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ZBHZimmer Biomet

Health care · Medical Devices · NYSE
Compare with peers → Embed
FY2025 at a glance

Sales up 7.2%, free cash flow up to $1.5B

XBRL, from each 10-K
$8.2B
from $7.7B in FY2024
FY2016FY2025
Net incomeStatements ↓
$705.1M
from $903.8M in FY2024
FY2016FY2025
Free cash flowStatements ↓
$1.5B
from $1.3B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$3.55
from $4.43 in FY2024
FY2016FY2025
Operating marginStatements ↓
13.3%
from 16.7% in FY2024
FY2016FY2025
Total debtStatements ↓
$7.5B
from $6.2B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (40, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)3.96Sales (ttm)8.6BNet income (ttm)767.4MSales growth+7.2%EPS growth-19.9%Sales Q/Q+3.1%
Free cash flow1.6BGross margin69.7%Oper. margin13.6%Net margin9.0%FCF margin19.2%ROE6.0%
ROA3.3%R&D / sales5.6%Dividend0.96Debt/Eq0.59Curr. ratio1.46Cash399.9M
Op. cash flow (ttm)1.9BEBITDA2.2BEBITDA margin26.6%Net debt7.1BQuick ratio0.81ROIC4.6%
Payout ratio27.0%Tax rate15.1%Stock pay / sales1.1%Shares out.189.3MShares Y/Y-2.6%Book / share67.19
Cash / share2.11Sales / share45.29Asset turnover0.36Inventory turns1.09Days sales out.76Sales 3Y CAGR+5.9%
Sales 5Y CAGR+6.1%EPS 3Y CAGR+47.8%Employees17,000Sales / employee504K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Operating margin narrowed to 13.3%16.7% → 13.3% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

ZBH against Health care peers

Ten years, side by side → · All 60 →
GrowthProfitBalanceCleanInsiders
ZBHPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth
+7.2%30th of 60 · median +7.1%
Net margin
9.0%32nd of 60 · median 9.6%
Return on equity
6.0%42nd of 54 · median 13.1%
Free cash flow margin
19.2%19th of 56 · median 15.5%
Debt / equity (less is better)
0.5920th of 49 · median 0.66
ZBH and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
ZBH Zimmer Biomet$8.6B +7.2%69.7%9.0%6.0%19.2%0.59
BIIB Biogen$10.3B +2.2%74.0%3.4%1.8%20.1%0.39
ZTS Zoetis$9.5B +2.3%71.6%26.4%75.9%23.5%2.74
SOLV Solventum$8.2B +0.9%54.8%1.9%3.2%0.0%0.95
A Agilent Technologies$7.4B +6.7%53.8%19.5%19.6%17.2%0.54
EW Edwards Lifesciences$6.7B +11.5%78.0%15.3%9.4%21.3%0.06
Where each dollar goes

From $6.8B of sales to $401.6M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $4.9BRevenue to Cost of revenue: $2.0BGross profit to Operating profit: $860.3MGross profit to Operating expenses: $4.0BOperating profit to Net profit: $401.6MOperating profit to Tax & other: $458.7MOperating expenses to R&D: $435.8MOperating expenses to Sales, admin & other: $3.6B Revenue: $6.8B Revenue$6.8B +11% Y/Y Gross profit: $4.9B · 71% margin Gross profit$4.9B71% margin Cost of revenue: $2.0B · 29% of revenue Cost of revenue$2.0B29% of revenue Operating profit: $860.3M · 13% margin Operating profit$860.3M13% margin +935% Y/Y Operating expenses: $4.0B · 59% of revenue Operating expenses$4.0B59% of revenue Net profit: $401.6M · 6% margin Net profit$401.6M6% margin Tax & other: $458.7M · 7% of revenue Tax & other$458.7M7% of revenue R&D: $435.8M · 6% of revenue R&D$435.8M6% of revenue Sales, admin & other: $3.6B · 52% of revenue Sales, admin & other$3.6B52% of revenue

Swipe sideways for the whole flow →

From $6.9B of sales to $231.4M of profit

FY2022, from the 10-K income statement and revenue by product
Knees to Revenue: $2.8BS.E.T to Revenue: $1.7BHips to Revenue: $1.9BTechnology & Data, Bone Cement and Surgical to Revenue: $570.0MRevenue to Gross profit: $4.9BRevenue to Cost of revenue: $2.0BGross profit to Operating profit: $696.3MGross profit to Operating expenses: $4.2BOperating profit to Net profit: $231.4MOperating profit to Tax & other: $464.9MOperating expenses to R&D: $406.0MOperating expenses to Sales, admin & other: $3.8B Knees: $2.8B · 40% Knees$2.8B40% S.E.T: $1.7B · 24% S.E.T$1.7B24% Hips: $1.9B · 27% Hips$1.9B27% Technology & Data, Bone Cement and Surgical: $570.0M · 8% Technology & Data, Bone…$570.0M8% Revenue: $6.9B Revenue$6.9B +2% Y/Y Gross profit: $4.9B · 71% margin Gross profit$4.9B71% margin Cost of revenue: $2.0B · 29% of revenue Cost of revenue$2.0B29% of revenue Operating profit: $696.3M · 10% margin Operating profit$696.3M10% margin −19% Y/Y Operating expenses: $4.2B · 61% of revenue Operating expenses$4.2B61% of revenue Net profit: $231.4M · 3% margin Net profit$231.4M3% margin −42% Y/Y Tax & other: $464.9M · 7% of revenue Tax & other$464.9M7% of revenue R&D: $406.0M · 6% of revenue R&D$406.0M6% of revenue Sales, admin & other: $3.8B · 55% of revenue Sales, admin & other$3.8B55% of revenue

Swipe sideways for the whole flow →

From $7.4B of sales to $1.0B of profit

FY2023, from the 10-K income statement and revenue by product
Knees to Revenue: $3.0BS.E.T to Revenue: $1.8BHips to Revenue: $2.0BTechnology & Data, Bone Cement and Surgical to Revenue: $636.0MRevenue to Gross profit: $5.3BRevenue to Cost of revenue: $2.1BGross profit to Operating profit: $1.3BGross profit to Operating expenses: $4.0BOperating profit to Net profit: $1.0BOperating profit to Tax & other: $253.7MOperating expenses to R&D: $458.7MOperating expenses to Sales, admin & other: $3.6B Knees: $3.0B · 41% Knees$3.0B41% S.E.T: $1.8B · 24% S.E.T$1.8B24% Hips: $2.0B · 27% Hips$2.0B27% Technology & Data, Bone Cement and Surgical: $636.0M · 9% Technology & Data, Bone…$636.0M9% Revenue: $7.4B Revenue$7.4B +7% Y/Y Gross profit: $5.3B · 72% margin Gross profit$5.3B72% margin Cost of revenue: $2.1B · 28% of revenue Cost of revenue$2.1B28% of revenue Operating profit: $1.3B · 17% margin Operating profit$1.3B17% margin +83% Y/Y Operating expenses: $4.0B · 55% of revenue Operating expenses$4.0B55% of revenue Net profit: $1.0B · 14% margin Net profit$1.0B14% margin +343% Y/Y Tax & other: $253.7M · 3% of revenue Tax & other$253.7M3% of revenue R&D: $458.7M · 6% of revenue R&D$458.7M6% of revenue Sales, admin & other: $3.6B · 48% of revenue Sales, admin & other$3.6B48% of revenue

Swipe sideways for the whole flow →

From $7.7B of sales to $903.8M of profit

FY2024, from the 10-K income statement and revenue by product
Knees to Revenue: $3.2BS.E.T to Revenue: $1.9BHips to Revenue: $2.0BTechnology & Data, Bone Cement and Surgical to Revenue: $640.3MRevenue to Gross profit: $5.5BRevenue to Cost of revenue: $2.2BGross profit to Operating profit: $1.3BGross profit to Operating expenses: $4.2BOperating profit to Net profit: $903.8MOperating profit to Tax & other: $381.9MOperating expenses to R&D: $437.4MOperating expenses to Sales, admin & other: $3.8B Knees: $3.2B · 41% Knees$3.2B41% S.E.T: $1.9B · 24% S.E.T$1.9B24% Hips: $2.0B · 26% Hips$2.0B26% Technology & Data, Bone Cement and Surgical: $640.3M · 8% Technology & Data, Bone…$640.3M8% Revenue: $7.7B Revenue$7.7B +4% Y/Y Gross profit: $5.5B · 71% margin Gross profit$5.5B71% margin Cost of revenue: $2.2B · 29% of revenue Cost of revenue$2.2B29% of revenue Operating profit: $1.3B · 17% margin Operating profit$1.3B17% margin +1% Y/Y Operating expenses: $4.2B · 55% of revenue Operating expenses$4.2B55% of revenue Net profit: $903.8M · 12% margin Net profit$903.8M12% margin −12% Y/Y Tax & other: $381.9M · 5% of revenue Tax & other$381.9M5% of revenue R&D: $437.4M · 6% of revenue R&D$437.4M6% of revenue Sales, admin & other: $3.8B · 49% of revenue Sales, admin & other$3.8B49% of revenue

Swipe sideways for the whole flow →

From $8.2B of sales to $705.1M of profit

FY2025, from the 10-K income statement and revenue by product
Knees to Revenue: $3.3BS.E.T to Revenue: $2.2BHips to Revenue: $2.1BTechnology & Data, Bone Cement and Surgical to Revenue: $665.6MRevenue to Gross profit: $5.7BRevenue to Cost of revenue: $2.5BGross profit to Operating profit: $1.1BGross profit to Operating expenses: $4.6BOperating profit to Net profit: $705.1MOperating profit to Tax & other: $393.0MOperating expenses to R&D: $458.5MOperating expenses to Sales, admin & other: $4.2B Knees: $3.3B · 40% Knees$3.3B40% S.E.T: $2.2B · 26% S.E.T$2.2B26% Hips: $2.1B · 25% Hips$2.1B25% Technology & Data, Bone Cement and Surgical: $665.6M · 8% Technology & Data, Bone…$665.6M8% Revenue: $8.2B Revenue$8.2B +7% Y/Y Gross profit: $5.7B · 70% margin Gross profit$5.7B70% margin Cost of revenue: $2.5B · 30% of revenue Cost of revenue$2.5B30% of revenue Operating profit: $1.1B · 13% margin Operating profit$1.1B13% margin −15% Y/Y Operating expenses: $4.6B · 56% of revenue Operating expenses$4.6B56% of revenue Net profit: $705.1M · 9% margin Net profit$705.1M9% margin −22% Y/Y Tax & other: $393.0M · 5% of revenue Tax & other$393.0M5% of revenue R&D: $458.5M · 6% of revenue R&D$458.5M6% of revenue Sales, admin & other: $4.2B · 51% of revenue Sales, admin & other$4.2B51% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

0 of 3
  • !
    Net margin below the peer median9.0% vs 9.6%
  • !
    Return on equity below 15%6.0%
  • !
    A profit in 8 of 10 years
Net margin, FY2016 to FY2025: 4.0% → 8.6%

Balance sheet

2 of 3
  • ✓
    Debt smaller than equityDebt / equity 0.59 on the latest balance sheet (peer median 0.66)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.46
  • !
    Net debt over 3 years of free cash flow$7.1B net debt, 4.3 years
Debt / equity at each year end, FY2016 to FY2025: 1.16 → 0.59
What the debt is made of ↓

Cash and shareholders

3 of 4
  • ✓
    Free cash flow positive in every one of 10 years$1.5B last year
  • ✓
    Share count down over 5 years−4.0%
  • !
    Dividend per share not up over 5 years$0.96 → $0.96
  • ✓
    Cash from operations above net income$1.7B vs $705.1M
Free cash flow, FY2016 to FY2025: 1.4B → 1.5B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$- of principal due

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 8.2B Net income 705.1M
FY2016 revenue 7.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001564590-19-004283 FY2016 net income 305.9M · NetIncomeLoss, 0001564590-19-004283 7.7B FY2016 FY2017 revenue 7.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001564590-20-005657 FY2017 net income 1.8B · NetIncomeLoss, 0001564590-20-005657 7.8B FY2017 FY2018 revenue 7.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001564590-21-007163 FY2018 net income -379.2M · NetIncomeLoss, 0001564590-21-007163 7.9B FY2018 FY2019 revenue 8.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001564590-22-007160 FY2019 net income 1.1B · NetIncomeLoss, 0001564590-22-007160 8.0B FY2019 FY2020 revenue 6.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000950170-23-004264 FY2020 net income -138.9M · NetIncomeLoss, 0000950170-23-004264 6.1B FY2020 FY2021 revenue 6.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000950170-24-019353 FY2021 net income 401.6M · NetIncomeLoss, 0000950170-24-019353 6.8B FY2021 FY2022 revenue 6.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000950170-25-026604 FY2022 net income 231.4M · NetIncomeLoss, 0000950170-25-026604 6.9B FY2022 FY2023 revenue 7.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001193125-26-059853 FY2023 net income 1.0B · NetIncomeLoss, 0001193125-26-059853 7.4B FY2023 FY2024 revenue 7.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001193125-26-059853 FY2024 net income 903.8M · NetIncomeLoss, 0001193125-26-059853 7.7B FY2024 FY2025 revenue 8.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001193125-26-059853 FY2025 net income 705.1M · NetIncomeLoss, 0001193125-26-059853 8.2B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

ZBH's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Revenue8.2B
FY2016: 7.7BFY2017: 7.8BFY2018: 7.9BFY2019: 8.0BFY2020: 6.1BFY2021: 6.8BFY2022: 6.9BFY2023: 7.4BFY2024: 7.7BFY2025: 8.2B FY2017FY2019FY2021FY2023FY2025
Net income705.1M
FY2016: 305.9MFY2017: 1.8BFY2018: -379.2MFY2019: 1.1BFY2020: -138.9MFY2021: 401.6MFY2022: 231.4MFY2023: 1.0BFY2024: 903.8MFY2025: 705.1M FY2017FY2019FY2021FY2023FY2025
Free cash flow1.5B
FY2016: 1.4BFY2017: 1.4BFY2018: 1.6BFY2019: 1.4BFY2020: 1.1BFY2021: 1.4BFY2022: 1.2BFY2023: 1.3BFY2024: 1.3BFY2025: 1.5B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)3.55
FY2016: 1.51FY2017: 8.90FY2018: -1.86FY2019: 5.47FY2020: -0.67FY2021: 1.91FY2022: 1.10FY2023: 4.88FY2024: 4.43FY2025: 3.55 FY2017FY2019FY2021FY2023FY2025
Dividend per share0.96
FY2016: 0.96FY2017: 0.96FY2018: 0.96FY2019: 0.96FY2020: 0.96FY2021: 0.96FY2022: 0.96FY2023: 0.96FY2024: 0.96FY2025: 0.96 FY2017FY2019FY2021FY2023FY2025
Diluted shares198.7M
FY2016: 202.4MFY2017: 203.7MFY2018: 203.5MFY2019: 206.7MFY2020: 207.0MFY2021: 210.4MFY2022: 210.3MFY2023: 209.7MFY2024: 203.9MFY2025: 198.7M FY2017FY2019FY2021FY2023FY2025

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Knees 3.3B40.4% +4.7%
S.E.T 2.2B26.1% +15.2%
Hips 2.1B25.4% +4.7%
Technology & Data, Bone Cement and Surgical 665.6M8.1% +4.0%

10-K 0001193125-26-059853, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
Americas 5.1B62.5% +7.3%
U.S. and Puerto Rico 4.8B57.9% +7.3%
International 3.5B42.1% +7.0%
EMEA 1.8B22.2% +8.1%
Asia Pacific 1.3B15.3% +5.5%

10-K 0001193125-26-059853, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue7.7B7.8B7.9B8.0B6.1B6.8B6.9B7.4B7.7B8.2B
Cost of revenue2.4B2.1B2.3B2.3B1.8B2.0B2.0B2.1B2.2B2.5B
R&D365.6M369.9M391.7M449.3M322.8M435.8M406.0M458.7M437.4M458.5M
SG&A2.9B3.1B3.4B3.3B2.7B2.8B2.8B2.8B2.9B3.3B
Operating income821.1M799.3M33.8M1.1B83.1M860.3M696.3M1.3B1.3B1.1B
Interest expense357.9M327.5M--------
Pretax income399.6M464.6M-271.1M905.8M-105.2M499.0M403.5M1.1B1.0B830.8M
Income tax95.0M-1.3B108.2M-225.7M-96.0M53.5M112.3M42.2M131.4M125.7M
Net income305.9M1.8B-379.2M1.1B-138.9M401.6M231.4M1.0B903.8M705.1M
EPS (diluted)1.518.90-1.865.47-0.671.911.104.884.433.55
Diluted shares202.4M203.7M203.5M206.7M207.0M210.4M210.3M209.7M203.9M198.7M
Depreciation & amortization1.0B1.1B1.0B1.0B898.4M937.7M926.4M951.7M996.3M1.1B
EBITDA1.9B1.9B1.1B2.1B981.5M1.8B1.6B2.2B2.3B2.2B
Operating margin10.7%10.2%0.4%14.3%1.4%12.6%10.0%17.3%16.7%13.3%
Net margin4.0%23.2%-4.8%14.2%-2.3%5.9%3.3%13.8%11.8%8.6%
Revenue growth-+1.8%+1.7%+0.6%-23.2%+11.4%+1.6%+6.5%+3.8%+7.2%
EPS growth-+489%-121%--112%--42.4%+344%-9.2%-19.9%

Cash flow

From EDGAR

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)57.3M53.7M65.5M84.3M73.8M76.0M105.0M99.8M101.0M90.2M
Stock-based pay / revenue0.7%0.7%0.8%1.1%1.2%1.1%1.5%1.3%1.3%1.1%
Operating lease cash paid---73.6M66.6M70.5M65.2M62.8M57.9M67.9M
Right-of-use assets--274.7M266.7M215.1M219.4M196.4M203.8M213.5M204.2M
Operating lease liabilities--283.4M279.7M292.8M231.6M220.3M227.3M243.4M233.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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