What is ZBH's intrinsic value?

TickerWorth's valuation lenses put Zimmer Biomet Holdings, Inc. (ZBH) between $70.87 and $186.91 per share, versus a market price of $94.98. They disagree too widely for us to state a single fair value, so we publish the range.

Is ZBH overvalued or undervalued?

At $94.98 the price sits inside a range too wide to call either way. We don't call ZBH overvalued or undervalued from a range this wide. This is an educational estimate, not advice.

What discount rate is used for ZBH?

A WACC of 8.2% and a terminal growth rate of 2.5%.

Is Zimmer Biomet stock undervalued?

TickerWorth's fair-value range for Zimmer Biomet Holdings, Inc. (ZBH) is $70.87 – $186.91 against a market price of $94.98. Too wide to call. We publish a range here, not one number, so we do not call it over- or undervalued. This is a model estimate, not investment advice.

Zimmer Biomet (ZBH) DCF valuation and fair value

Our fair-value range for Zimmer Biomet Holdings, Inc. (ZBH) is $70.87 – $186.91, built on a 8.2% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.

What growth is priced into Zimmer Biomet stock?

no growth rate up to 300%/yr justifies the price under these economics This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $94.98. A model estimate, not investment advice.

Zimmer Biomet (ZBH) insider trading

The most recent insider filing (SEC Form 4) for Zimmer Biomet Holdings, Inc. (ZBH): Campbell Gary Craig, President, Americas, option exercise on 2026-10-01. The latest filings are listed on this page. A disclosure, not a signal to trade.

ZBH · Intrinsic value

Is Zimmer Biomet Holdings, Inc. (ZBH) overvalued or undervalued?

Name: Zimmer Biomet Holdings, Inc. (ZBH) DCF intrinsic value
Creator: TickerWorth

As of Oct 19, 2026, TickerWorth's valuation lenses put Zimmer Biomet Holdings, Inc. (ZBH) at $70.87 – $186.91, too broad a range to say where the delayed market price of $94.98 sits in it, so we do not call it over- or undervalued. It is a model estimate, and every input behind it is sourced below.

Model by Miraaj Patel · generated from a hand-researched model · Updated Oct 19, 2026 · How these pages are made

Open full ZBH analysis

What is ZBH worth?

Fair-value range: $70.87 – $186.91
Market price: $94.98
Gap to fair value: —
Verdict: Too wide to call

Price as of 19 Oct 2026, 12:54 UTC · Prices are delayed.Our valuation lenses disagree too widely on this company for us to publish a single number, so we publish the range instead. We do not call it over- or undervalued from a spread this wide.

Fair-value range against the delayed market price: Too wide to call.

Reverse DCF: no growth rate up to 300%/yr justifies the price under these economics

What is ZBH's TickerWorth Score?

B61/100

Scores higher than most companies we compare it with

Compared with Healthcare companies in US

Its strongest point: looks cheap on the numbers. Its weakest: balance sheet looks stretched.

Value · 80 of 100
Cheaper than 80% of Healthcare companies in US
Price vs worth · 65 of 100
Quality · 60 of 100
More profitable than 60% of Healthcare companies in US
Financial health · 30 of 100
Financially stronger than 30% of Healthcare companies in US
Growth · 67 of 100
Growing faster than 67% of Healthcare companies in US
Momentum · 42 of 100
Outperformed 42% of Healthcare companies in US over the past year

Confidence: Medium confidence · Scored 19 Oct 2026, 12:54 UTC

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Where the numbers come from

Hand-researched model

What the modeller flagged

THE AMORTIZATION CHOICE IS WORTH ~$41/SHARE, AND IT DECIDES THE SIGN OF THE GAP. Zimmer Biomet's adjusted figures exclude ~$650M/yr (7.6% of sales) of acquired-intangible amortization. This model keeps it as a cost (the house method used for IBM and GEHC; the SOLV model excluded it because Solventum is a net seller of businesses). The reason it is kept: Zimmer Biomet spends on deals and purchased technology every year — ~$238M in 2023, ~$429M in 2024, ~$1,446M in 2025, ~$101M of intangibles in H1 2026, plus up to $720M of possible CVR payouts — and none of that is in its capex or 'free cash flow'. Valued on the adjusted margin instead, the answer would be ~$112 (above today's price); charging half of it gives ~$92, which is roughly what the market pays.
YEAR-1 FCF IS BELOW REPORTED FCF, BY DESIGN. Model Year-1 unlevered FCF is ~$0.96B; FY2026 company FCF is guided ~$1.28-1.30B, which is AFTER ~$240M of after-tax interest, so on a like-for-like unlevered basis the company figure is ~$1.52B. The ~$0.56B gap is almost exactly the after-tax amortization charge (~$535M) — i.e. the model reserves cash for acquisitions that the company's FCF definition leaves out. If Zimmer Biomet stopped buying businesses for good, the model would be too low.
TERMINAL VALUE IS ~78% OF ENTERPRISE VALUE. The answer is mostly a bet on a ~19% GAAP operating margin (adjusted ~27.5%) held in perpetuity.
MARGIN RECOVERY IS PARTLY MECHANICAL. About 1.6 pts of the 2.7-pt rise in the GAAP margin from Year 1 to Year 5 comes from existing intangibles running off the amortization schedule (to $448M in 2030 on today's book), not from the business getting better. New deals would refill it — the model assumes ~$135M/yr of new amortization by 2030.
NET DEBT IS AT JUNE 30, BEFORE THE H2 BUYBACK. Management raised the 2026 repurchase to up to $1B ($500M done in H1). The remaining ~$500M will raise net debt and lower the share count together; at a price near this model's value the effect is small, and above it, slightly negative per share.
SBC ($90.2M in FY2025, $48.8M in H1 2026) is NOT excluded from Zimmer Biomet's adjusted operating profit and stays expensed inside the margin; dilution is captured by the weighted diluted share count.
Credit ratings were not checked against agency releases; a downgrade would raise the 6.4% cost of debt.

Why ZBH gets a range, not one number

At a recent price of $94.98, Zimmer Biomet Holdings, Inc. (ZBH) sits inside a range too wide to call either way: our valuation lenses put the business somewhere between $70.87 and $186.91 per share. They disagree too widely for us to state a single fair value. We publish the range rather than a midpoint because a number that precise would claim more than the methods can support. This is an educational model, not a price target or a recommendation.

Read the full reasoning

The valuation discounts Zimmer Biomet Holdings, Inc.'s projected free cash flows at a weighted-average cost of capital (WACC) of 8.2%, with a long-run terminal growth rate of 2.5%. About 78% of the enterprise value comes from the terminal value — the portion beyond the explicit forecast window — which is typical for a stable, cash-generative business and a reminder that small changes in the discount rate or terminal growth assumption swing the intrinsic value meaningfully.

Sensitivity matters more than any single number. Across a reasonable band of discount-rate assumptions, ZBH's modeled DCF value ranges from about $39.49 to $150.68 per share. If that range still sits below today's price, the market is optimistic relative to the model across the whole band; if it brackets the price, the stock is roughly fairly valued on our assumptions. Use the interactive slider to see exactly where your own cost-of-capital view lands.

How to read this page: the DCF fair value is what Zimmer Biomet Holdings, Inc. would be worth if its cash flows grow as modeled and are discounted at the stated WACC. The assumptions table shows every input and its source; the reverse-DCF shows what the market believes; the sensitivity band shows how fragile the answer is. None of this is investment advice — it is a transparent, auditable framework for forming your own view of ZBH's intrinsic value. Figures update as new filings and prices come in.

Every input behind ZBH's DCF

Input	Value	Source
Base-year revenueZimmer Biomet Q4 2025 earnings release, 8-K Ex-99.1 (accession 0001193125-26-043620, filed 2026-02-10); FY2025 10-K (accession 0001193125-26-059853, filed 2026-02-20): FY2025 net sales $8,231.5M, +7.2% reported, +6.4% constant currency, +3.9% organic constant currency. PARAGON 28 IS ALREADY IN THIS BASE for ~8.3 months: the foot-and-ankle company was bought on 2025-04-21 for $1,241.5M cash plus a CVR (fair value $35M, up to ~$90M) and contributed ~2.5 points of FY2025 growth. Monogram (orthopedic robotics, closed 2025-10-07, $175.9M plus CVRs of up to ~$570M) has no meaningful revenue yet. CROSS-CHECK H1 2026: net sales $4,263.7M, +7.0% reported, +5.7% constant currency, +3.4% organic (Paragon 28 added 2.3 points until its 21 April anniversary); Q2 alone $2,177.0M, +4.8% reported, +4.0% organic. TTM through 2026-06-30 = $8,231.5M - $3,986.4M + $4,263.7M = $8,508.8M. By product, H1 2026: knees $1,657.5M (+0.9% cc — the weak spot), hips $1,086.8M (+4.2% cc), S.E.T. incl. Paragon 28 $1,148.2M (+2.6% organic), technology & data $371.2M (+16.8% cc).	$8,231,500,000	Zimmer Biomet Q4 2025 earnings release, 8-K Ex-99.1 (accession 0001193125-26-043620, filed 2026-02-10); FY2025 10-K (accession 0001193125-26-059853, filed 2026-02-20): FY2025 net sales $8,231.5M, +7.2% reported, +6.4% constant currency, +3.9% organic constant currency. PARAGON 28 IS ALREADY IN THIS BASE for ~8.3 months: the foot-and-ankle company was bought on 2025-04-21 for $1,241.5M cash plus a CVR (fair value $35M, up to ~$90M) and contributed ~2.5 points of FY2025 growth. Monogram (orthopedic robotics, closed 2025-10-07, $175.9M plus CVRs of up to ~$570M) has no meaningful revenue yet. CROSS-CHECK H1 2026: net sales $4,263.7M, +7.0% reported, +5.7% constant currency, +3.4% organic (Paragon 28 added 2.3 points until its 21 April anniversary); Q2 alone $2,177.0M, +4.8% reported, +4.0% organic. TTM through 2026-06-30 = $8,231.5M - $3,986.4M + $4,263.7M = $8,508.8M. By product, H1 2026: knees $1,657.5M (+0.9% cc — the weak spot), hips $1,086.8M (+4.2% cc), S.E.T. incl. Paragon 28 $1,148.2M (+2.6% organic), technology & data $371.2M (+16.8% cc).
Base EBIT marginZimmer Biomet Q4 2025 earnings release, 8-K Ex-99.1 (accession 0001193125-26-043620) — statement of earnings and operating-profit reconciliation: GAAP OPERATING PROFIT, not the company's 'adjusted operating profit'. FY2025 operating profit $1,098.1M / $8,231.5M = 13.34%. It INCLUDES, and this model keeps as real costs: $665.9M (8.1 pts) of acquired-intangible amortization, $181.2M restructuring, $76.9M acquisition/integration, $17.0M EU MDR, $6.0M litigation, $11.3M other, and $206.3M (2.5 pts) of inventory and manufacturing charges. Management's adjusted operating margin for the same year was 27.5% ($2,262.7M) — the 14-point gap is exactly those items. The base is UNUSUALLY LOW: $172.2M of the inventory charge landed in Q4 2025 (excess and obsolete stock on product lines being discontinued by 2032, Paragon 28 inventory step-up, and accelerated costs of a plant shutdown); without it the margin would be 15.85%. FY2024 GAAP was 16.7%, FY2023 17.3%. CROSS-CHECK H1 2026: operating profit $699.2M / $4,263.7M = 16.40% (adjusted 26.5%, amortization 7.6 pts, other charges 2.5 pts). The base margin is not used to project; it only sets the 'peak' for the site's cyclical test, and Year 1 (16.3%) is the higher of the two.	13.3%	Zimmer Biomet Q4 2025 earnings release, 8-K Ex-99.1 (accession 0001193125-26-043620) — statement of earnings and operating-profit reconciliation: GAAP OPERATING PROFIT, not the company's 'adjusted operating profit'. FY2025 operating profit $1,098.1M / $8,231.5M = 13.34%. It INCLUDES, and this model keeps as real costs: $665.9M (8.1 pts) of acquired-intangible amortization, $181.2M restructuring, $76.9M acquisition/integration, $17.0M EU MDR, $6.0M litigation, $11.3M other, and $206.3M (2.5 pts) of inventory and manufacturing charges. Management's adjusted operating margin for the same year was 27.5% ($2,262.7M) — the 14-point gap is exactly those items. The base is UNUSUALLY LOW: $172.2M of the inventory charge landed in Q4 2025 (excess and obsolete stock on product lines being discontinued by 2032, Paragon 28 inventory step-up, and accelerated costs of a plant shutdown); without it the margin would be 15.85%. FY2024 GAAP was 16.7%, FY2023 17.3%. CROSS-CHECK H1 2026: operating profit $699.2M / $4,263.7M = 16.40% (adjusted 26.5%, amortization 7.6 pts, other charges 2.5 pts). The base margin is not used to project; it only sets the 'peak' for the site's cyclical test, and Year 1 (16.3%) is the higher of the two.
Forecast revenue growthESTIMATEAssumption — TickerWorth's 5-year explicit forecast	4% → 4% → 4% → 4% → 4%	ESTIMATEAssumption — TickerWorth's 5-year explicit forecast
Risk-free rateUS 10Y Treasury constant maturity (FRED DGS10): 5.24% on 2026-10-01, the latest published observation; program-wide input shared by every researched model in this run.	5.2%	US 10Y Treasury constant maturity (FRED DGS10): 5.24% on 2026-10-01, the latest published observation; program-wide input shared by every researched model in this run.
BetaESTIMATEAssumption — normalized estimate (published Yahoo/yfinance 5Y-monthly beta 0.485): NORMALIZED UP from the published 0.485 — CONSERVATIVE (raises WACC, lowers value). A 0.485 beta says the shares barely move with the market; that is an artefact of five years in which Zimmer Biomet de-rated on its own story (per the FY2025 10-K performance graph, $100 invested at end-2020 was worth $62.65 at end-2025 with dividends, against $196.16 for the S&P 500 and $126.87 for the S&P 500 Health Care Equipment index), not evidence that a levered (~30% debt) implant maker carries half the market's risk. 0.85 matches the SOLV and GEHC models in this tracker and sits in the ~0.8-1.0 range typical of large medtech. At the published 0.485 the value would be about $103 — above today's price; at 1.0 about $61.5. Today's price implies about 0.59 (a WACC of ~7.3%).	0.85	ESTIMATEAssumption — normalized estimate (published Yahoo/yfinance 5Y-monthly beta 0.485): NORMALIZED UP from the published 0.485 — CONSERVATIVE (raises WACC, lowers value). A 0.485 beta says the shares barely move with the market; that is an artefact of five years in which Zimmer Biomet de-rated on its own story (per the FY2025 10-K performance graph, $100 invested at end-2020 was worth $62.65 at end-2025 with dividends, against $196.16 for the S&P 500 and $126.87 for the S&P 500 Health Care Equipment index), not evidence that a levered (~30% debt) implant maker carries half the market's risk. 0.85 matches the SOLV and GEHC models in this tracker and sits in the ~0.8-1.0 range typical of large medtech. At the published 0.485 the value would be about $103 — above today's price; at 1.0 about $61.5. Today's price implies about 0.59 (a WACC of ~7.3%).
Terminal growthESTIMATEAssumption — house default: House default 2.5% (roughly long-run nominal GDP), kept for comparability with SOLV and GEHC. Joint-replacement volumes are driven by ageing populations and obesity, which supports this; pricing in orthopedics has been flat-to-down for a decade, which caps it. Must stay below WACC (8.22%). At 2.0% the value falls ~$7; at 3.0% it rises ~$9.	2.5%	ESTIMATEAssumption — house default: House default 2.5% (roughly long-run nominal GDP), kept for comparability with SOLV and GEHC. Joint-replacement volumes are driven by ageing populations and obesity, which supports this; pricing in orthopedics has been flat-to-down for a decade, which caps it. Must stay below WACC (8.22%). At 2.0% the value falls ~$7; at 3.0% it rises ~$9.
Diluted sharesZimmer Biomet Q2 2026 10-Q (accession 0001193125-26-335044, filed 2026-08-05): Q2 2026 weighted-average diluted shares 192.8M (H1 194.3M; FY2025 198.7M). CONSERVATIVE: the weighted average lags the buyback — Zimmer Biomet repurchased $500.8M of stock in H1 2026 (5.6M shares) and 190,737,689 shares were outstanding on 2026-07-30. Management guides ~193M diluted for FY2026 and raised its 2026 buyback to up to $1B, so another ~$500M (~5.5M shares) is expected in H2 — funded partly with debt, which this June 30 net debt does not yet show. On 191.4M (outstanding plus ~0.6M of dilutive awards) the value would be ~$0.5 higher.	193M	Zimmer Biomet Q2 2026 10-Q (accession 0001193125-26-335044, filed 2026-08-05): Q2 2026 weighted-average diluted shares 192.8M (H1 194.3M; FY2025 198.7M). CONSERVATIVE: the weighted average lags the buyback — Zimmer Biomet repurchased $500.8M of stock in H1 2026 (5.6M shares) and 190,737,689 shares were outstanding on 2026-07-30. Management guides ~193M diluted for FY2026 and raised its 2026 buyback to up to $1B, so another ~$500M (~5.5M shares) is expected in H2 — funded partly with debt, which this June 30 net debt does not yet show. On 191.4M (outstanding plus ~0.6M of dilutive awards) the value would be ~$0.5 higher.
Market priceDelayed quote · as of 2026-10-19 12:54 UTC	$94.98	Delayed quote · as of 2026-10-19 12:54 UTC

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What does Zimmer Biomet Holdings, Inc. do?

What does it do?

Zimmer Biomet Holdings, Inc., together with its subsidiaries, operates as a medical technology company worldwide. The company designs, manufactures, and markets orthopedic reconstructive products, such as knee and hip products; S.E.T. It operates in the Medical Devices industry (Healthcare sector), headquartered in United States. The company employs roughly 17,000 people.

How does it make money?

The business turns $8.5B in annual revenue into profit. Out of every $100 of sales, about $18 is left as operating profit (operating margin of 18.0%), after a 70% gross margin on the products/services it sells. After all costs, taxes and interest, 9.5% of revenue becomes bottom-line net profit.

Is it financially healthy?

Financially it looks mixed: carries modest debt (0.6× equity), comfortably covers its short-term bills (1.7× current ratio), and is currently profitable.

Who at ZBH filed insider trades?

Recent insider filings for Zimmer Biomet Holdings, Inc.
Date	Insider	Relationship	What happened	Value	Filing
1 Oct 2026	Campbell Gary Craig	President, Americas	Option exercise	—	Form 4 for Campbell Gary Craig (opens sec.gov in a new tab)
1 Oct 2026	Campbell Gary Craig	President, Americas	Shares withheld (tax)	$82,407.44	Form 4 for Campbell Gary Craig (opens sec.gov in a new tab)
1 Oct 2026	Campbell Gary Craig	President, Americas	Option exercise	—	Form 4 for Campbell Gary Craig (opens sec.gov in a new tab)
1 Oct 2026	Campbell Gary Craig	President, Americas	Shares withheld (tax)	$42,441.60	Form 4 for Campbell Gary Craig (opens sec.gov in a new tab)
11 Sept 2026	Thornal Kevin R	Grp Pres-Global Business	Open-market sale	$528,978.45	Form 4 for Thornal Kevin R (opens sec.gov in a new tab)
4 Sept 2026	Phipps Chad F	See remarks below.	Open-market sale	$295,050.00	Form 4 for Phipps Chad F (opens sec.gov in a new tab)

A disclosure, not a signal to trade. Source: SEC EDGAR (Form 4). Older filings and the 90-day buying-and-selling read are part of Pro. See plans

Common questions

What is ZBH's intrinsic value?
TickerWorth's valuation lenses put Zimmer Biomet Holdings, Inc. (ZBH) between $70.87 and $186.91 per share, versus a market price of $94.98. They disagree too widely for us to state a single fair value, so we publish the range.
Is ZBH overvalued or undervalued?
At $94.98 the price sits inside a range too wide to call either way. We don't call ZBH overvalued or undervalued from a range this wide. This is an educational estimate, not advice.
What discount rate is used for ZBH?
A WACC of 8.2% and a terminal growth rate of 2.5%.
Is Zimmer Biomet stock undervalued?
TickerWorth's fair-value range for Zimmer Biomet Holdings, Inc. (ZBH) is $70.87 – $186.91 against a market price of $94.98. Too wide to call. We publish a range here, not one number, so we do not call it over- or undervalued. This is a model estimate, not investment advice.
Zimmer Biomet (ZBH) DCF valuation and fair value
Our fair-value range for Zimmer Biomet Holdings, Inc. (ZBH) is $70.87 – $186.91, built on a 8.2% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.
What growth is priced into Zimmer Biomet stock?
no growth rate up to 300%/yr justifies the price under these economics This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $94.98. A model estimate, not investment advice.
Zimmer Biomet (ZBH) insider trading
The most recent insider filing (SEC Form 4) for Zimmer Biomet Holdings, Inc. (ZBH): Campbell Gary Craig, President, Americas, option exercise on 2026-10-01. The latest filings are listed on this page. A disclosure, not a signal to trade.