Fundamentals · 2026-09-09S&P 500ANNUAL BASIS

Zebra Technologies

ZBRA stock analysis · Information Technology · Electronic Equipment & Instruments

FY 2025-12-31ANNUAL FILINGS
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These are research estimates based on annual filings. Valuation uses a cash-flow proxy and explicit assumptions; prices are not live. Published valuations use annual periods first filed by the price date, with later restatements retained.
Reference share price · USD
$263.26HISTORICAL SNAPSHOT

As of · fund-implied per-share value

Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.

View SEC fund filing ↗
Estimated issuer market cap
$12.5B

Price × SEC outstanding shares. Shares measured 2026-05-05. Approximate; share and price dates can differ.

View share-count filing ↗
Valuation

DCF value

$264.98

Equity cash-flow scenario · SEC outstanding shares at 2026-05-05 · 0.7% versus input cap

How this is calculated ↗
Valuation

Reverse DCF

4.8%

Annual basis · read assumptions below

How this is calculated ↗
Valuation

Relative valuation

49.1%

65 sector peers · median 44.6×

How this is calculated ↗
Valuation

Historical multiples

30.3×

7 annual observations · snapshot P/E 29.9× · -1.3% versus history

How this is calculated ↗
Valuation

Free cash flow yield

6.6%

Annual basis · read assumptions below

How this is calculated ↗
Quality

ROIC / quality

10.2%

Normalized tax · financing-capital proxy · parent-equity fallback (scope limitation) · short-term borrowing coverage incomplete

How this is calculated ↗
Valuation

Value composite

76/100

Annual basis · read assumptions below

How this is calculated ↗
Momentum

12–1 price momentum

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

How this is calculated ↗
Investment

Asset growth

6.7%

Annual basis · read assumptions below

How this is calculated ↗
Investment

Net payout yield

Requires reported dividends, repurchases and issuance; missing values are not zero.

Requires reported dividends, repurchases and issuance; missing values are not zero.

How this is calculated ↗
Quality

Accrual quality

-6.0%

Parent-earnings fallback versus consolidated cash flow · scope limitation

How this is calculated ↗
Momentum

Fundamental momentum

1.0%

Annual basis · read assumptions below

How this is calculated ↗

Follow the cash

ANNUAL · USD

Operating cash flow and reinvestment over time

USD · bar maximum 1.1B2020-12-31: cfo $962,000,000.002020-12-31: capex $67,000,000.0020202021-12-31: cfo $1,069,000,000.002021-12-31: capex $59,000,000.0020212022-12-31: cfo $488,000,000.002022-12-31: capex $75,000,000.0020222023-12-31: cfo -$4,000,000.00 (negative; lower scale compressed)2023-12-31: capex $87,000,000.0020232024-12-31: cfo $1,013,000,000.002024-12-31: capex $59,000,000.0020242025-12-31: cfo $917,000,000.002025-12-31: capex $86,000,000.002025
Operating cash flowCapital expenditure

Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.

Make the assumptions yours

Personal inputs stay in this browser. Blank fields retain published inputs. Five-year forecast; zero net borrowing. Required return must exceed terminal growth.

How sensitive is the valuation?

DCF per-share sensitivity · includes reviewed preferred and minority-owner claims · rows: required return · columns: growth
Return / Growth3.0%5.0%7.0%
8.0%$332.35$362.63$395.18
10.0%$243.55$264.98$287.98
12.0%$192.14$208.49$226.02

Annual financial history

Open SEC filings ↗
Fiscal year-endRevenueNet incomeOperating cash flowCapital expenditureAssets
2025-12-315.4B419M917M86M8.5B
2024-12-315B528M1B59M8B
2023-12-314.6B296M-4M87M7.3B
2022-12-315.8B463M488M75M7.5B
2021-12-315.6B837M1.1B59M6.2B
2020-12-314.4B504M962M67M5.4B
2019-12-314.5B544M685M61M4.7B
2018-12-314.2B421M785M64M4.3B

USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.

Trace the inputs

MODEL ANNUAL PERIOD
InputValueSEC tag / sourceFiled
revenue5.4BRevenueFromContractWithCustomerExcludingAssessedTax2026-02-12
netIncome419MNetIncomeLoss
Parent-attributable fallback: a verified consolidated total is unavailable in the supported tags. Noncontrolling interests have not been assumed to be zero; this may differ in scope from consolidated cash flow or operating income.
2026-02-12
Parent/common earnings proxy419MNetIncomeLoss2026-02-12
cfo917MNetCashProvidedByUsedInOperatingActivities2026-02-12
capex86MPaymentsToAcquirePropertyPlantAndEquipment2026-02-12
operatingIncome700MOperatingIncomeLoss2026-02-12
assets8.5BAssets2026-02-12
equity3.6BStockholdersEquity
Parent-attributable fallback: a verified consolidated total is unavailable in the supported tags. Noncontrolling interests have not been assumed to be zero; this may differ in scope from consolidated cash flow or operating income.
2026-02-12
Parent book equity proxy3.6BStockholdersEquity2026-02-12
debt2.5BLongTermDebtCurrent + LongTermDebtNoncurrent2026-02-12
shortDebtNot reported under a supported tag
cash125MCashAndCashEquivalentsAtCarryingValue2026-02-12
shares51.2MWeightedAverageNumberOfDilutedSharesOutstanding2026-02-12
dividendsNot reported under a supported tag
buybacks587MPaymentsForRepurchaseOfCommonStock2026-02-12
issuanceNot reported under a supported tag