Information Technology · Electronic Equipment & Instruments · US stock · price as of 22 Oct 2026
Key indicators
Price
$384.16
52-week range
$199.05 – $392.78
Market cap
$18.5B
P/E (trailing)
35.6×
EV / EBITDA
19.7×
Free-cash-flow yield
4.9%
Dividend yield
–
Revenue (last 12 months)
$5.8B
Revenue growth (3y a year)
−2.3%
Operating margin
14.7%
Return on invested capital
10.5%
Net debt / EBITDA
2.6×
Fair value
Fair value (average of valid models)$357.64 middle half of models $357 – $411
Versus priceFair−7% to fair value
P/E multiple
$377.41
P/B multiple
$356.65
P/S multiple
$426.92
EV/EBITDA multiple
$410.61
EV/EBIT multiple
$416.93
EV/revenue multiple
$425.64
10-year DCF, EBITDA exit
$387.95
5-year DCF, EBITDA exit
$404.79
10-year DCF, revenue exit
$385.13
5-year DCF, revenue exit
$398.78
10-year DCF, growth exit
$221.57
5-year DCF, growth exit
$201.29
Earnings power value
$235.60
Model uncertainty
Medium
X-Ray Score
43/ 100 · High confidence · ahead of 29% of sector peers
Valuation58
Growth37
Profitability44
Financial health30
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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.
StocksXray gives Zebra Technologies Corp an X-Ray Score of 43 out of 100 (high confidence), ahead of 29% of the S&P 500 stocks in its sector. Its strongest lens is valuation (58) and its weakest is financial health (30).
Our fair value (the average of the valid models) is $357.64 (range $356.65 to $410.61). At $384.16 the stock trades 7% above that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Zebra Technologies Corp (ZBRA)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$595.20
$256.41
$273.33
$386.22
$242.82
$384.16
Market cap
$32.1B
$13.5B
$14.1B
$20.0B
$12.4B
$18.5B
P/E
38.4×
29.1×
47.8×
37.9×
29.7×
35.6×
EV / revenue
5.8×
2.7×
3.5×
4.3×
2.7×
3.6×
EV / EBITDA
28.1×
21.0×
24.7×
23.3×
16.7×
19.7×
Price / free cash flow
31.8×
32.6×
–
21.0×
15.0×
20.5×
Free-cash-flow yield
3.1%
3.1%
−0.6%
4.8%
6.7%
4.9%
Price / book
10.8×
4.9×
4.7×
5.6×
3.5×
5.4×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 2 Good · ● 6 Average · ● 8 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−5.1%Average
Free-cash-flow yield4.9%Good
Risk models
Altman Z score2.0×Bad
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)−2.4%Bad
Free-cash-flow growth (3y)26.2%Average
Revenue growth (3y)−2.3%Bad
Growth consistency90%Average
Balance sheet
Current ratio0.5×Bad
Net debt / EBITDA2.6×Bad
Interest coverno interest costGood
Valuation
Fair value vs price0.9×Average
EBIT / EV yield4.0%Average
Profitability
Return on invested capital10.5%Bad
Operating margin14.7%Bad
Gross profitability33.6%Average
XStocksXray
Zebra Technologies Corp (ZBRA)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
5,627
5,781
4,584
4,981
5,396
5,847
Gross profit
2,628
2,624
2,123
2,413
2,593
2,899
Operating income
979
529
481
742
700
858
Net income
837
463
296
528
419
539
Diluted EPS ($)
15.52
8.80
5.72
10.18
8.18
10.78
Free cash flow
1,010
413
-91
954
831
904
Gross margin
46.7%
45.4%
46.3%
48.4%
48.1%
49.6%
Operating margin
17.4%
9.2%
10.5%
14.9%
13.0%
14.7%
Net margin
14.9%
8.0%
6.5%
10.6%
7.8%
9.2%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
6,215
7,529
7,306
7,968
8,502
8,637
Cash
332
105
137
901
125
157
Total debt
991
2,023
2,220
2,171
2,502
2,768
Equity
2,984
2,733
3,036
3,586
3,588
3,435
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
