ZBRA Technology

Zebra Technologies Corporation

$329.50-8.76%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Technology
Industry: Communication Equipment
Country: United States
Market cap: 15.6B USD
Enterprise value: 20.1B USD
Full-time employees: 10,700

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.61 vs a peer median of 0.87), less short-term liquidity (current ratio 0.52 vs a peer median of 1.83) and more debt relative to equity (0.81× vs a peer median of 0.25×)higher risk: bigger price swings (beta 1.61 vs peers 0.87), less liquidity (current ratio 0.52 vs peers 1.83) and more debt vs equity (0.81× vs peers 0.25×)
About average: growth

Ranks #916 of 1,612 technology companies (bottom 44%)

See how it ranks against its peers

Worth knowing

Profit is backed by cash. Free cash flow is 168% of reported profit.
Zebra Technologies's free cash flow is 168% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.
More volatile share price. Beta 1.61: tends to move more than the market.
Zebra Technologies's shares have swung more with the market than most peers' (beta 1.61, above the market's 1.0).

StockQuotient Score

48/ 100▲ 1 since Oct 27 close

Oct 5 48 → Nov 4 48

Valuation

Is the price right?

64/100

Moderate▲ 4 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 60 → 64

Share price -13.7%+6
Company's reported figures updated-1
Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ FCF yield
▲ Earnings yield
▲ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield3.5%

SEC filings · 12 months to Jul 2026Reported value30% base weight · Z-score 0.54Sector median: 0.0225 · MAD: 0.0225

EBITDA yield5.9%

SEC filings · 12 months to Jul 2026Reported value50% base weight · Z-score 0.46Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield5.8%

SEC filings · 12 months to Jul 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 1.11Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield22.0%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

46/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 4.7%

Why

Helped by:

▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth5.7%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score -0.18Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth2.1%

SEC filings · 3 years to Jul 2026Reported value33% base weight · Z-score -0.35Sector median: 0.0483 · MAD: 0.0793

Revenue growth12.7%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score 0.41Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

69/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Operating margin
▲ ROA
▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin14.7%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score 1.18Sector median: 0.0631 · MAD: 0.0710

Return on assets6.2%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score 0.91Sector median: 0.0293 · MAD: 0.0362

Return on invested capital11.2%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score 0.52Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin49.6%

SEC filings · 12 months to Jul 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity15.7%

SEC filings · 12 months to Jul 2026Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Current ratio
▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.61

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.99Sector median: 0.8710 · MAD: 0.3700

Current ratio0.52×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -1.53Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.81×

SEC filings · latest balance sheetReported value33% base weight · Z-score -2.46Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Zebra Technologies

Is Zebra Technologies getting weaker?: Its latest SEC filing (Aug 4, 2026) showed no major changes. Its overall score is 48/100, up 1 since Oct 28, 2026.
How is Zebra Technologies valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 64/100 against 1,711 technology peers. Free cash flow yield 5.8% vs a peer median of 2.7% (stronger than 70% of peers).Free cash flow yield 5.8% vs peers 2.7% (stronger than 70% of peers).
Is Zebra Technologies growing?: At about the same pace as its peers. Growth scores 46/100 against 1,711 technology peers. Revenue growth 12.7% vs a peer median of 8.5% (stronger than 63% of peers).Revenue growth 12.7% vs peers 8.5% (stronger than 63% of peers).
How profitable is Zebra Technologies?: More profitable than most of its peers. Profitability scores 69/100 against 1,711 technology peers. Operating margin 14.7% vs a peer median of 6.3% (stronger than 76% of peers).Operating margin 14.7% vs peers 6.3% (stronger than 76% of peers).
How risky is Zebra Technologies?: Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 0.52× vs a peer median of 1.83× (weaker than 100% of peers).Current ratio 0.52× vs peers 1.83× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jul 4, 2026 · filed Aug 4, 2026 · compared with the quarter ended Apr 4, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	5.6B USD	5.8B USD	+4.7%
Net income (12 months)	418.0M USD	539.0M USD	+28.9%
Operating margin	12.9%	14.7%	+1.8 pts
Free cash flow (12 months)	836.0M USD	904.0M USD	+8.1%
Debt	2.7B USD	2.8B USD	+4.4%
Cash	114.0M USD	157.0M USD	+37.7%
Shares outstanding	47.6M	47.3M	−0.7%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Technology · 320 companies

Valuations in Technology are above their usual range since 2016.

70% of months since 2016 were valued lower than now.
37% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +5% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +68% vs the whole market, against a usual +58%.

2016Shaded: most expensive fifth of its range2026

Shown for Technology: too few Communication Equipment companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	46.7%	45.4%	46.3%	48.4%	48.1%	▼ 0.4 pts
Operating margin	17.4%	9.2%	10.5%	14.9%	13.0%	▼ 1.9 pts
Net margin	14.9%	8.0%	6.5%	10.6%	7.8%	▼ 2.8 pts
Return on assets (ROA)	13.5%	6.1%	4.1%	6.6%	4.9%	▼ 1.7 pts
Return on equity (ROE)	28.0%	16.9%	9.7%	14.7%	11.7%	▼ 3.0 pts
Free cash flow margin	17.9%	7.1%	-2.0%	19.2%	15.4%	▼ 3.8 pts
Current ratio	0.94×	0.81×	1.05×	1.43×	0.97×	▼ 32%
Quick ratio	0.67×	0.44×	0.54×	1.03×	0.58×	▼ 44%
Debt to equity	0.33×	0.74×	0.73×	0.61×	0.70×	▲ 15%
Interest coverage	195.80×	—	—	—	—	—

ZBRA price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.61 vs a peer median of 0.87), less short-term liquidity (current ratio 0.52 vs a peer median of 1.83) and more debt relative to equity (0.81× vs a peer median of 0.25×)higher risk: bigger price swings (beta 1.61 vs peers 0.87), less liquidity (current ratio 0.52 vs peers 1.83) and more debt vs equity (0.81× vs peers 0.25×)

About average: growth

Ranks #916 of 1,612 technology companies (bottom 44%)

See how it ranks against its peers

Worth knowing

Profit is backed by cash. Free cash flow is 168% of reported profit.

Zebra Technologies's free cash flow is 168% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

More volatile share price. Beta 1.61: tends to move more than the market.

Zebra Technologies's shares have swung more with the market than most peers' (beta 1.61, above the market's 1.0).

Questions investors ask about Zebra Technologies

Is Zebra Technologies getting weaker?

Its latest SEC filing (Aug 4, 2026) showed no major changes. Its overall score is 48/100, up 1 since Oct 28, 2026.

How is Zebra Technologies valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 64/100 against 1,711 technology peers. Free cash flow yield 5.8% vs a peer median of 2.7% (stronger than 70% of peers).Free cash flow yield 5.8% vs peers 2.7% (stronger than 70% of peers).

Is Zebra Technologies growing?

At about the same pace as its peers. Growth scores 46/100 against 1,711 technology peers. Revenue growth 12.7% vs a peer median of 8.5% (stronger than 63% of peers).Revenue growth 12.7% vs peers 8.5% (stronger than 63% of peers).

How profitable is Zebra Technologies?

More profitable than most of its peers. Profitability scores 69/100 against 1,711 technology peers. Operating margin 14.7% vs a peer median of 6.3% (stronger than 76% of peers).Operating margin 14.7% vs peers 6.3% (stronger than 76% of peers).

How risky is Zebra Technologies?

Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 0.52× vs a peer median of 1.83× (weaker than 100% of peers).Current ratio 0.52× vs peers 1.83× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

5.6B USD

5.8B USD

+4.7%

Net income (12 months)

418.0M USD

539.0M USD

+28.9%

Operating margin

12.9%

14.7%

+1.8 pts

Free cash flow (12 months)

836.0M USD

904.0M USD

+8.1%

Debt

2.7B USD

2.8B USD

+4.4%

Cash

114.0M USD

157.0M USD

+37.7%

Shares outstanding

47.6M

47.3M

−0.7%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

46.7%

45.4%

46.3%

48.4%

48.1%

▼ 0.4 pts

Operating margin

17.4%

9.2%

10.5%

14.9%

13.0%

▼ 1.9 pts

Net margin

14.9%

8.0%

6.5%

10.6%

7.8%

▼ 2.8 pts

Return on assets (ROA)

13.5%

6.1%

4.1%

6.6%

4.9%

▼ 1.7 pts

Return on equity (ROE)

28.0%

16.9%

9.7%

14.7%

11.7%

▼ 3.0 pts

Free cash flow margin

17.9%

7.1%

-2.0%

19.2%

15.4%

▼ 3.8 pts

Current ratio

0.94×

0.81×

1.05×

1.43×

0.97×

▼ 32%

Quick ratio

0.67×

0.44×

0.54×

1.03×

0.58×

▼ 44%

Debt to equity

0.33×

0.74×

0.73×

0.61×

0.70×

▲ 15%

Interest coverage

195.80×

—