NYSE: MSI
Motorola Solutions
Technology · Radio & Tv Broadcasting & Communications Equipment
52-week range
$359.36$499.00
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jul 4, 2026. Hover or tap a column for another year.$69.9B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $13.7B |
| FY2017, ended Dec 31, 2017 | $14.6B |
| FY2018, ended Dec 31, 2018 | $18.9B |
| FY2019, ended Dec 31, 2019 | $27.5B |
| FY2020, ended Dec 31, 2020 | $28.7B |
| FY2021, ended Dec 31, 2021 | $45.7B |
| FY2022, ended Dec 31, 2022 | $43.1B |
| FY2023, ended Dec 31, 2023 | $52.0B |
| FY2024, ended Dec 31, 2024 | $77.2B |
| FY2025, ended Dec 31, 2025 | $63.5B |
| Trailing 12 months to Jul 4, 2026 (through Q2 FY2026) | $69.9B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jul 4, 2026. Hover or tap a column for another year.$12.2B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.04B |
| FY2017, ended Dec 31, 2017 | $6.38B |
| FY2018, ended Dec 31, 2018 | $7.34B |
| FY2019, ended Dec 31, 2019 | $7.89B |
| FY2020, ended Dec 31, 2020 | $7.41B |
| FY2021, ended Dec 31, 2021 | $8.17B |
| FY2022, ended Dec 31, 2022 | $9.11B |
| FY2023, ended Dec 31, 2023 | $9.98B |
| FY2024, ended Dec 31, 2024 | $10.8B |
| FY2025, ended Dec 31, 2025 | $11.7B |
| Trailing 12 months to Jul 4, 2026 (through Q2 FY2026) | $12.2B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jul 4, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $560M | $894M |
| FY2017, ended Dec 31, 2017 | −$155M | $1.12B |
| FY2018, ended Dec 31, 2018 | $966M | $878M |
| FY2019, ended Dec 31, 2019 | $868M | $1.57B |
| FY2020, ended Dec 31, 2020 | $949M | $1.40B |
| FY2021, ended Dec 31, 2021 | $1.25B | $1.59B |
| FY2022, ended Dec 31, 2022 | $1.36B | $1.57B |
| FY2023, ended Dec 31, 2023 | $1.71B | $1.79B |
| FY2024, ended Dec 31, 2024 | $1.58B | $2.13B |
| FY2025, ended Dec 31, 2025 | $2.15B | $2.57B |
| Trailing 12 months to Jul 4, 2026 (through Q2 FY2026) | $2.13B | $2.68B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jul 4, 2026. Hover or tap a column for another year.$710M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $967M |
| FY2017, ended Dec 31, 2017 | $1.21B |
| FY2018, ended Dec 31, 2018 | $1.26B |
| FY2019, ended Dec 31, 2019 | $1.00B |
| FY2020, ended Dec 31, 2020 | $1.25B |
| FY2021, ended Dec 31, 2021 | $1.87B |
| FY2022, ended Dec 31, 2022 | $1.32B |
| FY2023, ended Dec 31, 2023 | $1.71B |
| FY2024, ended Dec 31, 2024 | $2.10B |
| FY2025, ended Dec 31, 2025 | $1.17B |
| Trailing 12 months to Jul 4, 2026 (through Q2 FY2026) | $710M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jul 4, 2026. Hover or tap a column for another year.$9.03B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.40B |
| FY2017, ended Dec 31, 2017 | $4.47B |
| FY2018, ended Dec 31, 2018 | $5.32B |
| FY2019, ended Dec 31, 2019 | $5.13B |
| FY2020, ended Dec 31, 2020 | $5.17B |
| FY2021, ended Dec 31, 2021 | $5.69B |
| FY2022, ended Dec 31, 2022 | $6.01B |
| FY2023, ended Dec 31, 2023 | $6.02B |
| FY2024, ended Dec 31, 2024 | $6.00B |
| FY2025, ended Dec 31, 2025 | $9.16B |
| Trailing 12 months to Jul 4, 2026 (through Q2 FY2026) | $9.03B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 0.5% since 2016.Figures shown are for the trailing 12 months to Jul 4, 2026. Hover or tap a column for another year.165M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 165M |
| FY2017, ended Dec 31, 2017 | 161M |
| FY2018, ended Dec 31, 2018 | 164M |
| FY2019, ended Dec 31, 2019 | 171M |
| FY2020, ended Dec 31, 2020 | 169M |
| FY2021, ended Dec 31, 2021 | 168M |
| FY2022, ended Dec 31, 2022 | 167M |
| FY2023, ended Dec 31, 2023 | 166M |
| FY2024, ended Dec 31, 2024 | 167M |
| FY2025, ended Dec 31, 2025 | 166M |
| Trailing 12 months to Jul 4, 2026 (through Q2 FY2026) | 165M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jul 4, 2026. Hover or tap a column for another year.Net: $629M more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $842M | $68.0M | $93.0M |
| FY2017, ended Dec 31, 2017 | $483M | $66.0M | $82.0M |
| FY2018, ended Dec 31, 2018 | $132M | $73.0M | $168M |
| FY2019, ended Dec 31, 2019 | $315M | $118M | $114M |
| FY2020, ended Dec 31, 2020 | $612M | $129M | $108M |
| FY2021, ended Dec 31, 2021 | $528M | $129M | $102M |
| FY2022, ended Dec 31, 2022 | $836M | $172M | $156M |
| FY2023, ended Dec 31, 2023 | $804M | $212M | $104M |
| FY2024, ended Dec 31, 2024 | $244M | $243M | $75.0M |
| FY2025, ended Dec 31, 2025 | $1.15B | $293M | $46.0M |
| Trailing 12 months to Jul 4, 2026 (through Q2 FY2026) | $1.06B | $357M | $74.0M |
Revenue (TTM)
$12.2B
+10.3% YoY
Net income (TTM)
$2.13B
+0.9% YoY
Cash
$710M
−77.9% YoY
Total debt
$9.03B
+16.8% YoY
Valuation
At current price- Market Cap
- $81.3B
- P/E
- 38.1×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 6.6×
- Price / Book
- 30.4×
- EV / EBITDA
- 24.9×
Growth
Trailing 12 months- Revenue (TTM)
- $12.2B
- Revenue Growth YoY
- 10.3%
- Revenue CAGR 3Y
- 8.6%
- Revenue CAGR 5Y
- 9.5%
- EPS Growth YoY
- 2.1%
- Net Income Growth YoY
- 0.9%
Profitability
Trailing 12 months- Gross Margin
- 52.0%
- Operating Margin
- 24.9%
- Net Margin
- 17.4%
- FCF Margin
- 21.9%
- Return on Equity
- 92.0%
Earnings
Trailing 12 months- Net Income
- $2.13B
- EPS (diluted)
- $12.69
- EBITDA
- $3.60B
- Operating Income
- $3.05B
Balance Sheet
As of Jul 4, 2026- Cash and cash equivalents
- $710M
- Total Debt
- $9.03B
- Net Debt
- $8.32B
- Total Assets
- $19.2B
- Total Liabilities
- $16.6B
- Shareholders' Equity
- $2.67B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.97B
- Capital Expenditure
- $297M
- Free Cash Flow
- $2.68B
Dividends and risk
Last 12 months- Dividend Yield
- 1.0%
- Dividend / Share
- $4.84
- Beta (5Y)
- 0.88
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 10.3% year over year, at $12.2B.
Note
Net margin of 17.4% over the last 12 months.
Note
Net debt of $8.32B is 2.3× EBITDA.
Strength
Turns 21.9% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 12, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K65Mildly positive
65Mildly positive
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 14, 2025 · Read the filing on EDGAR
- Sales rose 8% to $10.8 billion and operating earnings rose 17% to $2.7 billion, driven by radio (LMR) and video growth.
- Net earnings fell to $1.6 billion from $1.7 billion because of a one-time $585 million loss on buying back the Silver Lake convertible notes.
- A UK court refused Motorola's appeal of the Airwave price cap. Motorola is challenging the Airwave contract extension to 2029, and a new class action claims customers were overcharged.
- Backlog reached a record $14.7 billion. The dividend went up 11%, and two rating agencies raised Motorola's credit rating to BBB.
Business momentum
Improving
“Operating earnings increased $394 million, or 17% in 2024 compared to 2023.”
Outlook
Positive
“We expect continued growth within our global LMR installed base as a number of events such as natural disasters and large-scale incidents continue to reinforce the importance of having secure, reliable LMR for public safety.”
Financial stress
Low
“Our operating cash flow was $2.4 billion in 2024 compared to $2.0 billion in 2023.”
Tone against the previous report
About the same
Red flags
- Minor
Major lawsuit
“On December 5, 2024, a proposed class representative filed a claim with the CAT to bring collective proceedings against us, alleging that users of Airwave services during the period January 1, 2020 through July 31, 2023 suffered financial harm”
- Minor
Other
“$585 million of loss from the extinguishment of the the Silver Lake Convertible Debt which was recognized in 2024”
Positives
Strong margin gains in products segment
“Operating margins increased in 2024 to 24.3% from 19.9% in 2023 primarily due to higher sales and favorable mix”
Record backlog
“We ended 2024 with a backlog position of $14.7 billion, up $438 million compared to 2023.”
Credit rating upgrades
“During the year ended December 31, 2024, Fitch Ratings and S&P Global Ratings upgraded our credit ratings to BBB from BBB-.”
Concerns
Software and Services profit fell
“Operating margins decreased in 2024 to 25.7% from 28.1% in 2023 primarily driven the revenue reduction on Airwave services in accordance with the Charge Control”
Net earnings down on one-time debt loss
“Net earnings attributable to Motorola Solutions, Inc. were $1.6 billion, or $9.23 per diluted common share in 2024, compared to earnings of $1.7 billion, or $9.93 per diluted common share in 2023.”
Airwave price cap appeal lost
“On January 30, 2025, the United Kingdom Court of Appeal denied our application for permission to appeal the CAT's judgment.”
New risks since the previous report
UK class action over past Airwave pricing
“alleging that users of Airwave services during the period January 1, 2020 through July 31, 2023 suffered financial harm as a result of the pricing in effect during such time”
Airwave extension backlog at risk from court challenge
“The backlog related to the incremental years of service contemplated in the Deferred National Shutdown Notice could change depending on the outcome of the proceedings.”
New US tariffs and retaliation
“including recent U.S. tariffs imposed or threatened to be imposed on China, Canada and Mexico and other countries and any retaliatory actions taken by such countries”
DEI executive order raises False Claims Act exposure
“The executive order increases our compliance risk through an increased risk of civil False Claims Act liability if our DEI practices are deemed to violate the federal anti-discrimination laws.”
EU cybersecurity law NIS2 compliance
“NIS2 requires us to register with national cybersecurity agencies, submit significant cybersecurity incident reports and adopt appropriate measures to minimize cybersecurity risks.”
Biggest risks named
- UK Airwave price cap and related litigation
- AI, biometric and privacy regulation
- Dependence on government contracts and funding
- Cyberattacks on mission-critical systems
- Supply chain costs and new tariffs
Artificial intelligence in this business: Material to the business
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −2.1 | |
| New risks | −2 | |
| Score | 65 | |
Written by AI (Claude Opus 5.5) from the report’s text. 16 of 16 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 12, 2026 | Pro | |||
| 10-K | Feb 14, 2025 | 65 | Improving | 2 minor | |
| 10-K | Feb 15, 2024 | 73 | Strong improvement | 1 medium | |
| 10-K | Feb 16, 2023 | 61 | Improving | 2 medium | |
| 10-K | Feb 16, 2022 | 74 | Strong improvement | 1 minor | |
| 10-K | Feb 12, 2021 | 56 | Mixed | None | |
| 10-K | Feb 14, 2020 | 59 | Mixed | 1 minor | |
| 10-K | Feb 15, 2019 | 58 | Mixed | 1 minor | |
| 10-K | Feb 16, 2018 | 44 | Sharp deterioration | 1 medium | |
| 10-K | Feb 21, 2017 | 69 | Improving | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jul 4, 2026), filed Aug 5, 2026. View filings on SEC EDGAR