Zebra Technologies

ZBRA · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

ZBRA · Last close · October 26, 2026

$384.15

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%.

Zebra Technologies Corporation Latest fiscal year ended December 31, 2025 10-K filed February 12, 2026 · 0001628280-26-007668 Updated October 9, 2026

Revenue

$5.4B

8.3%

Operating margin

13.0%

1.9 pts

Net income

$419M

20.6%

Free cash flow

$831M

12.9%

Return on capital

9.7%

2.7 pts

Market cap

$18.5B

Oct 26 close

P/E

35.1x

On $10.94 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.

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 2017 to 2025, earnings per share grew 50.0% a year and net income 49.3% a year, as buybacks cut the share count by 5%.

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 Zebra Technologies 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 Zebra Technologies' 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 Zebra Technologies' fiscal 2025 free cash flow of $831M, net cash of −$2.4B at December 31, 2025 and 51 million diluted shares, from its filings. The scenarios are fitted to Zebra Technologies: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -2.3% a year, kept between 0% and 20%; 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 (Electronic Equipment & Instruments); 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 Zebra Technologies's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 10% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 2% then 2.5% 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: $384.15
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 Zebra Technologies' earnings per share of $10.94 (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: 33.3×, the middle of Zebra Technologies' own P/E today, its peers' median and its sector's median (the Information Technology median) 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: Keysight Technologies, Teledyne Technologies, Diebold Nixdorf, Roper Technologies.

Earnings growth in the years ahead (% a year) Starts at Zebra Technologies' revenue growth over the last 3 years, -2.3% a year, kept between 0% and 20%, 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: $384.15
Value at this multiple, against the last close: —
Zebra Technologies' P/E at the last close: 35.1×

Company	Last close	Earnings per share	P/E today
Keysight TechnologiesKEYS	$326.04	$7.30	44.7×
Zebra TechnologiesZBRA	$384.15	$10.94	35.1×
Teledyne TechnologiesTDY	$645.47	$21.86	29.5×
Diebold NixdorfDBD	$68.82	$3.03	22.7×
Roper TechnologiesROP	$441.65	$24.14	18.3×

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	332	105	137	901	125
Debt incl. finance leases	991	2,023	2,220	2,171	2,502
Net debt (negative means net cash)	659	1,918	2,083	1,270	2,377
Net debt to EBITDA	0.6x	2.6x	3.2x	1.4x	2.7x
Debt to equity	0.3x	0.7x	0.7x	0.6x	0.7x
Interest coverage	195.8x	9.1x	4.3x	13.5x	5.4x
Current ratio	0.9x	0.8x	1.1x	1.4x	1.0x
Quick ratio	0.7x	0.4x	0.5x	1.0x	0.6x

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, 1 insider bought $386,823 of Zebra Technologies shares on the open market, and 6 insiders sold $2.4 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 10, 2026	Linda ConnlyDirector	Sold	500	$377.68	$188,840	Form 4
Aug 7, 2026	Michael ChoChief Strategy Officer	Sold	3,500	$375.20	$1.3 million	Form 4
May 26, 2026	Loizides Melissa LuffChief People Officer	Sold	500	$253.95	$126,975	Form 4
May 14, 2026	Janice M RobertsDirector	Sold	3,000	$249.54	$748,620	Form 4
Mar 12, 2026	Satish DhanasekaranDirector	Bought	200	$205.40	$41,080	Form 4
Mar 5, 2026	Cristen L KoglChief Legal Officer	Sold	145	$235.71	$34,178	Form 4
Mar 5, 2026	Robert John Armstrong JrChief Marketing Officer	Sold	9	$229.73	$2,068	Form 4
Feb 27, 2026	Satish DhanasekaranDirector	Bought	500	$225.25	$112,625	Form 4
Nov 18, 2025	Satish DhanasekaranDirector	Bought	1,000	$233.12	$233,118	Form 4

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	Fail	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Pass	Fail	Pass
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Fail	Pass	Fail
F-score	4 of 9	8 of 9	4 of 9
Accruals ratio	4.0%	−6.3%	−6.0%

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

Compare

Put Zebra Technologies 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
Zebra Technologies	FY25	8.3%	13.0%	15.4%	9.7%	2.7x	4
Keysight Technologies	FY25	8.0%	16.3%	23.8%	12.1%	0.6x	6	Compare
Teledyne Technologies	FY25	7.9%	18.8%	17.6%	7.8%	1.4x	7	Compare
Diebold Nixdorf	FY25	1.5%	6.4%	7.2%	12.0%	1.5x	—	Compare
Roper Technologies	FY25	12.3%	28.3%	31.6%	6.4%	2.9x	5	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	3,574	3,722	4,218	4,485	4,448	5,627	5,781	4,584	4,981	5,396
Revenue growth	−2.1%	4.1%	13.3%	6.3%	−0.8%	26.5%	2.7%	−20.7%	8.7%	8.3%
Gross profit	1,642	1,710	1,981	2,100	2,003	2,628	2,624	2,123	2,413	2,593
Research and development	376	389	444	447	453	567	570	519	563	593
Operating income	80	322	610	692	651	979	529	481	742	700
Net income	−137	17	421	544	504	837	463	296	528	419
Diluted EPS (US$)	−2.65	0.32	7.76	9.97	9.35	15.52	8.80	5.72	10.18	8.18
Diluted shares (millions)	52	54	54	55	54	54	53	52	52	51
Cash flow
Cash from operations	380	478	785	685	962	1,069	488	−4	1,013	917
Capital expenditure	77	50	64	61	67	59	75	87	59	86
Free cash flow	303	428	721	624	895	1,010	413	−91	954	831
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	47	200	57	751	52	47	587
Acquisitions	0	0	72	262	548	452	881	0	0	1,365
Stock-based compensation	27	35	45	48	51	76	88	55	89	163
Balance sheet at fiscal year end
Cash and short-term investments	156	62	44	30	168	332	105	137	901	125
Debt incl. finance leases	2,648	2,176	1,591	266	1,245	991	2,023	2,220	2,171	2,502
Total assets	4,632	4,275	4,339	4,711	5,375	6,215	7,529	7,306	7,968	8,502
Total liabilities	3,840	3,441	3,004	2,872	3,231	3,231	4,796	4,270	4,382	4,914
Shareholders' equity	792	834	1,335	1,839	2,144	2,984	2,733	3,036	3,586	3,588
Margins and ratios
Gross margin	45.9%	45.9%	47.0%	46.8%	45.0%	46.7%	45.4%	46.3%	48.4%	48.0%
Operating margin	2.2%	8.7%	14.5%	15.4%	14.6%	17.4%	9.2%	10.5%	14.9%	13.0%
Net margin	−3.8%	0.5%	10.0%	12.1%	11.3%	14.9%	8.0%	6.5%	10.6%	7.8%
Free cash flow margin	8.5%	11.5%	17.1%	13.9%	20.1%	17.9%	7.1%	−2.0%	19.1%	15.4%
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 equity	−16.3%	2.1%	38.8%	34.3%	25.3%	32.6%	16.2%	10.3%	15.9%	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%
Net debt to EBITDA	6.5x	3.6x	2.0x	0.3x	1.4x	0.6x	2.6x	3.2x	1.4x	2.7x

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