# Zebra Technologies Corporation (ZBRA) fundamentals

Data as of 2026-09-08. NASDAQ, United States. Sector: Technology / Communications Equipment. Price $362.74, market value $17.2 billion.

## Valuation
- **P/E (trailing): 33.2×** (5-yr avg 36.6×, 3-yr avg 38.5×). Zebra Technologies Corporation trades at 33.2× trailing earnings, close to its own five-year average of 36.6×. The Technology median in the September 2026 study was 32.1×. Forward P/E is 16.4×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 2.9×**. Each dollar of revenue is priced at 2.9×.
- **Price / book: 5.0×**. The shares trade at 5.0× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **EV / EBITDA: 18.2×**. Enterprise value is 18.2× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 5.3%** (5-yr avg 3.4%). Free cash flow equals 5.3% of the market value, above its five-year average of 3.4%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 3.0%**. The inverse of the P/E: 3.0% of the price is earned each year.

## Profitability
- **Gross margin: 49.6%**. Zebra Technologies Corporation keeps 49.6% of revenue after the direct cost of what it sells.
- **Operating margin: 14.7%**. 14.7% of revenue is left after running the business.
- **Net margin: 7.8%**. 7.8% of each dollar of sales reaches the bottom line.
- **Return on equity: 11.7%**. 11.7% on shareholders' equity is solid.
- **Return on invested capital: 11.4%**. Return on all capital, debt included, is 11.4%.
- **Return on assets: 6.3%**. Each dollar of assets produces 6.3% of profit.

## Growth
- **Revenue growth (1 yr): 8.3%** (3-yr -2.3%/yr, 5-yr 3.9%/yr). Revenue grew 8.3% over the last year, against 3.9% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): -19.6%** (3-yr -2.4%/yr, 5-yr -2.6%/yr). Earnings per share fell 19.6%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 26.2%/yr**. Free cash flow has compounded at 26.2% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 0.70**. Debt is 0.70 times equity, moderate leverage.
- **Net debt / EBITDA: 2.2×**. It would take 2.2 years of operating earnings to repay net borrowings, within the comfortable range.
- **Altman Z-score: 3.59**. A Z-score of 3.59 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Zebra Technologies Corporation does not currently pay a dividend.

## Analyst view
- **Analyst consensus: buy** (15 analysts). 15 analysts cover Zebra Technologies Corporation; the consensus is buy, with an average price target of $412.87 (+14% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 16.5%** (YTD 49.4%, 3-mo 56.3%). The shares are up 16.5% over twelve months including dividends.
- **From 52-week high: -6.1%** (82.2% above the low). Trading 6% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 61**. An RSI of 61 is neutral.
- **Beta (1 yr): 1.88** (volatility 49%). Beta of 1.88 against the S&P 500: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=ZBRA · Page: https://foliofundamentals.com/stocks/zbra

Not investment advice.