Zimmer Biomet (ZBH)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $18.1B, Zimmer Biomet's free cash flow of $1.5B (fiscal 2025) would need to grow about -1% a year for the stock to be worth today's price. That is close to what the company has delivered over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Zimmer Biomet's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from ZBH's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Zimmer Biomet's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $6.8B | $6.9B | $7.4B | $7.7B | $8.2B |
| Net income | $402M | $231M | $1.0B | $904M | $705M |
| Free cash flow | $1.4B | $1.2B | $1.3B | $1.3B | $1.5B |
| EPS (diluted) | $1.91 | $1.10 | $4.88 | $4.43 | $3.55 |
| Operating margin | 12.6% | 10.0% | 17.3% | 16.7% | 13.3% |
Where the revenue comes from
Revenue by products, fiscal 2025.
Superinvestors who own ZBH
From each investor's latest 13F filing (what a 13F shows). 8 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Dodge & Cox Dodge & Cox |
Added | $2.1B | 1.1% | Q2 2026 |
| Bill Nygren Harris Associates LP |
Trimmed | $1.1B | 1.5% | Q2 2026 |
| PRIMECAP Management PRIMECAP Management Co |
Trimmed | $329M | 0.19% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $31M | 0.01% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Trimmed | $20M | 0.18% | Q2 2026 |
| Charles Brandes Brandes Investment Partners, LP |
Added | $7M | 0.05% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $5M | 0.01% | Q2 2026 |
| John Rogers Ariel Investments |
Trimmed | $258,184 | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by Zimmer Biomet's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Feb 17, 2026 | Ro Khanna |
0 | $97.21 | — |
| Feb 17, 2026 | Ro Khanna |
0 | $97.21 | — |
| Jan 29, 2026 | Ro Khanna |
0 | $85.93 | — |
| Jan 29, 2026 | Ro Khanna |
0 | $85.93 | — |
| Jan 23, 2026 | Ro Khanna |
0 | $86.55 | — |
| Jan 23, 2026 | Ro Khanna |
0 | $86.55 | — |
| Jan 14, 2026 | Ro Khanna |
0 | $89.20 | — |
| Jan 14, 2026 | Ro Khanna |
0 | $89.20 | — |
| Jan 13, 2026 | Ro Khanna |
0 | $88.45 | — |
| Jan 13, 2026 | Ro Khanna |
0 | $88.45 | — |
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In the full deep dive
Questions
What growth does Zimmer Biomet's stock price imply?
At a market value of $18.1B, Zimmer Biomet would need its free cash flow to grow about -1% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 0% a year.
Are Zimmer Biomet insiders buying the stock?
10 open-market insider purchases of ZBH in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Zimmer Biomet?
8 of the superinvestors Investingly tracks hold ZBH in their latest 13F, including Dodge & Cox, Bill Nygren, PRIMECAP Management.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.