Vontier vs Zebra Technologies
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The short version
- Zebra Technologies is the larger business, with $5.4B of revenue in fiscal 2025 against $3.1B for Vontier, about 1.8 times as much.
- Zebra Technologies grew revenue faster (8.3%, against 3.2%).
- Vontier kept more of each dollar of sales as operating profit (18.3% operating margin, against 13.0%).
- Zebra Technologies turned more of its sales into free cash flow (15.4% FCF margin, against 14.3%).
- Vontier earned a higher return on the capital invested in it (15.8%, against 9.7%).
- Investors pay more for each dollar of Zebra Technologies’s earnings: a P/E of 35.3x against 14.2x for Vontier.
| Latest fiscal year | VNT · FY25 | ZBRA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.8B | $18.6B |
| Revenue | $3.1B | $5.4B |
| Free cash flow | $441M | $831M |
| Net income | $406M | $419M |
| Growth | ||
| Revenue growth | 3.2% | 8.3% |
| 5-year growth | 2.6% | 3.9% |
| Share count change | −4.2% | −1.3% |
| Profitability | ||
| Gross margin | — | 48.1% |
| Operating margin | 18.3% | 13.0% |
| Net margin | 13.2% | 7.8% |
| FCF margin | 14.3% | 15.4% |
| Return on capital | 15.8% | 9.7% |
| Return on equity | 35.4% | 11.7% |
| Balance sheet | ||
| Net debt | $1.6B | $2.4B |
| Net debt / EBITDA | 2.6x | 2.7x |
| Dividends and buybacks | $315M | $587M |
| Valuation & quality | ||
| P/E | 14.2x | 35.3x |
| Piotroski F-score | 6 | 4 |
FY16
VNT —
ZBRA $3.6B
FY17
VNT —
ZBRA $3.7B
FY18
VNT $2.7B
ZBRA $4.2B
FY19
VNT $2.8B
ZBRA $4.5B
FY20
VNT $2.7B
ZBRA $4.4B
FY21
VNT $3.0B
ZBRA $5.6B
FY22
VNT $3.2B
ZBRA $5.8B
FY23
VNT $3.1B
ZBRA $4.6B
FY24
VNT $3.0B
ZBRA $5.0B
FY25
VNT $3.1B
ZBRA $5.4B
VNT
ZBRA
FY16
VNT —
ZBRA 2.2%
FY17
VNT —
ZBRA 8.7%
FY18
VNT 18.7%
ZBRA 14.5%
FY19
VNT 20.3%
ZBRA 15.4%
FY20
VNT 17.3%
ZBRA 14.6%
FY21
VNT 19.5%
ZBRA 17.4%
FY22
VNT 18.2%
ZBRA 9.2%
FY23
VNT 17.6%
ZBRA 10.5%
FY24
VNT 18.0%
ZBRA 14.9%
FY25
VNT 18.3%
ZBRA 13.0%
VNT
ZBRA
FY16
VNT —
ZBRA $303M
FY17
VNT —
ZBRA $428M
FY18
VNT $379M
ZBRA $721M
FY19
VNT $507M
ZBRA $624M
FY20
VNT $656M
ZBRA $895M
FY21
VNT $433M
ZBRA $1.0B
FY22
VNT $261M
ZBRA $413M
FY23
VNT $395M
ZBRA −$91.0M
FY24
VNT $345M
ZBRA $954M
FY25
VNT $441M
ZBRA $831M
VNT
ZBRA
FY16
VNT —
ZBRA 1.8%
FY17
VNT —
ZBRA 5.2%
FY18
VNT —
ZBRA 16.8%
FY19
VNT —
ZBRA 25.4%
FY20
VNT 20.1%
ZBRA 22.1%
FY21
VNT 21.4%
ZBRA 24.7%
FY22
VNT 15.8%
ZBRA 10.9%
FY23
VNT 14.6%
ZBRA 8.7%
FY24
VNT 16.0%
ZBRA 12.4%
FY25
VNT 15.8%
ZBRA 9.7%
VNT
ZBRA
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.