ZEBRA TECHNOLOGIES CORP ZBRA
We are a global leader in the Automatic Identification and Data Capture ("AIDC") industry. The AIDC market consists of mobile computing, data capture, radio frequency identification devices ("RFID"), thermal barcode printing, and other workflow automation products and services. The Company's products, services, and software solutions ("offerings") are proven to help our customers and end-users digitize and automate their workflows to achieve their critical business objectives, including improved productivity and operational efficiency, optimized regulatory compliance, and better customer experiences.
We design, manufacture, and sell a broad range of AIDC offerings, including: mobile computers, barcode scanners and imagers, RFID readers, specialty printers for barcode labeling and personal identification, real-time location systems ("RTLS"), related accessories and supplies, such as labels and other consumables, and related software applications. We also provide
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.40B | $4.98B | $4.58B | $5.78B | $5.63B | $4.45B | $4.49B | $4.22B | $3.72B | $3.57B |
| Cost of revenue | $2.80B | $2.57B | $2.46B | $3.16B | $3.00B | $2.44B | $2.38B | $2.24B | $2.01B | $1.93B |
| Gross profit | $2.59B | $2.41B | $2.12B | $2.62B | $2.63B | $2.00B | $2.10B | $1.98B | $1.71B | $1.64B |
| R&D | $593.0M | $563.0M | $519.0M | $570.0M | $567.0M | $453.0M | $447.0M | $444.0M | $389.0M | $376.0M |
| SG&A | $433.0M | $381.0M | $334.0M | $375.0M | $348.0M | $304.0M | $323.0M | $328.0M | $301.0M | $307.0M |
| Total operating expenses | $1.89B | $1.67B | $1.64B | $2.10B | $1.65B | $1.35B | $1.41B | $1.37B | $1.39B | $1.56B |
| Operating income | $700.0M | $742.0M | $481.0M | $529.0M | $979.0M | $651.0M | $692.0M | $610.0M | $322.0M | $80.0M |
| Interest expense | — | — | — | — | $5.0M | $76.0M | $89.0M | $91.0M | $227.0M | $193.0M |
| Pre-tax income | $560.0M | $635.0M | $334.0M | $544.0M | $968.0M | $560.0M | $598.0M | $524.0M | $88.0M | -$129.0M |
| Income tax | $141.0M | $107.0M | $38.0M | $81.0M | $131.0M | $56.0M | $54.0M | $103.0M | $71.0M | $8.0M |
| Net income | $419.0M | $528.0M | $296.0M | $463.0M | $837.0M | $504.0M | $544.0M | $421.0M | $17.0M | -$137.0M |
| EPS, basic | 8.24 | 10.25 | 5.75 | 8.86 | 15.66 | 9.43 | 10.08 | 7.86 | 0.33 | -2.65 |
| EPS, diluted | 8.18 | 10.18 | 5.72 | 8.80 | 15.52 | 9.35 | 9.97 | 7.76 | 0.32 | -2.65 |
| Shares, diluted (wtd. avg.) | $51.2M | $51.9M | $51.7M | $52.6M | $53.9M | $53.9M | $54.6M | $54.3M | $53.7M | $51.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $125.0M | $901.0M | $137.0M | $117.0M | $344.0M | $192.0M | $30.0M | $44.0M | $62.0M | $156.0M |
| Receivables | $801.0M | $692.0M | $521.0M | $768.0M | $752.0M | $508.0M | $613.0M | $520.0M | $479.0M | $625.0M |
| Inventory | $729.0M | $693.0M | $804.0M | $860.0M | $491.0M | $511.0M | $474.0M | $520.0M | $458.0M | $345.0M |
| Total current assets | $1.80B | $2.44B | $1.67B | $1.88B | $1.69B | $1.27B | $1.20B | $1.16B | $1.06B | $1.22B |
| Property, plant and equipment | $353.0M | $305.0M | $309.0M | $278.0M | $272.0M | $274.0M | $259.0M | $249.0M | $264.0M | $292.0M |
| Goodwill | $4.73B | $3.89B | $3.90B | $3.90B | $3.27B | $2.99B | $2.62B | $2.50B | $2.46B | $2.46B |
| Other intangibles | $809.0M | $422.0M | $527.0M | $630.0M | $469.0M | $402.0M | $275.0M | $232.0M | $299.0M | $480.0M |
| Total assets | $8.50B | $7.97B | $7.31B | $7.53B | $6.21B | $5.38B | $4.71B | $4.34B | $4.28B | $4.63B |
| Accounts payable | $695.0M | $633.0M | $456.0M | $811.0M | $700.0M | $601.0M | $552.0M | $552.0M | $424.0M | $413.0M |
| Short-term debt | $141.0M | $79.0M | $173.0M | $214.0M | $69.0M | $364.0M | $197.0M | $157.0M | $51.0M | $0 |
| Total current liabilities | $1.85B | $1.70B | $1.60B | $2.33B | $1.80B | $1.85B | $1.40B | $1.30B | $1.00B | $949.0M |
| Long-term debt | $2.36B | $2.09B | $2.05B | $1.81B | $922.0M | $881.0M | $1.08B | $1.43B | $2.18B | $2.65B |
| Total liabilities | $4.91B | $4.38B | $4.27B | $4.80B | $3.23B | $3.23B | $2.87B | $3.00B | $3.44B | $3.84B |
| Retained earnings | $5.28B | $4.86B | $4.33B | $4.04B | $3.57B | $2.74B | $2.23B | $1.69B | $1.25B | $1.24B |
| Total equity | $3.59B | $3.59B | $3.04B | $2.73B | $2.98B | $2.14B | $1.84B | $1.33B | $834.0M | $792.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $917.0M | $1.01B | -$4.0M | $488.0M | $1.07B | $962.0M | $685.0M | $785.0M | $478.0M | $380.0M |
| Depreciation and amortisation | $71.0M | $68.0M | $72.0M | $68.0M | $72.0M | $68.0M | $72.0M | $78.0M | $79.0M | $75.0M |
| Stock-based compensation | $163.0M | $89.0M | $55.0M | $88.0M | $76.0M | $51.0M | $48.0M | $45.0M | $35.0M | $27.0M |
| Capital expenditure | $86.0M | $59.0M | $87.0M | $75.0M | $59.0M | $67.0M | $61.0M | $64.0M | $50.0M | $77.0M |
| Investing cash flow | -$1.46B | -$57.0M | -$92.0M | -$968.0M | -$546.0M | -$641.0M | -$335.0M | -$137.0M | -$51.0M | -$39.0M |
| Financing cash flow | -$239.0M | -$190.0M | $117.0M | $253.0M | -$371.0M | -$157.0M | -$365.0M | -$661.0M | -$517.0M | -$384.0M |
| Buybacks | $587.0M | $47.0M | $52.0M | $751.0M | $57.0M | $200.0M | $47.0M | $0 | $0 | $8.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-007668.
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