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Not Investment Advice

ZBRA

NASDAQ · USD
Zebra Technologies Corporation
Technology · Communication Equipment
CEO William J. Burns Employees 10,700 R&D / revenue 11.0%
Last price
$369.01−2.25%last session
Market cap
$17.5B
P/E (TTM)
34.5x
From 52w high
−5.6%
From 52w low
+85.4%
1-year return
+25.5%
RSI 14 · vs SMA200
48.8 · +34.8%
IS score
62.6/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

ZBRA   SPY   XLK (sector ETF) · weekly closes
80100120140Jan 26Apr 26Jul 26Oct 26XLK 129ZBRA 126SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
59
Profitability
48
Growth
42
Value
77
Momentum
80
Risk (safety)
75
Quality
41
Balance sheet
71
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Congress buying
Warnings
None of the computed warning flags fires for ZBRA (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Efficient ScalePiotroski 6 / 9Altman Z 3.2Beta 1.612 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
4 open-market sales, $2.4M
Form 144 notices (12m): 6, $2.4M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-05-01
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+11
123 new holders, 107 closed
650 filers hold 97.9% · 193 added, 243 trimmed
ETFETF holdings · 30 days
Net funds accumulating
−34
476 funds adding shares
510 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
34.9%
20-day avg 48.7%, 50-day avg 45.7%
Latest 13.8 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$5.4B
Revenue growth YoY+8.3%
Gross margin45.9%
Operating income$800.0M
Operating margin14.8%
Net income$419.0M
Net margin7.8%
EPS (diluted)$8.18
Cash flow
Operating cash flow$917.0M
Capital expenditure$86.0M
Free cash flow$831.0M
FCF conversion (FCF / OCF)90.6%
Stock-based compensation$163.0M
FCF less SBC$668.0M
Buybacks$587.0M
Dividends$0
Balance sheet & returns
Cash & short-term investments$125.0M
Total debt$2.7B
Net debt$2.5B
Shareholders' equity$3.6B
Goodwill & intangibles$5.5B
Debt / equity0.86
ROE (TTM)15.1%
ROIC (TTM)10.3%
Operating margin by fiscal year
17.4%FY20219.2%FY202210.5%FY202314.9%FY202414.5%FY2025
Revenue $5.6B (FY2021) to $5.4B (FY2025), a -1.0% CAGR.

Valuation

P/E (TTM)34.5x
EV / EBITDA17.6x
Price / sales2.99x
Price / FCF19.3x
FCF yield5.18%
Buyback yield3.36%
SBC / revenue3.0%
Price / book5.41x
Forward P/E FY202617.4x
Forward P/E FY202716.5x
Forward P/E FY202815.2x
Forward multiples divide today's price by Street EPS estimates. Street mean target $394.67 across 6 analysts last quarter is theirs, not ours.

ZBRA vs industry median

164 companies in Communication Equipment
Gross margin 48.9% 42.0% Operating margin 16.1% -1.1% Net margin 9.2% -3.5% ROIC 10.3% 1.4%
ZBRA (TTM)Industry median Asset turnover 0.68 vs industry 0.71 · financial leverage 2.51

Earnings delivery

Next report 2026-11-03 · consensus EPS $4.89
92%
beat rate, 11 of 12 quarters
+9.9%
median EPS surprise
9
longest beat streak
+14+5+16+13+8+1+12+8+3-0+13+46
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-31 to 2026-08-04. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
ZBRA Zebra Technologies Corporati $17.5B34.5x15.1%9.2%+8.3% +25.5%
UI Ubiquiti Inc. $36.4B37.9x91.1%30.4%+27.2% −20.1%
VIAV Viavi Solutions Inc. $8.2Bn/m-2.7%7.4%+40.0% +150.6%
VSAT Viasat, Inc. $8.1Bn/m-0.6%-4.5%+1.3% +62.7%
CIEN Ciena Corporation $47.2B72.0x22.4%15.9%+32.6% +95.0%
AAOI Applied Optoelectronics, Inc $6.4Bn/m-5.4%-11.9%+61.8% —
LITE Lumentum Holdings Inc. $74.7Bn/m-240.0%—+83.2% —
BDC Belden Inc. $4.0B16.5x18.6%9.1%+9.4% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-08-04Earnings Release; Exhibits
2026-05-26Officer/Director Change; Shareholder Vote; Exhibits
2026-05-12Earnings Release; Exhibits
2026-02-12Results of Operations and Financial Condition; Other Events; Financial Statements and Exhibits
2025-12-15Costs Associated with Exit or Disposal Activities; Material Impairments; Financial Statements and Exhibits
2025-11-24Departure/Election of Directors; Appointment of Officers; Financial Statements and Exhibits

Context

Shares outstanding47,310,700
Free float99.1%
Institutional ownership97.9%
Beta1.61
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$365.72 / $273.14
Large-cap Technology median P/E34.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where ZBRA sits among 22 scored companies in Communication Equipment (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureZBRAIndustry medianIndustry percentileSector median
P/E (TTM) 32.4x 37.9x
33rd		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 3.0x 3.0x
48th		 3.9x
Price / book 5.1x 3.9x
57th		 4.4x
Price / tangible book —
Price / free cash flow 19.3x 26.9x
19th		 20.3x
Price / operating cash flow 17.8x 23.3x
22nd		 17.9x
Enterprise value $20.3B $2.8B
76th		 $5.5B
EV / sales 3.5x 3.2x
52nd		 4.1x
EV / EBITDA 17.6x 22.5x
33rd		 18.9x
EV / EBIT 21.6x 30.3x
17th		 26.7x
EV / free cash flow 22.4x 24.8x
38th		 21.9x
Earnings yield 3.1% 1.4%
81st		 2.0%
FCF yield 5.2% 2.9%
86th		 3.3%
Operating cash flow yield 5.6% 3.6%
81st		 4.4%
Graham number (per share) $127.42 $22.27
100th		 $28.08

Profitability (TTM)

MeasureZBRAIndustry medianIndustry percentileSector median
Gross margin 48.9% 43.9%
67th		 55.7%
EBITDA margin 19.7% 12.4%
71st		 13.7%
Operating margin 16.1% 5.4%
81st		 8.2%
EBIT margin 16.0% 6.7%
81st		 8.6%
Net margin 9.2% 4.1%
71st		 5.7%
NOPAT margin 12.2% 4.3%
71st		 7.0%
FCF margin 15.5% 9.3%
71st		 15.0%
Operating cash flow margin 16.7% 12.8%
67th		 18.4%
R&D / revenue 10.6% 13.3%
33rd		 12.9%
SG&A / revenue 20.0% 21.8%
29th		 25.6%
Stock comp / revenue 3.0% 3.6%
45th		 4.4%
Effective tax rate 24.0% 21.0%
83rd		 21.0%

Returns on capital

MeasureZBRAIndustry medianIndustry percentileSector median
ROE (on average equity) 15.3% 7.0%
62nd		 9.4%
ROA 6.5% 4.1%
67th		 4.1%
ROIC 11.5% 9.1%
57th		 9.0%
ROCE 20.2% 6.8%
90th		 8.6%
Return on tangible assets 11.3% 5.1%
86th		 5.9%
Cash ROIC (OCF / invested capital) 15.7% 17.0%
38th		 20.7%
Gross profitability (GP / assets) 33.1% 32.1%
57th		 30.0%
ROIC, 3-yr average 7.6% 8.3%
47th		 7.4%
ROIC, 5-yr average 11.4% 11.4%
50th		 7.9%
ROE, 5-yr average 15.9% 4.4%
89th		 6.9%
Incremental ROIC 71.1% 6.0%
80th		 15.3%

Growth

MeasureZBRAIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 12.7% 15.6%
45th		 14.3%
Revenue growth (QoQ) 4.1% 8.3%
19th		 6.6%
Revenue CAGR, 3 yr 2.1% 7.5%
25th		 9.6%
Revenue CAGR, 5 yr 2.5% 9.2%
15th		 11.5%
Gross profit CAGR, 3 yr 3.7% 9.8%
25th		 10.9%
Operating income CAGR, 3 yr 2.2% 3.0%
46th		 11.3%
Net income growth (TTM YoY) -1.6% 14.2%
12th		 21.6%
Net income CAGR, 3 yr -6.1% 8.5%
11th		 9.9%
EPS growth (TTM YoY) 0.6% 10.5%
25th		 22.3%
EPS CAGR, 3 yr -5.4% 10.2%
11th		 11.2%
EPS CAGR, 5 yr -5.5% 9.4%
22nd		 12.0%
FCF growth (TTM YoY) 6.0% 6.0%
50th		 24.6%
FCF CAGR, 3 yr 83.6% 38.9%
82nd		 19.3%
Operating cash flow CAGR, 3 yr 63.5% 41.8%
86th		 17.9%
Book value CAGR, 3 yr 5.4% 6.1%
47th		 6.8%
Dividend CAGR, 3 yr —
Sustainable growth rate 15.3% 18.0%
42nd		 14.2%

Margin history & stability

MeasureZBRAIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 48.0% 40.6%
65th		 53.2%
Operating margin, 3-yr average 13.4% 5.3%
85th		 6.6%
Net margin, 3-yr average 8.4% 0.6%
75th		 5.2%
FCF margin, 3-yr average 14.0% 8.4%
80th		 12.7%
Revenue stability (0-1) 0.07 0.65
5th		 0.87
Earnings stability (0-1) 0.17 0.29
40th		 0.45
Margin stability (0-1) 0.98 0.93
90th		 0.95

Liquidity (latest quarter)

MeasureZBRAIndustry medianIndustry percentileSector median
Cash & short-term investments $157.0M $249.9M
29th		 $494.1M
Net cash (− = net debt) −$2.8B $82.6M
14th		 $49.8M
Working capital −$1.9B $381.5M
5th		 $391.0M
Current ratio 0.52 2.05
0th		 1.92
Quick ratio 0.33 1.63
0th		 1.67
Cash ratio (cash + ST investments / current liabilities) 0.04 0.93
0th		 0.95
Defensive interval (days) 229 days 530 days
14th		 521 days

Leverage & solvency (latest quarter)

MeasureZBRAIndustry medianIndustry percentileSector median
Total debt $3.0B $162.3M
86th		 $349.3M
Debt / equity 0.86 0.17
76th		 0.29
Net debt / equity 0.82 −0.21
86th		 −0.13
Debt / assets 34.3% 11.9%
86th		 16.9%
Debt / capital 46.3% 14.2%
76th		 22.3%
Debt / EBITDA 2.57 1.48
72nd		 1.78
Net debt / EBITDA 2.44 −0.44
94th		 −0.18
Interest coverage (EBIT / interest) 4.1x 9.1x
33rd		 5.8x
Cash interest coverage 4.3x 6.7x
38th		 12.8x
Debt payback (years of OCF) 3.0 yrs 2.1 yrs
72nd		 1.6 yrs
Liabilities / assets 60.2% 44.8%
71st		 48.7%
IS credit model rating BBB+ — —
Implied credit spread (bps) 225 150
62nd		 175

Efficiency

MeasureZBRAIndustry medianIndustry percentileSector median
Asset turnover 0.71 0.69
57th		 0.62
Fixed asset turnover 11.38 10.93
52nd		 9.25
Inventory turnover 4.2 3.7
57th		 3.8
Receivables turnover 7.2 6.1
57th		 6.2
Days sales outstanding 51 days 60 days
43rd		 59 days
Days inventory outstanding 87 days 99 days
43rd		 94 days
Days payables outstanding 80 days 61 days
81st		 46 days
Cash conversion cycle (days) 58 days 99 days
14th		 50 days
Capex / revenue 1.3% 2.5%
19th		 2.3%
Capex / depreciation 0.35 0.63
29th		 0.56
Operating expense ratio 32.4% 35.1%
43rd		 44.3%

Cash flow & earnings quality

MeasureZBRAIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.82 1.61
58th		 1.61
FCF / net income 1.68 1.25
75th		 1.33
FCF / operating cash flow 92.3% 78.0%
83rd		 88.0%
Capex / operating cash flow 7.7% 22.0%
17th		 12.0%
Accruals ratio -5.3% -6.0%
62nd		 -6.3%
Sloan accruals ratio -34.9% -0.4%
0th		 -1.8%
Earnings quality score (0-1) 0.75 0.75
17th		 0.75

Dividends & buybacks

MeasureZBRAIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 0.0%
Dividends / FCF 0.0% 0.0%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield 5.2% 1.3%
76th		 1.2%
Shareholder yield (dividends + buybacks) 5.2% 1.2%
80th		 1.7%
Share count change (YoY) -2.2% 1.1%
15th		 0.1%
Buybacks, last 5 years $2.9B $120.2M
90th		 $215.3M

Scores & forensic checks

MeasureZBRAIndustry medianIndustry percentileSector median
IS score 63 51
67th		 56
IS profitability 59 38
81st		 40
IS growth 48 68
20th		 65
IS value 42 38
76th		 39
IS momentum 77 77
50th		 78
IS risk (safety) 80 85
43rd		 100
IS quality 75 59
67th		 67
IS balance sheet 41 76
14th		 72
IS earnings quality 71 55
76th		 61
IS cash flow 66 53
67th		 66
Piotroski F-score (0-9) 6 6
38th		 6
Altman Z-score 3.2 3.6
43rd		 4.0
Beneish M-score −2.27 −2.52
75th		 −2.58
Ohlson O-score −7.02 −7.42
81st		 −8.00
IS credit score 61 73
33rd		 69

Per share

MeasureZBRAIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $10.64 $0.30
90th		 $0.84
Book value per share $67.82 $14.30
100th		 $9.77
Tangible book per share −$39.54 $3.49
5th		 $3.22
Revenue per share $115.43 $13.56
100th		 $13.00
FCF per share $17.85 $1.00
100th		 $1.78
Operating cash flow per share $19.33 $1.31
100th		 $2.40
Cash per share $3.10 $3.55
48th		 $4.50

Size (TTM)

MeasureZBRAIndustry medianIndustry percentileSector median
Market cap $17.5B $3.2B
76th		 $4.7B
Revenue $5.8B $1.1B
86th		 $1.2B
EBITDA $1.2B $90.8M
81st		 $185.8M
Net income $539.0M $30.4M
81st		 $84.9M
Free cash flow $904.0M $74.8M
81st		 $170.6M
Total assets $8.6B $2.2B
86th		 $2.4B
Shareholders' equity $3.4B $1.4B
86th		 $1.1B
Employees 10,700 3,082
86th		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-08-10Connly Linda
Director
 Open-market sale 500$377.68$188,8403,708
2026-08-07Cho Michael
Chief Strategy Officer
 Open-market sale 3,500$375.20$1.3M5,170
2026-08-03Luff Loizides Melissa
Chief People Officer
 Tax withholding 46$291.64$13,4153,656
2026-05-26Luff Loizides Melissa
Chief People Officer
 Open-market sale 500$253.95$126,9753,702
2026-05-19Mcdowell Mary T
Director
 Award / grant 951$247.15$235,0401,520
2026-05-19Smith Michael A
Director
 Award / grant 951$247.15$235,04011,646
2026-05-19Miller Kenneth Bradley
Director
 Award / grant 951$247.15$235,0402,482
2026-05-19Gustafsson Anders
Director
 Award / grant 951$247.15$235,040228,443
2026-05-19Connors Nelda J
Director
 Award / grant 951$247.15$235,0404,128
2026-05-19Connly Linda
Director
 Award / grant 951$247.15$235,0404,208
2026-05-19Dhanasekaran Satish
Director
 Award / grant 951$247.15$235,0405,007
2026-05-19Modruson Frank Blaise
Director
 Award / grant 951$247.15$235,04016,311

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayAug

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired109,510$2.4M
Open-market saleDisposed47,500$2.4M
Tax withholdingDisposed1816,459$3.7M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 6 notices · 7,654 shares · $2.4M
FiledFilerShares proposedEst. proceeds
2026-08-10Lindaconnly500$188,900
2026-08-07Michael Cho3,500$1.3M
2026-05-26Luff Loizides Melissa500$126,975
2026-05-14Janice M. Roberts3,000$748,620
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 1 trades (1 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-05-01Ro KhannaHousePurchase$1,001 - $15,0002026-06-11
2025-06-04Kelly Louise MorrisonHouseSale$1,001 - $15,0002025-06-19
2025-06-04Kelly Louise MorrisonHouseSale$15,001 - $50,0002025-06-19
2025-06-04Kelly Louise MorrisonHouseSale$1,001 - $15,0002025-06-19
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.3,311,526$871.8M7.00%
VANGUARD CAPITAL MANAGEMENT LLC3,114,262$819.9M6.58%
VANGUARD PORTFOLIO MANAGEMENT LLC2,667,369$702.2M5.64%
STATE STREET CORP1,884,644$496.2M3.98%
Invesco Ltd.1,765,967$464.9M3.73%
GEODE CAPITAL MANAGEMENT, LLC1,351,501$355.2M2.86%
FULLER & THALER ASSET MANAGEMENT, INC.1,208,889$318.3M2.56%
NORDEA INVESTMENT MANAGEMENT AB1,083,302$277.4M2.29%
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP1,066,696$280.8M2.25%
JPMORGAN CHASE & CO1,028,035$263.6M2.17%
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC985,717$259.5M2.08%
VICTORY CAPITAL MANAGEMENT INC927,324$244.1M1.96%
ARIEL INVESTMENTS, LLC922,998$243.0M1.95%
DIMENSIONAL FUND ADVISORS LP870,883$229.2M1.84%
Boston Partners842,324$221.8M1.78%

Institutional ownership by quarter

2023-092026-0697.9%
% of shares held by 13F filers
2023-092026-06650
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3065097.9%123193243107
2026-03-3163993.0%72197272129
2025-12-3171192.4%97234279134
2025-09-3076594.6%8528427571
2025-06-3076293.8%11329026481
2025-03-3174191.9%90292252119
2024-12-3178291.1%11330024645
2024-09-3072891.3%10426723064
2024-06-3069792.9%10625521862
2024-03-3166293.9%7724021768
2023-12-3166092.7%9417728777
2023-09-3065190.6%70223246116

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-04SCHEDULE 13GBoston Partners5.5%2,595,084
2026-04-30SCHEDULE 13GVanguard Capital Management7.4%3,624,669
2026-04-29SCHEDULE 13GVanguard Portfolio Management5.7%2,810,286
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.02%$560.6M
VSMPX0.02%$560.6M
VTSAX0.02%$560.6M
VTI0.02%$560.6M
VFFSX0.03%$463.3M
VOO0.03%$463.3M

Share structure

Shares outstanding47,310,700
Float46,866,886
Free float99.1%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$5.6B$5.8B$4.6B$5.0B$5.4B
Cost of revenue$3.0B$3.2B$2.5B$2.6B$2.9B
Gross profit$2.6B$2.6B$2.1B$2.4B$2.5B
R&D$567.0M$570.0M$519.0M$563.0M$593.0M
SG&A$935.0M$982.0M$915.0M$981.0M$1.1B
Operating income$979.0M$529.0M$481.0M$742.0M$800.0M
EBITDA$1.2B$1.1B$761.0M$937.0M$985.0M
Pretax income$968.0M$544.0M$334.0M$635.0M$560.0M
Income tax$131.0M$81.0M$38.0M$107.0M$141.0M
Net income$837.0M$463.0M$296.0M$528.0M$419.0M
EPS, diluted$15.53$8.81$5.72$10.18$8.18
Diluted shares53.9M52.6M51.7M51.9M51.2M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$332.0M$105.0M$137.0M$901.0M$125.0M
Receivables$760.0M$794.0M$584.0M$712.0M$832.0M
Inventory$491.0M$860.0M$804.0M$693.0M$729.0M
Total current assets$1.7B$1.9B$1.7B$2.4B$1.8B
PP&E, net$403.0M$434.0M$478.0M$472.0M$519.0M
Goodwill & intangibles$3.7B$4.5B$4.4B$4.3B$5.5B
Total assets$6.2B$7.5B$7.3B$8.0B$8.5B
Accounts payable$700.0M$811.0M$456.0M$633.0M$695.0M
Total current liabilities$1.8B$2.3B$1.6B$1.7B$1.9B
Long-term debt$922.0M$1.9B$2.0B$2.1B$2.5B
Total liabilities$3.2B$4.8B$4.3B$4.4B$4.9B
Shareholders' equity$3.0B$2.7B$3.0B$3.6B$3.6B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$837.0M$463.0M$296.0M$528.0M$419.0M
Depreciation & amortization$187.0M$204.0M$176.0M$172.0M$185.0M
Stock-based compensation$76.0M$0$55.0M$0$163.0M
Change in working capital$67.0M$27.0M−$515.0M$335.0M$70.0M
Operating cash flow$1.1B$488.0M−$4.0M$1.0B$917.0M
Capital expenditure−$59.0M−$75.0M−$87.0M−$59.0M−$86.0M
Free cash flow$1.0B$413.0M−$91.0M$954.0M$831.0M
Investing cash flow−$546.0M−$968.0M−$92.0M−$57.0M−$1.5B
Net debt issued / repaid−$257.0M$1.0B$195.0M−$43.0M$328.0M
Buybacks−$57.0M−$751.0M−$52.0M−$47.0M−$587.0M
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin46.7%45.4%46.3%48.4%47.3%
Operating margin17.4%9.2%10.5%14.9%14.5%
Net margin14.9%8.0%6.5%10.6%7.8%
FCF margin17.9%7.1%-2.0%19.2%15.4%
ROE32.6%16.2%10.3%15.9%11.7%
ROIC22.3%9.1%8.0%12.2%9.3%
ROA14.4%6.7%4.0%6.9%5.1%
Debt / equity0.380.860.800.660.78
Interest coverage58.1x15.6x3.5x7.8x3.7x
Current ratio0.940.811.051.430.97
Revenue growth+26.5%+2.7%−20.7%+8.7%+8.3%
EPS growth+65.8%−42.6%−35.8%+77.6%−18.7%
P/E at year end38.3x28.8x47.7x38.0x29.4x
EV / EBITDA at year end28.0x13.6x29.8x23.0x15.8x
FCF yield at year end3.15%3.10%-0.64%4.76%6.76%
Dividend payout0.0%0.0%0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024
Enterprise Visibility Mobility, EVM$3.9B$4.0B$2.9B$3.3B
Asset Intelligence Tracking, AIT$1.7B$1.7B$1.7B$1.6B

Revenue by region · FY2025

North America$2.7B · 30%
UNITED STATES$2.6B · 30%
EMEA$1.7B · 19%
GERMANY$864.0M · 10%
Asia Pacific$613.0M · 7%
Latin America$364.0M · 4%

Street estimates by fiscal year

Next report 2026-11-03 · consensus EPS $4.89 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$6.2B$6.2B – $6.2B$21.16$20.92 – $21.47917.4x
2027$6.6B$6.4B – $6.7B$22.33$21.63 – $22.78916.5x
2028$6.9B$6.8B – $7.1B$24.24$19.65 – $26.57715.2x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-04$4.36$6.35+45.6%$1.5B$1.6B+4.0%
2026-05-12$4.21$4.75+12.8%$1.5B$1.5B+1.1%
2026-02-12$4.34$4.33−0.2%$1.5B$1.5B+0.6%
2025-10-28$3.75$3.88+3.5%$1.5B$1.3B−10.0%
2025-08-05$3.34$3.61+8.1%$1.3B$1.3B+0.2%
2025-04-29$3.60$4.02+11.7%$1.3B$1.3B+1.3%
2025-02-13$3.95$4.00+1.3%$1.3B$1.3B+1.3%
2024-10-29$3.23$3.49+8.0%$1.2B$1.3B+3.1%
2024-07-30$2.81$3.18+13.2%$1.2B$1.2B+2.5%
2024-04-30$2.45$2.84+15.9%$1.1B$1.2B+2.4%
2024-02-15$1.63$1.71+4.9%$999.4M$1.0B+0.9%
2023-10-31$0.76$0.87+14.5%$926.3M$956.0M+3.2%
2023-08-01$3.28$3.29+0.3%$1.3B$1.2B−7.2%
2023-05-02$3.92$3.94+0.5%$1.4B$1.4B+0.6%
2023-02-16$4.54$4.75+4.6%$1.5B$1.5B+3.4%
2022-11-01$4.54$4.12−9.3%$1.5B$1.4B−6.7%
2022-08-02$4.19$4.61+10.0%$1.4B$1.5B+1.6%
2022-05-03$3.87$4.01+3.6%$1.4B$1.4B+4.4%
2022-02-10$4.40$4.54+3.2%$1.5B$1.5B+0.5%
2021-11-02$4.06$4.55+12.1%$1.4B$1.4B+2.5%
2021-08-03$4.10$4.57+11.5%$1.3B$1.4B+2.3%
2021-05-04$4.34$4.79+10.4%$1.3B$1.3B+1.1%
2021-02-11$3.80$4.46+17.4%$1.3B$1.3B+4.6%
2020-07-28$2.28$2.41+5.7%$904.4M$956.0M+5.7%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.206-150.306-220.306-290.207-060.207-130.307-200.507-270.808-030.308-100.408-170.308-240.308-31
Week ofNotionalSharesTrades
2026-08-31$273.5M775,88131,688
2026-08-24$297.6M823,41631,521
2026-08-17$350.3M957,41634,381
2026-08-10$345.7M913,42132,976
2026-08-03$836.2M2,402,03464,225
2026-07-27$505.0M1,796,83348,772

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1534.9%
DateShort shareShort volumeTotal volume
2026-10-1534.9%80,658231,385
2026-10-1459.0%117,818199,670
2026-10-1337.9%74,018195,497
2026-10-1249.2%96,231195,518
2026-10-0949.4%69,373140,291
2026-10-0854.8%87,662160,036
2026-10-0753.9%104,474193,945
2026-10-0644.7%128,890288,278
2026-10-0539.0%64,310164,701
2026-10-0237.7%59,749158,578
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.4Jan+3.7Feb+0.6Mar-0.1Apr+1.0May+0.2Jun+2.3Jul+2.0Aug-2.3Sep+1.8Oct+6.5Nov-0.2Dec
MonthAvg returnUp yearsYears
Jan−0.4%50%20
Feb+3.7%65%20
Mar+0.6%62%21
Apr−0.1%40%20
May+1.0%55%20
Jun+0.2%45%20
Jul+2.3%65%20
Aug+2.0%65%20
Sep−2.3%45%20
Oct+1.8%65%20
Nov+6.5%80%20
Dec−0.2%55%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1448.8
MFI58.4
ADX27.1
Stochastic %K / %D37.2 / 57.7
Williams %R-87.0
CCI-30
TSI / signal20.8 / 23.4
Chaikin money flow0.13
ATR$10.17
Bollinger width9.8%
Volume vs 20-day avg0.95x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$375.30 (−1.7%)
SMA 50$365.81 (+0.9%)
SMA 200$273.75 (+34.8%)
EMA 21$373.55 (−1.2%)
EMA 50$355.80 (+3.7%)
EMA 200$300.96 (+22.6%)
Bollinger upper$393.76 (−6.3%)
Bollinger lower$356.84 (+3.4%)
Parabolic SAR$390.30 (−5.5%)
Open the live chart, 110+ indicators

About Zebra Technologies Corporation

Zebra Technologies Corporation, alongside its affiliated entities, delivers enterprise asset intelligence solutions globally within the automatic identification and data capture (AIDC) sector. Operating through its Asset Intelligence & Tracking and Enterprise Visibility & Mobility segments, the company provides a comprehensive suite of products and services. Its hardware lineup includes specialized printers for generating labels, wristbands, tickets, receipts, and plastic cards, alongside advanced dye-sublimation thermal card printers for secure identification and financial transactions, and RFID printers for data encoding. Complementing these are various accessories and essential consumables such as thermal labels, ribbons, RFID tags, and critical temperature-monitoring labels, notably used in vaccine distribution. Zebra also manufactures barcode scanners, image capture devices, RFID readers, robust rugged tablets, and enterprise-grade mobile computing solutions. Their technology extends to real-time location systems, incorporating tags, sensors, and exciters, supported by middleware and application software. Beyond hardware, Zebra offers a diverse range of software solutions, including physical inventory management, workforce management, workflow execution, prescriptive analytics, and communication and collaboration tools, enriched by cloud-based subscriptions and robotics automation. The company provides extensive support services, encompassing maintenance, technical assistance, repairs, and comprehensive managed and professional services. Zebra serves a broad spectrum of industries, including retail, e-commerce, manufacturing, transportation, logistics, healthcare, and the public sector, reaching clients through a direct sales force and a widespread network of channel partners. Established in 1969, Zebra Technologies is headquartered in Lincolnshire, Illinois.

https://www.zebra.com

Key executives

NameTitlePayBorn
William J. BurnsChief Executive Officer & Director$2.9M1967
Richard Edward HudsonChief Revenue Officer$1.5M1968
Nathan Andrew WintersChief Financial Officer$1.4M1980
Melissa Luff LoizidesChief People Officer$1.3M—
Cristen L. KoglChief Legal Officer, General Counsel & Corporate Secretary$1.3M1966
Jeffrey F. SchmitzSenior Vice President$1.1M1964
Matt AusmanChief Information Officer——
Michael A. SteeleVice President of Investor Relations—1973

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
William Burns Chief Executive Officer2025$1.0M$11.0M$1.8M$13.9M
Nathan Winters Chief Financial Officer2025$640,500$4.2M$734,654$5.6M
Richard Hudson Chief Revenue Officer2025$575,228$2.7M$659,786$4.2M
Cristen Kogl Chief Legal Officer, General Counsel and Corporate Secretary2025$615,000$2.5M$564,324$3.8M
Joseph White Former Chief Products and Solutions Officer2025$490,942$3.1M$0$3.7M
Jeffrey Schmitz Chief People Officer2025$543,500$2.2M$498,716$3.3M

Employees

7k20188k20199k202010k202110k202210k202310k202411k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Weak · Efficient Scale · 2026-07-04
Cost advantage52
Intangibles47
Switching costs30
Network effect45
Efficient scale85
Our component scores (0-100) and overall 49.2; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms