Zimmer Biomet Holdings, Inc. (ZBH) Stock Price & How to Invest
Last updated July 2026
Short answer
Zimmer Biomet is one of the two largest orthopedic implant makers in the world, making knees, hips, sports medicine and extremities hardware, plus the ROSA surgical robots that help place them. The shares change hands near ~11.7x the midpoint of the company's own 2026 adjusted EPS guidance, roughly half of what Stryker commands, which is the market pricing years of share loss and low-single-digit growth rather than offering a cheaper copy of the same business.
ZBH stock price
As of 2026-08-27, Zimmer Biomet Holdings, Inc. (ZBH) last closed at $99.48, down 5.3% over the past year. Over the past 52 weeks it has traded between $79.58 and $106.10.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Zimmer Biomet Holdings, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Zimmer Biomet Holdings, Inc. (ZBH) do?
Zimmer Biomet Holdings, based in Warsaw, Indiana, makes the hardware that goes inside roughly a million joint replacement patients a year. Its reporting lines are knees, hips, S.E.T. (sports medicine, extremities and trauma), and craniomaxillofacial and thoracic, with a separate technology and data line covering the ROSA robotic platform, navigation and mixed-reality software. Trailing twelve-month revenue runs about ~$8.51B across roughly 17,000 employees. Two acquisitions reshaped the mix recently: Paragon 28 for about ~$1.2B, which added a dedicated foot and ankle franchise, and Monogram Technologies for about ~$177M in equity value (~$4.04 per share, closed in 2025), which brought semi-autonomous and autonomous robotic capability alongside the existing ROSA installed base of nearly 2,000 systems.
The investment picture turns on a credibility gap rather than on the underlying economics. Q2 2026 net sales came in at ~$2.18B, up ~4.8% reported and ~4% organic constant currency, with hips up ~5.1% and the technology and data line up ~21.5%, good enough for management to lift full-year organic guidance to ~2.25% to ~3.25% and adjusted EPS to ~$8.47 to ~$8.59. Against that, adjusted operating margin fell ~210 basis points to ~25.7% and the company guides to a slight full-year margin decline, so profit is being reinvested rather than harvested. Shares still sit well below where they traded before the November 5, 2025 guidance reset that knocked roughly 15% off the price in a session, and the ~11x forward multiple is what remains of that episode.
What's driving Zimmer Biomet Holdings, Inc. (ZBH)?
1. Hips and technology are carrying the growth, not knees
Hips grew ~5.1% constant currency in Q2 2026 and ~5.9% in the United States, credited to the Z1 stem and the HAMMR impaction device. Technology and data rose ~21.5% on record capital placements, with US technology revenue up more than 50%. Knees remain the larger revenue line and grew more slowly, so the reported total understates how uneven the underlying performance is.
2. ROSA is a placement business, not a robot business
Nearly 2,000 ROSA systems are installed worldwide, and each one tends to anchor a surgeon and a hospital to Zimmer Biomet implants for years afterward. Monogram adds surgeon-guided autonomous knee capability on top of the existing imageless platform, with a multi-center study in India already fully enrolled. The capital sale itself is low margin; what it secures is the recurring implant stream behind it.
3. Acquisitions bought a faster-growing mix
Foot and ankle, sports medicine and extremities all grow faster than large-joint reconstruction, which is why Paragon 28 cost roughly ~$1.2B. Management has framed Monogram as neutral to adjusted EPS through 2027 and accretive from 2028, so the near-term case is mix and optionality rather than earnings. Integration risk is real, since Zimmer Biomet is absorbing two deals while also rebuilding its commercial channel.
4. Cash return is the visible part of the story
The 2026 repurchase program was raised by ~$250M to a total of ~$1.0B, and the dividend runs ~$0.96 per share annually for a yield near ~1.0% with about fifteen consecutive years of payments. Free cash flow was ~$308M in Q2 on ~$448M of operating cash flow, and management targets ~9% to ~11% free cash flow growth. At a mid-teens percentage payout of adjusted earnings, the dividend has room, though repurchases are clearly the larger lever.
What are the risks to Zimmer Biomet Holdings, Inc. (ZBH)?
The most concrete overhang is credibility: the November 5, 2025 guidance pivot cut the price roughly 15% in a day, and in January 2026 Hagens Berman announced an investigation into whether management misled investors about international stability (as of August 2026 that remains an investigation notice, with no securities complaint on file). Margin direction is the second issue, since adjusted operating margin fell ~210 basis points year over year to ~25.7% and the company itself guides to a slight full-year decline. China is small at roughly 2% of revenue and 1% of EBITDA but was down about 20% this year under volume-based procurement tenders, and VBP-style pricing pressure has a habit of spreading to other categories. Tariffs cut both ways here: a favorable ~$30M adjustment for probable US refunds helped first-half 2026 profit and does not repeat, and the company's largely domestic manufacturing base limits but does not eliminate exposure. Longer term, competitive pressure from Stryker's Mako franchise and the unresolved argument over whether GLP-1 weight-loss drugs shrink or expand the eligible joint replacement population both sit outside management's control.
What is the Zimmer Biomet Holdings, Inc. (ZBH) forecast?
21 analysts publish price targets on ZBH, averaging $107.57 against a $99.48 price as of August 2026, or +8.1%. The published targets run from $93.00 to $130.00, a moderate spread, and the ratings split 9 buy, 18 hold, 0 sell. Over the last six months there have been 5 raises and 6 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.
Read the full ZBH forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.
Is ZBH a buy or a sell?
We give no verdict on Zimmer Biomet Holdings, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. Hips and technology are carrying the growth, not knees. Hips grew ~5.1% constant currency in Q2 2026 and ~5.9% in the United States, credited to the Z1 stem and the HAMMR impaction device. The most optimistic published target, $130.00, assumes this works close to its best case.
The case against. The most concrete overhang is credibility: the November 5, 2025 guidance pivot cut the price roughly 15% in a day, and in January 2026 Hagens Berman announced an investigation into whether management misled investors about international stability (as of August 2026 that remains an investigation notice, with no securities complaint on file). The most pessimistic target, $93.00, is roughly what ZBH is worth if this bites instead.
Read the full bull and bear case on ZBH, including what would have to change to break either one. Walnut is not an investment adviser.
How is Zimmer Biomet Holdings, Inc. (ZBH) valued? (approximate, August 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Zimmer Biomet Holdings, Inc.'s investor relations page or your broker.
- Revenue (TTM): ~$8.51B
- Q2 2026 net sales: ~$2.18B, up ~4.8% reported and ~4% organic constant currency
- 2026 adjusted EPS guidance: ~$8.47 to ~$8.59 (raised)
- Forward P/E: ~11.7x guidance midpoint at ~$99 per share
- Q2 free cash flow: ~$308M on ~$448M operating cash flow
- Dividend: ~$0.96 per share annually, ~1.0% yield
At a market capitalization near ~$18.97B, Zimmer Biomet is valued at roughly 2.2x trailing sales and about ~11x to ~12x guided 2026 adjusted earnings. Stryker trades near ~20.6x forward earnings and Johnson & Johnson near ~23.5x, so the gap is not marginal, it is close to half. What the multiple is arguing about is durability of growth rather than current profitability: adjusted operating margin near ~25.7% is still healthy, but it is heading down this year while the reported organic growth rate sits in the low single digits.
Which ETFs hold Zimmer Biomet Holdings, Inc. (ZBH)?
If you want ZBH exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.
| ETF | Name | % in ZBH | Expense ratio | |
|---|---|---|---|---|
| MOAT | VanEck Morningstar Wide Moat ETF | 2.4% | 0.46% |
Who competes with Zimmer Biomet Holdings, Inc. (ZBH)?
Global orthopedic majors
Stryker (SYK), Johnson & Johnson's DePuy Synthes unit, and Smith & Nephew (SNN) compete for the same hospital contracts and surgeon relationships. Stryker is the direct benchmark and has taken large-joint share for several years, which is the single clearest reason Zimmer Biomet's multiple sits where it does. Smith & Nephew is smaller and carries its own execution questions, while DePuy Synthes is buried inside a much larger MedTech portfolio.
Surgical robotics and enabling technology
The robot decides which implant a hospital standardizes on, so Stryker's Mako, Smith & Nephew's CORI, Medtronic's Hugo and Mazor systems, and Globus Medical's Excelsius all compete with ROSA for capital budgets. Zimmer Biomet's angle is an imageless platform with a large installed base plus the autonomous capability picked up with Monogram. Placement counts matter more than robot revenue, because the implants follow the hardware.
Focused challengers and regional pricing
Enovis (ENOV), Globus Medical (GMED), CONMED and Orthofix attack specific niches such as extremities, foot and ankle, or spine-adjacent hardware, often on price or on surgeon-specific design. Domestic Chinese manufacturers compete effectively under volume-based procurement, which is why that market shrank roughly 20% for Zimmer Biomet this year. None of these are existential on their own; collectively they are what keeps implant average selling prices under steady downward pressure.
What stocks are similar to Zimmer Biomet Holdings, Inc. (ZBH)?
Other names that sit close to ZBH: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in Zimmer Biomet Holdings, Inc. (ZBH)
There are three common ways to get ZBH exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (MOAT), which spreads the position across many companies. Or build it into a focused thematic portfolio, so ZBH sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where ZBH fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Zimmer Biomet Holdings, Inc. (ZBH)
Zimmer Biomet is a cash-generative implant franchise carrying a visibly discounted multiple, and the size of that discount is a direct measure of how little the market currently trusts its growth rate.
More on Zimmer Biomet Holdings, Inc. (ZBH)
Whether ZBH is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is ZBH a buy or a sell?, and where the stock could go from here in the ZBH stock forecast.
For income investors, whether ZBH pays a dividend and how the payout looks is covered in does ZBH pay a dividend? And to weigh ZBH against a peer, read the full side-by-side comparisons: ZBH vs SYK and ZBH vs JNJ.
Wondering how ZBH fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Zimmer Biomet Holdings, Inc. with AI
Connect the broker you already use and ask Walnut's AI how ZBH fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What does Zimmer Biomet actually sell?
+
Implants and the tools to place them. The largest lines are knee and hip replacement systems, followed by S.E.T. (sports medicine, extremities and trauma) and craniomaxillofacial and thoracic products. A separate technology and data line sells ROSA surgical robots, navigation and mixed-reality software, which mostly exists to pull implant volume rather than to earn money on its own.
Is Zimmer Biomet profitable?
+
Yes, and comfortably so. Q2 2026 brought net earnings of ~$198M, diluted EPS of ~$1.03 and adjusted diluted EPS of ~$2.07, with adjusted operating margin around ~25.7%. Free cash flow was ~$308M in the quarter. The debate is about growth and margin direction, not about whether the business earns money.
Why does ZBH trade so much cheaper than Stryker?
+
Growth and trust. Stryker has grown faster and taken large-joint share for several years, while Zimmer Biomet has spent that time defending its base and cut guidance abruptly on November 5, 2025, sending shares down roughly 15% in one session. At roughly ~11x forward earnings against Stryker's ~20.6x, the market is discounting the growth rate rather than the current earnings.
Does Zimmer Biomet pay a dividend?
+
It pays about ~$0.96 per share a year, a yield near ~1.0%, with roughly fifteen consecutive years of payments. That works out to a payout in the low-to-mid teens as a percentage of guided 2026 adjusted EPS, so coverage is not tight. Repurchases are the bigger capital return channel, with the 2026 program raised by ~$250M to about ~$1.0B.
What is ROSA and why do investors focus on it?
+
ROSA is Zimmer Biomet's robotic surgical assistant for knee, hip and shoulder procedures, with close to 2,000 installations worldwide. Once a hospital installs one, its surgeons tend to standardize on the matching implants, which converts a one-time capital sale into years of recurring revenue. The Monogram acquisition added surgeon-guided autonomous capability on top of the existing imageless approach.
How exposed is Zimmer Biomet to China and to tariffs?
+
Less than headlines suggest. China accounts for roughly 2% of revenue and about 1% of EBITDA, though it declined around 20% this year under volume-based procurement pricing, which sets up easier comparisons in 2027. On tariffs, a largely US manufacturing base limits the hit, and first-half 2026 profit included a favorable adjustment of roughly ~$30M for probable US tariff refunds, a one-time help that will not recur.
Do GLP-1 weight-loss drugs threaten joint replacement volumes?
+
The argument runs both directions and is genuinely unresolved. Lower body weight over time could reduce the number of knees that eventually wear out, which would be a slow, multi-decade headwind. In the nearer term, weight loss makes some patients eligible for surgery who previously were not, and management commentary across the sector has so far pointed to procedure volumes holding up. Anyone underwriting either version is forecasting well past current data.
How do people get exposure to ZBH?
+
Zimmer Biomet trades on the NYSE under ZBH and is a component of the S&P 500, so broad index funds already hold a small position. Direct holders typically size it as one name inside a medical-devices or healthcare grouping alongside peers such as SYK, SNN or MDT, since the pricing and procedure-volume drivers are shared across the group. Investors who track holdings by theme can group it with the rest of their medical device exposure and watch quarterly organic growth and adjusted operating margin as the two numbers that move the story.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Zimmer Biomet Holdings, Inc.'s investor relations page or your broker before making investment decisions.