ZBRANasdaqGeneral Industrial Machinery & EquipmentFiscal year ends December 31
ZEBRA TECHNOLOGIES CORP
Financials through Q2 FY2026, quarter ended Jul 4, 2026Last filing: 10-Q on Aug 4, 2026
$375.77+6.76 (+1.83%)
Close on Oct 19, 2026
- Market cap
- $18.09B
- P/E (TTM)
- 34.4
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
48.1%+3.0 pts over 5 years
Operating margin
13.0%−1.7 pts over 5 years
Net margin
7.8%−3.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +8.3% | -2.3% | +3.9% | +4.0% | |
| Gross profit | +7.5% | -0.4% | +5.3% | +4.7% | |
| Operating income | -5.7% | +9.8% | +1.5% | +34.2% | |
| Net income | -20.6% | -3.3% | -3.6% | – | |
| EPS, diluted | -19.6% | -2.4% | -2.6% | – | |
| Free cash flow | -12.9% | +26.2% | -1.5% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -16.3% | 25.3% | 11.7% | |
| Return on assets | -2.8% | 10.0% | 5.1% | |
| Current ratio | 1.29 | 0.69 | 0.97 | |
| Debt to equity | 3.34 | 0.58 | 0.70 | |
| Net debt to EBITDA | 6.49× | 1.32× | 2.69× | |
| Interest coverage | 0.4× | 8.6× | – | |
| Inventory turnover | 5.2× | 5.0× | 3.9× | |
| Capex to revenue | 2.2% | 1.5% | 1.6% | |
| Diluted shares | 52M | 54M | 51M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Zebra Technologies generated $3.49B from operations and spent $1.86B on capital expenditure, dividends and share buybacks. 20% of that went back into the business.
Generated
$3.49B
Used
$1.86B
Capital expenditure$366.00M20%Dividends$00%Share buybacks$1.49B80%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin7.8%
×Asset turnover0.66×
×Equity multiplier2.30×
=Return on equity, FY202511.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 7.8% | 0.66× | 2.30× | 11.7% |
| FY2024 | 10.6% | 0.65× | 2.31× | 15.9% |
| FY2023 | 6.5% | 0.62× | 2.57× | 10.3% |
| FY2022 | 8.0% | 0.84× | 2.40× | 16.2% |
| FY2021 | 14.9% | 0.97× | 2.26× | 32.6% |
| FY2020 | 11.3% | 0.88× | 2.53× | 25.3% |
| FY2019 | 12.1% | 0.99× | 2.85× | 34.3% |
| FY2018 | 10.0% | 0.98× | 3.97× | 38.8% |
| FY2017 | 0.5% | 0.84× | 5.48× | 2.1% |
| FY2016 | -3.8% | 0.74× | 5.74× | -16.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$419.00M
- Cash generatingOperating cash flow above zero$917.00M
- Return on assets improvedROA up on the prior year7.2% → 5.3%
- Earnings backed by cashOperating cash flow above net income$917.00M vs $419.00M
- Less leverageLong-term debt to assets fell26.3% → 27.8%
- Better liquidityCurrent ratio rose1.43 → 0.97
- No dilutionShare count did not rise52M → 51M
- Gross margin improvedGross margin up on the prior year48.44% → 48.05%
- More efficientAsset turnover rose0.68 → 0.68