Zebra Technologies Corporation (ZBRA) 10-Year Financial Performance & Capital Metrics

ZBRA • • Industrial / General

TechnologyCommunication EquipmentIoT & M2M CommunicationsTelematics & Asset Tracking

AboutZebra Technologies Corporation, together with its subsidiaries, provides enterprise asset intelligence solutions in the automatic identification and data capture solutions industry worldwide. It operates in two segments, Asset Intelligence & Tracking and Enterprise Visibility & Mobility. The company designs, manufactures, and sells printers, which produce labels, wristbands, tickets, receipts, and plastic cards; dye-sublimination thermal card printers, which produce images which are used for personal identification, access control, and financial transactions; RFID printers that encode data into passive RFID transponders; accessories and options for our printers, including vehicle mounts and battery chargers; stock and customized thermal labels, receipts, ribbons, plastic cards, and RFID tags for printers; and temperature-monitoring labels primarily used in vaccine distribution. It also provides various maintenance, technical support, repair, and managed and professional services; real-time location systems and services; and tags, sensors, exciters, middleware software, and application software; as well as physical inventory management solutions, and rugged tablets and enterprise-grade mobile computing products and accessories. In addition, the company offers barcode scanners, image capture devices, and RFID readers; and workforce management solutions, workflow execution and task management solutions, and prescriptive analytics solutions, as well as communications and collaboration solutions. It also provides services, including maintenance, technical support, repair, managed and professional services; as well as cloud-based software subscriptions and robotics automation solutions. 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.Show more

Revenue $4.98B +8.7%
EBITDA $914M +39.1%
Net Income $528M +78.4%
EPS (Diluted) 10.18 +78.0%
Gross Margin 48.44% +4.6%
EBITDA Margin 18.35% +28.0%
Operating Margin 14.9% +42.0%
Net Margin 10.6% +64.2%
ROE 15.95% +55.4%
ROIC 10.74% +53.1%
Debt/Equity 0.66 -17.2%
Interest Coverage 5.75 +59.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FCF machine: 19.2% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 10.3%

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.54%

5Y2.12%

3Y-3.98%

TTM12.87%

Profit (Net Income) CAGR

10Y32.36%

5Y-0.6%

3Y-14.24%

TTM34.03%

EPS CAGR

10Y32.08%

5Y0.44%

3Y-13.13%

TTM-57.12%

ROCE

10Y Avg12.92%

5Y Avg15.19%

3Y Avg10.74%

Latest12.4%

Peer Comparison

Telematics & Asset Tracking

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ZBRAZebra Technologies Corporation	13.11B	258.85	25.43	8.66%	9.74%	13.66%	7.27%	0.66
ITRNIturan Location and Control Ltd.	903.37M	45.41	16.82	5.09%	16.22%	25.87%	6.71%	0.05

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	3.65B	3.57B	3.72B	4.22B	4.49B	4.45B	5.63B	5.78B	4.58B	4.98B
Revenue Growth %	1.18%	-0.02%	0.04%	0.13%	0.06%	-0.01%	0.27%	0.03%	-0.21%	0.09%
Cost of Goods Sold+	2.01B	1.93B	2.01B	2.24B	2.38B	2.44B	3B	3.16B	2.46B	2.57B
COGS % of Revenue	0.55%	0.54%	0.54%	0.53%	0.53%	0.55%	0.53%	0.55%	0.54%	0.52%
Gross Profit+	1.64B	1.64B	1.71B	1.98B	2.1B	2B	2.63B	2.62B	2.12B	2.41B
Gross Margin %	0.45%	0.46%	0.46%	0.47%	0.47%	0.45%	0.47%	0.45%	0.46%	0.48%
Gross Profit Growth %	1.11%	-0%	0.04%	0.16%	0.06%	-0.05%	0.31%	-0%	-0.19%	0.14%
Operating Expenses+	1.61B	1.56B	1.39B	1.37B	1.41B	1.35B	1.65B	2.1B	1.64B	1.67B
OpEx % of Revenue	0.44%	0.44%	0.37%	0.33%	0.31%	0.3%	0.29%	0.36%	0.36%	0.34%
Selling, General & Admin	763.02M	751M	749M	811M	826M	787M	935M	982M	915M	981M
SG&A % of Revenue	0.21%	0.21%	0.2%	0.19%	0.18%	0.18%	0.17%	0.17%	0.2%	0.2%
Research & Development	394.11M	376M	389M	444M	447M	453M	567M	570M	519M	563M
R&D % of Revenue	0.11%	0.11%	0.1%	0.11%	0.1%	0.1%	0.1%	0.1%	0.11%	0.11%
Other Operating Expenses	436M	435M	250M	116M	135M	112M	147M	543M	208M	127M
Operating Income+	37M	80M	322M	610M	692M	651M	979M	529M	481M	742M
Operating Margin %	0.01%	0.02%	0.09%	0.14%	0.15%	0.15%	0.17%	0.09%	0.1%	0.15%
Operating Income Growth %	-0.58%	1.16%	3.02%	0.89%	0.13%	-0.06%	0.5%	-0.46%	-0.09%	0.54%
EBITDA+	357M	384M	585M	785M	867M	797M	1.17B	733M	657M	914M
EBITDA Margin %	0.1%	0.11%	0.16%	0.19%	0.19%	0.18%	0.21%	0.13%	0.14%	0.18%
EBITDA Growth %	1.1%	0.08%	0.52%	0.34%	0.1%	-0.08%	0.46%	-0.37%	-0.1%	0.39%
D&A (Non-Cash Add-back)	320M	304M	263M	175M	175M	146M	187M	204M	176M	172M
EBIT	13M	64M	315M	615M	687M	636M	973M	936M	585M	765M
Net Interest Income+	-193M	-193M	-227M	-91M	-89M	-76M	-5M	-60M	-133M	-129M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	193.96M	193M	227M	91M	89M	76M	5M	60M	133M	129M
Other Income/Expense	-217M	-209M	-234M	-86M	-94M	-91M	-11M	15M	-147M	-107M
Pretax Income+	-180M	-129M	88M	524M	598M	560M	968M	544M	334M	635M
Pretax Margin %	-0.05%	-0.04%	0.02%	0.12%	0.13%	0.13%	0.17%	0.09%	0.07%	0.13%
Income Tax+	-22M	8M	71M	103M	54M	56M	131M	81M	38M	107M
Effective Tax Rate %	0.88%	1.06%	0.19%	0.8%	0.91%	0.9%	0.86%	0.85%	0.89%	0.83%
Net Income+	-158M	-137M	17M	421M	544M	504M	837M	463M	296M	528M
Net Margin %	-0.04%	-0.04%	0%	0.1%	0.12%	0.11%	0.15%	0.08%	0.06%	0.11%
Net Income Growth %	-5.94%	0.13%	1.12%	23.76%	0.29%	-0.07%	0.66%	-0.45%	-0.36%	0.78%
Net Income (Continuing)	-158M	-137M	17M	421M	544M	504M	837M	463M	296M	528M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-2.69	-2.66	0.32	7.76	9.96	9.35	15.53	8.81	5.72	10.18
EPS Growth %	-5.27%	0.01%	1.12%	23.25%	0.28%	-0.06%	0.66%	-0.43%	-0.35%	0.78%
EPS (Basic)	-2.69	-2.66	0.33	7.86	10.08	9.43	15.66	8.87	5.76	10.25
Diluted Shares Outstanding	51M	51.58M	53.69M	54.25M	54.59M	53.91M	53.9M	52.56M	51.71M	51.88M
Basic Shares Outstanding	50.97M	51.58M	53.02M	53.56M	53.99M	53.44M	53.45M	52.21M	51.38M	51.49M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.33B	1.22B	1.06B	1.16B	1.2B	1.27B	1.69B	1.88B	1.67B	2.44B
Cash & Short-Term Investments	192.39M	156M	62M	44M	30M	168M	332M	105M	137M	901M
Cash Only	192.39M	156M	62M	44M	30M	168M	332M	105M	137M	901M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	675M	657M	519M	544M	645M	524M	760M	794M	584M	712M
Days Sales Outstanding	67.5	67.1	50.9	47.07	52.49	43	49.3	50.13	46.5	52.17
Inventory	393.85M	345M	458M	520M	474M	511M	491M	860M	804M	693M
Days Inventory Outstanding	71.66	65.18	83.09	84.85	72.54	76.28	59.76	99.43	119.24	98.5
Other Current Assets	2M	64M	0	0	0	0	0	124M	146M	134M
Total Non-Current Assets+	3.69B	3.41B	3.21B	3.18B	3.52B	4.1B	4.53B	5.65B	5.63B	5.53B
Property, Plant & Equipment	297.6M	292M	264M	249M	366M	409M	403M	434M	478M	472M
Fixed Asset Turnover	12.26x	12.24x	14.10x	16.94x	12.25x	10.88x	13.96x	13.32x	9.59x	10.55x
Goodwill	2.49B	2.46B	2.46B	2.5B	2.62B	2.99B	3.27B	3.9B	3.9B	3.89B
Intangible Assets	757.52M	480M	299M	232M	275M	402M	469M	630M	527M	422M
Long-Term Investments	40M	25M	25M	28M	45M	77M	101M	160M	162M	110M
Other Non-Current Assets	52.03M	42M	40M	59M	81M	87M	96M	116M	134M	121M
Total Assets+	5.02B	4.63B	4.28B	4.34B	4.71B	5.38B	6.21B	7.53B	7.31B	7.97B
Asset Turnover	0.73x	0.77x	0.87x	0.97x	0.95x	0.83x	0.91x	0.77x	0.63x	0.63x
Asset Growth %	-0.1%	-0.08%	-0.08%	0.01%	0.09%	0.14%	0.16%	0.21%	-0.03%	0.09%
Total Current Liabilities+	876.45M	949M	1B	1.3B	1.4B	1.85B	1.8B	2.33B	1.6B	1.7B
Accounts Payable	289M	413M	383M	552M	552M	601M	700M	811M	456M	633M
Days Payables Outstanding	52.58	78.03	69.48	90.07	84.48	89.72	85.2	93.76	67.63	89.97
Short-Term Debt	0	0	51M	157M	197M	364M	69M	214M	173M	79M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	250M	220M	145M	140M	191M	377M	355M	517M	332M	217M
Current Ratio	1.52x	1.29x	1.06x	0.89x	0.85x	0.69x	0.94x	0.81x	1.05x	1.43x
Quick Ratio	1.07x	0.92x	0.61x	0.49x	0.51x	0.41x	0.67x	0.44x	0.54x	1.03x
Cash Conversion Cycle	86.58	54.25	64.5	41.85	40.55	29.56	23.86	55.8	98.11	60.7
Total Non-Current Liabilities+	3.24B	2.89B	2.44B	1.7B	1.47B	1.38B	1.43B	2.46B	2.67B	2.68B
Long-Term Debt	3.01B	2.65B	2.18B	1.43B	1.08B	881M	922M	1.95B	2.05B	2.09B
Capital Lease Obligations	0	0	0	0	100M	129M	121M	139M	152M	155M
Deferred Tax Liabilities	1.07M	3M	0	8M	0	0	6M	75M	67M	57M
Other Non-Current Liabilities	115M	116M	117M	89M	67M	97M	67M	-31M	94M	70M
Total Liabilities	4.11B	3.84B	3.44B	3B	2.87B	3.23B	3.23B	4.8B	4.27B	4.38B
Total Debt+	3.01B	2.65B	2.23B	1.59B	1.41B	1.4B	1.15B	2.34B	2.41B	2.36B
Net Debt	2.82B	2.49B	2.17B	1.55B	1.38B	1.24B	813M	2.23B	2.28B	1.46B
Debt / Equity	3.30x	3.34x	2.67x	1.19x	0.76x	0.65x	0.38x	0.86x	0.80x	0.66x
Debt / EBITDA	8.44x	6.90x	3.81x	2.03x	1.62x	1.76x	0.98x	3.19x	3.67x	2.58x
Net Debt / EBITDA	7.90x	6.49x	3.70x	1.97x	1.59x	1.55x	0.70x	3.05x	3.47x	1.60x
Interest Coverage	0.19x	0.41x	1.42x	6.70x	7.78x	8.57x	195.80x	8.82x	3.62x	5.75x
Total Equity+	912.87M	792M	834M	1.33B	1.84B	2.14B	2.98B	2.73B	3.04B	3.59B
Equity Growth %	-0.12%	-0.13%	0.05%	0.6%	0.38%	0.17%	0.39%	-0.08%	0.11%	0.18%
Book Value per Share	17.90	15.36	15.53	24.61	33.68	39.77	55.36	52.00	58.71	69.12
Total Shareholders' Equity	912.87M	792M	834M	1.33B	1.84B	2.14B	2.98B	2.73B	3.04B	3.59B
Common Stock	722K	1M	1M	1M	1M	1M	1M	1M	1M	1M
Retained Earnings	1.4B	1.24B	1.25B	1.69B	2.23B	2.74B	3.57B	4.04B	4.33B	4.86B
Treasury Stock	-631M	-614M	-620M	-613M	-689M	-919M	-1.02B	-1.8B	-1.86B	-1.9B
Accumulated OCI	-48.67M	-45M	-52M	-35M	-44M	-69M	-29M	-66M	-54M	-44M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	102.58M	372M	478M	785M	685M	962M	1.07B	488M	-4M	1.01B
Operating CF Margin %	0.03%	0.1%	0.13%	0.19%	0.15%	0.22%	0.19%	0.08%	-0%	0.2%
Operating CF Growth %	-0.57%	2.63%	0.28%	0.64%	-0.13%	0.4%	0.11%	-0.54%	-1.01%	254.25%
Net Income	-137.33M	-137M	17M	421M	544M	504M	837M	463M	296M	528M
Depreciation & Amortization	319.88M	304M	263M	175M	175M	146M	187M	204M	176M	172M
Stock-Based Compensation	31.47M	27M	35M	45M	48M	0	76M	0	55M	0
Deferred Taxes	-123.5M	-44M	-9M	2M	-42M	-40M	-69M	-210M	-36M	0
Other Non-Cash Items	14.8M	92M	106M	2M	23M	88M	-29M	4M	20M	-22M
Working Capital Changes	-2.74M	130M	66M	140M	-63M	264M	67M	27M	-515M	335M
Change in Receivables	-6.45M	34M	161M	-31M	-96M	130M	-239M	-5M	249M	-181M
Change in Inventory	-9.83M	34M	-110M	-43M	51M	-42M	18M	-341M	50M	105M
Change in Payables	-29.32M	125M	-40M	122M	-5M	47M	96M	92M	-365M	176M
Cash from Investing+	-139.33M	-39M	-51M	-137M	-335M	-641M	-546M	-968M	-92M	-57M
Capital Expenditures	-114.25M	-77M	-50M	-64M	-61M	-67M	-59M	-75M	-87M	-59M
CapEx % of Revenue	0.03%	0.02%	0.01%	0.02%	0.01%	0.02%	0.01%	0.01%	0.02%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	26M	39M	-1M	-1M	0	0	-7M	0	0	0
Cash from Financing+	-149.17M	-376M	-517M	-661M	-365M	-157M	-371M	253M	117M	-190M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	15.83M	6M	7M	-1M	1M	84M	-57M	-25M	-26M	-100M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-11.68M	295M	428M	721M	624M	895M	1.01B	413M	-91M	954M
FCF Margin %	-0%	0.08%	0.11%	0.17%	0.14%	0.2%	0.18%	0.07%	-0.02%	0.19%
FCF Growth %	-1.06%	26.27%	0.45%	0.68%	-0.13%	0.43%	0.13%	-0.59%	-1.22%	11.48%
FCF per Share	-0.23	5.72	7.97	13.29	11.43	16.60	18.74	7.86	-1.76	18.39
FCF Conversion (FCF/Net Income)	-0.65x	-2.72x	28.12x	1.86x	1.26x	1.91x	1.28x	1.05x	-0.01x	1.92x
Interest Paid	183M	180M	195M	90M	63M	0	32M	0	111M	55M
Taxes Paid	38M	81M	65M	76M	140M	0	199M	0	252M	124M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-16.18%	-16.07%	2.09%	38.82%	34.28%	25.31%	32.64%	16.2%	10.26%	15.95%
Return on Invested Capital (ROIC)	0.73%	1.71%	7.69%	15.56%	17.02%	14.81%	20.46%	9.06%	7.02%	10.74%
Gross Margin	45.04%	45.94%	45.94%	46.97%	46.82%	45.03%	46.7%	45.39%	46.31%	48.44%
Net Margin	-4.33%	-3.83%	0.46%	9.98%	12.13%	11.33%	14.87%	8.01%	6.46%	10.6%
Debt / Equity	3.30x	3.34x	2.67x	1.19x	0.76x	0.65x	0.38x	0.86x	0.80x	0.66x
Interest Coverage	0.19x	0.41x	1.42x	6.70x	7.78x	8.57x	195.80x	8.82x	3.62x	5.75x
FCF Conversion	-0.65x	-2.72x	28.12x	1.86x	1.26x	1.91x	1.28x	1.05x	-0.01x	1.92x
Revenue Growth	118.43%	-2.08%	4.14%	13.33%	6.33%	-0.83%	26.51%	2.74%	-20.71%	8.66%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Enterprise Visibility Mobility, EVM	-	-	2.41B	2.79B	3.01B	3.03B	3.95B	4.04B	2.93B	3.33B
Enterprise Visibility Mobility, EVM Growth	-	-	-	15.78%	7.55%	0.77%	30.27%	2.51%	-27.49%	13.67%
Asset Intelligence Tracking, AIT	-	-	1.31B	1.42B	1.48B	1.43B	1.69B	1.74B	1.65B	1.65B
Asset Intelligence Tracking, AIT Growth	-	-	-	8.54%	3.94%	-3.58%	18.30%	2.90%	-4.90%	-0.24%
Hardware	2.87B	2.78B	-	-	-	-	-	-	-	-
Hardware Growth	-	-3.04%	-	-	-	-	-	-	-	-
Service And Software	519M	518M	-	-	-	-	-	-	-	-
Service And Software Growth	-	-0.19%	-	-	-	-	-	-	-	-
Supplies	268M	278M	-	-	-	-	-	-	-	-
Supplies Growth	-	3.73%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
North America	1.77B	1.74B	1.8B	2.04B	2.26B	2.32B	2.82B	2.92B	2.4B	2.55B
North America Growth	-	-2.03%	3.39%	13.52%	10.78%	2.57%	21.56%	3.55%	-17.61%	5.90%
EMEA	1.19B	1.14B	1.22B	1.41B	1.46B	1.5B	1.98B	1.92B	1.41B	1.62B
EMEA Growth	-	-4.69%	7.29%	15.40%	3.76%	2.26%	32.17%	-2.83%	-26.35%	14.36%
Asia Pacific	463M	483M	468M	520M	518M	439M	543M	609M	481M	490M
Asia Pacific Growth	-	4.32%	-3.11%	11.11%	-0.38%	-15.25%	23.69%	12.15%	-21.02%	1.87%
Latin America	220M	214M	235M	248M	244M	195M	289M	333M	284M	327M
Latin America Growth	-	-2.73%	9.81%	5.53%	-1.61%	-20.08%	48.21%	15.22%	-14.71%	15.14%

Frequently Asked Questions

Valuation & Price

Zebra Technologies Corporation (ZBRA) has a price-to-earnings (P/E) ratio of 25.4x. This suggests investors expect higher future growth.

Growth & Financials

Zebra Technologies Corporation (ZBRA) reported $5.25B in revenue for fiscal year 2024. This represents a 434% increase from $983.5M in 2011.

Zebra Technologies Corporation (ZBRA) grew revenue by 8.7% over the past year. This is steady growth.

Yes, Zebra Technologies Corporation (ZBRA) is profitable, generating $512.0M in net income for fiscal year 2024 (10.6% net margin).

Dividend & Returns

Zebra Technologies Corporation (ZBRA) has a return on equity (ROE) of 15.9%. This is reasonable for most industries.

Zebra Technologies Corporation (ZBRA) generated $792.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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