ZBH
Zimmer Biomet Holdings, Inc.
ZBH's fundamentals are mixed: it turned 19% of its revenue into free cash flow, but its operating margin fell 3 points to 14%. At 26x earnings, it's trading below its usual 31x. Analysts expect earnings growth.
ZBH Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Under pressure |
ZBH's profitability and cash flow are currently healthy, and its revenue is stable, but its balance sheet is under pressure.
ZBH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 12x | $105 | — |
| Cheap | 22x | $87.95 | -16% |
| Current | 26x | $105 | — |
| Fair | 31x | $123 | +18% |
| Expensive | 94x | $371 | +255% |
Historical ranges are pointers, not guarantees.
ZBH's PE is in its fair range at 26x. If earnings grow as analysts expect, today's price would be 12x next year's earnings, in its cheap range.
ZBH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Improving | |
| Moderate | |
| High |
Analysts expect ZBH's earnings to grow and its profitability to improve, with its revenue holding steady.
ZBH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.82 | +123% |
| Q3 2026 | $3.96 | -1.5% |
| Q2 2026 | $4.12 | +0.7% |
| Q1 2026 | $3.86 | -14% |
| Q4 2025 | $3.55 | -20% |
| Q3 2025 | $4.02 | -23% |
| Q2 2025 | $4.09 | -15% |
| Q1 2025 | $4.50 | -2.4% |
| Q4 2024 | $4.43 | -9.2% |
ZBH's earnings per share have fallen from their peak: $3.96 over the past year, against $5.31 in late 2019.
ZBH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.1B | +3.1% |
| Q2 2026 | $2.2B | +4.8% |
| Q1 2026 | $2.1B | +9.3% |
| Q4 2025 | $2.2B | +11% |
| Q3 2025 | $2B | +9.7% |
| Q2 2025 | $2.1B | +7% |
| Q1 2025 | $1.9B | +1.1% |
| Q4 2024 | $2B | +4.3% |
ZBH's revenue has grown year over year for 15 quarters in a row: $2.1B last quarter, up 3.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | -2.6 points |
| Q2 2026 | 15% | +0.5 points |
| Q1 2026 | 18% | +2.6 points |
| Q4 2025 | 6.9% | -12 points |
| Q3 2025 | 18% | +2.2 points |
| Q2 2025 | 14% | -3.7 points |
| Q1 2025 | 15% | +1.2 points |
| Q4 2024 | 19% | +1 points |
ZBH's operating margin was 15% last quarter, down 2.6 points from the same quarter a year ago.
ZBH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $484.2M | +33% |
| Q2 2026 | $393.6M | +20% |
| Q1 2026 | $323.1M | -4.5% |
| Q4 2025 | $442.6M | -2.7% |
| Q3 2025 | $363.7M | +3.6% |
| Q2 2025 | $328.1M | +3.6% |
| Q1 2025 | $338.2M | +96% |
| Q4 2024 | $454.8M | -13% |
ZBH generated $1.6B in free cash flow over the past year, up 11% from the year before.
ZBH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.7% | -1.4M shares |
| 1 year | -3.7% | -7.4M shares |
| 3 years | -8.9% | -18.6M shares |
| 5 years | -12% | -25.5M shares |
| Available history | -10% | -21.5M shares |
ZBH has 191M diluted shares, down 3.7% from a year ago, with $829M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $78.5M |
| Q2 2026 | $250.7M |
| Q1 2026 | $250.1M |
| Q4 2025 | $250M |
| Q3 2025 | — |
| Q2 2025 | $7.2M |
| Q1 2025 | $229.8M |
| Q4 2024 | $72.2M |
ZBH spent $829M buying back its own shares over the past year, up 168% from the year before.
ZBH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.1x | Elevated |
| Q2 2026 | 3.1x | Elevated |
| Q1 2026 | 3.1x | Elevated |
| Q4 2025 | 3.2x | Elevated |
| Q3 2025 | 2.8x | Moderate |
| Q2 2025 | 3.1x | Elevated |
| Q1 2025 | 2.5x | Moderate |
| Q4 2024 | 2.5x | Moderate |
ZBH's net debt is about 3.1 years of its operating earnings (EBITDA), up from 2.8 years a year ago.
ZBH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 61.1 | Neutral |
| Stochastic | 62.8 | Neutral |
ZBH's weekly RSI is 61 (neutral) and its Stochastic is 63 (neutral).
ZBH PE vs Healthcare Sector
| Metric | ZBH | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 26x | 2.1% above |
| PE % | 45 | 29 | 16 pts above |
ZBH is trading at 26x earnings, in line with the Healthcare sector's median of 26x.
ZBH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $95.8 | 9.1% above |
| 20 week MA | $95.4 | 9.6% above |
| 50 week MA | $92.2 | 13% above |
| 100 week MA | $96.3 | 8.6% above |
| 200 week MA | $108.2 | 3.4% below |
ZBH has bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 3.4% below its 200-week average.
ZBH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $145.5 | $144.8 | -0.5% |
| 2021 | $144.8 | $123.2 | -15% |
| 2022 | $123.2 | $126.7 | +2.8% |
| 2023 | $126.7 | $121.7 | -3.9% |
| 2024 | $121.7 | $106.9 | -12% |
| 2025 | $106.9 | $90.8 | -15% |
| 2026 YTD | $90.8 | $104.6 | +15% |
ZBH has finished three years in a row lower, and it's up 15% so far in 2026.