ZBRA

Zebra Technologies Corporation

$375.77

+1.83% 2026-10-19

Information TechnologyS&P 500

1M 3M 6M 1Y 2Y

ZBRASPY

-3.2%

+8.4%

+42.0%

+58.4%

YTD

+54.8%

+28.1%

Grades vs sector

Momentum

57th pct in sector

B-

12-1 return: +38.6%
Percentile within its GICS sector across the S&P 1500.

Growth

60th pct in sector

B-

Revenue growth (YoY): +20.4%
Percentile within its GICS sector across the S&P 1500.

Value

58th pct in sector

B-

Forward E/P: 6.0% · EBITDA/EV: 5.8%
Percentile within its GICS sector across the S&P 1500.

Profitability

48th pct in sector

Profit margin: +9.2% · Return on equity: +15.3%
Percentile within its GICS sector across the S&P 1500.

Revisions

no data

–

EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Our models

Held by 1 of 3 live models: Momentum Blend.

Momentum Blend

5.4% of the book · Leaders sleeve

Held Momentum Top 15

rank 186 of 499 · 12-1 momentum % 19.0

Quality Growth

not ranked (outside this model's universe or screens)

Why it's in Momentum Blend

In the Leaders sleeve: a fast grower breaking out near its highs after an earnings-style gap.

What would knock it out: Exits if it closes below its stop of $326.18; last close $375.77, 15% above it.

Key stats

Market cap$17.8B

P/E (trailing)34.4

P/E (forward)16.9

52-week range199.05 – 390.80

Revenue growth (YoY, latest qtr)+20.4%

Dividend yield0.00%

Analyst consensusBuy (15)

Mean price target$414.85 (+10%)

Valuation & fundamentals

Bottom line

Leans expensive

Model read-out from the numbers below, not advice. Score -2 (DCF counts double).

▼DCF (base case)below the price by 39%

•Forward P/E vs sector16.9x vs median 16.9x

•Piotroski F-score5/9

▲Altman Z3.7 (safe)

•Net debt / EBITDA2.4x

•Analyst target+10% (15 analysts)

Discounted cash flow

Bear

$139

-63%

growth 4% · disc. 13.2% · term. 2.0%

Base

$230

-39%

growth 9% · disc. 12.2% · term. 2.5%

Bull

$337

-10%

growth 12% · disc. 11.2% · term. 3.0%

A DCF starts from trailing free cash flow, so it can overstate value if the last 12 months were unusually strong (or weak). Use the bear case or edit the starting cash flow if so.

Reverse DCFfor context, not a signal

Today's price assumes free cash flow grows about 13% a year for 10 years.

Implied

+13%/yr

FCF, last 3 yrs

+26%/yr

FCF, last 5 yrs

-1%/yr

Revenue, last 3 yrs

-2%/yr

Revenue, last 5 yrs

+4%/yr

Same inputs as the DCF above: trailing free cash flow 0.9B, 12.2% discount rate, 2.5% growth after year 10, net debt and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2025; "n/a" means too little history or a negative starting year.

Edit assumptions · recalculates instantly

Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-07-04). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 1.58 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Information Technology

P/E (trailing)

sector median 35.9× · 48th pct

34.4×
cheaper

Forward P/E

sector median 16.9× · 50th pct

16.9×
cheaper

EV / EBITDA

sector median 20.8× · 46th pct

19.0×
cheaper

Price / sales

sector median 4.6× · 35th pct

3.0×
cheaper

Price / book

sector median 5.1× · 51st pct

5.2×
pricier

FCF yield

sector median 3.5% · 69th pct

5.1%
cheaper

Forward EPS $22.29 vs trailing $10.91 (+104% expected growth). Forward P/E uses analysts' next-12-month estimate.

Backlog (remaining performance obligations)

RPO

$724.0M

as of 2019-12-31

vs a year ago

+48%

YoY

× TTM revenue

0.12×

coverage

18-03

18-06

18-09

18-12

19-03

19-06

19-09

19-12

Contracted revenue not yet recognized, from SEC filings (XBRL tag RevenueRemainingPerformanceObligation).

Quality & financial health

Gross margin

49.6%

Operating margin

14.7%

FCF margin

15.5%

Net margin

9.2%

Return on equity

15.7%

Return on invested capital

10.8%

Net debt / EBITDA

2.4×

Current ratio

0.5×

Interest cover

171.6×

Cash conversion (OCF/NI)

1.8×

Piotroski F-score 5/9 · last two fiscal years

✓ Positive net income✓ Positive operating cash flow✗ Return on assets improved✓ Cash flow above net income✗ Long-term debt / assets fell✗ Current ratio improved✓ No share dilution✗ Gross margin improved✓ Asset turnover improved

Altman Z-score 3.7 (safe zone; above 3.0 = safe, below 1.8 = distress). Not meaningful for banks and insurers.

Analysts

Mean target

$415

+10%

Analysts

Buy

Range

$350–$460

low – high

● price · ◆ mean target

Annual history

FY	Revenue	Net income	Free cash flow
2025	$5.4B	$419.0M	$831.0M
2024	$5.0B	$528.0M	$954.0M
2023	$4.6B	$296.0M	$-91.0M
2022	$5.8B	$463.0M	$413.0M
2021	$5.6B	$837.0M	$1.0B
2020	$4.4B	$504.0M	$895.0M

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR -2.3%.

Earnings

Next report: 2026-11-03 · before open · EPS est 4.91

EstimateActual (beat)Actual (miss)

Report	EPS est	Actual	Surprise
2026-08-04	4.38	6.35	+45.1%
2026-05-12	4.25	4.75	+11.9%
2026-02-12	4.33	4.33	-0.1%
2025-10-28	3.75	3.88	+3.4%
2025-08-05	3.33	3.61	+8.4%
2025-04-29	3.63	4.02	+10.8%
2025-02-13	3.94	4.00	+1.5%
2024-10-29	3.22	3.49	+8.4%

Quarterly revenue

Quarter	Revenue	YoY
2026-06-30	$1.6B	+20.4%
2026-03-31	$1.5B	–
2025-12-31	$1.5B	–
2025-09-30	$1.3B	–
2025-06-30	$1.3B	–

Analyst actions

Citigroup

2026-10-12 · main

Neutral → Neutral
PT $400

Barclays

2026-10-12 · main

Overweight → Overweight
PT $416

Truist Securities

2026-10-05 · main

Hold → Hold
PT $378

Needham

2026-09-15 · main

Buy → Buy
PT $435

TD Cowen

2026-08-05 · main

Buy → Buy
PT $450

Citigroup

2026-08-05 · main

Neutral → Neutral
PT $396

Insider trades

Connly Linda

Director · 2026-08-10

SELL
$188.8K

Cho Michael

Chief Strategy Officer · 2026-08-07

SELL
$1.3M

None

None · None

SELL
–

News

The Critical Role of Zebra Technologies (ZBRA) in Enterprise Automation

Insider Monkey · 18h ago

Stats refreshed 2026-10-19 17:47:05 ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now

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Coteau Systematic StrategiesSystematic equity research and model portfolios.
Coteau Systematic Strategies publishes research, model portfolios and tools. It does not manage money or offer investment advice. Model results are hypothetical. Data: Yahoo Finance (delayed), SEC EDGAR.

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