Option Greeks measure how an option's price responds to changes in the stock price (delta and gamma), time (theta), implied volatility (vega), and interest rates (rho).

Gamma, theta, and vega are largest for strikes near the Zimmer Biomet stock price and shrink for strikes far above or below it. Theta grows as expiration gets closer, while vega is larger for expirations further out. Call delta runs from 0 to 1 and put delta from -1 to 0, near 0.50 and -0.50 at the money, and roughly estimates the chance that an option finishes in the money.

Zimmer Biomet IV rank is 6, so implied volatility is near the bottom of its one-year range. Higher implied volatility raises option premiums and daily time decay (theta), and spreads delta and gamma across a wider range of strikes. Over the past year, 30-day implied volatility ranged from 22.0% to 171.4%. See the ZBH implied volatility history for a longer view.

Across all open Zimmer Biomet options on Nov 4, 2026, net gamma exposure was $763.9K and net delta exposure was $46.02M per 1% move in the stock. The ZBH gamma exposure chart shows where that gamma sits by strike.

Zimmer Biomet designs, manufactures, and markets orthopedic reconstructive implants as well as supplies and surgical equipment for orthopedic surgery.