STE vs ZBH: STERIS 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.
- STERIS is the larger company, worth $21.4B, close to Zimmer Biomet's $17.9B.
- STERIS grew revenue faster over the last year (+7.3% vs +4.8%).
- STERIS keeps more of each dollar of revenue as operating profit (18.9% vs 14.2%).
- On earnings, Zimmer Biomet is the cheaper stock (24.0x vs 27.5x).
- STERIS's price assumes faster free cash flow growth: about 6% 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 | STE | ZBH |
|---|---|---|
| Market cap | $21.4B | $17.9B |
| Share price | $214.40 | $89.14 |
| Revenue (last fiscal year) | $5.9B | $8.2B |
| Free cash flow (last fiscal year) | $972M | $1.5B |
| Revenue growth, last year | +7.3% | +4.8% |
| Revenue growth per year, last 5 fiscal years | +8.9% | +4.8% |
| Operating margin | 18.9% | 14.2% |
| Net margin | 13.3% | 9.5% |
| Return on equity | 11.2% | 6.4% |
| P/E (trailing) | 27.5x | 24.0x |
| Price / free cash flow | 22.0x | 12.2x |
| EV / EBITDA | 13.8x | 12.2x |
| FCF growth the price implies | 6.2% | -1.5% |
| Dividend yield | 1.1% | 1.0% |
| Debt / equity | 0.49x | 0.81x |
| Fundamental grade | B | B |
| Superinvestors holding it | 5 | 8 |
| Insider purchases, last 12 months | 8 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
STERIS
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $4.2B | $397M | 11.3% |
| 2023 | $4.5B | $395M | 17.4% |
| 2024 | $5.1B | $613M | 16.3% |
| 2025 | $5.5B | $778M | 15.9% |
| 2026 | $5.9B | $972M | 18.6% |
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
STERIS · by segments, 2026
Healthcare Segment$4.2B71%
AST$1.1B19%
Life Sciences$589M10%
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 STE in InvestinglyQuestions
Which is bigger, STERIS or Zimmer Biomet?
STERIS (STE), at $21.4B against $17.9B.
Is STE or ZBH cheaper?
By trailing P/E, Zimmer Biomet (24.0x) is cheaper than STERIS (27.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, STE or ZBH?
STERIS: revenue grew +7.3% over the last year, against +4.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.