NASDAQ: ZBRA
Zebra Technologies
Technology · General Industrial Machinery & Equipment
52-week range
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.$12.6B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.53B |
| FY2017, ended Dec 31, 2017 | $5.53B |
| FY2018, ended Dec 31, 2018 | $8.58B |
| FY2019, ended Dec 31, 2019 | $13.8B |
| FY2020, ended Dec 31, 2020 | $20.5B |
| FY2021, ended Dec 31, 2021 | $31.6B |
| FY2022, ended Dec 31, 2022 | $13.2B |
| FY2023, ended Dec 31, 2023 | $14.0B |
| FY2024, ended Dec 31, 2024 | $19.8B |
| FY2025, ended Dec 31, 2025 | $11.9B |
| Trailing 12 months to Jul 4, 2026 (through Q2 FY2026) | $12.6B |
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.$5.85B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.57B |
| FY2017, ended Dec 31, 2017 | $3.72B |
| FY2018, ended Dec 31, 2018 | $4.22B |
| FY2019, ended Dec 31, 2019 | $4.49B |
| FY2020, ended Dec 31, 2020 | $4.45B |
| FY2021, ended Dec 31, 2021 | $5.63B |
| FY2022, ended Dec 31, 2022 | $5.78B |
| FY2023, ended Dec 31, 2023 | $4.58B |
| FY2024, ended Dec 31, 2024 | $4.98B |
| FY2025, ended Dec 31, 2025 | $5.40B |
| Trailing 12 months to Jul 4, 2026 (through Q2 FY2026) | $5.85B |
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 | −$137M | $303M |
| FY2017, ended Dec 31, 2017 | $17.0M | $428M |
| FY2018, ended Dec 31, 2018 | $421M | $721M |
| FY2019, ended Dec 31, 2019 | $544M | $624M |
| FY2020, ended Dec 31, 2020 | $504M | $895M |
| FY2021, ended Dec 31, 2021 | $837M | $1.01B |
| FY2022, ended Dec 31, 2022 | $463M | $413M |
| FY2023, ended Dec 31, 2023 | $296M | −$91.0M |
| FY2024, ended Dec 31, 2024 | $528M | $954M |
| FY2025, ended Dec 31, 2025 | $419M | $831M |
| Trailing 12 months to Jul 4, 2026 (through Q2 FY2026) | $539M | $904M |
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.$157M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $156M |
| FY2017, ended Dec 31, 2017 | $62.0M |
| FY2018, ended Dec 31, 2018 | $44.0M |
| FY2019, ended Dec 31, 2019 | $30.0M |
| FY2020, ended Dec 31, 2020 | $168M |
| FY2021, ended Dec 31, 2021 | $332M |
| FY2022, ended Dec 31, 2022 | $105M |
| FY2023, ended Dec 31, 2023 | $137M |
| FY2024, ended Dec 31, 2024 | $901M |
| FY2025, ended Dec 31, 2025 | $125M |
| Trailing 12 months to Jul 4, 2026 (through Q2 FY2026) | $157M |
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.$2.78B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.65B |
| FY2017, ended Dec 31, 2017 | $2.18B |
| FY2018, ended Dec 31, 2018 | $1.59B |
| FY2019, ended Dec 31, 2019 | $266M |
| FY2020, ended Dec 31, 2020 | $1.25B |
| FY2021, ended Dec 31, 2021 | $991M |
| FY2022, ended Dec 31, 2022 | $2.02B |
| FY2023, ended Dec 31, 2023 | $2.22B |
| FY2024, ended Dec 31, 2024 | $2.17B |
| FY2025, ended Dec 31, 2025 | $2.50B |
| Trailing 12 months to Jul 4, 2026 (through Q2 FY2026) | $2.78B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 10.5% since 2016.Figures shown are for the trailing 12 months to Jul 4, 2026. Hover or tap a column for another year.47.3M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 52.9M |
| FY2017, ended Dec 31, 2017 | 53.3M |
| FY2018, ended Dec 31, 2018 | 53.9M |
| FY2019, ended Dec 31, 2019 | 54.0M |
| FY2020, ended Dec 31, 2020 | 53.5M |
| FY2021, ended Dec 31, 2021 | 53.1M |
| FY2022, ended Dec 31, 2022 | 51.4M |
| FY2023, ended Dec 31, 2023 | 51.4M |
| FY2024, ended Dec 31, 2024 | 51.4M |
| FY2025, ended Dec 31, 2025 | 49.2M |
| Trailing 12 months to Jul 4, 2026 (through Q2 FY2026) | 47.3M |
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: $731M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | — | $27.0M |
| FY2017, ended Dec 31, 2017 | $0 | $35.0M |
| FY2018, ended Dec 31, 2018 | $0 | $45.0M |
| FY2019, ended Dec 31, 2019 | $47.0M | $48.0M |
| FY2020, ended Dec 31, 2020 | $200M | $51.0M |
| FY2021, ended Dec 31, 2021 | $57.0M | $76.0M |
| FY2022, ended Dec 31, 2022 | $751M | $88.0M |
| FY2023, ended Dec 31, 2023 | $52.0M | $55.0M |
| FY2024, ended Dec 31, 2024 | $47.0M | $89.0M |
| FY2025, ended Dec 31, 2025 | $587M | $163M |
| Trailing 12 months to Jul 4, 2026 (through Q2 FY2026) | $905M | $174M |
Revenue (TTM)
$5.85B
+12.7% YoY
Net income (TTM)
$539M
−1.6% YoY
Cash
$157M
−82.0% YoY
Total debt
$2.78B
+27.2% YoY
Valuation
At current price- Market Cap
- $17.1B
- P/E
- 31.7×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.9×
- Price / Book
- 5.0×
- EV / EBITDA
- 18.4×
Growth
Trailing 12 months- Revenue (TTM)
- $5.85B
- Revenue Growth YoY
- 12.7%
- Revenue CAGR 3Y
- −2.3%
- Revenue CAGR 5Y
- 3.9%
- EPS Growth YoY
- 3.0%
- Net Income Growth YoY
- −1.6%
Profitability
Trailing 12 months- Gross Margin
- 49.6%
- Operating Margin
- 14.7%
- Net Margin
- 9.2%
- FCF Margin
- 15.5%
- Return on Equity
- 15.3%
Earnings
Trailing 12 months- Net Income
- $539M
- EPS (diluted)
- $10.91
- EBITDA
- $1.07B
- Operating Income
- $858M
Balance Sheet
As of Jul 4, 2026- Cash and cash equivalents
- $157M
- Total Debt
- $2.78B
- Net Debt
- $2.62B
- Total Assets
- $8.64B
- Total Liabilities
- $5.20B
- Shareholders' Equity
- $3.44B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $979M
- Capital Expenditure
- $75.0M
- Free Cash Flow
- $904M
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 1.58
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 12.7% year over year, at $5.85B.
Note
Net margin of 9.2% over the last 12 months.
Note
Net debt of $2.62B is 2.4× EBITDA.
Strength
Turns 15.5% 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-K71Good news
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 13, 2025 · Read the filing on EDGAR
- Sales rose 8.7% to $4.98 billion and net income rose 78.4% to $528 million as customer demand recovered.
- Operating cash flow rebounded to $1,013 million from negative $4 million, helped by payment timing and lower inventory.
- Zebra issued $500 million of fixed-rate notes, repaid its revolver and finished its restructuring plan, which saves about $120 million a year.
- Management flags more uncertainty over trade policy and currencies in 2025, and agreed to buy 3D machine vision company Photoneo for about €60 million.
Business momentum
Strong improvement
“The demand trend recovery broadened across offerings within both segments beginning in the second half of the year contributing to improved revenue and profitability.”
Outlook
Cautious
“As we look ahead to 2025, we expect increased uncertainty and volatility in global trade policy and foreign currency exchange rates.”
Financial stress
Low
“We believe that our Cash and cash equivalents, which totaled $901 million as of December 31, 2024, along with anticipated cash generation from operations and available borrowing capacity on debt and other financing facilities, will be sufficient”
Tone against the previous report
More positive
Red flags
None found in this report.
Positives
Profit grew much faster than sales
“Net income increased 78.4% compared to the prior year primarily due to higher Operating income”
Operating cash flow recovered strongly
“Net cash provided by operating activities was $1,013 million in the current year compared to net cash used in operating activities of $4 million in the prior year.”
Wider gross margin and lasting cost savings
“Gross margin increased to 48.4% for the current year compared to 46.3% in the prior year.”
Concerns
Printing and tracking segment has not recovered: sales were flat and profit fell
“Operating income decreased 3.2% in the current year compared to the prior year due to higher Operating expenses partially offset by higher Gross profit.”
Part of the cash flow jump came from timing and inventory cuts, which may not repeat
“$1,017 million change in operating activities primarily due to the timing of cash payments and the reduction of overall inventory levels”
Most debt still carries floating interest rates
“approximately $1.7 billion of our $2.2 billion of total debt outstanding had interest determined by reference to a variable rate index”
New risks since the previous report
Tariffs and trade disputes affecting imported products, especially from China
“international trade disputes and increased tariffs between the U.S. and other countries in which the Company does business, including China, could negatively impact the Company’s financial performance”
Legal, regulatory and reputation risks from developing and using AI
“Emerging issues related to the development and use of artificial intelligence (“AI”) could give rise to legal or regulatory action, damage our reputation or otherwise materially harm our business.”
Biggest risks named
- Tariffs and trade policy changes, especially involving China
- Weak or uneven customer demand in an economic downturn
- Reliance on sole-source suppliers and third-party manufacturers
- Intense competition and rapid technology change
- Debt burden and floating interest rates
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | −2 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −1 | |
| Score | 71 | |
Written by AI (Claude Opus 5.5) from the report’s text. 11 of 11 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 13, 2025 | 71 | Strong improvement | None | |
| 10-K | Feb 15, 2024 | 30 | Sharp deterioration | 1 minor | |
| 10-K | Feb 16, 2023 | 36 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Feb 10, 2022 | 68 | Strong improvement | 1 medium | |
| 10-K | Feb 11, 2021 | 48 | Weakening | None | |
| 10-K | Feb 13, 2020 | 61 | Improving | None | |
| 10-K | Feb 14, 2019 | 73 | Strong improvement | None | |
| 10-K | Feb 22, 2018 | 72 | Strong improvement | None | |
| 10-K | Feb 27, 2017 | 43 | Improving | 1 serious1 medium |
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 4, 2026. View filings on SEC EDGAR