Question 1

What is Zimmer Biomet Holdings's P/FCF ratio?

Accepted Answer

Zimmer Biomet Holdings (ZBH) P/FCF ratio is 9.5× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Zimmer Biomet Holdings?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Zimmer Biomet Holdings specifically, the relevant sector benchmark is the current sector median of 19.1×.

Question 5

Is Zimmer Biomet Holdings's P/FCF ratio high or low?

Accepted Answer

Zimmer Biomet Holdings's P/FCF ratio of 9.5× is below its own 5-year average of 19.7× and below the sector median of 19.1×. That places the current reading at the 4th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Zimmer Biomet Holdings's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Zimmer Biomet Holdings (ZBH) P/FCF ratio has ranged from a low of 8.5× in 2026 to a high of 67.6× in 2002. The 5-year average is 19.7× and the 5-year median is 20.4×.

Question 7

What was Zimmer Biomet Holdings's P/FCF ratio in 2025?

Accepted Answer

Zimmer Biomet Holdings (ZBH) P/FCF ratio at the end of 2025 was 9.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Zimmer Biomet Holdings's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$17.7B	$1.85B	9.6×	-8.8×	Dec 31, 2025
2024	$21B	$1.14B	18.4×	-2.8×	Dec 31, 2024
2023	$25.3B	$1.19B	21.2×	-3.2×	Dec 31, 2023
2022	$26.7B	$1.1B	24.4×	+3.4×	Dec 31, 2022
2021	$25.7B	$1.22B	21.0×	-7.5×	Dec 31, 2021
2020	$31B	$1.09B	28.5×	+3.2×	Dec 31, 2020
2019	$29.9B	$1.18B	25.3×	+12.3×	Dec 31, 2019
2018	$20.6B	$1.58B	13.0×	-3.6×	Dec 31, 2018
2017	$23.7B	$1.43B	16.6×	+2.8×	Dec 31, 2017
2016	$20.1B	$1.45B	13.9×	-19.0×	Dec 31, 2016
2015	$19.9B	$607M	32.8×	+12.2×	Dec 31, 2015
2014	$18.7B	$908M	20.6×	+2.7×	Dec 31, 2014
2013	$15.4B	$863M	17.9×	+8.3×	Dec 31, 2013
2012	$10.9B	$1.14B	9.6×	-0.8×	Dec 31, 2012
2011	$9.19B	$889M	10.3×	-0.5×	Dec 31, 2011
2010	$10B	$922M	10.9×	-2.8×	Dec 31, 2010
2009	$11.6B	$853M	13.6×	-6.1×	Dec 31, 2009
2008	$8.69B	$441M	19.7×	-0.1×	Dec 31, 2008
2007	$14.9B	$753M	19.8×	-3.5×	Dec 31, 2007
2006	$18B	$772M	23.3×	+2.3×	Dec 31, 2006
2005	$16.2B	$773M	21.0×	-4.1×	Dec 31, 2005
2004	$19.1B	$761M	25.1×	-24.2×	Dec 31, 2004
2003	$16.6B	$336M	49.3×	+7.1×	Dec 31, 2003
2002	$7.88B	$187M	42.3×	—	Dec 31, 2002


Align Technology (ALGN)	17.8×
McKesson (MCK)	17.8×
Gilead Sciences (GILD)	16.9×
DexCom (DXCM)	16.9×
Pfizer (PFE)	16.7×
Humana (HUM)	16.4×
Quest Diagnostics (DGX)	16.3×
UnitedHealth Group (UNH)	15.9×
Labcorp Holdings (LH)	15.9×
Becton, Dickinson and (BDX)	14.0×
HCA Healthcare (HCA)	13.5×
Elevance Health (ELV)	13.4×
Incyte (INCY)	12.9×
CVS Health (CVS)	12.4×
Universal Health Services (UHS)	12.2×
Baxter International (BAX)	12.1×
Cardinal Health (CAH)	11.3×
IQVIA (IQV)	11.3×
Bristol-Myers Squibb (BMY)	10.4×
Biogen (BIIB)	10.3×
Cigna (CI)	9.1×
Viatris (VTRS)	9.1×
DaVita (DVA)	6.9×
Teladoc Health (TDOC)	3.9×
Centene (CNC)	2.5×

P/FCF Ratio for Zimmer Biomet Holdings (ZBH) 2002-2026

P/FCF Ratio daily chart for Zimmer Biomet Holdings (ZBH)

Historical P/FCF Ratio for Zimmer Biomet Holdings (ZBH) from 2002 to 2025

About P/FCF Ratio at Zimmer Biomet Holdings (ZBH)

Zimmer Biomet Holdings P/FCF Ratio by Year

Zimmer Biomet Holdings P/FCF Ratio 2025: 9.6×

Zimmer Biomet Holdings P/FCF Ratio 2024: 18.4×

Zimmer Biomet Holdings P/FCF Ratio 2023: 21.2×

Zimmer Biomet Holdings P/FCF Ratio 2022: 24.4×

Zimmer Biomet Holdings P/FCF Ratio 2021: 21.0×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Zimmer Biomet Holdings (ZBH) Key Financials