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ZEBRA TECHNOLOGIES CORP ZBRA

Nasdaq · stock · General Industrial Machinery & Equipment · website · IPO 1991-08-15 · LEI

ZEBRA TECHNOLOGIES CORP statistics & valuation

Market cap$11.3B
P / E27.0×
P / S2.1×
P / B3.2×
P / FCF13.6×
Net margin7.8%
Return on equity11.7%
FCF margin15.4%
Net debt$2.2B
Net debt / EBITDA2.5×
Enterprise value USD$13.5B
EV / EBITDA15.3×
Earnings yield EBIT/EV5.2%
Return on capital10.5%
Graham number -70%$113.56

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($113.56); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
-3.80% 0.50% 10.00% 12.10% 11.30% 14.90% 8.00% 6.50% 10.60% 7.80% 2016201720182019202020212022202320242025
Gross margin (%)
45.90% 45.90% 47.00% 46.80% 45.00% 46.70% 45.40% 46.30% 48.40% 48.10% 2016201720182019202020212022202320242025
Operating margin (%)
2.20% 8.70% 14.50% 15.40% 14.60% 17.40% 9.20% 10.50% 14.90% 13.00% 2016201720182019202020212022202320242025
Return on equity (%)
-17.30% 2.00% 31.50% 29.60% 23.50% 28.00% 16.90% 9.70% 14.70% 11.70% 2016201720182019202020212022202320242025
Shares outstanding
51.6M 53.7M 54.3M 54.6M 53.9M 53.9M 52.6M 51.7M 51.9M 51.2M 2016201720182019202020212022202320242025
Net debt ($)
$2.49B $2.11B $1.39B $1.05B $713.0M $590.0M $1.70B $1.91B $1.19B $2.24B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
-3.00% 0.40% 9.70% 11.50% 9.40% 13.50% 6.10% 4.10% 6.60% 4.90% 2016201720182019202020212022202320242025
Free cash flow margin (%)
8.50% 11.50% 17.10% 13.90% 20.10% 17.90% 7.10% -2.00% 19.20% 15.40% 2016201720182019202020212022202320242025
Debt / equity (×)
3.34× 2.61× 1.07× 0.59× 0.41× 0.31× 0.66× 0.67× 0.58× 0.66× 2016201720182019202020212022202320242025
EPS ($)
-$2.65 $0.32 $7.76 $9.97 $9.35 $15.52 $8.80 $5.72 $10.18 $8.18 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

ZEBRA TECHNOLOGIES CORP trades at about 46.3× earnings — above its 10-year norm (10-year range 22.4×–384.9×, median 38.5×).

22.4× 384.9×

Shaded band = 10-year range (22.4×–384.9×); dot = today's 46.3×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Gross margin48.1%48.4%46.3%45.4%46.7%45.0%46.8%47.0%45.9%45.9%
Operating margin13.0%14.9%10.5%9.2%17.4%14.6%15.4%14.5%8.7%2.2%
Net margin7.8%10.6%6.5%8.0%14.9%11.3%12.1%10.0%0.5%-3.8%
FCF margin15.4%19.2%-2.0%7.1%17.9%20.1%13.9%17.1%11.5%8.5%
Return on assets4.9%6.6%4.1%6.1%13.5%9.4%11.5%9.7%0.4%-3.0%
Return on equity11.7%14.7%9.7%16.9%28.0%23.5%29.6%31.5%2.0%-17.3%
Debt / equity0.66×0.58×0.67×0.66×0.31×0.41×0.59×1.07×2.61×3.34×
Current ratio0.971.431.050.810.940.690.850.891.061.29

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.