Zimmer Biomet (ZBH)

NYSEHealth CareMedical - DevicesSnapshot 2026-10-15

$94.98+0.64%

Close 2026-10-16 · 1-day change

Read the published Living FV report summary

Investment OutlookAs of Oct 15, 2026

What could strengthen or challenge Zimmer Biomet’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

-0.2%

+10% or more+5%0%−5%−10% or less

9.07 → 9.05 EPS · FY ending Dec 31, 2027 · 17 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 15, 2026 to Oct 15, 2026: (new ÷ prior − 1). Contributor count changed from 16 to 17; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Living FV™

Living Fair Value by QuarterlyIQ

A valuation that evolves as the business changes.

A published Living FV snapshot is not available yet. The valuation workflow remains discoverable; a market target cannot supply the missing evidence.

View Living FV report and workflow

What the Thesis Depends On

Three key conditions need to be met for the investment thesis to play out.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Adjusted EPS of $8.40 to $8.55 in 2026	Adjusted EPS is raised to about $8.47 per share.	Intact	Adjusted EPS falls below $8.40 in FY26	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 15, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Adjusted diluted EPS guidance for 2026 was raised from $8.40-$8.55 to $8.47-$8.59. The company reported adjusted EPS growth in 2026-Q1 and maintained strong earnings in 2026-Q2, indicating delivery on this priority. Delivery assessment Oct 15, 2026
Repurchase up to $1 billion of shares in 2026	The company plans to repurchase up to $1 billion of shares in 2026.	Intact	Repurchases fall significantly short of $1 billion in FY26	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 15, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. The company completed $250 million of share repurchases in 2026-Q1 and announced an increase to repurchase up to $1 billion in 2026, up from prior authorization of $1.5 billion. The trajectory is delivering with increased repurchase expectations. Delivery assessment Oct 15, 2026
Revenue growth of 2.5% to 4.5% in 2026	A primary condition in Zimmer Biomet's published investment case. The stated target is 2.5% to 4.5% YoY.	Intact	YoY revenue growth falls below 2.5% in FY26	Revenue growth: 4.8% FY2026-Q2; GAAP. Published target: 2.5% to 4.5% YoY. Target period is not explicitly aligned with this observation. Source published Aug 5, 20264.799499 percent · calculatedSource reportLast status assessment Oct 15, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: a5a84334-2072-4dbb-955d-152e9d397182. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Revenue grew from $8.232 billion in 2025 to an estimated $8.467 billion in 2026, reflecting 3.9% to 4.9% growth guidance. Actual reported revenue in 2026-Q1 and Q2 showed growth consistent with this guidance, indicating delivery on this priority. Delivery assessment Oct 15, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$9.05

$9.01 → $9.05 · observed estimates

FY2027 revenue$8.90B

$8.85B → $8.90B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$9.01	$8,847,744,512	16 / 19
2026-07-25	$9.00	$8,842,909,150	26 / 25
2026-07-26	$9.01	$8,847,744,512	16 / 19
2026-07-27	$9.00	$8,842,909,150	26 / 25
2026-07-28	$9.01	$8,847,744,512	16 / 19
2026-07-29	$9.01	$8,849,993,944	16 / 20
2026-07-30	$9.00	$8,845,171,520	27 / 26
2026-07-31	$9.01	$8,849,993,944	16 / 20
2026-08-01	$9.01	$8,849,993,944	16 / 20
2026-08-02	$9.01	$8,849,993,944	16 / 20
2026-08-03	$9.00	$8,845,171,520	27 / 26
2026-08-04	$9.01	$8,849,993,944	16 / 20
2026-08-05	$9.01	$8,849,993,944	16 / 20
2026-08-06	$9.01	$8,849,993,944	16 / 20
2026-08-08	$9.07	$8,903,153,310	27 / 26
2026-08-09	$9.07	$8,908,141,044	16 / 20
2026-08-10	$9.07	$8,904,683,170	27 / 26
2026-08-12	$9.07	$8,908,141,044	16 / 20
2026-08-13	$9.07	$8,908,141,044	16 / 20
2026-08-14	$9.07	$8,908,141,044	16 / 20
2026-08-15	$9.07	$8,908,141,044	16 / 20
2026-08-16	$9.07	$8,908,141,044	16 / 20
2026-08-17	$9.07	$8,908,141,044	16 / 20
2026-08-18	$9.07	$8,908,141,044	16 / 20
2026-08-19	$9.07	$8,908,141,044	16 / 20
2026-08-20	$9.07	$8,909,752,384	16 / 20
2026-08-21	$9.07	$8,909,752,612	16 / 20
2026-08-22	$9.07	$8,909,752,612	16 / 20
2026-08-23	$9.07	$8,909,752,612	16 / 20
2026-08-24	$9.07	$8,909,752,612	16 / 20
2026-08-25	$9.07	$8,909,752,612	16 / 20
2026-08-26	$9.07	$8,909,752,612	16 / 20
2026-08-27	$9.07	$8,909,752,612	16 / 20
2026-08-28	$9.07	$8,909,752,612	16 / 20
2026-08-29	$9.07	$8,909,755,228	16 / 20
2026-08-30	$9.07	$8,909,755,228	16 / 20
2026-08-31	$9.07	$8,909,755,228	16 / 20
2026-09-01	$9.07	$8,909,755,228	16 / 20
2026-09-02	$9.07	$8,909,755,228	16 / 20
2026-09-03	$9.07	$8,909,755,228	16 / 20
2026-09-04	$9.07	$8,909,755,228	16 / 20
2026-09-05	$9.07	$8,909,755,228	16 / 20
2026-09-06	$9.07	$8,909,755,228	16 / 20
2026-09-07	$9.07	$8,909,755,228	16 / 20
2026-09-08	$9.07	$8,909,755,228	16 / 20
2026-09-09	$9.07	$8,909,755,228	16 / 20
2026-09-10	$9.07	$8,909,755,228	16 / 20
2026-09-11	$9.07	$8,909,755,228	16 / 20
2026-09-12	$9.07	$8,909,755,228	16 / 20
2026-09-13	$9.07	$8,909,755,228	16 / 20
2026-09-14	$9.07	$8,909,755,228	16 / 20
2026-09-15	$9.07	$8,909,755,228	16 / 20
2026-09-16	$9.07	$8,909,752,612	16 / 20
2026-09-17	$9.07	$8,909,752,612	16 / 20
2026-09-18	$9.07	$8,909,752,612	16 / 20
2026-09-19	$9.07	$8,909,752,612	16 / 20
2026-09-20	$9.07	$8,909,752,612	16 / 20
2026-09-21	$9.07	$8,909,752,612	16 / 20
2026-09-22	$9.07	$8,909,752,612	16 / 20
2026-09-23	$9.07	$8,909,752,612	16 / 20
2026-09-24	$9.07	$8,909,752,612	16 / 20
2026-09-25	$9.07	$8,909,752,612	16 / 20
2026-09-26	$9.07	$8,909,752,612	16 / 20
2026-09-27	$9.07	$8,909,752,612	16 / 20
2026-09-28	$9.07	$8,909,752,612	16 / 20
2026-09-29	$9.07	$8,909,734,156	16 / 20
2026-09-30	$9.07	$8,909,734,156	16 / 20
2026-10-01	$9.07	$8,909,734,156	16 / 20
2026-10-02	$9.07	$8,909,494,156	16 / 20
2026-10-03	$9.07	$8,909,494,156	16 / 20
2026-10-04	$9.07	$8,909,494,156	16 / 20
2026-10-05	$9.07	$8,909,494,156	16 / 20
2026-10-06	$9.07	$8,909,494,156	16 / 20
2026-10-07	$9.07	$8,909,494,156	16 / 20
2026-10-08	$9.07	$8,909,494,156	17 / 20
2026-10-09	$9.07	$8,909,494,156	17 / 20
2026-10-10	$9.07	$8,909,494,156	17 / 20
2026-10-11	$9.07	$8,909,494,156	17 / 20
2026-10-12	$9.07	$8,909,494,156	17 / 20
2026-10-13	$9.05	$8,905,605,928	17 / 20
2026-10-14	$9.05	$8,905,605,928	17 / 20
2026-10-15	$9.05	$8,904,909,928	17 / 20

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	8	17	2
2026-06-01	8	17	1
2026-07-01	10	18	1
2026-08-01	9	18	0
2026-09-01	9	18	0
2026-10-01	9	19	0

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 9 Buy / Strong Buy · 19 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades0 maintains

Recent actions · Sep 16–Oct 15 · 0 recorded

Price-target changes

30 days

Individual price-target observations are unavailable.

0 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 16, 2026–Oct 15, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Adjusted EPS of $8.40 to $8.55 in 2026Direct metric needs a verified mapping
Repurchase up to $1 billion of shares in 2026Direct metric needs a verified mapping
Revenue growth of 2.5% to 4.5% in 2026Revenue growth: 4.8%

Next proof point

Nov 4, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.3%Typical daily move · historical

Downside history

-23.1%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Zimmer Biomet outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 10, 2026

What kind of bet this is

ZBH is a durable compounder in the healthcare sector. The current thesis state is intact, supported by strong recent financial performance and management priorities focused on share repurchases and revenue growth.

What's priced into Zimmer Biomet

The market currently prices ZBH as relatively cheap compared to its peers, with a low expectations gap. This suggests that investors are not overly optimistic about future performance, allowing for potential upside if management continues to execute well.

What the fundamentals likely do

Fundamentals are likely to remain strong, given management's track record of delivering on earnings and revenue growth targets. However, there is a moderate risk due to the potential for guidance cuts and economic conditions affecting performance.

What Zimmer Biomet hinges on

The thesis hinges on management's ability to maintain guidance and deliver on growth targets. Additionally, the performance of sector peers could influence ZBH's momentum in the market.