ZIMMER BIOMET HOLDINGS, INC.

ZBH · Healthcare · $17.8B mkt cap · FY2025 filings · Narrow moat

Wonderful & reasonably priced

Narrow moat

The four filters

Pricing power100

Median gross margin 71.3% over 10y, very stable.

Returns on capital9

Median ROIC 6.3%, above the 9% hurdle in 10% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline55

Owner earnings +3.4%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

37% below value

Owner earnings (normalized): $1.6B
Est. intrinsic value / share: $144.84
Recent price: $91.22
Discount to value: 37% below value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ZBH. See the disclaimer.