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Motorola Solutions

MSI NYSE Communications Equipment Financials FY2016–FY2025

Motorola Solutions' revenue rose 8.0% to $11.7 billion in fiscal 2025. Its operating margin was 25.6%, up from 24.9% a year earlier. Free cash flow was $2.6 billion, up 20.5%. It paid out $1.9 billion in dividends and buybacks, 73% of free cash flow. The diluted share count fell 1.1%.

Last close · Oct 23, 2026

$481.83

0.8%
Value it Compare
Revenue Total sales reported in the income statement.
$11.7B
8.0% vs prior year
Operating margin Operating income as a share of revenue.
25.6%
0.7 pts
Net income Profit after all expenses, interest and tax.
$2.2B
36.6%
Free cash flow Cash from operations minus capital spending.
$2.6B
20.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
28.6%
11.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$80.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
37.9x
On $12.70 EPS (TTM)

What Motorola Solutions does

Motorola Solutions sells safety and security technology to public safety agencies, governments including defense, and businesses such as schools, hospitals and stadiums. It serves customers in over 100 countries. Its technology covers three product lines: mission-critical networks, video security and access control, and command center software.

Mission-critical networks include two-way radios, broadband devices and the infrastructure behind them, plus installation and support services. Video covers cameras, including body-worn and in-vehicle ones, access control, sensors and analytics software. Command center software helps emergency teams handle calls and respond.

The company has two segments: Products and Systems Integration, and Software and Services. The first one sells devices and builds systems, and it accounted for 62% of net sales in 2025. Software and Services covers software, cybersecurity subscriptions, and managed and support services. The company also works to combine its products into one safety and security system.

Legal name
Motorola Solutions, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 12, 2026
Accession · CIK
0000068505-26-000010
0000068505

Revenue and margins

Motorola Solutions had $11.7B of revenue in fiscal 2025, up 8.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 16.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $2.6B in fiscal 2025, 22.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Motorola Solutions returned $1.9B to shareholders in fiscal 2025, 73% of free cash flow. The diluted share count fell 1.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Motorola Solutions yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$8.0B and divides by 169.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 37.9x · peers 54.4x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Motorola Solutions can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.9B$1.3B$1.7B$2.1B$1.2B
Debt incl. finance leases $5.7B$6.0B$6.0B$6.0B$9.2B
Net debt / EBITDA 1.8x2.2x1.6x1.3x2.3x
Debt / equity ——8.3x3.5x3.8x
Interest coverage 7.8x6.9x9.2x9.1x8.3x
Current ratio 1.3x1.2x1.0x1.3x1.0x
Quick ratio 1.1x0.9x0.9x1.1x0.9x
Total assets $12.2B$12.8B$13.3B$14.6B$19.4B
Total liabilities $12.2B$12.7B$12.6B$12.9B$17.0B
Shareholders' equity −$40.0M$116M$724M$1.7B$2.4B
Net debt (− = net cash) $3.8B$4.7B$4.3B$3.9B$8.0B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$43.7M

7 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 2, 2026 Gregory Q BrownChairman and CEO, Director Sold 14,220 $485.22 $6.9M Form 4
Aug 21, 2026 Kathryn A MooreSVP, Human Resources Sold 1,004 $476.96 $0.5M Form 4
Aug 12, 2026 Ayanna HowardDirector Sold 685 $469.52 $0.3M Form 4
Aug 7, 2026 Katherine A MaherCVP and CAO Sold 1,754 $469.77 $0.8M Form 4
Mar 4, 2026 Gregory Q BrownChairman and CEO, Director Sold 28,435 $477.95 $13.6M Form 4
Feb 27, 2026 Cynthia YazdiSVP, COS to the Chairman & CEO Sold 7,260 $479.30 $3.5M Form 4
Feb 27, 2026 Jason J WinklerEVP and CFO Sold 8,819 $478.23 $4.2M Form 4
Feb 27, 2026 Kathryn A MooreSVP, Human Resources Sold 406 $478.89 $0.2M Form 4
Feb 26, 2026 Cynthia YazdiSVP, COS to the Chairman & CEO Sold 7,000 $471.01 $3.3M Form 4
Feb 26, 2026 Gregory Q BrownChairman and CEO, Director Sold 52 $464.28 $0.0M Form 4
Feb 26, 2026 Kenneth D DenmanDirector Sold 434 $470.12 $0.2M Form 4
Feb 25, 2026 Gregory Q BrownChairman and CEO, Director Sold 21,600 $469.53 $10.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✕
F-score 7 / 98 / 96 / 9
Accruals ratio −2.6%−5.8%−4.0%
Altman Z'' 1.612.531.69

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Motorola Solutions MSI $80.6B 8.0% 25.6% 22.0% 28.6% 37.9x 6
Arista Networks ANET $219.9B 28.6% 42.8% 47.2% — 54.4x 4 Compare →
Ciena CIEN $46.8B 18.8% 4.1% 14.0% 5.1% 71.5x 7 Compare →
Viasat VSAT $8.4B 2.7% 2.3% 32.2% 0.6% — 6 Compare →
Ubiquiti UI $35.6B 27.2% 36.2% 27.8% 104.2% 37.1x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $6.0B $6.4B $7.3B $7.9B $7.4B $8.2B $9.1B $10.0B $10.8B $11.7B
Gross profit $2.9B $3.0B $3.5B $3.9B $3.6B $4.0B $4.2B $5.0B $5.5B $6.0B
Research and development $553M $568M $637M $687M $686M $734M $779M $858M $917M $970M
Operating income $1.0B $1.3B $1.3B $1.6B $1.4B $1.7B $1.7B $2.3B $2.7B $3.0B
Interest expense $225M $215M $240M $237M $233M $215M $240M $249M $295M $360M
Pretax income $844M $1.1B $1.1B $1.0B $1.2B $1.6B $1.5B $2.1B $2.0B $2.8B
Income tax $282M $1.2B $133M $130M $221M $302M $148M $432M $390M $652M
Net income $560M −$155M $966M $868M $949M $1.2B $1.4B $1.7B $1.6B $2.2B
Diluted EPS $3.24 −$0.95 $5.62 $4.95 $5.45 $7.17 $7.93 $9.93 $9.23 $12.75
Diluted shares 0.17B 0.16B 0.17B 0.18B 0.17B 0.17B 0.17B 0.17B 0.17B 0.17B
Cash flow
Cash from operations $1.2B $1.3B $1.1B $1.8B $1.6B $1.8B $1.8B $2.0B $2.4B $2.8B
Capital expenditure $271M $227M $197M $248M $217M $243M $256M $253M $257M $265M
Free cash flow $894M $1.1B $878M $1.6B $1.4B $1.6B $1.6B $1.8B $2.1B $2.6B
Depreciation and amortization $295M $343M $360M $394M $409M $438M $440M $356M $336M $425M
Stock-based compensation $68.0M $66.0M $73.0M $118M $129M $129M $172M $212M $243M $293M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $842M $483M $132M $315M $612M $528M $836M $804M $244M $1.2B
Dividends paid $280M $307M $337M $379M $436M $482M $530M $589M $654M $728M
Dividends and buybacks $1.1B $790M $469M $694M $1.0B $1.0B $1.4B $1.4B $898M $1.9B
Balance sheet
Cash and short-term investments $967M $1.2B $1.3B $1.0B $1.3B $1.9B $1.3B $1.7B $2.1B $1.2B
Total debt $4.4B $4.5B $5.3B $5.1B $5.2B $5.7B $6.0B $6.0B $6.0B $9.2B
Finance lease liabilities $0.0M $0.0M $0.0M $29.0M $16.0M $4.0M $1.0M $0.0M $0.0M $0.0M
Current assets $3.5B $4.0B $4.3B $4.2B $4.3B $5.4B $5.3B $5.7B $6.5B $6.3B
Current liabilities $2.7B $2.9B $3.1B $3.4B $3.5B $4.1B $4.6B $5.7B $5.1B $6.1B
Inventory $273M $327M $356M $447M $508M $788M $1.1B $827M $766M $983M
Property and equipment, net $789M $856M $895M $992M $1.0B $1.0B $927M $964M $1.0B $1.2B
Total assets $8.5B $8.2B $9.4B $10.6B $10.9B $12.2B $12.8B $13.3B $14.6B $19.4B
Total liabilities $9.4B $9.9B $10.7B $11.3B $11.4B $12.2B $12.7B $12.6B $12.9B $17.0B
Shareholders' equity −$964M −$1.7B −$1.3B −$700M −$558M −$40.0M $116M $724M $1.7B $2.4B
Margins
Gross margin 47.5% 47.4% 47.4% 49.8% 48.7% 49.4% 46.4% 49.8% 51.0% 51.7%
Operating margin 17.4% 20.1% 17.1% 20.1% 18.7% 20.4% 18.2% 23.0% 24.9% 25.6%
EBITDA margin 22.2% 25.5% 22.0% 25.0% 24.2% 25.8% 23.1% 26.6% 28.0% 29.2%
Net margin 9.3% −2.4% 13.2% 11.0% 12.8% 15.2% 15.0% 17.1% 14.6% 18.4%
FCF margin 14.8% 17.5% 12.0% 20.0% 18.8% 19.5% 17.2% 18.0% 19.7% 22.0%
Returns
Return on capital — 32.0% 51.0% 43.9% 32.7% 37.3% 34.8% 37.1% 40.4% 28.6%
Return on capital employed 17.5% 23.2% 21.7% 23.4% 19.0% 21.5% 20.3% 28.9% 31.4% 26.2%
Return on equity — — — — — — — — 130.0% 104.7%
Return on assets 6.7% −1.9% 11.0% 8.7% 8.8% 10.8% 10.9% 13.1% 11.3% 12.7%
Growth
Revenue growth 6.0% 5.7% 15.1% 7.4% −6.0% 10.2% 11.5% 9.5% 8.4% 8.0%
Net income growth −8.2% −127.7% — −10.1% 9.3% 31.2% 9.5% 25.4% −7.7% 36.6%
EPS growth 7.3% −129.3% — −11.9% 10.1% 31.6% 10.6% 25.2% −7.1% 38.1%
FCF growth 5.7% 25.2% −21.5% 79.4% −11.4% 14.2% −1.7% 14.3% 19.2% 20.5%
Share count change −14.2% −5.9% 5.6% 2.1% −0.9% −0.3% −1.0% 0.1% −0.8% −1.1%
Financial health
Net debt / EBITDA 2.6x 2.0x 2.5x 2.1x 2.2x 1.8x 2.2x 1.6x 1.3x 2.3x
Debt / equity — — — — — — — 8.3x 3.5x 3.8x
Interest coverage 4.7x 6.0x 5.2x 6.7x 5.9x 7.8x 6.9x 9.2x 9.1x 8.3x
Current ratio 1.3x 1.4x 1.4x 1.2x 1.2x 1.3x 1.2x 1.0x 1.3x 1.0x
Quick ratio 1.2x 1.2x 1.3x 1.1x 1.1x 1.1x 0.9x 0.9x 1.1x 0.9x
Capital allocation
Capex / revenue 4.5% 3.6% 2.7% 3.1% 2.9% 3.0% 2.8% 2.5% 2.4% 2.3%
Stock comp / revenue 1.1% 1.0% 1.0% 1.5% 1.7% 1.6% 1.9% 2.1% 2.3% 2.5%
Payouts / FCF 125.5% 70.6% 53.4% 44.1% 75.1% 63.4% 87.2% 77.8% 42.1% 73.2%
Quality scores
Piotroski F-score 6.0 5.0 6.0 5.0 6.0 8.0 5.0 7.0 8.0 6.0
Altman Z'' 1.8 1.9 2.0 1.8 1.7 2.0 1.6 1.6 2.5 1.7
Accruals ratio −7.2% −18.0% −1.2% −9.5% −6.2% −5.1% −3.7% −2.6% −5.8% −4.0%

Source: SEC EDGAR XBRL filings (CIK 0000068505). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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