# Zebra Technologies Corporation (ZBRA)

> Source: Nexqual · https://nexqual.com/ZBRA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Zebra Technologies Corporation (ZBRA), nexqual.com/ZBRA" · informational, not investment advice.

**Price:** USD 384.16 (-1.75% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 391 · day 373.9–387.94 · 52w 199.05–392.78 · market cap $18.2B · NMS

## Key facts
- Last four reported quarters (through Jul 4, 2026): revenue $5.85B, net income $539M (9.2% margin), free cash flow $904M (SEC filings).
- Valuation: P/E 33.7x (avg 38.5x at the last 3 fiscal year-ends), EV/EBITDA 19.4x, net debt $2.62B.
- 2 of 80 tracked superinvestors hold ZBRA (13F, Q2 2026): 1 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 2.19 on a 1–5 scale) (16 analysts), mean target USD 414.85 (range 350–460).
- Total return with dividends: 1Y +22.4% vs S&P 500 +14.9%; 5Y -27.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 4.91, revenue estimate $1.57B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.63B | $5.78B | $4.58B | $4.98B | $5.40B | $5.85B |
| Gross profit | $2.63B | $2.62B | $2.12B | $2.41B | $2.59B | — |
| Operating income | $979M | $529M | $481M | $742M | $700M | $858M |
| Net income | $837M | $463M | $296M | $528M | $419M | $539M |
| EPS (diluted) | $15.52 | $8.80 | $5.72 | $10.18 | $8.18 | — |
| Free cash flow | $1.01B | $413M | -$91.0M | $954M | $831M | $904M |
| Gross margin | 46.7% | 45.4% | 46.3% | 48.4% | 48.1% | — |
| Operating margin | 17.4% | 9.2% | 10.5% | 14.9% | 13.0% | 14.7% |
| Net margin | 14.9% | 8.0% | 6.5% | 10.6% | 7.8% | 9.2% |
| Revenue growth | +26.5% | +2.7% | -20.7% | +8.7% | +8.3% | — |
| Cash + short-term investments | $332M | $105M | $137M | $901M | $125M | — |
| Total debt | $991M | $2.02B | $2.22B | $2.17B | $2.50B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 4, 2026)
P/E 33.7x · P/S 3.1x · EV/EBITDA 19.4x · EV/Sales 3.6x · P/FCF 20.1x · P/B 5.3x · FCF yield 4.97% · Earnings yield 2.97% · Buyback yield (TTM) 4.98% · Net debt $2.62B · EV $20.8B
P/E at fiscal year-ends: Dec 2025 29.7x, Dec 2024 37.9x, Dec 2023 47.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold ZBRA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| John Rogers | Ariel Investments | 2.42% | $243M | Added +18.7% |
| Richard Pzena | Pzena Investment Management | <0.01% | $358K | New position |

## Analysts
Consensus Buy (mean 2.19 on a 1–5 scale), 16 analysts; mean target USD 414.85 (low 350, high 460).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Citigroup | Target raised | Neutral | $396 → $400 |
| 2026-10-12 | Barclays | Target raised | Overweight | $410 → $416 |
| 2026-10-05 | Truist Securities | Target raised | Hold | $355 → $378 |
| 2026-09-15 | Needham | Target raised | Buy | $410 → $435 |
| 2026-08-05 | TD Cowen | Target raised | Buy | $400 → $450 |
| 2026-08-05 | Citigroup | Target raised | Neutral | $306 → $396 |
| 2026-08-05 | Truist Securities | Target raised | Hold | $296 → $355 |
| 2026-08-05 | BNP Paribas | Target raised | Outperform | $370 → $455 |
| 2026-08-05 | Keybanc | Target raised | Overweight | $305 → $430 |
| 2026-08-05 | Barclays | Target raised | Overweight | $346 → $410 |
| 2026-08-05 | Needham | Target raised | Buy | $345 → $410 |
| 2026-07-13 | Citigroup | Target raised | Neutral | $284 → $306 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +22.4% | -27.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +22.5% | -6.2% |
| Volatility (annualized) | 47.2% | 41.6% |
| Max drawdown | -36.5% (Oct 2025→Mar 2026) | -67.0% (Dec 2021→Mar 2026) |

## Peers (Communication Equipment)
ASTS (AST SpaceMobile, Inc.) USD 38.77 -5.21% · ERIC (Ericsson) USD 10.38 -0.48% · UI (Ubiquiti Inc.) USD 595.62 -2.25% · VSAT (ViaSat, Inc.) USD 59 -5.74% · NOK (Nokia Corporation Sponsored) USD 7.88 -14.81% · VIAV (Viavi Solutions Inc.) USD 30.3 -14.38%

## More
Full page: https://nexqual.com/ZBRA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $4.91 | $4.55 | +7.8% | $1.57B | 15 |
| Next quarter (ends 2026-12-31) | $5.21 | $4.92 | +6.0% | $1.61B | 14 |
| Current fiscal year (ends 2026-12-31) | $21.06 | $18.56 | +13.5% | $6.23B | 16 |
| Next fiscal year (ends 2027-12-31) | $22.29 | $20.72 | +7.6% | $6.62B | 16 |