ZBRA
ZEBRA TECHNOLOGIES CORP
Next earnings Aug 4, 2026 (before open) · consensus $4.44 EPS, $1.53B rev
Last earnings +11.4% on 2026-05-12
$267.18
▲ +4.44%$267.18▼ -13.61%
over 1Y
L $199.30H $341.36
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+4.4%
1W+9.8%
1M+5.0%
3M+31.7%
YTD+7.6%
1Y-13.6%
Hold
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 26 analysts
Buy
Revenue is recovering and buybacks are aggressive, but net income fell 20% and a 29x multiple already prices in the rebound.
Revenue (FY2025) $5.40B · FY2025
The read
Middling fundamentals and a rich price (~74% above fair value) leave little margin of safety — a wait-and-see.
Zebra Technologies is the leader in enterprise asset intelligence — barcode scanners, mobile computers, RFID and printing for retail, warehouse, manufacturing and healthcare. FY2025 shows a top-line recovery: revenue grew 8.3% to $5.40B with a healthy 48.1% gross margin, rebounding from the FY2023 cyclical trough of $4.58B. The company also leaned hard into capital returns, repurchasing $587M of stock (up over 11x year over year) and cutting shares outstanding 4.3%.
The earnings picture is more mixed. Despite the revenue gain, operating income fell 5.7% to $700M and net income dropped 20.6% to $419M, with diluted EPS down 19.6% to $8.18 — meaning the decline ran below the operating line (taxes/non-operating items), but the headline is still falling profitability. Net margin compressed to 7.8% and ROE is a modest 11.7%. Cash fell 86.1% to $125M as the company funded buybacks and a 45.8% increase in capex, while long-term debt rose 12.9% to $2.36B (1.37x liabilities/equity) — a more levered, lower-liquidity balance sheet than a year ago.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:48 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $5.63B | $5.78B | $4.58B | $4.98B | $5.40B |
| Gross profit | $2.63B | $2.62B | $2.12B | $2.41B | $2.59B |
| Operating income | $979M | $529M | $481M | $742M | $700M |
| Net income | $837M | $463M | $296M | $528M | $419M |
| Diluted EPS | $15.52 | $8.80 | $5.72 | $10.18 | $8.18 |
| Net margin | 14.9% | 8.0% | 6.5% | 10.6% | 7.8% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$15.1B
EV / EBITDA17.1
EV / Sales2.8
EV / FCF18.2
P / FCF15.3
PEG (trailing)—
Earnings yield3.3%
FCF yield6.5%
Quality & risk
ROIC (est.)9.1%
Free cash flow$831M
Total debt$2.50B
Net cash-$2.38B
Altman Z-Score3.32 safe
Piotroski F-Score5/9
Capital returns
Buyback yield4.6%
Dividend yield (est.)—
Shareholder yield4.6%
Shares Δ YoY-4.3%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRed flag in recent filings — material impairment (2025-12-15). Worth a closer look.
- 8-K Officer / director change2026-05-26
- 8-K Earnings results2026-05-12
- 10-Q Quarterly report2026-05-12
- DEF 14A Proxy statement2026-04-03
- 8-K Earnings results2026-02-12
- 10-K Annual report2026-02-12
- 8-K Material impairment2025-12-15
- 8-K Officer / director change2025-11-24
- 8-K Charter / bylaws change2025-11-05
Recent filings
all on EDGAR ↗S-8Filing2026-05-29open ↗4Period ending 2026-05-262026-05-28open ↗SDFiling2026-05-27open ↗144Filing2026-05-26open ↗8-KPeriod ending 2026-05-192026-05-26open ↗4/APeriod ending 2026-02-042026-05-21open ↗4/APeriod ending 2026-02-032026-05-21open ↗4/APeriod ending 2026-02-032026-05-21open ↗4/APeriod ending 2026-02-032026-05-21open ↗4/APeriod ending 2026-02-032026-05-21open ↗4Period ending 2026-05-192026-05-21open ↗4Period ending 2026-05-192026-05-21open ↗
Frequently asked
- Is ZEBRA TECHNOLOGIES CORP (ZBRA) a buy?
- ZBRA currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Revenue is recovering and buybacks are aggressive, but net income fell 20% and a 29x multiple already prices in the rebound.
- What is ZBRA's fair value?
- A Modified-Graham model based on ZBRA's SEC fundamentals estimates a fair value of about $69.53. It is an estimate from reported earnings, not a price target.
- Is ZBRA overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, ZBRA currently appears overvalued relative to its SEC-grounded earnings power.
- What is ZEBRA TECHNOLOGIES CORP's quality score?
- ZBRA scores 61.2672149327071/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000877212, latest 10-Q filed 2026-05-12) · EODHD · Proprietary analysis · as of 6/21/2026, 8:48:27 PM.
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