NYSE: ZBH
Zimmer Biomet
Health Care · Orthopedic, Prosthetic & Surgical Appliances & Supplies
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$16.4B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $20.8B |
| FY2017, ended Dec 31, 2017 | $24.5B |
| FY2018, ended Dec 31, 2018 | $21.2B |
| FY2019, ended Dec 31, 2019 | $30.9B |
| FY2020, ended Dec 31, 2020 | $32.0B |
| FY2021, ended Dec 31, 2021 | $26.6B |
| FY2022, ended Dec 31, 2022 | $26.6B |
| FY2023, ended Dec 31, 2023 | $25.0B |
| FY2024, ended Dec 31, 2024 | $21.0B |
| FY2025, ended Dec 31, 2025 | $17.6B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $16.4B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$8.51B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.68B |
| FY2017, ended Dec 31, 2017 | $7.82B |
| FY2018, ended Dec 31, 2018 | $7.93B |
| FY2019, ended Dec 31, 2019 | $7.98B |
| FY2020, ended Dec 31, 2020 | $6.13B |
| FY2021, ended Dec 31, 2021 | $6.83B |
| FY2022, ended Dec 31, 2022 | $6.94B |
| FY2023, ended Dec 31, 2023 | $7.39B |
| FY2024, ended Dec 31, 2024 | $7.68B |
| FY2025, ended Dec 31, 2025 | $8.23B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $8.51B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $306M | $1.45B |
| FY2017, ended Dec 31, 2017 | $1.81B | $1.43B |
| FY2018, ended Dec 31, 2018 | −$379M | $1.58B |
| FY2019, ended Dec 31, 2019 | $1.13B | $1.38B |
| FY2020, ended Dec 31, 2020 | −$139M | $1.09B |
| FY2021, ended Dec 31, 2021 | $402M | $1.36B |
| FY2022, ended Dec 31, 2022 | $231M | $1.17B |
| FY2023, ended Dec 31, 2023 | $1.02B | $1.29B |
| FY2024, ended Dec 31, 2024 | $904M | $1.30B |
| FY2025, ended Dec 31, 2025 | $705M | $1.47B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $807M | $1.52B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$410M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $634M |
| FY2017, ended Dec 31, 2017 | $524M |
| FY2018, ended Dec 31, 2018 | $543M |
| FY2019, ended Dec 31, 2019 | $618M |
| FY2020, ended Dec 31, 2020 | $802M |
| FY2021, ended Dec 31, 2021 | $378M |
| FY2022, ended Dec 31, 2022 | $376M |
| FY2023, ended Dec 31, 2023 | $416M |
| FY2024, ended Dec 31, 2024 | $526M |
| FY2025, ended Dec 31, 2025 | $592M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $410M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$7.48B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $11.2B |
| FY2017, ended Dec 31, 2017 | $10.1B |
| FY2018, ended Dec 31, 2018 | $8.94B |
| FY2019, ended Dec 31, 2019 | $8.22B |
| FY2020, ended Dec 31, 2020 | $8.13B |
| FY2021, ended Dec 31, 2021 | $1.00B |
| FY2022, ended Dec 31, 2022 | $5.70B |
| FY2023, ended Dec 31, 2023 | $5.77B |
| FY2024, ended Dec 31, 2024 | $6.20B |
| FY2025, ended Dec 31, 2025 | $7.52B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $7.48B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 5.2% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.191M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 201M |
| FY2017, ended Dec 31, 2017 | 203M |
| FY2018, ended Dec 31, 2018 | 204M |
| FY2019, ended Dec 31, 2019 | 206M |
| FY2020, ended Dec 31, 2020 | 208M |
| FY2021, ended Dec 31, 2021 | 209M |
| FY2022, ended Dec 31, 2022 | 209M |
| FY2023, ended Dec 31, 2023 | 205M |
| FY2024, ended Dec 31, 2024 | 199M |
| FY2025, ended Dec 31, 2025 | 196M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 191M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $653M more bought back than issued
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| Period | Bought back | Paid to employees | Used in acquisitions |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $416M | $57.3M | — |
| FY2017, ended Dec 31, 2017 | — | $53.7M | — |
| FY2018, ended Dec 31, 2018 | — | $65.5M | — |
| FY2019, ended Dec 31, 2019 | — | $84.3M | — |
| FY2020, ended Dec 31, 2020 | — | $73.8M | — |
| FY2021, ended Dec 31, 2021 | — | $76.0M | — |
| FY2022, ended Dec 31, 2022 | $126M | $105M | — |
| FY2023, ended Dec 31, 2023 | $692M | $99.8M | $151M |
| FY2024, ended Dec 31, 2024 | $868M | $101M | $23.4M |
| FY2025, ended Dec 31, 2025 | $487M | $90.2M | $27.8M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $751M | $98.2M | — |
Revenue (TTM)
$8.51B
+8.6% YoY
Net income (TTM)
$807M
−2.0% YoY
Cash
$410M
−26.4% YoY
Total debt
$7.48B
−1.2% YoY
Valuation
At current price- Market Cap
- $18.0B
- P/E
- 22.3×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.1×
- Price / Book
- 1.4×
- EV / EBITDA
- 10.8×
Growth
Trailing 12 months- Revenue (TTM)
- $8.51B
- Revenue Growth YoY
- 8.6%
- Revenue CAGR 3Y
- 5.9%
- Revenue CAGR 5Y
- 6.1%
- EPS Growth YoY
- 0.5%
- Net Income Growth YoY
- −2.0%
Profitability
Trailing 12 months- Gross Margin
- 69.9%
- Operating Margin
- 14.2%
- Net Margin
- 9.5%
- FCF Margin
- 17.9%
- Return on Equity
- 6.4%
Earnings
Trailing 12 months- Net Income
- $807M
- EPS (diluted)
- $4.12
- EBITDA
- $2.31B
- Operating Income
- $1.21B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $410M
- Total Debt
- $7.48B
- Net Debt
- $7.07B
- Total Assets
- $22.8B
- Total Liabilities
- $10.2B
- Shareholders' Equity
- $12.6B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.74B
- Capital Expenditure
- $220M
- Free Cash Flow
- $1.52B
Dividends and risk
Last 12 months- Dividend Yield
- 1.0%
- Dividend / Share
- $0.96
- Beta (5Y)
- 0.49
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 8.6% year over year, at $8.51B.
Note
Net margin of 9.5% over the last 12 months.
Watch
Net debt is 3.1× EBITDA ($7.07B), a heavy load.
Strength
Turns 17.9% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 20, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K55Some concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 25, 2025 · Read the filing on EDGAR
- Sales rose 3.8% to $7.68 billion, but net earnings fell about 12% to $903.8 million, partly because of smaller tax benefits and higher restructuring costs.
- A new order and distribution software system launched in July 2024 disrupted shipments in the second half, reducing full-year sales by under 1%.
- Zimmer Biomet agreed in January 2025 to buy Paragon 28 for about $1.2 billion and issued $1.75 billion of new notes in February.
- For 2025, management expects revenue growth of 1.0% to 3.5% and higher operating profit, but also a higher tax rate and interest costs.
Business momentum
Mixed
“Our net earnings were $903.8 million in 2024 compared to $1,024.0 million in 2023.”
Outlook
Positive
“We estimate operating profit will increase in 2025 when compared to 2024 due to higher net sales, leverage from fixed operating expenses, ongoing savings from our restructuring plans”
Financial stress
Low
“We believe that cash flows from operations, our cash and cash equivalents on hand, and available borrowings under our revolving credit facilities will be sufficient to meet our ongoing liquidity requirements for at least the next twelve months.”
Tone against the previous report
More negative
Red flags
- Minor
Other
“As a result of this ERP implementation, we experienced operational challenges which affected our ability to fulfill certain customer orders.”
Positives
Sales grew across regions and main product categories
“Net sales growth was driven by a combination of market growth, new product introductions, positive price realization and commercial execution across the organization.”
Shipments recovered after the software disruption
“Shipping levels returned to similar levels that existed prior to the implementation by the end of the year.”
Strong operating cash generation
“Cash flows provided by operating activities from continuing operations were $1,499.4 million in 2024 compared to $1,581.6 million in 2023.”
Concerns
Sales growth expected to stay modest, with a currency drag
“we expect foreign currency to negatively affect year-over-year net sales by approximately 1.5 percent to 2.0 percent”
Gross margin slipped on higher manufacturing costs
“The increase as a percentage of net sales was due to higher manufacturing costs from inflation and other cost pressures.”
Disputed IRS adjustments could require large payments
“Although the ultimate timing for resolution of the disputed tax issues is uncertain, future payments may be significant to our operating cash flows.”
New risks since the previous report
Software system rollout could cause more disruption and lost customers
“some customers affected by these disruptions may have secured supply from alternative sources, and we may not be able to regain their trust and business”
New or threatened tariffs involving Canada, China and Mexico could raise costs
“Recently, the U.S. has imposed or threatened to impose additional tariffs on imports from Canada, China, Mexico and other countries”
Financial failure of sterilization suppliers could interrupt product availability
“the bankruptcy or other financial constraints of the sterilizer (as we experienced with respect to one sterilization supplier in 2024)”
Paragon 28 purchase adds cost, debt and integration risk
“The proposed transaction will require initial consideration of approximately $1.2 billion to be paid at closing, which is expected to occur in the first half of 2025.”
Cyberattacks on health insurers can delay surgeries and payments
“cybersecurity events suffered by health insurers and other third-party payors have delayed and otherwise adversely affected the demand and payment for surgical procedures”
Biggest risks named
- Further disruption from the new order and distribution software system
- Price pressure from healthcare cost controls, including China's bulk-buying program
- Tariffs and trade conflict raising costs or limiting markets
- Supply, manufacturing and sterilization interruptions
- Higher taxes from Pillar Two and disputed IRS adjustments
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | +3 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | −0.9 | |
| New risks | −2 | |
| Score | 55 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 20, 2026 | Pro | |||
| 10-K | Feb 25, 2025 | 55 | Mixed | 1 minor | |
| 10-K | Feb 23, 2024 | 75 | Strong improvement | None | |
| 10-K | Feb 24, 2023 | 45 | Sharp deterioration | 1 medium | |
| 10-K | Feb 25, 2022 | 70 | Strong improvement | None | |
| 10-K | Feb 22, 2021 | 36 | Sharp deterioration | 1 medium | |
| 10-K | Feb 21, 2020 | 75 | Strong improvement | None | |
| 10-K | Feb 26, 2019 | 36 | Sharp deterioration | 3 medium | |
| 10-K | Feb 27, 2018 | 49 | Stable | 2 medium | |
| 10-K | Mar 1, 2017 | 52 | Strong improvement | 1 serious2 medium1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 5, 2026. View filings on SEC EDGAR