Upside case
Bull case
$501+112.3%
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 Jun 18, 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
27
analysts
19 bullish · 0 bearish · 27 covering ZBRA
Strong Buy
0
Buy
19
Hold
8
Sell
0
Strong Sell
0
Consensus Target
$312
+32.4% vs today
Scenario Range
$240 – $501
Model bear to bull value window
Coverage
27
Published analyst ratings
Valuation Context
12.7x
Forward P/E · Market cap $11.2B
ZBRA price targets
Three scenarios for where ZBRA stock could go
Current
~$236
Confidence
48 / 100
Updated
Jun 18, 2026
Where we are now
Current · $236
Bear
$240
Base
$380
Bull
$501
Market caseClosest to today
Base case
$380+61.1%
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
$240+1.5%
The bear case assumes sentiment or fundamentals disappoint enough to push ZBRA down roughly 2% from the current price.
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
$11.2B
Revenue TTM
$5.6B
Net Income TTM
$418M
Net Margin
7.5%
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
+7.8%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 3 of 4Q3 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
Q2 2026
EPS
$4.75/$4.21
Revenue
$1.5B/$1.5B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| 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% |
| Q2 2026 | $4.75/$4.21 | +12.8% | $1.5B/$1.5B | +1.1% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$6.0B
+8.1% YoY
FY2
$6.5B
+7.0% YoY
EPS Outlook
FY1
$12.42
+50.5% YoY
FY2
$13.62
+9.6% YoY
Trailing FCF (TTM)$836M
FCF Margin: 15.0%
Next Earnings
August 4, 2026
Expected EPS
$4.35
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
Cheap versus peers
Fair value est. $327 — implies +38.6% from today's price.
Upside to Fair Value
38.6%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
ZBRA
28.8x
vs
S&P 500
24.4x
+18% premium
vs Technology Trailing P/E
ZBRA
28.8x
vs
Technology
29.0x
In line with benchmark
vs ZBRA 5Y Avg P/E
Today
28.8x
vs
5Y Average
36.6x
21% discount
Forward PE
12.7x
S&P 500
18.8x
-32%
Technology
22.3x
-43%
5Y Avg
—
—
Trailing PE
28.8x
S&P 500
24.4x
+18%
Technology
29.0x
-1%
5Y Avg
36.6x
-21%
PEG Ratio
—
S&P 500
1.66x
—
Technology
1.51x
—
5Y Avg
—
—
EV/EBITDA
14.1x
S&P 500
15.2x
-7%
Technology
16.6x
-15%
5Y Avg
22.7x
-38%
Price/FCF
13.5x
S&P 500
20.7x
-35%
Technology
19.2x
-30%
5Y Avg
25.1x
-46%
Price/Sales
2.1x
S&P 500
3.1x
-33%
Technology
2.4x
-15%
5Y Avg
3.5x
-40%
Dividend Yield
—
S&P 500
1.91%
—
Technology
1.11%
—
5Y Avg
—
—
| Metric | ZBRA | S&P 500 | Technology | 5Y Avg ZBRA |
|---|---|---|---|---|
| Forward PE | 12.7x | 18.8x-32% | 22.3x-43% | — |
| Trailing PE | 28.8x | 24.4x+18% | 29.0x | 36.6x-21% |
| PEG Ratio | — | 1.66x | 1.51x | — |
| EV/EBITDA | 14.1x | 15.2x | 16.6x-15% | 22.7x-38% |
| Price/FCF | 13.5x | 20.7x-35% | 19.2x-30% | 25.1x-46% |
| Price/Sales | 2.1x | 3.1x-33% | 2.4x-15% | 3.5x-40% |
| Dividend Yield | — | 1.91% | 1.11% | — |
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 $836M in free cash flow at a 15.0% 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
$5.6B
Revenue Growth
TTM vs prior year
+9.2%
Gross Margin
Gross profit as a share of revenue
47.5%
Operating Margin
Operating income divided by revenue
14.4%
Net Margin
Net income divided by revenue
7.5%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$8.25
Free Cash Flow (TTM)
Cash generation after capex
$836M
FCF Margin
FCF as share of revenue — the primary cash quality signal
15.0%
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
5.1%
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
11.6%
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
48M
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 June 18, 2026
High Risk
Insider Selling
Significant insider selling by a director may indicate lack of confidence in the company's near-term prospects.
Medium
Market Sentiment
The stock experienced a notable bearish movement, down 5.5%, reflecting investor skepticism.
Medium
Margin Pressures
The company faces margin pressures despite strong demand, impacting profitability.
Lower
Business Model Transition
Simplifying the business model by reshaping the portfolio may introduce execution risks.
High Risk
Investor Skepticism
The company stands at a critical juncture with investor skepticism due to complex market dynamics.
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 June 18, 2026
Strong financial performance
Zebra Technologies reported strong first-quarter 2026 results with broad-based growth across segments and regions, increasing its outlook for the full year.
Innovative product portfolio
Zebra offers a diverse range of products including mobile computers, scanners, printers, and RFID solutions, designed to enhance operational efficiency.
Industry leadership in automation
Zebra is a global leader in digitizing and automating workflows, providing intelligent operations solutions across various industries.
Broad market adoption
Organizations in retail, manufacturing, transportation, logistics, and healthcare rely on Zebra's solutions for asset visibility and automation.
AI-powered solutions
Zebra leverages AI to deliver innovative and award-winning solutions, driving future growth and operational excellence.
Strong moat
Zebra Technologies has a strong competitive advantage, as indicated by its moat, which supports long-term sustainability and profitability.
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
$235.98
52W Range Position
24%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$199.05
+18.6% from the low
52-Week High
$352.66
-33.1% from the high
1 Month
-9.26%
3 Month
+13.72%
YTD
-5.0%
1 Year
-19.1%
3Y CAGR
-5.3%
5Y CAGR
-13.7%
10Y CAGR
+15.2%
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
12.7x
vs 15.9x median
-20% below peer median
Revenue Growth
+8.1%
vs +3.3% median
+144% above peer median
Net Margin
7.5%
vs 10.1% median
-26% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
ZBR ZBRA Zebra Technologies Corporation | $11.2B | 12.7x | +8.1% | 7.5% | Buy | +32.4% |
HON HON Honeywell International Inc. | $145.1B | 21.8x | +5.7% | 11.2% | Buy | +9.0% |
HXL HXL Hexcel Corporation | $7.4B | 42.4x | +4.7% | 6.1% | Hold | -7.6% |
SAI SAIC Science Applications International Corporation | $4.3B | 10.1x | 0.0% | 5.6% | Hold | +9.1% |
TRM TRMB Trimble Inc. | $11.6B | 15.9x | +3.3% | 12.4% | Buy | +84.1% |
ING INGR Ingredion Incorporated | $6.2B | 9.1x | +1.0% | 10.1% | Hold | +19.5% |
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
2M
Approx. Share Reduction
5.2%
Shares Outstanding
Current diluted share count from the screening snapshot
48M
At 5.2%/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 27 analysts covering the stock, 19 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 $312, implying +32.4% from the current price of $236. The bear case scenario is $240 and the bull case is $501.
02What is the ZBRA stock price target for 2026?
The Wall Street consensus price target for ZBRA is $312 based on 27 analyst estimates. The high-end target is $345 (+46.2% from today), and the low-end target is $256 (+8.5%). The base case model target is $380.
03Is Zebra Technologies Corporation (ZBRA) stock overvalued in 2026?
ZBRA trades at 12.7x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals cheap versus peers. 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) Insider Selling — Significant insider selling by a director may indicate lack of confidence in the company's near-term prospects. (2) Investor Skepticism — The company stands at a critical juncture with investor skepticism due to complex market dynamics. (3) Market Sentiment — The stock experienced a notable bearish movement, down 5. 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 $6.0B (+8.1% year-over-year) and EPS of $12.42 (+50.5% year-over-year) for the upcoming fiscal year. The following year, analysts project $6.5B in revenue.
06When does Zebra Technologies Corporation (ZBRA) report its next earnings?
Zebra Technologies Corporation is expected to report its next earnings on approximately 2026-08-04. Consensus expects EPS of $4.35 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 $836M in free cash flow over the trailing twelve months — a free cash flow margin of 15.0%. ZBRA returns capital to shareholders through and share repurchases ($587M TTM).