Zebra Technologies Corp (ZBRA)
Information Technology · Electronic Equipment & Instruments · US stock · S&P 500 component
$384.16
▼ -6.84 (1.75%)
Fair valueFair
$358 −6.9% to fair value
$179fair band $304–$434$536
Day's range
$373.90 – $387.94
52-week range
$199.05 – $392.78
About Zebra Technologies Corp
Zebra Technologies makes the devices and software that help businesses track, scan and manage items and people. Its range includes barcode scanners, mobile computers, label and receipt printers, RFID readers and machine vision systems, along with software that ties them together. Retailers, warehouses and logistics companies, manufacturers and healthcare providers use them to keep inventory accurate and workflows moving.
The company earns revenue from hardware, from recurring software and services, and from repair and support contracts. Over the last twelve months it reached $5.8 billion, though revenue growth over the last three years was -2.3% a year, a decline. The operating margin is 14.7%, and the business earns a profit of 10% on the capital invested in it. It has net debt of 2.6 times EBITDA. No dividend is paid. On the site's X-Ray Score it receives 43 out of 100.
Price chart
52-wk range $199.05 – $392.78Volume 589,127Daily, split-adjusted
Vitals
Market cap$18.5B
52-week range$199.05 – $392.78
Volume (last day)589,127
P/E (TTM)35.6
EBIT / EV yield4.0%
Free-cash-flow yield4.9%
Dividend yieldNo dividend
Revenue (TTM)$5.8B
Net income (TTM)$539M
Operating margin14.7%
Return on capital10.5%
Debt incl. leases$3.0B
Cash & securities$157M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$358middle half of models $357 – $411
Fair
−6.9% to fair value
Average of the 13 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $384
Undervalued < $304Fair $304 – $434Overvalued > $434
P/E multiple
$377
P/B multiple
$357
P/S multiple
$427
EV/EBITDA multiple
$411
EV/EBIT multiple
$417
EV/revenue multiple
$426
10-year DCF, EBITDA exit
$388
5-year DCF, EBITDA exit
$405
10-year DCF, revenue exit
$385
5-year DCF, revenue exit
$399
10-year DCF, growth exit
$222
5-year DCF, growth exit
$201
Earnings power value
$236
Growth the price implies
20.6%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
58/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield4.0%
Free-cash-flow yield4.9%
Fair value vs price0.9×
Growth
Weak
37/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)-2.3%
EPS growth (3y)-2.4%
Growth consistency90%
Profitability
Weak
44/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital10.5%
Operating margin14.7%
Gross profitability33.6%
Financial health
Weak
30/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score5 / 9
Net debt / EBITDA2.6×
Interest coverNo interest cost
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
+11.3%
Mar '25
+6.2%
Jun '25
+5.2%
Sep '25
+10.6%
Dec '25
+14.3%
Apr '26
+20.4%
Jul '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.6B, diluted EPS $4.85.
Compare with peers
TDY Teledyne Technologies...49 ROP Roper Technologies Inc45 KEYS Keysight Technologies,...39Other Electronic Equipment & Instruments companies by X-Ray Score.
SWOT analysis: Zebra Technologies Corp
Strengthsinside the company
- Operating profit covers interest 50x, so debt costs are a small drag.
Weaknessesinside the company
- Revenue has fallen 2.3% a year over three years while industry peers grew 3.9%.
Opportunitiesvaluation and setting
- Revenue growth picked up to 8.3% last year from -2.3% a year over three years.
- Our Market Compass rates the backdrop for Information Technology as favourable.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- No specific threat is flagged by our checks; general market and interest-rate risk still applies.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare ZBRA with peers and sector
Medians of 3 Electronic Equipment & Instruments peers and of 74 Information Technology stocks in our universe.
Largest peers (X-Ray Score): KEYS 39, ROP 45, TDY 49.
| Metric | ZBRA | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 43 | 45 | 50 |
| Valuation | 58 | 55 | 50 |
| Growth | 37 | 43 | 54 |
| Profitability | 44 | 37 | 50 |
| Financial health | 30 | 49 | 50 |
| Dividends | – | – | 50 |
Sector leaders: highest X-Ray Score in Information Technology
ZBRA ranks #53 of 75 in Information Technology and #3 of 4 in Electronic Equipment & Instruments by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for ZBRA
Each factor is rated by where ZBRA stands among the 75 Information Technology stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 5 Good · 8 Average · 10 Bad of 23
Growth: 0 · 0 · 3
Profitability: 0 · 2 · 3
Financial strength: 1 · 0 · 3
Valuation: 3 · 2 · 0
Cash flow: 1 · 2 · 1
Efficiency: 0 · 2 · 0
| Factor | ZBRA | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −2.3% | Bad beats 13% | +9.7% | – | – |
| Revenue growth, last year | +8.3% | Bad beats 31% | +13.7% | +8.3% | ≈ In line |
| EPS growth, 3 years a year | −2.4% | Bad beats 31% | +5.9% | – | – |
| Profitability | |||||
| Gross margin | 49.6% | Average beats 38% | 57.8% | 46.7% | ≈ In line |
| Operating margin | 14.7% | Bad beats 29% | 20.3% | 13.0% | ▲ Better |
| Net margin | 9.2% | Bad beats 22% | 17.8% | 8.0% | ▲ Better |
| Return on invested capital | 10.5% | Bad beats 27% | 19.4% | – | – |
| Return on equity | 15.7% | Average beats 38% | 21.0% | 14.7% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 2.6x | Bad beats 15% | 0.8x | 2.6x | ≈ In line |
| Interest cover | 50.0x | Good beats 75% | 23.0x | – | – |
| Current ratio | 0.52 | Bad beats 2% | 1.57 | 0.97 | ▼ Worse |
| Piotroski F-score | 5 / 9 | Bad beats 21% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 34.3x | Average beats 48% | 33.6x | 37.9x | ≈ In line |
| Price / book | 5.4x | Good beats 71% | 8.3x | 4.9x | ≈ In line |
| Price / sales | 3.2x | Good beats 81% | 6.9x | 3.1x | ≈ In line |
| EV / EBITDA | 19.9x | Average beats 64% | 24.7x | 23.3x | ▲ Better |
| Free cash flow yield | 4.9% | Good beats 68% | 3.4% | 3.1% | ▲ Better |
| Cash flow | |||||
| Free cash flow margin | 15.5% | Bad beats 21% | 22.3% | 15.4% | ≈ In line |
| Cash from operations / net income | 1.82 | Good beats 73% | 1.39 | 1.28 | ▲ Better |
| Free cash flow growth, 3 years a year | +26.2% | Average beats 66% | +15.4% | – | – |
| Accruals (lower is better) | −5.1% | Average beats 61% | −4.4% | – | – |
| Efficiency | |||||
| Inventory turnover | 4.0x | Average beats 57% | 3.9x | 3.7x | ≈ In line |
| Days sales outstanding | 62 days | Average beats 53% | 63 days | 49 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 2 Good · ● 6 Average · ● 8 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldGood
Risk models
Altman Z''Bad
Piotroski F-ScoreBad
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Average
Revenue growth (3y)Bad
Growth consistencyAverage
Balance sheet
Current ratioBad
Net debt / EBITDABad
Interest coverGood
Valuation
Fair value vs priceAverage
EBIT / EV yieldAverage
Profitability
Return on invested capitalBad
Operating marginBad
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 44/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $5.6B | $5.8B | $4.6B | $5.0B | $5.4B |
| Operating income | $979M | $529M | $481M | $742M | $700M |
| Net income | $837M | $463M | $296M | $528M | $419M |
| Operating cash flow | $1.1B | $488M | −$4M | $1.0B | $917M |
| Operating margin | 17.4% | 9.2% | 10.5% | 14.9% | 13.0% |
| Free cash flow | $1.0B | $413M | −$91M | $954M | $831M |
| Diluted EPS | $15.52 | $8.80 | $5.72 | $10.18 | $8.18 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
11 bullish · 4 neutral · 1 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 382.0 | Bullish |
| EMA 10 | 381.6 | Bullish |
| SMA 20 | 379.6 | Bullish |
| EMA 20 | 377.4 | Bullish |
| SMA 50 | 366.2 | Bullish |
| EMA 50 | 360.0 | Bullish |
| SMA 100 | 319.4 | Bullish |
| EMA 100 | 331.3 | Bullish |
| SMA 200 | 276.4 | Bullish |
| EMA 200 | 304.2 | Bullish |
Oscillators (daily)
| RSI (14) | 57.63 | Neutral |
| MACD (12, 26) | 6.45 | Bullish |
| Momentum (12) | -0.42 | Bearish |
| Stochastic %K (14) | 68.10 | Neutral |
| Williams %R (14) | -31.90 | Neutral |
| CCI (20) | 40.17 | Neutral |
Pivot points (classic, last session)
S3 362.0 | S2 368.0 | S1 376.1 | Pivot 382.0 | R1 390.1 | R2 396.0 | R3 404.1 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
ETFs that hold ZBRA
| ETF | Share of the fund |
|---|---|
| RSPT Invesco S&P 500 Equal Weight Technolog... | 1.85% |
| SPHB Invesco S&P 500 High Beta | 1.04% |
| FMDE Fidelity Enhanced Mid Cap | 0.53% |
| TMSL T. Rowe Price Small-Mid Cap | 0.30% |
| VBR Vanguard Small-Cap Value | 0.27% |
| RSP Invesco S&P 500 Equal Weight | 0.26% |
| AIQ Global X Artificial Intelligence & Tec... | 0.23% |
| JHMM John Hancock Multifactor Mid Cap | 0.22% |
The eight funds with the largest weight in ZBRA among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
ZBRA stock splits
ZBRA has split its stock 3 times since 1995. The latest was a 3-for-2 split on 26 Aug 2004.
Full ZBRA stock split history →ZBRA SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change; Shareholder vote results
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
DEF 14ASEC EDGAR
Proxy statement
10-KSEC EDGAR
Annual report
8-KSEC EDGAR
Results of operations; Other events
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.