Zebra Technologies Corporation (ZBRA)

NASDAQ: ZBRA · USD

$385

+3.24 (+0.8%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-11

Our latest published analysis: ZBRA rated Sell

Zebra Technologies Corporation's published Sell conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$281 / share

Potential value

$337 / share

Upside to FV

-27.3%

from $385

Moat

7.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$18.4B
Revenue (ttm)	5.8B
Net income (ttm)	539M
EPS (ttm)	$10.8
Shares out	47.3M
P/E (trailing)	35.6x
P/E (forward)	16.9x
Volume	273,355
Beta	1.58

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 5.8B
Net income (ttm): 539M
EPS (ttm): $10.8
P/E (trailing): 35.6x
P/E (forward): 16.9x
Market cap: $18.4B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$5.63B	$5.78B	$4.58B	$4.98B	$5.40B	-1.0%
Gross profit	$2.63B	$2.62B	$2.12B	$2.41B	$2.59B	-0.3%
Operating income	$979.0M	$529.0M	$481.0M	$742.0M	$700.0M	-8.0%
Net income	$837.0M	$463.0M	$296.0M	$528.0M	$419.0M	-15.9%
EPS (diluted)	$15.52	$8.80	$5.72	$10.18	$8.18	-14.8%
EBITDA	$1.16B	$1.14B	$761.0M	$937.0M	$853.0M	-7.4%
R&D	$567.0M	$570.0M	$519.0M	$563.0M	$593.0M	+1.1%
SG&A	$348.0M	$375.0M	$334.0M	$381.0M	$433.0M	+5.6%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	매도
ABNB	Airbnb, Inc.	97.8B	37.5x	7.4x	16.8%	+24.4%	+28.5%	매도
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	적극 매수
ACN	Accenture plc	144.3B	18.0x	2.0x	27.9%	+8.0%	+0.4%	보유
ADI	Analog Devices, Inc.	207.6B	50.9x	14.8x	11.0%	+16.4%	+76.9%	매도
AI	C3.ai, Inc.	2B	—	8.4x	-35.6%	+3.6%	-33.6%	매도

Base and Bull scenarios

Base60%

Price target

$281.31

-27.3% from spot

The Base scenario reflects the modal expected path modeled by the house valuation schedule. FY2026 revenue expands by 15.38% to $6,225.9M before moderating to 6.29% in FY2027 and tapering toward the long-term compounding rate of 5.0%-6.0%. Operating margins normalize from 20.5% in FY2026 to 21.5% by FY2030, balancing $90M in pricing benefits against 100 bps of 2H memory inflation. Discounted at a 10.63% cost of equity with an 18.0x terminal multiple, intrinsic value anchors at $281.31.

Revenue growth accelerates in FY2026 before normalizing across FY2027 and stabilizing through FY2030.
Operating margins normalize steadily from FY2026 through FY2030 as temporary cost headwinds subside.
Terminal price-to-earnings multiple aligns with historical hardware peer averages.
Reinvestment rate supports core business needs while ongoing cash flow funds steady annual net share count reduction.

Bull20%

Price target

$336.61

-13.1% from spot

In the Bull scenario, enterprise adoption of RFID tracking across parcel logistics, manufacturing, and food service accelerates ahead of expectations. Commercial price realization expands well beyond $90M, fully neutralizing memory cost headwinds. Operating margins expand toward 22.5%-23.0%, and forward earnings compound at double-digit rates, lifting valuation toward $336.61.

Revenue growth scales rapidly in FY2026 driven by enterprise mobile deployments and sustains elevated expansion across the medium term.
Operating margin expands in FY2026 and reaches peak profitability by FY2030 through pricing discipline and operating leverage.
Exit valuation multiple expands above historical averages supported by earnings durability.
Free cash flow generation accelerates annually, supporting disciplined share repurchases.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($281.31). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.5%	2.8%	3.0%	3.3%	3.5%
9.6%	$299	$304	$309	$314	$320
10.1%	$286	$290	$294	$299	$304
10.6%	$274	$278	$281	$285	$290
11.1%	$263	$267	$270	$273	$277
11.6%	$254	$257	$260	$263	$266

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E16.9

P25 n/aP50 n/aP75 n/a

Trailing P/E35.5

P25 n/aP50 n/aP75 n/a

ROE15.3

P25 n/aP50 n/aP75 n/a

ROIC11.9

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All ZBRA indicators

Market & fundamental data

Available fields

278

Groups with data

Currency

USD

Showing 278 of 278 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0000877212
Company name	Zebra Technologies Corporation
Country	United States
Country code	US
CUSIP number	989207105
Earnings date	2026-11-03
Earnings time	bmo
Employees	10,700
Employees change	800
Employees growth	8.08%
Enterprise value	$21B
Exchange	NASDAQ
Financial currency	USD
Financial report date	2026-07-04
First seen	2026-05-09
Fiscal year end	December
Founded	1969
In index	SP500
Industry	Communication Equipment
IPO date	1991-08-15
Is primary listing	Yes
Is SPAC	No
ISIN number	US9892071054
Last 10-K release date	2026-02-12
Last earnings date	2026-08-04
Last refreshed	2026-10-28
Last stock split date	2004-08-26
Last stock split type	Forward
Market cap	$18.2B
Market cap category	Large-Cap
Next earnings date	2026-11-03
Options	Yes
Price	$384.93
Price currency	USD
Sector	Technology
SIC code	3560
Stock price date	2026-10-28
Symbol	ZBRA
Tags	robotics
U.S. state	Illinois
Website	https://www.zebra.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	19.93x
Average P/E ratio (10Y)	46.32x
Average P/E ratio (3Y)	37.54x
Average P/E ratio (5Y)	35.02x
Earnings yield	2.81%
EV/Earnings	38.76x
EV/EBIT	21.54x
EV/EBITDA	17.65x
EV/FCF	23.11x
EV/Sales	3.57x
FCF / EV yield	4.33%
FCF yield	5%
Forward EV/Sales	3.26x
Forward P/E	18.32x
Forward P/S	2.82x
Graham number	132.7936
Graham upside	-65.27%
Industry forward P/E	21.77x
Industry P/E	40.95x
Lynch fair value	$54.06
Lynch upside	-85.86%
P/(FCF - SBC) ratio	24.78x
P/(OCF - SBC) ratio	22.47x
P/B ratio	5.27x
P/E ratio	35.6x
P/FCF ratio	20.01x
P/OCF ratio	18.48x
P/S ratio	3.09x
PEG ratio	1.6x
Price/EBITDA ratio	15.28x
Sector forward P/E	18.86x
Sector P/E	32.77x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	16.59%
EBITDA margin	20.25%
Effective tax rate	23.98%
FCF margin	15.46%
Gross margin	49.58%
Operating margin	16.59%
Pretax margin	12.13%
Profit margin	9.22%
Profit per employee	$50,374
Profitable quarters	11
Profitable years	9
Revenue per employee	$546,449
ROA	7.32%
ROA (5Y)	7.34%
ROCE	20.91%
ROE	15.29%
ROE (5Y)	17.35%
ROIC	11.85%
ROIC (5Y)	15.18%
SBC / revenue	2.98%
Tax / revenue	2.91%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	2.08%
EPS growth (Q)	121.46%
EPS growth (QoQ)	78.31%
EPS growth 3Y	-4.74%
EPS growth 5Y	-5.25%
EPS growth quarters	2
EPS growth years	0
FCF growth	5.98%
FCF growth (Q)	52.31%
FCF growth (QoQ)	21.47%
FCF growth 3Y	83.63%
FCF growth 5Y	-3.62%
Gross profit growth	14.95%
Gross profit growth (Q)	33.93%
Gross profit growth 3Y	4.22%
Gross profit growth 5Y	3.64%
Net income growth	-1.64%
Net income growth (Q)	108.04%
Net income growth (QoQ)	72.59%
Net income growth 3Y	-6.05%
Net income growth 5Y	-6.69%
Net income growth quarters	1
Net income growth years	0
OCF growth	5.84%
OCF growth (Q)	43.54%
OCF growth (QoQ)	19.89%
OCF growth 10Y	16.42%
OCF growth 3Y	63.5%
OCF growth 5Y	-3.1%
Operating income growth	19.9%
Operating income growth (Q)	77.01%
Operating income growth 3Y	1.71%
Operating income growth 5Y	0.82%
Revenue growth	12.66%
Revenue growth (Q)	20.42%
Revenue growth (QoQ)	4.15%
Revenue growth 10Y	4.98%
Revenue growth 3Y	2.06%
Revenue growth 5Y	2.52%
Revenue growth quarters	9
Revenue growth years	2

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-75M
Depreciation and amortization	$214M
EBIT	$970M
EBITDA	$1.2B
EPS	$10.81
FCF per share	$19.11
Financing cash flow	$-323M
Free cash flow	$904M
Free cash flow minus SBC	$730M
Gross profit	$2.9B
Income taxes	$170M
Investing cash flow	$-1.4B
Net borrowing	$594M
Net cash flow	$-715M
Net income	$539M
Operating cash flow minus SBC	$805M
Operating income	$970M
Revenue	$5.8B
Stock-based compensation	$174M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	3.22
Book value per share	$72.49
Debt / EBITDA	2.38
Debt / equity	0.86
Debt / FCF	3.28
Goodwill	$4.7B
Interest coverage	7.35
Long-term assets	$6.6B
Long-term liabilities	$1.2B
Net cash (debt)	$-2.8B
Net cash / market cap	-15.51%
Net debt / EBITDA	2.37
Net debt / equity	0.82
Net debt / FCF	3.1
Piotroski F-Score	7
Property, plant and equipment	$514M
Shareholders' equity	$3.4B
Tangible book value	$-2B
Tangible book value per share	$-42.01
Total assets	$8.6B
Total cash	$157M
Total debt	$3B
Total liabilities	$5.2B
WACC	11.61%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.71
Current assets	$2.1B
Current liabilities	$4B
Current ratio	0.52
Inventory turnover	4.16
Net working capital	$220M
Quick ratio	0.3
Working capital	$-1.9B
Working capital turnover	-9.78

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	3.71%
Dividend yield	0%
Shareholder yield	3.71%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	478.85%
10Y return CAGR	19.2%
10Y total return	478.85%
150-day SMA	$293.78
15Y price change	930.19%
15Y return CAGR	16.82%
15Y total return	930.19%
1D price change	0.85%
1M price change	3.76%
1M total return	3.76%
1W price change	-0.03%
1W total return	-0.03%
1Y price change	23.63%
1Y return CAGR	23.65%
1Y total return	23.63%
20-day SMA	$381.87
200-day SMA	$278.97
20Y price change	936.86%
20Y return CAGR	12.41%
20Y total return	936.86%
3M price change	45.11%
3M total return	45.11%
3Y price change	85.32%
3Y return CAGR	22.83%
3Y total return	85.32%
50-day SMA	$367.05
50-day SMA vs 200-day SMA	50over200
52-week high	$392.78
52-week high date	2026-10-21
52-week low	$199.05
52-week low date	2026-03-30
5Y price change	-25.86%
5Y return CAGR	-5.81%
5Y total return	-25.86%
6M price change	73.73%
6M total return	73.73%
All-time high	$615.00
All-time high date	2021-12-10
All-time low	$3.22
All-time low date	1991-12-19
Average true range (ATR)	$10.53
Average volume	436K
Beta (1Y)	1.66
Beta (2Y)	1.58
Beta (5Y)	1.58
Change from 52-week high	-2%
Change from 52-week low	93.38%
Change from all-time high	-37.57%
Change from all-time low	11,816.51%
Change from open	0.16%
Day's gap	0.69%
Dollar volume	$105.2M
High price	$384.93
Low price	$381.01
Monthly RSI	63.78
Open price	$384.31
Position in 52-week range	100%
Premarket change	0.06%
Premarket close	$381.67
Premarket price	$381.91
Previous close	$381.67
Price vs 150-day SMA	30.69%
Price vs 20-day SMA	0.54%
Price vs 200-day SMA	37.63%
Price vs 50-day SMA	4.6%
Relative volume	0.63
RSI	56.46
Sharpe ratio	0.59
Sharpe ratio (3Y)	0.61
Sharpe ratio (5Y)	-0.03
Sortino ratio	1.14
Sortino ratio (3Y)	1.09
Sortino ratio (5Y)	0.09
Volume	273.4K
Weekly RSI	66.53
YTD price change	58.12%
YTD total return	58.12%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	46.9M
Float percentage	99.06%
Shares change (QoQ)	-2.63%
Shares change (YoY)	-3.71%
Shares held by insiders	0.84%
Shares held by institutions	105.65%
Shares outstanding	47.3M
Short % of float	3.1%
Short % of shares	3.07%
Short ratio	2.9 days

Deeper analysis on ZBRA

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this ZBRA report

What is the latest published ZBRA stock rating?

Zebra Technologies Corporation is shown with Sell in the latest published report, analyzed 2026-10-11. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full ZBRA analysis?

The full latest published report, analyzed 2026-10-11, lives at /stocks/ZBRA/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for ZBRA?

The latest published report analyzed 2026-10-11 gives ZBRA a fair value of USD 281 and a potential value of USD 337. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the ZBRA page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-11). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

SellZBRA · Fair value $281-27.3%

Read full analysis →

Zebra Technologies Corporation (ZBRA)

Our latest published analysis: ZBRA rated Sell

Price

Financial snapshot

Fair-value bridge

Latest news · ZBRA

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All ZBRA indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on ZBRA

Frequently asked questions

등급 이력

Category	Score	Reading
Valuation	1.5
Management	9.5
Balance Sheet	3.0
Profitability	6.0
Revenue Growth	7.5
Risk Assessment	4.0
Competitive Moat	7.5
Earnings Quality	9.0
Capital Efficiency	5.5