# Zimmer Biomet Holdings, Inc. (ZBH)

> Source: Nexqual · https://nexqual.com/ZBH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Zimmer Biomet Holdings, Inc. (ZBH), nexqual.com/ZBH" · informational, not investment advice.

**Price:** USD 98.81 (+4.16% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 94.86 · day 95.43–98.92 · 52w 79.12–104.15 · market cap $18.8B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $8.51B, net income $807M (9.5% margin), free cash flow $1.52B (SEC filings).
- Valuation: P/E 23.4x (avg 24.7x at the last 3 fiscal year-ends), EV/EBITDA 11.2x, net debt $7.07B.
- 7 of 80 tracked superinvestors hold ZBH (13F, Q2 2026): 0 new, 1 added, 6 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $1.2M; 3 not under a Rule 10b5-1 plan ($1.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.63 on a 1–5 scale) (27 analysts), mean target USD 106.9 (range 93–130).
- Total return with dividends: 1Y -3.2% vs S&P 500 +14.9%; 5Y -29.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 1.88, revenue estimate $2.04B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.83B | $6.94B | $7.39B | $7.68B | $8.23B | $8.51B |
| Gross profit | $4.87B | $4.92B | $5.31B | $5.49B | $5.74B | — |
| Operating income | $860M | $696M | $1.28B | $1.29B | $1.10B | $1.21B |
| Net income | $402M | $231M | $1.02B | $904M | $705M | $807M |
| EPS (diluted) | $1.91 | $1.10 | $4.88 | $4.43 | $3.55 | — |
| Free cash flow | $1.36B | $1.17B | $1.29B | $1.30B | $1.47B | $1.52B |
| Gross margin | 71.3% | 70.9% | 71.8% | 71.5% | 69.7% | — |
| Operating margin | 12.6% | 10.0% | 17.3% | 16.7% | 13.3% | 14.2% |
| Net margin | 5.9% | 3.3% | 13.8% | 11.8% | 8.6% | 9.5% |
| Revenue growth | +11.4% | +1.6% | +6.5% | +3.8% | +7.2% | — |
| Cash + short-term investments | $378M | $376M | $416M | $526M | $592M | — |
| Total debt | $7.07B | $5.70B | $5.80B | $6.20B | $7.52B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 23.4x · P/S 2.2x · EV/EBITDA 11.2x · EV/Sales 3.0x · P/FCF 12.4x · P/B 1.5x · FCF yield 8.08% · Earnings yield 4.28% · Dividend yield (paid, TTM) 1.00% · Buyback yield (TTM) 3.98% · Net debt $7.07B · EV $25.9B
P/E at fiscal year-ends: Dec 2025 25.3x, Dec 2024 23.8x, Dec 2023 24.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
7 of 80 tracked investors hold ZBH. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Hillman Capital | Hillman Capital Management | 3.36% | $4.6M | Reduced -3.1% |
| Harry Burn | Sound Shore | 2.11% | $68.4M | Reduced -24.5% |
| Bill Nygren | Oakmark Funds | 1.46% | $1.10B | Reduced -1.7% |
| Dodge & Cox Funds | Dodge & Cox | 1.09% | $2.08B | Added +2.5% |
| Sarah Ketterer | Causeway Capital Management | 0.74% | $67.9M | Reduced -2.4% |
| Mairs & Power | Mairs & Power Funds | 0.01% | $570K | Reduced -17.7% |
| John Rogers | Ariel Investments | <0.01% | $258K | Reduced -0.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-11 | Thornal Kevin R | Grp Pres-Global Business | 5,691 | $529K | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-04 | Phipps Chad F | See remarks below. | 3,000 | $295K | 4.4% | No | Too little history (no open-market trades in 2025) |
| 2026-05-29 | Yi Sang | Group President, Asia Pacific | 5,000 | $413K | 15.5% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.63 on a 1–5 scale), 27 analysts; mean target USD 106.9 (low 93, high 130).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Argus Research | Reiterated | Buy | $125 |
| 2026-10-07 | Barclays | Initiated | Equal-Weight | $100 |
| 2026-08-10 | Canaccord Genuity | Target raised | Hold | $83 → $100 |
| 2026-08-07 | Truist Securities | Target raised | Hold | $92 → $106 |
| 2026-08-06 | RBC Capital | Target raised | Outperform | $101 → $110 |
| 2026-08-06 | Bernstein | Target raised | Market Perform | $91 → $93 |
| 2026-08-06 | Stifel | Target raised | Buy | $105 → $110 |
| 2026-07-09 | BMO Capital | Initiated | Outperform → Market Perform | $95 |
| 2026-07-06 | Evercore ISI Group | Target lowered | Outperform | $120 → $110 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -3.2% | -29.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -3.2% | -6.7% |
| Volatility (annualized) | 33.6% | 25.4% |
| Max drawdown | -22.5% (Nov 2025→May 2026) | -42.0% (Jun 2023→May 2026) |

## Peers (Medical Devices)
STE (STERIS plc (Ireland)) USD 232.22 +4.85% · PHG (Koninklijke Philips N.V. NY Reg) USD 26.92 +2.63% · SNN (Smith & Nephew SNATS, Inc.) USD 30.88 +5.64% · PEN (Penumbra, Inc.) USD 324.96 +0.43% · DXCM (DexCom, Inc.) USD 78.32 -2.42% · GMED (Globus Medical, Inc.) USD 81.66 +3.79%

## More
Full page: https://nexqual.com/ZBH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ZBH's own 10-K filed 2026-02-20 (https://www.sec.gov/Archives/edgar/data/1136869/000119312526059853/zbh-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Zimmer Biomet Foundation | "Our ERGs also receive funding from the Zimmer Biomet Foundation, Inc. to support communities and partnerships aligned to our Mission." |
| Competitor | Johnson & Johnson (JNJ) | "In the global markets for our knees, hips, and S.E.T. products, our major competitors include Johnson & Johnson MedTech (formerly the DePuy Synthes Companies of Johnson & Johnson), Stryker Corporation and Smith & Nephew …" |

Other companies that name ZBH in their own reports (relationship from ZBH's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | MATERIALISE NV (MTLS) | 20-F 2026-04-23 | "In the medical market, we have entered into collaborations with DePuy Synthes Companies of Johnson & Johnson, or DePuy Synthes, and Zimmer Biomet Holdings, Inc., or Zimmer Biomet, as well as with Enco…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Knees | $828.9M | 38.1% | +0.4% |
| SET | $586.0M | 26.9% | +6.4% |
| Hips | $562.7M | 25.8% | +5.0% |
| Technology & Data Bone Cement & Surgical | $199.4M | 9.2% | +21.1% |
| Total revenue | $2.18B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $1.36B | 62.4% | +5.6% |
| United States | $1.24B | 57.0% | +5.6% |
| Others Countries | $937.0M | 43.0% | +3.7% |
| EMEA | $478.5M | 22.0% | +4.5% |
| Asia Pacific | $339.5M | 15.6% | +2.2% |
| Total revenue | $2.18B | 100% | — |
The lines above cover 200% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.88 | $1.88 | +0.2% | $2.04B | 24 |
| Next quarter (ends 2026-12-31) | $2.49 | $2.51 | -0.7% | $2.29B | 24 |
| Current fiscal year (ends 2026-12-31) | $8.54 | $8.48 | +0.6% | $8.60B | 27 |
| Next fiscal year (ends 2027-12-31) | $9.05 | $9.00 | +0.6% | $8.90B | 27 |