Zebra Technologies (ZBRA) stock
Information Technology · Electronic Equipment & Instruments
Zebra Technologies (ZBRA) is an Electronic Equipment & Instruments company in the Information Technology sector, headquartered in Lincolnshire, Illinois. As of October 23, 2026, ZBRA closed at $386.45, a market capitalization of $18.28 billion, the 418th largest company in the S&P 500. Over the last twelve months it generated $5.85 billion in revenue (+20% year over year) and $904.00 million in free cash flow. The stock trades at 35.4x trailing earnings and 17.3x forward earnings.
- 1-year total return: +23.1% (dividends reinvested)
- 5-year return: -6.0% a year
- 52-week range: $199.05 – $392.78
- Gross margin 49.6%, operating margin 21.3%
- FI Handbook report card: B across 10 metrics
- 68th largest of 75 Information Technology stocks in the S&P 500
ZBRA price chart
1Y price change: +23.1% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| ZBRA | +4.2% | +59.2% | +23.1% | +23.5% | -6.0% | +19.6% | +13.8% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1991.
ZBRA key statistics
- Market cap
- $18.3B
- #418 in S&P 500
- P/E (TTM)
- 35.4x
- Forward P/E
- 17.3x
- EPS (TTM)
- $10.91
- Revenue (TTM)
- $5.8B
- +20%
- Free cash flow
- $904.0M
- Gross margin
- 49.6%
- Operating margin
- 21.3%
- Return on equity
- 15.3%
- Dividend yield
- None
- 52-week range
- $199.05 – $392.78
- Beta
- 1.58
- Price / sales
- 3.1x
- EV / EBITDA
- 17.8x
- Debt / equity
- 0.86x
- Employees
- 10,700
ZBRA report card
BTen fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth20.4%A
- Gross margin49.6%B
- Operating margin21.3%B
- FCF margin15.5%B
- Return on equity15.3%B
- Net debt / EBITDA2.4xD
- Forward P/E17.3xB
- PEG ratio0.6xA
- Shareholder yield3.2%B
- Share count change / yr-1.0%B
Zebra Technologies financials
Revenue went from $3.6B in fiscal 2016 to $5.4B in fiscal 2025, growing 4.7% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.6B | $3.7B | $4.2B | $4.5B | $4.4B | $5.6B | $5.8B | $4.6B | $5.0B | $5.4B |
| Gross profit | $1.6B | $1.7B | $2.0B | $2.1B | $2.0B | $2.6B | $2.6B | $2.1B | $2.4B | $2.6B |
| Operating income | $80.0M | $322.0M | $610.0M | $692.0M | $651.0M | $979.0M | $529.0M | $481.0M | $742.0M | $700.0M |
| Net income | -$137.0M | $17.0M | $421.0M | $544.0M | $504.0M | $837.0M | $463.0M | $296.0M | $528.0M | $419.0M |
| EPS (diluted) | $-2.65 | $0.32 | $7.76 | $9.97 | $9.35 | $15.52 | $8.80 | $5.72 | $10.18 | $8.18 |
| Free cash flow | $303.0M | $428.0M | $721.0M | $624.0M | $895.0M | $1.0B | $413.0M | -$91.0M | $954.0M | $831.0M |
| Buybacks | — | $0 | $0 | $47.0M | $200.0M | $57.0M | $751.0M | $52.0M | $47.0M | $587.0M |
| Diluted shares | 51.6M | 53.7M | 54.3M | 54.6M | 53.9M | 53.9M | 52.6M | 51.7M | 51.9M | 51.2M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into ZBRA?
A reverse DCF asks what growth the current price requires. With an enterprise value of $21.1B and $904.0M of trailing free cash flow, Zebra Technologies needs to grow free cash flow about 14.4% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew -1.5% a year over the last five years.
P/E ratio history
Current 47.2x vs. median 29.8x (10th–90th percentile 18.3x–129.4x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
ZBRA analyst price targets
15 analysts' average 12-month target is $414.85 (+7% vs. $386.45). Targets range from $350.00 to $460.00. 63% rate it a buy.
ZBRA earnings
Next report: November 3, 2026. Zebra Technologies has beaten EPS estimates 2 quarters in a row. Last quarter's revenue was $1.6B (+20% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 4, 2026 | $4.38 | $6.35 | +45.1% |
| May 12, 2026 | $4.25 | $4.75 | +11.9% |
| Feb 12, 2026 | $4.33 | $4.33 | -0.1% |
| Oct 28, 2025 | $3.75 | $3.88 | +3.4% |
| Aug 5, 2025 | $3.33 | $3.61 | +8.4% |
| Apr 29, 2025 | $3.63 | $4.02 | +10.8% |
| Feb 13, 2025 | $3.94 | $4.00 | +1.5% |
| Oct 29, 2024 | $3.22 | $3.49 | +8.4% |
Stocks like ZBRA
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 KEYS Keysight Technologies | +1.04% | +87% | $53.6B | 42.6x | Compare |
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 TDY Teledyne Technologies Incorpora | +0.80% | +17% | $29.0B | 28.6x | Compare |
 NVDA NVIDIA | -0.59% | +16% | $5.1T | 26.7x | Compare |
 AAPL Apple | -0.14% | +34% | $5.1T | 39.9x | Compare |
 MSFT Microsoft | +0.66% | +2% | $3.9T | 29.2x | Compare |
 AVGO Broadcom | -0.48% | -6% | $1.5T | 42.9x | Compare |
 MU Micron Technology | +2.46% | +325% | $992.9B | 11.8x | Compare |
ZBRA news
- Zebra Technologies Q3 2026 Earnings: What to Expect · Oct 16, 2026
- Zebra Technologies (ZBRA) Stock Could Be 28% Undervalued On Cash Flow · Oct 12, 2026
- Is Zebra Technologies (ZBRA) Fairly Valued After Its Automation Fueled Rally? · Oct 12, 2026
- Specialized Technology Stocks Q2 Highlights: Zebra (NASDAQ:ZBRA) · Oct 12, 2026
- GE Vernova, Snowflake Lead 5 AI Stocks With Accelerating Growth · Oct 10, 2026
ZBRA stock FAQ
What is ZBRA's market cap?
Zebra Technologies's market capitalization is $18.28 billion as of October 23, 2026, ranking 418th in the S&P 500.
What is ZBRA's P/E ratio?
ZBRA trades at a trailing price-to-earnings ratio of 35.4x and a forward P/E of 17.3x. Its median P/E over the period we track is 29.8x.
Does ZBRA pay a dividend?
No. Zebra Technologies does not currently pay a regular cash dividend.
How much has ZBRA stock returned?
Including reinvested dividends, ZBRA returned +23.1% over one year, -6.0% a year over five years, +19.6% a year over ten years through October 23, 2026.
Is ZBRA stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Zebra Technologies must grow free cash flow about 14% a year for the next decade. Its free cash flow fell 1% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the ZBRA price target?
15 analysts cover ZBRA with an average 12-month price target of $414.85, +7% from the current price. 62% of them rate it a buy.
When does ZBRA report earnings?
Zebra Technologies is expected to report earnings on November 3, 2026. It has beaten EPS estimates 2 quarters in a row.
How many employees does Zebra Technologies have?
Zebra Technologies has about 10,700 full-time employees, or $546,449 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology