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

Year-over-year change per cell; first column has no prior.

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	-86.1%	+557.7%	+30.5%	-68.4%	+97.6%	+460.0%	-31.8%	-29.0%	-60.3%	—
Short Term Investments	—	-100.0%	+0.0%	+11.9%	+31.2%	+71.1%	+80.0%	—	—	—
Accounts Receivable	+15.8%	+32.8%	-32.2%	+2.1%	+48.0%	-17.1%	+17.9%	+8.6%	-23.4%	—
Inventory	+5.2%	-13.8%	-6.5%	+75.2%	-3.9%	+7.8%	-8.8%	+13.5%	+32.8%	—
Prepaid Expenses	-17.9%	-8.8%	+18.5%	+17.0%	+51.4%	+52.2%	-14.8%	+125.0%	-62.5%	—
Total Current Assets	-26.4%	+45.9%	-11.2%	+11.5%	+32.7%	+6.5%	+2.8%	+9.3%	-13.0%	—
Property,Plant and Equipment	+15.7%	-1.3%	+11.2%	+2.2%	-0.7%	+5.8%	+4.0%	-5.7%	-9.6%	—
Operating Lease Assets	-0.6%	-1.2%	+8.3%	+19.1%	-3.0%	+26.2%	—	—	—	—
Goodwill	+21.5%	-0.1%	-0.1%	+19.4%	+9.3%	+14.0%	+5.1%	+1.2%	+0.3%	—
Intangible Assets	+91.7%	-19.9%	-16.3%	+34.3%	+16.7%	+46.2%	+18.5%	-22.4%	-37.7%	—
Long Term Investments	-6.4%	—	—	—	—	—	—	—	—	—
Deferred Tax Assets	-19.1%	+16.9%	+7.6%	+112.0%	+38.1%	+9.4%	+11.4%	-4.2%	-56.9%	—
Other Noncurrent Assets	+2.6%	-22.0%	+7.2%	+40.1%	+20.1%	+30.2%	+44.8%	+33.8%	-3.0%	—
Total Assets	+6.7%	+9.1%	-3.0%	+21.1%	+15.6%	+14.1%	+8.6%	+1.5%	-7.7%	—
Liabilities
Accounts Payable	+9.8%	+38.8%	-43.8%	+15.9%	+16.5%	+8.9%	+0.0%	+44.1%	-7.3%	—
Accrued Liabilities	+10.9%	-0.2%	-32.3%	+16.4%	+14.3%	+47.5%	+17.7%	-4.5%	+4.3%	—
Deferred Revenue	-1.5%	-1.1%	+7.8%	+11.8%	+23.4%	+29.4%	—	—	-2.6%	—
Current Portion of Long Term Debt	+78.5%	-54.3%	-19.2%	+210.1%	-81.0%	+84.8%	+25.5%	+207.8%	—	—
Operating Lease Liabilities	+5.6%	-14.3%	+13.5%	+12.1%	+10.0%	+3.4%	—	—	—	—
Other Current Liabilities	+65.7%	-25.5%	-13.0%	+61.2%	-30.9%	+44.8%	-24.7%	-23.9%	+0.9%	—
Total Current Liabilities	+8.7%	+6.6%	-31.5%	+29.6%	-2.8%	+31.8%	+7.9%	+30.1%	+5.4%	—
Long Term Debt	+12.9%	+2.2%	+13.2%	+96.2%	+4.7%	-18.4%	-24.7%	-34.1%	-17.8%	—
Deferred Revenue Noncurrent	+30.3%	-2.6%	-6.3%	+5.7%	+15.4%	+23.5%	—	—	+19.4%	—
Operating Lease Liabilities Noncurrent	+1.3%	+2.0%	+9.4%	+14.9%	-6.2%	+29.0%	—	—	—	—
Deferred Tax Liabilities	-43.9%	-14.9%	-10.7%	+1150.0%	-91.3%	+7.8%	+700.0%	—	-100.0%	—
Other Noncurrent Liabilities	+65.7%	-25.5%	-13.0%	+61.2%	-30.9%	+44.8%	-24.7%	-23.9%	+0.9%	—
Total Liabilities	+12.1%	+2.6%	-11.0%	+48.4%	+0.0%	+12.5%	-4.4%	-12.7%	-10.4%	—
Equity
Preferred Stock	—	—	—	—	—	—	—	—	—	—
Common Stock	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	—
Additional Paid In Capital	+21.7%	+8.8%	+9.6%	+21.4%	+17.0%	+16.5%	+15.3%	+14.4%	+22.4%	—
Retained Earnings	+8.6%	+12.2%	+7.3%	+13.0%	+30.6%	+22.6%	+32.2%	+35.3%	+0.6%	—
Treasury Stock	+30.9%	+2.3%	+3.3%	+75.9%	+11.3%	+33.4%	+12.4%	-1.1%	+1.0%	—
Accumulated Other Comprehensive Income	+59.1%	+18.5%	+18.2%	-127.6%	+58.0%	-56.8%	-25.7%	+32.7%	-15.6%	—
Total Stockholders Equity	+0.1%	+18.1%	+11.1%	-8.4%	+39.2%	+16.6%	+37.8%	+60.1%	+5.3%	—
Total Liabilitiesand Equity	+6.7%	+9.1%	-3.0%	+21.1%	+15.6%	+14.1%	+8.6%	+1.5%	-7.7%	—

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	+8.3%	+8.7%	-20.7%	+2.7%	+26.5%	-0.8%	+6.3%	+13.3%	+4.1%	—
Expenses Cost of Revenue	+9.2%	+4.3%	-22.0%	+5.3%	+22.7%	+2.5%	+6.6%	+11.2%	+4.1%	—
Expenses Research and Development	+5.3%	+8.5%	-8.9%	+0.5%	+25.2%	+1.3%	+0.7%	+14.1%	+3.5%	—
Expenses Selling,General and Administrative	+13.6%	+14.1%	-10.9%	+7.8%	+14.5%	-5.9%	-1.5%	+9.0%	-2.0%	—
Expenses Depreciation and Amortization	+7.6%	-2.3%	-13.7%	+9.1%	+28.1%	-16.6%	+0.0%	-33.5%	-13.5%	—
Expenses Share Based Compensation	+83.1%	+61.8%	-37.5%	+15.8%	+49.0%	+6.2%	+6.7%	+28.6%	+29.6%	—
Expenses Restructuring and Asset Impairment	+347.1%	-82.7%	+600.0%	+100.0%	-36.4%	+10.0%	-9.1%	-31.2%	-15.8%	—
Expenses Operating Expenses	+13.3%	+1.8%	-21.6%	+27.0%	+22.0%	-4.0%	+2.7%	-1.2%	-11.1%	—
Other Income Expense Gross Profit	+7.5%	+13.7%	-19.1%	-0.2%	+31.2%	-4.6%	+6.0%	+15.8%	+4.1%	—
Other Income Expense Operating Income	-5.7%	+54.3%	-9.1%	-46.0%	+50.4%	-5.9%	+13.4%	+89.4%	+302.5%	—
Other Income Expense Interest Income	-10.2%	+26.3%	-678.3%	+560.0%	+93.4%	—	—	—	—	—
Other Income Expense Interest Expense	—	—	—	-100.0%	-93.4%	-14.6%	-2.2%	-59.9%	+17.6%	—
Other Income Expense Other Income/expense	+0.0%	-16.7%	-140.0%	-400.0%	-133.3%	+200.0%	-90.0%	+266.7%	+45.5%	—
Other Income Expense Income Before Tax	-11.8%	+90.1%	-38.6%	-43.8%	+72.9%	-6.4%	+14.1%	+495.5%	+168.2%	—
Income Tax Income Tax Expense	+31.8%	+181.6%	-53.1%	-38.2%	+133.9%	+3.7%	-47.6%	+45.1%	+787.5%	—
net Income net Income	-20.6%	+78.4%	-36.1%	-44.7%	+66.1%	-7.4%	+29.2%	+2376.5%	+112.4%	—
net Income Comprehensive Income	-17.3%	+74.7%	-27.7%	-51.4%	+83.1%	-10.5%	+22.1%	+4280.0%	+107.5%	—
Earnings Per Share Basic Eps	-19.6%	+78.3%	-35.1%	-43.4%	+66.1%	-6.4%	+28.2%	+2281.8%	+112.5%	—
Earnings Per Share Diluted Eps	-19.6%	+78.0%	-35.0%	-43.3%	+66.0%	-6.2%	+28.5%	+2325.0%	+112.1%	—
Earnings Per Share Weighted Average Shares Basic	-1.3%	+0.2%	-1.6%	-2.3%	+0.0%	-1.0%	+0.7%	+1.1%	+2.8%	—
Earnings Per Share Weighted Average Shares Diluted	-1.3%	+0.3%	-1.6%	-2.5%	-0.0%	-1.2%	+0.5%	+1.1%	+4.1%	—

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	-20.6%	+78.4%	-36.1%	-44.7%	+66.1%	-7.4%	+29.2%	+2376.5%	+112.4%	—
Operating Activities Depreciation and Amortization	+7.6%	-2.3%	-13.7%	+9.1%	+28.1%	-16.6%	+0.0%	-33.5%	-13.5%	—
Operating Activities Stock Based Compensation	+83.1%	+61.8%	-37.5%	+15.8%	+49.0%	+6.2%	+6.7%	+28.6%	+29.6%	—
Operating Activities Changes In Operating Assets and Liabilities	-91.4%	+149.4%	-267.6%	-17.2%	+592.3%	-16.1%	-67.0%	+502.9%	-300.0%	—
Operating Activities Other Non Cash Items	+0.0%	+366.7%	-40.0%	+400.0%	+0.0%	+150.0%	+60.0%	-225.0%	+33.3%	—
Operating Activities net Cash From Operating Activities	-9.5%	+25425.0%	-100.8%	-54.3%	+11.1%	+40.4%	-12.7%	+64.2%	+25.8%	—
Investing Activities Capital Expenditures	+45.8%	-32.2%	+16.0%	+27.1%	-11.9%	+9.8%	-4.7%	+28.0%	-35.1%	—
Investing Activities Business Acquisitions	—	—	-100.0%	+94.9%	-17.5%	+109.2%	+263.9%	—	—	—
Investing Activities Purchases of Investments	+66.7%	+200.0%	-91.7%	-64.7%	+6.2%	+45.5%	+633.3%	+200.0%	+0.0%	—
Investing Activities Other Investing Activities	+100.0%	-225.0%	—	—	—	—	—	—	—	—
Investing Activities net Cash From Investing Activities	-2452.6%	+38.0%	+90.5%	-77.3%	+14.8%	-91.3%	-144.5%	-168.6%	-30.8%	—
Financing Activities Proceeds From Debt	-46.7%	+48.0%	-65.7%	+2691.3%	-84.8%	-52.6%	-29.9%	-33.7%	+1244.1%	—
Financing Activities Repayment of Debt	-97.3%	+183.3%	-0.8%	-18.5%	-11.4%	-64.0%	-39.4%	-14.2%	+277.1%	—
Financing Activities Repurchase of Common Stock	+1148.9%	-9.6%	-93.1%	+1217.5%	-71.5%	+325.5%	—	—	—	—
Financing Activities net Cash From Financing Activities	-25.8%	-262.4%	-53.8%	+168.2%	-136.3%	+57.0%	+44.8%	-27.9%	-34.6%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+133.3%	—	—	—	+100.0%	-300.0%	+120.0%	-25.0%	-157.1%	—
Cash Reconciliation net Change In Cash	-201.7%	+3533.3%	+109.3%	-249.3%	-6.2%	+1257.1%	+22.2%	+80.9%	-161.1%	—
Cash Reconciliation Cash At Beginning of Period	-86.1%	+552.9%	+17.9%	-66.0%	+79.2%	+540.0%	-31.8%	-29.0%	-60.3%	—
Cash Reconciliation Cash At End of Period	-86.1%	+552.9%	+17.9%	-66.0%	+79.2%	+540.0%	-31.8%	-29.0%	-60.3%	—

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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