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US maker of barcode scanners, mobile computers, printers and RFID equipment for retail, warehouse and logistics.
US maker of barcode scanners, mobile computers, printers and RFID equipment for retail, warehouse and logistics.
Sells mostly through distributors and resellers rather than direct, with the hardware generating follow-on revenue from labels, ribbons, software and support contracts. The 2014 purchase of Motorola Solutions' enterprise business brought in its handheld mobile computers.
Moat: narrow (installed base, switching costs, brand). Deep installed base and reseller/channel relationships in warehouse/retail data capture, a niche with few scaled rivals.
Headquarters: Lincolnshire, Illinois, US · Founded: 1969 · Employees: 10,700
Size Zebra Technologies (ZBRA) is a United States Information Technology company (Computer Processing Hardware) with a market value of $15.2B, the 594th largest of 3,117 United States companies the cockpit tracks. Shares closed at $322.02 on 6 Nov 2026.
Performance Over six months the shares gained 42.5%, against +0.5% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 20 in its peer set.
Growth Revenue grew 16.8% over the last twelve months (peer median +32.0%); the operating margin is 16.7% (peer median 2.6%).
Valuation It trades at 14.9× forward earnings against a peer median of 13.2× (7th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +11 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 1.4 points above its cost of capital (11.8% WACC).
Credit Zebra Technologies has 1 bond outstanding ($500M), rated BB by the agencies and trading like BB at a weighted spread of 183 bp.
Short interest Short interest is 3.1% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.16B | $5.43B | $4.97B | $4.60B | $5.69B |
| Revenue growth | — | +9% | +8% | -19% | — |
| Gross profit | $2.87B | $2.52B | $2.30B | $2.03B | $2.40B |
| EBITDA | $1.26B | $1.02B | $926M | $776M | $1.05B |
| Net income | $602M | $419M | $528M | $296M | $463M |
| Free cash flow | $988M | $831M | $954M | -$91.0M | $413M |
| Capital expenditure | $80.0M | $86.0M | $59.0M | $87.0M | $75.0M |
| Total debt | $2.78B | $2.70B | $2.36B | $2.41B | $2.20B |
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 |
|---|---|---|---|---|---|---|
| Zebra Technologies ZBRA | $15.2B | +42% | +17% | 17% | 14.9× | 14.8% |
| Honeywell Technologies HON | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% |
| Datalogic DAL.MI | n/a | +42% | n/a | n/a | n/a | n/a |
| Impinj PI | $5.28B | +12% | +8% | -1% | 62.6× | 47.2% |
| Cognex CGNX | $8.04B | -27% | +17% | 22% | 24.8× | 25.6% |
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 | ZBRA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.7% | -14.1% | 9th lowest of 21 |
| 6-month return | +42.5% | +0.5% | 3rd highest of 20 |
| Distance from 52-week high | -18.0% | -39.4% | 2nd highest of 21 |
| Revenue growth (TTM) | +16.8% | +32.0% | 8th lowest of 20 |
| Operating margin | 16.7% | 2.6% | 3rd highest of 20 |
| Forward P/E | 14.9× | 13.2× | 7th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 14.8% | 7.7% | 2nd most demanding of 6 |
| Growth delivered (Del g) | +4.1% | +7.3% | lowest of 6 |
| Hurdle (Req g minus delivered) | +10.7 pp | -10.1 pp | 2nd most demanding of 6 |
| ROIC minus cost of capital | +1.4 pp | +1.1 pp | 9th highest of 20 |
| EV / EBITDA | 14.1× | 8.9× | 2nd most expensive of 5 |
| Net debt / EBITDA | 2.1× | 0.3× | 3rd most indebted of 9 |
| Bond spread | 183 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zebra Technologies ZBRA | United States | $15.2B | +42% | +17% | 17% | 14.9× | 14.8% | +4.1% |
| Advantech 2395.TW | Taiwan | $14.5B | +39% | +40% | 19% | 22.5× | 9.5% | +6.8% |
| Lingyi iTech (Guangdong) 002600.SZ | China | $14.2B | -17% | +9% | 6% | 30.9× | n/a | n/a |
| Wistron 3231.TW | Taiwan | $16.3B | +13% | +107% | 4% | 8.1× | n/a | n/a |
| IonQ IONQ | United States | $14.0B | -34% | +371% | -392% | n/a | n/a | n/a |
| Dawning Information Industry 603019.SS | China | $16.8B | -17% | +32% | 13% | 38.4× | 31.2% | +8.0% |
| GoerTek 002241.SZ | China | $13.1B | 0% | -3% | 2% | 25.5× | n/a | n/a |
| Supermicro SMCI | United States | $18.9B | -19% | +156% | 9% | 4.8× | n/a | n/a |
| IEIT SYSTEMS Co., Ltd.Class A 000977.SZ | China | $12.1B | -21% | +14% | 3% | 14.3× | 7.7% | +21.2% |
| Asustek Computer 2357.TW | Taiwan | $19.3B | +55% | +32% | 6% | 11.4× | n/a | n/a |
| Sharetronic Data Technology 300857.SZ | China | $11.4B | -40% | +127% | 21% | 39.5× | n/a | n/a |
| Quantinuum QNT | United States | $9.89B | n/a | +35% | -644% | n/a | n/a | n/a |
| Pegatron 4938.TW | Taiwan | $7.52B | +14% | -6% | 1% | 13.1× | n/a | n/a |
| Lenovo 0992.HK | Hong Kong | $30.8B | +50% | +26% | 5% | 8.2× | -15.0% | +6.6% |
| SeeYA Technology 688781.SS | China | $7.11B | +17% | n/a | n/a | n/a | n/a | n/a |
| Inventec 2356.TW | Taiwan | $5.71B | +12% | +16% | 2% | 13.2× | n/a | n/a |
| China Greatwall Technology 000066.SZ | China | $5.40B | -42% | +28% | -1% | 81.7× | n/a | n/a |
| Guangzhou Shiyuan Electronic Technology 002841.SZ | China | $4.37B | +13% | +35% | 8% | 11.2× | -2.7% | +7.3% |
| Compal Electronics 2324.TW | Taiwan | $4.15B | +8% | -4% | 1% | 12.9× | n/a | n/a |
| QBTS QBTS | United States | $4.05B | -25% | -44% | -1,373% | n/a | n/a | n/a |
| RGTI RGTI | United States | $3.92B | -38% | +68% | -728% | n/a | n/a | n/a |
Zebra Technologies has 1 bond outstanding with $500M face value. The agencies rate it BB; its bonds trade like BB. Weighted yield 6.62%, a spread of 183 bp over government bonds.