Zimmer Biomet Holdings, Inc. (ZBH) Key Metrics
ZBH valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $18.12B
- Enterprise value
- $24.40B
- P/E (TTM)
- 23.1 10-yr median 25.9
- Forward P/E
- 10.1
- PEG ratio
- 0.57
- Price / sales
- 2.1 10-yr median 3.3
- Price / book
- 1.4 10-yr median 2.0
- EV / EBITDA
- 10.5 10-yr median 17.8
- Dividend yield
- 1.01% $0.96 a year
- Beta
- 0.48
ZBH key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsZBH valuation Price multiples at each fiscal year-end price.
ZBH returns How much profit the business earns on the capital it uses.
ZBH per-share figures Results divided by the shares outstanding at year-end.
ZBH financial health Debt, liquidity and how easily interest is covered.
ZBH efficiency & capital use Working capital cycle and where the cash goes.
ZBH valuation history
ZBH returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ZBH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ZBH cash returned to shareholders
ZBH price vs earnings per share
ZBH key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $17.87B | $21.54B | $25.52B | $26.81B | $25.95B | $30.97B | $30.04B | $20.49B | $23.86B | $20.28B |
| Enterprise value | $24.79B | $27.22B | $30.87B | $32.13B | $32.64B | $38.29B | $37.64B | $28.89B | $33.48B | $30.89B |
| P/E ratio | 25.3 | 23.8 | 24.9 | 115.9 | 64.6 | — | 26.5 | — | 13.2 | 66.3 |
| Price / sales | 2.2 | 2.8 | 3.5 | 3.9 | 3.8 | 5.1 | 3.8 | 2.6 | 3.1 | 2.6 |
| Price / book | 1.4 | 1.7 | 2.0 | 2.2 | 2.0 | 2.5 | 2.4 | 1.8 | 2.0 | 2.1 |
| Price / free cash flow | 12.1 | 18.8 | 21.5 | 24.4 | 19.3 | 28.5 | 25.4 | 12.9 | 16.7 | 14.0 |
| Price / operating cash flow | 10.5 | 14.4 | 16.1 | 20.9 | 17.3 | 25.7 | 18.9 | 11.7 | 15.1 | 12.4 |
| EV / sales | 3.0 | 3.5 | 4.2 | 4.6 | 4.8 | 6.2 | 4.7 | 3.6 | 4.3 | 4.0 |
| EV / EBITDA | 11.2 | 12.1 | 13.9 | 21.5 | 19.8 | 38.1 | 17.6 | 27.3 | 18.1 | 17.2 |
| EV / free cash flow | 16.8 | 23.8 | 26.0 | 29.3 | 24.2 | 35.2 | 31.9 | 18.2 | 23.5 | 21.3 |
| Earnings yield | 3.9% | 4.2% | 4.0% | 0.9% | 1.5% | −0.4% | 3.8% | −1.9% | 7.6% | 1.5% |
| Free cash flow yield | 8.2% | 5.3% | 4.7% | 4.1% | 5.2% | 3.5% | 3.9% | 7.7% | 6.0% | 7.1% |
| Dividend yield | 1.1% | 0.9% | 0.8% | 0.8% | 0.8% | 0.6% | 0.7% | 1.0% | 0.8% | 0.9% |
| Shareholder yield (dividends + buybacks) | 3.8% | 4.9% | 3.5% | 1.2% | 0.8% | 0.6% | 0.7% | 1.0% | 2.6% | 3.0% |
| Share price at fiscal year-end | $89.92 | $105.63 | $121.70 | $127.50 | $123.34 | $149.60 | $145.32 | $100.70 | $117.16 | $100.19 |
| Per share | ||||||||||
| Revenue per share | $41.43 | $37.66 | $35.26 | $33.00 | $32.45 | $29.60 | $38.62 | $38.98 | $38.31 | $37.89 |
| Earnings per share | $3.55 | $4.43 | $4.88 | $1.10 | $1.91 | −$0.67 | $5.47 | −$1.86 | $8.90 | $1.51 |
| Operating cash flow per share | $8.54 | $7.35 | $7.54 | $6.11 | $7.13 | $5.82 | $7.67 | $8.59 | $7.77 | $8.06 |
| Free cash flow per share | $7.41 | $5.60 | $5.66 | $5.22 | $6.40 | $5.25 | $5.71 | $7.79 | $7.00 | $7.15 |
| Cash per share | $2.98 | $2.58 | $1.98 | $1.79 | $1.80 | $3.87 | $2.99 | $2.67 | $2.57 | $3.13 |
| Book value per share | $63.90 | $61.15 | $59.52 | $57.16 | $60.17 | $58.91 | $59.93 | $55.39 | $57.61 | $47.77 |
| Tangible book value per share | −$9.90 | −$5.30 | −$5.70 | −$7.72 | −$8.52 | −$19.92 | −$21.62 | −$29.52 | −$35.77 | −$48.22 |
| Dividends per share | $0.96 | $0.96 | $0.96 | $0.96 | $0.95 | $0.96 | $0.95 | $0.96 | $0.95 | $0.93 |
| Capex per share | $1.13 | $1.75 | $1.88 | $0.89 | $0.72 | $0.57 | $1.96 | $0.80 | $0.77 | $0.91 |
| Debt per share | $37.84 | $30.43 | $27.51 | $27.09 | $33.60 | $39.26 | $39.77 | $43.92 | $49.79 | $55.54 |
| Shares outstanding | 198.7M | 203.9M | 209.7M | 210.3M | 210.4M | 207.0M | 206.7M | 203.5M | 203.7M | 202.4M |
| Change in shares outstanding | −2.6% | −2.8% | −0.3% | −0.0% | +1.6% | +0.1% | +1.6% | −0.1% | +0.6% | +6.6% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 5.6% | 7.2% | 8.4% | 1.9% | 3.2% | −1.1% | 9.6% | −3.3% | 16.9% | 3.1% |
| Return on invested capital (ROIC) | 6.1% | 6.2% | 7.0% | 2.7% | 4.0% | 0.3% | 5.7% | 0.1% | 3.8% | 2.4% |
| Return on assets (ROA) | 3.2% | 4.2% | 4.8% | 1.0% | 1.7% | −0.6% | 4.6% | −1.5% | 6.9% | 1.1% |
| Return on tangible assets | 8.4% | 11.6% | 13.1% | 3.1% | 4.5% | −1.7% | 14.5% | −5.5% | 25.9% | 4.2% |
| Free cash flow margin | 17.9% | 14.9% | 16.1% | 15.8% | 19.7% | 17.7% | 14.8% | 20.0% | 18.3% | 18.9% |
| Income quality (OCF / net income) | 2.41 | 1.66 | 1.54 | 5.55 | 3.73 | — | 1.40 | — | 0.87 | 5.34 |
| Financial health | ||||||||||
| Total debt | $7.52B | $6.20B | $5.77B | $5.70B | $7.07B | $8.13B | $8.22B | $8.94B | $10.14B | $11.24B |
| Cash & short-term investments | $591.9M | $525.5M | $415.8M | $375.7M | $378.1M | $802.1M | $617.9M | $542.8M | $524.4M | $634.1M |
| Net debt | $6.93B | $5.68B | $5.35B | $5.32B | $6.69B | $7.32B | $7.60B | $8.40B | $9.62B | $10.61B |
| Debt / equity | 0.59 | 0.50 | 0.46 | 0.47 | 0.56 | 0.67 | 0.66 | 0.79 | 0.86 | 1.16 |
| Debt / assets | 0.33 | 0.29 | 0.27 | 0.27 | 0.30 | 0.33 | 0.33 | 0.37 | 0.39 | 0.42 |
| Net debt / EBITDA | 3.12 | 2.52 | 2.41 | 3.56 | 4.07 | 7.29 | 3.56 | 7.93 | 5.19 | 5.91 |
| Current ratio | 1.98 | 1.91 | 1.61 | 1.88 | 1.41 | 1.99 | 1.37 | 1.83 | 1.49 | 1.96 |
| Quick ratio | 1.10 | 0.99 | 0.78 | 0.97 | 0.79 | 1.03 | 0.68 | 0.90 | 0.81 | 1.14 |
| Interest coverage | 4.7 | 5.9 | 6.4 | 4.2 | 4.1 | 0.4 | 5.0 | 0.1 | 2.5 | 2.3 |
| Working capital | $2.54B | $2.22B | $1.75B | $2.07B | $1.42B | $2.53B | $1.28B | $2.01B | $1.51B | $2.29B |
| Invested capital | $19.62B | $18.15B | $17.83B | $17.34B | $19.35B | $19.52B | $19.99B | $19.67B | $21.35B | $20.28B |
| Tangible asset value | −$1.96B | −$1.07B | −$1.19B | −$1.62B | −$1.79B | −$4.12B | −$4.46B | −$6.00B | −$7.29B | −$9.76B |
| Net current asset value | −$5.27B | −$4.22B | −$4.40B | −$4.61B | −$5.91B | −$7.13B | −$7.52B | −$8.42B | −$9.70B | −$12.34B |
| Graham number | $71.44 | $78.09 | $80.86 | $37.62 | $50.84 | — | $85.92 | — | $107.44 | $40.31 |
| Graham net-net per share | −$37.10 | −$30.09 | −$30.13 | −$31.16 | −$39.89 | −$43.97 | −$45.54 | −$50.23 | −$56.73 | −$70.12 |
| Capital allocation | ||||||||||
| Dividends paid | $190.3M | $196.0M | $200.9M | $201.2M | $200.1M | $198.5M | $196.7M | $195.2M | $193.6M | $188.4M |
| Share buybacks (net) | $487.0M | $868.0M | $692.2M | $126.4M | $0 | $0 | $0 | $0 | $415.5M | $415.5M |
| Dividend payout ratio | 27.0% | 21.7% | 19.6% | 86.9% | 49.8% | — | 17.4% | — | 10.7% | 61.6% |
| Dividends + buybacks / free cash flow | 46.0% | 93.1% | 75.2% | 29.9% | 14.9% | 18.3% | 16.7% | 12.3% | 42.7% | 41.7% |
| Capex / revenue | 2.7% | 4.6% | 5.3% | 2.7% | 2.2% | 1.9% | 5.1% | 2.1% | 2.0% | 2.4% |
| Capex / operating cash flow | 13.2% | 23.8% | 24.9% | 14.6% | 10.1% | 9.8% | 25.5% | 9.3% | 9.9% | 11.3% |
| Capex / depreciation | 0.21 | 0.36 | 0.41 | 0.20 | 0.16 | 0.11 | 0.40 | 0.16 | 0.15 | 0.18 |
| Stock-based compensation / revenue | 1.1% | 1.3% | 1.3% | 1.5% | 1.1% | 1.3% | 1.1% | 0.8% | 0.7% | 0.7% |
| R&D / revenue | 5.6% | 5.7% | 6.2% | 5.9% | 6.4% | 5.3% | 5.6% | 4.9% | 4.7% | 4.8% |
| SG&A / revenue | 39.4% | 38.2% | 38.5% | 39.8% | 48.7% | 51.9% | 41.9% | 42.6% | 46.6% | 38.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 70.6 | 69.5 | 69.7 | 69.5 | 72.5 | 83.9 | 60.4 | 64.9 | 73.6 | 72.8 |
| Days of inventory on hand | 261.2 | 384.8 | 396.9 | 388.2 | 428.1 | 483.8 | 376.0 | 348.5 | 346.6 | 327.6 |
| Days payables outstanding | 28.7 | 50.4 | 67.0 | 59.7 | 59.3 | 73.1 | 61.9 | 55.7 | 59.4 | 49.8 |
| Cash conversion cycle (days) | 303.1 | 403.9 | 399.7 | 397.9 | 441.4 | 494.5 | 374.5 | 357.7 | 360.8 | 350.6 |
| Receivables turnover | 5.17 | 5.25 | 5.24 | 5.26 | 5.03 | 4.35 | 6.05 | 5.63 | 4.96 | 5.02 |
| Payables turnover | 12.70 | 7.24 | 5.45 | 6.11 | 6.16 | 4.99 | 5.90 | 6.56 | 6.14 | 7.34 |
| Inventory turnover | 1.40 | 0.95 | 0.92 | 0.94 | 0.85 | 0.75 | 0.97 | 1.05 | 1.05 | 1.11 |
| Asset turnover | 0.37 | 0.36 | 0.35 | 0.31 | 0.29 | 0.25 | 0.33 | 0.32 | 0.30 | 0.28 |
| Average receivables | $1.59B | $1.46B | $1.41B | $1.32B | $1.36B | $1.41B | $1.32B | $1.41B | $1.57B | $1.53B |
| Average payables | $248.8M | $302.6M | $382.4M | $330.3M | $318.2M | $365.4M | $381.8M | $346.4M | $347.4M | $324.6M |
| Average inventory | $2.26B | $2.31B | $2.27B | $2.15B | $2.30B | $2.42B | $2.32B | $2.17B | $2.03B | $2.14B |
| Intangibles / total assets | 63.5% | 63.4% | 63.6% | 64.8% | 61.6% | 66.8% | 68.4% | 71.6% | 73.1% | 72.8% |
Computed from ZBH's annual financial statements (latest annual report filed February 20, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ZBH valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Zimmer Biomet traded at 25.3 times earnings, against a 10-year median of 25.9. Based on the latest twelve months, the trailing P/E is 23.1 and the forward P/E is 10.1. Zimmer Biomet earned a return on equity of 5.6% and a return on invested capital of 6.1% in fiscal 2025. It ended the year with $7.5 billion of debt and $591.9 million in cash and short-term investments, net debt of $6.9 billion. It returned $677.3 million to shareholders: $190.3 million in dividends and $487.0 million in share buybacks, 46% of free cash flow.
See the ZBH income statement, the ZBH chart for price history, or the ZBH stock overview for the latest quote and news.
ZBH key metrics FAQ
What is Zimmer Biomet's P/E ratio?
Zimmer Biomet's trailing P/E ratio is 23.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 10.1. At the end of fiscal 2025 it was 25.3, compared with a 10-year median of 25.9.
What is Zimmer Biomet's EV/EBITDA?
Zimmer Biomet's enterprise value was 11.2 times EBITDA at the end of fiscal 2025 (enterprise value $24.8 billion, EBITDA $2.2 billion); the current EV/EBITDA is 10.5.
What is Zimmer Biomet's return on equity?
Zimmer Biomet's return on equity (ROE) was 5.6% in fiscal 2025: net income of $705.2 million on average shareholders' equity of $12.6 billion.
What is Zimmer Biomet's ROIC?
Zimmer Biomet's return on invested capital was 6.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Zimmer Biomet have?
Zimmer Biomet had total debt of $7.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.59 and $6.9 billion of net debt (3.12 times EBITDA).
What is Zimmer Biomet's dividend yield?
Zimmer Biomet's forward dividend yield is 1.01%. Zimmer Biomet paid $190.3 million in dividends in fiscal 2025 ($0.96 per share), a payout ratio of 27.0%.
Does Zimmer Biomet buy back its shares?
Yes. Zimmer Biomet spent $487.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −2.6% over the year, to 198.7M..
What is Zimmer Biomet's free cash flow yield?
Zimmer Biomet generated $1.5 billion of free cash flow in fiscal 2025, a free cash flow yield of 8.2% on its market value at year-end ($17.9 billion).
What is Zimmer Biomet's current ratio?
Zimmer Biomet's current ratio was 1.98 at the end of fiscal 2025: current assets were 1.98 times current liabilities.