At a glance
Zebra Technologies Corporation is worth $17.09B, about 44 times its fiscal 2025 earnings. Revenue grew 8.3% to $5.40B in fiscal 2025, with 7.8% kept as profit; over 5 years it has grown 3.9% a year. It pays no dividend; it spent $1.49B buying back its shares over FY2021–FY2025. The stock returned +34.1% over the past year with dividends reinvested and −9.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.5% in the 2020 crash (S&P 500: 33.7%) and 57.5% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Zebra Technologies makes devices and software that help businesses track goods, equipment and workers. Its field is automatic identification and data capture (AIDC), meaning tools that read barcodes and radio tags and turn them into usable data. Products include rugged handheld mobile computers, barcode scanners, thermal printers for labels, wristbands and ID cards, RFID readers (which read radio tags without a direct line of sight), machine vision cameras and label supplies. Customers include retailers, manufacturers, shipping and logistics firms, hospitals and government agencies.
Hardware dominates. In the fiscal year ended December 31, 2025, physical products made up 81.9% of Zebra's $5.4 billion of revenue. Services and software made up 18.1%. That includes repairs, maintenance and cloud software subscriptions, often on multi-year contracts. Zebra reaches customers through its own sales force and more than 10,000 channel partners (resellers and distributors) in 179 countries.
Zebra reports two segments. Connected Frontline brought in 54.9% of fiscal 2025 revenue. It covers mobile computers, software and services, plus Elo, a maker of self-service kiosks and point-of-sale touchscreens acquired for $1,303 million on September 30, 2025. Asset Visibility and Automation, at 45.1%, covers printers and supplies, scanners, RFID, location tracking and machine vision. By region, North America provided 49.9% of revenue; Europe, the Middle East and Africa 31.9%; Asia-Pacific 11.4%; and Latin America 6.7%.
Price history
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ZBRA +34.1% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Tangible Products | $4.42B | 81.9% |
| Services and Software | $978.0M | 18.1% |
By business segment
| CF | $2.96B | 54.9% |
| AVA | $2.44B | 45.1% |
By geography
| North America | $2.69B | 49.9% |
| EMEA | $1.72B | 31.9% |
| Asia-Pacific | $613.0M | 11.4% |
| Latin America | $364.0M | 6.7% |
Latest results
- In Q2 FY2026 (ended Jul 4, 2026), revenue was $1.56B, up 20.4% from a year earlier, and net income was $233.0M (+108.0%).
- For fiscal 2025, revenue was $5.40B (+8.3% year over year; +3.9% a year from FY2020 to FY2025) with a 7.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +3.9% watch |
|---|---|
| Operating margin | 13% watch |
| Free cash flow margin | 15.4% good |
| Return on equity (FY2025) | 11.7% watch |
| Return on assets (FY2025) | 4.9% watch |
| Net cash (cash minus debt) | $-2.52B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.45B | $504.0M | $895.0M |
| FY2021 | $5.63B | $837.0M | $1.01B |
| FY2022 | $5.78B | $463.0M | $413.0M |
| FY2023 | $4.58B | $296.0M | $-91.0M |
| FY2024 | $4.98B | $528.0M | $954.0M |
| FY2025 | $5.40B | $419.0M | $831.0M |
Valuation snapshot
| Market value | $17.09B |
|---|---|
| P/E ratio | 44.1 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Zebra Technologies’s market value went from $4.53B at the end of 2016 to $17.09B on Nov 2, 2026, about 3.8 times as much; since the end of 2025 it is up 39%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $17.09B | +38.9% |
| 2025 | $12.30B | -38.3% |
| 2024 | $19.92B | +41.9% |
| 2023 | $14.04B | +6.0% |
| 2022 | $13.24B | -58.4% |
| 2021 | $31.81B | +55.2% |
| 2020 | $20.49B | +48.8% |
| 2019 | $13.77B | +60.8% |
| 2018 | $8.57B | +55.2% |
| 2017 | $5.52B | +22.0% |
| 2016 | $4.53B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ZBRA price data to Nov 2, 2026 | +48.7% | +34.1% | +20.4% | -9.2% | +18.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +48.7% |
| 2025 | -37.1% |
| 2024 | +41.3% |
| 2023 | +6.6% |
| 2022 | -56.9% |
| 2021 | +54.9% |
| 2020 | +50.5% |
| 2019 | +60.4% |
| 2018 | +53.4% |
| 2017 | +21.0% |
| 2016 | +23.1% |
| 2015 | -10.0% |
| 2014 | +43.1% |
| 2013 | +37.6% |
| 2012 | +9.9% |
| 2011 | -5.8% |
| 2010 | +34.0% |
| 2009 | +39.9% |
| 2008 | -41.6% |
| 2007 | -0.3% |
| 2006 | -18.8% |
| 2005 | -23.9% |
| 2004 | +27.2% |
| 2003 | +73.7% |
| 2002 | +3.2% |
| 2001 | +36.1% |
| 2000 | -30.3% |
| 1999 | +103.5% |
| 1998 | -3.4% |
| 1997 | +27.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 51% over that stretch · deepest drop along the way 57.9%, back to its old high 22.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29% over that stretch · deepest drop along the way 33.5%, back to its old high 1.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 55.3% over that stretch · deepest drop along the way 57.5%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 4 sales ($2.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 7, 2026 | Michael Cho Chief Strategy Officer | sell | $1.3M |
| May 14, 2026 | Janice M Roberts Director | sell | $749K |
| Aug 10, 2026 | Linda Connly Director | sell | $189K |
| May 26, 2026 | Loizides Melissa Luff Chief People Officer | sell | $127K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.36% | Mar 31, 2026 |
| BlackRock, Inc. | 7.1% | Mar 31, 2025 |
| Vanguard Portfolio Management | 5.71% | Mar 31, 2026 |
| Boston Partners | 5.45% | Jun 30, 2026 |
ETFs with the most weight in ZBRA
| DAT ProShares Big Data Refiners ETF | 3.27% |
| MAKX ProShares S&P Kensho Smart Factories ETF | 2.99% |
| PEXL Pacer US Export Leaders ETF | 0.92% |
| QQQJ Invesco NASDAQ Next Gen 100 ETF | 0.87% |
| SPHB Invesco S&P 500® High Beta ETF | 0.68% |
| ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF | 0.64% |
| SMOT VanEck Morningstar SMID Moat ETF | 0.59% |
| MCDS JPMorgan Fundamental Data Science Mid Core ETF | 0.48% |
What could go wrong
- Heavy reliance on suppliers in China. Zebra purchases important components, and even finished products, from suppliers outside the US, many with operations concentrated in China. Supply disruptions, China-Taiwan tensions or new tariffs could raise costs or delay shipments.
- Integrating Elo and other acquisitions. Zebra paid $1,303 million for Elo in September 2025. Folding in a purchase this size can bring unforeseen costs, absorb management attention and deliver less than expected. Acquisitions can also dilute shareholder value.
- Customers can delay equipment purchases. Sales depend on customers' technology budgets, which can shrink when the economy weakens. Revenue fell from $5,781 million in fiscal 2022 to $4,584 million in fiscal 2023, showing how quickly sales can drop.
- Debt far exceeds cash on hand. As of July 4, 2026, Zebra had $2,776 million of debt and $253 million of cash. Debt can limit flexibility in a downturn, and interest-rate hedges can add swings to reported results.
- Rivals may adapt faster to new technology. Zebra competes in a competitive industry where rivals may respond faster to new technology, such as artificial intelligence, or to shifting customer needs. AI also raises new legal, regulatory and reputational risks.
- Dependence on resellers and distributors. Zebra markets many products through more than 10,000 channel partners, such as resellers and distributors. If partners promote them poorly or break laws or ethical standards, revenue and reputation could suffer.
Recent events
- Quarterly results released
- Executive or board change; Shareholder vote results
- Quarterly results released
- Quarterly results released; Other company announcement
- Restructuring or exit costs; Asset impairment
- Executive or board change
- Bylaws or fiscal year changed
For income and retirement investors
Zebra does not pay a dividend and paid none from fiscal 2021 through fiscal 2025, so there is no record of increases or payout to assess. Anyone counting on it for income would have to trim the position to raise cash. Zebra returns money through share buybacks instead: $1,494 million over those five years, including $587 million in fiscal 2025. Buybacks can raise earnings per share, but they pay nothing to holders who keep their shares. The share count fell 11.5% between October 26, 2021, and July 28, 2026.
The stock has fallen sharply in downturns. It dropped 57.9% in the 2008 financial crisis and took 22.6 months from its March 2009 low to recover. It lost 33.5% in the 2020 COVID crash but regained its peak within two months. In the 2022 bear market it fell 57.5%, and as of October 28, 2026, it had not returned to its January 2022 high. Single stocks carry more risk than diversified funds.
Questions investors ask
Does Zebra Technologies pay a dividend?
No. Zebra paid no dividends in fiscal years 2021 through 2025 and had no dividend yield as of October 28, 2026. Instead, it returned cash by repurchasing its own shares, spending $1,494 million over those five years. Its share count fell 11.5% between October 2021 and July 2026. Investors who want regular income from a holding would have to trim their shares to raise cash, since Zebra provides none.
How does Zebra Technologies make money?
Mostly from hardware sales to businesses. In fiscal 2025, physical products made up 81.9% of Zebra's $5.4 billion of revenue. These include rugged mobile computers, barcode scanners, label and ID card printers, RFID readers and supplies. Services and software, including repairs, maintenance and cloud subscriptions, made up 18.1%. Customers work in retail, manufacturing, logistics, healthcare and government. Zebra reaches them through a direct sales force and more than 10,000 channel partners.
Why did Zebra acquire Elo?
To add self-service and customer-facing products. Zebra acquired Elo Holdings on September 30, 2025, for $1,303 million in cash, net of Elo's own cash. Elo makes point-of-sale systems, self-serve kiosks and interactive touchscreen displays, and it sits in Zebra's Connected Frontline segment. In February 2025, Zebra also paid $62 million for Photoneo, a maker of 3D machine vision products. Deals of this size carry integration risk. Zebra's debt stood at $2,776 million as of July 4, 2026.
What is Zebra Technologies' P/E ratio?
About 47 as of October 28, 2026, based on fiscal 2025 earnings of $8.18 per diluted share. The P/E ratio compares the share price with a year of profit per share. A high figure means investors are paying more for each dollar of past earnings. Fiscal 2025 net income fell 20.6% to $419 million, even though revenue grew 8.3%. In the quarter ended July 4, 2026, net income rose 108% from a year earlier, on revenue that was 20.4% higher.
How has Zebra Technologies stock performed over the long run?
Well over 10 years but poorly over five, with large swings. As of October 28, 2026, the share price rose about 19.2% a year over 10 years and 40.2% over one year. Over five years it fell 6.3% a year. Its one-year beta was 1.65, meaning it tended to move about 1.65 times as much as the overall market. It lost 56.9% in 2022 and 37.1% in 2025 but gained 41.3% in 2024.