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Zebra Technologies (ZBRA) stock

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NASDAQ: ZBRA Nasdaq Electronic Equipment & Instruments Next results ~November 3, 2026

B Fundamentals grade

Zebra Technologies is a US-listed company in the electronic equipment & instruments industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$270

Cash-flow model

Base case. Range ~$190–$380 across our lower- and higher-growth cases (2.4%–12.4% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 33% above our base value.

Price used: $361.13, November 2, 2026

Zebra Technologies 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.

  • Insiders1 buying, 6 selling4 purchases and 6 sales by directors and officers, last 12 monthsInsider trades
  • Funds305 adding, 347 cuttingOf 69 active managers that changed their stake, 34 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Zebra Technologies files

Where Zebra Technologies stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $5.85bn, up 12.7% on a year earlier, faster than 9.2% a quarter earlier. Free-cash-flow margin held at 15.5%. The diluted share count is down 3.7% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 6 financial-health checks. Our cash-flow model value is $315 a share, against a share price of $382. At that price, our model says the market is pricing in about 10.8% a year of cash-flow growth for five years, faster than the 0.8% a year revenue growth it has delivered.

Source: 10-Q filed August 4, 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 3, 2026 (estimated)

Zebra Technologies's trailing-twelve-month revenue grew 12.7% year on year, with a free-cash-flow margin of 15.5%. Where it stands out: change in share count of -3.7% ranks 5 of 46 electronic equipment & instruments companies we cover.

Our discounted-cash-flow model values the business at ~$270 per share in the base case (~$190–$380 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 45% in the quarter to 2026-06-30, the 3rd beat in the last four quarters.

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

  • Growth speeding up. The growth rate is 3.5 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 3.7% in a year, so each share owns more of the business.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 7.6% over 90 days.

Things to watch

  • Priced above our value. The share price of $361.13 is 25% above our value per share of $270.
  • Volatile shares. Over the past year the shares showed annualised volatility of 47% and a beta of 1.7 against the S&P 500.

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$6.35 against an average estimate of $4.38: beat by 45.1%
Revenue
$1.56bn, up 20.4% on a year earlier
Share reaction
+26.5% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
sales growth growth 17% to 20% (Third Quarter 2026); adjusted EBITDA margin 22% (Third Quarter 2026)
Next report
November 3, 2026; average EPS estimate $4.91

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

Price chart

  • 1 day-0.0%
  • 1 week-6.0%
  • 1 month-3.9%
  • This year+48.7%
  • 1 year+34.1%
  • 5 years-37.6%
  • 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)
$5.8B
Operating margin
14.7%
Net margin
9.2%
EPS (TTM, diluted)
$10.82

Growth

Revenue growth
+12.7%
Change in growth rate
+3.5 pts
Share count change
−3.7%

Cash

Free cash flow (TTM)
$904M
FCF margin
15.5%
Stock pay % of revenue
3.0%

Earnings

Last results
August 4, 2026

News & updates

Updated November 3, 2026

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

  1. Results
  2. Announcement
  3. Announcement
  4. Announcement
  5. Announcement
  6. Announcement
  7. Announcement
  8. Announcement
  9. Announcement
  10. Insider trade
  11. Results
  12. 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

Zebra Technologies valuation models and calculator

What the price is pricing in

The share price implies about 10.5% a year of cash-flow growth for five years.That is faster than the 0.8% a year revenue growth Zebra Technologies has delivered.

  • Priced in10.5%
  • Last 12 months12.7%
  • 3 years a year2.1%
  • 5 years a year0.8%

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 ($330.83, 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
Hold12-month view
12-month price target
~$270
Price used
$330.83close November 3, 2026
Implied change
▼ 18%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Zebra Technologies's free cash flow after stock-based pay with after-tax interest added back ($688M, FY2026 Q2 TTM), growing 9.2% and 7% in the next two years (forecasts, guidance and its record), then back to 7.4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$190–~$380 ; 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 Zebra Technologies's free cash flow after stock-based pay ( $688M, 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 Zebra Technologies as an operating company, with every model that fits that kind of business. Cost of equity 11.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.44 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. ~$270 ~$190–$380 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. ~$410 ~$320–$620 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$120 ~$89–$180 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$110 ~$100–$130 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. ~$240 ~$110–$410 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Zebra Technologies with Electronic Equipment & Instruments 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 ▼ −27%
  • Revenue growth 5 points higher ▲ +35%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▼ −7%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $152$226$324$452$620$838
8.5% $104$157$228$320$440$594
10% $74$116$170$241$332$449

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$69.65$85.76$103.80$159.23$255.44$384.33$595.20$256.41$273.33$386.22$242.82$361.13
Market value$3.6bn$4.4bn$5.6bn$8.6bn$13.9bn$20.7bn$32.1bn$13.5bn$14.1bn$20.0bn$12.4bn$18.0bn
+ Net debt (− = net cash)$2.8bn$2.5bn$2.2bn$1.6bn$1.3bn$1.1bn$664m$1.9bn$2.1bn$1.3bn$2.4bn$2.6bn
Enterprise value$6.4bn$7.0bn$7.8bn$10.2bn$15.2bn$21.8bn$32.7bn$15.4bn$16.2bn$21.3bn$14.8bn$20.6bn
Multiples
Price / sales 1.0x1.2x1.5x2.0x3.1x4.7x5.7x2.3x3.1x4.0x2.3x3.1x
Price / earnings ——n/m20.5x25.6x41.1x38.3x29.1x47.8x37.9x29.7x33.4x
Price / free cash flow —14.6x13.0x12.0x22.3x23.2x31.8x32.6x—21.0x15.0x19.9x
EV / EBITDA 17.8x18.2x13.3x13.0x17.5x27.4x28.1x21.0x24.7x23.3x16.7x19.2x

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

75 /100

Strong moat

How hard Zebra Technologies'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 22.0% of total assets over 10 years.

  • Pricing power 16 / 20

    Gross margin has been a median 46.5%, moving by 1.3 percentage points (standard deviation) across 10 years.

  • Durability 8 / 20

    Operating margin has been a median 14.8%; its worst year was 4.0%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 10 of 10 years, at a median 13.5% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 7.5% over five years; stock-based pay has been a median 1.3% 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 (80 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 3, 2026, before the open. Analysts expect revenue of $1.6bn and EPS of $4.91 (range $4.79 to $5.05) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $21.06 +33% $6.2bn +15%
Next $22.29 +6% $6.6bn +6%

Next year's EPS estimate has moved +7.6% in 90 days, across 16 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +13.5% on 90 days ago. In the last 30 days, 3 analysts raised Zebra Technologies's forecast and 0 cut it.

Consensus EPS forecast Zebra Technologies, last 90 days
$18.00 $19.00 $20.00 $21.00 $22.00 $23.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $18.56 Current fiscal year, 60 days ago: $21.12 Current fiscal year, 30 days ago: $21.04 Current fiscal year, 7 days ago: $21.06 Current fiscal year, Now: $21.06 $21.06 Next fiscal year, 90 days ago: $20.72 Next fiscal year, 60 days ago: $22.25 Next fiscal year, 30 days ago: $22.20 Next fiscal year, 7 days ago: $22.27 Next fiscal year, Now: $22.29 $22.29

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $18.56$20.72
60 days ago $21.12$22.25
30 days ago $21.04$22.20
7 days ago $21.06$22.27
Now $21.06$22.29

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $4.38 $6.35 +45.1%
Mar 2026 $4.25 $4.75 +11.9%
Dec 2025 $4.33 $4.33 −0.1%
Sept 2025 $3.75 $3.88 +3.4%

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

Management guidance

Earnings release, August 4, 2026
  • sales growth Full Year 2026 14% growth to 16% growth Raised
    “The Company expects full year sales growth between 14% and 16% compared to the prior year.” source
  • sales growth Third Quarter 2026 17% growth to 20% growth
    “The Company expects third quarter sales growth between 17% and 20% compared to the prior year.” source
  • Non-GAAP diluted earnings per share Full Year 2026 $20.75 to $21.25 Non-GAAP Raised
    “Non-GAAP diluted earnings per share are expected to be in the range of $20.75 to $21.25.” source
  • Non-GAAP diluted earnings per share Third Quarter 2026 $4.70 to $4.90 Non-GAAP
    “Non-GAAP diluted earnings per share are expected to be in the range of $4.70 to $4.90.” source
  • Adjusted EBITDA margin Full Year 2026 23.5% to 24% Non-GAAP Raised
    “Adjusted EBITDA margin for the full year is expected to be between 23.5% and 24.0%.” source
  • adjusted effective tax rate Full Year 2026 about 19% Non-GAAP Raised
    “This assumes an adjusted effective tax rate of approximately 19%.” source
Show 3 more items
  • Free Cash Flow Full Year 2026 about $1bn Non-GAAP Raised
    “Free Cash Flow for the full year is expected to be greater than $1 billion.” source
  • Adjusted EBITDA margin Third Quarter 2026 about 22% Non-GAAP
    “Adjusted EBITDA margin for the third quarter is expected to be approximately 22%.” source
  • adjusted effective tax rate Third Quarter 2026 about 19% Non-GAAP
    “This assumes an adjusted effective tax rate of approximately 19%.” 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 Zebra Technologies's revenue by +9.2% next year and +7.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+10.0%, weight 56%) , management guidance (+9.6%, weight 19%) and the company's own record (+7.4%, weight 25%) . How the weights are set.

Analyst recommendations

16 analysts, Oct 2026
Buy1063%
Hold638%
Sell00%

Monthly trend

  1. Oct 202637616
  2. Sep 202637616
  3. Aug 202638516
  4. Jul 202639517

Counts of recommendations published by analysts covering Zebra Technologies, 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
3.6%
of tradable shares
Days to cover
2.74
at average volume
Short interest, 1 month
−22%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.9%
of shares
Employees
10,700
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

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +34.1%

$269.25 on October 31, 2025 to $361.13

ThenNowEffect
Revenue (last 12 months) $5.2bn $5.8bn +12.7%
Net margin 10.6% 9.2% −12.7%
P/E multiple 25.4x 33.4x +31.3%
Share count 52m 50m +3.8%

Biggest factor: p/e multiple.

Last 3 years +68.5%

$214.30 on November 3, 2023 to $361.13

ThenNowEffect
Revenue (last 12 months) $5.5bn $5.8bn +6.3%
Net margin 11.8% 9.2% −22.0%
P/E multiple 17.2x 33.4x +94.6%
Share count 52m 50m +4.4%

Biggest factor: p/e multiple.

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
ZBRA+55%−57%+7%+41%−37%+49%
Industry peers (median)−3%−37%+25%−1%−5%−21%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ZBRA83%25%50%58%33%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ZBRA−17%−62%−43%−13%−49%−27%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 68% from December 10, 2021 to November 1, 2023. Getting back needed a 210% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$199.30 – $391.00
From 52-week high
−7.6%
vs 50-day average
−1.7%
vs 200-day average
+28.7%
Volatility (1 year)
47%
Beta vs S&P 500
1.73

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 ±9.0%
After a week
7 up, 5 down
typical move ±8.9%
After a month
8 up, 4 down
typical move ±12.9%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +26.5% +1.6% +31.3% +20.4%
May 12, 2026 +13.7% +0.4% +13.9% +2.5%
February 12, 2026 +4.8% −1.5% +1.2% −19.2%
October 28, 2025 −12.8% +0.3% −16.2% −19.3%
August 5, 2025 −9.7% +0.3% −3.9% −8.8%
April 29, 2025 +2.8% +0.7% +3.0% +20.1%
February 13, 2025 −9.8% +1.1% −11.9% −19.2%
October 29, 2024 +5.6% −0.1% +4.4% +11.6%
July 30, 2024 +4.8% +1.1% −5.5% +2.6%
April 30, 2024 +3.0% −1.9% +6.0% +5.5%
February 15, 2024 +8.9% +0.2% +8.7% +13.0%
October 31, 2023 −5.6% +1.7% −0.8% +13.0%

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 Zebra Technologies’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.

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.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

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.

Zebra Technologies 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) Zebra Technologies
$4B $4.5B $5B $5.5B $6B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $5.1B Revenue (TTM), FY23 Q4: $4.6B Revenue (TTM), FY24 Q1: $4.4B Revenue (TTM), FY24 Q2: $4.4B Revenue (TTM), FY24 Q3: $4.7B Revenue (TTM), FY24 Q4: $5B Revenue (TTM), FY25 Q1: $5.1B Revenue (TTM), FY25 Q2: $5.2B Revenue (TTM), FY25 Q3: $5.3B Revenue (TTM), FY25 Q4: $5.4B Revenue (TTM), FY26 Q1: $5.6B Revenue (TTM), FY26 Q2: $5.8B $5.8B

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

View chart data
Period Revenue (TTM)
FY23 Q3 $5.1B
FY23 Q4 $4.6B
FY24 Q1 $4.4B
FY24 Q2 $4.4B
FY24 Q3 $4.7B
FY24 Q4 $5B
FY25 Q1 $5.1B
FY25 Q2 $5.2B
FY25 Q3 $5.3B
FY25 Q4 $5.4B
FY26 Q1 $5.6B
FY26 Q2 $5.8B
Revenue growth, TTM YoY Zebra Technologies
-40% -20% 0% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -11.6% Revenue growth, TTM YoY, FY23 Q4: -20.7% Revenue growth, TTM YoY, FY24 Q1: -24.3% Revenue growth, TTM YoY, FY24 Q2: -20.8% Revenue growth, TTM YoY, FY24 Q3: -8.3% Revenue growth, TTM YoY, FY24 Q4: 8.7% Revenue growth, TTM YoY, FY25 Q1: 17.5% Revenue growth, TTM YoY, FY25 Q2: 19.1% Revenue growth, TTM YoY, FY25 Q3: 12.9% Revenue growth, TTM YoY, FY25 Q4: 8.3% Revenue growth, TTM YoY, FY26 Q1: 9.2% Revenue growth, TTM YoY, FY26 Q2: 12.7% 12.7%

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

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -11.6%
FY23 Q4 -20.7%
FY24 Q1 -24.3%
FY24 Q2 -20.8%
FY24 Q3 -8.3%
FY24 Q4 8.7%
FY25 Q1 17.5%
FY25 Q2 19.1%
FY25 Q3 12.9%
FY25 Q4 8.3%
FY26 Q1 9.2%
FY26 Q2 12.7%
Operating margin (TTM) Zebra Technologies
8% 10% 12% 14% 16% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 13.1% Operating margin (TTM), FY23 Q4: 10.5% Operating margin (TTM), FY24 Q1: 9.5% Operating margin (TTM), FY24 Q2: 8.9% Operating margin (TTM), FY24 Q3: 12.7% Operating margin (TTM), FY24 Q4: 14.9% Operating margin (TTM), FY25 Q1: 15.2% Operating margin (TTM), FY25 Q2: 15.3% Operating margin (TTM), FY25 Q3: 15.0% Operating margin (TTM), FY25 Q4: 13.0% Operating margin (TTM), FY26 Q1: 12.9% Operating margin (TTM), FY26 Q2: 14.7% 14.7%

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

View chart data
Period Operating margin (TTM)
FY23 Q3 13.1%
FY23 Q4 10.5%
FY24 Q1 9.5%
FY24 Q2 8.9%
FY24 Q3 12.7%
FY24 Q4 14.9%
FY25 Q1 15.2%
FY25 Q2 15.3%
FY25 Q3 15.0%
FY25 Q4 13.0%
FY26 Q1 12.9%
FY26 Q2 14.7%
FCF margin (TTM) Zebra Technologies
-10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 1.0% FCF margin (TTM), FY23 Q4: -2.0% FCF margin (TTM), FY24 Q1: 2.6% FCF margin (TTM), FY24 Q2: 10.1% FCF margin (TTM), FY24 Q3: 16.5% FCF margin (TTM), FY24 Q4: 19.2% FCF margin (TTM), FY25 Q1: 19.6% FCF margin (TTM), FY25 Q2: 16.4% FCF margin (TTM), FY25 Q3: 15.1% FCF margin (TTM), FY25 Q4: 15.4% FCF margin (TTM), FY26 Q1: 15.0% FCF margin (TTM), FY26 Q2: 15.5% 15.5%

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

View chart data
Period FCF margin (TTM)
FY23 Q3 1.0%
FY23 Q4 -2.0%
FY24 Q1 2.6%
FY24 Q2 10.1%
FY24 Q3 16.5%
FY24 Q4 19.2%
FY25 Q1 19.6%
FY25 Q2 16.4%
FY25 Q3 15.1%
FY25 Q4 15.4%
FY26 Q1 15.0%
FY26 Q2 15.5%

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

Where the money goes

FY2025, from the 10-K

Each dollar Zebra Technologies 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 $5.4B
  2. Cost of revenue $2.8B · 51.9%
  3. Gross profit $2.6B · 48.1%
  4. Research and development $593M · 11.0%
  5. Selling, general and admin $1.1B · 20.1%
  6. Other operating costs $214M · 4.0%
  7. Operating income $700M · 13.0%
  8. Income tax $141M · 2.6%
  9. Interest and other $140M · 2.6%
  10. Net income $419M · 7.8%

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

Financial statements

US$ millions 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 738 894 983 996 1,038 1,671 3,650 3,574 3,722 4,218 4,485 4,448 5,627 5,781 4,584 4,981 5,396 5,847
Gross profit 318 421 487 492 503 778 1,644 1,642 1,710 1,981 2,100 2,003 2,628 2,624 2,123 2,413 2,593 2,899
EBITDA 103 179 206 191 192 170 357 384 585 785 867 797 1,166 733 657 914 885 1,072
Operating income 70 148 182 164 160 89 37 80 322 610 692 651 979 529 481 742 700 858
Net income 47 102 175 123 134 32 −158 −137 17 421 544 504 837 463 296 528 419 539
Diluted EPS $0.79 $1.77 $3.22 $2.37 $2.63 $0.63 −$3.10 −$2.65 $0.32 $7.76 $9.97 $9.35 $15.52 $8.80 $5.72 $10.18 $8.18 $10.82
Growth (year on year)
Revenue −24.4% +21.1% +10.0% +1.3% +4.2% +61.0% +118.4% −2.1% +4.1% +13.3% +6.3% −0.8% +26.5% +2.7% −20.7% +8.7% +8.3% +12.7%
EBITDA +344.1% +73.9% +14.8% −7.5% +0.8% −11.5% +110.0% +7.6% +52.3% +34.2% +10.4% −8.1% +46.3% −37.1% −10.4% +39.1% −3.2% +11.1%
Operating income — +110.9% +22.8% −9.7% −2.6% −44.4% −58.4% — +302.5% +89.4% +13.4% −5.9% +50.4% −46.0% −9.1% +54.3% −5.7% +8.1%
Net income — +116.1% +71.6% −29.6% +9.0% −76.1% — — — — +29.2% −7.4% +66.1% −44.7% −36.1% +78.4% −20.6% −1.6%
Diluted EPS — +124.1% +81.9% −26.4% +11.0% −76.0% — — — — +28.5% −6.2% +66.0% −43.3% −35.0% +78.0% −19.6% +2.1%
Margins
Gross margin 43.0% 47.0% 49.5% 49.4% 48.5% 46.6% 45.0% 45.9% 45.9% 47.0% 46.8% 45.0% 46.7% 45.4% 46.3% 48.4% 48.1% 49.6%
EBITDA margin 14.0% 20.1% 20.9% 19.1% 18.5% 10.2% 9.8% 10.7% 15.7% 18.6% 19.3% 17.9% 20.7% 12.7% 14.3% 18.3% 16.4% 18.3%
Operating margin 9.5% 16.6% 18.5% 16.5% 15.4% 5.3% 1.0% 2.2% 8.7% 14.5% 15.4% 14.6% 17.4% 9.2% 10.5% 14.9% 13.0% 14.7%
Net margin 6.4% 11.4% 17.8% 12.3% 12.9% 1.9% −4.3% −3.8% 0.5% 10.0% 12.1% 11.3% 14.9% 8.0% 6.5% 10.6% 7.8% 9.2%
Free-cash-flow margin 10.9% 12.4% 5.2% 16.2% 16.8% 12.5% 0.0% 8.5% 11.5% 17.1% 13.9% 20.1% 17.9% 7.1% −2.0% 19.2% 15.4% 15.5%
Cash flow
Cash from operations 106 142 78 183 195 248 122 380 478 785 685 962 1,069 488 −4 1,013 917 979
Capital spending 25 31 27 22 20 39 122 77 50 64 61 67 59 75 87 59 86 75
Free cash flow 81 111 51 161 175 209 0 303 428 721 624 895 1,010 413 −91 954 831 904
Stock-based pay 11 12 14 15 13 20 31 27 35 45 48 51 76 88 55 89 163 174
Free cash flow after stock pay 69 99 37 146 162 189 −31 276 393 676 576 844 934 325 −146 865 668 730
Balance sheet
Cash 37 46 36 65 63 394 192 156 62 44 30 168 332 105 137 901 125 157
Total debt 0 — 0 0 0 3,161 3,012 2,703 2,249 1,600 1,286 1,252 996 2,032 2,226 2,183 2,511 2,776
Net debt (negative = net cash) −37 −46 −36 −65 −63 2,767 2,820 2,547 2,187 1,556 1,256 1,084 664 1,927 2,089 1,282 2,386 2,619
Diluted shares 59m 57m 54m 52m 51m 51m 51m 52m 54m 54m 55m 54m 54m 53m 52m 52m 51m 50m
Returned to shareholders
Buybacks 65 102 160 54 63 0 0 — 0 0 47 200 57 751 52 47 587 905
Total returned 65 102 160 54 63 0 0 — 0 0 47 200 57 751 52 47 587 905

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

2 of 6 checks passed · July 4, 2026
What it owns · $8.6bn
Short-term assets $2.1bnLonger-term assets $6.6bn
What it owes, and who funded it · $8.6bn
Short-term liabilities $4.0bnLonger-term liabilities $1.2bnShareholders' equity $3.4bn
  • Short-term assets cover short-term liabilities $2.1bn of assets due within a year against $4.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.1bn short-term assets against $1.2bn of longer-dated liabilities.
  • More cash than debt $157m of cash against $2.8bn of debt.
  • Debt below 40% of shareholders' equity Debt is 81% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 31% to 81% over five years.
  • A year's operating cash flow covers at least 20% of debt $979m of operating cash flow against $2.8bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Zebra Technologies'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)
$905M
Returned to shareholders
100%
of free cash flow
Buybacks, last 3 fiscal years
$686M
Diluted share count
−3.7%
year over year
Total shareholder yield
5.2%
dividends 0.0% + buybacks 5.2% of market value
R&D spending
10.6%
of revenue
Days sales outstanding
62 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electronic equipment & instruments
Last 12 months unless stated ZBRA TDY KEYS ROP VNT ITRI Median
Revenue, last 12 months $5.8bn $6.5bn $6.6bn $8.4bn $3.1bn $2.3bn $104m
Revenue growth, last 12 months 12.7% 8.6% 25.5% 9.2% 0.9% −3.6% 9.8%
Revenue growth, 3-year average 2.1% 5.0% 5.6% 12.1% −1.4% 4.0% 7.2%
Revenue growth, latest quarter 20.4% 9.4% 36.5% 7.6% −2.2% 3.0% 16.5%
Gross margin 49.6% 43.6% 64.7% 69.7% 45.5% 40.7% 38.5%
Operating margin 14.7% 20.0% 20.3% 28.0% 18.8% 13.7% −7.3%
Operating margin, 3-year average 13.0% 18.6% 18.5% 28.2% 18.3% 12.2% −5.1%
Net margin 9.2% 15.8% 19.1% 30.7% 11.3% 12.1% −5.3%
Cash from operations / revenue 16.7% 19.6% 24.4% 31.1% 15.1% 17.0% −1.6%
Free-cash-flow margin 15.5% 17.6% 22.3% 19.7% 12.5% 15.8% −2.5%
Free-cash-flow margin, 3-year average 14.0% 17.2% 22.5% 21.0% 12.8% 12.5% 3.7%
Stock pay / revenue 3.0% 0.5% 3.3% 2.4% 1.0% 2.5% 3.0%
Change in share count −3.7% −0.8% −0.4% −4.8% −4.6% −2.5% 1.9%

Median of all 53 companies we cover in electronic equipment & instruments. 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

53 electronic equipment & instruments companies
Measure Company Peer median Rank
Revenue growth Growth 12.7% 9.8% 24 of 53
Change in growth rate Growth +3.5pp +2.3pp 23 of 53
Gross margin Profitability 49.6% 39.7% 14 of 48
Operating margin Profitability 14.7% -7.3% 9 of 53
Net margin Profitability 9.2% -5.3% 13 of 53
Free-cash-flow margin Cash generation 15.5% -2.1% 10 of 52
Stock pay as % of revenue Cash generation 3.0% 3.0% 25 of 49
Long-term debt as % of assets Balance sheet 5.7% 15.2% 10 of 31
Change in share count Balance sheet -3.7% 1.9% 5 of 46
Days sales outstanding Balance sheet 62 days 68 days 21 of 52

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
Connected Frontline $3B 54.9% ▲ 9.1%
Asset Visibility and Automation $2.4B 45.1% ▲ 7.5%
Products and services
Line of business Revenue Share YoY
Tangible Products $4.4B 81.9% ▲ 10.0%
Service and Software $978M 18.1% ▲ 1.3%
Geography
Region Revenue YoY
North America $2.7B ▲ 8.1%
United States $2.6B ▲ 8.7%
Other $1.9B ▲ 7.8%
EMEA $1.7B ▲ 5.4%
Germany $864M ▲ 8.4%
Asia Pacific $613M ▲ 16.5%
Latin America $364M ▲ 11.0%

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

From Zebra Technologies'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
$12.9B
Institutions reporting
643
Shares held vs prior quarter
▲ 4.7%
Positions opened / closed
114 / 108

Top buyers and sellers, Q2 2026: 305 institutions bought and 347 sold ; the biggest buyer was Boston Partners (+1.1M shares) and the biggest seller Nordea Investment Management AB (−934K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $872M 3.3M 6.8% ▼ 21.2%
Vanguard Capital Management LLC $820M 3.1M 6.4% ▼ 2.7%
Vanguard Portfolio Management LLC $702M 2.7M 5.5% ▼ 4.8%
Boston Partners $689M 2.6M 5.4% ▲ 78.0%
State Street Corp $496M 1.9M 3.9% ▼ 12.7%
Invesco Ltd. $465M 1.8M 3.6% ▲ 15.5%
Geode Capital Management, LLC $355M 1.4M 2.8% ▲ 0.9%
Alyeska Investment Group, L.P. $329M 1.2M 2.6% ▼ 5.8%
Fuller & Thaler Asset Management, Inc. $318M 1.2M 2.5% ▲ 392.2%
Arrowstreet Capital, Limited Partnership $281M 1.1M 2.2% ▲ 113.1%
Nordea Investment Management AB $277M 1.1M 2.2% ▼ 46.3%
Jpmorgan Chase & Co $276M 1.1M 2.1% ▲ 12.2%

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 Zebra Technologies's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $386,823 4 trades by 1 insider, last 12 months Insider sales History → $2.4M 6 trades by 6 insiders · 0% under pre-set plans
Net ▼ $2M net selling
Insider Date Trade Shares Price Value
Connly Linda Director August 10, 2026 Sell 500 $377.68 $188,840
Cho Michael Chief Strategy Officer August 7, 2026 Sell 3,500 $375.20 $1.3M
Luff Loizides Melissa Chief People Officer May 26, 2026 Sell 500 $253.95 $126,975
Roberts Janice M Director May 14, 2026 Sell 3,000 $249.54 $748,620
Dhanasekaran Satish Director March 12, 2026 Buy 200 $205.40 $41,080
Armstrong Robert John Jr Chief Marketing Officer March 5, 2026 Sell 9 $229.73 $2,068
Kogl Cristen L Chief Legal Officer March 5, 2026 Sell 145 $235.71 $34,178
Dhanasekaran Satish Director February 27, 2026 Buy 500 $225.25 $112,625
Dhanasekaran Satish Director November 18, 2025 Buy 299 $233.63 $69,855
Dhanasekaran Satish Director November 18, 2025 Buy 701 $232.90 $163,263

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 35 trades and filings

No trades in Zebra Technologies disclosed in the last 12 months; 35 earlier trades on record.

  • Kelly Morrison(D-MN 3):Sale (full), $1,001 - $15,000, traded June 4, 2025, filed June 18, 2025
  • Kelly Morrison(D-MN 3):Sale (full), $1,001 - $15,000, traded June 4, 2025, filed June 18, 2025
  • Kelly Morrison(D-MN 3):Sale (full), $15,001 - $50,000, traded June 4, 2025, filed June 18, 2025

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 2, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 12, 2026
  • February 12, 2026
  • October 28, 2025
  • August 5, 2025
  • April 29, 2025

Recent SEC filings

Data status

When each part of this page on Zebra Technologies 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.

Zebra Technologies in brief

What does Zebra Technologies do?
Zebra Technologies is a US-listed company in the electronic equipment & instruments industry. Its financial year ends in December.
What is Zebra Technologies's stock ticker?
Zebra Technologies trades under the ticker ZBRA on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Zebra Technologies's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Zebra Technologies reported revenue of $5.8B, 12.7% higher than a year earlier, according to its SEC filings.
What is Zebra Technologies's free cash flow?
Zebra Technologies's free-cash-flow margin is 15.5% of revenue over the trailing twelve months, ranking 10 of the 52 electronic equipment & instruments companies we cover.
What is Zebra Technologies's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Zebra Technologies's free cash flow after stock-based pay gives ~$270 per share in the base case, and ~$190–$380 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Zebra Technologies'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 Zebra Technologies buying back stock, and does it pay a dividend?
Zebra Technologies spent $905M on share repurchases over the trailing twelve months, and its diluted share count fell 3.7% over the year.
What is Zebra Technologies's market cap?
On November 2, 2026, Zebra Technologies's market capitalisation was about $18B, with a price-to-earnings ratio of 33.4 and net debt of $2.6B. Market figures come from third-party market data and may be delayed.
How much debt does Zebra Technologies have?
Zebra Technologies's debt-to-equity ratio is 80.6%, from its latest balance sheet (30.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Zebra Technologies's competitors?
In our Electronic Equipment & Instruments peer group, the companies closest to Zebra Technologies are Teledyne Technologies, Keysight Technologies, Roper Technologies, Vontier Corp and Itron, Inc. The side-by-side comparison below sets their revenue, margins and growth against Zebra Technologies's.
Are insiders buying or selling Zebra Technologies stock?
Over the last 12 months, Zebra Technologies's directors and officers reported 4 open-market purchases and 6 sales on Form 4. The insider trading page charts every trade.
When is Zebra Technologies's next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Zebra Technologies announces its own schedule.