Zimmer Biomet HOLDINGS, Inc. (ZBH) intrinsic value & 10-year financials
Zimmer Biomet HOLDINGS, Inc. (ZBH) has a Graham intrinsic value of $75.04 per share. At $94.98 on Oct 17, 2026, the stock trades 27% above that value. Over the last 10 fiscal years revenue grew 0.8% a year to $8.2B, with an average return on invested capital of 3.7%.
- Graham intrinsic value
- $75.04
- Share price (Oct 17, 2026)
- $94.98
- Price vs Graham value
- 27% above
- Market cap
- $18.9B
- Revenue (FY2025)
- $8.2B
- Revenue growth (10-yr CAGR)
- 0.8%
- ROIC (10-yr avg)
- 3.7%
- Free cash flow (FY2025)
- $1.5B
ZBH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $8.2B | $705.1M | $3.55 | $1.5B | 13.3% | 4.9% |
| FY2024 | $7.7B | $903.8M | $4.43 | $1.3B | 16.7% | 6.2% |
| FY2023 | $7.4B | $1.0B | $4.88 | $1.3B | 17.3% | 6.9% |
| FY2022 | $6.9B | $231.4M | $1.10 | $1.2B | 10.0% | 2.5% |
| FY2021 | $7.8B | $401.6M | $1.91 | $1.3B | 10.0% | 3.8% |
| FY2020 | $7.0B | -$138.9M | -$0.67 | $1.1B | -1.2% | -0.2% |
| FY2019 | $8.0B | $1.1B | $5.47 | $1.4B | 14.3% | 5.7% |
| FY2018 | $7.9B | -$379.2M | -$1.86 | $1.6B | 0.4% | 0.2% |
| FY2017 | $7.8B | $1.8B | $8.90 | $1.4B | 10.4% | 3.9% |
| FY2016 | $7.7B | $305.9M | $1.51 | $1.4B | 10.8% | 3.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Zimmer Biomet has demonstrated mature, steady growth, with revenue compounding at 0.8% annually over the past decade.
Zimmer Biomet has historically struggled to out-earn its cost of capital, averaging just 3.7% ROIC.
Zimmer Biomet has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Zimmer Biomet is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $75.04 per share.