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Zebra Technologies

ZBRA Nasdaq Electronic Equipment & Instruments Financials FY2016–FY2025

Zebra Technologies' revenue rose 8.3% to $5.4 billion in fiscal 2025. Its operating margin was 13.0%, down from 14.9% a year earlier. Free cash flow was $831 million, down 12.9%. It paid out $587 million in dividends and buybacks, 71% of free cash flow. The diluted share count fell 1.3%.

Last close · Oct 23, 2026

$386.45

0.6%
Value it Compare
Revenue Total sales reported in the income statement.
$5.4B
8.3% vs prior year
Operating margin Operating income as a share of revenue.
13.0%
1.9 pts
Net income Profit after all expenses, interest and tax.
$419M
20.6%
Free cash flow Cash from operations minus capital spending.
$831M
12.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.7%
2.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$18.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
35.3x
On $10.94 EPS (TTM)

What Zebra Technologies does

No business description yet.

Legal name
Zebra Technologies Corporation
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-007668
0000877212

Revenue and margins

Zebra Technologies had $5.4B of revenue in fiscal 2025, up 8.3% 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

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 $831M in fiscal 2025, 15.4% 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

Zebra Technologies returned $587M to shareholders in fiscal 2025, 71% of free cash flow. The diluted share count fell 1.3%.

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

Value Zebra Technologies 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 −$2.4B and divides by 51.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 35.3x · peers 23.4x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Zebra Technologies can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $332M$105M$137M$901M$125M
Debt incl. finance leases $991M$2.0B$2.2B$2.2B$2.5B
Net debt / EBITDA 0.6x2.6x3.2x1.4x2.7x
Debt / equity 0.3x0.7x0.7x0.6x0.7x
Interest coverage 195.8x9.1x4.3x13.5x5.4x
Current ratio 0.9x0.8x1.1x1.4x1.0x
Quick ratio 0.7x0.4x0.5x1.0x0.6x
Total assets $6.2B$7.5B$7.3B$8.0B$8.5B
Total liabilities $3.2B$4.8B$4.3B$4.4B$4.9B
Shareholders' equity $3.0B$2.7B$3.0B$3.6B$3.6B
Net debt (− = net cash) $659M$1.9B$2.1B$1.3B$2.4B

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

$0.4M

1 insider

Sold, 12 months

$2.4M

6 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 10, 2026 Linda ConnlyDirector Sold 500 $377.68 $0.2M Form 4
Aug 7, 2026 Michael ChoChief Strategy Officer Sold 3,500 $375.20 $1.3M Form 4
May 26, 2026 Loizides Melissa LuffChief People Officer Sold 500 $253.95 $0.1M Form 4
May 14, 2026 Janice M RobertsDirector Sold 3,000 $249.54 $0.7M Form 4
Mar 12, 2026 Satish DhanasekaranDirector Bought 200 $205.40 $0.0M Form 4
Mar 5, 2026 Cristen L KoglChief Legal Officer Sold 145 $235.71 $0.0M Form 4
Mar 5, 2026 Robert John Armstrong JrChief Marketing Officer Sold 9 $229.73 $0.0M Form 4
Feb 27, 2026 Satish DhanasekaranDirector Bought 500 $225.25 $0.1M Form 4
Nov 18, 2025 Satish DhanasekaranDirector Bought 1,000 $233.12 $0.2M 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 4 / 98 / 94 / 9
Accruals ratio 4.0%−6.4%−6.1%
Altman Z'' 3.194.083.30

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
Zebra Technologies ZBRA $18.6B 8.3% 13.0% 15.4% 9.7% 35.3x 4
Keysight Technologies KEYS $54.5B 8.0% 16.3% 23.8% 12.1% 43.1x 6 Compare →
Teledyne Technologies TDY $29.3B 7.9% 18.8% 17.6% 7.8% 28.6x 7 Compare →
Roper Technologies ROP $44.1B 12.3% 28.3% 31.6% 6.4% 18.2x 5 Compare →
Vontier VNT $4.8B 3.2% 18.3% 14.3% 15.8% 14.2x 6 Compare →

10 years of figures

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

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.6B $3.7B $4.2B $4.5B $4.4B $5.6B $5.8B $4.6B $5.0B $5.4B
Gross profit $1.6B $1.7B $2.0B $2.1B $2.0B $2.6B $2.6B $2.1B $2.4B $2.6B
Research and development $376M $389M $444M $447M $453M $567M $570M $519M $563M $593M
Operating income $80.0M $322M $610M $692M $651M $979M $529M $481M $742M $700M
Interest expense $193M $227M $91.0M $89.0M $76.0M $5.0M $58.0M $111M $55.0M $129M
Pretax income −$129M $88.0M $524M $598M $560M $968M $544M $334M $635M $560M
Income tax $8.0M $71.0M $103M $54.0M $56.0M $131M $81.0M $38.0M $107M $141M
Net income −$137M $17.0M $421M $544M $504M $837M $463M $296M $528M $419M
Diluted EPS −$2.65 $0.32 $7.76 $9.97 $9.35 $15.52 $8.80 $5.72 $10.18 $8.18
Diluted shares 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $380M $478M $785M $685M $962M $1.1B $488M −$4.0M $1.0B $917M
Capital expenditure $77.0M $50.0M $64.0M $61.0M $67.0M $59.0M $75.0M $87.0M $59.0M $86.0M
Free cash flow $303M $428M $721M $624M $895M $1.0B $413M −$91.0M $954M $831M
Depreciation and amortization $304M $263M $175M $175M $146M $187M $204M $176M $172M $185M
Stock-based compensation $27.0M $35.0M $45.0M $48.0M $51.0M $76.0M $88.0M $55.0M $89.0M $163M
Acquisitions $0.0M $0.0M $72.0M $262M $548M $452M $881M $0.0M $0.0M $1.4B
Share buybacks $0.0M $0.0M $0.0M $47.0M $200M $57.0M $751M $52.0M $47.0M $587M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $47.0M $200M $57.0M $751M $52.0M $47.0M $587M
Balance sheet
Cash and short-term investments $156M $62.0M $44.0M $30.0M $168M $332M $105M $137M $901M $125M
Total debt $2.6B $2.2B $1.6B $266M $1.2B $991M $2.0B $2.2B $2.2B $2.5B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.2B $1.1B $1.2B $1.2B $1.3B $1.7B $1.9B $1.7B $2.4B $1.8B
Current liabilities $949M $1.0B $1.3B $1.4B $1.9B $1.8B $2.3B $1.6B $1.7B $1.9B
Inventory $345M $458M $520M $474M $511M $491M $860M $804M $693M $729M
Property and equipment, net $292M $264M $249M $259M $274M $272M $278M $309M $305M $353M
Total assets $4.6B $4.3B $4.3B $4.7B $5.4B $6.2B $7.5B $7.3B $8.0B $8.5B
Total liabilities $3.8B $3.4B $3.0B $2.9B $3.2B $3.2B $4.8B $4.3B $4.4B $4.9B
Shareholders' equity $792M $834M $1.3B $1.8B $2.1B $3.0B $2.7B $3.0B $3.6B $3.6B
Margins
Gross margin 45.9% 45.9% 47.0% 46.8% 45.0% 46.7% 45.4% 46.3% 48.4% 48.1%
Operating margin 2.2% 8.7% 14.5% 15.4% 14.6% 17.4% 9.2% 10.5% 14.9% 13.0%
EBITDA margin 10.7% 15.7% 18.6% 19.3% 17.9% 20.7% 12.7% 14.3% 18.4% 16.4%
Net margin −3.8% 0.5% 10.0% 12.1% 11.3% 14.9% 8.0% 6.5% 10.6% 7.8%
FCF margin 8.5% 11.5% 17.1% 13.9% 20.1% 18.0% 7.1% −2.0% 19.2% 15.4%
Returns
Return on capital 1.8% 5.2% 16.8% 25.4% 22.1% 24.7% 10.9% 8.7% 12.4% 9.7%
Return on capital employed 2.0% 9.3% 19.3% 21.8% 19.1% 24.7% 11.0% 8.8% 12.4% 10.8%
Return on equity −16.3% 2.1% 38.8% 34.3% 25.3% 32.6% 16.2% 10.3% 16.0% 11.7%
Return on assets −2.8% 0.4% 9.8% 12.0% 10.0% 14.4% 6.7% 4.0% 6.9% 5.1%
Growth
Revenue growth −2.1% 4.1% 13.3% 6.3% −0.8% 26.5% 2.7% −20.7% 8.7% 8.3%
Net income growth — — 2,376.5% 29.2% −7.4% 66.1% −44.7% −36.1% 78.4% −20.6%
EPS growth — — 2,325.0% 28.5% −6.2% 66.0% −43.3% −35.0% 78.0% −19.7%
FCF growth — 41.3% 68.5% −13.5% 43.4% 12.9% −59.1% −122.0% — −12.9%
Share count change 1.1% 4.1% 1.1% 0.5% −1.3% −0.0% −2.5% −1.6% 0.3% −1.3%
Financial health
Net debt / EBITDA 6.5x 3.6x 2.0x 0.3x 1.4x 0.6x 2.6x 3.2x 1.4x 2.7x
Debt / equity 3.3x 2.6x 1.2x 0.1x 0.6x 0.3x 0.7x 0.7x 0.6x 0.7x
Interest coverage 0.4x 1.4x 6.7x 7.8x 8.6x 195.8x 9.1x 4.3x 13.5x 5.4x
Current ratio 1.3x 1.1x 0.9x 0.9x 0.7x 0.9x 0.8x 1.1x 1.4x 1.0x
Quick ratio 0.9x 0.6x 0.5x 0.5x 0.4x 0.7x 0.4x 0.5x 1.0x 0.6x
Capital allocation
Capex / revenue 2.2% 1.3% 1.5% 1.4% 1.5% 1.1% 1.3% 1.9% 1.2% 1.6%
Stock comp / revenue 0.8% 0.9% 1.1% 1.1% 1.2% 1.4% 1.5% 1.2% 1.8% 3.0%
Payouts / FCF 0.0% 0.0% 0.0% 7.5% 22.4% 5.6% 181.8% — 4.9% 70.6%
Quality scores
Piotroski F-score 6.0 7.0 7.0 6.0 4.0 9.0 4.0 4.0 8.0 4.0
Altman Z'' 1.6 1.8 2.5 2.9 2.5 3.8 2.4 3.2 4.1 3.3
Accruals ratio −10.7% −10.4% −8.5% −3.1% −9.1% −4.0% −0.4% 4.0% −6.4% −6.1%

Source: SEC EDGAR XBRL filings (CIK 0000877212). 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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