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

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

35 accounts · 3 years

Total assets $8.5B

Total liabilities $4.9B

Shareholders equity $3.6B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	-4.5%	+557.7%	—
Short Term Investments	—	—	—
Accounts Receivable	+24.0%	+32.8%	—
Inventory	-4.8%	-13.8%	—
Prepaid Expenses	-13.5%	-8.8%	—
Total Current Assets	+3.6%	+45.9%	—
Property,Plant and Equipment	+6.9%	-1.3%	—
Operating Lease Assets	-0.9%	-1.2%	—
Goodwill	+10.2%	-0.1%	—
Intangible Assets	+23.9%	-19.9%	—
Long Term Investments	—	—	—
Deferred Tax Assets	-2.8%	+16.9%	—
Other Noncurrent Assets	-10.5%	-22.0%	—
Total Assets	+7.9%	+9.1%	—
Liabilities
Accounts Payable	+23.5%	+38.8%	—
Accrued Liabilities	+5.2%	-0.2%	—
Deferred Revenue	-1.3%	-1.1%	—
Current Portion of Long Term Debt	-9.7%	-54.3%	—
Operating Lease Liabilities	-4.9%	-14.3%	—
Other Current Liabilities	+11.1%	-25.5%	—
Total Current Liabilities	+7.7%	+6.6%	—
Long Term Debt	+7.4%	+2.2%	—
Deferred Revenue Noncurrent	+12.7%	-2.6%	—
Operating Lease Liabilities Noncurrent	+1.6%	+2.0%	—
Deferred Tax Liabilities	-30.9%	-14.9%	—
Other Noncurrent Liabilities	+11.1%	-25.5%	—
Total Liabilities	+7.3%	+2.6%	—
Equity
Preferred Stock	—	—	—
Common Stock	+0.0%	+0.0%	—
Additional Paid In Capital	+15.0%	+8.8%	—
Retained Earnings	+10.4%	+12.2%	—
Treasury Stock	+15.7%	+2.3%	—
Accumulated Other Comprehensive Income	—	—	—
Total Stockholders Equity	+8.7%	+18.1%	—
Total Liabilitiesand Equity	+7.9%	+9.1%	—

Income Statement

Revenue, expense, and profitability

21 accounts · 3 years

Revenue $5.4B

Operating income $700.0M

Net income $419.0M

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	+8.5%	+8.7%	—
Expenses Cost of Revenue	+6.7%	+4.3%	—
Expenses Research and Development	+6.9%	+8.5%	—
Expenses Selling,General and Administrative	+13.9%	+14.1%	—
Expenses Depreciation and Amortization	+2.5%	-2.3%	—
Expenses Share Based Compensation	+72.2%	+61.8%	—
Expenses Restructuring and Asset Impairment	-11.9%	-82.7%	—
Expenses Operating Expenses	+7.4%	+1.8%	—
Other Income Expense Gross Profit	+10.5%	+13.7%	—
Other Income Expense Operating Income	+20.6%	+54.3%	—
Other Income Expense Interest Income	—	—	—
Other Income Expense Interest Expense	—	—	—
Other Income Expense Other Income/expense	—	—	—
Other Income Expense Income Before Tax	+29.5%	+90.1%	—
Income Tax Income Tax Expense	+92.6%	+181.6%	—
net Income net Income	+19.0%	+78.4%	—
net Income Comprehensive Income	+20.2%	+74.7%	—
Earnings Per Share Basic Eps	+19.7%	+78.3%	—
Earnings Per Share Diluted Eps	+19.6%	+78.0%	—
Earnings Per Share Weighted Average Shares Basic	-0.5%	+0.2%	—
Earnings Per Share Weighted Average Shares Diluted	-0.5%	+0.3%	—

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 3 years

Operating cash flow $917.0M

Investing cash flow $-1.5B

Financing cash flow $-239.0M

Account	2025	2024	2023
CashFlow
Operating Activities net Income	+19.0%	+78.4%	—
Operating Activities Depreciation and Amortization	+2.5%	-2.3%	—
Operating Activities Stock Based Compensation	+72.2%	+61.8%	—
Operating Activities Changes In Operating Assets and Liabilities	—	—	—
Operating Activities Other Non Cash Items	+116.0%	+366.7%	—
Operating Activities net Cash From Operating Activities	—	—	—
Investing Activities Capital Expenditures	-0.6%	-32.2%	—
Investing Activities Business Acquisitions	—	—	—
Investing Activities Purchases of Investments	+123.6%	+200.0%	—
Investing Activities Other Investing Activities	—	—	—
Investing Activities net Cash From Investing Activities	—	—	—
Financing Activities Proceeds From Debt	-11.2%	+48.0%	—
Financing Activities Repayment of Debt	-72.2%	+183.3%	—
Financing Activities Repurchase of Common Stock	+236.0%	-9.6%	—
Financing Activities net Cash From Financing Activities	—	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	—	—	—
Cash Reconciliation net Change In Cash	—	+3533.3%	—
Cash Reconciliation Cash At Beginning of Period	-4.8%	+552.9%	—
Cash Reconciliation Cash At End of Period	-4.8%	+552.9%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+48.1%	+48.4%	+46.3%
Operating margin	+13.0%	+14.9%	+10.5%
Net margin	+7.8%	+10.6%	+6.5%
FCF margin	+15.4%	+19.2%	-2.0%
Growth
Revenue CAGR (3y)	-2.3%	-4.0%	+1.0%
Returns
ROE	+11.7%	+14.7%	+9.7%
ROA	+4.9%	+6.6%	+4.1%
ROIC	+8.8%	+12.7%	+8.3%
Liquidity
Current ratio	0.97x	1.43x	1.05x
Quick ratio	0.50x	0.93x	0.41x
Leverage
D/E	1.37x	1.22x	1.41x
Interest coverage	—	—	—
Efficiency
Asset turnover	0.63x	0.63x	0.63x
Cash conversion cycle	+59d	+59d	+93d

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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