Zebra Technologies CorporationZBRA
NasdaqGS•Technology•Communication Equipment
Zebra Technologies Corporation, together with its subsidiaries, operates in the automatic identification and data capture solutions industry worldwide. It operates in two segments, Connected Frontline, and Asset Visibility and Automation. The company designs, manufactures, and sells printers that produce labels, wristbands, tickets, receipts, and plastic cards; dye-sublimination thermal card printers that produce images, which are used for personal identification, access control, and financial transactions; radio frequency identification device (RFID) printers that encode data into passive RFID transponders; accessories and options for printers, including carrying cases, vehicle mounts, and battery chargers; stock and customized thermal labels, receipts, ribbons, plastic cards, and RFID tags for printers; and electronic sensors and temperature-monitoring labels. It also provides various maintenance, technical support, repair, and managed and professional services; fixed readers, RFID enabled mobile computers, and RFID sleds; tags, sensors, exciters, middleware software, and application software; and physical inventory management solutions; rugged and enterprise-grade mobile computing products and accessories, as well as real-time location systems and services. In addition, the company offers barcode scanners and imagers, RFID readers, industrial machine vision cameras, and fixed industrial scanners; point-of-sale solutions, self-serve kiosks, and interactive touchscreen displays; workflow optimization solutions, such as workforce management, workflow execution and task management, and prescriptive analytics, and communications and collaboration solutions; and cloud-based software. The company serves retail and e-commerce, manufacturing, transportation and logistics, healthcare, public sector, and other industries through direct sales force and network of channel partners. The company was founded in 1969 and is headquartered in Lincolnshire, Illinois.
Zebra Technologies Corporation (ZBRA) reported trailing twelve months revenue of $5.58B as of April 2026, a 9.2% increase year-over-year. Quarterly revenue reached $1.50B, reflecting continued top-line momentum.
Zebra Technologies Corporation generated $418.00M in TTM net income, with quarterly EBITDA of $271.00M. The operating margin contracted from 14.9% to 14.4%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (14.4%) and net margin (9.0%) indicates moderate non-operating costs. Net margin has narrowed from 10.4% a year ago, reflecting increased costs or interest expense.
ZBRA trades at a P/E of 23.8x (in line with broad market averages) and a P/S of 1.8x. The price-to-book ratio of 2.9x reflects a moderate premium to book value.
The company generated $163.00M in free cash flow over the trailing twelve months, a 3.2% increase year-over-year, indicating cash generation ability. The balance sheet shows $8.33B in total assets with $2.39B in long-term debt against $3.47B in stockholders equity for a debt-to-equity ratio of 0.7. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~14.1% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~12.6% on average, adequate but below the threshold typically associated with wide moats.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~28.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 14.6% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 2.1x on average — earnings are well-supported by cash generation.
D/E ratio is 0.7 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 4.8% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation