Baxter International vs Zimmer Biomet
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The short version
- Baxter International is the larger business, with $11.2B of revenue in fiscal 2025 against $8.2B for Zimmer Biomet.
- Zimmer Biomet grew revenue faster (7.2%, against 5.7%).
- Zimmer Biomet kept more of each dollar of sales as operating profit (13.3% operating margin, against −2.7%).
- Zimmer Biomet turned more of its sales into free cash flow (17.9% FCF margin, against 3.0%).
- Zimmer Biomet earned a higher return on the capital invested in it (4.9%, against −1.4%).
| Latest fiscal year | BAX · FY25 | ZBH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.1B | $19.0B |
| Revenue | $11.2B | $8.2B |
| Free cash flow | $332M | $1.5B |
| Net income | −$957M | $705M |
| Growth | ||
| Revenue growth | 5.7% | 7.2% |
| 5-year growth | −0.8% | 6.1% |
| Share count change | 0.6% | −2.6% |
| Profitability | ||
| Gross margin | 30.1% | 69.7% |
| Operating margin | −2.7% | 13.3% |
| Net margin | −8.5% | 8.6% |
| FCF margin | 3.0% | 17.9% |
| Return on capital | −1.4% | 4.9% |
| Return on equity | −14.6% | 5.6% |
| Balance sheet | ||
| Net debt | $7.5B | $6.9B |
| Net debt / EBITDA | 11.1x | 3.2x |
| Dividends and buybacks | $348M | $677M |
| Valuation & quality | ||
| P/E | — | 23.9x |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
BAX $10.2B
ZBH $7.7B
FY17
BAX $10.6B
ZBH $7.8B
FY18
BAX $11.1B
ZBH $7.9B
FY19
BAX $11.4B
ZBH $8.0B
FY20
BAX $11.7B
ZBH $6.1B
FY21
BAX $12.1B
ZBH $6.8B
FY22
BAX $10.1B
ZBH $6.9B
FY23
BAX $10.4B
ZBH $7.4B
FY24
BAX $10.6B
ZBH $7.7B
FY25
BAX $11.2B
ZBH $8.2B
BAX
ZBH
Operating margin
FY16
BAX 7.3%
ZBH 10.7%
FY17
BAX 12.2%
ZBH 10.2%
FY18
BAX 14.3%
ZBH 0.4%
FY19
BAX 15.6%
ZBH 14.3%
FY20
BAX 13.8%
ZBH 1.4%
FY21
BAX 11.1%
ZBH 12.6%
FY22
BAX −28.3%
ZBH 10.0%
FY23
BAX 6.8%
ZBH 17.3%
FY24
BAX 0.1%
ZBH 16.7%
FY25
BAX −2.7%
ZBH 13.3%
BAX
ZBH
Free cash flow
FY16
BAX $935M
ZBH $1.4B
FY17
BAX $1.1B
ZBH $1.4B
FY18
BAX $1.4B
ZBH $1.6B
FY19
BAX $1.4B
ZBH $1.4B
FY20
BAX $1.2B
ZBH $1.1B
FY21
BAX $1.5B
ZBH $1.4B
FY22
BAX $834M
ZBH $1.2B
FY23
BAX $1.3B
ZBH $1.3B
FY24
BAX $573M
ZBH $1.3B
FY25
BAX $332M
ZBH $1.5B
BAX
ZBH
Return on capital
FY16
BAX —
ZBH 3.1%
FY17
BAX —
ZBH 3.8%
FY18
BAX 16.2%
ZBH 0.1%
FY19
BAX 18.2%
ZBH 5.7%
FY20
BAX 13.1%
ZBH 0.3%
FY21
BAX 7.0%
ZBH 4.7%
FY22
BAX −9.9%
ZBH 3.3%
FY23
BAX 2.6%
ZBH 7.0%
FY24
BAX 0.1%
ZBH 6.2%
FY25
BAX −1.4%
ZBH 4.9%
BAX
ZBH
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.