# Zebra Technologies Corporation (ZBRA) — Stock CV

Zebra Technologies Corporation 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.

> 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.

## Identity

- **Ticker**: ZBRA
- **Sector**: Industrials
- **Industry**: General Industrial Machinery & Equipment
- **Headquarters**: LINCOLNSHIRE, IL
- **Employees**: 10 700
- **Website**: https://www.zebra.com
- **Market cap**: $18.3B
- **Last price**: $385.86
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $5.85B
- **Net income**: $539M
- **Free cash flow**: $904M
- **Net debt**: $2.24B
- **P/E**: 33.9
- **Revenue growth (YoY)**: 12.7%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 49 |
| Growth | 25 |
| Profitability | 50 |
| Health | 30 |
| Quality | 85 |
| Moat | 56 |

## Qualifications (beginner checklist) — 8 of 10 passed

- [x] Revenue growing — +12.7% YoY
- [x] Profitable — $539M TTM
- [ ] Profit growing — -2.4% YoY
- [x] Generates cash — $904M TTM
- [x] Debt under control — ~2.5y of cash flow to repay
- [x] Established company — $18.3B market cap
- [x] Not printing shares — -5.0% shares over ~5y
- [x] Proven track record — 9/10 profitable years
- [ ] Financially stable — health score 18/100
- [x] Valuation not extreme — P/E 33.9

## Experience (career milestones)

- **FY2021** — Best year on record: $837M net income
- **FY2017** — Turned profitable: $17.0M net income after a loss year
- **FY2016** — Revenue already above $1B: $3.57B in first reported year

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $5.63B | $837M | $1.01B |
| FY2022 | $5.78B | $463M | $413M |
| FY2023 | $4.58B | $296M | -$91.0M |
| FY2024 | $4.98B | $528M | $954M |
| FY2025 | $5.40B | $419M | $831M |

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Source: https://stockcv.com/ZBRA — derived from company filings; may be delayed or incomplete. Information, not investment advice.