InsiderClue
Stocks · Industrials · General Industrial Machinery & Equipment

Zebra Technologies

ZBRA Clue Score42
United States Fiscal year ends December CIK 0000877212
$387.18 +1.32% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $387.18 −21.49% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue3,574.0Operating income80.0Net income−137.0EPS, diluted−2.65Fiscal year 2017Revenue3,722.0 +4.1%Operating income322.0Net income17.0EPS, diluted0.32Fiscal year 2018Revenue4,218.0 +13.3%Operating income610.0Net income421.0 +2,376.5%EPS, diluted7.76 +2,325.0%Fiscal year 2019Revenue4,485.0 +6.3%Operating income692.0Net income544.0 +29.2%EPS, diluted9.97 +28.5%Fiscal year 2020Revenue4,448.0 −0.8%Operating income651.0Net income504.0 −7.4%EPS, diluted9.35 −6.2%Fiscal year 2021Revenue5,627.0 +26.5%Operating income979.0Net income837.0 +66.1%EPS, diluted15.52 +66.0%Fiscal year 2022Revenue5,781.0 +2.7%Operating income529.0Net income463.0 −44.7%EPS, diluted8.80 −43.3%Fiscal year 2023Revenue4,584.0 −20.7%Operating income481.0Net income296.0 −36.1%EPS, diluted5.72 −35.0%Fiscal year 2024Revenue4,981.0 +8.7%Operating income742.0Net income528.0 +78.4%EPS, diluted10.18 +78.0%Fiscal year 2025Revenue5,396.0 +8.3%Operating income700.0Net income419.0 −20.6%EPS, diluted8.18 −19.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 3,574.0 3,722.0 4,218.0 4,485.0 4,448.0 5,627.0 5,781.0 4,584.0 4,981.0 5,396.0
Growth +4.1% +13.3% +6.3% −0.8% +26.5% +2.7% −20.7% +8.7% +8.3%
Operating income 80.0 322.0 610.0 692.0 651.0 979.0 529.0 481.0 742.0 700.0
Net income −137.0 17.0 421.0 544.0 504.0 837.0 463.0 296.0 528.0 419.0
Growth +2,376.5% +29.2% −7.4% +66.1% −44.7% −36.1% +78.4% −20.6%
EPS, diluted −2.65 0.32 7.76 9.97 9.35 15.52 8.80 5.72 10.18 8.18
Growth +2,325.0% +28.5% −6.2% +66.0% −43.3% −35.0% +78.0% −19.6%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin45.9%Operating margin2.2%Net margin−3.8%Free cash flow margin8.5%Fiscal year 2017Gross margin45.9%Operating margin8.7%Net margin0.5%Free cash flow margin11.5%Fiscal year 2018Gross margin47.0%Operating margin14.5%Net margin10.0%Free cash flow margin17.1%Fiscal year 2019Gross margin46.8%Operating margin15.4%Net margin12.1%Free cash flow margin13.9%Fiscal year 2020Gross margin45.0%Operating margin14.6%Net margin11.3%Free cash flow margin20.1%Fiscal year 2021Gross margin46.7%Operating margin17.4%Net margin14.9%Free cash flow margin17.9%Fiscal year 2022Gross margin45.4%Operating margin9.2%Net margin8.0%Free cash flow margin7.1%Fiscal year 2023Gross margin46.3%Operating margin10.5%Net margin6.5%Free cash flow margin−2.0%Fiscal year 2024Gross margin48.4%Operating margin14.9%Net margin10.6%Free cash flow margin19.2%Fiscal year 2025Gross margin48.1%Operating margin13.0%Net margin7.8%Free cash flow margin15.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 45.9% 45.9% 47.0% 46.8% 45.0% 46.7% 45.4% 46.3% 48.4% 48.1%
Operating margin 2.2% 8.7% 14.5% 15.4% 14.6% 17.4% 9.2% 10.5% 14.9% 13.0%
Net margin −3.8% 0.5% 10.0% 12.1% 11.3% 14.9% 8.0% 6.5% 10.6% 7.8%
Free cash flow margin 8.5% 11.5% 17.1% 13.9% 20.1% 17.9% 7.1% −2.0% 19.2% 15.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow380.0Capital expenditure−77.0Free cash flow303.0Fiscal year 2017Operating cash flow478.0Capital expenditure−50.0Free cash flow428.0 +41.3%Buybacks0.0Fiscal year 2018Operating cash flow785.0Capital expenditure−64.0Free cash flow721.0 +68.5%Buybacks0.0Fiscal year 2019Operating cash flow685.0Capital expenditure−61.0Free cash flow624.0 −13.5%Buybacks−47.0Fiscal year 2020Operating cash flow962.0Capital expenditure−67.0Free cash flow895.0 +43.4%Buybacks−200.0Fiscal year 2021Operating cash flow1,069.0Capital expenditure−59.0Free cash flow1,010.0 +12.8%Buybacks−57.0Fiscal year 2022Operating cash flow488.0Capital expenditure−75.0Free cash flow413.0 −59.1%Buybacks−751.0Fiscal year 2023Operating cash flow−4.0Capital expenditure−87.0Free cash flow−91.0 −122.0%Buybacks−52.0Fiscal year 2024Operating cash flow1,013.0Capital expenditure−59.0Free cash flow954.0Buybacks−47.0Fiscal year 2025Operating cash flow917.0Capital expenditure−86.0Free cash flow831.0 −12.9%Buybacks−587.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 380.0 478.0 785.0 685.0 962.0 1,069.0 488.0 −4.0 1,013.0 917.0
Capital expenditure −77.0 −50.0 −64.0 −61.0 −67.0 −59.0 −75.0 −87.0 −59.0 −86.0
Free cash flow 303.0 428.0 721.0 624.0 895.0 1,010.0 413.0 −91.0 954.0 831.0
Growth +41.3% +68.5% −13.5% +43.4% +12.8% −59.1% −122.0% −12.9%
Buybacks n/a 0.0 0.0 −47.0 −200.0 −57.0 −751.0 −52.0 −47.0 −587.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash156.0Total debt2,648.0Net cash (debt)−2,492.0Shareholders’ equity792.0Debt to equity3.34Fiscal year 2017Cash62.0Total debt2,227.0Net cash (debt)−2,165.0Shareholders’ equity834.0Debt to equity2.67Fiscal year 2018Cash44.0Total debt1,591.0Net cash (debt)−1,547.0Shareholders’ equity1,335.0Debt to equity1.19Fiscal year 2019Cash30.0Total debt1,277.0Net cash (debt)−1,247.0Shareholders’ equity1,839.0Debt to equity0.69Fiscal year 2020Cash168.0Total debt1,245.0Net cash (debt)−1,077.0Shareholders’ equity2,144.0Debt to equity0.58Fiscal year 2021Cash332.0Total debt991.0Net cash (debt)−659.0Shareholders’ equity2,984.0Debt to equity0.33Fiscal year 2022Cash105.0Total debt2,023.0Net cash (debt)−1,918.0Shareholders’ equity2,733.0Debt to equity0.74Fiscal year 2023Cash137.0Total debt2,220.0Net cash (debt)−2,083.0Shareholders’ equity3,036.0Debt to equity0.73Fiscal year 2024Cash901.0Total debt2,171.0Net cash (debt)−1,270.0Shareholders’ equity3,586.0Debt to equity0.61Fiscal year 2025Cash125.0Total debt2,502.0Net cash (debt)−2,377.0Shareholders’ equity3,588.0Debt to equity0.70
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 156.0 62.0 44.0 30.0 168.0 332.0 105.0 137.0 901.0 125.0
Total debt 2,648.0 2,227.0 1,591.0 1,277.0 1,245.0 991.0 2,023.0 2,220.0 2,171.0 2,502.0
Net cash (debt) −2,492.0 −2,165.0 −1,547.0 −1,247.0 −1,077.0 −659.0 −1,918.0 −2,083.0 −1,270.0 −2,377.0
Shareholders’ equity 792.0 834.0 1,335.0 1,839.0 2,144.0 2,984.0 2,733.0 3,036.0 3,586.0 3,588.0
Debt to equity 3.34 2.67 1.19 0.69 0.58 0.33 0.74 0.73 0.61 0.70

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
45.9% 45.9% 47.0% 46.8% 45.0% 46.7% 45.4% 46.3% 48.4% 48.1%
2.2% 8.7% 14.5% 15.4% 14.6% 17.4% 9.2% 10.5% 14.9% 13.0%
−3.6% 2.4% 12.4% 13.3% 12.6% 17.2% 9.4% 7.3% 12.7% 10.4%
−3.8% 0.5% 10.0% 12.1% 11.3% 14.9% 8.0% 6.5% 10.6% 7.8%
8.5% 11.5% 17.1% 13.9% 20.1% 17.9% 7.1% −2.0% 19.2% 15.4%
Spending
10.5% 10.5% 10.5% 10.0% 10.2% 10.1% 9.9% 11.3% 11.3% 11.0%
8.6% 8.1% 7.8% 7.2% 6.8% 6.2% 6.5% 7.3% 7.6% 8.0%
2.2% 1.3% 1.5% 1.4% 1.5% 1.0% 1.3% 1.9% 1.2% 1.6%
n/a 80.7% 19.7% 9.0% 10.0% 13.5% 14.9% 11.4% 16.9% 25.2%
Returns
−17.3% 2.0% 31.5% 29.6% 23.5% 28.0% 16.9% 9.7% 14.7% 11.7%
−3.0% 0.4% 9.7% 11.5% 9.4% 13.5% 6.1% 4.1% 6.6% 4.9%
Balance and payout
3.34 2.67 1.19 0.69 0.58 0.33 0.74 0.73 0.61 0.70
82.9% 80.5% 69.2% 61.0% 60.1% 52.0% 63.7% 58.4% 55.0% 57.8%
n/a 0.0% 0.0% 7.5% 22.3% 5.6% 181.8% n/a 4.9% 70.6%