ZEBRA TECHNOLOGIES CORP
$324.00
+6.17 (+1.94%) · delayed · Nov 13, 2026
Five-year price
52w $199.05 to $392.78
- Market cap
- $15.3B
- Enterprise value
- $17.6B
- P/E
- 39.6×
- 40.4× on 3y avg EPS
- EV / EBIT
- 25.2×
- FCF yield
- 5.4%
- ROIC
- 8.8%
- Debt / equity
- 0.70
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
100
- ●ROIC > 12% (5y avg)5y avg ROIC 12.5%
- ●ROE > 15% (5y avg)5y avg ROE 16.2%
- ●Stable operating marginsMargin volatility 3.0% (σ, 5y)
- ●Earnings convert to cashFCF / net income 112% (5y avg)
- ●Growing revenueRevenue CAGR 5y 3.9%
- ●Shrinking share countDiluted shares -5.0% over 5y
Value
0
- ○P/E below 15P/E 39.6
- ○EV/EBIT below 12EV/EBIT 25.2
- ○FCF yield above 6%FCF yield 5.4%
- ○Price below Graham NumberGraham Number $118.42
- ○P/B below 3P/B 4.3
Safety
0
- ○Debt / equity below 0.5D/E 0.70
- ○Debt payable in < 4 yrs of earningsNet debt $2.4B
- ○Interest coverage > 8xCoverage 5.4x
- ○Current ratio > 1.5Current ratio 0.97
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
29
- ●Adequate size (revenue > $2B)Revenue $5.4B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.97
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 343%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 40.4
- ○P/E × P/B ≤ 22.5Product 171.6
Valuation lab
What do you have to believe?
At $324.00, the market is pricing in about 6.4% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $2.4B · 47M shares · 5y revenue CAGR 3.9%
Intrinsic value
$261.08
Price
$324.00
Premium paid
24%
What the price implies
The market is paying for 6.4% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
56% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,574 | 3,722 | 4,218 | 4,485 | 4,448 | 5,627 | 5,781 | 4,584 | 4,981 | 5,396 |
| Gross profit | 1,642 | 1,710 | 1,981 | 2,100 | 2,003 | 2,628 | 2,624 | 2,123 | 2,413 | 2,593 |
| Operating income | 80 | 322 | 610 | 692 | 651 | 979 | 529 | 481 | 742 | 700 |
| Operating margin | 2.2% | 8.7% | 14.5% | 15.4% | 14.6% | 17.4% | 9.2% | 10.5% | 14.9% | 13.0% |
| Pre-tax income | (129) | 88 | 524 | 598 | 560 | 968 | 544 | 334 | 635 | 560 |
| Income tax | 8 | 71 | 103 | 54 | 56 | 131 | 81 | 38 | 107 | 141 |
| Net income | (137) | 17 | 421 | 544 | 504 | 837 | 463 | 296 | 528 | 419 |
| EPS (diluted) | -2.65 | 0.32 | 7.76 | 9.97 | 9.35 | 15.52 | 8.80 | 5.72 | 10.18 | 8.18 |
| Diluted shares | 52 | 54 | 54 | 55 | 54 | 54 | 53 | 52 | 52 | 51 |
Who owns it