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 · 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	-86.1%	+557.7%	+30.5%	-68.4%	—
Short Term Investments	—	-100.0%	+0.0%	+11.9%	—
Accounts Receivable	+15.8%	+32.8%	-32.2%	+2.1%	—
Inventory	+5.2%	-13.8%	-6.5%	+75.2%	—
Prepaid Expenses	-17.9%	-8.8%	+18.5%	+17.0%	—
Total Current Assets	-26.4%	+45.9%	-11.2%	+11.5%	—
Property,Plant and Equipment	+15.7%	-1.3%	+11.2%	+2.2%	—
Operating Lease Assets	-0.6%	-1.2%	+8.3%	+19.1%	—
Goodwill	+21.5%	-0.1%	-0.1%	+19.4%	—
Intangible Assets	+91.7%	-19.9%	-16.3%	+34.3%	—
Long Term Investments	-6.4%	—	—	—	—
Deferred Tax Assets	-19.1%	+16.9%	+7.6%	+112.0%	—
Other Noncurrent Assets	+2.6%	-22.0%	+7.2%	+40.1%	—
Total Assets	+6.7%	+9.1%	-3.0%	+21.1%	—
Liabilities
Accounts Payable	+9.8%	+38.8%	-43.8%	+15.9%	—
Accrued Liabilities	+10.9%	-0.2%	-32.3%	+16.4%	—
Deferred Revenue	-1.5%	-1.1%	+7.8%	+11.8%	—
Current Portion of Long Term Debt	+78.5%	-54.3%	-19.2%	+210.1%	—
Operating Lease Liabilities	+5.6%	-14.3%	+13.5%	+12.1%	—
Other Current Liabilities	+65.7%	-25.5%	-13.0%	+61.2%	—
Total Current Liabilities	+8.7%	+6.6%	-31.5%	+29.6%	—
Long Term Debt	+12.9%	+2.2%	+13.2%	+96.2%	—
Deferred Revenue Noncurrent	+30.3%	-2.6%	-6.3%	+5.7%	—
Operating Lease Liabilities Noncurrent	+1.3%	+2.0%	+9.4%	+14.9%	—
Deferred Tax Liabilities	-43.9%	-14.9%	-10.7%	+1150.0%	—
Other Noncurrent Liabilities	+65.7%	-25.5%	-13.0%	+61.2%	—
Total Liabilities	+12.1%	+2.6%	-11.0%	+48.4%	—
Equity
Preferred Stock	—	—	—	—	—
Common Stock	+0.0%	+0.0%	+0.0%	+0.0%	—
Additional Paid In Capital	+21.7%	+8.8%	+9.6%	+21.4%	—
Retained Earnings	+8.6%	+12.2%	+7.3%	+13.0%	—
Treasury Stock	+30.9%	+2.3%	+3.3%	+75.9%	—
Accumulated Other Comprehensive Income	+59.1%	+18.5%	+18.2%	-127.6%	—
Total Stockholders Equity	+0.1%	+18.1%	+11.1%	-8.4%	—
Total Liabilitiesand Equity	+6.7%	+9.1%	-3.0%	+21.1%	—

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	+8.3%	+8.7%	-20.7%	+2.7%	—
Expenses Cost of Revenue	+9.2%	+4.3%	-22.0%	+5.3%	—
Expenses Research and Development	+5.3%	+8.5%	-8.9%	+0.5%	—
Expenses Selling,General and Administrative	+13.6%	+14.1%	-10.9%	+7.8%	—
Expenses Depreciation and Amortization	+7.6%	-2.3%	-13.7%	+9.1%	—
Expenses Share Based Compensation	+83.1%	+61.8%	-37.5%	+15.8%	—
Expenses Restructuring and Asset Impairment	+347.1%	-82.7%	+600.0%	+100.0%	—
Expenses Operating Expenses	+13.3%	+1.8%	-21.6%	+27.0%	—
Other Income Expense Gross Profit	+7.5%	+13.7%	-19.1%	-0.2%	—
Other Income Expense Operating Income	-5.7%	+54.3%	-9.1%	-46.0%	—
Other Income Expense Interest Income	-10.2%	+26.3%	-678.3%	+560.0%	—
Other Income Expense Interest Expense	—	—	—	-100.0%	—
Other Income Expense Other Income/expense	+0.0%	-16.7%	-140.0%	-400.0%	—
Other Income Expense Income Before Tax	-11.8%	+90.1%	-38.6%	-43.8%	—
Income Tax Income Tax Expense	+31.8%	+181.6%	-53.1%	-38.2%	—
net Income net Income	-20.6%	+78.4%	-36.1%	-44.7%	—
net Income Comprehensive Income	-17.3%	+74.7%	-27.7%	-51.4%	—
Earnings Per Share Basic Eps	-19.6%	+78.3%	-35.1%	-43.4%	—
Earnings Per Share Diluted Eps	-19.6%	+78.0%	-35.0%	-43.3%	—
Earnings Per Share Weighted Average Shares Basic	-1.3%	+0.2%	-1.6%	-2.3%	—
Earnings Per Share Weighted Average Shares Diluted	-1.3%	+0.3%	-1.6%	-2.5%	—

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	-20.6%	+78.4%	-36.1%	-44.7%	—
Operating Activities Depreciation and Amortization	+7.6%	-2.3%	-13.7%	+9.1%	—
Operating Activities Stock Based Compensation	+83.1%	+61.8%	-37.5%	+15.8%	—
Operating Activities Changes In Operating Assets and Liabilities	-91.4%	+149.4%	-267.6%	-17.2%	—
Operating Activities Other Non Cash Items	+0.0%	+366.7%	-40.0%	+400.0%	—
Operating Activities net Cash From Operating Activities	-9.5%	+25425.0%	-100.8%	-54.3%	—
Investing Activities Capital Expenditures	+45.8%	-32.2%	+16.0%	+27.1%	—
Investing Activities Business Acquisitions	—	—	-100.0%	+94.9%	—
Investing Activities Purchases of Investments	+66.7%	+200.0%	-91.7%	-64.7%	—
Investing Activities Other Investing Activities	+100.0%	-225.0%	—	—	—
Investing Activities net Cash From Investing Activities	-2452.6%	+38.0%	+90.5%	-77.3%	—
Financing Activities Proceeds From Debt	-46.7%	+48.0%	-65.7%	+2691.3%	—
Financing Activities Repayment of Debt	-97.3%	+183.3%	-0.8%	-18.5%	—
Financing Activities Repurchase of Common Stock	+1148.9%	-9.6%	-93.1%	+1217.5%	—
Financing Activities net Cash From Financing Activities	-25.8%	-262.4%	-53.8%	+168.2%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+133.3%	—	—	—	—
Cash Reconciliation net Change In Cash	-201.7%	+3533.3%	+109.3%	-249.3%	—
Cash Reconciliation Cash At Beginning of Period	-86.1%	+552.9%	+17.9%	-66.0%	—
Cash Reconciliation Cash At End of Period	-86.1%	+552.9%	+17.9%	-66.0%	—

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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