PEN vs ZBH: Penumbra and Zimmer Biomet compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Zimmer Biomet is the larger company, worth $17.9B, about 1.4 times Penumbra.
- Penumbra grew revenue faster over the last year (+14.9% vs +4.8%).
- Zimmer Biomet keeps more of each dollar of revenue as operating profit (14.2% vs 12.4%).
- On earnings, Zimmer Biomet is the cheaper stock (24.0x vs 74.5x).
- Penumbra's price assumes faster free cash flow growth: about 22% a year, against -2% for Zimmer Biomet (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | PEN | ZBH |
|---|---|---|
| Market cap | $12.7B | $17.9B |
| Share price | $319.40 | $89.14 |
| Revenue (last fiscal year) | $1.4B | $8.2B |
| Free cash flow (last fiscal year) | $175M | $1.5B |
| Revenue growth, last year | +14.9% | +4.8% |
| Revenue growth per year, last 5 fiscal years | +17.1% | +4.8% |
| Operating margin | 12.4% | 14.2% |
| Net margin | 10.7% | 9.5% |
| Return on equity | 10.5% | 6.4% |
| P/E (trailing) | 74.5x | 24.0x |
| Price / free cash flow | 72.7x | 12.2x |
| EV / EBITDA | 56.2x | 12.2x |
| FCF growth the price implies | 22.0% | -1.5% |
| Dividend yield | — | 1.0% |
| Debt / equity | 0.29x | 0.81x |
| Fundamental grade | C | B |
| Superinvestors holding it | 4 | 8 |
| Insider purchases, last 12 months | 0 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Penumbra
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $748M | -$12M | -1.0% |
| 2022 | $847M | -$75M | 0.72% |
| 2023 | $1.1B | $82M | 6.9% |
| 2024 | $1.2B | $147M | 0.78% |
| 2025 | $1.4B | $175M | 13.5% |
Zimmer Biomet
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6.8B | $1.4B | 12.6% |
| 2022 | $6.9B | $1.2B | 10.0% |
| 2023 | $7.4B | $1.3B | 17.3% |
| 2024 | $7.7B | $1.3B | 16.7% |
| 2025 | $8.2B | $1.5B | 13.3% |
Where the revenue comes from
Penumbra · by products, 2025
Thrombectomy$948M68%
Embolization and Other$456M32%
Zimmer Biomet · by products, 2025
Knees$3.3B40%
S.E.T$2.2B26%
Hips$2.1B25%
Technology & Data, Bone Cement and Surgical$666M8%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open PEN in InvestinglyQuestions
Which is bigger, Penumbra or Zimmer Biomet?
Zimmer Biomet (ZBH), at $17.9B against $12.7B.
Is PEN or ZBH cheaper?
By trailing P/E, Zimmer Biomet (24.0x) is cheaper than Penumbra (74.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, PEN or ZBH?
Penumbra: revenue grew +14.9% over the last year, against +4.8%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.