A Business at a Glance
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Motorola Solutions, Inc.
MSI
$70.6B
Mkt Cap
$417.83
+2.66%
Motorola Solutions, Inc. (MSI) has a current P/E ratio of 32.8, compared to its historical median P/E of 30.2. The stock is currently considered Fair based on its historical valuation range.
Motorola Solutions, Inc. (MSI) has a 5-year average return on invested capital (ROIC) of 40.8%. This indicates strong capital allocation and a potential competitive advantage.
Motorola Solutions, Inc. (MSI) has a market capitalization of $69.4B. It is classified as a large-cap stock.
Yes, Motorola Solutions, Inc. (MSI) pays a dividend with a trailing twelve-month yield of 1.08%. The company also returns capital through share buybacks, with a buyback yield of 1.36%.
Based on historical P/E analysis, Motorola Solutions, Inc. (MSI) appears fair. The current P/E of 32.8 is 9% above its historical median of 30.2. The estimated fair value CAGR (P/E method) is 15.0%.
Motorola Solutions, Inc. (MSI) operates in the Radio & Tv Broadcasting & Communications Equipment industry, within the Industrials sector.
Motorola Solutions is a global leader in mission-critical safety and security technologies serving public safety, government including defense, and enterprise customers across more than 100 countries. The company operates through two segments—Products and Systems Integration (62% of 2025 net sales) and Software and Services (38%)—organized around three principal technology platforms: Mission Critical Networks (MCN), which includes land mobile radio infrastructure, devices, MANET technology, and broadband communications; Video Security and Access Control, encompassing cameras, access control systems, and video management software with AI-powered analytics; and Command Center, offering cloud-native and on-premises software solutions that unify voice and data workflows for public safety agencies and enterprises. Revenue is generated through device and infrastructure sales, system installation and integration services, multi-year software and services contracts, managed services, and subscription offerings such as hardware-as-a-service for law enforcement and cloud-based digital evidence management. The business model combines capital-intensive products with recurring software and managed services revenue, supported by a direct sales force targeting large accounts and a channel partner network of dealers, distributors, and software vendors. Motorola Solutions' competitive moat rests on nearly 100 years of customer relationships, purpose-built mission-critical systems designed for reliability and security, an integrated ecosystem that unifies previously siloed technologies, and a large installed base of 13,000 networks globally that drives long-term service and upgrade demand. The customer base spans federal, state, and local government agencies, schools, hospitals, transportation systems, utilities, and commercial enterprises, with the U.S. government representing approximately 8% of consolidated net sales in 2025.
【Strong demand momentum continuing】 Management expects continued prioritization of safety and security investments from public safety and defense customers globally, evidenced by record backlog of $15.7 billion and record orders in Q1 2026 that grew 38% year-over-year. The company anticipates double-digit product orders growth throughout 2026 and expects product backlog to remain at comparably strong levels by year-end, supported by robust demand across all three technologies and favorable government funding including the One Big Beautiful Bill Act for certain agencies. Operating margin expansion of approximately 100 basis points is expected for the full year despite headwinds from tariffs and rising memory costs, which the company is actively mitigating through inventory acceleration, strategic partnerships, and targeted price adjustments. The integration of the Silvus acquisition continues to exceed expectations with revenue now expected to reach $750 million in 2026, up from prior guidance, and the company remains well-positioned to generate approximately $3 billion in operating cash flow while maintaining flexibility for capital allocation including acquisitions and share repurchases.
| Metric | Target | Period |
|---|---|---|
| Revenue | approximately $12.8 billion | FY2026 |
| Non-GAAP EPS | between $16.87 and $16.99 per share | FY2026 |
| Operating cash flow | approximately $3 billion | FY2026 |
| Silvus revenue | $750 million | FY2026 |
| Products and SI segment revenue growth | between 8% and 9% | FY2026 |
| Mission Critical Networks technology revenue growth | between 8% and 9% | FY2026 |
| Operating margin expansion | 100 basis points | FY2026 |
Revenue (FY2026): “For the full year, we now expect revenue of approximately $12.8 billion, up from our prior guidance of $12.7 billion”
Non-GAAP EPS (FY2026): “non-GAAP earnings per share between $16.87 and $16.99 per share, up from our prior guide of between $16.70 and $16.85 per share”
Operating cash flow (FY2026): “we continue to expect another strong year of cash flow generation with approximately $3 billion of operating cash flow for the full year”
Silvus revenue (FY2026): “we now expect to generate $750 million in full year revenue, up $75 million from our prior expectations”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 11.9B | 11.7B | 10.8B | 10.0B | 9.1B | 8.2B |
| Net Income | 2.1B | 2.2B | 1.6B | 1.7B | 1.4B | 1.2B |
| EPS | $12.57 | $12.75 | $9.23 | $9.93 | $7.93 | $7.17 |
| Free Cash Flow | 2.5B | 2.6B | 2.1B | 1.8B | 1.6B | 1.6B |
| ROIC | 22.3% | 31.3% | 47.3% | 43.2% | 40.5% | 41.7% |
| Gross Margin | 51.4% | 51.7% | 51.0% | 49.8% | 46.4% | 49.4% |
| Debt/Equity | 3.52 | 4.05 | 3.85 | 8.31 | 51.84 | -153.25 |
| Dividends/Share | $4.49 | $4.48 | $4.03 | $3.62 | $3.25 | $2.92 |
| Operating Income | 2.9B | 3.0B | 2.7B | 2.3B | 1.7B | 1.7B |
| Operating Margin | 24.7% | 25.6% | 24.8% | 23.0% | 18.2% | 20.4% |
| ROE | 82.2% | 104.7% | 130.0% | 406.9% | 1175.0% | -416.4% |
| Shares Outstanding | 166M | 169M | 171M | 172M | 172M | 174M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 5.9B | 5.7B | 6.0B | 6.4B | 7.3B | 7.9B | 7.4B | 8.2B | 9.1B | 10.0B | 10.8B | 11.7B | 11.9B |
| Gross Margin | 48.1% | 47.7% | 47.5% | 47.4% | 47.4% | 49.8% | 48.7% | 49.4% | 46.4% | 49.8% | 51.0% | 51.7% | 51.4% |
| R&D | 681M | 620M | 553M | 568M | 637M | 687M | 686M | 734M | 779M | 858M | 917M | 970M | 989M |
| SG&A | 1.2B | 1.0B | 1.0B | 1.0B | 1.3B | 1.4B | 1.3B | 1.4B | 1.4B | 1.6B | 1.8B | 1.9B | 1.9B |
| EBIT | -1.0B | 994M | 1.0B | 1.3B | 1.3B | 1.6B | 1.4B | 1.7B | 1.7B | 2.3B | 2.7B | 3.0B | 2.9B |
| Op. Margin | -17.1% | 17.5% | 17.4% | 20.1% | 17.1% | 20.0% | 18.7% | 20.4% | 18.2% | 23.0% | 24.8% | 25.6% | 24.7% |
| Net Income | 1.3B | 610M | 560M | -155M | 966M | 868M | 949M | 1.2B | 1.4B | 1.7B | 1.6B | 2.2B | 2.1B |
| Net Margin | 22.1% | 10.7% | 9.3% | -2.4% | 13.2% | 11.0% | 12.8% | 15.2% | 15.0% | 17.1% | 14.6% | 18.4% | 17.6% |
| Non-Recurring | 121M | 84M | 125M | 51M | 138M | 60M | 136M | 0 | 0 | 24M | 0 | 0 | -4.0M |
| Returns on Capital | |||||||||||||
| ROIC | 21.2% | 32.9% | 32.9% | 39.1% | 51.4% | 44.4% | 35.4% | 41.7% | 40.5% | 43.2% | 47.3% | 31.3% | 22.3% |
| ROE | 40.6% | 46.4% | -104.7% | 11.5% | -63.7% | -87.1% | -150.9% | -416.4% | 1175.0% | 406.9% | 130.0% | 104.7% | 82.2% |
| ROA | 11.7% | 6.5% | 6.7% | -1.9% | 11.0% | 8.7% | 8.8% | 10.8% | 10.9% | 13.1% | 11.3% | 12.7% | 11.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -637M | 1.0B | 1.2B | 1.3B | 1.1B | 1.8B | 1.6B | 1.8B | 1.8B | 2.0B | 2.4B | 2.8B | 2.8B |
| Free Cash Flow | -818M | 846M | 894M | 1.1B | 878M | 1.6B | 1.4B | 1.6B | 1.6B | 1.8B | 2.1B | 2.6B | 2.5B |
| Owner Earnings | -904M | 793M | 802M | 937M | 642M | 1.3B | 1.1B | 1.3B | 1.2B | 1.5B | 1.8B | 2.1B | 2.0B |
| CapEx | 181M | 175M | 271M | 227M | 197M | 248M | 217M | 243M | 256M | 253M | 257M | 265M | 290M |
| Maint. CapEx | 173M | 150M | 295M | 343M | 360M | 394M | 409M | 438M | 440M | 356M | 336M | 425M | 487M |
| Growth CapEx | 8.0M | 25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 173M | 150M | 295M | 343M | 360M | 394M | 409M | 438M | 440M | 356M | 336M | 425M | 487M |
| CapEx/OCF | N/A | 17.1% | 23.3% | 16.9% | 18.3% | 13.6% | 13.5% | 13.2% | 14.0% | 12.4% | 10.7% | 9.3% | 10.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 318M | 277M | 280M | 307M | 337M | 379M | 436M | 482M | 530M | 589M | 654M | 728M | 747M |
| Dividend Yield | 2.4% | 2.5% | 2.6% | 2.5% | 1.9% | 1.5% | 1.7% | 1.4% | 1.4% | 1.2% | 1.0% | 1.0% | 1.1% |
| Share Buybacks | 2.5B | 3.2B | 842M | 483M | 132M | 315M | 612M | 528M | 836M | 804M | 244M | 1.2B | 947M |
| Buyback Yield | 18.4% | 26.6% | 6.7% | 3.7% | 0.8% | 1.2% | 2.2% | 1.2% | 2.0% | 1.5% | 0.3% | 1.8% | 1.4% |
| Stock-Based Comp | 94M | 78M | 68M | 66M | 73M | 118M | 129M | 129M | 172M | 212M | 243M | 293M | 327M |
| Debt Repayment | 465M | 4.0M | 686M | 21M | 323M | 2.0B | 914M | 353M | 285M | 1.0M | 1.9B | 322M | 322M |
| Balance Sheet | |||||||||||||
| Net Debt | -800M | 1.9B | 3.4B | 3.3B | 4.1B | 4.1B | 3.5B | 3.6B | 4.2B | 3.5B | 3.2B | 7.9B | 7.6B |
| Cash & Equiv. | 4.0B | 2.0B | 967M | 1.2B | 1.3B | 1.0B | 1.3B | 1.9B | 1.3B | 1.7B | 2.1B | 1.2B | 1.3B |
| Long-Term Debt | 3.4B | 4.3B | 4.4B | 4.4B | 5.3B | 5.1B | 5.2B | 5.7B | 6.0B | 4.7B | 5.7B | 8.4B | 8.4B |
| Debt/Equity | 1.24 | -41.03 | -4.56 | -2.57 | -4.11 | -7.33 | -9.27 | -153.25 | 51.84 | 8.31 | 3.85 | 4.05 | 3.52 |
| Interest Coverage | -6.8 | 5.3 | 4.7 | 6.0 | 5.2 | 6.7 | 5.9 | 7.8 | 6.9 | 9.2 | 9.1 | 8.3 | 7.3 |
| Equity | 2.7B | -106M | -964M | -1.7B | -1.3B | -700M | -558M | -40M | 116M | 724M | 1.7B | 2.4B | 2.5B |
| Total Assets | 10.4B | 8.3B | 8.5B | 8.2B | 9.4B | 10.6B | 10.9B | 12.2B | 12.8B | 13.3B | 14.6B | 19.4B | 19.1B |
| Total Liabilities | 7.7B | 8.4B | 9.4B | 9.9B | 10.7B | 11.3B | 11.4B | 12.2B | 12.7B | 12.6B | 12.9B | 17.0B | 1.8B |
| Intangibles | 23M | 49M | 821M | 861M | 1.2B | 1.3B | 1.2B | 1.1B | 1.3B | 1.3B | 1.2B | 3.1B | 3.0B |
| Retained Earnings | 3.4B | 1.7B | 1.1B | 467M | 1.1B | 1.2B | 1.1B | 1.4B | 1.3B | 1.6B | 2.3B | 2.5B | 2.6B |
| Working Capital | 4.6B | 2.4B | 800M | 1.0B | 1.2B | 739M | 838M | 1.3B | 695M | -11M | 1.4B | 222M | 392M |
| Current Assets | 6.9B | 4.6B | 3.5B | 4.0B | 4.3B | 4.2B | 4.3B | 5.4B | 5.3B | 5.7B | 6.5B | 6.3B | 6.0B |
| Current Liabilities | 2.3B | 2.2B | 2.7B | 2.9B | 3.1B | 3.4B | 3.5B | 4.1B | 4.6B | 5.7B | 5.1B | 6.1B | 5.6B |
| Per Share Data | |||||||||||||
| EPS | 5.29 | 3.02 | 3.24 | -0.95 | 5.62 | 4.95 | 5.45 | 7.17 | 7.93 | 9.93 | 9.23 | 12.75 | 12.57 |
| Owner EPS | -3.68 | 3.93 | 4.64 | 5.74 | 3.74 | 7.48 | 6.17 | 7.31 | 7.05 | 8.58 | 10.61 | 12.54 | 11.82 |
| Book Value | 11.14 | -0.52 | -5.58 | -10.68 | -7.52 | -3.99 | -3.20 | -0.23 | 0.67 | 4.21 | 9.97 | 14.27 | 15.31 |
| Cash Flow/Share | -2.59 | 5.05 | 6.74 | 8.25 | 6.25 | 10.40 | 9.26 | 10.58 | 10.61 | 11.88 | 13.99 | 16.79 | 15.51 |
| Dividends/Share | 1.30 | 1.43 | 1.70 | 1.93 | 2.13 | 2.35 | 2.63 | 2.92 | 3.25 | 3.62 | 4.03 | 4.48 | 4.49 |
| Shares Out. | 245.6M | 202.0M | 172.8M | 163.2M | 171.9M | 175.4M | 174.1M | 173.6M | 171.9M | 172.1M | 170.9M | 168.9M | 166.2M |
| Valuation | |||||||||||||
| P/E Ratio | 10.7 | 19.6 | 22.4 | N/A | 18.2 | 30.2 | 29.3 | 35.9 | 30.9 | 30.7 | 50.1 | 29.6 | 33.2 |
| P/FCF | N/A | 14.1 | 14.0 | 11.8 | 20.0 | 16.6 | 19.9 | 28.0 | 26.9 | 29.3 | 37.0 | 24.8 | 27.9 |
| EV/EBIT | N/A | 12.4 | 14.1 | 11.9 | 16.3 | 18.6 | 22.0 | 28.0 | 27.4 | 24.6 | 30.1 | 23.6 | 26.3 |
| Price/Book | 5.1 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 363.7 | 72.4 | 46.4 | 26.4 | 27.3 |
| Price/Sales | 2.2 | 1.9 | 1.8 | 2.0 | 2.4 | 3.1 | 3.4 | 4.3 | 4.2 | 4.8 | 6.1 | 6.2 | 5.9 |
| FCF Yield | -5.9% | 7.1% | 7.1% | 8.5% | 5.0% | 6.0% | 5.0% | 3.6% | 3.7% | 3.4% | 2.7% | 4.0% | 3.6% |
| Market Cap | 13.9B | 12.0B | 12.5B | 13.2B | 17.6B | 26.2B | 27.8B | 44.7B | 42.2B | 52.4B | 79.0B | 63.7B | 69.4B |
| Avg. Price | 53.29 | 54.64 | 62.64 | 76.25 | 103.73 | 141.39 | 144.99 | 203.24 | 225.05 | 276.25 | 389.13 | 427.08 | 417.83 |
| Year-End Price | 56.49 | 59.19 | 72.54 | 81.07 | 102.29 | 149.35 | 159.41 | 257.28 | 245.43 | 304.64 | 462.28 | 377.04 | 417.83 |
Motorola Solutions, Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
Motorola Solutions, Inc. trades at 32.8x trailing earnings, compared to its 15-year median P/E of 30.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 26.9x vs a median of 22.4x. The company's 5-year average ROIC is 40.8% with a gross margin of 49.7%. Total shareholder yield (dividends + buybacks) is 2.4%. At current prices, the estimated annualized return to fair value is +11.2%.
Motorola Solutions, Inc. (MSI) reported annual revenue of $11.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Motorola Solutions, Inc. (MSI) has a net profit margin of 18.4%. This is a healthy margin.
Motorola Solutions, Inc. (MSI) generated $2.6 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Motorola Solutions, Inc. (MSI) has a debt-to-equity ratio of 4.05. This indicates higher leverage, which may increase financial risk.
Motorola Solutions, Inc. (MSI) reported earnings per share (EPS) of $12.75 in its most recent fiscal year.
Motorola Solutions, Inc. (MSI) has a return on equity (ROE) of 104.7%. This indicates the company generates strong returns for shareholders.
Motorola Solutions, Inc. (MSI) has a 5-year average gross margin of 49.7%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for Motorola Solutions, Inc. (MSI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Motorola Solutions, Inc. (MSI) has a book value per share of $14.27, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued prioritization of safety and security investments from public safety and defense customers globally, evidenced by record backlog of $15.7 billion and record orders in Q1 2026 that grew 38% year-over-year. The company anticipates double-digit product orders growth throughout 2026 and expects product backlog to remain at comparably strong levels by year-end, supported by robust demand across all three technologies and favorable government funding including the One Big Beautiful Bill Act for certain agencies. Operating margin expansion of approximately 100 basis points is expected for the full year despite headwinds from tariffs and rising memory costs, which the company is actively mitigating through inventory acceleration, strategic partnerships, and targeted price adjustments. The integration of the Silvus acquisition continues to exceed expectations with revenue now expected to reach $750 million in 2026, up from prior guidance, and the company remains well-positioned to generate approximately $3 billion in operating cash flow while maintaining flexibility for capital allocation including acquisitions and share repurchases.
Based on recent SEC filings and earnings calls, Motorola Solutions, Inc. (MSI) has provided the following forward guidance: Revenue: approximately $12.8 billion (FY2026); Non-GAAP EPS: between $16.87 and $16.99 per share (FY2026); Operating cash flow: approximately $3 billion (FY2026); Silvus revenue: $750 million (FY2026); Products and SI segment revenue growth: between 8% and 9% (FY2026), plus 2 additional metrics.
Products and SI segment revenue growth (FY2026): “we now expect Products and SI to grow between 8% and 9%, up from 7% to 8%”
Mission Critical Networks technology revenue growth (FY2026): “Mission Critical Networks, the technology to grow between 8% and 9% up from 7% to 8% previously”
Operating margin expansion (FY2026): “we still expect to expand our operating margins by 100 basis points for the full year, with operating margin expansion in both segments”