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Arphra AIPlain-English read on Zimmer Biomet Holdings, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $6.83B | $6.94B | $7.39B | $7.68B | $8.23B | $8.55B | $8.85B | $9.19B | $9.6B |
| Cost of revenue | $1.96B | $2.02B | $2.08B | $2.19B | $3.16B | $2.74B | $2.89B | $2.94B | $3.1B |
| Gross profit | $4.87B | $4.92B | $5.31B | $5.49B | $5.07B | $5.97B | $6.02B | $6.41B | $6.41B |
| Gross margin | +71.29% | +70.90% | +71.82% | +71.46% | +61.62% | +69.80% | +67.99% | +69.79% | +66.82% |
| Operating | |||||||||
| Research & development | $435.8M | $406M | $458.7M | $437.4M | $458.5M | $510.27M | $511.4M | $534.04M | $556.62M |
| Selling, general & administrative | $2.84B | $2.76B | $2.84B | $2.93B | $3.25B | $3.33B | $3.52B | $3.45B | $3.74B |
| Total operating expenses | $4.01B | $4.22B | $4.03B | $4.2B | $3.71B | $4.43B | $4.66B | $4.76B | $4.82B |
| Operating income | $860.3M | $696.3M | $1.28B | $1.29B | $1.36B | $1.44B | $1.48B | $1.58B | $1.65B |
| Operating margin | +12.60% | +10.03% | +17.28% | +16.74% | +16.55% | +16.89% | +16.73% | +17.16% | +17.16% |
| EBITDA | $1.65B | $1.49B | $2.22B | $2.25B | $2.22B | $2.4B | $2.54B | $2.57B | $2.78B |
| EBIT | $707.4M | $568.3M | $1.27B | $1.25B | $1.12B | $1.32B | $1.36B | $1.46B | $1.51B |
| Below the line | |||||||||
| Interest expense | $208.4M | $164.8M | $201.2M | $218M | $292.8M | $265.19M | $263.33M | $271.52M | $300.23M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$361.3M | -$292.8M | -$210.4M | -$249.1M | -$531.4M | — | — | — | — |
| Pre-tax income | $499M | $403.5M | $1.07B | $1.04B | $830.8M | $1.11B | $1.14B | $1.15B | $1.2B |
| Income tax expense | $53.5M | $112.3M | $42.2M | $131.4M | $125.7M | $112.44M | $120.32M | $124.33M | $125.74M |
| Earnings | |||||||||
| Net income | $401.6M | $231.4M | $1.02B | $903.8M | $705.2M | $964.36M | $1.01B | $1.07B | $1.11B |
| Net income · continuing ops | $445.5M | $291.2M | $1.03B | $905.2M | $705.1M | $961.63M | $1B | $1.06B | $1.09B |
| Net margin | +5.88% | +3.33% | +13.85% | +11.77% | +8.57% | +11.28% | +11.40% | +11.66% | +11.51% |
| EPS · basic | $1.93 | $1.10 | $4.91 | $4.45 | $3.56 | $8.42 | $9.13 | $9.77 | $10.55 |
| EPS · diluted | $1.91 | $1.10 | $4.88 | $4.43 | $3.55 | $8.49 | $9.02 | $9.65 | $10.43 |
| EPS · low estimate | — | — | — | — | — | $8.38 | $8.57 | $7.71 | $10.23 |
| EPS · high estimate | — | — | — | — | — | $8.54 | $9.25 | $11.35 | $10.58 |
| Shares · basic | 208.6M | 209.6M | 208.7M | 203.1M | 198M | 199.41M | 197.5M | 198.33M | 197.72M |
| Shares · diluted | 210.4M | 210.3M | 209.7M | 203.9M | 198.7M | 198.35M | 199.53M | 197.7M | 200.18M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 20 | 20 | 18 | 11 |
| Analysts (EPS) | — | — | — | — | — | 16 | 16 | 8 | 6 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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