Zimmer Biomet Holdings, Inc. — Intrinsic Value & Fair Price

ZBH

NYSEHealthcareMedical - DevicesCIK 0001136869zimmerbiomet.comAbout ZBH

Last close · Oct 16, 202694.98+0.60 (+0.64%)

Market cap$18.1B

Model value · DCF · Perpetuity growth · 5y

169.38

Zimmer Biomet closed at $94.98 — undervalued by 44% vs model.

84.34the model's range397.57

DCF · Perpetuity growth · 5y leads for a mature, steady company — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models

14.94 – 213.31

Wall St. target

104.00 9% below

Below model, 1y

15 of 20 days

Price and model value

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What the marks mean

Daily close

Valuation models

price $94.98 · as of Oct 17, 2026

DCF · Perpetuity growth · 5yused84.34 – 397.57169.3844% undervalued DCF · Perpetuity growth · 10y92.06 – 413.21176.4846% undervalued DCF · EBITDA exit · 5y91.74 – 193.02138.2231% undervalued DCF · EBITDA exit · 10y97.83 – 217.98149.3136% undervalued P/E · peers99.00 – 113.86105.3810% undervalued P/E · own history140.04 – 390.84157.6540% undervalued PEG—213.3155% undervalued EV/EBITDA · peers101.32 – 237.28133.5029% undervalued EV/Revenue · peers53.17 – 131.51106.2911% undervalued Earnings power value5.92 – 29.0814.94536% overvalued Dividend discount13.70 – 39.7721.17349% overvalued Wall St. consensus target—104.009% below Cost of capital (WACC)—6.78%—

DCF · Perpetuity growth · 5y leads for a mature, steady company — positive operating income and three years of positive free cash flow. How we value a stock walks through every input.

engine pkg:0.1.0

Dividends

Quarterly · as of Oct 16, 2026

Yield, trailing 12 months

1.01%

Past 2 years

low 0.83%high 1.21%

Dividends per share, a year at a time

Dividends / free cash flow, FY2025: 12.9%
Raised: —
Growth, 5 yrs: 0.6% a year
Last change: +3.0% · Mar 2022

Every payment, with ex-dates · latest $0.24, paid Oct 30, 2026

Research on ZBH

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How it is valued

Valued asMature & stable

Low/slowing growth (~6% recent)Moderate margins (9% net margin)Pays dividendsHighly cyclical earningsStrong FCF yield (8.1%)

What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for mature companies

P/E

26.8×

EV / EBITDA

11.3×

FCF yield

7.8%

Dividend yield, TTM

1.01%

Beta

0.48

Cost of capital (WACC)

6.78%

Full financials

Superinvestors

13F · Q2 2026

Dodge & CoxDodge & Cox$2.1B Bill NygrenHarris Associates L P$1.1B Harry BurnSound Shore Management Inc$68.4M Sarah KettererCauseway Capital Management LLC$67.9M

All 9 holders

Analyst actions

third-party, quoted

08-10Canaccord Genuity · target100.00

08-06Robert W. Baird · target104.00

08-06Truist Financial · target106.00

07-09BMO Capital · “Market Perform” from “Outperform”downgrade

Ratings, targets and estimates

Recent

filings, insider trades and key news

10-01Form 4 · MCampbell Gary Craig · 2,368 sh@ 0.00 10-01Form 4 · FCampbell Gary Craig · 932 sh@ 88.42 10-01Form 4 · MCampbell Gary Craig · 1,218 sh@ 0.00 10-01Form 4 · FCampbell Gary Craig · 480 sh@ 88.42 10-01Form 4 · MCampbell Gary Craig · 2,368 sh@ 0.00 09-088-K · 5.02Departure/Election of Directors or Officers

74 filings · 40 insider transactions

Comparable companies

by business, not by industry label

SYKStryker JNJJohnson & Johnson MDTMedtronic BSXBoston Scientific BDXBecton Dickinson BAXBaxter International SOLVSolventum

1 more company lists ZBH as a comparable

ISRGIntuitive Surgical

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just ZBH. No account.

About Zimmer Biomet

Zimmer Biomet Holdings, Inc. engages in the design, manufacture, and marketing of orthopedic reconstructive products. The firm also offers sports medicine, biologics, extremities, and trauma products, spine, craniomaxillofacial, and thoracic products, office-based technologies, dental implants, and related surgical products. It operates through the following geographical segments: Americas, Europe Middle East and Africa, and Asia Pacific. The Americas segment consists of the U.S. and includes other North, Central and South American markets. The Europe Middle East and Africa segment includes France, Germany, Italy, Spain, and the United Kingdom. The Asia Pacific segment refers to the key markets such as Japan, China, Australia, New Zealand, Korea, Taiwan, India, Thailand, Singapore, Hong Kong, and Malaysia. The company was founded by Justin O. Zimmer in 1927 and is headquartered in Warsaw, IN.

CEO: Ivan Tornos
Headquarters: Warsaw, IN
Employees: 17,000
IPO: 2001-07-25

Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.