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 · 5 years

Total assets $8.5B

Total liabilities $4.9B

Shareholders equity $3.6B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	2.3%	18.1%	3.0%	1.8%	5.9%
Short Term Investments	0.0%	0.0%	2.5%	2.0%	1.8%
Accounts Receivable	14.8%	13.9%	11.4%	13.3%	13.4%
Inventory	13.5%	13.9%	17.5%	14.9%	8.7%
Prepaid Expenses	2.0%	2.7%	3.2%	2.1%	1.9%
Total Current Assets	33.3%	49.0%	36.5%	32.6%	30.0%
Property,Plant and Equipment	6.5%	6.1%	6.7%	4.8%	4.8%
Operating Lease Assets	3.1%	3.4%	3.7%	2.7%	2.3%
Goodwill	87.6%	78.1%	85.0%	67.4%	58.0%
Intangible Assets	15.0%	8.5%	11.5%	10.9%	8.3%
Long Term Investments	1.9%	2.2%	—	—	—
Deferred Tax Assets	7.7%	10.3%	9.6%	7.0%	3.4%
Other Noncurrent Assets	4.4%	4.6%	6.5%	4.8%	3.5%
Total Assets	157.6%	160.0%	159.4%	130.2%	110.4%
Liabilities
Accounts Payable	12.9%	12.7%	9.9%	14.0%	12.4%
Accrued Liabilities	10.3%	10.1%	11.0%	12.9%	11.4%
Deferred Revenue	8.3%	9.1%	10.0%	7.4%	6.8%
Current Portion of Long Term Debt	2.6%	1.6%	3.8%	3.7%	1.2%
Operating Lease Liabilities	0.7%	0.7%	0.9%	0.6%	0.6%
Other Current Liabilities	2.1%	1.4%	2.1%	1.9%	1.2%
Total Current Liabilities	34.3%	34.2%	34.9%	40.3%	32.0%
Long Term Debt	43.8%	42.0%	44.7%	31.3%	16.4%
Deferred Revenue Noncurrent	7.3%	6.1%	6.8%	5.8%	5.6%
Operating Lease Liabilities Noncurrent	2.9%	3.1%	3.3%	2.4%	2.2%
Deferred Tax Liabilities	0.6%	1.1%	1.5%	1.3%	0.1%
Other Noncurrent Liabilities	2.1%	1.4%	2.1%	1.9%	1.2%
Total Liabilities	91.1%	88.0%	93.2%	83.0%	57.4%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	15.1%	13.4%	13.4%	9.7%	8.2%
Retained Earnings	97.8%	97.6%	94.5%	69.8%	63.5%
Treasury Stock	46.1%	38.1%	40.5%	31.1%	18.2%
Accumulated Other Comprehensive Income	-0.3%	-0.9%	-1.2%	-1.1%	-0.5%
Total Stockholders Equity	66.5%	72.0%	66.2%	47.3%	53.0%
Total Liabilitiesand Equity	157.6%	160.0%	159.4%	130.2%	110.4%

Income Statement

Revenue, expense, and profitability

21 accounts · 5 years

Revenue $5.4B

Operating income $700.0M

Net income $419.0M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	51.9%	51.6%	53.7%	54.6%	53.3%
Expenses Research and Development	11.0%	11.3%	11.3%	9.9%	10.1%
Expenses Selling,General and Administrative	8.0%	7.6%	7.3%	6.5%	6.2%
Expenses Depreciation and Amortization	3.4%	3.5%	3.8%	3.5%	3.3%
Expenses Share Based Compensation	3.0%	1.8%	1.2%	1.5%	1.4%
Expenses Restructuring and Asset Impairment	1.4%	0.3%	2.1%	0.2%	0.1%
Expenses Operating Expenses	35.1%	33.5%	35.8%	36.2%	29.3%
Other Income Expense Gross Profit	48.1%	48.4%	46.3%	45.4%	46.7%
Other Income Expense Operating Income	13.0%	14.9%	10.5%	9.2%	17.4%
Other Income Expense Interest Income	-2.0%	-2.0%	-2.9%	0.4%	-0.1%
Other Income Expense Interest Expense	0.0%	0.0%	0.0%	0.0%	0.1%
Other Income Expense Other Income/expense	-0.3%	-0.3%	-0.3%	-0.1%	-0.0%
Other Income Expense Income Before Tax	10.4%	12.7%	7.3%	9.4%	17.2%
Income Tax Income Tax Expense	2.6%	2.1%	0.8%	1.4%	2.3%
net Income net Income	7.8%	10.6%	6.5%	8.0%	14.9%
net Income Comprehensive Income	8.2%	10.8%	6.7%	7.4%	15.6%
Earnings Per Share Basic Eps	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%
Earnings Per Share Weighted Average Shares Basic	0.9%	1.0%	1.1%	0.9%	0.9%
Earnings Per Share Weighted Average Shares Diluted	0.9%	1.0%	1.1%	0.9%	1.0%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 5 years

Operating cash flow $917.0M

Investing cash flow $-1.5B

Financing cash flow $-239.0M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	7.8%	10.6%	6.5%	8.0%	14.9%
Operating Activities Depreciation and Amortization	3.4%	3.5%	3.8%	3.5%	3.3%
Operating Activities Stock Based Compensation	3.0%	1.8%	1.2%	1.5%	1.4%
Operating Activities Changes In Operating Assets and Liabilities	0.6%	7.4%	-16.3%	7.7%	9.6%
Operating Activities Other Non Cash Items	0.3%	0.3%	0.1%	0.1%	0.0%
Operating Activities net Cash From Operating Activities	17.0%	20.3%	-0.1%	8.4%	19.0%
Investing Activities Capital Expenditures	1.6%	1.2%	1.9%	1.3%	1.0%
Investing Activities Business Acquisitions	25.3%	0.0%	0.0%	15.2%	8.0%
Investing Activities Purchases of Investments	0.1%	0.1%	0.0%	0.2%	0.6%
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%
Financing Activities Proceeds From Debt	6.4%	13.1%	9.6%	22.2%	0.8%
Financing Activities Repayment of Debt	0.4%	13.9%	5.3%	4.3%	5.4%
Financing Activities Repurchase of Common Stock	10.9%	0.9%	1.1%	13.0%	1.0%
Financing Activities net Cash From Financing Activities	-4.4%	-3.8%	2.6%	4.4%	-6.6%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	-0.1%	0.0%	0.0%	0.0%
Cash Reconciliation net Change In Cash	-14.4%	15.3%	0.5%	-3.9%	2.7%
Cash Reconciliation Cash At Beginning of Period	2.3%	18.1%	3.0%	2.0%	6.1%
Cash Reconciliation Cash At End of Period	2.3%	18.1%	3.0%	2.0%	6.1%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+48.1%	+48.4%	+46.3%	+45.4%	+46.7%
Operating margin	+13.0%	+14.9%	+10.5%	+9.2%	+17.4%
Net margin	+7.8%	+10.6%	+6.5%	+8.0%	+14.9%
FCF margin	+15.4%	+19.2%	-2.0%	+7.1%	+17.9%
Growth
Revenue CAGR (3y)	-2.3%	-4.0%	+1.0%	+8.8%	+10.1%
Returns
ROE	+11.7%	+14.7%	+9.7%	+16.9%	+28.0%
ROA	+4.9%	+6.6%	+4.1%	+6.1%	+13.5%
ROIC	+8.8%	+12.7%	+8.3%	+9.7%	+23.2%
Liquidity
Current ratio	0.97x	1.43x	1.05x	0.81x	0.94x
Quick ratio	0.50x	0.93x	0.41x	0.37x	0.60x
Leverage
D/E	1.37x	1.22x	1.41x	1.75x	1.08x
Interest coverage	—	—	—	—	195.80x
Efficiency
Asset turnover	0.63x	0.63x	0.63x	0.77x	0.91x
Cash conversion cycle	+59d	+59d	+93d	+54d	+23d

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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