SNN vs ZBH: Smith & Nephew SNATS 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 1.5 times Smith & Nephew SNATS.
- Smith & Nephew SNATS grew revenue faster over the last year (+6.1% vs +4.8%).
- Zimmer Biomet keeps more of each dollar of revenue as operating profit (14.2% vs 12.9%).
- On earnings, Zimmer Biomet is the cheaper stock (24.0x vs 37.8x).
- Smith & Nephew SNATS's price assumes faster free cash flow growth: about 0% 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 | SNN | ZBH |
|---|---|---|
| Market cap | $12.0B | $17.9B |
| Share price | $27.24 | $89.14 |
| Revenue (last fiscal year) | $6.2B | $8.2B |
| Free cash flow (last fiscal year) | $852M | $1.5B |
| Revenue growth, last year | +6.1% | +4.8% |
| Revenue growth per year, last 5 fiscal years | +4.3% | +4.8% |
| Operating margin | 12.9% | 14.2% |
| Net margin | 10.1% | 9.5% |
| Return on equity | 11.8% | 6.4% |
| P/E (trailing) | 37.8x | 24.0x |
| Price / free cash flow | 14.0x | 12.2x |
| EV / EBITDA | 10.3x | 12.2x |
| FCF growth the price implies | 0.37% | -1.5% |
| Dividend yield | 2.8% | 1.0% |
| Debt / equity | 0.98x | 0.81x |
| Fundamental grade | B | B |
| Superinvestors holding it | 2 | 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.
Smith & Nephew SNATS
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.2B | $469M | 11.4% |
| 2022 | $5.2B | $110M | 8.6% |
| 2023 | $5.5B | $181M | 7.7% |
| 2024 | $5.8B | $606M | 11.3% |
| 2025 | $6.2B | $852M | 12.9% |
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
Smith & Nephew SNATS · by segments, 2025
Orthopaedics$2.4B40%
Sports Medicine & ENT$1.9B31%
Advanced Wound Management$1.8B29%
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 SNN in InvestinglyQuestions
Which is bigger, Smith & Nephew SNATS or Zimmer Biomet?
Zimmer Biomet (ZBH), at $17.9B against $12.0B.
Is SNN or ZBH cheaper?
By trailing P/E, Zimmer Biomet (24.0x) is cheaper than Smith & Nephew SNATS (37.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, SNN or ZBH?
Smith & Nephew SNATS: revenue grew +6.1% 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.