# Zimmer Biomet Holdings Inc. (ZBH) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/ZBH/thesis · /stocks/ZBH/memo

## Financial Snapshot

---
ticker: ZBH
step: 04
generated: 2026-05-13
source: quick-research
---

### Zimmer Biomet Holdings, Inc. (ZBH) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $6.94B | $7.39B | $7.68B | +3.8% |
| Gross Margin | ~68% | ~69% | ~69% | |
| Operating Margin | ~10% | ~12% | ~11% | |
| Net Income | ~$200M | ~$700M | ~$630M | |
| EPS (diluted, GAAP) | ~$1.39 | ~$4.91 | ~$4.43 | -10% |

*FY2022 GAAP earnings depressed by ZimVie spin-off charges and restructuring costs. FY2023–FY2024 reflect the cleaner post-spin business. Adjusted (non-GAAP) EPS substantially higher — adjusted EPS FY2024 ~$8.00+ range, excluding amortization of acquired intangibles (large balance from the 2015 Biomet merger).*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$1.2B |
| Free Cash Flow | ~$900M |
| Capital Expenditures | ~$300M |
| Cash & Equivalents | ~$400M |
| Total Debt | ~$7.5B |

*High debt load reflects legacy financing from the 2015 Zimmer-Biomet merger ($13.35B deal). Leverage has declined but remains elevated. The 2024 Paragon 28 acquisition (foot/ankle orthopedics) added incremental debt and near-term margin dilution.*

#### Key Ratios (approximate)
- P/E: ~15x (adjusted) | EV/EBITDA: ~9x | FCF Yield: ~9%
- Revenue Growth (FY2024): +3.8% (+4.8% constant currency)
- Revenue Growth (FY2023): +6.5% (+7.5% constant currency)
- Adjusted EPS growth has been inconsistent due to acquisition activity and restructuring

#### Growth Profile
Zimmer Biomet's revenue growth has been in the low-to-mid single digit range, below orthopedic market growth rates (5–6%/year), reflecting market share losses — particularly in robotics where Stryker's Mako system has dominated. The ZimVie spin-off (2022) removed ~$1B in revenue and clarified the ZBH equity story. FY2024 growth of ~4.8% constant currency is modestly below market, reflecting continued robotics competitive pressure and international market challenges. The Paragon 28 acquisition (foot/ankle, closed 2024) adds ~$250–300M in annual revenue at a segment still investing for growth.

#### Forward Estimates
- Q3 FY2025 Net Sales: $2.001B (reported — continuing ~3% growth pace)
- FY2026 Operating Margin Guidance: ~50bp decrease vs. FY2025 (lower gross margins, Paragon 28 dilution, increased R&D)
- FY2026 Pricing Headwind: ~100bp erosion expected
- Analyst consensus: Mixed — William Blair Market Perform; price target range roughly $95–$172 reflecting execution uncertainty

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/ZBH/fundamental

## Navigation

- Overview: /stocks/ZBH
- Financials (this page): /stocks/ZBH/financials
- Thesis: /stocks/ZBH/thesis
- Investment Memo: /stocks/ZBH/memo
- Coverage universe: /stocks