Zebra Technologies

Information Technology Electronic Equipment & Instruments Lincolnshire, Illinois Last filing Feb 12, 2026 · FY2025

                    Revenue
                    FY2025
                
$5.4B
                    3y CAGR -2.3%
                    
                    P21
                    
                    +8.3%
                    
                    Net income
                    FY2025
                
$419.0M
                    Net margin +7.8%
                    
                    P21
                    
                    -20.6%
                    
                    Total assets
                    FY2025
                
$8.5B
                    ROA +4.9%
                    
                    P23
                    
                    +6.7%
                    
                    Operating cash flow
                    FY2025
                
$917.0M
                    FCF margin +15.4%
                    
                    P31
                    
                    -9.5%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

35 accounts · 10 years

Total assets $8.5B

Total liabilities $4.9B

Shareholders equity $3.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	1.5%	11.3%	1.9%	1.4%	5.3%	3.1%	0.6%	1.0%	1.5%	3.4%
Short Term Investments	0.0%	0.0%	1.5%	1.5%	1.6%	1.4%	1.0%	0.6%	0.0%	0.0%
Accounts Receivable	9.4%	8.7%	7.1%	10.2%	12.1%	9.5%	13.0%	12.0%	11.2%	13.5%
Inventory	8.6%	8.7%	11.0%	11.4%	7.9%	9.5%	10.1%	12.0%	10.7%	7.4%
Prepaid Expenses	1.3%	1.7%	2.0%	1.6%	1.7%	1.3%	1.0%	1.2%	0.6%	1.4%
Total Current Assets	21.1%	30.6%	22.9%	25.0%	27.2%	23.7%	25.4%	26.8%	24.9%	26.4%
Property,Plant and Equipment	4.2%	3.8%	4.2%	3.7%	4.4%	5.1%	5.5%	5.7%	6.2%	6.3%
Operating Lease Assets	2.0%	2.1%	2.3%	2.1%	2.1%	2.5%	2.3%	—	—	—
Goodwill	55.6%	48.8%	53.3%	51.8%	52.5%	55.6%	55.7%	57.5%	57.7%	53.1%
Intangible Assets	9.5%	5.3%	7.2%	8.4%	7.5%	7.5%	5.8%	5.3%	7.0%	10.4%
Long Term Investments	1.2%	1.4%	—	—	—	—	—	—	—	—
Deferred Tax Assets	4.9%	6.4%	6.0%	5.4%	3.1%	2.6%	2.7%	2.6%	2.8%	6.0%
Other Noncurrent Assets	2.8%	2.9%	4.1%	3.7%	3.2%	3.1%	2.7%	2.0%	1.5%	1.4%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	8.2%	7.9%	6.2%	10.8%	11.3%	11.2%	11.7%	12.7%	9.0%	8.9%
Accrued Liabilities	6.6%	6.3%	6.9%	9.9%	10.3%	10.4%	8.0%	7.4%	7.9%	7.0%
Deferred Revenue	5.2%	5.7%	6.3%	5.6%	6.1%	5.7%	5.1%	—	4.4%	4.1%
Current Portion of Long Term Debt	1.7%	1.0%	2.4%	2.8%	1.1%	6.8%	4.2%	3.6%	1.2%	—
Operating Lease Liabilities	0.4%	0.5%	0.6%	0.5%	0.5%	0.6%	0.6%	—	—	—
Other Current Liabilities	1.4%	0.9%	1.3%	1.4%	1.1%	1.8%	1.4%	2.1%	2.7%	2.5%
Total Current Liabilities	21.8%	21.4%	21.9%	31.0%	29.0%	34.4%	29.8%	30.0%	23.4%	20.5%
Long Term Debt	27.8%	26.3%	28.0%	24.0%	14.8%	16.4%	22.9%	33.0%	50.9%	57.2%
Deferred Revenue Noncurrent	4.7%	3.8%	4.3%	4.4%	5.1%	5.1%	4.7%	—	3.5%	2.7%
Operating Lease Liabilities Noncurrent	1.8%	1.9%	2.1%	1.8%	1.9%	2.4%	2.1%	—	—	—
Deferred Tax Liabilities	0.4%	0.7%	0.9%	1.0%	0.1%	1.3%	1.4%	0.2%	0.0%	3.6%
Other Noncurrent Liabilities	1.4%	0.9%	1.3%	1.4%	1.1%	1.8%	1.4%	2.1%	2.7%	2.5%
Total Liabilities	57.8%	55.0%	58.4%	63.7%	52.0%	60.1%	61.0%	69.2%	80.5%	82.9%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	9.6%	8.4%	8.4%	7.5%	7.4%	7.3%	7.2%	6.8%	6.0%	4.5%
Retained Earnings	62.1%	61.0%	59.3%	53.6%	57.5%	50.9%	47.4%	38.9%	29.2%	26.8%
Treasury Stock	29.3%	23.8%	25.4%	23.9%	16.5%	17.1%	14.6%	14.1%	14.5%	13.3%
Accumulated Other Comprehensive Income	-0.2%	-0.6%	-0.7%	-0.9%	-0.5%	-1.3%	-0.9%	-0.8%	-1.2%	-1.0%
Total Stockholders Equity	42.2%	45.0%	41.6%	36.3%	48.0%	39.9%	39.0%	30.8%	19.5%	17.1%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

21 accounts · 10 years

Revenue $5.4B

Operating income $700.0M

Net income $419.0M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	63.5%	62.5%	62.7%	76.8%	90.5%	82.8%	95.2%	97.2%	87.1%	77.2%
Expenses Cost of Revenue	33.0%	32.2%	33.7%	41.9%	48.3%	45.5%	50.6%	51.6%	47.1%	41.7%
Expenses Research and Development	7.0%	7.1%	7.1%	7.6%	9.1%	8.4%	9.5%	10.2%	9.1%	8.1%
Expenses Selling,General and Administrative	5.1%	4.8%	4.6%	5.0%	5.6%	5.7%	6.9%	7.6%	7.0%	6.6%
Expenses Depreciation and Amortization	2.2%	2.2%	2.4%	2.7%	3.0%	2.7%	3.7%	4.0%	6.2%	6.6%
Expenses Share Based Compensation	1.9%	1.1%	0.8%	1.2%	1.2%	0.9%	1.0%	1.0%	0.8%	0.6%
Expenses Restructuring and Asset Impairment	0.9%	0.2%	1.3%	0.2%	0.1%	0.2%	0.2%	0.3%	0.4%	0.4%
Expenses Operating Expenses	22.3%	21.0%	22.5%	27.8%	26.5%	25.2%	29.9%	31.6%	32.5%	33.7%
Other Income Expense Gross Profit	30.5%	30.3%	29.1%	34.9%	42.3%	37.3%	44.6%	45.7%	40.0%	35.4%
Other Income Expense Operating Income	8.2%	9.3%	6.6%	7.0%	15.8%	12.1%	14.7%	14.1%	7.5%	1.7%
Other Income Expense Interest Income	-1.3%	-1.2%	-1.8%	0.3%	-0.1%	-1.4%	—	—	—	—
Other Income Expense Interest Expense	0.0%	0.0%	0.0%	0.0%	0.1%	1.4%	1.9%	2.1%	5.3%	4.2%
Other Income Expense Other Income/expense	-0.2%	-0.2%	-0.2%	-0.1%	-0.0%	0.1%	0.0%	0.2%	-0.1%	-0.2%
Other Income Expense Income Before Tax	6.6%	8.0%	4.6%	7.2%	15.6%	10.4%	12.7%	12.1%	2.1%	-2.8%
Income Tax Income Tax Expense	1.7%	1.3%	0.5%	1.1%	2.1%	1.0%	1.1%	2.4%	1.7%	0.2%
net Income net Income	4.9%	6.6%	4.1%	6.1%	13.5%	9.4%	11.5%	9.7%	0.4%	-3.0%
net Income Comprehensive Income	5.2%	6.8%	4.2%	5.7%	14.1%	8.9%	11.4%	10.1%	0.2%	-2.9%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-0.0%
Earnings Per Share Weighted Average Shares Basic	0.6%	0.6%	0.7%	0.7%	0.9%	1.0%	1.1%	1.2%	1.2%	1.1%
Earnings Per Share Weighted Average Shares Diluted	0.6%	0.7%	0.7%	0.7%	0.9%	1.0%	1.2%	1.3%	1.3%	1.1%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 10 years

Operating cash flow $917.0M

Investing cash flow $-1.5B

Financing cash flow $-239.0M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	4.9%	6.6%	4.1%	6.1%	13.5%	9.4%	11.5%	9.7%	0.4%	-3.0%
Operating Activities Depreciation and Amortization	2.2%	2.2%	2.4%	2.7%	3.0%	2.7%	3.7%	4.0%	6.2%	6.6%
Operating Activities Stock Based Compensation	1.9%	1.1%	0.8%	1.2%	1.2%	0.9%	1.0%	1.0%	0.8%	0.6%
Operating Activities Changes In Operating Assets and Liabilities	0.4%	4.6%	-10.3%	5.9%	8.7%	1.5%	2.0%	6.5%	-1.6%	0.8%
Operating Activities Other Non Cash Items	0.2%	0.2%	0.0%	0.1%	0.0%	0.0%	-0.0%	-0.1%	0.1%	0.1%
Operating Activities net Cash From Operating Activities	10.8%	12.7%	-0.1%	6.5%	17.2%	17.9%	14.5%	18.1%	11.2%	8.2%
Investing Activities Capital Expenditures	1.0%	0.7%	1.2%	1.0%	0.9%	1.2%	1.3%	1.5%	1.2%	1.7%
Investing Activities Business Acquisitions	16.1%	0.0%	0.0%	11.7%	7.3%	10.2%	5.6%	1.7%	0.0%	0.0%
Investing Activities Purchases of Investments	0.1%	0.0%	0.0%	0.2%	0.5%	0.6%	0.5%	0.1%	0.0%	0.0%
Investing Activities Other Investing Activities	0.0%	-0.1%	0.1%	0.0%	—	—	—	—	—	—
Investing Activities net Cash From Investing Activities	-17.1%	-0.7%	-1.3%	-12.9%	-8.8%	-11.9%	-7.1%	-3.2%	-1.2%	-0.8%
Financing Activities Proceeds From Debt	4.1%	8.2%	6.0%	17.1%	0.7%	5.6%	13.5%	20.9%	32.1%	2.2%
Financing Activities Repayment of Debt	0.2%	8.7%	3.4%	3.3%	4.9%	6.4%	20.1%	36.1%	42.7%	10.4%
Financing Activities Repurchase of Common Stock	6.9%	0.6%	0.7%	10.0%	0.9%	3.7%	1.0%	0.0%	0.0%	—
Financing Activities net Cash From Financing Activities	-2.8%	-2.4%	1.6%	3.4%	-6.0%	-2.9%	-7.7%	-15.2%	-12.1%	-8.3%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	-0.0%	0.0%	0.0%	0.0%	-0.0%	0.0%	-0.1%	-0.1%	0.2%
Cash Reconciliation net Change In Cash	-9.1%	9.6%	0.3%	-3.0%	2.4%	3.0%	-0.3%	-0.4%	-2.2%	-0.8%
Cash Reconciliation Cash At Beginning of Period	1.5%	11.3%	1.9%	1.6%	5.5%	3.6%	0.6%	1.0%	1.5%	3.4%
Cash Reconciliation Cash At End of Period	1.5%	11.3%	1.9%	1.6%	5.5%	3.6%	0.6%	1.0%	1.5%	3.4%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+48.1%	+48.4%	+46.3%	+45.4%	+46.7%	+45.0%	+46.8%	+47.0%	+45.9%	+45.9%
Operating margin	+13.0%	+14.9%	+10.5%	+9.2%	+17.4%	+14.6%	+15.4%	+14.5%	+8.7%	+2.2%
Net margin	+7.8%	+10.6%	+6.5%	+8.0%	+14.9%	+11.3%	+12.1%	+10.0%	+0.5%	-3.8%
FCF margin	+15.4%	+19.2%	-2.0%	+7.1%	+17.9%	+20.1%	+13.9%	+17.1%	+11.5%	+8.5%
Growth
Revenue CAGR (3y)	-2.3%	-4.0%	+1.0%	+8.8%	+10.1%	+6.1%	+7.9%	+4.9%	+30.6%	+51.0%
Returns
ROE	+11.7%	+14.7%	+9.7%	+16.9%	+28.0%	+23.5%	+29.6%	+31.5%	+2.0%	-17.3%
ROA	+4.9%	+6.6%	+4.1%	+6.1%	+13.5%	+9.4%	+11.5%	+9.7%	+0.4%	-3.0%
ROIC	+8.8%	+12.7%	+8.3%	+9.7%	+23.2%	+18.2%	+20.4%	+17.0%	+2.1%	+2.4%
Liquidity
Current ratio	0.97x	1.43x	1.05x	0.81x	0.94x	0.69x	0.85x	0.89x	1.06x	1.29x
Quick ratio	0.50x	0.93x	0.41x	0.37x	0.60x	0.37x	0.46x	0.43x	0.54x	0.82x
Leverage
D/E	1.37x	1.22x	1.41x	1.75x	1.08x	1.51x	1.56x	2.25x	4.13x	4.85x
Interest coverage	—	—	—	—	195.80x	8.57x	7.78x	6.70x	1.42x	0.41x
Efficiency
Asset turnover	0.63x	0.63x	0.63x	0.77x	0.91x	0.83x	0.95x	0.97x	0.87x	0.77x
Cash conversion cycle	+59d	+59d	+93d	+54d	+23d	+28d	+38d	+40d	+61d	+51d

Valuation

Price against fundamentals

ZBRA $297 · 2025-09-29 · 351d old · FY2025

Market cap $15.2B

P/E 36.29x

P/S 2.82x

P/B 4.24x

EV $17.6B

EV/EBITDA 19.87x

FCF yield +5.5%

Dividend yield —

Notes

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