Zimmer Biomet Holdings, Inc.ZBH
NYSE•Healthcare•Medical Devices
Zimmer Biomet Holdings, Inc., together with its subsidiaries, operates as a medical technology company worldwide. The company designs, manufactures, and markets orthopedic reconstructive products, such as knee and hip products; S.E.T. products, including sports medicine, biologics, foot and ankle, upper extremities, and trauma and CMFT products; sports medicine products for the repair of soft tissue injuries, used in the knee and shoulder; and craniomaxillofacial and thoracic products comprising face and skull reconstruction products, as well as products that fixate and stabilize the bones of the chest to facilitate healing or reconstruction after open-heart surgery, trauma, or for deformities of the chest. It offers technology and data, bone cement, and surgical products; and a suite of integrated digital and robotic technologies that leverage data, data analytics and artificial intelligence. 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, hospitals, healthcare institutions, stocking distributors, healthcare dealers, and other specialists, as well as agents, healthcare purchasing organizations, or buying groups. It also offers ROSA Robot, which utilizes robotic technologies to assist a surgeon with implant positioning in total knee arthroplasty or partial knee arthroplasty; and the ZBEdge Platform connects robotic and digital technologies together to collect data before, during and after surgery, that can deliver insights to surgeons to assist in making informed decisions on patient care. 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.
Zimmer Biomet Holdings, Inc. (ZBH) reported trailing twelve months revenue of $8.41B as of March 2026, a 9.2% increase year-over-year. Quarterly revenue reached $2.09B, reflecting continued top-line momentum.
Zimmer Biomet Holdings, Inc. generated $761.30M in TTM net income, with quarterly EBITDA of $665.10M. The operating margin expanded from 17.8% to 18.9%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (18.9%) and net margin (11.4%) indicates moderate non-operating costs. Net margin has improved from 9.5% a year ago, signaling stronger bottom-line efficiency.
ZBH trades at a P/E of 22.7x (in line with broad market averages) and a P/S of 2.1x. The price-to-book ratio of 1.4x reflects a moderate premium to book value.
The company generated $518.50M in free cash flow over the trailing twelve months, a 0.5% decrease year-over-year, indicating cash generation ability. The balance sheet shows $22.72B in total assets with $6.30B in long-term debt against $12.68B in stockholders equity for a debt-to-equity ratio of 0.5, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~18.0% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~6.9% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~11.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 11.7% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 2.8x on average — earnings are well-supported by cash generation.
D/E ratio is 0.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 5.2% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation