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Zebra Technologies key statistics and ratios

In fiscal 2025, Zebra Technologies had return on equity of 11.7% and a net margin of 7.8%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJul 2026
Net margin6.4%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%
Return on equity6.6%14.1%23.2%15.0%14.8%3.2%−16.3%−16.3%2.1%38.8%34.3%25.3%32.6%16.2%10.3%15.9%11.7%15.3%
Return on assets5.7%11.9%19.6%13.2%12.8%1.0%−3.0%−2.8%0.4%9.8%12.0%10.0%14.4%6.7%4.0%6.9%5.1%6.3%
Effective tax rate32.9%30.1%27.5%25.8%18.3%———80.7%19.7%9.0%10.0%13.5%14.9%11.4%16.9%25.2%24.0%
R&D as % of revenue9.0%9.2%9.1%8.8%8.8%9.0%10.8%10.5%10.5%10.5%10.0%10.2%10.1%9.9%11.3%11.3%11.0%10.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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Figures from Zebra Technologies's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Zebra Technologies.