At a glance
Zimmer Biomet Holdings Inc is worth $18.57B, about 27 times its fiscal 2025 earnings. Revenue grew 7.2% to $8.23B in fiscal 2025, with 8.6% kept as profit; over 5 years it has grown 6.1% a year. It pays a 0.99% dividend yield, and returned $3.16B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −2.2% over the past year with dividends reinvested and −6.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 49.6% in the 2020 crash (S&P 500: 33.7%) and 23.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 9 months after the lows.
The business in plain English
Zimmer Biomet makes products that treat damaged bones, joints and soft tissue. Its biggest sellers are artificial knees and hips, under brands such as Persona, NexGen and Oxford for knees and Taperloc and G7 for hips. It also has a product group it calls S.E.T. This covers sports medicine, biologics, foot and ankle products, and shoulder, elbow and wrist products. It also covers trauma products that stabilize broken bones, plus face, skull and chest reconstruction. The company also sells bone cement, surgical products and the ROSA surgical robot. Its roots go back to 1927 in Warsaw, Indiana, and it acquired Biomet in 2015.
Its customers are surgeons, hospitals, outpatient surgery centers, distributors and dealers. About 85% of 2025 net sales were consignment sales. That means Zimmer Biomet keeps ownership of implants stored at hospitals or with sales agents until they are used in surgery. No single customer made up more than 2% of sales. Many of these operations are elective, so sales usually dip in summer and rise late in the year, after patients meet their insurance deductibles.
In the year ended December 31, 2025, revenue was $8.23 billion. Knees made up 40% of sales, S.E.T. 26%, hips 25%, and technology and data, bone cement and surgical products 8%. The Americas, mostly the U.S., supplied 62.5% of sales. Europe, the Middle East and Africa supplied 22%, and Asia Pacific 15%. Japan made up about half of Asia Pacific sales.
Price history
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ZBH -2.2% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Knees | $3.32B | 40.4% |
| SET | $2.15B | 26.1% |
| Hips | $2.09B | 25.4% |
| Technology And Data Bone Cement And Surgical | $665.6M | 8.1% |
By geography
| Americas | $5.14B | 62.5% |
| EMEA | $1.83B | 22.2% |
| Asia Pacific | $1.26B | 15.3% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $2.18B, up 4.8% from a year earlier, and net income was $198.3M (+29.8%).
- For fiscal 2025, revenue was $8.23B (+7.2% year over year; +6.1% a year from FY2020 to FY2025) with a 8.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.1% good |
|---|---|
| Operating margin | 13.3% watch |
| Free cash flow margin | 17.9% good |
| Return on equity (FY2025) | 5.6% weak |
| Return on assets (FY2025) | 3.1% watch |
| Net cash (cash minus debt) | $-7.07B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $6.13B | $-138.9M | $1.09B |
| FY2021 | $6.83B | $401.6M | $1.36B |
| FY2022 | $6.94B | $231.4M | $1.17B |
| FY2023 | $7.39B | $1.02B | $1.29B |
| FY2024 | $7.68B | $903.8M | $1.30B |
| FY2025 | $8.23B | $705.1M | $1.47B |
Valuation snapshot
| Market value | $18.57B |
|---|---|
| P/E ratio | 27.4 |
| Dividend yield | 0.99% |
Rank among 1514 US companies
Market value at each year end
Zimmer Biomet Holdings’s market value went from $20.07B at the end of 2016 to $18.57B on Nov 2, 2026, down 7%; since the end of 2025 it is up 4%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $18.57B | +4.2% |
| 2025 | $17.82B | -15.3% |
| 2024 | $21.03B | -17.3% |
| 2023 | $25.43B | -4.9% |
| 2022 | $26.76B | +3.8% |
| 2021 | $25.77B | -16.9% |
| 2020 | $31.01B | +3.7% |
| 2019 | $29.89B | +45.5% |
| 2018 | $20.54B | -13.4% |
| 2017 | $23.72B | +18.2% |
| 2016 | $20.07B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ZBH price data to Nov 2, 2026 | +9.1% | -2.2% | -3.1% | -6.4% | +0.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +9.1% |
| 2025 | -14.0% |
| 2024 | -12.5% |
| 2023 | -3.8% |
| 2022 | +4.2% |
| 2021 | -17.0% |
| 2020 | +3.8% |
| 2019 | +45.4% |
| 2018 | -13.3% |
| 2017 | +17.9% |
| 2016 | +1.4% |
| 2015 | -8.8% |
| 2014 | +22.8% |
| 2013 | +41.2% |
| 2012 | +26.2% |
| 2011 | -0.5% |
| 2010 | -9.2% |
| 2009 | +46.2% |
| 2008 | -38.9% |
| 2007 | -15.6% |
| 2006 | +16.2% |
| 2005 | -15.8% |
| 2004 | +13.8% |
| 2003 | +69.6% |
| 2002 | +36.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 61% over that stretch · deepest drop along the way 62%, back to its old high 52.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 49.5% over that stretch · deepest drop along the way 49.6%, back to its old high 9.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 14.1% over that stretch · deepest drop along the way 23.9%, back to its old high 9.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 4 sales ($1.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 11, 2026 | Kevin R Thornal Grp Pres-Global Business | sell | $529K |
| May 29, 2026 | Sang Yi Group President, Asia Pacific | sell | $347K |
| Sep 4, 2026 | Chad F Phipps See remarks below. | sell | $295K |
| May 29, 2026 | Sang Yi Group President, Asia Pacific | sell | $66K |
Who owns it
Large shareholders (13G filings)
| Dodge & Cox | 12.5% | Jun 30, 2026 |
| BlackRock, Inc. | 7.8% | Mar 31, 2025 |
| Vanguard Capital Management | 7.54% | Mar 31, 2026 |
| Capital International Investors | 6.4% | Jun 30, 2026 |
| HARRIS ASSOCIATES L P | 6.2% | Dec 31, 2025 |
| T. Rowe Price Associates, Inc. | 4.1% | Mar 31, 2026 |
ETFs with the most weight in ZBH
| MVAL VanEck Morningstar Wide Moat Value ETF | 5.18% |
| FLV American Century Focused Large Cap Value ETF | 3.59% |
| LGHT Langar Global HealthTech ETF | 3.47% |
| MOAT VanEck Morningstar Wide Moat ETF | 2.98% |
| IHI iShares U.S. Medical Devices ETF | 2.71% |
| MDEV First Trust Indxx Medical Devices ETF | 2.33% |
| POWA Invesco Bloomberg Pricing Power ETF | 2.28% |
| LYLD Cambria Large Cap Shareholder Yield ETF | 2.19% |
What could go wrong
- U.S. sales force overhaul could disrupt sales. The company is moving much of its U.S. sales force from independent agents to employees. Sales reps give surgeons technical support, so a rocky switch could hurt relationships and sales.
- New business software has already caused problems. Zimmer Biomet says its move to a new enterprise resource planning (ERP) system has already hurt operations. ERP is the software that runs orders, inventory and finances. More disruption is possible.
- Competitors or new treatments could cut demand. Rivals compete on technology, quality and price, and some have more resources. Drug therapies or new surgical methods could also reduce the need for implants or make products obsolete.
- Tariffs and currency swings can squeeze profits. Much of its selling and manufacturing happens outside the U.S. The company says tariffs have already hurt results. Exchange-rate moves can also raise costs and shrink the dollar value of foreign sales.
- Large debt load from past deals. Past acquisitions left the company with large debts. As of June 30, 2026, total debt was about $7.5 billion against $410 million in cash. Higher interest rates could raise borrowing costs.
- Product lawsuits and strict regulation. Implants are tightly regulated, from design to marketing. Product liability claims, breaking healthcare fraud and abuse rules, or other legal cases could bring large costs, penalties and damage to its reputation.
Recent events
- Executive or board change; Investor presentation or announcement
- Other company announcement
- Quarterly results released
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Shareholder vote results
- Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Quarterly results released
- Executive or board change
For income and retirement investors
Zimmer Biomet pays a dividend but has not raised it. The payout stayed at $0.96 per share every year from 2020 through 2025. As of October 28, 2026, the dividend equaled about 1% of the share price. In 2025, dividends used 27% of earnings and about 13% of free cash flow (the cash left after running and investing in the business). The company has relied more on buybacks, repurchasing $2.17 billion of its own stock over fiscal 2021–2025. That is more than twice the $989 million it paid in dividends. Its share count fell 8.7% between October 2021 and July 2026.
The stock has fallen hard in past downturns. It dropped 62% in the 2008 financial crisis and took about 52 months to recover. It fell about 50% in the 2020 COVID crash and 24% in the 2022 bear market, and got back to its peak within about 10 months each time. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Zimmer Biomet make money?
Zimmer Biomet makes most of its money selling knee and hip replacement implants to hospitals, surgery centers and distributors. In 2025, knees brought in 40% of its $8.23 billion in revenue and hips 25%. Another 26% came from S.E.T. products such as sports medicine, shoulder, trauma, and face and skull reconstruction devices. The rest came from bone cement, surgical products, and digital and robotic technology, including the ROSA robot. The Americas, led by the U.S., supplied 62.5% of sales.
Does Zimmer Biomet raise its dividend every year?
No. Zimmer Biomet paid $0.96 per share in every year from 2020 through 2025, with no increases. The dividend was small compared with profits. In 2025 it used 27% of earnings and about 13% of free cash flow. As of October 28, 2026, the dividend equaled about 1% of the share price. The company has spent more on share buybacks, which totaled $2.17 billion over fiscal 2021–2025.
How has Zimmer Biomet stock performed over the past 10 years?
The share price has fallen over the past decade. As of October 28, 2026, it was down about 12% over 10 years and 29% over five years. These figures count price changes only and leave out dividends. The stock fell in four of the five calendar years from 2021 through 2025, including a 14% drop in 2025. It was up about 8% in 2026 through October 28. It fell 62% during the 2008 financial crisis.
How much debt does Zimmer Biomet have?
About $7.5 billion. As of June 30, 2026, Zimmer Biomet had total debt of $7.48 billion and $410 million in cash and investments. That left net debt (debt minus cash) of about $7.07 billion. For comparison, it generated $1.47 billion of free cash flow in 2025. The company says it took on large debts for past mergers and acquisitions. It lists changes in interest rates as a risk to its borrowing costs.
Which ETFs hold Zimmer Biomet stock?
Zimmer Biomet appears in about 191 ETFs. Its largest weight is in the VanEck Morningstar Wide Moat Value ETF (MVAL), at about 5.2% of assets. Next come the American Century Focused Large Cap Value ETF (FLV), at about 3.6%, and the Langar Global HealthTech ETF (LGHT), at about 3.5%. Medical device funds such as the iShares U.S. Medical Devices ETF (IHI) also hold it, at about 2.7%. Fund weights change as prices move and portfolios rebalance.