MSI
Motorola Solutions, Inc.
MSI's fundamentals are mixed, but it looks expensive: trading at 43x earnings, above its usual 35x.
MSI Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Stable |
MSI's revenue, profitability and cash flow are currently healthy, and its balance sheet is stable.
MSI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 31x | $385 | -27% |
| Fair | 35x | $434 | -18% |
| Expensive | 39x | $482 | -9.1% |
| Current | 43x | $530 | — |
Historical ranges are pointers, not guarantees.
MSI's PE is in its expensive range at 43x.
MSI Forward outlook
There aren't enough analyst estimates for MSI to show an outlook.
MSI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $12.42 | -0.4% |
| Q2 2026 | $12.69 | +2.1% |
| Q1 2026 | $12.40 | +3.4% |
| Q4 2025 | $12.75 | +38% |
| Q3 2025 | $12.47 | +37% |
| Q2 2025 | $12.43 | +46% |
| Q1 2025 | $11.99 | +48% |
| Q4 2024 | $9.23 | -7% |
MSI earned $12.42 per share over the past year, about the same as the year before.
MSI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.4B | +12% |
| Q2 2026 | $3.1B | +13% |
| Q1 2026 | $2.7B | +7.4% |
| Q4 2025 | $3.4B | +12% |
| Q3 2025 | $3B | +7.8% |
| Q2 2025 | $2.8B | +5.2% |
| Q1 2025 | $2.5B | +5.8% |
| Q4 2024 | $3B | +5.7% |
MSI's revenue has grown year over year for 23 quarters in a row: $3.4B last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 23% | -2.6 points |
| Q2 2026 | 26% | +0.8 points |
| Q1 2026 | 19% | -3.7 points |
| Q4 2025 | 28% | +0.9 points |
| Q3 2025 | 26% | +0.1 points |
| Q2 2025 | 25% | +0.5 points |
| Q1 2025 | 23% | +1.3 points |
| Q4 2024 | 27% | +1.1 points |
MSI's operating margin was 23% last quarter, down 2.6 points from the same quarter a year ago.
MSI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $589M | -20% |
| Q2 2026 | $414M | +84% |
| Q1 2026 | $389M | -18% |
| Q4 2025 | $1.1B | +16% |
| Q3 2025 | $732M | +4.3% |
| Q2 2025 | $225M | +101% |
| Q1 2025 | $473M | +41% |
| Q4 2024 | $984M | -15% |
MSI generated $2.5B in free cash flow over the past year, up 5% from the year before.
MSI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +200K shares |
| 1 year | -0.9% | -1.6M shares |
| 3 years | -2.5% | -4.3M shares |
| 5 years | -3.8% | -6.7M shares |
| Available history | -4.7% | -8.2M shares |
MSI has 167M diluted shares, down 0.9% from a year ago, with $1B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $94M |
| Q2 2026 | $331M |
| Q1 2026 | $118M |
| Q4 2025 | $490M |
| Q3 2025 | $121M |
| Q2 2025 | $218M |
| Q1 2025 | $325M |
| Q4 2024 | $103M |
MSI spent $1B buying back its own shares over the past year, up 35% from the year before.
MSI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.6x | Moderate |
| Q2 2026 | 2.3x | Moderate |
| Q1 2026 | 2.4x | Moderate |
| Q4 2025 | 2.3x | Moderate |
| Q3 2025 | 2.6x | Moderate |
| Q2 2025 | 1.4x | Healthy |
| Q1 2025 | 1.4x | Healthy |
| Q4 2024 | 1.3x | Healthy |
MSI's net debt is about 2.6 years of its operating earnings (EBITDA), about the same as a year ago.
MSI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 72.9 | Overbought |
| Stochastic | 81.5 | Overbought |
MSI's weekly RSI is 73 (overbought) and its Stochastic is 82 (overbought).
MSI PE vs Technology Sector
| Metric | MSI | Sector median | Relative |
|---|---|---|---|
| PE | 43x | 28x | 53% above |
| PE % | 86 | 35 | 51 pts above |
MSI is trading at 43x earnings, a 53% premium to the Technology sector's median of 28x.
MSI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $478.7 | 11% above |
| 20 week MA | $461.8 | 15% above |
| 50 week MA | $434.8 | 22% above |
| 100 week MA | $434.6 | 22% above |
| 200 week MA | $387.3 | 37% above |
MSI is in an uptrend: it's above all five of its weekly moving averages, and 37% above its 200-week average.
MSI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $161.5 | $168.5 | +4.3% |
| 2021 | $168.5 | $262.9 | +56% |
| 2022 | $262.9 | $256.6 | -2.4% |
| 2023 | $256.6 | $313.1 | +22% |
| 2024 | $313.1 | $467.3 | +49% |
| 2025 | $467.3 | $377.0 | -19% |
| 2026 YTD | $377.0 | $530.4 | +41% |
MSI has finished higher in four of the last six years. It's up 41% so far in 2026.