A Business at a Glance
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ZEBRA TECHNOLOGIES CORP
ZBRA
$13.3B
Mkt Cap
$259.92
+1.16%
ZEBRA TECHNOLOGIES CORP (ZBRA) has a current P/E ratio of 31.8, compared to its historical median P/E of 34.2. The stock is currently considered Fair based on its historical valuation range.
ZEBRA TECHNOLOGIES CORP (ZBRA) has a 5-year average return on invested capital (ROIC) of 13.0%. This indicates solid capital allocation.
ZEBRA TECHNOLOGIES CORP (ZBRA) has a market capitalization of $18.8B. It is classified as a large-cap stock.
ZEBRA TECHNOLOGIES CORP (ZBRA) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 4.06%.
Based on historical P/E analysis, ZEBRA TECHNOLOGIES CORP (ZBRA) appears fair. The current P/E of 31.8 is 7% below its historical median of 34.2. The estimated fair value CAGR (P/E method) is -1.6%.
ZEBRA TECHNOLOGIES CORP (ZBRA) operates in the General Industrial Machinery & Equipment industry, within the Industrials sector.
ZEBRA TECHNOLOGIES CORP (ZBRA) reported annual revenue of $5.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Zebra Technologies is a global leader in Automatic Identification and Data Capture (AIDC), designing, manufacturing, and selling mobile computers, barcode scanners and imagers, RFID readers, thermal printers, real-time location systems, and related software and services to digitize and automate customer workflows. The company operates through two segments: Connected Frontline (mobile computing, self-service solutions, and workflow optimization software delivered via cloud-based subscriptions and multi-year service agreements) and Asset Visibility and Automation (barcode and card printing, data capture, machine vision, RFID, and supplies). Zebra's business model combines hardware sales with recurring software subscriptions and managed services, generating revenue from both transactional and subscription-based offerings across retail, e-commerce, manufacturing, transportation and logistics, healthcare, hospitality, and public sector end-markets. The company distributes globally through a direct sales force and over 10,000 channel partners across 179 countries, operating 129 facilities with approximately 10,700 employees. Zebra's competitive differentiation rests on its integrated portfolio combining hardware, software, and services, along with continuous innovation in AI, machine vision, cloud analytics, and automation technologies that address secular trends in digitization and intelligent operations.
【Memory headwinds being mitigated】 Management expects to fully offset an approximately 2-point gross margin headwind from industry-wide memory component price increases beginning in Q2 2026 through multiple initiatives including targeted price increases, direct supplier collaboration, transitions to higher-density memory components where capacity is expected to increase into 2027, and productivity actions from the robotics business exit. The company is pursuing numerous mitigation strategies with strong supplier relationships and has line of sight to the supply needed to support full-year guidance. Machine vision is expected to return to growth with double-digit expansion anticipated for the full year, driven by growing opportunities in manufacturing and e-commerce. Demand trends remain strong across the portfolio with solid momentum in manufacturing, RFID, and core scanning and printing businesses, supported by a strong backlog and pipeline entering 2026.
| Metric | Target | Period |
|---|---|---|
| Sales growth | 10%-14% | FY2026 |
| Adjusted EBITDA margin | approximately 22% | FY2026 |
| Non-GAAP diluted earnings per share | $18.30-$18.70 | FY2026 |
| Free cash flow | at least $900 million | FY2026 |
Sales growth (FY2026): “For the full year, we expect sales growth between 10% and 14%, reflecting a one point increase at the midpoint from our prior outlook.”
Adjusted EBITDA margin (FY2026): “Our full year adjusted EBITDA margin is expected to be approximately 22%”
Non-GAAP diluted earnings per share (FY2026): “non-GAAP diluted earnings per share is now expected to be between $18.30 and $18.70”
Free cash flow (FY2026): “Free cash flow for the year is expected to be at least $900 million, which reflects a conversion rate of approximately 100%.”
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 | 5.6B | 5.4B | 5.0B | 4.6B | 5.8B | 5.6B |
| Net Income | 418M | 419M | 528M | 296M | 463M | 837M |
| EPS | $5.79 | $8.18 | $10.18 | $5.72 | $8.80 | $15.52 |
| Free Cash Flow | 836M | 831M | 954M | -91M | 413M | 1.0B |
| ROIC | 8.9% | 9.5% | 12.1% | 8.6% | 10.6% | 24.1% |
| Gross Margin | 48.2% | 48.1% | 48.4% | 46.3% | 45.4% | 46.7% |
| Debt/Equity | 0.76 | 0.75 | 0.66 | 0.80 | 0.80 | 0.38 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 720M | 700M | 742M | 481M | 529M | 979M |
| Operating Margin | 12.9% | 13.0% | 14.9% | 10.5% | 9.2% | 17.4% |
| ROE | 12.0% | 11.7% | 15.9% | 10.3% | 16.2% | 32.6% |
| Shares Outstanding | 72M | 51M | 52M | 52M | 53M | 54M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.7B | 3.6B | 3.6B | 3.7B | 4.2B | 4.5B | 4.4B | 5.6B | 5.8B | 4.6B | 5.0B | 5.4B | 5.6B |
| Gross Margin | 46.6% | 45.0% | 45.9% | 45.9% | 47.0% | 46.8% | 45.0% | 46.7% | 45.4% | 46.3% | 48.4% | 48.1% | 48.2% |
| R&D | 151M | 394M | 376M | 389M | 444M | 447M | 453M | 567M | 570M | 519M | 563M | 593M | 607M |
| SG&A | 138M | 283M | 307M | 301M | 328M | 323M | 304M | 348M | 375M | 334M | 381M | 433M | 449M |
| EBIT | 89M | 37M | 80M | 322M | 610M | 692M | 651M | 979M | 529M | 481M | 742M | 700M | 720M |
| Op. Margin | 5.3% | 1.0% | 2.2% | 8.7% | 14.5% | 15.4% | 14.6% | 17.4% | 9.2% | 10.5% | 14.9% | 13.0% | 12.9% |
| Net Income | 32M | -158M | -137M | 17M | 421M | 544M | 504M | 837M | 463M | 296M | 528M | 419M | 418M |
| Net Margin | 1.9% | -4.3% | -3.8% | 0.5% | 10.0% | 12.1% | 11.3% | 14.9% | 8.0% | 6.5% | 10.6% | 7.8% | 7.5% |
| Non-Recurring | 6.0M | 40M | 51M | 16M | 11M | 10M | 11M | 7.0M | 14M | 98M | 17M | 121M | 84M |
| Returns on Capital | |||||||||||||
| ROIC | 4.1% | 1.0% | 2.2% | 6.1% | 16.7% | 20.6% | 18.1% | 24.1% | 10.6% | 8.6% | 12.1% | 9.5% | 8.9% |
| ROE | 3.2% | -16.3% | -16.3% | 2.1% | 38.8% | 34.3% | 25.3% | 32.6% | 16.2% | 10.3% | 15.9% | 11.7% | 12.0% |
| ROA | 1.0% | -3.0% | -2.8% | 0.4% | 9.8% | 12.0% | 10.0% | 14.4% | 6.7% | 4.0% | 6.9% | 5.1% | 5.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 248M | 122M | 380M | 478M | 785M | 685M | 962M | 1.1B | 488M | -4.0M | 1.0B | 917M | 915M |
| Free Cash Flow | 209M | 0 | 303M | 428M | 721M | 624M | 895M | 1.0B | 413M | -91M | 954M | 831M | 836M |
| Owner Earnings | 35M | -165M | 47M | 66M | 443M | 286M | 542M | 620M | -7.0M | -481M | 448M | 248M | 224M |
| CapEx | 39M | 122M | 77M | 50M | 64M | 61M | 67M | 59M | 75M | 87M | 59M | 86M | 79M |
| Maint. CapEx | 193M | 256M | 306M | 377M | 297M | 351M | 369M | 373M | 407M | 422M | 476M | 506M | 521M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 193M | 256M | 306M | 377M | 297M | 351M | 369M | 373M | 407M | 422M | 476M | 506M | 521M |
| CapEx/OCF | 15.7% | 110.9% | 20.3% | 10.5% | 8.2% | 8.9% | 7.0% | 5.5% | 15.4% | N/A | 5.8% | 9.4% | 8.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 47M | 200M | 57M | 751M | 52M | 47M | 587M | 762M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | 0.3% | 1.0% | 0.2% | 5.8% | 0.4% | 0.2% | 4.7% | 4.1% |
| Stock-Based Comp | 20M | 31M | 27M | 35M | 45M | 48M | 51M | 76M | 88M | 55M | 89M | 163M | 170M |
| Debt Repayment | 0 | 165M | 484M | 1.8B | 1.6B | 949M | 342M | 303M | 247M | 245M | 694M | 19M | 19M |
| Balance Sheet | |||||||||||||
| Net Debt | 2.7B | 3.1B | 2.5B | 2.2B | 1.5B | 1.4B | 1.2B | 812M | 2.1B | 2.3B | 1.5B | 2.6B | 2.5B |
| Cash & Equiv. | 394M | 192M | 156M | 62M | 44M | 30M | 168M | 332M | 105M | 137M | 901M | 125M | 114M |
| Long-Term Debt | 3.2B | 3.0B | 2.6B | 2.2B | 1.4B | 1.1B | 881M | 922M | 1.8B | 2.0B | 2.1B | 2.4B | 2.4B |
| Debt/Equity | 3.04 | 3.65 | 3.34 | 2.67 | 1.19 | 0.76 | 0.65 | 0.38 | 0.80 | 0.80 | 0.66 | 0.75 | 0.76 |
| Interest Coverage | 1.4 | 0.2 | 0.4 | 1.4 | 6.7 | 7.8 | 8.6 | 195.8 | 529.0 | 481.0 | N/A | N/A | N/A |
| Equity | 1.0B | 893M | 792M | 834M | 1.3B | 1.8B | 2.1B | 3.0B | 2.7B | 3.0B | 3.6B | 3.6B | 3.5B |
| Total Assets | 5.5B | 5.0B | 4.6B | 4.3B | 4.3B | 4.7B | 5.4B | 6.2B | 7.5B | 7.3B | 8.0B | 8.5B | 8.3B |
| Total Liabilities | 4.5B | 4.1B | 3.8B | 3.4B | 3.0B | 2.9B | 3.2B | 3.2B | 4.8B | 4.3B | 4.4B | 4.9B | 4.9B |
| Intangibles | 1.0B | 757M | 480M | 299M | 232M | 275M | 402M | 469M | 630M | 527M | 422M | 809M | 765M |
| Retained Earnings | 1.5B | 1.4B | 1.2B | 1.2B | 1.7B | 2.2B | 2.7B | 3.6B | 4.0B | 4.3B | 4.9B | 5.3B | 5.4B |
| Working Capital | 719M | 439M | 273M | 63M | -139M | -209M | -578M | -111M | -449M | 74M | 736M | -56M | -68M |
| Current Assets | 1.7B | 1.3B | 1.2B | 1.1B | 1.2B | 1.2B | 1.3B | 1.7B | 1.9B | 1.7B | 2.4B | 1.8B | 1.7B |
| Current Liabilities | 953M | 895M | 949M | 1.0B | 1.3B | 1.4B | 1.9B | 1.8B | 2.3B | 1.6B | 1.7B | 1.9B | 1.8B |
| Per Share Data | |||||||||||||
| EPS | 0.63 | -3.10 | -2.65 | 0.32 | 7.76 | 9.97 | 9.35 | 15.52 | 8.80 | 5.72 | 10.18 | 8.18 | 5.79 |
| Owner EPS | 0.69 | -3.24 | 0.91 | 1.24 | 8.17 | 5.24 | 10.05 | 11.50 | -0.13 | -9.29 | 8.64 | 4.84 | 3.10 |
| Book Value | 20.48 | 17.52 | 15.32 | 15.70 | 24.61 | 33.70 | 39.77 | 55.33 | 51.94 | 58.67 | 69.14 | 70.05 | 48.09 |
| Cash Flow/Share | 4.88 | 2.39 | 7.35 | 9.00 | 14.47 | 12.55 | 17.85 | 19.82 | 9.28 | -0.08 | 19.53 | 17.90 | 13.01 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 50.8M | 51.0M | 51.7M | 53.1M | 54.3M | 54.6M | 53.9M | 53.9M | 52.6M | 51.7M | 51.9M | 51.2M | 72.2M |
| Valuation | |||||||||||||
| P/E Ratio | 124.0 | N/A | N/A | 325.9 | 20.1 | 25.7 | 40.9 | 38.5 | 28.0 | 48.1 | 38.2 | 30.1 | 44.9 |
| P/FCF | 19.0 | N/A | 14.6 | 12.9 | 11.7 | 22.4 | 23.0 | 31.9 | 31.4 | N/A | 21.2 | 15.2 | 22.4 |
| EV/EBIT | 75.4 | 167.6 | 84.5 | 23.9 | 16.6 | 22.2 | 33.6 | 33.3 | 28.4 | 34.0 | 27.8 | 21.4 | 29.6 |
| Price/Book | 3.8 | 4.0 | 5.6 | 6.6 | 6.3 | 7.6 | 9.6 | 10.8 | 4.8 | 4.7 | 5.6 | 3.5 | 5.4 |
| Price/Sales | 21.0 | 8.8 | 6.4 | 1.4 | 1.9 | 2.5 | 3.2 | 4.9 | 3.2 | 3.1 | 3.4 | 2.9 | 3.4 |
| FCF Yield | 5.3% | N/A | 6.8% | 7.7% | 8.5% | 4.5% | 4.3% | 3.1% | 3.2% | -0.6% | 4.7% | 6.6% | 4.5% |
| Market Cap | 4.0B | 3.6B | 4.4B | 5.5B | 8.5B | 14.0B | 20.6B | 32.2B | 13.0B | 14.2B | 20.2B | 12.6B | 18.8B |
| Avg. Price | 70.98 | 89.98 | 63.93 | 99.13 | 150.26 | 205.94 | 265.17 | 515.19 | 348.01 | 270.23 | 323.81 | 300.92 | 259.92 |
| Year-End Price | 78.10 | 70.09 | 85.61 | 104.28 | 155.97 | 256.00 | 382.59 | 597.32 | 246.84 | 275.35 | 389.07 | 246.27 | 259.92 |
ZEBRA TECHNOLOGIES CORP passes 4 of 9 quality checks, suggesting mixed fundamentals.
ZEBRA TECHNOLOGIES CORP trades at 31.8x trailing earnings, compared to its 15-year median P/E of 34.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 15.4x vs a median of 21.2x. The company's 5-year average ROIC is 13.0% with a gross margin of 47.0%. Total shareholder yield (buybacks) is 4.1%. At current prices, the estimated annualized return to fair value is -9.5%.
ZEBRA TECHNOLOGIES CORP (ZBRA) has a net profit margin of 7.8%. This is a modest margin.
ZEBRA TECHNOLOGIES CORP (ZBRA) generated $831 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ZEBRA TECHNOLOGIES CORP (ZBRA) has a debt-to-equity ratio of 0.75. This indicates moderate leverage.
ZEBRA TECHNOLOGIES CORP (ZBRA) reported earnings per share (EPS) of $8.18 in its most recent fiscal year.
ZEBRA TECHNOLOGIES CORP (ZBRA) has a return on equity (ROE) of 11.7%. This indicates moderate shareholder returns.
ZEBRA TECHNOLOGIES CORP (ZBRA) has a 5-year average gross margin of 47.0%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for ZEBRA TECHNOLOGIES CORP (ZBRA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ZEBRA TECHNOLOGIES CORP (ZBRA) has a book value per share of $70.05, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to fully offset an approximately 2-point gross margin headwind from industry-wide memory component price increases beginning in Q2 2026 through multiple initiatives including targeted price increases, direct supplier collaboration, transitions to higher-density memory components where capacity is expected to increase into 2027, and productivity actions from the robotics business exit. The company is pursuing numerous mitigation strategies with strong supplier relationships and has line of sight to the supply needed to support full-year guidance. Machine vision is expected to return to growth with double-digit expansion anticipated for the full year, driven by growing opportunities in manufacturing and e-commerce. Demand trends remain strong across the portfolio with solid momentum in manufacturing, RFID, and core scanning and printing businesses, supported by a strong backlog and pipeline entering 2026.
Based on recent SEC filings and earnings calls, ZEBRA TECHNOLOGIES CORP (ZBRA) has provided the following forward guidance: Sales growth: 10%-14% (FY2026); Adjusted EBITDA margin: approximately 22% (FY2026); Non-GAAP diluted earnings per share: $18.30-$18.70 (FY2026); Free cash flow: at least $900 million (FY2026).