ZBRA · Zebra Technologies Corp - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · ZBRA

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$5.40B	$4.98B	$4.58B	$5.78B	$5.63B	$4.45B
Cost of Revenue	$2.80B	$2.57B	$2.46B	$3.16B	$3.00B	$2.44B
Gross Profit	$2.59B	$2.41B	$2.12B	$2.62B	$2.63B	$2.00B
R&D	$593.00M	$563.00M	$519.00M	$570.00M	$567.00M	$453.00M
SG&A	$433.00M	$381.00M	$334.00M	$375.00M	$348.00M	$304.00M
Total Operating Expenses	$1.89B	$1.67B	$1.64B	$2.10B	$1.65B	$1.35B
D&A	$185.00M	$172.00M	$176.00M	$204.00M	$187.00M	$146.00M
Operating Income	$700.00M	$742.00M	$481.00M	$529.00M	$979.00M	$651.00M
Interest Expense	-	-	-	-	$5.00M	$76.00M
Income Tax	$141.00M	$107.00M	$38.00M	$81.00M	$131.00M	$56.00M
Net Income	$419.00M	$528.00M	$296.00M	$463.00M	$837.00M	$504.00M
EPS - Basic	$8.24	$10.25	$5.75	$8.86	$15.66	$9.43
EPS - Diluted	$8.18	$10.18	$5.72	$8.80	$15.52	$9.35

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$125.00M	$901.00M	$137.00M	$105.00M	$332.00M	$168.00M
Accounts Receivable	$801.00M	$692.00M	$521.00M	$768.00M	$752.00M	$508.00M
Inventory	$729.00M	$693.00M	$804.00M	$860.00M	$491.00M	$511.00M
Accounts Payable	$695.00M	$633.00M	$456.00M	$811.00M	$700.00M	$601.00M
Current Assets	$1.80B	$2.44B	$1.67B	$1.88B	$1.69B	$1.27B
Total Assets	$8.50B	$7.97B	$7.31B	$7.53B	$6.21B	$5.38B
Current Liabilities	$1.85B	$1.70B	$1.60B	$2.33B	$1.80B	$1.85B
Long-term Debt	$2.36B	$2.09B	$2.05B	$1.81B	$922.00M	$881.00M
Total Liabilities	$4.91B	$4.38B	$4.27B	$4.80B	$3.23B	$3.23B
Stockholders' Equity	$3.59B	$3.59B	$3.04B	$2.73B	$2.98B	$2.14B
Retained Earnings	$5.28B	$4.86B	$4.33B	$4.04B	$3.57B	$2.74B

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$917.00M	$1.01B	($4.00M)	$488.00M	$1.07B	$962.00M
Investing Cash Flow	($1.46B)	($57.00M)	($92.00M)	($968.00M)	($546.00M)	($641.00M)
Financing Cash Flow	($239.00M)	($190.00M)	$117.00M	$253.00M	($371.00M)	($157.00M)
CapEx	$86.00M	$59.00M	$87.00M	$75.00M	$59.00M	$67.00M
Free Cash Flow	$831.00M	$954.00M	($91.00M)	$413.00M	$1.01B	$895.00M

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	48.1%	48.4%	46.3%	45.4%	46.7%	45.0%
Operating margin	13.0%	14.9%	10.5%	9.2%	17.4%	14.6%
EBITDA margin	16.4%	18.3%	14.3%	12.7%	20.7%	17.9%
Net margin	7.8%	10.6%	6.5%	8.0%	14.9%	11.3%
Free cash flow margin	15.4%	19.2%	-2.0%	7.1%	17.9%	20.1%
FCF / Net income	1.98	1.81	-0.31	0.89	1.21	1.78
R&D / Revenue	11.0%	11.3%	11.3%	9.9%	10.1%	10.2%
SG&A / Revenue	8.0%	7.6%	7.3%	6.5%	6.2%	6.8%
Effective tax rate	25.2%	16.9%	11.4%	14.9%	13.5%	10.0%
Return on assets	4.9%	6.6%	4.1%	6.1%	13.5%	9.4%
Return on equity	11.7%	14.7%	9.7%	16.9%	28.0%	23.5%
Return on invested capital	8.8%	10.9%	8.4%	9.9%	21.7%	19.4%
Liquidity
Current ratio	0.97	1.43	1.05	0.81	0.94	0.69
Quick ratio	0.58	1.03	0.54	0.44	0.67	0.41
Cash ratio	0.07	0.53	0.09	0.05	0.18	0.09
Leverage
Debt / Equity	0.66	0.58	0.67	0.66	0.31	0.41
Debt / Assets	0.28	0.26	0.28	0.24	0.15	0.16
Debt / EBITDA	2.67	2.29	3.12	2.47	0.79	1.11
Interest coverage	-	-	-	-	195.8x	8.6x
Equity multiplier	2.37	2.22	2.41	2.75	2.08	2.51
Liabilities / Assets	0.58	0.55	0.58	0.64	0.52	0.60
Efficiency
Asset turnover	0.63	0.63	0.63	0.77	0.91	0.83
Inventory turnover	3.84	3.71	3.06	3.67	6.11	4.78
Days sales outstanding	54d	51d	41d	48d	49d	42d
Days inventory outstanding	95d	98d	119d	99d	60d	76d
Days payable outstanding	91d	90d	68d	94d	85d	90d
Cash conversion cycle	59d	59d	93d	54d	23d	28d
Valuation
P / E	29.7x	37.9x	47.8x	29.1x	38.4x	41.1x
P / B	3.5x	5.6x	4.7x	4.9x	10.8x	9.7x
P / S	2.3x	4.0x	3.1x	2.3x	5.7x	4.7x
EV / EBITDA	16.6x	23.2x	24.4x	20.7x	28.0x	26.9x
Growth
Revenue growth (YoY)	8.3%	8.7%	-20.7%	2.7%	26.5%	-0.8%
Revenue CAGR (3y)	-2.3%	-4.0%	1.0%	8.8%	16.3%	6.1%
Revenue CAGR (5y)	3.9%	2.1%	5.1%	9.2%	9.5%	4.0%
Gross profit growth (YoY)	7.5%	13.7%	-19.1%	-0.2%	31.2%	-4.6%
Operating income growth (YoY)	-5.7%	54.3%	-9.1%	-46.0%	50.4%	-5.9%
Net income growth (YoY)	-20.6%	78.4%	-36.1%	-44.7%	66.1%	-7.4%
EPS growth (YoY)	-19.6%	78.0%	-35.0%	-43.3%	66.0%	-6.2%
EPS CAGR (3y)	-2.4%	-13.1%	-15.1%	-4.1%	26.0%	208.0%
EPS CAGR (5y)	-2.6%	0.4%	-5.9%	94.0%	-	-
FCF growth (YoY)	-12.9%	-	-	-59.1%	12.8%	43.4%
FCF CAGR (5y)	-1.5%	8.9%	-	4.6%	27.9%	-
Book value growth (YoY)	0.1%	18.1%	11.1%	-8.4%	39.2%	16.6%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$5.40B total

Connected Frontline$2.96B · 54.9%

Asset Visibility And Automation$2.44B · 45.1%

Product / service

$5.40B total

Tangible Products$4.42B · 81.9%

Service And Software$978.00M · 18.1%

Geographic

$10.79B total

North America$2.69B · 25.0%

US$2.64B · 24.5%

Other Segment$1.89B · 17.5%

EMEA$1.72B · 16.0%

DE$864.00M · 8.0%

Asia Pacific$613.00M · 5.7%

Latin America$364.00M · 3.4%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

1.72

Grey zone

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

5/9

Neutral

✓Net income positive
✓Operating cash flow positive
✗ROA improved YoY
✓Cash flow > net income
✗Long-term debt decreased
✗Current ratio improved
✓No share dilution
✗Gross margin improved
✓Asset turnover improved

Peer comparison

Same SIC group: General Industrial Machinery & Equipment

Company	Revenue (last FY)	Net margin	ROE
ZWS	$1.70B	11.7%	12.3%
IR	$7.65B	7.6%	5.8%
GTES	$3.44B	7.3%	7.5%
ITW	$16.04B	19.1%	95.0%
GHM	$209.90M	5.8%	10.2%

Comparing ZEBRA TECHNOLOGIES CORP against the 5 most active filers in the same SIC group.