ZBHZIMMER BIOMET HOLDINGS, INC.

Orthopedic, Prosthetic & Surgical Appliances & Supplies

Revenue: $8.2B; 7.2% YoY
Operating margin: 13.3%; 20% YoY
EBITDA: $2.2B; 3.9% YoY
Market cap: $18.0B
Employees: 17,000; $484K revenue each
Net debt / EBITDA: 2.5×; $5.4B net debt
AI in 10-K: 2.5; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
241% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
40% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
44% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$484K · 67th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.5 per 10K words · 63rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$18.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$6.8B	$6.9B	$7.4B	$7.7B	$8.2B	7.2%
Operating income	$860M	$696M	$1.3B	$1.3B	$1.1B	15%
Net income	$402M	$231M	$1.0B	$904M	$705M	22%
Operating cash flow	$1.5B	$1.4B	$1.6B	$1.5B	$1.7B	13%
Capex	$144M	$188M	$291M	$204M	$225M	10%
Stock-based comp	$76M	$105M	$100M	$101M	$90M	11%
Buybacks	—	$126M	$692M	$868M	$487M	44%
Dividends	$200M	$201M	$201M	$196M	$190M	2.9%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 6
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.