Zebra Technologies

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

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

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

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

35 accounts · 1 year

Total assets $8.5B

Total liabilities $4.9B

Shareholders equity $3.6B

Account	2025	Trend
Assets
Cash and Cash Equivalents	$125.0M
Short Term Investments	$0
Accounts Receivable	$801.0M
Inventory	$729.0M
Prepaid Expenses	$110.0M
Total Current Assets	$1.8B
Property,Plant and Equipment	$353.0M
Operating Lease Assets	$166.0M
Goodwill	$4.7B
Intangible Assets	$809.0M
Long Term Investments	$103.0M
Deferred Tax Assets	$414.0M
Other Noncurrent Assets	$237.0M
Total Assets	$8.5B
Liabilities
Accounts Payable	$695.0M
Accrued Liabilities	$558.0M
Deferred Revenue	$446.0M
Current Portion of Long Term Debt	$141.0M
Operating Lease Liabilities	$38.0M
Other Current Liabilities	$116.0M
Total Current Liabilities	$1.9B
Long Term Debt	$2.4B
Deferred Revenue Noncurrent	$396.0M
Operating Lease Liabilities Noncurrent	$157.0M
Deferred Tax Liabilities	$32.0M
Other Noncurrent Liabilities	$116.0M
Total Liabilities	$4.9B
Equity
Preferred Stock	$0
Common Stock	$1.0M
Additional Paid In Capital	$814.0M
Retained Earnings	$5.3B
Treasury Stock	$2.5B
Accumulated Other Comprehensive Income	$-18.0M
Total Stockholders Equity	$3.6B
Total Liabilitiesand Equity	$8.5B

Income Statement

Revenue, expense, and profitability

21 accounts · 1 year

Revenue $5.4B

Operating income $700.0M

Net income $419.0M

Account	2025	Trend
IncomeStatement
Revenues Total Revenue	$5.4B
Expenses Cost of Revenue	$2.8B
Expenses Research and Development	$593.0M
Expenses Selling,General and Administrative	$433.0M
Expenses Depreciation and Amortization	$185.0M
Expenses Share Based Compensation	$163.0M
Expenses Restructuring and Asset Impairment	$76.0M
Expenses Operating Expenses	$1.9B
Other Income Expense Gross Profit	$2.6B
Other Income Expense Operating Income	$700.0M
Other Income Expense Interest Income	$-108.0M
Other Income Expense Interest Expense	$0
Other Income Expense Other Income/expense	$-14.0M
Other Income Expense Income Before Tax	$560.0M
Income Tax Income Tax Expense	$141.0M
net Income net Income	$419.0M
net Income Comprehensive Income	$445.0M
Earnings Per Share Basic Eps	$8
Earnings Per Share Diluted Eps	$8
Earnings Per Share Weighted Average Shares Basic	$50.8M
Earnings Per Share Weighted Average Shares Diluted	$51.2M

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 1 year

Operating cash flow $917.0M

Investing cash flow $-1.5B

Financing cash flow $-239.0M

Account	2025	Trend
CashFlow
Operating Activities net Income	$419.0M
Operating Activities Depreciation and Amortization	$185.0M
Operating Activities Stock Based Compensation	$163.0M
Operating Activities Changes In Operating Assets and Liabilities	$32.0M
Operating Activities Other Non Cash Items	$14.0M
Operating Activities net Cash From Operating Activities	$917.0M
Investing Activities Capital Expenditures	$86.0M
Investing Activities Business Acquisitions	$1.4B
Investing Activities Purchases of Investments	$5.0M
Investing Activities Other Investing Activities	$0
Investing Activities net Cash From Investing Activities	$-1.5B
Financing Activities Proceeds From Debt	$347.0M
Financing Activities Repayment of Debt	$19.0M
Financing Activities Repurchase of Common Stock	$587.0M
Financing Activities net Cash From Financing Activities	$-239.0M
Cash Reconciliation Effect of Exchange Rate On Cash	$1.0M
Cash Reconciliation net Change In Cash	$-776.0M
Cash Reconciliation Cash At Beginning of Period	$125.0M
Cash Reconciliation Cash At End of Period	$125.0M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 1 year

Ratio	2025
Profitability
Gross margin	+48.1%
Operating margin	+13.0%
Net margin	+7.8%
FCF margin	+15.4%
Growth
Revenue CAGR (3y)	-2.3%
Returns
ROE	+11.7%
ROA	+4.9%
ROIC	+8.8%
Liquidity
Current ratio	0.97x
Quick ratio	0.50x
Leverage
D/E	1.37x
Interest coverage	—
Efficiency
Asset turnover	0.63x
Cash conversion cycle	+59d

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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