ALC vs. ZBH: Alcon vs. Zimmer Biomet Stock Comparison

November 11, 2026

How do Alcon (ALC) and Zimmer Biomet (ZBH) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Alcon (ALC) and Zimmer Biomet (ZBH) both belong to the Health Care Equipment & Supplies industry, though ALC is classified under Health Care Supplies while ZBH falls under Health Care Equipment.

Company profile comparison for Alcon (ALC) and Zimmer Biomet (ZBH)
Profile Item	ALC	ZBH
Name	Alcon Inc.	Zimmer Biomet Holdings Inc.
Country/Region	Switzerland	United States
GICS Sector	Health Care	Health Care
GICS Industry Group	Health Care Equipment & Services	Health Care Equipment & Services
GICS Industry	Health Care Equipment & Supplies	Health Care Equipment & Supplies
GICS Sub-Industry	Health Care Supplies	Health Care Equipment
Market Capitalization	36.23 billion USD	19.98 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	April 9, 2019	July 25, 2001
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

ALC

ZBH

GSPC

Alcon (ALC) vs. Zimmer Biomet (ZBH), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Alcon (ALC) and Zimmer Biomet (ZBH). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Alcon (ALC) and Zimmer Biomet (ZBH). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Alcon (ALC) and Zimmer Biomet (ZBH)
Metric	ALC	ZBH
Total Return (1Y)	1.20%	24.04%
Total Return (3Y, Annualized)	1.17%	2.38%
Total Return (5Y, Annualized)	-2.77%	-2.74%

Risk Profile

Drawdown History

ALC

ZBH

GSPC

Alcon (ALC) vs. Zimmer Biomet (ZBH), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Alcon (ALC) and Zimmer Biomet (ZBH). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Alcon (ALC) and Zimmer Biomet (ZBH)
Metric	ALC	ZBH
Volatility (1Y, Annualized)	29.23%	32.39%
Beta (5Y)	0.84	0.42
Max Drawdown (5Y)	-37.93%	-43.94%
Avg. Volume (3M)	1.74M	2.09M

Risk-Adjusted Performance

Risk-Return Positioning

ALC and ZBH are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Alcon (ALC) and Zimmer Biomet (ZBH)
Metric	ALC	ZBH
Sharpe Ratio (1Y)	-0.11	0.61
Sortino Ratio (1Y)	-0.15	0.93

Profitability

ROE (TTM)

Both Alcon (ALC) at 2.94% and Zimmer Biomet (ZBH) at 6.03% land near their industries’ usual ROE ranges, so capital efficiency looks broadly in line with peers on both sides.

ALC

Health Care Equipment & Services industry group

2.94%

Max: 47.61%
Q3: 14.36%
Median: 5.45%
ALC: 2.94%
Q1: -10.67%
Min: -47.01%

ZBH

Health Care Equipment & Services industry group

6.03%

Max: 47.61%
Q3: 14.36%
ZBH: 6.03%
Median: 5.45%
Q1: -10.67%
Min: -47.01%

Alcon (ALC) vs. Zimmer Biomet (ZBH): A comparison of their ROE against the Health Care Equipment & Services industry group benchmark.

Net Margin (TTM)

Both Alcon (ALC) at 5.92% and Zimmer Biomet (ZBH) at 8.95% keep about the typical share of revenue as profit for their industries — neither bottom line stands out from peers.

ALC

Health Care Equipment & Services industry group

5.92%

Max: 29.35%
Q3: 9.33%
ALC: 5.92%
Median: 2.18%
Q1: -6.29%
Min: -28.46%

ZBH

Health Care Equipment & Services industry group

8.95%

Max: 29.35%
Q3: 9.33%
ZBH: 8.95%
Median: 2.18%
Q1: -6.29%
Min: -28.46%

Alcon (ALC) vs. Zimmer Biomet (ZBH): A comparison of their net margin against the Health Care Equipment & Services industry group benchmark.

Operating Margin (TTM)

Both Alcon (ALC) at 14.63% and Zimmer Biomet (ZBH) at 17.35% convert sales into operating profit at a top-quartile rate, pointing to tighter cost discipline before financing and tax.

ALC

Health Care Equipment & Services industry group

14.63%

Max: 35.43%
ALC: 14.63%
Q3: 14.14%
Median: 6.81%
Q1: -0.28%
Min: -16.29%

ZBH

Health Care Equipment & Services industry group

17.35%

Max: 35.43%
ZBH: 17.35%
Q3: 14.14%
Median: 6.81%
Q1: -0.28%
Min: -16.29%

Alcon (ALC) vs. Zimmer Biomet (ZBH): A comparison of their operating margin against the Health Care Equipment & Services industry group benchmark.

Profitability Metrics

Profitability metrics for Alcon (ALC) and Zimmer Biomet (ZBH)
Metric	ALC	ZBH
ROE (TTM)	2.94%	6.03%
ROA (TTM)	2.80%	3.81%
Net Margin (TTM)	5.92%	8.95%
Operating Margin (TTM)	14.63%	17.35%
Gross Margin (TTM)	57.22%	69.33%

Growth

Revenue Growth

Both Alcon (ALC) at 4.94% and Zimmer Biomet (ZBH) at 7.20% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

Alcon (ALC) vs. Zimmer Biomet (ZBH): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Alcon (ALC) at -3.41% and Zimmer Biomet (ZBH) at -19.86% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.

Alcon (ALC) vs. Zimmer Biomet (ZBH): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Alcon (ALC) and Zimmer Biomet (ZBH)
Metric	ALC	ZBH
Revenue Growth (YoY)	4.94%	7.20%
Revenue Growth (3Y CAGR)	6.06%	5.85%
EPS Growth (YoY)	-3.41%	-19.86%
EPS Growth (3Y CAGR)	42.80%	47.78%

Financial Strength

Current Ratio (MRQ)

Both Alcon (ALC) at 2.09 and Zimmer Biomet (ZBH) at 1.46 carry current ratio within their industries’ typical mid-ranges, suggesting balanced short-term liquidity relative to peers.

ALC

Health Care Equipment & Services industry group

2.09

Max: 7.59
Q3: 4.00
ALC: 2.09
Median: 1.98
Q1: 1.37
Min: 0.30

ZBH

Health Care Equipment & Services industry group

1.46

Max: 7.59
Q3: 4.00
Median: 1.98
ZBH: 1.46
Q1: 1.37
Min: 0.30

Alcon (ALC) vs. Zimmer Biomet (ZBH): A comparison of their current ratio against the Health Care Equipment & Services industry group benchmark.

Debt / Equity (MRQ)

Both Alcon (ALC) at 0.25 and Zimmer Biomet (ZBH) at 0.60 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

ALC

Health Care Equipment & Services industry group

0.25

Max: 1.88
Q3: 0.91
Median: 0.58
ALC: 0.25
Q1: 0.16
Min: 0.00

ZBH

Health Care Equipment & Services industry group

0.60

Max: 1.88
Q3: 0.91
ZBH: 0.60
Median: 0.58
Q1: 0.16
Min: 0.00

Alcon (ALC) vs. Zimmer Biomet (ZBH): A comparison of their debt-to-equity ratio against the Health Care Equipment & Services industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Alcon (ALC) and Zimmer Biomet (ZBH)
Metric	ALC	ZBH
Current Ratio (MRQ)	2.09	1.46
Debt / Equity (MRQ)	0.25	0.60
Net Debt / EBITDA	1.60	2.85

Dividends

Dividend Yield (TTM)

Both Alcon (ALC) at 0.46% and Zimmer Biomet (ZBH) at 0.90% yield above their industries’ entire benchmark ranges — high enough that dividend safety, not income, becomes the first question.

ALC

Health Care Equipment & Services industry group

0.46%

ALC: 0.46%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

ZBH

Health Care Equipment & Services industry group

0.90%

ZBH: 0.90%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Alcon (ALC) vs. Zimmer Biomet (ZBH): A comparison of their dividend yield against the Health Care Equipment & Services industry group benchmark.

Dividend Payout Ratio (TTM)

Both Alcon (ALC) at 26.56% and Zimmer Biomet (ZBH) at 24.24% pay out more of their earnings than any of their industry peers — the thinnest cover in their groups, so dividend headroom deserves attention.

ALC

Health Care Equipment & Services industry group

26.56%

ALC: 26.56%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

ZBH

Health Care Equipment & Services industry group

24.24%

ZBH: 24.24%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Alcon (ALC) vs. Zimmer Biomet (ZBH): A comparison of their payout ratio against the Health Care Equipment & Services industry group benchmark.

Dividend Metrics

Dividend metrics for Alcon (ALC) and Zimmer Biomet (ZBH)
Metric	ALC	ZBH
Dividend Yield (TTM)	0.46%	0.90%
Dividend Payout Ratio (TTM)	26.56%	24.24%

Valuation

P/E Ratio (TTM)

Zimmer Biomet (ZBH) at 26.66 is near its industry’s usual P/E ratio, while Alcon (ALC) at 56.77 sits in the richer quartile — ALC needs stronger growth or earnings quality to justify the premium.

ALC

Health Care Equipment & Services industry group

56.77

Max: 80.41
ALC: 56.77
Q3: 47.62
Median: 29.93
Q1: 21.19
Min: 4.21

ZBH

Health Care Equipment & Services industry group

26.66

Max: 80.41
Q3: 47.62
Median: 29.93
ZBH: 26.66
Q1: 21.19
Min: 4.21

Alcon (ALC) vs. Zimmer Biomet (ZBH): A comparison of their P/E ratio against the Health Care Equipment & Services industry group benchmark.

P/S Ratio (TTM)

On P/S ratio, both Alcon (ALC) at 3.34 and Zimmer Biomet (ZBH) at 2.33 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

ALC

Health Care Equipment & Services industry group

3.34

Max: 8.80
Q3: 4.32
ALC: 3.34
Median: 2.13
Q1: 1.10
Min: 0.03

ZBH

Health Care Equipment & Services industry group

2.33

Max: 8.80
Q3: 4.32
ZBH: 2.33
Median: 2.13
Q1: 1.10
Min: 0.03

Alcon (ALC) vs. Zimmer Biomet (ZBH): A comparison of their P/S ratio against the Health Care Equipment & Services industry group benchmark.

P/B Ratio (MRQ)

Relative to net asset value, both Alcon (ALC) at 1.68 and Zimmer Biomet (ZBH) at 1.58 look inexpensive, sitting in the lower P/B ratio quartile of their industries.

ALC

Health Care Equipment & Services industry group

1.68

Max: 11.68
Q3: 6.12
Median: 3.00
Q1: 1.73
ALC: 1.68
Min: -1.31

ZBH

Health Care Equipment & Services industry group

1.58

Max: 11.68
Q3: 6.12
Median: 3.00
Q1: 1.73
ZBH: 1.58
Min: -1.31

Alcon (ALC) vs. Zimmer Biomet (ZBH): A comparison of their P/B ratio against the Health Care Equipment & Services industry group benchmark.

Valuation Metrics

Valuation metrics for Alcon (ALC) and Zimmer Biomet (ZBH)
Metric	ALC	ZBH
P/E Ratio (TTM)	56.77	26.66
P/S Ratio (TTM)	3.34	2.33
P/B Ratio (MRQ)	1.68	1.58
Free Cash Flow Yield (TTM)	3.51%	7.22%