Zimmer Biomet (ZBH) stock
Health Care · Health Care Equipment
Zimmer Biomet (ZBH) is a Health Care Equipment company in the Health Care sector, headquartered in Warsaw, Indiana. As of October 23, 2026, ZBH closed at $98.56, a market capitalization of $18.80 billion, the 413th largest company in the S&P 500. Over the last twelve months it generated $8.51 billion in revenue (+5% year over year) and $1.40 billion in free cash flow. The stock trades at 23.0x trailing earnings and 10.9x forward earnings.
- 1-year total return: -3.4% (dividends reinvested)
- 5-year return: -6.7% a year
- 52-week range: $79.12 – $103.70
- Gross margin 69.5%, operating margin 18.0%
- Dividend yield: 0.97%
- FI Handbook report card: B- across 10 metrics
- 49th largest of 60 Health Care stocks in the S&P 500
ZBH price chart
1Y price change: -4.5% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| ZBH | +8.7% | +10.5% | -3.4% | -1.2% | -6.7% | -1.4% | +5.5% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2001.
ZBH key statistics
- Market cap
- $18.8B
- #413 in S&P 500
- P/E (TTM)
- 23.0x
- Forward P/E
- 10.9x
- EPS (TTM)
- $4.29
- Revenue (TTM)
- $8.5B
- +5%
- Free cash flow
- $1.4B
- Gross margin
- 69.5%
- Operating margin
- 18.0%
- Return on equity
- 6.4%
- Dividend yield
- 0.97%
- 52-week range
- $79.12 – $103.70
- Beta
- 0.48
- Price / sales
- 2.2x
- EV / EBITDA
- 10.3x
- Debt / equity
- 0.60x
- Employees
- 17,000
ZBH report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth4.8%D
- Gross margin69.5%A
- Operating margin18.0%C
- FCF margin16.5%B
- Return on equity6.4%D
- Net debt / EBITDA2.8xD
- Forward P/E10.9xA
- PEG ratio0.6xA
- Shareholder yield3.6%B
- Share count change / yr-0.8%B
Zimmer Biomet financials
Revenue went from $7.7B in fiscal 2016 to $8.2B in fiscal 2025, growing 0.8% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.7B | $7.8B | $7.9B | $8.0B | $6.1B | $6.8B | $6.9B | $7.4B | $7.7B | $8.2B |
| Gross profit | $5.3B | $5.7B | $5.7B | $5.7B | $4.3B | $4.9B | $4.9B | $5.3B | $5.5B | $5.7B |
| Operating income | $821.1M | $799.3M | $33.8M | $1.1B | $83.1M | $860.3M | $696.3M | $1.3B | $1.3B | $1.1B |
| Net income | $305.9M | $1.8B | -$379.2M | $1.1B | -$138.9M | $401.6M | $231.4M | $1.0B | $903.8M | $705.1M |
| EPS (diluted) | $1.47 | $8.64 | $-1.81 | $5.31 | $-0.67 | $1.91 | $1.10 | $4.88 | $4.43 | $3.55 |
| Free cash flow | $1.4B | $1.4B | $1.6B | $1.4B | $1.1B | $1.4B | — | $1.3B | $1.3B | $1.5B |
| Buybacks | $415.5M | — | — | — | — | — | $126.4M | $692.2M | $868.0M | $487.0M |
| Dividends paid | $188.4M | $193.6M | $195.2M | $196.7M | $198.5M | $200.1M | $201.2M | $200.9M | $196.0M | $190.3M |
| Diluted shares | 208.5M | 209.8M | 209.6M | 212.9M | 207.0M | 210.4M | 210.3M | 209.7M | 203.9M | 198.7M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into ZBH?
A reverse DCF asks what growth the current price requires. With an enterprise value of $25.9B and $1.4B of trailing free cash flow, Zimmer Biomet needs to grow free cash flow about 8.6% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 1.3% a year over the last five years.
P/E ratio history
Current 27.8x vs. median 22.2x (10th–90th percentile 14.1x–108.3x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
ZBH dividend
- Dividend yield
- 0.97%
- Annual dividend
- $0.96
- Years of increases
- —
- 5-yr dividend growth
- 0.6%
- per year
- Payout ratio
- 23%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
ZBH analyst price targets
21 analysts' average 12-month target is $106.90 (+8% vs. $98.56). Targets range from $93.00 to $130.00. 30% rate it a buy.
ZBH earnings
Next report: November 4, 2026. Zimmer Biomet has beaten EPS estimates 8 quarters in a row. Last quarter's revenue was $2.2B (+5% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 5, 2026 | $2.01 | $2.07 | +3.0% |
| Apr 28, 2026 | $1.86 | $2.09 | +12.2% |
| Feb 10, 2026 | $2.40 | $2.42 | +0.9% |
| Nov 5, 2025 | $1.87 | $1.90 | +1.8% |
| Aug 7, 2025 | $1.98 | $2.07 | +4.8% |
| May 5, 2025 | $1.77 | $1.81 | +2.3% |
| Feb 6, 2025 | $2.29 | $2.31 | +0.8% |
| Oct 30, 2024 | $1.74 | $1.74 | +0.2% |
Stocks like ZBH
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 ABT Abbott Laboratories | +1.16% | -16% | $179.4B | 38.6x | Compare |
 ISRG Intuitive Surgical | +1.90% | -18% | $159.8B | 54.7x | Compare |
 MDT Medtronic plc. | -1.22% | +5% | $122.0B | 23.4x | Compare |
 SYK Stryker | +0.02% | -19% | $117.8B | 31.8x | Compare |
 BSX Boston Scientific | -0.70% | -55% | $66.2B | 18.5x | Compare |
 BDX Becton, Dickinson and | -0.75% | +39% | $54.2B | 46.3x | Compare |
 EW Edwards Lifesciences Corporatio | -1.13% | +16% | $51.3B | 53.0x | Compare |
 IDXX IDEXX Laboratories | -1.13% | -12% | $44.1B | 39.4x | Compare |
ZBH news
- Here's What to Expect From Zimmer Biomet's Next Earnings Report · Oct 23, 2026
- Expect more tuck-in M&A, portfolio pruning in medtech, execs say · Oct 21, 2026
- ZIMMER BIOMET AND THINK SURGICAL EXTEND EXCLUSIVE DISTRIBUTION AGREEMENT · Oct 13, 2026
- Surgical Equipment & Consumables - Diversified Stocks Q2 Results: Benchmarking Zimmer Biomet (NYSE:ZBH) · Oct 12, 2026
- Should Value Investors Buy Zimmer Biomet (ZBH) Stock? · Oct 12, 2026
ZBH stock FAQ
What is ZBH's market cap?
Zimmer Biomet's market capitalization is $18.80 billion as of October 23, 2026, ranking 413th in the S&P 500.
What is ZBH's P/E ratio?
ZBH trades at a trailing price-to-earnings ratio of 23.0x and a forward P/E of 10.9x. Its median P/E over the period we track is 22.2x.
Does ZBH pay a dividend?
Yes. Zimmer Biomet pays $0.96 per share a year, a 0.97% yield. Dividends grew 0.6% a year over the last five years.
How much has ZBH stock returned?
Including reinvested dividends, ZBH returned -3.4% over one year, -6.7% a year over five years, -1.4% a year over ten years through October 23, 2026.
Is ZBH stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Zimmer Biomet must grow free cash flow about 9% a year for the next decade. Its free cash flow grew 1% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the ZBH price target?
21 analysts cover ZBH with an average 12-month price target of $106.90, +8% from the current price. 30% of them rate it a buy.
When does ZBH report earnings?
Zimmer Biomet is expected to report earnings on November 4, 2026. It has beaten EPS estimates 8 quarters in a row.
How many employees does Zimmer Biomet have?
Zimmer Biomet has about 17,000 full-time employees, or $500,518 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology