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

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	$125.0M -86.1%	$901.0M 557.7%	$137.0M
Short Term Investments	$0	$0 -100.0%	$113.0M
Accounts Receivable	$801.0M 15.8%	$692.0M 32.8%	$521.0M
Inventory	$729.0M 5.2%	$693.0M -13.8%	$804.0M
Prepaid Expenses	$110.0M -17.9%	$134.0M -8.8%	$147.0M
Total Current Assets	$1.8B -26.4%	$2.4B 45.9%	$1.7B
Property,Plant and Equipment	$353.0M 15.7%	$305.0M -1.3%	$309.0M
Operating Lease Assets	$166.0M -0.6%	$167.0M -1.2%	$169.0M
Goodwill	$4.7B 21.5%	$3.9B -0.1%	$3.9B
Intangible Assets	$809.0M 91.7%	$422.0M -19.9%	$527.0M
Long Term Investments	$103.0M -6.4%	$110.0M	—
Deferred Tax Assets	$414.0M -19.1%	$512.0M 16.9%	$438.0M
Other Noncurrent Assets	$237.0M 2.6%	$231.0M -22.0%	$296.0M
Total Assets	$8.5B 6.7%	$8.0B 9.1%	$7.3B
Liabilities
Accounts Payable	$695.0M 9.8%	$633.0M 38.8%	$456.0M
Accrued Liabilities	$558.0M 10.9%	$503.0M -0.2%	$504.0M
Deferred Revenue	$446.0M -1.5%	$453.0M -1.1%	$458.0M
Current Portion of Long Term Debt	$141.0M 78.5%	$79.0M -54.3%	$173.0M
Operating Lease Liabilities	$38.0M 5.6%	$36.0M -14.3%	$42.0M
Other Current Liabilities	$116.0M 65.7%	$70.0M -25.5%	$94.0M
Total Current Liabilities	$1.9B 8.7%	$1.7B 6.6%	$1.6B
Long Term Debt	$2.4B 12.9%	$2.1B 2.2%	$2.0B
Deferred Revenue Noncurrent	$396.0M 30.3%	$304.0M -2.6%	$312.0M
Operating Lease Liabilities Noncurrent	$157.0M 1.3%	$155.0M 2.0%	$152.0M
Deferred Tax Liabilities	$32.0M -43.9%	$57.0M -14.9%	$67.0M
Other Noncurrent Liabilities	$116.0M 65.7%	$70.0M -25.5%	$94.0M
Total Liabilities	$4.9B 12.1%	$4.4B 2.6%	$4.3B
Equity
Preferred Stock	$0	$0	$0
Common Stock	$1.0M 0.0%	$1.0M 0.0%	$1.0M
Additional Paid In Capital	$814.0M 21.7%	$669.0M 8.8%	$615.0M
Retained Earnings	$5.3B 8.6%	$4.9B 12.2%	$4.3B
Treasury Stock	$2.5B 30.9%	$1.9B 2.3%	$1.9B
Accumulated Other Comprehensive Income	$-18.0M 59.1%	$-44.0M 18.5%	$-54.0M
Total Stockholders Equity	$3.6B 0.1%	$3.6B 18.1%	$3.0B
Total Liabilitiesand Equity	$8.5B 6.7%	$8.0B 9.1%	$7.3B

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	$5.4B 8.3%	$5.0B 8.7%	$4.6B
Expenses Cost of Revenue	$2.8B 9.2%	$2.6B 4.3%	$2.5B
Expenses Research and Development	$593.0M 5.3%	$563.0M 8.5%	$519.0M
Expenses Selling,General and Administrative	$433.0M 13.6%	$381.0M 14.1%	$334.0M
Expenses Depreciation and Amortization	$185.0M 7.6%	$172.0M -2.3%	$176.0M
Expenses Share Based Compensation	$163.0M 83.1%	$89.0M 61.8%	$55.0M
Expenses Restructuring and Asset Impairment	$76.0M 347.1%	$17.0M -82.7%	$98.0M
Expenses Operating Expenses	$1.9B 13.3%	$1.7B 1.8%	$1.6B
Other Income Expense Gross Profit	$2.6B 7.5%	$2.4B 13.7%	$2.1B
Other Income Expense Operating Income	$700.0M -5.7%	$742.0M 54.3%	$481.0M
Other Income Expense Interest Income	$-108.0M -10.2%	$-98.0M 26.3%	$-133.0M
Other Income Expense Interest Expense	$0	$0	$0
Other Income Expense Other Income/expense	$-14.0M 0.0%	$-14.0M -16.7%	$-12.0M
Other Income Expense Income Before Tax	$560.0M -11.8%	$635.0M 90.1%	$334.0M
Income Tax Income Tax Expense	$141.0M 31.8%	$107.0M 181.6%	$38.0M
net Income net Income	$419.0M -20.6%	$528.0M 78.4%	$296.0M
net Income Comprehensive Income	$445.0M -17.3%	$538.0M 74.7%	$308.0M
Earnings Per Share Basic Eps	$8 -19.6%	$10 78.3%	$6
Earnings Per Share Diluted Eps	$8 -19.6%	$10 78.0%	$6
Earnings Per Share Weighted Average Shares Basic	$50.8M -1.3%	$51.5M 0.2%	$51.4M
Earnings Per Share Weighted Average Shares Diluted	$51.2M -1.3%	$51.9M 0.3%	$51.7M

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	$419.0M -20.6%	$528.0M 78.4%	$296.0M
Operating Activities Depreciation and Amortization	$185.0M 7.6%	$172.0M -2.3%	$176.0M
Operating Activities Stock Based Compensation	$163.0M 83.1%	$89.0M 61.8%	$55.0M
Operating Activities Changes In Operating Assets and Liabilities	$32.0M -91.4%	$370.0M 149.4%	$-749.0M
Operating Activities Other Non Cash Items	$14.0M 0.0%	$14.0M 366.7%	$3.0M
Operating Activities net Cash From Operating Activities	$917.0M -9.5%	$1.0B 25425.0%	$-4.0M
Investing Activities Capital Expenditures	$86.0M 45.8%	$59.0M -32.2%	$87.0M
Investing Activities Business Acquisitions	$1.4B	$0	$0
Investing Activities Purchases of Investments	$5.0M 66.7%	$3.0M 200.0%	$1.0M
Investing Activities Other Investing Activities	$0 100.0%	$-5.0M -225.0%	$4.0M
Investing Activities net Cash From Investing Activities	$-1.5B -2452.6%	$-57.0M 38.0%	$-92.0M
Financing Activities Proceeds From Debt	$347.0M -46.7%	$651.0M 48.0%	$440.0M
Financing Activities Repayment of Debt	$19.0M -97.3%	$694.0M 183.3%	$245.0M
Financing Activities Repurchase of Common Stock	$587.0M 1148.9%	$47.0M -9.6%	$52.0M
Financing Activities net Cash From Financing Activities	$-239.0M -25.8%	$-190.0M -262.4%	$117.0M
Cash Reconciliation Effect of Exchange Rate On Cash	$1.0M 133.3%	$-3.0M	$0
Cash Reconciliation net Change In Cash	$-776.0M -201.7%	$763.0M 3533.3%	$21.0M
Cash Reconciliation Cash At Beginning of Period	$125.0M -86.1%	$901.0M 552.9%	$138.0M
Cash Reconciliation Cash At End of Period	$125.0M -86.1%	$901.0M 552.9%	$138.0M

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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