Upside case
Bull case
$483+110.4%
ZBRA would need investors to value it at roughly 27x earnings — about 14x more generous than today's 13x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
Zebra Technologies Corporation (ZBRA) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
25
analysts
17 bullish · 0 bearish · 25 covering ZBRA
Strong Buy
0
Buy
17
Hold
8
Sell
0
Strong Sell
0
Consensus Target
$311
+35.4% vs today
Scenario Range
$68 – $483
Model bear to bull value window
Coverage
25
Published analyst ratings
Valuation Context
12.9x
Forward P/E · Market cap $11.3B
ZBRA price targets
Three scenarios for where ZBRA stock could go
Current
~$230
Confidence
58 / 100
Updated
May 1, 2026
Where we are now
Current · $230
Bear
$68
Base
$353
Bull
$483
Market caseClosest to today
Base case
$353+53.5%
At 20x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$68-70.6%
If investor confidence fades or macro conditions deteriorate, a 9x multiple contraction could push ZBRA down roughly 71% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Zebra Technologies Corporation
ZBRA · NASDAQTechnologyCommunication EquipmentDecember year-end
Zebra Technologies is a provider of enterprise asset intelligence solutions that help businesses track, manage, and optimize their physical assets. The company generates revenue primarily through hardware sales—including printers, scanners, and mobile computers—and recurring services like software subscriptions, maintenance, and support, with services contributing a growing portion of total sales. Its competitive advantage lies in a comprehensive ecosystem of hardware, software, and services that creates high switching costs for enterprise customers who rely on Zebra's integrated solutions for mission-critical operations.
Market Cap
$11.3B
Revenue TTM
$5.4B
Net Income TTM
$419M
Net Margin
7.8%
ZBRA Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
92%Exceptional
12 quarters tracked
Revenue Beat Rate
83%Exceptional
vs consensus estimates
Avg EPS Surprise
+6.8%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 3 of 4Q2 2025
EPS
$4.02/$3.60
Revenue
$1.3B/$1.3B
Q3 2025
EPS
$3.61/$3.34
Revenue
$1.3B/$1.3B
Q4 2025
EPS
$3.88/$3.75
Revenue
$1.3B/$1.5B
Q1 2026
EPS
$4.33/$4.34
Revenue
$1.5B/$1.5B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q2 2025 | $4.02/$3.60 | +11.7% | $1.3B/$1.3B | +1.3% |
| Q3 2025 | $3.61/$3.34 | +8.1% | $1.3B/$1.3B | +0.2% |
| Q4 2025 | $3.88/$3.75 | +3.5% | $1.3B/$1.5B | -10.0% |
| Q1 2026 | $4.33/$4.34 | -0.2% | $1.5B/$1.5B | +0.6% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$5.8B
+6.8% YoY
FY2
$6.0B
+4.1% YoY
EPS Outlook
FY1
$12.15
+46.9% YoY
FY2
$12.56
+3.3% YoY
Trailing FCF (TTM)$831M
FCF Margin: 15.4%
Next Earnings
May 12, 2026
Expected EPS
$4.21
Expected Revenue
$1.5B
ZBRA beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
ZBRA Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $8.9B
Product Mix
Latest annual revenue by segment or product family
Segment breakdown not available for this company.
Geographic Mix
Latest annual revenue by reported region
North America
30.3%
+5.8% YoY
Tap, hover, or focus a slice to inspect segment detail.
North America is the largest reported region at 30.3%, up 5.8% YoY.
ZBRA Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Undervalued
Fair value est. $322 — implies +41.8% from today's price.
Upside to Fair Value
41.8%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
ZBRA
28.1x
vs
S&P 500
25.2x
+11% premium
vs Technology Trailing P/E
ZBRA
28.1x
vs
Technology
27.5x
In line with benchmark
vs ZBRA 5Y Avg P/E
Today
28.1x
vs
5Y Average
36.6x
23% discount
Forward PE
12.9x
S&P 500
19.1x
-32%
Technology
21.7x
-41%
5Y Avg
—
—
Trailing PE
28.1x
S&P 500
25.2x
+11%
Technology
27.5x
+2%
5Y Avg
36.6x
-23%
PEG Ratio
—
S&P 500
1.75x
—
Technology
1.47x
—
5Y Avg
—
—
EV/EBITDA
14.2x
S&P 500
15.3x
-7%
Technology
17.4x
-18%
5Y Avg
22.7x
-37%
Price/FCF
13.6x
S&P 500
21.3x
-36%
Technology
19.8x
-31%
5Y Avg
25.1x
-46%
Price/Sales
2.1x
S&P 500
3.1x
-33%
Technology
2.4x
-13%
5Y Avg
3.5x
-40%
Dividend Yield
—
S&P 500
1.88%
—
Technology
1.18%
—
5Y Avg
—
—
| Metric | ZBRA | S&P 500 | Technology | 5Y Avg ZBRA |
|---|---|---|---|---|
| Forward PE | 12.9x | 19.1x-32% | 21.7x-41% | — |
| Trailing PE | 28.1x | 25.2x+11% | 27.5x | 36.6x-23% |
| PEG Ratio | — | 1.75x | 1.47x | — |
| EV/EBITDA | 14.2x | 15.3x | 17.4x-18% | 22.7x-37% |
| Price/FCF | 13.6x | 21.3x-36% | 19.8x-31% | 25.1x-46% |
| Price/Sales | 2.1x | 3.1x-33% | 2.4x-13% | 3.5x-40% |
| Dividend Yield | — | 1.88% | 1.18% | — |
ZBRA trades above S&P 500 benchmarks on 1 of 5 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolZBRA Financial Health
Verdict
Strong
ZBRA generates $831M in free cash flow at a 15.4% margin — 10.6% ROIC signals a durable competitive advantage · returns 5.2% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$5.4B
Revenue Growth
TTM vs prior year
+8.3%
Gross Margin
Gross profit as a share of revenue
47.3%
Operating Margin
Operating income divided by revenue
14.5%
Net Margin
Net income divided by revenue
7.8%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$8.27
Free Cash Flow (TTM)
Cash generation after capex
$831M
FCF Margin
FCF as share of revenue — the primary cash quality signal
15.4%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
10.6%
ROA
Return on assets, trailing twelve months
4.9%
Cash & Equivalents
Liquid assets on the balance sheet
$125M
Net Debt
Total debt minus cash
$2.7B
Debt Serviceability
Net debt as a multiple of annual free cash flow
3.2× FCF
~3.2 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
11.7%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
5.2%
Dividend
—
Buyback
5.2%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$587M
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Declining as buybacks retire shares
51M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageZBRA Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Technology and Innovation
Zebra Technologies must continuously innovate to meet evolving user needs and adapt to rapid technological changes. Failure to keep pace with industry standards and changing customer demands could negatively affect the company. Additionally, cybersecurity threats and emerging AI-related legal issues pose significant risks to their operations.
High Risk
Production and Supply Chain
Disruptions to manufacturing facilities due to catastrophic events could severely impact Zebra's operations and revenue. Ongoing global supply chain challenges, potentially exacerbated by public health issues, may hinder the procurement of essential components.
High Risk
Macroeconomic and Political Factors
Tariff risks, particularly between the US and China, present a significant headwind for Zebra. Although the company has reduced its exposure to China, management anticipates that tariffs will negatively impact gross profit.
Medium
Financial and Corporate Risks
The recovery of costs associated with long-term managed services and software contracts is dependent on customer viability. Customer insolvency could lead to uncollectible receivables or a loss of future revenue.
Medium
Sales and Market Dynamics
Pricing pressure from memory chips could impact Zebra's handheld device business, causing customers to hesitate in upgrading to newer devices. The company is also increasing prices to mitigate cost increases related to memory chips.
Lower
Legal and Regulatory Issues
Emerging AI technologies could create legal or regulatory challenges for Zebra, potentially affecting its operations and reputation.
Lower
Component Sourcing and Pricing
Rising memory chip prices are expected to pressure gross margins, with supply constraints potentially continuing through 2027. Zebra is exploring alternative memory sources and considering price increases to manage these costs.
Lower
Wi-Fi Vulnerabilities
Zebra has acknowledged Wi-Fi vulnerabilities known as 'Frag Attacks' affecting its products. The company is currently awaiting updates from third-party suppliers to address these issues.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why ZBRA Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Strong Revenue Growth
Zebra Technologies has demonstrated solid revenue growth, with total revenues reaching $1.48 billion, a 10.6% year-over-year increase that exceeded guidance expectations. Key segments like Connected Frontline and Enterprise Visibility & Mobility have shown organic growth, indicating sustained demand for their automation and data capture solutions.
Positive Analyst Sentiment
A majority of analysts maintain a 'Buy' consensus rating for ZBRA stock. As of April 29, 2026, 7 analysts recommended a 'Buy,' with 29% suggesting a 'Strong Buy' and another 29% recommending a 'Buy.'
Strategic Simplification and Focus
Zebra is simplifying its business model by exiting the robotics segment to focus on vertically integrated retail and industrial automation solutions. This strategic move is expected to improve margins going forward.
Strong Fundamentals
The company exhibits healthy cash generation, with a free cash flow yield of 6.4% and a robust operating margin of 15.3%. Its Return on Invested Capital (ROIC) is also strong, outperforming industry rivals.
Growth Drivers from Automation Trends
The accelerating shift towards automation, digital transformation, and real-time workflow optimization, driven by labor shortages and e-commerce expansion, fuels demand for Zebra's products. Initial revenues related to AI are also expected in 2026.
Commitment to Shareholder Returns
Zebra announced a $1 billion share repurchase authorization, indicating a commitment to returning capital to shareholders. This move reflects confidence in the company's future performance and enhances shareholder value.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
ZBRA Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$229.76
52W Range Position
20%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$199.05
+15.4% from the low
52-Week High
$352.66
-34.8% from the high
1 Month
+8.83%
3 Month
-8.61%
YTD
-7.5%
1 Year
-8.4%
3Y CAGR
-6.1%
5Y CAGR
-13.4%
10Y CAGR
+13.7%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
ZBRA vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
12.9x
vs 20.5x median
-37% below peer median
Revenue Growth
+6.8%
vs -0.9% median
+866% above peer median
Net Margin
7.8%
vs 10.1% median
-23% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
ZBR ZBRA Zebra Technologies Corporation | $11.3B | 12.9x | +6.8% | 7.8% | Buy | +35.4% |
HON HON Honeywell International Inc. | $137.4B | 20.6x | +6.1% | 11.2% | Buy | +12.5% |
HXL HXL Hexcel Corporation | $7.3B | 42.1x | +4.3% | 6.1% | Hold | -6.5% |
SAI SAIC Science Applications International Corporation | $4.2B | 9.3x | -1.6% | 4.9% | Hold | +3.3% |
TRM TRMB Trimble Inc. | $15.0B | 20.5x | -0.9% | 12.4% | Buy | +49.8% |
ING INGR Ingredion Incorporated | $6.7B | 9.5x | -1.1% | 10.1% | Hold | +16.8% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
ZBRA Dividend and Capital Return
ZBRA returns 5.2% annually — null% through dividends and 5.2% through buybacks.
Dividend UnknownFCF Unknown
Total Shareholder Yield
5.2%
Dividend + buyback return per year
Buyback Yield
5.2%
Dividend Yield
—
Payout Ratio
—
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.00
Growth Streak
Consecutive years of dividend increases
0Y
3Y Div CAGR
—
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
—
0 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$587M
Estimated Shares Retired
3M
Approx. Share Reduction
5.0%
Shares Outstanding
Current diluted share count from the screening snapshot
51M
At 5.0%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
FAQ
7 questionsZBRA Investor Questions
Common questions answered from live analyst data and company financials.
01Is Zebra Technologies Corporation (ZBRA) stock a buy or sell in 2026?
Zebra Technologies Corporation (ZBRA) is rated Buy by Wall Street analysts as of 2026. Of 25 analysts covering the stock, 17 rate it Buy or Strong Buy, 8 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $311, implying +35.4% from the current price of $230. The bear case scenario is $68 and the bull case is $483.
02What is the ZBRA stock price target for 2026?
The Wall Street consensus price target for ZBRA is $311 based on 25 analyst estimates. The high-end target is $335 (+45.8% from today), and the low-end target is $256 (+11.4%). The base case model target is $353.
03Is Zebra Technologies Corporation (ZBRA) stock overvalued in 2026?
ZBRA trades at 12.9x times forward earnings. The stock's valuation is broadly in line with the broader market. Based on current multiples versus the peer group, the relative model signals significantly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Zebra Technologies Corporation (ZBRA) stock in 2026?
The primary risks for ZBRA in 2026 are: (1) Technology and Innovation — Zebra Technologies must continuously innovate to meet evolving user needs and adapt to rapid technological changes. (2) Production and Supply Chain — Disruptions to manufacturing facilities due to catastrophic events could severely impact Zebra's operations and revenue. (3) Macroeconomic and Political Factors — Tariff risks, particularly between the US and China, present a significant headwind for Zebra. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Zebra Technologies Corporation's revenue and earnings forecast?
Analyst consensus estimates ZBRA will report consensus revenue of $5.8B (+6.8% year-over-year) and EPS of $12.15 (+46.9% year-over-year) for the upcoming fiscal year. The following year, analysts project $6.0B in revenue.
06When does Zebra Technologies Corporation (ZBRA) report its next earnings?
Zebra Technologies Corporation is expected to report its next earnings on approximately 2026-05-12. Consensus expects EPS of $4.21 and revenue of $1.5B. Over recent quarters, ZBRA has beaten EPS estimates 92% of the time.
07How much free cash flow does Zebra Technologies Corporation generate?
Zebra Technologies Corporation (ZBRA) generated $831M in free cash flow over the trailing twelve months — a free cash flow margin of 15.4%. ZBRA returns capital to shareholders through and share repurchases ($587M TTM).