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Makes mission-critical communications equipment (radios, dispatch systems) and video security/analytics for public safety and enterprises.
Makes mission-critical communications equipment (radios, dispatch systems) and video security/analytics for public safety and enterprises.
Sells radio networks, dispatch software and cameras to public-safety agencies under multi-year contracts, then earns recurring revenue from service, upgrades and software subscriptions. Agencies tend to renew rather than swap systems. It is the communications arm of the old Motorola, split from Motorola Mobility in 2011.
Moat: narrow (installed base, switching costs, regulatory licence). Decades-long embedded relationships with public-safety agencies and mission-critical reliability requirements make switching very costly.
Headquarters: Chicago, Illinois, United States · Founded: 1928 · Employees: 23,000
Size Motorola Solutions (MSI) is a United States Information Technology company (Telecommunications Equipment) with a market value of $85.1B, the 160th largest of 3,117 United States companies the cockpit tracks. Shares closed at $514.51 on 6 Nov 2026.
Performance Over six months the shares gained 34.4%, against -32.4% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 9 in its peer set.
Growth Revenue grew 10.3% over the last twelve months (peer median +17.6%); the operating margin is 25.3% (peer median 13.9%).
Valuation It trades at 27.0× forward earnings against a peer median of 18.4× (3rd most expensive of 9).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 12.2 points above its cost of capital (8.8% WACC).
Backlog Backlog (remaining performance obligations) was $10.0B at 3 Oct 2026, up 12% on a year earlier — 0.8 years of trailing revenue. Backlog detail →
Credit Motorola Solutions has 14 bonds outstanding ($8.61B), rated BBB by the agencies and trading like BBB at a weighted spread of 87 bp.
Short interest Short interest is 2.0% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $12.2B | $11.7B | $10.8B | $9.98B | $9.11B |
| Revenue growth | — | +8% | +8% | +10% | — |
| Gross profit | $6.03B | $5.82B | $5.37B | $4.80B | $3.99B |
| EBITDA | $3.70B | $3.46B | $3.08B | $2.80B | $2.29B |
| Net income | $2.13B | $2.15B | $1.58B | $1.71B | $1.36B |
| Free cash flow | $2.68B | $2.57B | $2.13B | $1.79B | $1.57B |
| Capital expenditure | $297M | $265M | $257M | $253M | $256M |
| Total debt | $9.62B | $9.77B | $6.55B | $6.55B | $6.55B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Motorola Solutions MSI | $85.1B | +34% | +10% | 25% | 27.0× | 16.4% |
| L3Harris LHX | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% |
| Axon Enterprise AXON | $25.4B | -22% | +35% | 1% | 36.5× | n/a |
| Hexagon HEXA-B.ST | $29.4B | +14% | -20% | -14% | 30.0× | 9.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MSI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.1% | -15.4% | 2nd highest of 9 |
| 6-month return | +34.4% | -32.4% | highest of 9 |
| Distance from 52-week high | -6.2% | -49.1% | highest of 9 |
| Revenue growth (TTM) | +10.3% | +17.6% | 5th highest of 9 |
| Operating margin | 25.3% | 13.9% | 2nd highest of 9 |
| Forward P/E | 27.0× | 18.4× | 3rd most expensive of 9 |
| Growth the price implies (Req g, 7 yrs) | 16.4% | 17.4% | 4th least demanding of 8 |
| Growth delivered (Del g) | +9.5% | +7.8% | 4th highest of 8 |
| Hurdle (Req g minus delivered) | +6.8 pp | +10.6 pp | 4th least demanding of 8 |
| ROIC minus cost of capital | +12.2 pp | +14.2 pp | 4th lowest of 9 |
| EV / EBITDA | 25.4× | 19.8× | 3rd most expensive of 7 |
| Net debt / EBITDA | 2.4× | -0.4× | most indebted of 7 |
| Bond spread | 87 bp | 111 bp | tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Motorola Solutions MSI | United States | $85.1B | +34% | +10% | 25% | 27.0× | 16.4% | +9.5% |
| Xiaomi-w 1810.HK | Hong Kong | $99.0B | -2% | +6% | 3% | 27.8× | 24.3% | +12.4% |
| Foxconn Industrial Internet 601138.SS | China | $120B | -35% | +60% | 5% | 13.1× | n/a | n/a |
| Hangzhou Hikvision Digital Technology 002415.SZ | China | $49.1B | -3% | +8% | 19% | 17.5× | 2.6% | +7.8% |
| Nokia NOKIA.HE | Finland | $44.3B | -37% | +4% | 14% | 19.2× | 17.4% | -1.9% |
| Ubiquiti UI | United States | $35.9B | -30% | +27% | 36% | 33.5× | 22.2% | +11.5% |
| Telefonaktiebolaget LM Ericsson ERIC-A.ST | Sweden | $34.9B | -9% | -4% | 14% | 17.3× | -8.7% | +0.4% |
| Ciena CIEN | United States | $34.5B | -56% | +33% | 14% | 23.4× | 29.0% | +6.2% |
| Accton Technology 2345.TW | Taiwan | $21.6B | -49% | +82% | 14% | 12.5× | 4.5% | +35.4% |
Motorola Solutions has 14 bonds outstanding with $8.61B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.51%, a spread of 87 bp over government bonds.
Motorola Solutions reported $10.0B of remaining performance obligations at 3 Oct 2026, up 12% from a year earlier and up 5% from the previous quarter. That is 0.8 years of trailing revenue already under contract. Book-to-bill last quarter: 1.15.