Globus Medical: Strong Execution and Upside Revisions Balanced by Full Valuation Support Hold Rating

BTIG analyst Ryan Zimmerman has maintained their neutral stance on GMED stock, giving a Hold rating today.

Ryan Zimmerman has given his Hold rating due to a combination of factors that balance strong operational performance with a fairly full valuation. Globus Medical’s preliminary fourth-quarter and full-year 2025 results significantly exceeded consensus expectations, driven largely by robust growth in its core U.S. spine business and better-than-expected contributions from Nevro. Management’s initial 2026 outlook also came in ahead of Street forecasts on both revenue and earnings, indicating solid momentum and improved operating leverage going into the next fiscal year. In addition, Zimmerman sees room for upward revisions to Street models in areas such as Musculoskeletal and Nevro sales, as well as potential margin expansion that is not yet fully reflected in consensus.

At the same time, Zimmerman believes the current share price already reflects much of this optimism. He notes that Globus Medical is trading at valuation multiples (on next-twelve-month sales and EBITDA) that are broadly in line with comparable medical technology companies, which limits the scope for further multiple expansion. Given this valuation backdrop relative to the company’s anticipated multi-year growth profile, he does not see a clear risk-reward skew that would justify a more aggressive rating. As a result, despite recognizing the company’s strong execution and upgraded guidance, he maintains a neutral stance and rates the stock a Hold.

Based on the recent corporate insider activity of 15 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of GMED in relation to earlier this year.