# Zebra Technologies (ZBRA.US)

Canonical: https://gigainvestors.com/s/ZBRA

Analysis as of: 2026-10-16T07:33:20.521Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $377.51 per share; close as of 2026-10-15.

Estimated value: low $139.18 per share, central $158.25 per share, high $183.64 per share. Buy at or below the central value $158.25 per share. Valuation as of 2026-10-16T07:33:20.521Z; scenarios are not confidence intervals.

Expected annual return: 5.9% at the stated quote. About 5.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.35×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.02×

- FY2017: 0.09×

- FY2018: 0.14×

- FY2019: 0.15×

- FY2020: 0.15×

- FY2021: 0.17×

- FY2022: 0.09×

- FY2023: 0.10×

- FY2024: 0.15×

- FY2025: 0.15×

### moat: pass

- ROIC, median of available years: 47.8%

- ROIC, second-lowest year: 30.1%

- Typical minus recent gross margin: 0.2 pp

- Typical gross margin (annual median): 46.1%

- Recent gross margin (lower of latest and 3-year median): 45.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.4%

- ROIC including acquisitions, ten-year median: 12.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.5%

- FY2017: 39.2%

- FY2018: >100%

- FY2019: >100%

- FY2020: >100%

- FY2021: >100%

- FY2022: 42.2%

- FY2023: 30.1%

- FY2024: 53.4%

- FY2025: 38.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.22×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.1B

- Net income, five-year total: $2.5B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 2.4 pp

- Working capital / revenue, final three-year average: 17.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.15×

- FY2022: 1.28×

- FY2023: 1.30×

- FY2024: 1.21×

- FY2025: 1.24×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 39.2% vs 38.6%

- Per-share earnings: -2.66 to 8.18 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: -1.0%

- Market cap gain: $8.0B

- Cumulative retained earnings: $4.0B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: -1.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $10.84

- Per-share value, starting three-year median: -$2.66

- Per-share value, ending three-year median: $8.18

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 1.6%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: $3.6B

- Cumulative net income, 10 years: $3.9B

- ROIC, first three-year median: 39.2%

- ROIC, last three-year median: 38.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$2.66

- FY2017: $0.32

- FY2018: $7.75

- FY2019: $9.96

- FY2020: $9.35

- FY2021: $15.53

- FY2022: $8.81

- FY2023: $5.72

- FY2024: $10.18

- FY2025: $8.18

### accounting: fail

- restructuring or one-time charges in at least three of five years

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -5.9%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 17.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.19×

- Accounting red flags: 2

- Goodwill and intangibles / equity: 1.54×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.0%

- FY2017: -10.8%

- FY2018: -8.4%

- FY2019: -3.0%

- FY2020: -8.5%

- FY2021: -3.7%

- FY2022: -0.3%

- FY2023: 4.1%

- FY2024: -6.1%

- FY2025: -5.9%

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 37% since Dec 2021 · "Tariff Impact: $70 million gross profit impact expected for the full year 2025." (finance.yahoo.com, Apr 2025) · sales +8.3%

Story as of 2026-10-16T09:59:55.072Z; price observation 2026-10-15.

Price needs cash profits to grow 11.9% a year for ten years

- 2025-04-29: Zebra Tops Q1 Targets But Sees Q2 Profit Hit From Trump Tariffs ([finance.yahoo.com](https://finance.yahoo.com/m/090d4ca4-5a46-36e0-aa24-140016436dfd/zebra-tops-q1-targets-but.html))

- 2025-05-12: ZBRA Q1 Earnings Call: Outperformance Driven by Broad-Based Demand, Tariff Uncertainty Tempers Full-Year Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/zbra-q1-earnings-call-outperformance-183517855.html))

- 2026-05-12: Zebra Technologies lifts annual sales forecast on strong automation demand ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/zebra-technologies-lifts-annual-sales-111518168.html))

- 2026-07-09: Zebra Technologies (ZBRA) Lifts Outlook On A Narrative That Still Sees Undervaluation ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/zebra-technologies-zbra-lifts-outlook-161259476.html))

- 2026-08-04: Zebra Technologies Reports Record Second-Quarter 2026 Results and Raises Full-Year Outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/zebra-technologies-reports-record-second-152139637.html))

### Sales · FY2024–2025

sales +8.3%; source https://www.sec.gov/Archives/edgar/data/877212/000162828026007668/zbra-20251231.htm; observed 2026-02-12.

- FY2016: $3.6B 

- FY2017: $3.7B 

- FY2018: $4.2B 

- FY2019: $4.5B 

- FY2020: $4.4B 

- FY2021: $5.6B 

- FY2022: $5.8B 

- FY2023: $4.6B 

- FY2024: $5.0B 

- FY2025: $5.4B 

### Gross margin · FY2025

gross margin 45.9%; source https://www.sec.gov/Archives/edgar/data/877212/000162828026007668/zbra-20251231.htm; observed 2026-02-12.

- FY2016: 45.9% 

- FY2017: 45.9% 

- FY2018: 47.0% 

- FY2019: 46.8% 

- FY2020: 45.0% 

- FY2021: 46.7% 

- FY2022: 45.4% 

- FY2023: 46.3% 

- FY2024: 48.4% 

- FY2025: 45.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in communication equipment; annual sales are USD 5.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/877212/000162828026007668/zbra-20251231.htm (filed 2026-02-12); FY2025: revenue 5396000000; grossProfit 2479000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ZBRA.US: Zebra Technologies Corporation, together with its subsidiaries, operates in the automatic identification and data capture solutions industry worldwide. It operates in two segments, Connected Frontline, and Asset Visibility and Automation. The company designs, manufactures, and sells printers that produce labels, wristbands, tickets, receipts, and plastic cards; dye-sublimination thermal card printers that produce images, which are used for personal identification, access control, and financial transactions; radio frequency identification device (RFID) printers that encode data into passive RFID transponders; accessories and options for printers, including carrying cases, vehicle mounts, and battery chargers; stock and customized thermal labels, receipts, ribbons, plastic cards, and RFID tags for printers; and electronic sensors and temperature-monitoring labels. It also provides various maintenance, technical support, repair, and managed and professional services; fixed readers, RFID enabled mobile computers, and RFID sleds; tags, sensors, exciters, middleware software, and application software; and physical inventory management solutions; rugged and enterprise-grade mobile computing products and accessories, as well as real-time location systems and services. In addition, the company offers barcode scanners and imagers, RFID readers, industrial machine vision cameras, and fixed industrial scanners; point-of-sale solutions, self-serve kiosks, and interactive touchscreen displays; workflow optimization solutions, such as workforce management, workflow execution and task management, and prescriptive analytics, and communications and collaboration solutions; and cloud-based software. The company serves retail and e-commerce, manufacturing, transportation and logistics, healthcare, public sector, and other industries through direct sales force and network of channel partners. The company was founded in 1969 and is headquartered in Lincolnshire, Illinois.

### Why customers stay

Margins ranged from 45.9% to 48.4% during 2023–25; it earns 47.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: grossProfit / revenue = 46.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: grossProfit / revenue = 48.4%.

- Source: https://www.sec.gov/Archives/edgar/data/877212/000162828026007668/zbra-20251231.htm (filed 2026-02-12); FY2025: grossProfit / revenue = 45.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 10-year return on capital observations [[2016,0.07452830188679245],[2017,0.39194756554307114],[2018,1.2663964337140265],[2019,1.061571173162932],[2020,1.4946428571428572],[2021,1.5911867737525631],[2022,0.4219620017641546],[2023,0.3006173830054982],[2024,0.533711140778683],[2025,0.38567746686303384]]; median 0.47783657127141876. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 45% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/877212/000162828026007668/zbra-20251231.htm (filed 2026-02-12); Gross margin observations: [[2021,0.46703394348676025],[2022,0.45390070921985815],[2023,0.4631326352530541]]; range within 2 percentage points.

### Where the cash goes

Paid no dividends in 10 years; bought back USD 587 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2016: growth capex 0; upkeep 77000000; cash acquisitions 0; owner earnings 90000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2017: growth capex 0; upkeep 50000000; cash acquisitions 0; owner earnings 230000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2018: growth capex 0; upkeep 64000000; cash acquisitions 72000000; owner earnings 532000000. Growth capex plus acquisitions / owner earnings = 0.13533834586466165.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2019: growth capex 0; upkeep 61000000; cash acquisitions 262000000; owner earnings 658000000. Growth capex plus acquisitions / owner earnings = 0.3981762917933131.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2020: growth capex 0; upkeep 67000000; cash acquisitions 548000000; owner earnings 583000000. Growth capex plus acquisitions / owner earnings = 0.9399656946826758.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2021: growth capex 0; upkeep 59000000; cash acquisitions 452000000; owner earnings 965000000. Growth capex plus acquisitions / owner earnings = 0.46839378238341967.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2022: growth capex 0; upkeep 75000000; cash acquisitions 881000000; owner earnings 592000000. Growth capex plus acquisitions / owner earnings = 1.4881756756756757.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: growth capex 0; upkeep 87000000; cash acquisitions 0; owner earnings 385000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: growth capex 0; upkeep 59000000; cash acquisitions 0; owner earnings 641000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/877212/000162828026007668/zbra-20251231.htm (filed 2026-02-12); FY2025: growth capex 0; upkeep 86000000; cash acquisitions 1365000000; owner earnings 518000000. Growth capex plus acquisitions / owner earnings = 2.635135135135135.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/877212/000162828026007668/zbra-20251231.htm (filed 2026-02-12); FY2025: cash repurchases 587000000 USD.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ZBRA.US SharesStats.PercentInsiders = 0.852 percentage points; cache date 2026-10-16.

### What could break it

"Financial and Market Risks" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/877212/000162828026007668/zbra-20251231.htm (filed 2026-02-12); Financial and Market Risks

### What the price says

The price assumes cash profits grow 11.9% yearly over ten years; actual growth was 26.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Ten-year compound average after fade. Initial solved rate 0.15847482732427343. Price 377.51; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.9362640585452705 → FY2025 10.114738824458415. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $65.84 per share

- 2016-11: $79.05 per share

- 2016-12: $85.76 per share

- 2017-01: $83.67 per share

- 2017-02: $90.71 per share

- 2017-03: $91.25 per share

- 2017-04: $94.27 per share

- 2017-05: $104.34 per share

- 2017-06: $100.52 per share

- 2017-07: $101.72 per share

- 2017-08: $103.09 per share

- 2017-09: $108.58 per share

- 2017-10: $115.99 per share

- 2017-11: $110.32 per share

- 2017-12: $103.80 per share

- 2018-01: $123.16 per share

- 2018-02: $138.14 per share

- 2018-03: $139.19 per share

- 2018-04: $134.83 per share

- 2018-05: $153.51 per share

- 2018-06: $143.25 per share

- 2018-07: $137.93 per share

- 2018-08: $171.74 per share

- 2018-09: $176.83 per share

- 2018-10: $166.30 per share

- 2018-11: $179.80 per share

- 2018-12: $159.23 per share

- 2019-01: $173.60 per share

- 2019-02: $200.51 per share

- 2019-03: $209.53 per share

- 2019-04: $211.14 per share

- 2019-05: $171.44 per share

- 2019-06: $209.49 per share

- 2019-07: $210.89 per share

- 2019-08: $205.03 per share

- 2019-09: $206.37 per share

- 2019-10: $237.87 per share

- 2019-11: $250.94 per share

- 2019-12: $255.44 per share

- 2020-01: $239.02 per share

- 2020-02: $210.97 per share

- 2020-03: $183.60 per share

- 2020-04: $229.66 per share

- 2020-05: $261.32 per share

- 2020-06: $255.95 per share

- 2020-07: $280.75 per share

- 2020-08: $286.53 per share

- 2020-09: $252.46 per share

- 2020-10: $283.64 per share

- 2020-11: $378.42 per share

- 2020-12: $384.33 per share

- 2021-01: $387.83 per share

- 2021-02: $499.43 per share

- 2021-03: $485.18 per share

- 2021-04: $487.74 per share

- 2021-05: $497.05 per share

- 2021-06: $529.49 per share

- 2021-07: $552.48 per share

- 2021-08: $587.17 per share

- 2021-09: $515.42 per share

- 2021-10: $533.95 per share

- 2021-11: $588.78 per share

- 2021-12: $595.20 per share

- 2022-01: $509.12 per share

- 2022-02: $413.34 per share

- 2022-03: $413.70 per share

- 2022-04: $369.66 per share

- 2022-05: $338.19 per share

- 2022-06: $293.95 per share

- 2022-07: $357.69 per share

- 2022-08: $301.64 per share

- 2022-09: $262.01 per share

- 2022-10: $283.22 per share

- 2022-11: $270.28 per share

- 2022-12: $256.41 per share

- 2023-01: $316.18 per share

- 2023-02: $300.25 per share

- 2023-03: $318.00 per share

- 2023-04: $288.03 per share

- 2023-05: $262.57 per share

- 2023-06: $295.83 per share

- 2023-07: $307.96 per share

- 2023-08: $275.01 per share

- 2023-09: $236.53 per share

- 2023-10: $209.43 per share

- 2023-11: $236.98 per share

- 2023-12: $273.33 per share

- 2024-01: $239.55 per share

- 2024-02: $279.48 per share

- 2024-03: $301.44 per share

- 2024-04: $314.56 per share

- 2024-05: $312.34 per share

- 2024-06: $308.93 per share

- 2024-07: $351.19 per share

- 2024-08: $345.38 per share

- 2024-09: $370.32 per share

- 2024-10: $381.97 per share

- 2024-11: $407.00 per share

- 2024-12: $386.22 per share

- 2025-01: $391.94 per share

- 2025-02: $315.05 per share

- 2025-03: $282.56 per share

- 2025-04: $250.32 per share

- 2025-05: $289.77 per share

- 2025-06: $308.36 per share

- 2025-07: $339.02 per share

- 2025-08: $317.09 per share

- 2025-09: $297.16 per share

- 2025-10: $269.25 per share

- 2025-11: $252.75 per share

- 2025-12: $242.82 per share

- 2026-01: $234.98 per share

- 2026-02: $223.96 per share

- 2026-03: $209.08 per share

- 2026-04: $226.26 per share

- 2026-05: $243.63 per share

- 2026-06: $263.26 per share

- 2026-07: $293.82 per share

- 2026-08: $353.55 per share

- 2026-09: $373.31 per share

- 2026-10: $377.51 per share

## Annual estimated value (USD per share)

- FY2016: low $38.67 per share, central $43.78 per share, high $50.58 per share

- FY2017: low $37.05 per share, central $42.16 per share, high $48.96 per share

- FY2018: low $41.52 per share, central $47.24 per share, high $54.86 per share

- FY2019: low $55.49 per share, central $63.14 per share, high $73.32 per share

- FY2020: low $115.20 per share, central $130.89 per share, high $151.76 per share

- FY2021: low $153.63 per share, central $174.25 per share, high $201.70 per share

- FY2022: low $157.58 per share, central $179.30 per share, high $208.23 per share

- FY2023: low $127.87 per share, central $145.38 per share, high $168.69 per share

- FY2024: low $150.50 per share, central $169.12 per share, high $193.90 per share

- FY2025: low $118.27 per share, central $134.53 per share, high $156.18 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/877212/000162828026007668/zbra-20251231.htm); period 2025-12-31, filed 2026-02-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.