Latest Ratios: P/E Ratio 25.6x · EV/EBITDA 14.7x · ROE 11.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $15.3B | $12.4B | $20.0B | $14.1B | $13.5B | $32.1B | $20.7B | $13.9B | $8.6B | $5.6B | $4.4B |
| Enterprise Value | $18.0B | $15.1B | $21.5B | $16.4B | $15.7B | $32.9B | $22.0B | $15.3B | $10.2B | $7.7B | $6.9B |
| P/E Ratio → | 25.58 | 29.68 | 37.94 | 47.78 | 29.10 | 38.33 | 41.10 | 25.65 | 20.52 | 324.38 | — |
| P/S Ratio | 2.50 | 2.30 | 4.02 | 3.08 | 2.33 | 5.70 | 4.66 | 3.11 | 2.05 | 1.50 | 1.24 |
| P/B Ratio | 4.60 | 3.47 | 5.59 | 4.66 | 4.93 | 10.75 | 9.66 | 7.58 | 6.47 | 6.68 | 5.59 |
| P/FCF | 15.53 | 14.96 | 21.00 | — | 32.63 | 31.77 | 23.15 | 22.35 | 11.98 | 13.02 | 14.99 |
| P/OCF | 16.73 | 13.56 | 19.78 | — | 27.62 | 30.01 | 21.54 | 20.36 | 11.00 | 11.66 | 11.89 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.80 | 4.32 | 3.58 | 2.72 | 5.85 | 4.94 | 3.42 | 2.41 | 2.08 | 1.93 |
| EV / EBITDA | 14.73 | 15.36 | 23.52 | 24.98 | 21.43 | 28.21 | 27.55 | 17.67 | 12.98 | 13.23 | 18.01 |
| EV / EBIT | 22.54 | 22.64 | 28.10 | 28.05 | 16.78 | 33.81 | 34.52 | 22.30 | 16.56 | 24.56 | 108.05 |
| EV / FCF | — | 18.20 | 22.53 | — | 38.04 | 32.57 | 24.53 | 24.55 | 14.13 | 18.08 | 23.44 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.9% | 45.9% | 48.4% | 46.3% | 45.4% | 46.7% | 45.0% | 46.8% | 47.0% | 45.9% | 45.9% |
| Operating Margin | 14.8% | 14.8% | 14.9% | 10.5% | 9.2% | 17.4% | 14.6% | 15.4% | 14.5% | 8.7% | 2.2% |
| Net Profit Margin | 7.8% | 7.8% | 10.6% | 6.5% | 8.0% | 14.9% | 11.3% | 12.1% | 10.0% | 0.5% | -3.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.7% | 11.7% | 15.9% | 10.3% | 16.2% | 32.6% | 25.3% | 34.3% | 38.8% | 2.1% | -16.1% |
| ROA | 5.1% | 5.1% | 6.9% | 4.0% | 6.7% | 14.4% | 10.0% | 12.0% | 9.8% | 0.4% | -2.8% |
| ROIC | 10.6% | 10.6% | 10.7% | 7.0% | 9.1% | 20.5% | 14.8% | 17.0% | 15.6% | 7.7% | 1.7% |
| ROCE | 12.4% | 12.4% | 12.4% | 8.8% | 11.0% | 24.7% | 19.1% | 21.8% | 19.3% | 9.3% | 2.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.78 | 0.78 | 0.66 | 0.80 | 0.86 | 0.38 | 0.65 | 0.76 | 1.19 | 2.67 | 3.34 |
| Debt / EBITDA | 2.86 | 2.86 | 2.58 | 3.67 | 3.19 | 0.98 | 1.76 | 1.62 | 2.03 | 3.81 | 6.90 |
| Net Debt / Equity | — | 0.75 | 0.41 | 0.75 | 0.82 | 0.27 | 0.58 | 0.75 | 1.16 | 2.60 | 3.15 |
| Net Debt / EBITDA | 2.73 | 2.73 | 1.60 | 3.47 | 3.05 | 0.70 | 1.55 | 1.59 | 1.97 | 3.70 | 6.49 |
| Debt / FCF | — | 3.24 | 1.53 | — | 5.41 | 0.80 | 1.38 | 2.21 | 2.15 | 5.06 | 8.45 |
| Interest Coverage | 6.19 | 6.19 | 5.93 | 4.40 | 15.60 | 194.60 | 8.37 | 7.72 | 6.76 | 1.39 | 0.33 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.97 | 0.97 | 1.43 | 1.05 | 0.81 | 0.94 | 0.69 | 0.85 | 0.89 | 1.06 | 1.29 |
| Quick Ratio | 0.58 | 0.58 | 1.03 | 0.54 | 0.44 | 0.67 | 0.41 | 0.51 | 0.49 | 0.60 | 0.92 |
| Cash Ratio | 0.07 | 0.07 | 0.53 | 0.09 | 0.05 | 0.18 | 0.09 | 0.02 | 0.03 | 0.06 | 0.16 |
| Asset Turnover | — | 0.63 | 0.63 | 0.63 | 0.77 | 0.91 | 0.83 | 0.95 | 0.97 | 0.87 | 0.77 |
| Inventory Turnover | 4.00 | 4.00 | 3.71 | 3.06 | 3.67 | 6.11 | 4.78 | 5.03 | 4.30 | 4.39 | 5.60 |
| Days Sales Outstanding | — | 56.28 | 52.17 | 46.50 | 50.13 | 49.30 | 43.00 | 52.49 | 47.07 | 50.90 | 67.10 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.9% | 3.4% | 2.6% | 2.1% | 3.4% | 2.6% | 2.4% | 3.9% | 4.9% | 0.3% | — |
| FCF Yield | 6.4% | 6.7% | 4.8% | — | 3.1% | 3.1% | 4.3% | 4.5% | 8.3% | 7.7% | 6.7% |
| Buyback Yield | 3.8% | 4.7% | 0.2% | 0.4% | 5.6% | 0.2% | 1.0% | 0.3% | 0.0% | 0.0% | 0.2% |
| Total Shareholder Yield | 3.8% | 4.7% | 0.2% | 0.4% | 5.6% | 0.2% | 1.0% | 0.3% | 0.0% | 0.0% | 0.2% |
| Shares Outstanding | — | $51M | $52M | $52M | $53M | $54M | $54M | $55M | $54M | $54M | $52M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ZBRA stock.
Zebra Technologies Corporation's current P/E ratio is 25.6x. The historical average is 33.2x. This places it at the 35th percentile of its historical range.
Zebra Technologies Corporation's current EV/EBITDA is 14.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.9x.
Zebra Technologies Corporation's return on equity (ROE) is 11.7%. The historical average is 14.8%.
Based on historical data, Zebra Technologies Corporation is trading at a P/E of 25.6x. This is at the 35th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Zebra Technologies Corporation has 45.9% gross margin and 14.8% operating margin. Operating margin between 10-20% is typical for established companies.
Zebra Technologies Corporation's Debt/EBITDA ratio is 2.9x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Thin liquidity and cash buffer
Metrics are mathematically derived from official filings.
Trailing Premium Versus Forward Compression
Based on reported figures, ZBRA trades at a trailing P/E of 39.32 but a forward P/E of 15.20, a gap implying earnings expected to roughly recover from the depressed net margins seen in recent quarters.
The 39.3x trailing multiple is elevated relative to the 14.7x Honeywell and 19.1x SAIC peer figures, yet the forward multiple of 15.2x sits within the peer range, suggesting the market is pricing a normalization rather than sustained current earnings. The forward EV/EBITDA of 11.35 versus 18.29 trailing reinforces this pattern and warrants investor monitoring of whether projected earnings recovery materializes. The 4.59x price-to-book multiple sits well above the book value supported by a largely goodwill-heavy balance sheet, which the valuation should be tested against.
Margin Volatility Obscures Underlying Earning Power
According to reported quarterly figures, ZBRA's net margin ranged from 4.7% to 15.0% across the last ten quarters, while operating margin held in a narrower 13.7% to 20.6% band, indicating below-operating items drive much of the swing.
The gap between operating and net margin, particularly the compression from 15.0% net in 2026Q2 to 10.2% in 2026Q3 against a smaller operating decline, suggests tax, interest, or other non-operating items are influencing reported earnings. Operating margin of roughly 14 to 15 percent in the most recent quarters is a more stable reference for earning power than net margin. Investors should treat the 2026Q2 peak as a potential outlier rather than a run-rate.
ROIC Stuck Near Low Single Digits
Based on reported figures, ZBRA's ROIC has remained between 2.4% and 3.9% over ten quarters, well below the 9.9% to 12.6% range of profitable peers, suggesting returns on invested capital are structurally constrained.
Returns on capital appear diluted by the large goodwill base, which inflates invested capital without generating proportional operating income. ROE moving from 1.9% to 6.7% largely reflects the net margin swings rather than improving capital efficiency. Compounding is not evident in this series, which warrants further investigation into the return profile of acquired assets.
Debt Service Comfort Versus Rising Debt Load
As reported in financial statements, ZBRA's interest coverage has remained above 6.6x in every recent quarter, though debt-to-EBITDA reached 10.5x in 2026Q1, a level that may constrain flexibility if earnings soften.
Coverage ratios suggest near-term debt service remains manageable based on reported operating income, but the elevated debt-to-EBITDA multiple means leverage is sensitive to earnings declines. Debt rising from $2.4B to $2.7B while cash fell substantially indicates the company is funding activity with borrowings rather than internal cash generation. Refinancing terms and covenant headroom are not disclosed in the supplied data and should be examined directly.
Current Ratio Collapse Signals Thin Buffer
Based on ZBRA's reported figures, the current ratio fell from 1.61 in 2025Q3 to 0.57 in 2026Q3, and the quick ratio to 0.36, suggesting the company now relies heavily on operating cash inflows to meet near-term obligations.
A current ratio below 1.0 combined with a quick ratio of 0.36 implies limited coverage of current liabilities without inventory or receivables conversion. Under severe stress, this position would depend on the timing of working capital inflows, which the cash flow data shows has been highly volatile. The position warrants close monitoring rather than an assumption of adequate short-term resilience.
Price-to-Book Misleads on Goodwill-Heavy Equity
Price-to-book is most commonly misapplied to ZBRA because goodwill of roughly $4.7B against $3.6B of equity means tangible book value is negative, making the 4.59x multiple an unreliable anchor for asset-based valuation.
Using price-to-book as a valuation anchor overstates the cushion available to shareholders when most of the reported equity reflects acquisition premiums rather than tangible assets. Price-to-tangible-book or EV-to-EBITDA adjusted for acquisition amortization would better reflect the economic value of operating assets. Investors should interpret the book multiple as a measure of acquisition accounting rather than balance sheet strength.