Motorola Solutions

MSI · NYSE · Information Technology · Financials, fiscal 2016 to 2025

MSI · Last close · October 26, 2026

$485.62

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%.

Motorola Solutions, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 12, 2026 · 0000068505-26-000010 Updated October 9, 2026

Revenue

$11.7B

8.0%

Operating margin

25.6%

0.7 pts

Net income

$2.2B

36.6%

Free cash flow

$2.6B

20.5%

Return on capital

28.6%

11.8 pts

Market cap

$81.2B

Oct 26 close

P/E

38.2x

On $12.70 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

Large, multi-year system and services contracts that could go wrong or cost more than planned.
Rules on radio frequencies that could slow growth or let new competitors in.
Losing senior managers and key engineers.
Currency swings on sales made outside the United States.
Catastrophic events that interrupt its business or its customers' and suppliers' operations.

From Motorola Solutions's annual report on Form 10-K, filed February 12, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 16.4% a year and net income 16.1% a year, as buybacks cut the share count by 2%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Motorola Solutions yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Motorola Solutions' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Motorola Solutions' fiscal 2025 free cash flow of $2.6B, net cash of −$8.0B at December 31, 2025 and 169 million diluted shares, from its filings. The scenarios are fitted to Motorola Solutions: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 8.6% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Communications Equipment); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Motorola Solutions's own revenue growth, as above. Cautious: growth of 4.5% then 3% a year, 2% after year 10, a 10% discount rate. Base: growth of 8.5% then 5.5% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 13% then 8% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $485.62
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Motorola Solutions' earnings per share of $12.70 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 38.2×, the middle of Motorola Solutions' own P/E today, its peers' median and its sector's median (Motorola Solutions' own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to July 4, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Arista Networks, Ciena.

Earnings growth in the years ahead (% a year) Starts at Motorola Solutions' revenue growth over the last 3 years, 8.6% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $485.62
Value at this multiple, against the last close: —
Motorola Solutions' P/E at the last close: 38.2×

Company	Last close	Earnings per share	P/E today
CienaCIEN	$335.93	$4.48	75.0×
Arista NetworksANET	$177.24	$3.17	55.9×
Motorola SolutionsMSI	$485.62	$12.70	38.2×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,874	1,325	1,705	2,102	1,165
Debt incl. finance leases	5,697	6,015	6,018	5,997	9,162
Net debt (negative means net cash)	3,823	4,690	4,313	3,895	7,997
Net debt to EBITDA	1.8x	2.2x	1.6x	1.3x	2.3x
Debt to equity	—	—	8.3x	3.5x	3.8x
Interest coverage	7.8x	6.9x	9.2x	9.1x	8.3x
Current ratio	1.3x	1.1x	1.0x	1.3x	1.0x
Quick ratio	1.1x	0.9x	0.8x	1.1x	0.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Motorola Solutions shares on the open market, and 8 insiders sold $101.5 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 2, 2026	Gregory Q BrownChairman and CEO, Director	Sold	14,220	$485.22	$6.9 million	Form 4
Aug 21, 2026	Kathryn A MooreSVP, Human Resources	Sold	1,004	$476.96	$478,760	Form 4
Aug 12, 2026	Ayanna HowardDirector	Sold	685	$469.52	$321,621	Form 4
Aug 7, 2026	Katherine A MaherCVP and CAO	Sold	1,754	$469.77	$823,983	Form 4
Mar 4, 2026	Gregory Q BrownChairman and CEO, Director	Sold	28,435	$477.95	$13.6 million	Form 4
Feb 27, 2026	Jason J WinklerEVP and CFO	Sold	8,819	$478.23	$4.2 million	Form 4
Feb 27, 2026	Cynthia YazdiSVP, COS to the Chairman & CEO	Sold	7,260	$479.30	$3.5 million	Form 4
Feb 27, 2026	Kathryn A MooreSVP, Human Resources	Sold	406	$478.89	$194,252	Form 4
Feb 26, 2026	Cynthia YazdiSVP, COS to the Chairman & CEO	Sold	7,000	$471.01	$3.3 million	Form 4
Feb 26, 2026	Kenneth D DenmanDirector	Sold	434	$470.12	$204,032	Form 4
Feb 26, 2026	Gregory Q BrownChairman and CEO, Director	Sold	52	$464.28	$24,143	Form 4
Feb 25, 2026	Gregory Q BrownChairman and CEO, Director	Sold	21,600	$469.53	$10.1 million	Form 4

The latest 12 of 16 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Pass	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Fail
F-score	7 of 9	8 of 9	6 of 9
Accruals ratio	−2.6%	−5.8%	−4.0%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Motorola Solutions side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Motorola Solutions	FY25	8.0%	25.6%	22.0%	28.6%	2.3x	6
Arista Networks	FY25	28.6%	42.8%	47.2%	—	−2.7x	4	Compare
Nokia	FY25	3.5%	4.5%	7.4%	3.6%	−1.5x	6	Compare
Ciena	FY25	18.8%	4.1%	13.9%	5.1%	0.8x	7	Compare
Viasat	FY26	2.7%	2.3%	32.2%	0.6%	3.3x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	6,038	6,380	7,343	7,887	7,414	8,171	9,112	9,978	10,817	11,682
Revenue growth	6.0%	5.7%	15.1%	7.4%	−6.0%	10.2%	11.5%	9.5%	8.4%	8.0%
Gross profit	2,869	3,024	3,480	3,931	3,608	4,040	4,229	4,970	5,512	6,035
Research and development	553	568	637	687	686	734	779	858	917	970
Operating income	1,048	1,284	1,255	1,581	1,383	1,667	1,661	2,294	2,688	2,988
Net income	560	−155	966	868	949	1,245	1,363	1,709	1,577	2,154
Diluted EPS (US$)	3.24	−0.95	5.62	4.95	5.45	7.17	7.93	9.93	9.23	12.75
Diluted shares (millions)	173	163	172	176	174	174	172	172	171	169
Cash flow
Cash from operations	1,165	1,346	1,075	1,823	1,613	1,837	1,823	2,044	2,391	2,837
Capital expenditure	271	227	197	248	217	243	256	253	257	265
Free cash flow	894	1,119	878	1,575	1,396	1,594	1,567	1,791	2,134	2,572
Dividends paid	280	307	337	379	436	482	530	589	654	728
Share buybacks	842	483	132	315	612	528	836	804	244	1,154
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	68	66	73	118	129	129	172	212	243	293
Balance sheet at fiscal year end
Cash and short-term investments	967	1,205	1,257	1,001	1,254	1,874	1,325	1,705	2,102	1,165
Debt incl. finance leases	4,396	4,471	5,320	5,158	5,191	5,697	6,015	6,018	5,997	9,162
Total assets	8,463	8,208	9,409	10,642	10,876	12,189	12,814	13,336	14,595	19,389
Total liabilities	9,415	9,935	10,685	11,325	11,417	12,212	12,683	12,597	12,876	16,962
Shareholders' equity	−964	−1,742	−1,293	−700	−558	−40	116	724	1,703	2,410
Margins and ratios
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%	18.6%	20.4%	18.2%	23.0%	24.9%	25.6%
Net margin	9.3%	−2.4%	13.2%	11.0%	12.8%	15.2%	15.0%	17.1%	14.6%	18.4%
Free cash flow margin	14.8%	17.5%	12.0%	20.0%	18.8%	19.5%	17.2%	17.9%	19.7%	22.0%
Return on capital	—	32.0%	51.0%	43.9%	32.7%	37.3%	34.8%	37.1%	40.4%	28.6%
Return on equity	—	—	—	—	—	—	—	—	129.9%	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%
Net debt to EBITDA	2.5x	2.0x	2.5x	2.1x	2.2x	1.8x	2.2x	1.6x	1.3x	2.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Motorola Solutions' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Motorola Solutions.