Zebra Technologies Corp (ZBRA) stock analysis
Close on Nov 12, 2026Market cap $15.04BP/E 29.1Yield –
StockData Score
Prices as of Nov 12, 2026How the score works
Mixed12 of 30 checks passed
Zebra Technologies passes 12 of the 30 checks behind our score; 6 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 3/6
- Growth
- 3/6
- Past performance
- 4/6
- Financial health
- 2/6
- Dividend
- 0/6
What stands out
Trading below fair value
The share price of $317.83 is below our fair value estimate of $334.93.
Return on equity over 15%
Return on equity was 15.3% over the last twelve months and averaged 17.3% over five years.
Return on capital over 10%
Return on invested capital was 11.9%, above the 10% that usually covers the cost of capital.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 35.4% of total debt.
What to watch
Margin of safety under 20%
The price is 5.1% below fair value, less than the 20% cushion we look for.
High debt
Debt is 80.6% of shareholders' equity, above the 40% we consider low.
Earnings shrank over 5 years
Net income shrank 3.6% a year on average over the last five fiscal years.
Revenue growing under 10% a year
Revenue grew -2.3% a year over the last three fiscal years, short of the 10% we look for.
Valuation3/6
P/E below its 5-year median
Zebra Technologies's P/E of 29.1 is below its own 5-year median of 30.6.
P/E above the industry
Zebra Technologies's P/E of 29.1 is above the General Industrial Machinery and Equipment median of 26.8.
EV/EBITDA below its 5-year median
Zebra Technologies's EV/EBITDA of 16.5 is below its 5-year median of 19.6.
P/B above the industry
Zebra Technologies's price-to-book of 4.38 is above the General Industrial Machinery and Equipment median of 2.85.
Trading below fair value
The share price of $317.83 is below our fair value estimate of $334.93.
Margin of safety under 20%
The price is 5.1% below fair value, less than the 20% cushion we look for.
Growth3/6
Revenue growing under 10% a year
Revenue grew -2.3% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -2.4% a year over the last three fiscal years.
Earnings growth not accelerating
Net income grew -1.6% over the last twelve months, against a 5-year average of -3.6% a year.
Growing faster than the industry
Revenue grew 12.7% over the last twelve months; the General Industrial Machinery and Equipment median is 12.4%.
Guidance raised
Zebra Technologies raised its full year sales growth outlook on Aug 4, 2026.
Gross margin improving
Gross margin was 49.6% over the last twelve months, against 48.6% a year earlier.
Past performance4/6
Return on equity over 15%
Return on equity was 15.3% over the last twelve months and averaged 17.3% over five years.
Return on capital over 10%
Return on invested capital was 11.9%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
Zebra Technologies's return on equity of 15.3% is above the General Industrial Machinery and Equipment median of 9.9%.
Earnings shrank over 5 years
Net income shrank 3.6% a year on average over the last five fiscal years.
Net margin below its 5-year average
Net margin was 9.2% over the last twelve months, against a 5-year average of 9.5%.
Net margin above the industry
Zebra Technologies's net margin of 9.2% is above the General Industrial Machinery and Equipment median of 8.0%.
Financial health2/6
High debt
Debt is 80.6% of shareholders' equity, above the 40% we consider low.
Debt rising against equity
Debt to equity rose from 58.1% five years ago to 80.6%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 35.4% of total debt.
Interest coverage
Interest expense is not reported separately.
Short-term assets don't cover short-term debts
Current assets are 0.52 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 3.39; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Zebra Technologies has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$334.93
The share price is 5% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 28.7× | 30.6× | 26.8× | $313.60 | 47% |
| EV/EBITDA | 18.9× | 19.6× | 18.1× | $372.93 | 41% |
| P/B | 4.0× | 5.1× | 2.9× | $287.21 | 12% |
| Earnings powerleft out, too far from the others | 13.2% cost of equity | – | – | $90.69 | – |
| Fair value | $334.93 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 30.6
- General Industrial Machinery and Equipment median 26.8
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $228.66M
- Value traded per 1% price move
- $139.68M
Downside
Medium risk
- Typical loss in a bad month
- 19.3%
- Volatility (annualized)
- 48%
- Sharpe ratio, 1 year
- 0.42
- Beta to the S&P 500 (5Y)
- 1.64
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
Operating margin
Net margin
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.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| 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
- 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
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