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What this page is: Delvantic's full research page for Zebra Technologies Corp. Class A Common Stock (ZBRA) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
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Zebra Technologies Corp. Class A Common Stock
ZBRA NASDAQZebra Technologies Corp. Class A Common Stock is the equity security of Zebra Technologies, a company that provides automatic identification and data capture solutions for enterprises worldwide. Zebra Technologies designs and supplies barcode printers and scanners, mobile computers, RFID readers, machine vision systems, specialty printing devices, and software used to improve tracking, visibility, and workflow efficiency. Its products and services support operations in retail, e-commerce, manufacturing, transportation and logistics, healthcare, and the public sector. The company also offers workflow optimization, asset visibility, and frontline productivity tools that help organizations connect people, assets, and data across complex operational environments. Zebra Technologies Corp. Class A Common Stock represents ownership in a business focused on industrial and enterprise technologies that are widely used in point-of-sale, warehouse, field operations, and other mission-critical settings.
Price Overview
Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics TTM · through Jul 4, 2026
EPS (Diluted): 10.87
Total Equity: $3.44B
Shares: 49,576,240
Total Debt: $2.77B
Cash: $157.00M
EBITDA: $1.07B
Total Debt: $2.77B
Cash: $157.00M
Revenue: $5.85B
Revenue: $5.85B
Revenue: $5.85B
Total Equity: $3.44B
Tax Rate: 24.0%
Equity: $3.44B
Total Debt: $2.77B
Cash: $157.00M
Current Liabilities: $4.00B
Long-Term Debt: $493.00M
Total Debt: $2.77B
Total Equity: $3.44B
Shares: 49,576,240
Shares: 49,576,240
CapEx: -$75.00M
Shares: 49,576,240
Stock Price: $362.74
Net Income: $539.00M
Industry Benchmarks
Income Statement (Annual)
Last updated: Sep 7, 2026 10:36am (33d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $5.6B | $5.8B | $4.6B | $5.0B | $5.4B |
| Cost of Revenue | $3.0B | $3.2B | $2.5B | $2.6B | $2.8B |
| Gross Profit | $2.6B | $2.6B | $2.1B | $2.4B | $2.6B |
| Operating Expenses | $1.6B | $2.1B | $1.6B | $1.7B | $1.9B |
| Operating Income | $979.0M | $529.0M | $481.0M | $742.0M | $700.0M |
| Net Income | $837.0M | $463.0M | $296.0M | $528.0M | $419.0M |
| EBITDA | $1.2B | $733.0M | $657.0M | $914.0M | $885.0M |
| EPS | $15.66 | $8.86 | $5.75 | $10.25 | $8.24 |
| EPS (Diluted) | $15.52 | $8.80 | $5.72 | $10.18 | $8.18 |
Balance Sheet (Annual)
Last updated: Sep 7, 2026 10:36am (33d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $332.0M | $105.0M | $137.0M | $901.0M | $125.0M |
| Total Current Assets | $1.7B | $1.9B | $1.7B | $2.4B | $1.8B |
| Total Assets | $6.2B | $7.5B | $7.3B | $8.0B | $8.5B |
| Current Liabilities | $1.8B | $2.3B | $1.6B | $1.7B | $1.9B |
| Long-Term Debt | $922.0M | $1.8B | $2.0B | $2.1B | $2.4B |
| Total Liabilities | $3.2B | $4.8B | $4.3B | $4.4B | $4.9B |
| Total Equity | $3.0B | $2.7B | $3.0B | $3.6B | $3.6B |
| Retained Earnings | $3.6B | $4.0B | $4.3B | $4.9B | $5.3B |
Cash Flow (Annual)
Last updated: Sep 7, 2026 10:36am (33d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $1.1B | $488.0M | -$4.0M | $1.0B | $917.0M |
| Capital Expenditure | -$59.0M | -$75.0M | -$87.0M | -$59.0M | -$86.0M |
| Free Cash Flow | $1.0B | $413.0M | -$91.0M | $954.0M | $831.0M |
| Acquisitions (net) | -$452.0M | -$881.0M | $0 | $0 | -$1.4B |
| Net Debt Issued / (Repaid) | -$257.0M | $1.0B | $195.0M | -$43.0M | $328.0M |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$57.0M | -$751.0M | -$52.0M | -$47.0M | -$587.0M |
| Net Change in Cash | $152.0M | -$227.0M | $21.0M | $763.0M | -$776.0M |
Growth Trends (YoY %)
Last updated: Sep 7, 2026 10:36am (33d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +2.7% | -20.7% | +8.7% | +8.3% |
| Gross Profit Growth | -0.2% | -19.1% | +13.7% | +7.5% |
| Operating Income Growth | -46.0% | -9.1% | +54.3% | -5.7% |
| Net Income Growth | -44.7% | -36.1% | +78.4% | -20.6% |
| EBITDA Growth | -37.1% | -10.4% | +39.1% | -3.2% |
Deep Analysis
Risk : Reward — upside vs downside from this company's own quarters
Not computed yetNarrative Economics
market-narrative step).
Claude Reading
The Pre-Flight's "44x trailing P/E" is simply wrong, and it poisons the downstream overvaluation narrative. The canonical TTM P/E is 33.4x, which I can verify: TTM net income across the four quarters ending 2026-07-04 is $101M + $70M + $135M + $233M = $539M, against a $17.16B market cap, yielding 31.8x. The 33.4x canonical figure is in the right neighborhood; 44x would require earnings of only $390M, which matches no window in the data. This matters because the Valuation Synthesis's $173 fair value and its "52% overvalued" headline are built on a multiple that doesn't exist in the file. Stripping that error out, the stock is still expensive—33x earnings, 3.1x sales, 19.6x EBITDA for a company growing revenue 12.7% YoY and posting a 9.2% net margin is a PEG ratio near 2.5, which is rich for a business that is still roughly 70% hardware by revenue mix. But "rich" and "52% overvalued" are different claims, and the synthesis conflates them.
The numbers that actually worry me are not the multiple but the quality of the earnings underneath it. Quarterly net margins swing from 4.7% (Dec 2025) to 15% (Jul 2026), a 10-point range that screams one-time charges, tax items, or restructuring noise rather than a stable operating model. The 2023 annual revenue collapse from $5.78B to $4.58B—followed by a recovery to $5.40B by 2025—indicates a divestiture or segment exit that makes the 5-year CAGR of 15.8% misleading; the "demonstrated" growth rate the Thesis Evaluation cites as 8-9% is the pre-divestiture number, while the post-divestiture run-rate is closer to 13%. The current ratio of 0.52 is the single most concerning line in the balance sheet: current liabilities exceed current assets by nearly 2-to-1, and with only $125M in cash against $2.50B of total debt, the company is structurally dependent on operating cash flow to service obligations. That said, the synthesis's "interest coverage dangerously low" flag is not supported—$700M of 2025 operating income against roughly $125M of estimated interest expense gives ~5.6x coverage, which is adequate, not dangerous. The FCF of $831M (15.4% of revenue, with only $86M capex) is genuinely strong and asset-light, and that is the real bull case: a 4.8% FCF yield on a business with 13% growth and a credible software/services ramp is not a 10x-multiple hardware stock.
The contrarian case against the "overvalued" verdict is this: the market is not pricing Zebra as a pure barcode printer. Revenue has compounded from $1.32B to $1.56B per quarter over the last eight quarters, a 18% sequential expansion, and the 12.7% YoY growth is well above the 5-8% that a mature hardware installed-base business would deliver. The software/services mix, while still around 30%, is the fastest-growing segment, and the "physical AI" / edge-computing narrative, for all its sell-side hype, maps onto a real product line (Zebra One, Zebra DNA, connected operations platform) that is generating incremental revenue today, not in some 2030 scenario. A blended valuation—say 60% of the business at a 12x FCF hardware multiple and 40% at a 25x FCF software multiple—lands closer to $260-280 per share, not $173. The insider data is unremarkable: 4,500 shares sold across three small transactions (~$1.6M) against 6,657 shares awarded in a single May 2026 batch, netting positive. No one is dumping; no one is buying aggressively. Neutral, as the secondary signal says.
Where I part ways with the synthesis is the magnitude, not the direction. The stock is overvalued, but by 25-30%, not 52%. The $173 DCF applies a single hardware multiple to a business in active transition, ignores the 13% growth trajectory, and treats the software segment as if it will never scale. The $363 price embeds a narrative premium of roughly $80-110 per share that is real but fragile—it depends on the software mix reaching 40-50% within three years and on the "AI edge" thesis not being a one-quarter fad. The 0.52 current ratio and the margin volatility are the genuine risks that could force a de-rating faster than the DCF implies. I would not buy at $363, but I would not short it at $363 either; the fair-value gap is real but narrower than the models claim, and the revenue trajectory is pointing the right direction.
GPT Reading
Grok Reading
Advanced Analysis Forensic deep-dive · separate lenses
Zebra Technologies generated $904M in free cash flow on $5.85B of revenue in the trailing twelve months, a 15.5 percent FCF margin that places it firmly in self-funding territory. Gross margin has expanded steadily from 45.3 percent in 2022 to 49.6 percent in 2026, a 430-basis-point improvement that signals genuine product-mix or pricing progress. Operating margin sits in the 14.7 to 16 percent band in the two most recent years, though the 2024 trough of 8.9 percent and the 21 percent revenue drop that year ($5.50B to $4.36B) show the business is not perfectly smooth. Earnings quality is high: OCF exceeds net income by 1.5x, accruals are negative at -2.1 percent of assets, and the Beneish M-score of -2.27 is well clear of manipulation thresholds. Dilution discipline is a standout: diluted shares have fallen from 53.2M to 49.6M over four years, and buybacks cover 386.5 percent of stock-based compensation, meaning per-share value is being concentrated, not eroded.
Verify before trusting this (5)
- 10-K segment and customer-concentration detail: does the 2024 revenue dip trace to a single large customer or product line, and is that risk structural?
- Convertible or term-loan covenants tied to the $2.28B short-term debt: what are the maturity dates, interest rates, and any leverage-ratio covenants that could bind if FCF softens?
- 2024 operating-expense breakdown: were the 8.9 percent operating margin and $230M net income driven by one-time restructuring charges, and if so, what is the run-rate opex going forward?
- Product-cycle exposure: Zebra's core barcode/RFID and mobile-computing lines face potential disruption from newer identification technologies; verify the R&D pipeline and any disclosed product-transition risk in the 10-K risk factors.
- Buyback authorization remaining: with 386.5 percent buyback-to-SBC coverage, confirm how much authorized buyback capacity remains and whether the board has signaled continued repurchases.
The price of $362.74 sits far above every valuation method in the synthesis. The DCF, the most generous single method for a going concern, lands at $252.17, meaning the market is paying a 44% premium to intrinsic value. The composite fair value of $179.50 and the signal-adjusted figure of $173.00 put the stock at roughly 102% above deserved value. The EPV floor of $34.16 is a liquidation anchor and not directly comparable, but it underscores how thin the asset base is relative to the $17.2B market cap. Even granting the quality lens its 'Solid' grade and the high earnings-quality score (3, no haircut), the business is a well-run industrial tech company with low-single-digit growth and a finite installed base, not a hyper-growth platform. The 110% premium to composite FV requires believing the 'sensory nervous system of the physical economy' narrative will unlock a TAM far beyond the current $17B, with no evidence in the trailing-twelve-month numbers that this inflection has begun.
Verify before trusting this (4)
- Next two earnings calls: any concrete revenue guidance above 5% growth or new AI/robotics segment revenue disclosure
- 10-K segment detail: is the 'connected products' or 'AI' line growing at a materially different rate than the core scanning/labeling base
- Capex and R&D trajectory: is the company investing toward a new platform or maintaining the existing installed base
- Buyback pace vs. net-debt: confirm the net-debt load the quality lens flags is not growing faster than FCF
This lens hasn't been run for this ticker yet.
This lens hasn't been run for this ticker yet.