Financial Analysis
Filing-based analysis. Market pricing is not included. Fundamentals from SEC filings; economic data from FRED and the BLS. About our data
Filing evidence summary
Mixed evidenceCoverage 5/5 core metricsOperating margin changed -3.4 percentage points from the prior annual period.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- Operating margin compressed
Operating margin changed -3.4 percentage points from the prior annual period.
Why this surfaced
Direction threshold: more than +1 percentage point constructive; below -1 point caution. Period end 2025-12-31.
- No current rule-based risk flags
12 filing-based checks were evaluable.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
- Revenue expanded
Latest reported annual revenue changed +7.2% from the prior reported annual observation.
Why this surfaced
Direction threshold: above +2% constructive; below -2% caution; otherwise monitor. This is not labeled one-year growth when filing periods have a gap. Period end 2025-12-31.
- Free cash flow was positive
Latest reported free cash flow was $1.5B.
Why this surfaced
Free cash flow = operating cash flow minus capital expenditures; positive is supporting evidence, not a valuation conclusion. Period end 2025-12-31.
Core trend metrics
Hover a tile for its exact definition; the Statements tab carries per-cell filing citations.
Where to look next
Risk checks
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-09-06
- Latest period end
- 2025-12-31
- Filings
- EDGAR ↗
Reported segment mix
figures as filed · share of the filed sum · change vs the prior period in the same filing- Knees$3.32B40.4%+4.7% yoy
- SET$2.15B26.1%+15.2% yoy
- Hips$2.09B25.4%+4.7% yoy
- Technology And Data Bone Cement And Surgical$666M8.1%+4.0% yoy
Members sum to the consolidated $8.23B for this period.
- United States$4.76B57.9%+7.3% yoy
- Outside the United States$3.47B42.1%+7.0% yoy
Members sum to the consolidated $8.23B for this period.
- Knees$829M39.7%+4.5% yoy
- SET$562M26.9%+19.5% yoy
- Hips$524M25.1%+5.7% yoy
- Technology And Data Bone Cement And Surgical$172M8.2%+14.6% yoy
Change is against the same quarter a year earlier, as reported in the same 10-Q.
Source: SEC DERA Financial Statement and Notes data sets. Dimensional XBRL facts on the business-segment, product/service and geographic axes; the engine keeps the accession of every figure. Descriptive and educational, not advice.
Peer percentiles
latest fiscal year ending 2025-12-31 · among 4,104 US-listed filers · 318 in Healthcare| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $8.2B | 86thof 3,301 top third | 92ndof 291 top third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | 7.2% | 53rdof 3,135 middle third | 45thof 277 middle third |
Operating margin operating income ÷ revenue | 13.3% | 75thof 2,819 top third | 81stof 280 top third |
Net margin net income ÷ revenue | 8.6% | 68thof 3,263 top third | 77thof 290 top third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | 17.9% | 81stof 2,679 top third | 90thof 261 top third |
Return on equity net income ÷ stockholders' equity (positive equity only) | 5.5% | 53rdof 3,577 middle third | 66thof 291 middle third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 1.1% | 65thof 2,895 middle third | 77thof 272 top third |
Days sales outstanding receivables ÷ revenue × 365 · lower is ranked higher | 76 days | 22ndof 2,398 bottom third | 22ndof 266 bottom third |
Net debt ÷ operating cash flow net debt ÷ operating cash flow (OCF > 0) · lower is ranked higher | 3.7× | 37thof 1,547 middle third | 29thof 116 bottom third |
Cash conversion operating cash flow ÷ net income (net income > 0) | 2.4× | 75thof 2,135 top third | 76thof 119 top third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | -4.5% | 50thof 3,291 middle third | 39thof 243 middle third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | 9.7% | 40thof 2,805 middle third | 36thof 213 middle third |
Each filer's latest fiscal year as stored by the nightly crawl; fiscal year ends differ across the universe. A metric ranks only filers for which it is computable from filed facts. Ties split; a rank reads "better than N% of filers" in the metric's own direction. Descriptive and educational, not a rating.
Earnings quality
latest fiscal year ending 2025-12-31 · accruals and cash conversion as filedPer fiscal year from filed facts: cash conversion = operating cash flow / net income (net income > 0); cash-flow accrual ratio = (net income - operating cash flow) / average total assets; balance-sheet accrual ratio = change in net operating assets / average net operating assets, NOA = (assets - cash) - (liabilities - debt). Descriptive; a missing input yields a missing ratio. High accrual ratios and cash conversion well below one are the measures the accruals literature associates with less persistent earnings; they are screens to read the cash-flow statement with, not conclusions. The per-year series is part of Pro risk analysis.
Point-in-time ledger
first-reported vs latest filing · periods since 2020-01-01 · 25 changed periods| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Operating income OperatingIncomeLoss | fiscal year 2020-12-31 | -$87.8M 10-K 2021-02-22 | $83.1M 10-K 2023-02-24 | +194.7% | first · latest · 3 filings carry it |
| Cash CashAndCashEquivalentsAtCarryingValue | balance at 2021-12-31 | $479M 10-K 2022-02-25 | $378M 10-K 2023-02-24 | -21.0% | first · latest · 5 filings carry it |
| Capital expenditure PaymentsToAcquirePropertyPlantAndEquipment | fiscal year 2021-12-31 | $172M 10-K 2022-02-25 | $144M 10-K 2024-02-23 | -16.5% | first · latest · 3 filings carry it |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2021-03-31 | $1.85B 10-Q 2021-05-04 | $1.6B 10-Q 2022-05-05 | -13.3% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2021-09-30 | $215M 10-Q 2021-11-04 | $243M 10-Q 2022-11-02 | +13.1% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2021-06-30 | $2.03B 10-Q 2021-08-03 | $1.76B 10-Q 2022-08-02 | -13.0% | first · latest |
| Depreciation and amortization DepreciationDepletionAndAmortization | fiscal year 2020-12-31 | $1.03B 10-K 2021-02-22 | $898M 10-K 2023-02-24 | -13.0% | first · latest · 3 filings carry it |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | fiscal year 2021-12-31 | $7.84B 10-K 2022-02-25 | $6.83B 10-K 2024-02-23 | -12.9% | first · latest · 3 filings carry it |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | fiscal year 2020-12-31 | $7.02B 10-K 2021-02-22 | $6.13B 10-K 2023-02-24 | -12.8% | first · latest · 3 filings carry it |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2021-09-30 | $1.92B 10-Q 2021-11-04 | $1.69B 10-Q 2022-11-02 | -12.4% | first · latest |
| Depreciation and amortization DepreciationDepletionAndAmortization | quarter 2021-03-31 | $269M 10-Q 2021-05-04 | $236M 10-Q 2022-05-05 | -12.3% | first · latest |
| Intangibles IntangibleAssetsNetExcludingGoodwill | balance at 2021-12-31 | $6.3B 10-K 2022-02-25 | $5.53B 10-K 2023-02-24 | -12.2% | first · latest · 5 filings carry it |
| Depreciation and amortization DepreciationDepletionAndAmortization | fiscal year 2021-12-31 | $1.07B 10-K 2022-02-25 | $938M 10-K 2024-02-23 | -12.2% | first · latest · 3 filings carry it |
| Stock-based compensation ShareBasedCompensation | fiscal year 2021-12-31 | $85.3M 10-K 2022-02-25 | $76M 10-K 2024-02-23 | -10.9% | first · latest · 3 filings carry it |
| Receivables AccountsReceivableNetCurrent | balance at 2021-12-31 | $1.4B 10-K 2022-02-25 | $1.26B 10-K 2023-02-24 | -10.3% | first · latest · 5 filings carry it |
| Operating income OperatingIncomeLoss | fiscal year 2021-12-31 | $780M 10-K 2022-02-25 | $860M 10-K 2024-02-23 | +10.3% | first · latest · 3 filings carry it |
| Stock-based compensation ShareBasedCompensation | fiscal year 2020-12-31 | $79.7M 10-K 2021-02-22 | $73.8M 10-K 2023-02-24 | -7.4% | first · latest · 3 filings carry it |
| Stock-based compensation ShareBasedCompensation | quarter 2021-03-31 | $21.6M 10-Q 2021-05-04 | $20.1M 10-Q 2022-05-05 | -6.9% | first · latest |
| Capital expenditure PaymentsToAcquirePropertyPlantAndEquipment | quarter 2021-03-31 | $27.4M 10-Q 2021-05-04 | $25.8M 10-Q 2022-05-05 | -5.8% | first · latest |
| Capital expenditure PaymentsToAcquirePropertyPlantAndEquipment | fiscal year 2020-12-31 | $118M 10-K 2021-02-22 | $112M 10-K 2023-02-24 | -4.8% | first · latest · 3 filings carry it |
| Goodwill Goodwill | balance at 2022-04-18 | $50.5M 10-Q 2022-08-02 | $48.3M 10-K 2023-02-24 | -4.4% | first · latest · 3 filings carry it |
| Goodwill Goodwill | balance at 2020-12-31 | $9.26B 10-K 2021-02-22 | $8.98B 10-K 2023-02-24 | -3.0% | first · latest · 6 filings carry it |
| Goodwill Goodwill | balance at 2021-12-31 | $9.19B 10-K 2022-02-25 | $8.92B 10-K 2024-02-23 | -3.0% | first · latest · 6 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2021-03-31 | $266M 10-Q 2021-05-04 | $259M 10-Q 2022-05-05 | -2.6% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2021-06-30 | $221M 10-Q 2021-08-03 | $225M 10-Q 2022-08-02 | +1.9% | first · latest |
First filing reporting each period vs the latest filing carrying it (10-K and 10-Q only, periods since 2020, the extractor's winning tag per concept); a change under 0.5% is treated as rounding. A change can be a restatement, a reclassification or a re-tagging in a later comparative column; the two filings are linked so the reader can see which. Descriptive, not a verdict.
Notes by disclosure type
Not available for ZBH yet: no footnote text blocks on file for this filer in the ingested DERA files.
Fundamentals from SEC EDGAR. Scores, the DCF, and every model shown are educational analysis, not investment advice or price predictions.