Zebra Technologies Corporation

General Industrial Machinery & Equipment

ZBRAStrained8 of 10 basics passed

$385.86

+0.97%

Market cap $18.3B

$385.86

+0.97%

Market cap $18.3B

Zebra Technologies is the largest provider of automatic identification and data capture technology to enterprises. Its solutions include barcode printers and scanners, mobile computers, and workflow optimization software.

It is a $18.3B industrial company. Revenue grew 12.7% over the last year, it keeps 9¢ of every dollar of sales as profit, and its net debt equals ~2.5 years of free cash flow. It trades at 33.9× earnings — in the most expensive third of its own history.

Website: zebra.com
Location: Lincolnshire, IL
Employees: 10 700
Sector: Industrials

Share price · 3 years

$222.40 → $385.86+73.5%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $5.85B
Profit: keeps 9¢ of every $1 sold; $539M
Free cash flow: cash left after running the business; $904M
Net debt: debt minus cash on hand; $2.24B
P/E: years of profit in the price; 33.9
EPS: earnings per share, TTM; $10.52
Shares: shares outstanding; 51.2M
Volatility: beta vs the market — under 1 swings less; 1.63

Revenue, last 10 years

52-week range

Low $199.30$385.86High $387.18

Today's price is 99% of the way from the year's low to its high.

P/E vs its history5y

34.0×median 31.0×

Higher than 67% of past days — in the most expensive third of its own history.

Valuation vs own history

P/E

34.0×

32%

P/S

3.1×

37%

EV/EBITDA

24.1×

52%

P/B

5.3×

36%

FCF yield

4.9%

64%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Insider activity · 90 days

-$1.50Mnet selling

Purchases$0

Sales$1.50M

Insiders trading, last 14d0 buy · 0 sell

Standing in Industrials

Size$18.3Btop 52%
Revenue growth-2%top 82%
Net margin9%top 53%
Return on equity15%top 63%
P/E33.9×top 69%

Ranked against 130 Industrials companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong quality; Valuation, Growth and Health lag behind.

Valuation49

P/E vs own history67th pct · 5/25
FCF yield5.0% · 12/25
P/S3.1x · 20/25
EV/EBITDA20.9x · 12/25

Growth25

Revenue CAGR-1.0% · 0/25
Net income CAGR-15.9% · 0/25
EPS CAGR ~5Y-2.6% · 0/25
Fwd implied growth104.8% · 25/25

Profitability50

ROIC7.2% · 5/25
ROE15.1% · 20/25
Net margin9.2% · 13/25
Operating margin14.7% · 12/25

Health30

Altman Zn/a · 0/25
Current ratio0.52 · 0/25
Interest coverage5.4x · 18/25
Net cash / debtD/A 26% · 12/25

Quality85

Piotroski F5/9 · 15/25
Beneish M-2.94 · 25/25
FCF conversion168% · 25/25
Margin stabilityσ 5.2% · 20/25

Moat56

ROIC >12% years5/10 yrs · 13/25
Median gross margin46.5% · 20/25
FCF-positive years9/10 yrs · 18/25
Worst-year net marginworst -3.8% · 5/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2021Financial
Best year on record
$837M net income
FY2017Financial
Turned profitable
$17.0M net income after a loss year
FY2016Financial
Revenue already above $1B
$3.57B in first reported year

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$6 690 today — price return only

$5.4B revenue in FY2025

Revenue up 12.7% year over year

Profitable 9 years in a row

10 700 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (49.6%)
Revenue growing 12.7% year over year
Strong cash conversion — FCF is 15.5% of revenue
Interest covered 5.4× by operating earnings

Watch-outs

Loss-making in 1 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 10 checks passed

Revenue growing — the company sells more than a year ago+12.7% YoY
Profitable — makes more than it spends$539M TTM
Profit growing — earnings are higher than last year-2.4% YoY
Generates cash — cash left after running and investing$904M TTM
Debt under control — could handle its obligations~2.5y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$18.3B market cap
Not printing shares — share count not ballooning — you keep your slice-5.0% shares over ~5y
Proven track record — years of profitability behind it9/10 profitable years
Financially stable — balance sheet not near distresshealth score 18/100
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 33.9

Peer comparisonZebra Technologies Corporation vs 6 largest industrials peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
ZBRA this company	$18.3B	33.9	+12.7%	9.2%	Strained
LRCX Lam Research Corp	$399.2B	54.9	+26.0%	31.3%	Strong
CAT Caterpillar Inc.	$368.0B	33.9	+18.4%	14.5%	Solid
RTX RTX Corporation	$251.3B	32.4	+11.8%	8.3%	Strained
DE Deere & Company	$167.7B	34.4	+8.3%	10.2%	Solid
ETN Eaton Corporation, plc	$167.2B	43.6	+15.5%	12.8%	Mixed
UNP Union Pacific Corp.	$166.8B	22.6	+4.2%	28.8%	Strained

Head-to-head: ZBRA vs LRCX · ZBRA vs CAT · ZBRA vs RTX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 6Buy 13Hold 6

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $5.85B · net income $539M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$5.85B

YoY 12.7%

Net income (TTM)

$539M

Margin 9.2%

Gross margin

49.6%

Operating margin

14.7%

P/E ratio

33.9

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	4.4	5.6	5.8	4.6	5.0	5.4
Gross profit	2.0	2.6	2.6	2.1	2.4	2.6
Operating income (EBIT)	0.7	1.0	0.5	0.5	0.7	0.7
Net income	0.5	0.8	0.5	0.3	0.5	0.4
EPS (diluted)	9.35	15.52	8.80	5.72	10.18	8.18

Cash flowFree cash flow $904M · operating cash flow $979M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$904M

Margin 15.5%

Operating cash flow (TTM)

$979M

FCF margin

15.5%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	1.0	1.1	0.5	-0.0	1.0	0.9
Capital expenditure	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
Free cash flow	0.9	1.0	0.4	-0.1	1.0	0.8
FCF margin	20.1%	17.9%	7.1%	-2.0%	19.2%	15.4%

Balance sheetAssets $8.50B · net debt $2.24B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $8.50B of assets is financed

58%

42%

Liabilities $4.91B — borrowed moneyEquity $3.59B — owners' stake

Cash vs debt

Total debt $2.36B − cash $125M = net debt $2.24B

Cash on hand covers 5% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

5.4x

EBIT ÷ interest expense

ROE

15.1%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.2	0.3	0.1	0.1	0.9	0.1
Total assets	5.4	6.2	7.5	7.3	8.0	8.5
Total liabilities	3.2	3.2	4.8	4.3	4.4	4.9
Total debt	0.9	0.9	1.8	2.0	2.1	2.4
Equity	2.1	3.0	2.7	3.0	3.6	3.6
Net debt	0.7	0.6	1.7	1.9	1.2	2.2

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of ZBRA on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $385.86 · market cap $18.3B.