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

Each cell as a share of that year’s revenue.

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	2.3%
Short Term Investments	0.0%
Accounts Receivable	14.8%
Inventory	13.5%
Prepaid Expenses	2.0%
Total Current Assets	33.3%
Property,Plant and Equipment	6.5%
Operating Lease Assets	3.1%
Goodwill	87.6%
Intangible Assets	15.0%
Long Term Investments	1.9%
Deferred Tax Assets	7.7%
Other Noncurrent Assets	4.4%
Total Assets	157.6%
Liabilities
Accounts Payable	12.9%
Accrued Liabilities	10.3%
Deferred Revenue	8.3%
Current Portion of Long Term Debt	2.6%
Operating Lease Liabilities	0.7%
Other Current Liabilities	2.1%
Total Current Liabilities	34.3%
Long Term Debt	43.8%
Deferred Revenue Noncurrent	7.3%
Operating Lease Liabilities Noncurrent	2.9%
Deferred Tax Liabilities	0.6%
Other Noncurrent Liabilities	2.1%
Total Liabilities	91.1%
Equity
Preferred Stock	0.0%
Common Stock	0.0%
Additional Paid In Capital	15.1%
Retained Earnings	97.8%
Treasury Stock	46.1%
Accumulated Other Comprehensive Income	-0.3%
Total Stockholders Equity	66.5%
Total Liabilitiesand Equity	157.6%

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	100.0%
Expenses Cost of Revenue	51.9%
Expenses Research and Development	11.0%
Expenses Selling,General and Administrative	8.0%
Expenses Depreciation and Amortization	3.4%
Expenses Share Based Compensation	3.0%
Expenses Restructuring and Asset Impairment	1.4%
Expenses Operating Expenses	35.1%
Other Income Expense Gross Profit	48.1%
Other Income Expense Operating Income	13.0%
Other Income Expense Interest Income	-2.0%
Other Income Expense Interest Expense	0.0%
Other Income Expense Other Income/expense	-0.3%
Other Income Expense Income Before Tax	10.4%
Income Tax Income Tax Expense	2.6%
net Income net Income	7.8%
net Income Comprehensive Income	8.2%
Earnings Per Share Basic Eps	0.0%
Earnings Per Share Diluted Eps	0.0%
Earnings Per Share Weighted Average Shares Basic	0.9%
Earnings Per Share Weighted Average Shares Diluted	0.9%

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	7.8%
Operating Activities Depreciation and Amortization	3.4%
Operating Activities Stock Based Compensation	3.0%
Operating Activities Changes In Operating Assets and Liabilities	0.6%
Operating Activities Other Non Cash Items	0.3%
Operating Activities net Cash From Operating Activities	17.0%
Investing Activities Capital Expenditures	1.6%
Investing Activities Business Acquisitions	25.3%
Investing Activities Purchases of Investments	0.1%
Investing Activities Other Investing Activities	0.0%
Investing Activities net Cash From Investing Activities	-27.0%
Financing Activities Proceeds From Debt	6.4%
Financing Activities Repayment of Debt	0.4%
Financing Activities Repurchase of Common Stock	10.9%
Financing Activities net Cash From Financing Activities	-4.4%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%
Cash Reconciliation net Change In Cash	-14.4%
Cash Reconciliation Cash At Beginning of Period	2.3%
Cash Reconciliation Cash At End of Period	2.3%

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

Your annotations

Not watched