undamentalytics Newsletter
Sign in

Motorola Solutions (MSI) stock

Add to watchlist

Add holding +

NYSE: MSI NYSE Communications Equipment Next results ~November 4, 2026

B Fundamentals grade

Motorola Solutions is a US-listed company in the communications equipment industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$350

Cash-flow model

Base case. Range ~$250–$480 across our lower- and higher-growth cases (4.3%–14.3% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 28% below it.

Price used: $487.31, November 2, 2026

Motorola Solutions valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Motorola Solutions files

Where Motorola Solutions stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $12.2bn, up 10.3% on a year earlier, faster than 8.3% a quarter earlier. Free-cash-flow margin held at 21.9%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 5 financial-health checks. Our cash-flow model value is $306 a share, against a share price of $461. At that price, our model says the market is pricing in about 15.9% a year of cash-flow growth for five years, faster than the 8.4% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Motorola Solutions's trailing-twelve-month revenue grew 10.3% year on year, with a free-cash-flow margin of 21.9%. Where it stands out: operating margin of 24.9% ranks 3 of 40 communications equipment companies we cover. Where it lags: long-term debt as % of assets of 43.7% ranks 23 of 23 communications equipment companies we cover.

Our discounted-cash-flow model values the business at ~$350 per share in the base case (~$250–$480 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 10.3% (+2.0pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 21.9% of revenue turned into free cash flow, against a median of 8.2% for communications equipment companies we cover.
  • Shrinking share count. Diluted shares fell 1.8% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 7 November; the share price can move sharply on the day.
  • Priced above our value. The share price of $487.31 is 28% above our value per share of $350.
  • Insiders selling. 8 insiders sold $101M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 43.7% ranks 23 of 23 communications equipment companies we cover (median 10.4%).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$4.41 against an average estimate of $3.85: beat by 14.4%
Revenue
$3.13bn, up 13.3% on a year earlier
Share reaction
+7.0% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
revenue growth growth 8% (Third quarter 2026); non-GAAP EPS $4.39 to $4.44 (Third quarter 2026)
Next report
November 4, 2026; average EPS estimate $4.44

Motorola Solutions' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.9%
  • 1 week+0.3%
  • 1 month+8.9%
  • This year+28.2%
  • 1 year+21.2%
  • 5 years+104.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$12.2B
Operating margin
24.9%
Net margin
17.4%
EPS (TTM, diluted)
$12.69

Growth

Revenue growth
+10.3%
Change in growth rate
+2.0 pts
Share count change
−1.8%

Cash

Free cash flow (TTM)
$2.7B
FCF margin
21.9%
Stock pay % of revenue
2.9%

Earnings

Last results
August 5, 2026
Next results (est.)
November 7, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Insider trade
  3. Announcement
  4. Results
  5. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Motorola Solutions valuation models and calculator

What the price is pricing in

The share price implies about 14.7% a year of cash-flow growth for five years.That is faster than the 8.4% a year revenue growth Motorola Solutions has delivered.

  • Priced in14.7%
  • Last 12 months10.3%
  • 3 years a year8.2%
  • 5 years a year8.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($486.23, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$350
Price used
$486.23close November 3, 2026
Implied change
▼ 28%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Motorola Solutions's free cash flow after stock-based pay with after-tax interest added back ($2.6B, FY2026 Q2 TTM), growing 10.7% and 9.2% in the next two years (forecasts, guidance and its record), then back to 9.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$250–~$480 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Motorola Solutions's free cash flow after stock-based pay ( $2.6B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Motorola Solutions as an operating company, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.96 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$350 ~$250–$480 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$300 ~$240–$390 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$160 ~$140–$190 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$290 ~$160–$350 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Motorola Solutions with Communications Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −28%
  • Revenue growth 5 points higher ▲ +36%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▲ +2%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $177$259$368$511$698$940
8.5% $123$182$261$363$496$668
10% $90$136$196$275$377$507

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$58.09$71.97$80.20$103.97$147.84$158.72$256.97$247.17$304.11$453.49$380.18$487.31
Market value$11.7bn$12.5bn$13.1bn$17.9bn$26.0bn$27.6bn$44.6bn$42.5bn$52.3bn$77.5bn$64.3bn$81.9bn
+ Net debt (− = net cash)$2.4bn$3.4bn$3.3bn$4.1bn$4.1bn$3.9bn$3.8bn$4.7bn$4.3bn$3.9bn$8.0bn$8.3bn
Enterprise value$14.1bn$15.9bn$16.3bn$22.0bn$30.1bn$31.6bn$48.4bn$47.2bn$56.7bn$81.4bn$72.2bn$90.3bn
Multiples
Price / sales 2.1x2.1x2.0x2.4x3.3x3.7x5.5x4.7x5.2x7.2x5.5x6.7x
Price / earnings 19.2x22.2x—18.5x29.9x29.1x35.8x31.2x30.6x49.1x29.8x38.4x
Price / free cash flow 13.9x13.9x11.7x20.4x16.5x19.8x28.0x27.1x29.2x36.3x25.0x30.6x
EV / EBITDA 12.3x11.8x10.0x13.6x15.2x17.6x23.0x22.5x21.4x26.9x21.2x26.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

85 /100

Strong moat

How hard Motorola Solutions's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 24.5% of total assets over 10 years.

  • Pricing power 17 / 20

    Gross margin has been a median 48.7%, moving by 1.5 percentage points (standard deviation) across 10 years.

  • Durability 16 / 20

    Operating margin has been a median 19.7%; its worst year was 18.2%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 19.5% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 3.0% over five years; stock-based pay has been a median 1.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (90 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $3.3bn and EPS of $4.44 (range $4.39 to $4.51) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $17.72 +15% $13.0bn +12%
Next $19.43 +10% $14.2bn +9%

Next year's EPS estimate has moved +4.8% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.4% on 90 days ago. In the last 30 days, 12 analysts raised Motorola Solutions's forecast and 0 cut it.

Consensus EPS forecast Motorola Solutions, last 90 days
$16.00 $17.00 $18.00 $19.00 $20.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $16.98 Current fiscal year, 60 days ago: $17.72 Current fiscal year, 30 days ago: $17.72 Current fiscal year, 7 days ago: $17.72 Current fiscal year, Now: $17.72 $17.72 Next fiscal year, 90 days ago: $18.54 Next fiscal year, 60 days ago: $19.43 Next fiscal year, 30 days ago: $19.43 Next fiscal year, 7 days ago: $19.43 Next fiscal year, Now: $19.43 $19.43

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $16.98$18.54
60 days ago $17.72$19.43
30 days ago $17.72$19.43
7 days ago $17.72$19.43
Now $17.72$19.43

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $3.85 $4.41 +14.4%
Mar 2026 $3.25 $3.37 +3.8%
Dec 2025 $4.35 $4.59 +5.4%
Sept 2025 $3.85 $4.06 +5.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • revenue Full-year 2026 about $12.975bn Raised
    “Full-year 2026 - The company now expects revenue of approximately $12.975 billion, up from its prior guidance of $12.8 billion and non-GAAP EPS between $17.62 and $17.72 per share, up from the prior guidance of between $16.87 and $16.99 per share.” source
  • revenue growth Third quarter 2026 about 8% growth
    “Third quarter 2026 - The company expects revenue growth of approximately 8% compared to the third quarter of 2025 and non-GAAP EPS between $4.39 and $4.44 per share.” source
  • non-GAAP EPS Full-year 2026 $17.62 to $17.72 Non-GAAP Raised
    “Full-year 2026 - The company now expects revenue of approximately $12.975 billion, up from its prior guidance of $12.8 billion and non-GAAP EPS between $17.62 and $17.72 per share, up from the prior guidance of between $16.87 and $16.99 per share.” source
  • non-GAAP EPS Third quarter 2026 $4.39 to $4.44 Non-GAAP
    “Third quarter 2026 - The company expects revenue growth of approximately 8% compared to the third quarter of 2025 and non-GAAP EPS between $4.39 and $4.44 per share.” source
  • non-GAAP effective tax rate Full-year 2026 22% to 22.5% Non-GAAP
    “This outlook assumes approximately 168 million of fully diluted shares and a non-GAAP effective tax rate between 22% and 22.5%.” source
  • non-GAAP effective tax rate Third quarter 2026 about 23% Non-GAAP
    “This assumes approximately 168 million of fully diluted shares and a non-GAAP effective tax rate of approximately 23%.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Motorola Solutions's revenue by +10.7% next year and +9.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+11.3%, weight 51%) , management guidance (+10.9%, weight 21%) and the company's own record (+9.3%, weight 28%) . How the weights are set.

Analyst recommendations

14 analysts, Oct 2026
Buy1286%
Hold214%
Sell00%

Monthly trend

  1. Oct 202657214
  2. Sep 202657214
  3. Aug 202657214
  4. Jul 202657214

Counts of recommendations published by analysts covering Motorola Solutions, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.3%
of tradable shares
Days to cover
3.92
at average volume
Short interest, 1 month
+3%
to October 15, 2026
Held by institutions
92%
of shares
Held by insiders
0.4%
of shares
Employees
23,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +21.2%

$402.04 on October 31, 2025 to $487.31

ThenNowEffect
Revenue (last 12 months) $11.1bn $12.2bn +10.3%
Net margin 19.1% 17.4% −8.6%
P/E multiple 32.5x 38.4x +18.0%
Share count 171m 168m +1.9%

Biggest factor: p/e multiple.

Last 3 years +68.1%

$289.96 on November 3, 2023 to $487.31

ThenNowEffect
Revenue (last 12 months) $9.7bn $12.2bn +26.7%
Net margin 15.7% 17.4% +11.0%
P/E multiple 32.9x 38.4x +16.7%
Share count 172m 168m +2.4%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MSI+62%−4%+23%+49%−16%+28%
Industry peers (median)+17%−18%−12%+23%+3%−6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MSI83%50%50%75%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MSI−6%−27%−9%−8%−25%−21%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 33% from February 19, 2020 to March 23, 2020. Getting back needed a 49% gain, reached on February 9, 2021, 323 days after the low.

Price behaviour

52-week range
$360.52 – $492.08
From 52-week high
−1.0%
vs 50-day average
+4.6%
vs 200-day average
+11.2%
Volatility (1 year)
25%
Beta vs S&P 500
0.13

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±6.0%
After a week
7 up, 5 down
typical move ±6.7%
After a month
8 up, 4 down
typical move ±8.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 +7.0% −0.4% +6.1% +6.6%
May 7, 2026 −11.5% +0.5% −7.9% −6.2%
February 11, 2026 +8.0% −1.6% +8.1% +12.7%
October 30, 2025 −5.9% −0.8% −10.0% −13.6%
August 7, 2025 +2.6% +0.7% +4.4% +8.2%
May 1, 2025 −7.7% +2.2% −6.8% −4.8%
February 13, 2025 −6.2% +1.1% −9.6% −9.5%
November 7, 2024 +7.6% +1.2% +5.2% +2.1%
August 1, 2024 +2.9% −3.3% +3.3% +10.8%
May 2, 2024 +5.3% +2.2% +7.2% +9.0%
February 8, 2024 +0.9% +0.6% −1.2% +3.1%
November 2, 2023 +6.7% +2.8% +10.1% +15.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Motorola Solutions’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.95× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

MSI Motorola Solutions Grade B $487.29

Own 100 shares, sell the $500 call expiring December 18, 2026 (46 days) for $15.70 a share — $1,570 per contract.

Previous session · Bid $15.70, ask $18.20, quoted Mon 2 Nov, 17:30 New York time with MSI at $487.29. Option prices move with the shares: check the live chain at your broker before trading.

  • If MSI ends below $500: you keep your shares and the $1,570 — 3.2% extra on the position, 25.6% a year at that pace.
  • If it ends above $500: your shares are sold at $500, a total return of 5.8% including the premium — at or above our value of ~$350.
$2.8k $0 −$9.4k Break-even $471.59 Price $487.29 ← Our value ~$350
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$1,570
Annualised
25.6%
Break-even
$471.59
Max gain
$2,841
Chance of selling
~46%

Results are expected around November 7, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $460 put and sell the $500 call, both expiring December 18, 2026 (46 days).

  • Net credit of $4.60 a share ($460 per contract of 100 shares).
  • Worst case at expiry: -4.7%, if the shares fall below $460 (-5.6% from today).
  • Best case at expiry: +3.6%, if the shares rise above $500 (+2.6%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $350: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Motorola Solutions in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Motorola Solutions
$9B $10B $11B $12B $13B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $9.8B Revenue (TTM), FY23 Q4: $10B Revenue (TTM), FY24 Q1: $10.2B Revenue (TTM), FY24 Q2: $10.4B Revenue (TTM), FY24 Q3: $10.7B Revenue (TTM), FY24 Q4: $10.8B Revenue (TTM), FY25 Q1: $11B Revenue (TTM), FY25 Q2: $11.1B Revenue (TTM), FY25 Q3: $11.3B Revenue (TTM), FY25 Q4: $11.7B Revenue (TTM), FY26 Q1: $11.9B Revenue (TTM), FY26 Q2: $12.2B $12.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $9.8B
FY23 Q4 $10B
FY24 Q1 $10.2B
FY24 Q2 $10.4B
FY24 Q3 $10.7B
FY24 Q4 $10.8B
FY25 Q1 $11B
FY25 Q2 $11.1B
FY25 Q3 $11.3B
FY25 Q4 $11.7B
FY26 Q1 $11.9B
FY26 Q2 $12.2B
Revenue growth, TTM YoY Motorola Solutions
6% 8% 10% 12% 14% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 12.7% Revenue growth, TTM YoY, FY23 Q4: 9.5% Revenue growth, TTM YoY, FY24 Q1: 8.6% Revenue growth, TTM YoY, FY24 Q2: 8.0% Revenue growth, TTM YoY, FY24 Q3: 8.3% Revenue growth, TTM YoY, FY24 Q4: 8.4% Revenue growth, TTM YoY, FY25 Q1: 7.5% Revenue growth, TTM YoY, FY25 Q2: 6.4% Revenue growth, TTM YoY, FY25 Q3: 6.2% Revenue growth, TTM YoY, FY25 Q4: 8.0% Revenue growth, TTM YoY, FY26 Q1: 8.3% Revenue growth, TTM YoY, FY26 Q2: 10.3% 10.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 12.7%
FY23 Q4 9.5%
FY24 Q1 8.6%
FY24 Q2 8.0%
FY24 Q3 8.3%
FY24 Q4 8.4%
FY25 Q1 7.5%
FY25 Q2 6.4%
FY25 Q3 6.2%
FY25 Q4 8.0%
FY26 Q1 8.3%
FY26 Q2 10.3%
Operating margin (TTM) Motorola Solutions
22% 23% 24% 25% 26% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 22.8% Operating margin (TTM), FY23 Q4: 23.0% Operating margin (TTM), FY24 Q1: 23.7% Operating margin (TTM), FY24 Q2: 24.4% Operating margin (TTM), FY24 Q3: 24.5% Operating margin (TTM), FY24 Q4: 24.8% Operating margin (TTM), FY25 Q1: 25.1% Operating margin (TTM), FY25 Q2: 25.2% Operating margin (TTM), FY25 Q3: 25.3% Operating margin (TTM), FY25 Q4: 25.6% Operating margin (TTM), FY26 Q1: 24.7% Operating margin (TTM), FY26 Q2: 24.9% 24.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 22.8%
FY23 Q4 23.0%
FY24 Q1 23.7%
FY24 Q2 24.4%
FY24 Q3 24.5%
FY24 Q4 24.8%
FY25 Q1 25.1%
FY25 Q2 25.2%
FY25 Q3 25.3%
FY25 Q4 25.6%
FY26 Q1 24.7%
FY26 Q2 24.9%
FCF margin (TTM) Motorola Solutions
16% 18% 20% 22% 24% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 18.6% FCF margin (TTM), FY23 Q4: 17.9% FCF margin (TTM), FY24 Q1: 21.5% FCF margin (TTM), FY24 Q2: 21.7% FCF margin (TTM), FY24 Q3: 21.7% FCF margin (TTM), FY24 Q4: 19.7% FCF margin (TTM), FY25 Q1: 20.7% FCF margin (TTM), FY25 Q2: 21.5% FCF margin (TTM), FY25 Q3: 21.3% FCF margin (TTM), FY25 Q4: 22.0% FCF margin (TTM), FY26 Q1: 21.0% FCF margin (TTM), FY26 Q2: 21.9% 21.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 18.6%
FY23 Q4 17.9%
FY24 Q1 21.5%
FY24 Q2 21.7%
FY24 Q3 21.7%
FY24 Q4 19.7%
FY25 Q1 20.7%
FY25 Q2 21.5%
FY25 Q3 21.3%
FY25 Q4 22.0%
FY26 Q1 21.0%
FY26 Q2 21.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Motorola Solutions took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $11.7B
  2. Cost of revenue $5.6B · 48.3%
  3. Gross profit $6B · 51.7%
  4. Research and development $970M · 8.3%
  5. Selling, general and admin $1.9B · 16.0%
  6. Other operating costs $207M · 1.8%
  7. Operating income $3B · 25.6%
  8. Income tax $652M · 5.6%
  9. Interest and other $182M · 1.6%
  10. Net income $2.2B · 18.4%

Shares of revenue. Source: Motorola Solutions's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jul 2026
Income
Revenue 6.9 7.6 8.2 6.3 6.2 5.9 5.7 6.0 6.4 7.3 7.9 7.4 8.2 9.1 10.0 10.8 11.7 12.2
Gross profit 3.5 3.8 4.1 3.2 3.1 2.8 2.7 2.9 3.0 3.5 3.9 3.6 4.0 4.2 5.0 5.5 6.0 6.4
EBITDA 1.0 1.1 1.2 1.1 1.1 −0.8 1.1 1.3 1.6 1.6 2.0 1.8 2.1 2.1 2.7 3.0 3.4 3.4
Operating income 0.6 0.8 0.9 0.9 0.9 −1.0 1.0 1.0 1.3 1.3 1.6 1.4 1.7 1.7 2.3 2.7 3.0 3.0
Net income −0.1 0.6 1.2 0.9 1.1 1.3 0.6 0.6 −0.2 1.0 0.9 0.9 1.2 1.4 1.7 1.6 2.2 2.1
Diluted EPS −$0.15 $1.87 $3.41 $2.96 $4.06 $5.29 $3.02 $3.24 −$0.95 $5.62 $4.95 $5.45 $7.17 $7.93 $9.93 $9.23 $12.75 $12.69
Growth (year on year)
Revenue −72.3% +9.6% +7.7% −23.6% −0.7% −5.6% −3.2% +6.0% +5.7% +15.1% +7.4% −6.0% +10.2% +11.5% +9.5% +8.4% +8.0% +10.3%
EBITDA — +15.6% +10.9% −12.5% +3.2% −175.4% — +17.4% +21.1% −0.7% +22.3% −9.3% +17.5% −0.2% +26.1% +14.1% +12.9% +12.3%
Operating income — +32.5% +14.2% +7.2% +2.9% −206.2% — +5.4% +22.5% −2.3% +26.0% −12.5% +20.5% −0.4% +38.1% +17.2% +11.2% +8.9%
Net income — — +82.9% −23.9% +24.7% +18.2% −53.0% −8.2% −127.7% — −10.1% +9.3% +31.2% +9.5% +25.4% −7.7% +36.6% +0.9%
Diluted EPS — — +82.4% −13.2% +37.2% +30.3% −42.9% +7.3% −129.3% — −11.9% +10.1% +31.6% +10.6% +25.2% −7.0% +38.1% +2.7%
Margins
Gross margin 50.1% 50.0% 50.5% 50.9% 49.9% 48.1% 47.7% 47.5% 47.4% 47.4% 49.8% 48.7% 49.4% 46.4% 49.8% 51.0% 51.7% 52.0%
EBITDA margin 13.7% 14.5% 14.9% 17.1% 17.7% −14.2% 20.1% 22.2% 25.5% 22.0% 25.0% 24.2% 25.8% 23.1% 26.6% 28.0% 29.2% 28.1%
Operating margin 8.2% 9.9% 10.5% 14.7% 15.2% −17.1% 17.5% 17.4% 20.1% 17.1% 20.0% 18.7% 20.4% 18.2% 23.0% 24.8% 25.6% 24.9%
Net margin −0.7% 8.3% 14.1% 14.1% 17.6% 22.1% 10.7% 9.3% −2.4% 13.2% 11.0% 12.8% 15.2% 15.0% 17.1% 14.6% 18.4% 17.4%
Free-cash-flow margin 7.1% 8.0% 8.1% 8.0% 6.2% −13.9% 14.9% 14.8% 17.5% 12.0% 20.0% 18.8% 19.5% 17.2% 17.9% 19.7% 22.0% 21.9%
Cash flow
Cash from operations 0.6 0.8 0.8 0.7 0.6 −0.6 1.0 1.2 1.3 1.1 1.8 1.6 1.8 1.8 2.0 2.4 2.8 3.0
Capital spending 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3
Free cash flow 0.5 0.6 0.7 0.5 0.4 −0.8 0.8 0.9 1.1 0.9 1.6 1.4 1.6 1.6 1.8 2.1 2.6 2.7
Stock-based pay 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.4
Free cash flow after stock pay 0.4 0.5 0.5 0.4 0.3 −0.9 0.8 0.8 1.1 0.8 1.5 1.3 1.5 1.4 1.6 1.9 2.3 2.3
Balance sheet
Cash 2.9 4.2 1.9 1.5 3.2 4.0 2.0 1.0 1.2 1.3 1.0 1.3 1.9 1.3 1.7 2.1 1.2 0.7
Total debt 3.9 4.3 1.5 1.9 2.5 3.4 4.4 4.4 4.5 5.3 5.1 5.2 5.7 6.0 6.0 6.0 9.2 9.0
Net debt (negative = net cash) 1.0 0.1 −0.3 0.4 −0.8 −0.5 2.4 3.4 3.3 4.1 4.1 3.9 3.8 4.7 4.3 3.9 8.0 8.3
Diluted shares 330m 338m 340m 297m 271m 246m 202m 173m 163m 172m 176m 174m 174m 172m 172m 171m 169m 168m
Returned to shareholders
Dividends 0.1 0.0 0.0 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.5 0.5 0.6 0.7 0.7 0.8
Buybacks 0.0 0.0 1.1 2.4 1.7 2.5 3.2 0.8 0.5 0.1 0.3 0.6 0.5 0.8 0.8 0.2 1.2 1.1
Total returned 0.1 0.0 1.1 2.7 2.0 2.9 3.5 1.1 0.8 0.5 0.7 1.0 1.0 1.4 1.4 0.9 1.9 1.8

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 5 checks passed · July 4, 2026
What it owns · $19.2bn
Short-term assets $6.1bnLonger-term assets $13.1bn
What it owes, and who funded it · $8.3bn
Short-term liabilities $5.6bnShareholders' equity $2.7bn
  • Short-term assets cover short-term liabilities $6.1bn of assets due within a year against $5.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $710m of cash against $9.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 338% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $3.0bn of operating cash flow against $9.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $3.0bn against $440m of interest.

From Motorola Solutions's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$1.1B
Dividends (TTM)
$766M
Returned to shareholders
68%
of free cash flow
Buybacks, last 3 fiscal years
$2.2B
Diluted share count
−1.8%
year over year
Total shareholder yield
2.3%
dividends 0.9% + buybacks 1.3% of market value
Dividend payout ratio
36%
of net income paid out
R&D spending
8.3%
of revenue
Sales & admin spending
15.7%
of revenue
Days sales outstanding
64 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in communications equipment
Last 12 months unless stated MSI ANET ERIC CIEN VSAT FFIV Median
Revenue, last 12 months $12.2bn $10.5bn $24.2bn $6.0bn $4.6bn $3.3bn $324m
Revenue growth, last 12 months 10.3% 32.6% 3.2% 32.6% 1.3% 9.4% 11.0%
Revenue growth, 3-year average 8.2% 26.1% — 12.5% 18.8% 5.7% 4.1%
Revenue growth, latest quarter 13.3% 37.7% — 37.0% −1.2% 10.9% 12.9%
Gross margin 52.0% 63.0% 47.6% 44.1% — 81.9% 43.7%
Operating margin 24.9% 43.1% 16.3% 12.3% 2.4% 24.5% 2.2%
Operating margin, 3-year average 24.8% 42.5% 4.4% 7.5% −5.7% 24.1% −1.4%
Net margin 17.4% 38.4% 12.0% 10.9% −0.6% 22.0% −0.0%
Cash from operations / revenue 24.3% 50.3% 13.9% 17.5% 34.4% 31.7% 9.9%
Free-cash-flow margin 21.9% 48.9% 12.8% 13.5% 12.5% 29.3% 7.7%
Free-cash-flow margin, 3-year average 21.7% 47.2% 10.3% 11.3% 2.2% 28.6% 2.2%
Stock pay / revenue 2.9% 4.8% — 3.5% 2.1% 7.6% 3.9%
Change in share count −1.8% −0.3% 0.1% 0.1% 4.9% −1.7% 1.5%

Median of all 40 companies we cover in communications equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

40 communications equipment companies
Measure Company Peer median Rank
Revenue growth Growth 10.3% 11.3% 22 of 40
Change in growth rate Growth +2.0pp +2.0pp 21 of 40
Gross margin Profitability 52.0% 44.1% 14 of 36
Operating margin Profitability 24.9% 2.4% 3 of 40
Net margin Profitability 17.4% 0.6% 6 of 40
Free-cash-flow margin Cash generation 21.9% 8.2% 6 of 38
Stock pay as % of revenue Cash generation 2.9% 3.9% 15 of 37
Long-term debt as % of assets Balance sheet 43.7% 10.4% 23 of 23
Change in share count Balance sheet -1.8% 1.6% 5 of 36
Days sales outstanding Balance sheet 64 days 75 days 15 of 34

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Product and Systems Integration $7.3B 62.1% ▲ 5.4%
Services and Software $4.4B 37.9% ▲ 12.6%
Products and services
Line of business Revenue YoY
Mission Critical Networks $8.6B ▲ 6.8%
Products $6.8B ▲ 4.9%
Services $4.9B ▲ 12.6%
Video Security and Access Control $2.1B ▲ 10.4%
Comm and Center Software $915M ▲ 14.8%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
North America $8.4B 71.6% ▲ 6.9%
United States $7.9B 94.8% ▲ 6.7%
Canada $433M 5.2% ▲ 11.6%
International $3.3B 28.4% ▲ 10.8%
Other Nations $2.7B 81.8% ▲ 12.0%
United Kingdom $603M 18.2% ▲ 5.4%

From Motorola Solutions's 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$61.2B
Institutions reporting
1,465
Shares held vs prior quarter
▲ 3.2%
Positions opened / closed
114 / 130

Top buyers and sellers, Q2 2026: 625 institutions bought and 726 sold ; the biggest buyer was Capital Research Global Investors (+1.3M shares) and the biggest seller Alphinity Investment Management Pty Ltd (−664K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $6.6B 15.9M 10.8% ▼ 3.3%
Vanguard Capital Management LLC $4.5B 10.8M 7.4% ▲ 0.7%
Vanguard Portfolio Management LLC $4B 9.7M 6.6% ▲ 0.8%
State Street Corp $3.3B 7.8M 5.3% ▲ 4.3%
Geode Capital Management, LLC $1.7B 4.1M 2.8% ▲ 1.0%
FMR LLC $1.6B 3.9M 2.7% ▲ 13.7%
Alliancebernstein L.P. $1.5B 3.5M 2.5% ▲ 24.1%
Raymond James Financial Inc $1.4B 3.3M 2.2% ▼ 1.9%
Ameriprise Financial Inc $1.2B 2.9M 2.0% ▲ 12.1%
Orbis Allan Gray Ltd $992M 2.4M 1.6% ▲ 27.8%
Norges Bank $978M 2.4M 1.6% —
Goldman Sachs Group Inc $900M 2.2M 1.5% ▼ 15.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Motorola Solutions's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $101M 79 trades by 8 insiders · 0% under pre-set plans
Net ▼ $101M net selling
Insider Date Trade Shares Price Value
Brown Gregory Q Chairman and CEO September 2, 2026 Sell 5,570 $483.68 $2.7M
Brown Gregory Q Chairman and CEO September 2, 2026 Sell 1,600 $485.16 $776,257
Brown Gregory Q Chairman and CEO September 2, 2026 Sell 4,650 $486.10 $2.3M
Brown Gregory Q Chairman and CEO September 2, 2026 Sell 2,400 $487.14 $1.2M
Moore Kathryn A SVP, HUMAN RESOURCES August 21, 2026 Sell 166 $477.69 $79,511
Moore Kathryn A SVP, HUMAN RESOURCES August 21, 2026 Sell 19 $477.29 $9,226
Moore Kathryn A SVP, HUMAN RESOURCES August 21, 2026 Sell 818 $476.80 $390,022
Howard Ayanna Director August 12, 2026 Sell 685 $469.51 $321,618
Maher Katherine A CVP and CAO August 7, 2026 Sell 1 $470.04 $334
Maher Katherine A CVP and CAO August 7, 2026 Sell 54 $468.22 $25,284
Maher Katherine A CVP and CAO August 7, 2026 Sell 637 $470.02 $299,552
Maher Katherine A CVP and CAO August 7, 2026 Sell 1,062 $469.69 $498,811

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 16 trades and filings

In the last 12 months, 1 member of Congress disclosed 3 purchases and 0 sales of Motorola Solutions shares.

  • Jared Moskowitz(D-FL 23):Purchase, $1,001 - $15,000, traded March 31, 2026, filed April 30, 2026
  • Jared Moskowitz(D-FL 23):Purchase, $1,001 - $15,000, traded March 23, 2026, filed April 30, 2026
  • Jared Moskowitz(D-FL 23):Purchase, $1,001 - $15,000, traded March 23, 2026, filed April 30, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 7, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 7, 2026
  • February 11, 2026
  • October 30, 2025
  • August 7, 2025
  • May 1, 2025

Recent SEC filings

Data status

When each part of this page on Motorola Solutions was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Motorola Solutions in brief

What does Motorola Solutions do?
Motorola Solutions is a US-listed company in the communications equipment industry. Its financial year ends in December.
What is Motorola Solutions's stock ticker?
Motorola Solutions trades under the ticker MSI on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Motorola Solutions's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Motorola Solutions reported revenue of $12.2B, 10.3% higher than a year earlier, according to its SEC filings.
What is Motorola Solutions's free cash flow?
Motorola Solutions's free-cash-flow margin is 21.9% of revenue over the trailing twelve months, ranking 6 of the 38 communications equipment companies we cover.
What is Motorola Solutions's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Motorola Solutions's free cash flow after stock-based pay gives ~$350 per share in the base case, and ~$250–$480 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Motorola Solutions's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Motorola Solutions buying back stock, and does it pay a dividend?
Motorola Solutions spent $1.1B on share repurchases over the trailing twelve months, and its diluted share count fell 1.8% over the year.
What is Motorola Solutions's market cap?
On November 2, 2026, Motorola Solutions's market capitalisation was about $81.9B, with a price-to-earnings ratio of 38.4 and net debt of $8.3B. Market figures come from third-party market data and may be delayed.
Does Motorola Solutions pay a dividend?
Yes: Motorola Solutions paid $766M in dividends over the trailing twelve months, a dividend yield of 0.95% and a payout ratio of 35.9%.
How much debt does Motorola Solutions have?
Motorola Solutions's debt-to-equity ratio is 338.0%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Motorola Solutions's competitors?
In our Communications Equipment peer group, the companies closest to Motorola Solutions are Arista Networks, Ericsson LM Telephone Co, Ciena, Viasat Inc and F5, Inc. The side-by-side comparison below sets their revenue, margins and growth against Motorola Solutions's.
Are insiders buying or selling Motorola Solutions stock?
Over the last 12 months, Motorola Solutions's directors and officers reported 0 open-market purchases and 79 sales on Form 4. The insider trading page charts every trade.
When is Motorola Solutions's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Motorola Solutions announces its own schedule.