Vontier vs Zebra Technologies
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KIRA’s take AI analyst
I put Vontier and Zebra Technologies side by side, using each one’s latest annual report. Here is what stands out:
- 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 35.1x against 14.3x for Vontier.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Vontier
VNT
7/10
Operating marginNet marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Zebra Technologies
ZBRA
3/10
Revenue growth5-year growthFCF margin
Side by side
Best in the row
| Latest fiscal year | VNT FY25 | ZBRA FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.8B | $18.5B |
| 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 | 14.3x | 35.1x |
| Piotroski F-score | 6 | 4 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.