Zebra Technologies Corporation (ZBRA) Financial Ratios
30 years of historical data (1996–2025) · Technology · Communication Equipment
EV/EBITDA
↓
14.21
↓-37% vs avg
5yr avg: 22.70
30Y Low9.0·High54.8
P/FCF
↓
13.60
↓-46% vs avg
5yr avg: 25.09
30Y Low10.2·High157.6
P/B Ratio
↓
3.28
↓-44% vs avg
5yr avg: 5.88
30Y Low1.8·High10.8
ROE
↓
11.7%
↑-33% vs avg
5yr avg: 17.3%
30Y Low-16%·High39%
Debt/EBITDA
↑
2.86
+8% vs avg
5yr avg: 2.66
30Y Low0.0·High18.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ZBRA Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Zebra Technologies Corporation trades at 28.1x earnings, 23% below its 5-year average of 36.6x, sitting at the 46th percentile of its historical range. This is roughly in line with the Technology sector median P/E of 27.5x. On a free-cash-flow basis, the stock trades at 13.6x P/FCF, 46% below the 5-year average of 25.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $11.3B | $12.4B | $20.0B | $14.1B | $13.5B | $32.1B | $20.7B | $13.9B | $8.6B | $5.6B | $4.4B |
| Enterprise Value | $14.0B | $15.1B | $21.5B | $16.4B | $15.7B | $32.9B | $22.0B | $15.3B | $10.2B | $7.7B | $6.9B |
| P/E Ratio → | 28.09 | 29.68 | 37.94 | 47.78 | 29.10 | 38.33 | 41.10 | 25.65 | 20.52 | 324.38 | — |
| P/S Ratio | 2.09 | 2.30 | 4.02 | 3.08 | 2.33 | 5.70 | 4.66 | 3.11 | 2.05 | 1.50 | 1.24 |
| P/B Ratio | 3.28 | 3.47 | 5.59 | 4.66 | 4.93 | 10.75 | 9.66 | 7.58 | 6.47 | 6.68 | 5.59 |
| P/FCF | 13.60 | 14.96 | 21.00 | — | 32.63 | 31.77 | 23.15 | 22.35 | 11.98 | 13.02 | 14.99 |
| P/OCF | 12.33 | 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
ZBRA EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Zebra Technologies Corporation's enterprise value stands at 14.2x EBITDA, 37% below its 5-year average of 22.7x. The Technology sector median is 17.4x, placing the stock at a 18% discount on an enterprise-value basis.
| 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 | 14.21 | 15.36 | 23.52 | 24.98 | 21.43 | 28.21 | 27.55 | 17.67 | 12.98 | 13.23 | 18.01 |
| EV / EBIT | 17.49 | 18.91 | 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 |
ZBRA Profitability
Margins and return-on-capital ratios measuring operating efficiency
Zebra Technologies Corporation earns an operating margin of 14.8%. Operating margins have expanded from 10.5% to 14.8% over the past 3 years, signaling improving operational efficiency. ROE of 11.7% is modest. ROIC of 10.6% represents solid returns on invested capital.
Margins
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% |
Return on Capital
| 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% |
ZBRA Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Zebra Technologies Corporation carries a Debt/EBITDA ratio of 2.9x, which is moderately leveraged (roughly in line with the sector average of 2.9x). Net debt stands at $2.7B ($2.8B total debt minus $125M cash). Interest coverage of 7.4x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| 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 | 7.41 | 7.41 | 5.75 | 3.62 | 8.82 | 195.80 | 8.57 | 7.78 | 6.70 | 1.42 | 0.41 |
ZBRA Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.97x is below 1.0, meaning current liabilities exceed current assets. The quick ratio of 0.58x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 1.05x to 0.97x over the past 3 years.
| 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 |
ZBRA Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Zebra Technologies Corporation returns 5.2% to shareholders annually primarily through share buybacks. The earnings yield of 3.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.6% | 3.4% | 2.6% | 2.1% | 3.4% | 2.6% | 2.4% | 3.9% | 4.9% | 0.3% | — |
| FCF Yield | 7.4% | 6.7% | 4.8% | — | 3.1% | 3.1% | 4.3% | 4.5% | 8.3% | 7.7% | 6.7% |
| Buyback Yield | 5.2% | 4.7% | 0.2% | 0.4% | 5.6% | 0.2% | 1.0% | 0.3% | 0.0% | 0.0% | 0.2% |
| Total Shareholder Yield | 5.2% | 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 |
Peer Comparison
Compare ZBRA with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ZBRAYou | $11B | 28.1 | 14.2 | 13.6 | 45.9% | 14.8% | 11.7% | 10.6% | 2.9 |
 HON | $137B | 29.5 | 20.0 | 25.5 | 36.9% | 17.5% | 27.3% | 12.6% | 4.3 |
 HXL | $7B | 70.4 | 27.9 | 23.7 | 23.0% | 9.1% | 7.9% | 6.0% | 3.4 |
 SAIC | $4B | 12.3 | 6.4 | 7.4 | 12.0% | 7.1% | 23.3% | 14.2% | 0.3 |
 TRMB | $15B | 36.2 | 20.5 | 112.8 | 68.3% | 16.9% | 7.3% | 6.8% | 1.8 |
 INGR | $7B | 9.5 | 5.9 | 13.1 | 25.3% | 14.4% | 17.7% | 15.5% | 1.4 |
 CGNX | $10B | 91.6 | 52.8 | 43.9 | 66.9% | 16.3% | 7.6% | 9.0% | 0.4 |
 IPGP | $4B | 139.6 | 49.1 | — | 38.0% | 1.3% | 1.5% | 0.6% | — |
 BLKB | $2B | 14.9 | 7.2 | 6.3 | 58.8% | 16.9% | 101.3% | 17.6% | 4.0 |
 SLAB | $7B | -109.4 | — | 108.5 | 58.2% | -9.0% | -6.0% | -6.9% | — |
 QLYS | $3B | 16.7 | 13.1 | 10.6 | 82.8% | 33.2% | 38.2% | 47.5% | 0.4 |
| Technology Median | — | 27.5 | 17.4 | 19.8 | 48.6% | -0.5% | 2.4% | 2.9% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonZBRA — Frequently Asked Questions
Quick answers to the most common questions about buying ZBRA stock.
What is Zebra Technologies Corporation's P/E ratio?
Zebra Technologies Corporation's current P/E ratio is 28.1x. The historical average is 33.2x. This places it at the 46th percentile of its historical range.
What is Zebra Technologies Corporation's EV/EBITDA?
Zebra Technologies Corporation's current EV/EBITDA is 14.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.9x.
What is Zebra Technologies Corporation's ROE?
Zebra Technologies Corporation's return on equity (ROE) is 11.7%. The historical average is 14.8%.
Is ZBRA stock overvalued?
Based on historical data, Zebra Technologies Corporation is trading at a P/E of 28.1x. This is at the 46th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Zebra Technologies Corporation's profit margins?
Zebra Technologies Corporation has 45.9% gross margin and 14.8% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Zebra Technologies Corporation have?
Zebra Technologies Corporation's Debt/EBITDA ratio is 2.9x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.