivered (Del g) | +3.2% | +8.7% | 3rd lowest of 18 |
| Hurdle (Req g minus delivered) | -4.6 pp | +5.5 pp | 3rd least demanding of 18 |
| ROIC minus cost of capital | +2.0 pp | +2.2 pp | 11th highest of 21 |
| EV / EBITDA | 8.2× | 19.5× | cheapest of 18 |
| Net debt / EBITDA | 2.1× | 0.8× | 5th most indebted of 18 |
| Bond spread | 88 bp | 101 bp | 4th tightest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zimmer Biomet ZBH | United States | $20.1B | +29% | +7% | 16% | 12.0× | -1.4% | +3.2% |
| Guardant Health GH | United States | $20.2B | +58% | +43% | -40% | n/a | n/a | n/a |
| Sonova SOON.SW | Switzerland | $20.3B | +62% | -7% | 21% | 25.6× | 7.1% | +6.7% |
| Sartorius SRT.DE | Germany | $20.0B | +34% | +4% | 18% | 42.6× | 24.9% | +8.7% |
| Straumann STMN.SW | Switzerland | $20.4B | +25% | +2% | 21% | 31.9× | 15.2% | +12.8% |
| Coloplast A/S COLO-B.CO | Denmark | $17.7B | +26% | +4% | 25% | 19.9× | -1.8% | +8.3% |
| Terumo 4543.T | Japan | $23.4B | +25% | +14% | 17% | 24.6× | 8.7% | +13.0% |
| Revvity RVTY | United States | $17.3B | +54% | +5% | 15% | 26.7× | 27.3% | -5.5% |
| Steris STE | United States | $24.6B | +22% | +8% | 20% | 21.4× | 13.7% | +13.8% |
| Sartorius Stedim Biotech DIM.PA | France | $24.7B | +38% | +4% | 19% | 45.5× | 33.1% | +9.2% |
| Shanghai United Imaging Healthcare 688271.SS | China | $14.8B | +9% | +27% | 9% | 46.9× | n/a | n/a |
| West Pharmaceutical Services WST | United States | $27.9B | +23% | +13% | 23% | 39.8× | 25.2% | +7.5% |
| Dexcom DXCM | United States | $29.6B | +31% | +13% | 24% | 27.0× | 18.5% | +19.3% |
| Lenskart Solutions LENSKART.NS | India | $13.4B | +49% | +35% | 10% | 137.4× | 52.8% | +33.5% |
| Baxter International BAX | United States | $13.3B | +43% | +5% | 6% | 12.6× | 12.7% | -0.7% |
| Glaukos GKOS | United States | $13.3B | +68% | +47% | -9% | 155.4× | n/a | n/a |
| Smith & Nephew SN..L | United Kingdom | $13.1B | +5% | +2% | 17% | 14.4× | 11.1% | +5.6% |
| Illumina ILMN | United States | $32.2B | +50% | +6% | 21% | 35.7× | 27.1% | +6.0% |
| Penumbra PEN | United States | $12.6B | -1% | +17% | 12% | 54.9× | 30.1% | +20.2% |
| bioMerieux BIM.PA | France | $12.4B | +29% | -3% | 15% | 20.9× | 8.9% | +5.5% |
| ResMed RMD | United States | $33.1B | +14% | +9% | 34% | 19.1× | 4.9% | +12.1% |
Zimmer Biomet has 14 bonds outstanding with $7.29B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 4.90%, a spread of 88 bp over government bonds.