ZIMMER BIOMET HOLDINGS, INC（ZBH）の決算・業績分析
ZIMMER BIOMET HOLDINGS, INCの2025年有価証券報告書をAI分析。売上高$8.2B(+7.2%)。営業利益$1.1B。Health Care。
目次
ZIMMER BIOMET HOLDINGS, INCの2025年度 業績サマリー
ZIMMER BIOMET HOLDINGS, INC（証券コード: ZBH）の2025年度決算・業績分析。売上高は$8.2B（前年比+7.2%）。営業利益は$1.1B（前年比-14.6%）。純利益は$705M（前年比-22.0%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
ZIMMER BIOMET HOLDINGS, INCの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Net Income fell 42.4% YoY to $231M (XBRL), driven by a 19.1% YoY drop in Operating Income to $696M (XBRL).
- Net Debt rose to $4.5B (2.7x EBITDA) despite $1.2B Free Cash Flow (XBRL), reflecting high leverage.
- R&D spending reached $406M (XBRL), but Operating Income CAGR over 5 years was +106.8% (XBRL), suggesting innovation pressures.
- Cash Conversion Cycle (CCC) extended to 433 days (XBRL), with Inventory Days at 431 days (XBRL), signaling supply chain inefficiencies.
ZIMMER BIOMET HOLDINGS, INCの売上高変化の要因
- •Revenue grew 1.6% YoY to $6.9B (XBRL), but 5-year CAGR was -1.4% (XBRL). Operating Income fell 19.1% YoY to $696M (XBRL), while Net Income dropped 42.4% YoY to $231M (XBRL). Historical data shows Operating Income surged from $34M in FY2020 to $1.3B in FY2025 (XBRL), but FY2024 marked a decline. Revenue growth appears constrained by competitive pressures and inventory management challenges (10-K).
ZIMMER BIOMET HOLDINGS, INCの営業利益変化の要因
- •Operating Margin held at 10.0% (XBRL), but Net Margin fell to 3.3% (XBRL) from 5.9% in FY2023 (calculated from $402M Net Income / $6.8B Revenue). EBITDA margin was 23.4% (XBRL), though Operating Income declined sharply YoY. Cost pressures from R&D ($406M, XBRL) and inventory inefficiencies (431 days, XBRL) likely contributed to margin compression.
ZIMMER BIOMET HOLDINGS, INCの事業リスクと対応
Competitive pressure from rivals with greater resources, innovation, and pricing strategies (10-K).
Products may become obsolete without timely innovation or adaptation to market changes (10-K).
Unpredictable demand fluctuations leading to inventory mismanagement and backorders (10-K).
Regulatory and reimbursement challenges delaying product acceptance or profitability (10-K).
High R&D investment risks with uncertain commercial viability of new technologies (10-K).
ZIMMER BIOMET HOLDINGS, INCの事業内容
Zimmer Biomet designs, manufactures, and markets medical technology products, including orthopedic reconstructive, sports medicine, and digital/robotic solutions (10-K). Revenue is generated through sales to healthcare institutions, surgeons, and distributors, with consignment sales accounting for ~85% of net sales in 2024 (10-K). Key segments include orthopedic reconstructive products, sports medicine/biologics/extremities/trauma products, craniomaxillofacial and thoracic (CMFT) products, surgical products, and integrated digital/robotic technologies (10-K). Competitive advantages include a comprehensive product portfolio, collaboration with healthcare professionals, and AI-driven digital/robotic technologies (10-K). No single customer exceeded 2% of net sales in 2024, indicating no significant concentration (10-K).
ZIMMER BIOMET HOLDINGS, INCのAI業績分析レポート（2024年度）
Highlights
Business Overview
Zimmer Biomet designs, manufactures, and markets medical technology products, including orthopedic reconstructive, sports medicine, and digital/robotic solutions (10-K). Revenue is generated through sales to healthcare institutions, surgeons, and distributors, with consignment sales accounting for ~85% of net sales in 2024 (10-K). Key segments include orthopedic reconstructive products, sports medicine/biologics/extremities/trauma products, craniomaxillofacial and thoracic (CMFT) products, surgical products, and integrated digital/robotic technologies (10-K). Competitive advantages include a comprehensive product portfolio, collaboration with healthcare professionals, and AI-driven digital/robotic technologies (10-K). No single customer exceeded 2% of net sales in 2024, indicating no significant concentration (10-K).
Revenue Analysis
Revenue grew 1.6% YoY to $6.9B (XBRL), but 5-year CAGR was -1.4% (XBRL). Operating Income fell 19.1% YoY to $696M (XBRL), while Net Income dropped 42.4% YoY to $231M (XBRL). Historical data shows Operating Income surged from $34M in FY2020 to $1.3B in FY2025 (XBRL), but FY2024 marked a decline. Revenue growth appears constrained by competitive pressures and inventory management challenges (10-K).
Profitability Analysis
Operating Margin held at 10.0% (XBRL), but Net Margin fell to 3.3% (XBRL) from 5.9% in FY2023 (calculated from $402M Net Income / $6.8B Revenue). EBITDA margin was 23.4% (XBRL), though Operating Income declined sharply YoY. Cost pressures from R&D ($406M, XBRL) and inventory inefficiencies (431 days, XBRL) likely contributed to margin compression.
Balance Sheet Analysis
Equity Ratio was 58.1% (XBRL), with Debt-to-Equity at 0.72x (XBRL). Current Ratio of 1.61x (XBRL) suggests moderate liquidity. Net Debt of $4.5B (2.7x EBITDA, XBRL) and Long-Term Debt of $4.9B (XBRL) highlight leverage risks. Cash reserves stood at $416M (XBRL), but asset turnover was low at 0.32x (XBRL).
Cash Flow Analysis
Operating Cash Flow was $1.4B (XBRL), with Free Cash Flow of $1.2B (XBRL) after $188M CapEx (XBRL). Financing activities consumed $776M (XBRL), driven by $201M in dividends (XBRL) and $126M in share repurchases (XBRL). Investing Cash Flow was -$522M (XBRL), likely reflecting capital expenditures and asset acquisitions.
Working Capital Analysis
Cash Conversion Cycle (CCC) was 433 days (XBRL), with Inventory Days at 431 days (XBRL) and Receivables Days at 76 days (XBRL). Payables Days were 74 days (XBRL), but high inventory levels and slow cash conversion indicate operational inefficiencies.
Risks
Outlook
N/A
Health Careの企業一覧
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