Zebra Technologies Corporation (ZBRA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-64.2%

$131.70

vs $367.71 price

Levered DCF

$93.16

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.65

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	29.47×	37.68×	47.45×	28.91×	38.01×	40.76×	25.34×	20.26×
P/B	3.44×	5.55×	4.63×	4.9×	10.66×	9.58×	7.5×	6.39×
P/S	2.29×	3.99×	3.06×	2.32×	5.65×	4.62×	3.08×	2.02×
EV / EBITDA	17.62×	22.78×	21.45×	13.7×	28.12×	27.85×	17.6×	12.75×
Gross margin	45.9%	48.4%	46.3%	45.4%	46.7%	45.0%	46.8%	47.0%
Operating margin	14.8%	14.9%	10.5%	9.2%	17.4%	14.6%	15.4%	14.5%
Net margin	7.8%	10.6%	6.5%	8.0%	14.9%	11.3%	12.1%	10.0%
Current ratio	0.97×	1.43×	1.05×	0.81×	0.94×	0.69×	0.85×	0.89×
Debt / equity	0.78×	0.66×	0.8×	0.86×	0.38×	0.65×	0.76×	1.19×
Interest coverage	7.41×	5.75×	3.62×	8.82×	195.8×	8.57×	7.78×	6.7×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.7%	14.7%	9.7%	16.9%	28.0%	23.5%	29.6%	31.5%
Return on invested capital	8.8%	9.7%	7.2%	8.3%	18.7%	15.0%	17.8%	15.3%
Return on assets	4.9%	6.6%	4.1%	6.1%	13.5%	9.4%	11.5%	9.7%
Free cash flow yield	6.7%	4.8%	-0.6%	3.1%	3.2%	4.4%	4.5%	8.5%
Earnings yield	3.4%	2.7%	2.1%	3.5%	2.6%	2.5%	3.9%	4.9%
Enterprise value	$15B	$21.3B	$16.3B	$15.6B	$32.6B	$21.8B	$15.2B	$10.1B
Net debt / EBITDA	3.15×	1.56×	2.99×	1.96×	0.7×	1.58×	1.6×	1.96×
Cash conversion cycle (days)	61	61	98	56	24	30	41	42