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 revenue.

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	2.3%	18.1%	3.0%	1.8%	5.9%	3.8%	0.7%	1.0%	1.7%	4.4%
Short Term Investments	0.0%	0.0%	2.5%	2.0%	1.8%	1.7%	1.0%	0.6%	0.0%	0.0%
Accounts Receivable	14.8%	13.9%	11.4%	13.3%	13.4%	11.4%	13.7%	12.3%	12.9%	17.5%
Inventory	13.5%	13.9%	17.5%	14.9%	8.7%	11.5%	10.6%	12.3%	12.3%	9.7%
Prepaid Expenses	2.0%	2.7%	3.2%	2.1%	1.9%	1.6%	1.0%	1.3%	0.6%	1.8%
Total Current Assets	33.3%	49.0%	36.5%	32.6%	30.0%	28.6%	26.6%	27.5%	28.6%	34.2%
Property,Plant and Equipment	6.5%	6.1%	6.7%	4.8%	4.8%	6.2%	5.8%	5.9%	7.1%	8.2%
Operating Lease Assets	3.1%	3.4%	3.7%	2.7%	2.3%	3.0%	2.4%	—	—	—
Goodwill	87.6%	78.1%	85.0%	67.4%	58.0%	67.2%	58.5%	59.2%	66.2%	68.8%
Intangible Assets	15.0%	8.5%	11.5%	10.9%	8.3%	9.0%	6.1%	5.5%	8.0%	13.4%
Long Term Investments	1.9%	2.2%	—	—	—	—	—	—	—	—
Deferred Tax Assets	7.7%	10.3%	9.6%	7.0%	3.4%	3.1%	2.8%	2.7%	3.2%	7.7%
Other Noncurrent Assets	4.4%	4.6%	6.5%	4.8%	3.5%	3.7%	2.8%	2.1%	1.7%	1.9%
Total Assets	157.6%	160.0%	159.4%	130.2%	110.4%	120.8%	105.0%	102.9%	114.9%	129.6%
Liabilities
Accounts Payable	12.9%	12.7%	9.9%	14.0%	12.4%	13.5%	12.3%	13.1%	10.3%	11.6%
Accrued Liabilities	10.3%	10.1%	11.0%	12.9%	11.4%	12.6%	8.5%	7.6%	9.1%	9.0%
Deferred Revenue	8.3%	9.1%	10.0%	7.4%	6.8%	6.9%	5.3%	—	5.0%	5.3%
Current Portion of Long Term Debt	2.6%	1.6%	3.8%	3.7%	1.2%	8.2%	4.4%	3.7%	1.4%	—
Operating Lease Liabilities	0.7%	0.7%	0.9%	0.6%	0.6%	0.7%	0.6%	—	—	—
Other Current Liabilities	2.1%	1.4%	2.1%	1.9%	1.2%	2.2%	1.5%	2.1%	3.1%	3.2%
Total Current Liabilities	34.3%	34.2%	34.9%	40.3%	32.0%	41.6%	31.3%	30.8%	26.9%	26.6%
Long Term Debt	43.8%	42.0%	44.7%	31.3%	16.4%	19.8%	24.1%	34.0%	58.5%	74.1%
Deferred Revenue Noncurrent	7.3%	6.1%	6.8%	5.8%	5.6%	6.1%	4.9%	—	4.0%	3.5%
Operating Lease Liabilities Noncurrent	2.9%	3.1%	3.3%	2.4%	2.2%	2.9%	2.2%	—	—	—
Deferred Tax Liabilities	0.6%	1.1%	1.5%	1.3%	0.1%	1.6%	1.4%	0.2%	0.0%	4.6%
Other Noncurrent Liabilities	2.1%	1.4%	2.1%	1.9%	1.2%	2.2%	1.5%	2.1%	3.1%	3.2%
Total Liabilities	91.1%	88.0%	93.2%	83.0%	57.4%	72.6%	64.0%	71.2%	92.5%	107.4%
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	15.1%	13.4%	13.4%	9.7%	8.2%	8.9%	7.6%	7.0%	6.9%	5.9%
Retained Earnings	97.8%	97.6%	94.5%	69.8%	63.5%	61.5%	49.8%	40.0%	33.5%	34.7%
Treasury Stock	46.1%	38.1%	40.5%	31.1%	18.2%	20.7%	15.4%	14.5%	16.7%	17.2%
Accumulated Other Comprehensive Income	-0.3%	-0.9%	-1.2%	-1.1%	-0.5%	-1.6%	-1.0%	-0.8%	-1.4%	-1.3%
Total Stockholders Equity	66.5%	72.0%	66.2%	47.3%	53.0%	48.2%	41.0%	31.7%	22.4%	22.2%
Total Liabilitiesand Equity	157.6%	160.0%	159.4%	130.2%	110.4%	120.8%	105.0%	102.9%	114.9%	129.6%

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	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	51.9%	51.6%	53.7%	54.6%	53.3%	55.0%	53.2%	53.0%	54.1%	54.1%
Expenses Research and Development	11.0%	11.3%	11.3%	9.9%	10.1%	10.2%	10.0%	10.5%	10.5%	10.5%
Expenses Selling,General and Administrative	8.0%	7.6%	7.3%	6.5%	6.2%	6.8%	7.2%	7.8%	8.1%	8.6%
Expenses Depreciation and Amortization	3.4%	3.5%	3.8%	3.5%	3.3%	3.3%	3.9%	4.1%	7.1%	8.5%
Expenses Share Based Compensation	3.0%	1.8%	1.2%	1.5%	1.4%	1.1%	1.1%	1.1%	0.9%	0.8%
Expenses Restructuring and Asset Impairment	1.4%	0.3%	2.1%	0.2%	0.1%	0.2%	0.2%	0.3%	0.4%	0.5%
Expenses Operating Expenses	35.1%	33.5%	35.8%	36.2%	29.3%	30.4%	31.4%	32.5%	37.3%	43.7%
Other Income Expense Gross Profit	48.1%	48.4%	46.3%	45.4%	46.7%	45.0%	46.8%	47.0%	45.9%	45.9%
Other Income Expense Operating Income	13.0%	14.9%	10.5%	9.2%	17.4%	14.6%	15.4%	14.5%	8.7%	2.2%
Other Income Expense Interest Income	-2.0%	-2.0%	-2.9%	0.4%	-0.1%	-1.7%	—	—	—	—
Other Income Expense Interest Expense	0.0%	0.0%	0.0%	0.0%	0.1%	1.7%	2.0%	2.2%	6.1%	5.4%
Other Income Expense Other Income/expense	-0.3%	-0.3%	-0.3%	-0.1%	-0.0%	0.1%	0.0%	0.2%	-0.2%	-0.3%
Other Income Expense Income Before Tax	10.4%	12.7%	7.3%	9.4%	17.2%	12.6%	13.3%	12.4%	2.4%	-3.6%
Income Tax Income Tax Expense	2.6%	2.1%	0.8%	1.4%	2.3%	1.3%	1.2%	2.4%	1.9%	0.2%
net Income net Income	7.8%	10.6%	6.5%	8.0%	14.9%	11.3%	12.1%	10.0%	0.5%	-3.8%
net Income Comprehensive Income	8.2%	10.8%	6.7%	7.4%	15.6%	10.8%	11.9%	10.4%	0.3%	-3.7%
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	0.9%	1.0%	1.1%	0.9%	0.9%	1.2%	1.2%	1.3%	1.4%	1.4%
Earnings Per Share Weighted Average Shares Diluted	0.9%	1.0%	1.1%	0.9%	1.0%	1.2%	1.2%	1.3%	1.4%	1.4%

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	7.8%	10.6%	6.5%	8.0%	14.9%	11.3%	12.1%	10.0%	0.5%	-3.8%
Operating Activities Depreciation and Amortization	3.4%	3.5%	3.8%	3.5%	3.3%	3.3%	3.9%	4.1%	7.1%	8.5%
Operating Activities Stock Based Compensation	3.0%	1.8%	1.2%	1.5%	1.4%	1.1%	1.1%	1.1%	0.9%	0.8%
Operating Activities Changes In Operating Assets and Liabilities	0.6%	7.4%	-16.3%	7.7%	9.6%	1.8%	2.1%	6.7%	-1.9%	1.0%
Operating Activities Other Non Cash Items	0.3%	0.3%	0.1%	0.1%	0.0%	0.0%	-0.0%	-0.1%	0.1%	0.1%
Operating Activities net Cash From Operating Activities	17.0%	20.3%	-0.1%	8.4%	19.0%	21.6%	15.3%	18.6%	12.8%	10.6%
Investing Activities Capital Expenditures	1.6%	1.2%	1.9%	1.3%	1.0%	1.5%	1.4%	1.5%	1.3%	2.2%
Investing Activities Business Acquisitions	25.3%	0.0%	0.0%	15.2%	8.0%	12.3%	5.8%	1.7%	0.0%	0.0%
Investing Activities Purchases of Investments	0.1%	0.1%	0.0%	0.2%	0.6%	0.7%	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	-27.0%	-1.1%	-2.0%	-16.7%	-9.7%	-14.4%	-7.5%	-3.2%	-1.4%	-1.1%
Financing Activities Proceeds From Debt	6.4%	13.1%	9.6%	22.2%	0.8%	6.8%	14.2%	21.6%	36.8%	2.9%
Financing Activities Repayment of Debt	0.4%	13.9%	5.3%	4.3%	5.4%	7.7%	21.2%	37.1%	49.0%	13.5%
Financing Activities Repurchase of Common Stock	10.9%	0.9%	1.1%	13.0%	1.0%	4.5%	1.0%	0.0%	0.0%	—
Financing Activities net Cash From Financing Activities	-4.4%	-3.8%	2.6%	4.4%	-6.6%	-3.5%	-8.1%	-15.7%	-13.9%	-10.7%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	-0.1%	0.0%	0.0%	0.0%	-0.0%	0.0%	-0.1%	-0.1%	0.2%
Cash Reconciliation net Change In Cash	-14.4%	15.3%	0.5%	-3.9%	2.7%	3.6%	-0.3%	-0.4%	-2.5%	-1.0%
Cash Reconciliation Cash At Beginning of Period	2.3%	18.1%	3.0%	2.0%	6.1%	4.3%	0.7%	1.0%	1.7%	4.4%
Cash Reconciliation Cash At End of Period	2.3%	18.1%	3.0%	2.0%	6.1%	4.3%	0.7%	1.0%	1.7%	4.4%

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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