ZBRA
Zebra Technologies Corporation
ZBRA's fundamentals are strong and it looks cheap: trading at 26x earnings, below its usual 31x. Analysts expect strong earnings growth.
ZBRA Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Stable |
ZBRA's revenue, profitability and cash flow are currently healthy, and its balance sheet is stable.
ZBRA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 15x | $318 | — |
| Cheap | 25x | $311 | -2% |
| Current | 26x | $318 | — |
| Fair | 31x | $387 | +22% |
| Expensive | 48x | $596 | +88% |
Historical ranges are pointers, not guarantees.
ZBRA's PE is in its cheap range at 26x. If earnings grow as analysts expect, today's price would be 15x next year's earnings.
ZBRA Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for ZBRA, with profitability improving.
ZBRA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $21.67 | +75% |
| Q3 2026 | $12.40 | +25% |
| Q2 2026 | $10.94 | +3.3% |
| Q1 2026 | $8.28 | -22% |
| Q4 2025 | $8.18 | -20% |
| Q3 2025 | $9.92 | +35% |
| Q2 2025 | $10.59 | +139% |
| Q1 2025 | $10.57 | +109% |
| Q4 2024 | $10.18 | +78% |
ZBRA earned $12.40 per share over the past year, up 25% from the year before.
ZBRA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.6B | +22% |
| Q2 2026 | $1.6B | +20% |
| Q1 2026 | $1.5B | +14% |
| Q4 2025 | $1.5B | +11% |
| Q3 2025 | $1.3B | +5.2% |
| Q2 2025 | $1.3B | +6.2% |
| Q1 2025 | $1.3B | +11% |
| Q4 2024 | $1.3B | +32% |
ZBRA's revenue has grown year over year for 10 quarters in a row: $1.6B last quarter, up 22% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | +0.8 points |
| Q2 2026 | 21% | +6.5 points |
| Q1 2026 | 14% | -0.5 points |
| Q4 2025 | 9.4% | -7.5 points |
| Q3 2025 | 14% | -1.4 points |
| Q2 2025 | 14% | +0.4 points |
| Q1 2025 | 15% | +1.4 points |
| Q4 2024 | 17% | +9.5 points |
ZBRA's operating margin was 15% last quarter, up 0.8 points from the same quarter a year ago.
ZBRA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $300M | +39% |
| Q2 2026 | $198M | +52% |
| Q1 2026 | $163M | +3.2% |
| Q4 2025 | $327M | +14% |
| Q3 2025 | $216M | -22% |
| Q2 2025 | $130M | -53% |
| Q1 2025 | $158M | +42% |
| Q4 2024 | $288M | +182% |
ZBRA generated $988M in free cash flow over the past year, up 25% from the year before.
ZBRA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.7% | -316K shares |
| 1 year | -6.6% | -3.4M shares |
| 3 years | -6.9% | -3.5M shares |
| 5 years | -11% | -6.1M shares |
| Available history | -12% | -6.8M shares |
ZBRA has 48M diluted shares, down 6.6% from a year ago, with $946M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $75M |
| Q2 2026 | $268M |
| Q1 2026 | $300M |
| Q4 2025 | $303M |
| Q3 2025 | $34M |
| Q2 2025 | $125M |
| Q1 2025 | $125M |
| Q4 2024 | $31M |
ZBRA spent $946M buying back its own shares over the past year, about three times what it spent the year before.
ZBRA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.1x | Moderate |
| Q2 2026 | 2.4x | Moderate |
| Q1 2026 | 2.8x | Moderate |
| Q4 2025 | 2.7x | Moderate |
| Q3 2025 | 1.2x | Healthy |
| Q2 2025 | 1.4x | Healthy |
| Q1 2025 | 1.4x | Healthy |
| Q4 2024 | 1.4x | Healthy |
ZBRA's net debt is about 2.1 years of its operating earnings (EBITDA), up from 1.2 years a year ago.
ZBRA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.6 | Neutral |
| Stochastic | 38.6 | Neutral |
ZBRA's weekly RSI is 49 (neutral) and its Stochastic is 39 (neutral).
ZBRA PE vs Technology Sector
| Metric | ZBRA | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 28x | 8% below |
| PE % | 19 | 35 | 16 pts below |
ZBRA is trading at 26x earnings, in line with the Technology sector's median of 28x.
ZBRA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $361.2 | 12% below |
| 20 week MA | $339.4 | 6.4% below |
| 50 week MA | $278.5 | 14% above |
| 100 week MA | $292.7 | 8.6% above |
| 200 week MA | $294.4 | 8% above |
ZBRA has slipped below its 8- and 20-week averages, though it's still 8% above its 200-week average.
ZBRA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $256.0 | $376.9 | +47% |
| 2021 | $376.9 | $582.4 | +55% |
| 2022 | $582.4 | $248.2 | -57% |
| 2023 | $248.2 | $273.3 | +10% |
| 2024 | $273.3 | $389.1 | +42% |
| 2025 | $389.1 | $246.3 | -37% |
| 2026 YTD | $246.3 | $317.8 | +29% |
ZBRA has finished higher in four of the last six years. It's up 29% so far in 2026.