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Zimmer Biomet Holdings, Inc. (ZBH) 10-Year Financial Performance & Capital Metrics

ZBH • • Industrial / General
HealthcareMedical DevicesOrthopedic & Musculoskeletal DevicesJoint Reconstruction & Orthopedic Implants
AboutZimmer Biomet Holdings, Inc., together with its subsidiaries, operates in the musculoskeletal healthcare business in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company designs, manufactures, and markets orthopaedic reconstructive products, such as knee and hip products; S.E.T. products, including sports medicine, biologics, foot and ankle, extremities, and trauma products; spine products comprising medical devices and surgical instruments; and face and skull reconstruction products, as well as products that fixate and stabilize the bones of the chest toss facilitate healing or reconstruction after open heart surgery, trauma, or for deformities of the chest. It also offers dental products that include dental reconstructive implants, and dental prosthetic and regenerative products, as well as robotic, surgical and bone cement products. 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, oral surgeons, dentists, hospitals, stocking distributors, healthcare dealers, and other specialists, as well as agents, healthcare purchasing organizations, or buying groups. 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.Show more
  • Revenue $7.68B +3.8%
  • EBITDA $2.28B +2.4%
  • Net Income $904M -11.7%
  • EPS (Diluted) 4.43 -9.2%
  • Gross Margin 71.46% -0.5%
  • EBITDA Margin 29.72% -1.4%
  • Operating Margin 16.74% -3.1%
  • Net Margin 11.77% -15.0%
  • ROE 7.24% -13.3%
  • ROIC 5.36% -1.6%
  • Debt/Equity 0.50 +7.6%
  • Interest Coverage 5.90 -7.1%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Share count reduced 2.8% through buybacks
  • ✓Trading at only 1.4x book value

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.09%
5Y-0.77%
3Y3.99%
TTM5.47%

Profit (Net Income) CAGR

10Y2.3%
5Y-4.4%
3Y31.05%
TTM-25.69%

EPS CAGR

10Y0.56%
5Y-4.13%
3Y32.37%
TTM-23.19%

ROCE

10Y Avg3.67%
5Y Avg4.36%
3Y Avg5.76%
Latest6.85%

Peer Comparison

Joint Reconstruction & Orthopedic Implants
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Valuation
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
SYKStryker Corporation136.07B355.8245.8510.23%12.07%13.51%2.56%0.68
SNNSmith & Nephew plc13.54B31.9033.944.7%6.88%14.44%4.48%0.63
ZBHZimmer Biomet Holdings, Inc.17.51B88.3419.943.85%10.05%6.31%6.53%0.50
CNMDCONMED Corporation1.24B40.039.405%4.75%6.35%12.41%0.94
DHAIDIH Holding US, Inc.6.7K0.00-0.00-2.5%-13.8%
LFWDLifeward Ltd.12.57M0.69-0.2185.24%-121.82%-233.98%0.05
ANIKAnika Therapeutics, Inc.137.72M9.55-2.49-0.73%-40.83%-22.5%0.17
SNWVSANUWAVE Health, Inc.245.02M28.57-4.0659.99%-17.06%0.8%

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+6B7.67B7.8B7.93B7.98B6.13B6.83B6.94B7.39B7.68B
Revenue Growth %0.28%0.28%0.02%0.02%0.01%-0.23%0.11%0.02%0.07%0.04%
Cost of Goods Sold+1.8B2.38B2.13B2.27B2.25B1.82B1.96B2.02B2.08B2.19B
COGS % of Revenue0.3%0.31%0.27%0.29%0.28%0.3%0.29%0.29%0.28%0.29%
Gross Profit+4.2B5.29B5.67B5.66B5.73B4.3B4.87B4.92B5.31B5.49B
Gross Margin %0.7%0.69%0.73%0.71%0.72%0.7%0.71%0.71%0.72%0.71%
Gross Profit Growth %0.22%0.26%0.07%-0%0.01%-0.25%0.13%0.01%0.08%0.03%
Operating Expenses+3.73B4.47B4.87B5.63B4.59B4.22B4.01B4.22B4.03B4.2B
OpEx % of Revenue0.62%0.58%0.62%0.71%0.58%0.69%0.59%0.61%0.55%0.55%
Selling, General & Admin2.66B2.94B3.1B3.38B3.34B2.71B2.84B2.76B2.84B2.93B
SG&A % of Revenue0.44%0.38%0.4%0.43%0.42%0.44%0.42%0.4%0.38%0.38%
Research & Development268.8M365.6M369.9M391.7M449.3M322.8M435.8M406M458.7M437.4M
R&D % of Revenue0.04%0.05%0.05%0.05%0.06%0.05%0.06%0.06%0.06%0.06%
Other Operating Expenses800.6M1.16B1.4B1.86B799M1.18B727.4M1.06B735.1M834.5M
Operating Income+467.3M821.1M799.3M33.8M1.14B83.1M860.3M696.3M1.28B1.29B
Operating Margin %0.08%0.11%0.1%0%0.14%0.01%0.13%0.1%0.17%0.17%
Operating Income Growth %-0.55%0.76%-0.03%-0.96%32.65%-0.93%9.35%-0.19%0.83%0.01%
EBITDA+1.18B1.86B1.86B1.07B2.14B981.5M1.8B1.62B2.23B2.28B
EBITDA Margin %0.2%0.24%0.24%0.14%0.27%0.16%0.26%0.23%0.3%0.3%
EBITDA Growth %-0.17%0.58%0%-0.42%1%-0.54%0.83%-0.1%0.37%0.02%
D&A (Non-Cash Add-back)712.4M1.04B1.06B1.04B1.01B898.4M937.7M926.4M951.7M996.3M
EBIT439.8M754.6M789.9M18.2M1.13B106.9M707.4M568.3M1.27B1.25B
Net Interest Income+-277.2M-355M-325.3M-289.3M-226.9M-212.1M-208.4M-164.8M-201.2M-218M
Interest Income9.4M000000000
Interest Expense286.6M355M325.3M289.3M226.9M212.1M208.4M164.8M201.2M218M
Other Income/Expense-314.1M-421.5M-334.7M-304.9M-231.7M-188.3M-361.3M-292.8M-210.4M-249.1M
Pretax Income+153.2M399.6M464.6M-271.1M905.8M-105.2M499M403.5M1.07B1.04B
Pretax Margin %0.03%0.05%0.06%-0.03%0.11%-0.02%0.07%0.06%0.14%0.13%
Income Tax+7M95M-1.35B108.2M-225.7M-96M53.5M112.3M42.2M131.4M
Effective Tax Rate %0.96%0.77%3.9%1.4%1.25%1.32%0.8%0.57%0.96%0.87%
Net Income+147M305.9M1.81B-379.2M1.13B-138.9M401.6M231.4M1.02B903.8M
Net Margin %0.02%0.04%0.23%-0.05%0.14%-0.02%0.06%0.03%0.14%0.12%
Net Income Growth %-0.8%1.08%4.93%-1.21%3.98%-1.12%3.89%-0.42%3.43%-0.12%
Net Income (Continuing)146.2M304.6M1.81B-379.3M1.13B-9.2M445.5M291.2M1.03B905.2M
Discontinued Operations00000-128.2M-43.4M-58.8M00
Minority Interest1.5M1M-300K4.8M4.7M5.2M5.7M6.7M7.7M8.1M
EPS (Diluted)+0.261.509.03-1.865.47-0.671.911.104.884.43
EPS Growth %-0.94%4.77%5.02%-1.21%3.94%-1.12%3.85%-0.42%3.44%-0.09%
EPS (Basic)0.271.519.11-1.865.52-0.671.931.104.914.45
Diluted Shares Outstanding189.8M202.4M203.7M203.5M206.7M207M210.4M210.3M209.7M203.9M
Basic Shares Outstanding187.4M200M201.9M203.5M205.1M207M208.6M209.6M208.7M203.1M
Dividend Payout Ratio1.07%0.62%0.11%-0.17%-0.5%0.87%0.2%0.22%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+5.85B4.67B4.58B4.43B4.72B5.08B4.88B4.43B4.61B4.67B
Cash & Short-Term Investments1.62B634.1M524.4M542.8M617.9M802.1M378.1M375.7M415.8M525.5M
Cash Only1.46B634.1M524.4M542.8M617.9M802.1M378.1M375.7M415.8M525.5M
Short-Term Investments164.6M000000000
Accounts Receivable1.45B1.6B1.54B1.28B1.36B1.45B1.26B1.38B1.44B1.48B
Days Sales Outstanding88.0376.3772.2358.762.3786.5367.3472.6671.270.38
Inventory2.25B1.97B2.08B2.26B2.38B2.45B2.15B2.15B2.39B2.24B
Days Inventory Outstanding456.93301.79356.26362.53386.45490.33399.93388.08417.79372.35
Other Current Assets000000772.6M324.5M366.1M430M
Total Non-Current Assets+21.31B22.02B21.45B19.7B19.91B19.33B18.57B16.64B16.89B16.69B
Property, Plant & Equipment2.06B2.04B2.04B2.02B2.08B2.05B1.84B1.87B2.06B2.05B
Fixed Asset Turnover2.91x3.76x3.83x3.94x3.84x2.99x3.72x3.71x3.59x3.75x
Goodwill9.93B10.64B10.67B9.59B9.6B9.26B8.92B8.58B8.82B8.95B
Intangible Assets8.75B8.79B8.35B7.68B7.26B7.06B5.53B5.06B4.86B4.6B
Long-Term Investments0000000000
Other Non-Current Assets563.8M553.6M379.5M366.2M909.8M965.7M2.25B1.11B1.12B1.02B
Total Assets+27.16B26.68B26.01B24.13B24.64B24.42B23.46B21.07B21.5B21.37B
Asset Turnover0.22x0.29x0.30x0.33x0.32x0.25x0.29x0.33x0.34x0.36x
Asset Growth %1.82%-0.02%-0.03%-0.07%0.02%-0.01%-0.04%-0.1%0.02%-0.01%
Total Current Liabilities+1.62B2.38B3.07B2.42B3.44B2.56B3.47B2.36B2.86B2.45B
Accounts Payable284.8M364.5M330.2M362.6M400.9M330M306.5M354.1M410.6M194.6M
Days Payables Outstanding57.7355.8656.5158.2564.9666.0357.076471.9232.42
Short-Term Debt0575.6M1.23B525M1.5B500M1.61B544.3M900M863M
Deferred Revenue (Current)000001000K0000
Other Current Liabilities144.1M168M319.1M460.4M321.7M329.8M640.5M502.8M326.1M286M
Current Ratio3.62x1.96x1.49x1.83x1.37x1.99x1.41x1.88x1.61x1.91x
Quick Ratio2.22x1.14x0.81x0.90x0.68x1.03x0.79x0.97x0.78x0.99x
Cash Conversion Cycle487.22322.29371.97362.97383.86510.84410.2396.74417.07410.31
Total Non-Current Liabilities+15.65B14.63B11.21B10.43B8.8B9.66B7.32B6.68B6.15B6.44B
Long-Term Debt11.5B10.67B8.92B8.41B6.72B7.63B5.46B5.15B4.87B5.34B
Capital Lease Obligations0000000000
Deferred Tax Liabilities3.15B3.03B1.1B999.5M840.1M790.4M558.5M474.8M357.6M352.5M
Other Non-Current Liabilities1.01B936.3M1.19B1.02B1.24B1.24B1.3B1.05B925.9M744.1M
Total Liabilities17.27B17.01B14.28B12.85B12.25B12.22B10.79B9.04B9.01B8.89B
Total Debt+11.5B11.24B10.14B8.94B8.22B8.13B7.07B5.7B5.77B6.2B
Net Debt10.04B10.61B9.62B8.4B7.6B7.32B6.69B5.32B5.35B5.68B
Debt / Equity1.16x1.16x0.86x0.79x0.66x0.67x0.56x0.47x0.46x0.50x
Debt / EBITDA9.75x6.04x5.45x8.32x3.84x8.28x3.93x3.51x2.59x2.72x
Net Debt / EBITDA8.51x5.70x5.17x7.82x3.55x7.46x3.72x3.28x2.40x2.49x
Interest Coverage1.63x2.31x2.46x0.12x5.01x0.39x4.13x4.23x6.35x5.90x
Total Equity+9.89B9.67B11.74B11.28B12.39B12.2B12.67B12.03B12.48B12.48B
Equity Growth %0.51%-0.02%0.21%-0.04%0.1%-0.02%0.04%-0.05%0.04%-0%
Book Value per Share52.1047.7857.6155.4159.9658.9360.2057.1959.5261.19
Total Shareholders' Equity9.89B9.67B11.74B11.27B12.39B12.19B12.66B12.02B12.48B12.47B
Common Stock3M3.1M3.1M3.1M3.1M3.1M3.1M3.1M3.2M3.2M
Retained Earnings8.35B8.47B10.02B9.49B10.43B10.09B10.29B9.56B10.38B11.1B
Treasury Stock-6.33B-6.74B-6.72B-6.72B-6.72B-6.72B-6.72B-6.87B-7.56B-8.41B
Accumulated OCI-329M-434M-83.2M-187.4M-241.9M-297.8M-231.6M-179.3M-191M-262.8M
Minority Interest1.5M1M-300K4.8M4.7M5.2M5.7M6.7M7.7M8.1M

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+849.8M1.63B1.58B1.75B1.59B1.2B1.5B1.28B1.58B1.5B
Operating CF Margin %0.14%0.21%0.2%0.22%0.2%0.2%0.22%0.19%0.21%0.2%
Operating CF Growth %-0.2%0.92%-0.03%0.1%-0.09%-0.24%0.24%-0.14%0.23%-0.05%
Net Income146.2M304.6M1.81B-379.3M1.13B-9.2M445.5M291.2M1.03B905.2M
Depreciation & Amortization712.4M1.04B1.06B1.04B1.01B898.4M937.7M926.4M951.7M996.3M
Stock-Based Compensation46.4M57.3M53.7M65.5M84.3M73.8M76M105M99.8M101M
Deferred Taxes-164M-153.2M-1.78B13.4M-538.7M39.4M-102.1M-64.4M-96.3M-47.7M
Other Non-Cash Items399.4M407.7M364.3M979.7M70.1M631.9M276.3M337.9M-2.5M0
Working Capital Changes-290.6M-23.5M64.2M27.6M-167.5M-429.8M-134.2M-311.4M-396.2M-455.4M
Change in Receivables-56.1M-141.6M161.7M213.6M-93.8M-66.2M-40.8M-184.7M-51.9M-89.7M
Change in Inventory-205.4M77.9M-120.1M-199.5M-125.2M-34.5M-8.4M-75.6M-240.4M49.9M
Change in Payables-252M32.6M-133.3M155.9M-42M-95.1M0000
Cash from Investing+-7.56B-1.69B-510.8M-416.6M-729.3M-613.8M-503.6M-529.2M-778.9M-888.1M
Capital Expenditures-167.7M-184.7M-156M-162.7M-207.1M-111.9M-143.6M-187.9M-291.1M-203.8M
CapEx % of Revenue0.03%0.02%0.02%0.02%0.03%0.02%0.02%0.03%0.04%0.03%
Acquisitions----------
Investments----------
Other Investing48.2M-3M-13.8M-31.5M-217.3M-69.3M-88.3M-72.6M-74.6M-189.8M
Cash from Financing+7.14B-743.2M-1.21B-1.3B-779.9M-421.8M-1.31B-843.8M-763.5M-484.5M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-157.1M-188.4M-193.6M-195.2M-196.7M-198.5M-200.1M-201.2M-200.9M-196M
Share Repurchases----------
Other Financing47.5M120.3M231.3M47.4M132.9M29.6M-50.9M544.5M75M43.2M
Net Change in Cash----------
Free Cash Flow+682.1M1.45B1.43B1.58B1.18B1.09B1.35B1.07B1.19B1.14B
FCF Margin %0.11%0.19%0.18%0.2%0.15%0.18%0.2%0.15%0.16%0.15%
FCF Growth %-0.26%1.12%-0.01%0.11%-0.25%-0.07%0.23%-0.21%0.11%-0.04%
FCF per Share3.597.157.007.795.715.286.405.075.665.60
FCF Conversion (FCF/Net Income)5.78x5.34x0.87x-4.61x1.40x-8.67x3.73x5.55x1.54x1.66x
Interest Paid0000000000
Taxes Paid0000000000

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)1.79%3.13%16.95%-3.3%9.56%-1.13%3.23%1.87%8.36%7.24%
Return on Invested Capital (ROIC)2.61%3.06%2.88%0.12%4.3%0.32%3.32%2.85%5.45%5.36%
Gross Margin69.98%68.94%72.67%71.36%71.78%70.23%71.29%70.9%71.82%71.46%
Net Margin2.45%3.99%23.24%-4.78%14.18%-2.27%5.88%3.33%13.85%11.77%
Debt / Equity1.16x1.16x0.86x0.79x0.66x0.67x0.56x0.47x0.46x0.50x
Interest Coverage1.63x2.31x2.46x0.12x5.01x0.39x4.13x4.23x6.35x5.90x
FCF Conversion5.78x5.34x0.87x-4.61x1.40x-8.67x3.73x5.55x1.54x1.66x
Revenue Growth28.34%27.85%1.76%1.66%0.62%-23.24%11.42%1.65%6.55%3.85%

Revenue by Segment

2015201620172018201920202021202220232024
Knees2.28B2.75B2.74B2.77B2.81B2.39B2.65B2.78B3.04B3.17B
Knees Growth-20.87%-0.54%1.34%1.31%-14.96%10.80%4.92%9.36%4.45%
Hips1.54B1.87B1.88B1.92B1.94B1.75B1.86B1.89B1.97B2B
Hips Growth-21.51%0.60%2.25%0.71%-9.54%6.03%2.09%3.82%1.62%
S E T1.21B1.65B1.71B1.75B1.8B1.32B1.73B1.7B1.75B1.87B
S E T Growth-35.44%3.87%2.50%2.51%-26.38%30.70%-1.80%3.29%6.45%
Other Product Category228.8M328.8M320.7M310.9M280M518.5M595.6M570M636M640.3M
Other Product Category Growth-43.71%-2.46%-3.06%-9.94%85.18%14.87%-4.30%11.58%0.68%

Revenue by Geography

2015201620172018201920202021202220232024
Americas3.11B3.95B3.95B4.84B4.88B4.34B4.8B4.3B4.62B4.79B
Americas Growth-26.96%0.09%22.43%0.80%-11.08%10.72%-10.51%7.65%3.69%
E M E A1.3B1.57B1.52B1.8B1.75B1.39B1.67B1.46B1.59B1.69B
E M E A Growth-20.20%-2.81%18.38%-3.05%-20.36%20.11%-12.84%9.32%6.20%
Asia Pacific881.6M1.09B1.16B1.29B1.36B1.3B1.36B1.19B1.18B1.19B
Asia Pacific Growth-23.89%6.05%11.70%5.08%-4.54%5.17%-12.98%-0.85%1.28%

Frequently Asked Questions

Valuation & Price

Zimmer Biomet Holdings, Inc. (ZBH) has a price-to-earnings (P/E) ratio of 19.9x. This is roughly in line with market averages.

Growth & Financials

Zimmer Biomet Holdings, Inc. (ZBH) reported $8.01B in revenue for fiscal year 2024. This represents a 80% increase from $4.45B in 2011.

Zimmer Biomet Holdings, Inc. (ZBH) grew revenue by 3.8% over the past year. Growth has been modest.

Yes, Zimmer Biomet Holdings, Inc. (ZBH) is profitable, generating $805.2M in net income for fiscal year 2024 (11.8% net margin).

Dividend & Returns

Yes, Zimmer Biomet Holdings, Inc. (ZBH) pays a dividend with a yield of 1.09%. This makes it attractive for income-focused investors.

Zimmer Biomet Holdings, Inc. (ZBH) has a return on equity (ROE) of 7.2%. This is below average, suggesting room for improvement.

Zimmer Biomet Holdings, Inc. (ZBH) generated $1.60B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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