FirmAtlas
Company handbook · ZBH · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
ZBH · CIK 1136869 · LATEST FILING: 10-Q JUN '26 · FILED AUG 5, 2026
ZIMMER BIOMET HOLDINGS, INC.
$94.98
+0.60 (+0.64%)
Close, Oct 16, 2026 · 52-week $79–107
Last fiscal year
ZIMMER BIOMET HOLDINGS, INC. reported revenue of $8.2B for the year ended Dec 31, 2025 (FY25), up 7.2% from FY24. Net income was $705M, operating cash flow $1.7B and free cash flow $1.5B. Source: 10-K filed Feb 20, 2026.
Market cap
$18.9B
P/E
23.4
EV/EBITDA
11.8x
P/B
1.5
Div yield
1.01%
ROIC
4.9%
Revenue 1Y
7.2%/yr
EPS 1Y
−19.9%/yr
Shares 1Y
−3%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOIvan Tornos
HQWarsaw, IN
AuditorPricewaterhouseCoopers LLP
Employees17,000
Year endsDecember
Revenue by segment · FY25
Knees40%
SET26%
Hips25%
Other Product Category8%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
−2.9%
−8.3%
−3.3%
−4.9%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$2.2B deployed
Capex
$428M
19.7%
Dividends
$386M
17.8%
Buybacks
$1.4B
62.5%
Operating cash flow over the period: $3.2B. Total debt changed by +$1.3B. R&D of $896M is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
7,679
8,232+7.2%
8,509
YoY
+7.2%
Operating income
1,286
1,098−14.6%
1,205
Operating margin
16.7%
13.3%−3.4 pp
—
EBITDA
2,282
2,192−3.9%
—
EBITDA margin
29.7%
26.6%−3.1 pp
—
Net income
904
705−22.0%
807
YoY
−22.0%
Net margin
11.8%
8.6%−3.2 pp
—
EPS (diluted, $)
4.43
3.55−19.9%
4.11
YoY
−19.9%
Balance sheet
Total assets
21,365
23,092+8.1%
22,798
Cash & short-term investments
526
592+12.6%
—
Accounts receivable
1,481
1,704+15.1%
—
Inventory
2,235
2,286+2.3%
—
Net PP&E
2,049
2,207+7.7%
—
Other assets
15,075
16,302+8.1%
—
Total liabilities
8,897
10,394+16.8%
10,174
Accounts payable
195
303+55.7%
—
Total debt
6,205
7,519+21.2%
7,479
Other liabilities
2,498
2,572+3.0%
—
Shareholders’ equity
12,468
12,698+1.8%
12,624
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,499
1,697+13.2%
1,743
Net income
905
705−22.1%
—
Depreciation & amortization
996
1,094+9.8%
—
Stock-based compensation
101
90−10.7%
—
Working capital & other
(503)
(192)n/m
—
Cash from investing
(888)
(1,976)n/m
—
Capex
(204)
(224)n/m
—
Other investing
(684)
(1,751)n/m
—
Cash from financing
(484)
326n/m
—
Debt raised
1,436
2,492+73.5%
—
Debt repaid
0
—
—
Dividends
(196)
(190)n/m
—
Buybacks
(868)
(487)n/m
—
Other financing
(857)
(1,489)n/m
—
Net change in cash
110
66−39.5%
—
Free cash flow (OCF − capex)
1,296
1,473+13.7%
1,523
Where the cash went
Operating cash flow
1,499
1,697+13.2%
1,743
Reinvested in the business
204
224+10.2%
—
% of operating cash flow
13.6%
13.2%
Capex
204
224+10.2%
220
R&D (memo, already in costs)
437
458+4.8%
—
Free cash flow
1,296
1,473+13.7%
1,523
YoY
+13.7%
Returned to shareholders
1,064
677−36.3%
—
% of free cash flow
82.1%
46.0%
Dividends
196
190−2.9%
—
Buybacks
868
487−43.9%
—
Change in total debt
—
1,314
—
Cash left over
—
2,110
—
FCF conversion (FCF ÷ net income)
143.4%
208.8%+65.5 pp
—
Owner earnings
—
1,408
—
Owner earnings margin
—
17.1%
—
Buyback yield
4.0%
2.7%−1.3 pp
—
Returns & ratios
ROIC (all capital)
6.2%
4.9%−1.3 pp
—
ROIC (operating)
20.2%
16.3%−3.9 pp
—
Net debt / EBITDA
2.49x
3.16x+0.67x
—
Debt / equity
0.50x
0.59x+0.09x
—
Cash conversion cycle (days)
167
164−4 d
—
ROE
7.2%
5.6%−1.7 pp
—
ROA
4.2%
3.1%−1.2 pp
—
ROCE
6.8%
5.4%−1.4 pp
—
NOPAT
1,123
932−17.0%
—
Invested capital (operating)
5,570
5,895+5.8%
—
Invested capital (all)
18,147
19,625+8.1%
—
Reinvestment rate
—
34.8%
—
Debtor days
70
76+5 d
—
Inventory days
106
101−5 d
—
Days payable
9
13+4 d
—
Net debt is 3.2x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
2,001
2,244
2,087
2,177
vs year-ago quarter
Operating income
351
154
373
326
Net income
231
139
238
198
vs year-ago quarter
Net margin
11.5%
6.2%
11.4%
9.1%
EPS (diluted, $)
1.16
0.70
1.22
1.03
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
23,488
23,092
22,722
22,798
Cash & equivalents
1,293
592
424
410
Total debt
8,113
7,519
7,471
7,479
Shareholders’ equity
12,756
12,698
12,673
12,624
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
419
517
359
448
Capex
55
75
36
54
Free cash flow
364
443
323
394
vs year-ago quarter