Zebra Technologies (ZBRA) Financials

$250.85 +0.15 (+0.06%)

Closing price 05/6/2025 04:00 PM Eastern

Extended Trading

$256.50 +5.65 (+2.25%)

As of 05/6/2025 07:56 PM Eastern

Annual Income Statements for Zebra Technologies

This table shows Zebra Technologies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-158	-137	3,437	421	544	504	837	463	296	528
Consolidated Net Income / (Loss)	-158	-137	17	421	544	504	837	463	296	528
Net Income / (Loss) Continuing Operations	-158	-137	3,437	421	544	504	837	463	296	528
Total Pre-Tax Income	-180	-129	88	524	598	560	968	544	334	635
Total Operating Income	37	80	322	610	692	651	979	529	481	742
Total Gross Profit	1,644	1,642	3,420	1,981	2,100	2,003	2,628	2,624	2,123	2,413
Total Revenue	3,650	3,574	7,444	4,218	4,485	4,448	5,627	5,781	4,584	4,981
Operating Revenue	3,650	3,574	7,444	4,218	4,485	4,448	5,627	5,781	4,584	4,981
Total Cost of Revenue	2,006	1,932	4,024	2,237	2,385	2,445	2,999	3,157	2,461	2,568
Operating Cost of Revenue	2,006	1,932	4,024	2,237	2,385	2,445	2,999	3,157	2,461	2,568
Total Operating Expenses	1,607	1,562	-322	1,371	1,408	1,352	1,649	2,095	1,642	1,671
Selling, General & Admin Expense	283	307	301	328	323	304	348	375	334	381
Marketing Expense	494	444	448	483	503	483	587	607	581	600
Research & Development Expense	394	376	389	444	447	453	567	570	519	563
Amortization Expense	251	229	184	97	103	78	115	136	104	104
Restructuring Charge	185	144	66	19	32	34	32	35	104	23
Other Special Charges / (Income)	-	-	-	-	-	-	0.00	372	0.00	0.00
Total Other Income / (Expense), net	-217	-209	-234	-86	-94	-91	-11	15	-147	-107
Interest & Investment Income	-	-	-	-	-	-76	-5.00	23	-133	-98
Other Income / (Expense), net	-24	-16	-7.00	5.00	-5.00	-15	-6.00	-8.00	-14	-9.00
Income Tax Expense	-22	8.00	71	103	54	56	131	81	38	107
Basic Earnings per Share	($3.10)	($2.65)	$0.33	$7.86	$10.08	$9.43	$15.66	$8.86	$5.75	$10.25
Weighted Average Basic Shares Outstanding	51.00M	51.70M	53.02M	53.59M	54.01M	53.47M	53.08M	51.40M	51.38M	51.38M
Diluted Earnings per Share	($3.10)	($2.65)	$0.32	$7.76	$9.97	$9.35	$15.52	$8.80	$5.72	$10.18
Weighted Average Diluted Shares Outstanding	51.00M	51.70M	53.02M	53.59M	54.01M	53.47M	53.08M	51.40M	51.38M	51.38M
Weighted Average Basic & Diluted Shares Outstanding	51M	51.70M	53.02M	53.59M	54.01M	53.47M	53.08M	51.40M	51.38M	51.38M

This table shows Zebra Technologies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	10/1/2022	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/31/2023	3/30/2024	6/29/2024	9/28/2024	12/31/2024	3/29/2025
Net Income / (Loss) Attributable to Common Shareholders	170	186	150	144	-15	17	115	113	137	163	136
Consolidated Net Income / (Loss)	170	186	150	144	-15	17	115	113	137	163	136
Net Income / (Loss) Continuing Operations	170	186	150	144	-15	17	115	113	137	163	136
Total Pre-Tax Income	222	225	185	171	-24	2.00	142	136	149	208	165
Total Operating Income	202	260	225	194	-12	74	159	167	191	225	195
Total Gross Profit	628	685	667	581	427	448	563	589	613	648	645
Total Revenue	1,378	1,503	1,405	1,214	956	1,009	1,175	1,217	1,255	1,334	1,308
Operating Revenue	1,378	1,503	1,405	1,214	956	1,009	1,175	1,217	1,255	1,334	1,308
Total Cost of Revenue	750	818	738	633	529	561	612	628	642	686	663
Operating Cost of Revenue	750	818	738	633	529	561	612	628	642	686	663
Total Operating Expenses	426	425	442	387	439	374	404	422	422	423	450
Selling, General & Admin Expense	92	87	99	69	88	78	81	97	96	107	111
Marketing Expense	149	155	161	146	138	136	148	150	151	151	161
Research & Development Expense	143	142	146	130	127	116	138	146	141	138	151
Amortization Expense	39	29	26	26	26	26	26	25	29	24	24
Restructuring Charge	3.00	12	10	16	60	18	11	4.00	5.00	3.00	3.00
Total Other Income / (Expense), net	20	-35	-40	-23	-12	-72	-17	-31	-42	-17	-30
Interest & Investment Income	-	-	-	-16	-16	-	-	-23	-31	-	-23
Other Income / (Expense), net	-1.00	-10	-3.00	-7.00	4.00	-8.00	0.00	-8.00	-11	10	-7.00
Income Tax Expense	52	39	35	27	-9.00	-15	27	23	12	45	29
Basic Earnings per Share	$3.28	$3.59	$2.92	$2.80	($0.28)	$0.31	$2.24	$2.19	$2.65	$3.17	$2.64
Weighted Average Basic Shares Outstanding	51.63M	51.40M	51.43M	51.34M	51.36M	51.38M	51.42M	51.58M	51.58M	51.38M	50.85M
Diluted Earnings per Share	$3.26	$3.58	$2.90	$2.78	($0.28)	$0.32	$2.23	$2.17	$2.64	$3.14	$2.62
Weighted Average Diluted Shares Outstanding	51.63M	51.40M	51.43M	51.34M	51.36M	51.38M	51.42M	51.58M	51.58M	51.38M	50.85M
Weighted Average Basic & Diluted Shares Outstanding	51.63M	51.40M	51.43M	51.34M	51.36M	51.38M	51.42M	51.58M	51.58M	51.38M	50.85M

This table details how cash moves in and out of Zebra Technologies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-202	-36	-94	-18	-14	162	152	-227	21	763
Net Cash From Operating Activities	122	380	478	785	685	962	1,069	488	-4.00	1,013
Net Cash From Continuing Operating Activities	122	380	478	785	685	962	1,069	488	-4.00	1,013
Net Income / (Loss) Continuing Operations	-158	-137	17	421	544	504	837	463	296	528
Consolidated Net Income / (Loss)	-158	-137	17	421	544	504	837	463	296	528
Depreciation Expense	320	304	263	175	175	146	187	204	176	172
Non-Cash Adjustments To Reconcile Net Income	31	96	101	45	48	51	76	88	55	89
Changes in Operating Assets and Liabilities, net	-87	94	59	129	-88	258	-31	-267	-531	224
Net Cash From Investing Activities	-148	-39	-51	-137	-335	-641	-546	-968	-92	-57
Net Cash From Continuing Investing Activities	-148	-39	-51	-137	-335	-641	-546	-968	-92	-57
Purchase of Property, Plant & Equipment	-122	-77	-50	-64	-61	-67	-59	-75	-87	-59
Acquisitions	-52	0.00	0.00	-72	-262	-548	-452	-881	0.00	0.00
Purchase of Investments	-2.00	-1.00	-1.00	-3.00	-22	-32	-35	-12	-1.00	-3.00
Sale and/or Maturity of Investments	28	0.00	0.00	2.00	10	6.00	-	0.00	-4.00	5.00
Net Cash From Financing Activities	-161	-384	-517	-661	-365	-157	-371	253	117	-190
Net Cash From Continuing Financing Activities	-161	-384	-517	-661	-365	-157	-371	253	117	-190
Repayment of Debt	-165	-489	-1,895	-1,569	-956	-343	-303	-255	-245	-703
Repurchase of Common Equity	-	-	0.00	0.00	-47	-200	-57	-751	-52	-47
Issuance of Debt	0.00	102	1,371	909	637	302	46	1,284	440	651
Other Financing Activities, net	-13	-8.00	7.00	-1.00	1.00	84	-57	-25	-26	-91
Effect of Exchange Rate Changes	-15	7.00	-	-	1.00	-	-	0.00	-	-3.00
Cash Interest Paid	183	180	195	90	63	38	32	58	111	55
Cash Income Taxes Paid	38	81	65	76	140	107	199	168	252	124

This table details how cash moves in and out of Zebra Technologies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	10/1/2022	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/31/2023	3/30/2024	6/29/2024	9/28/2024	12/31/2024	3/29/2025
Net Change in Cash & Equivalents	-6.00	25	-24	-25	-7.00	77	-11	284	265	225	-22
Net Cash From Operating Activities	67	267	-76	-34	-35	141	125	288	294	306	178
Net Cash From Continuing Operating Activities	67	267	-76	-34	-35	141	125	288	294	306	178
Net Income / (Loss) Continuing Operations	170	186	150	144	-15	17	115	113	137	163	136
Consolidated Net Income / (Loss)	170	186	150	144	-15	17	115	113	137	163	136
Depreciation Expense	55	46	44	44	44	44	43	42	45	42	41
Non-Cash Adjustments To Reconcile Net Income	28	18	18	2.00	19	16	17	31	20	21	51
Changes in Operating Assets and Liabilities, net	-186	17	-288	-224	-83	64	-50	102	92	80	-50
Net Cash From Investing Activities	-29	-27	-17	-18	-14	-43	-11	-14	-17	-15	-82
Net Cash From Continuing Investing Activities	-29	-27	-17	-18	-14	-43	-11	-14	-17	-15	-82
Purchase of Property, Plant & Equipment	-20	-24	-16	-18	-14	-39	-14	-10	-17	-18	-20
Acquisitions	-3.00	-3.00	-	-	-	-	-	-	-	-	-62
Sale and/or Maturity of Investments	-	-	0.00	-	-	-4.00	3.00	-1.00	-	3.00	0.00
Net Cash From Financing Activities	-48	-217	70	27	43	-23	-124	9.00	-12	-63	-119
Net Cash From Continuing Financing Activities	-48	-217	70	27	43	-23	-124	9.00	-12	-63	-119
Repayment of Debt	-91	-37	-119	-64	-38	-24	-281	-420	1.00	-3.00	5.00
Repurchase of Common Equity	-50	-96	-15	-37	-	-	0.00	-	-16	-31	-125
Issuance of Debt	91	-101	191	177	101	-29	151	500	-	-	0.00
Other Financing Activities, net	2.00	17	13	-49	-20	30	6.00	-71	3.00	-29	1.00
Effect of Exchange Rate Changes	-	-	-	-	-1.00	-	-1.00	1.00	-	-3.00	1.00
Cash Interest Paid	19	24	24	26	30	31	30	-47	20	52	16
Cash Income Taxes Paid	32	16	54	158	15	25	3.00	40	47	34	9.00

This table presents Zebra Technologies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	5,040	4,632	4,275	4,339	4,711	5,375	6,215	7,529	7,306	7,968
Total Current Assets	1,334	1,222	1,063	1,162	1,195	1,273	1,689	1,883	1,672	2,440
Cash & Equivalents	192	156	62	44	30	168	332	105	137	901
Accounts Receivable	671	625	479	520	613	508	752	768	521	692
Inventories, net	397	345	458	520	474	511	491	860	804	693
Prepaid Expenses	70	64	24	54	46	70	106	124	147	134
Current Deferred & Refundable Income Taxes	4.00	32	40	24	32	16	8.00	26	63	20
Plant, Property, & Equipment, net	298	292	264	249	259	274	272	278	309	305
Total Noncurrent Assets	3,408	3,118	2,948	2,928	3,257	3,828	4,254	5,368	5,325	5,223
Goodwill	2,490	2,458	2,465	2,495	2,622	2,988	3,265	3,899	3,895	3,891
Intangible Assets	757	480	299	232	275	402	469	630	527	422
Noncurrent Deferred & Refundable Income Taxes	70	113	119	114	127	139	192	407	438	512
Other Noncurrent Operating Assets	91	67	65	87	233	299	328	432	465	398
Total Liabilities & Shareholders' Equity	5,040	4,632	4,275	4,339	4,711	5,375	6,215	7,529	7,306	7,968
Total Liabilities	4,147	3,840	3,441	3,004	2,872	3,231	3,231	4,796	4,270	4,382
Total Current Liabilities	895	949	1,000	1,301	1,404	1,851	1,800	2,332	1,598	1,704
Short-Term Debt	-	0.00	51	157	197	364	69	214	173	79
Accounts Payable	289	413	424	552	552	601	700	811	456	633
Accrued Expenses	367	323	296	322	379	559	639	744	504	503
Current Deferred Revenue	197	191	186	210	238	308	380	425	458	453
Current Deferred & Payable Income Tax Liabilities	42	22	43	60	38	19	12	138	7.00	36
Total Noncurrent Liabilities	3,252	2,891	2,441	1,703	1,468	1,380	1,431	2,464	2,672	2,678
Long-Term Debt	3,012	2,648	2,176	1,434	1,080	881	922	1,809	2,047	2,092
Noncurrent Deferred Revenue	124	124	148	172	221	273	315	333	312	304
Noncurrent Deferred & Payable Income Tax Liabilities	1.00	3.00	0.00	8.00	-	0.00	6.00	75	67	57
Other Noncurrent Operating Liabilities	115	116	117	89	167	226	188	247	246	225
Total Equity & Noncontrolling Interests	893	792	834	1,335	1,839	2,144	2,984	2,733	3,036	3,586
Total Preferred & Common Equity	893	792	834	1,335	1,839	2,144	2,984	2,733	3,036	3,586
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	893	792	834	1,335	1,839	2,144	2,984	2,733	3,036	3,586
Common Stock	195	211	258	295	340	396	463	562	616	670
Retained Earnings	1,377	1,240	1,248	1,688	2,232	2,736	3,573	4,036	4,332	4,860
Treasury Stock	-631	-614	-620	-613	-689	-919	-1,023	-1,799	-1,858	-1,900
Accumulated Other Comprehensive Income / (Loss)	-48	-45	-52	-35	-44	-69	-29	-66	-54	-44

This table presents Zebra Technologies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	10/1/2022	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/31/2023	3/30/2024	6/29/2024	9/28/2024	12/31/2024	3/29/2025
Total Assets	7,448	7,529	7,474	7,456	7,331	7,306	7,259	7,490	7,690	7,968	7,899
Total Current Assets	1,871	1,883	1,818	1,753	1,652	1,672	1,627	1,953	2,133	2,440	2,291
Cash & Equivalents	81	105	85	68	61	137	127	411	676	901	879
Accounts Receivable	804	768	736	663	538	521	599	701	642	692	617
Inventories, net	814	860	835	864	848	804	705	678	639	693	681
Prepaid Expenses	161	124	140	138	162	147	160	122	109	134	94
Current Deferred & Refundable Income Taxes	11	26	22	20	43	63	36	41	67	20	20
Plant, Property, & Equipment, net	272	278	280	301	302	309	304	297	302	305	309
Total Noncurrent Assets	5,305	5,368	5,376	5,402	5,377	5,325	5,328	5,240	5,255	5,223	5,299
Goodwill	3,891	3,899	3,895	3,895	3,893	3,895	3,894	3,894	3,895	3,891	3,927
Intangible Assets	659	630	604	578	552	527	501	476	447	422	423
Noncurrent Deferred & Refundable Income Taxes	304	407	432	441	438	438	455	469	501	512	545
Other Noncurrent Operating Assets	451	432	445	488	494	465	478	401	412	398	404
Total Liabilities & Shareholders' Equity	7,448	7,529	7,474	7,456	7,331	7,306	7,259	7,490	7,690	7,968	7,899
Total Liabilities	4,791	4,796	4,583	4,464	4,318	4,270	4,090	4,203	4,269	4,382	4,273
Total Current Liabilities	2,073	2,332	2,074	1,770	1,562	1,598	1,643	1,522	1,562	1,704	1,581
Short-Term Debt	144	214	215	166	152	173	272	89	89	79	69
Accounts Payable	835	811	602	562	433	456	467	551	533	633	559
Accrued Expenses	675	744	671	583	528	504	437	426	490	503	411
Current Deferred Revenue	401	425	447	443	428	458	456	447	432	453	464
Current Deferred & Payable Income Tax Liabilities	18	138	139	16	21	7.00	11	9.00	18	36	78
Total Noncurrent Liabilities	2,718	2,464	2,509	2,694	2,756	2,672	2,447	2,681	2,707	2,678	2,692
Long-Term Debt	2,017	1,809	1,880	2,042	2,121	2,047	1,815	2,080	2,080	2,092	2,103
Noncurrent Deferred Revenue	323	333	333	331	318	312	304	298	304	304	309
Noncurrent Deferred & Payable Income Tax Liabilities	78	75	75	75	75	67	66	66	66	57	57
Other Noncurrent Operating Liabilities	300	247	221	246	242	246	262	237	257	225	223
Total Equity & Noncontrolling Interests	2,657	2,733	2,891	2,992	3,013	3,036	3,169	3,287	3,421	3,586	3,626
Total Preferred & Common Equity	2,657	2,733	2,891	2,992	3,013	3,036	3,169	3,287	3,421	3,586	3,626
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,657	2,733	2,891	2,992	3,013	3,036	3,169	3,287	3,421	3,586	3,626
Common Stock	543	562	585	581	600	616	630	634	654	670	720
Retained Earnings	3,850	4,036	4,186	4,330	4,315	4,332	4,447	4,560	4,697	4,860	4,996
Treasury Stock	-	-1,799	-1,814	-1,859	-1,858	-1,858	-1,858	-1,855	-1,871	-1,900	-2,025
Accumulated Other Comprehensive Income / (Loss)	-34	-66	-66	-60	-44	-54	-50	-52	-59	-44	-65

This table displays calculated financial ratios and metrics derived from Zebra Technologies' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	118.43%	-2.08%	108.28%	-43.34%	6.33%	-0.83%	26.51%	2.74%	-20.71%	8.66%
EBITDA Growth	115.43%	12.03%	57.54%	30.68%	7.83%	-9.56%	47.77%	-37.50%	-11.31%	40.75%
EBIT Growth	-83.54%	392.31%	392.19%	95.24%	11.71%	-7.42%	52.99%	-46.45%	-10.36%	56.96%
NOPAT Growth	-84.54%	116.22%	11.08%	687.88%	28.45%	-6.93%	44.48%	-46.81%	-5.32%	44.74%
Net Income Growth	-593.75%	13.29%	112.41%	2,376.47%	29.22%	-7.35%	66.07%	-44.68%	-36.07%	78.38%
EPS Growth	-592.06%	14.52%	112.08%	2,325.00%	28.48%	-6.22%	65.99%	-43.30%	-35.00%	77.97%
Operating Cash Flow Growth	-58.22%	211.48%	25.79%	64.23%	-12.74%	40.44%	11.12%	-54.35%	-100.82%	25,425.00%
Free Cash Flow Firm Growth	103.09%	411.06%	-28.41%	74.85%	-29.91%	5.97%	-5.85%	-231.39%	92.52%	2,209.00%
Invested Capital Growth	-1.82%	-11.55%	-8.68%	-3.90%	7.08%	4.37%	13.10%	27.67%	10.06%	-5.14%
Revenue Q/Q Growth	4.58%	-0.25%	104.62%	-46.12%	1.24%	2.68%	2.91%	0.63%	-9.73%	6.98%
EBITDA Q/Q Growth	20.19%	18.13%	-0.48%	12.90%	-1.70%	6.80%	0.52%	3.42%	-22.44%	22.63%
EBIT Q/Q Growth	170.67%	3,300.00%	24.02%	10.41%	-0.58%	6.71%	-0.21%	5.89%	-28.26%	29.96%
NOPAT Q/Q Growth	463.08%	433.33%	-76.08%	27.26%	6.65%	6.33%	-2.76%	6.57%	-23.45%	17.24%
Net Income Q/Q Growth	13.71%	24.31%	-43.33%	35.81%	11.02%	6.33%	-0.95%	-1.07%	-36.34%	38.22%
EPS Q/Q Growth	13.65%	24.72%	-45.76%	35.90%	10.78%	6.86%	-0.96%	0.46%	-36.30%	38.32%
Operating Cash Flow Q/Q Growth	-56.17%	47.29%	41.42%	7.83%	-8.05%	20.85%	-15.63%	7.49%	-103.28%	19.46%
Free Cash Flow Firm Q/Q Growth	103.00%	26.39%	-7.41%	14.96%	-11.03%	65.75%	-48.83%	31.52%	-160.62%	5.10%
Invested Capital Q/Q Growth	0.37%	-1.26%	-6.60%	-6.06%	-2.96%	-6.88%	4.09%	-1.82%	-2.03%	-1.18%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	45.04%	45.94%	45.94%	46.97%	46.82%	45.03%	46.70%	45.39%	46.31%	48.44%
EBITDA Margin	9.56%	10.94%	8.28%	19.08%	19.35%	17.65%	20.61%	12.54%	14.03%	18.17%
Operating Margin	1.01%	2.24%	4.33%	14.46%	15.43%	14.64%	17.40%	9.15%	10.49%	14.90%
EBIT Margin	0.36%	1.79%	4.23%	14.58%	15.32%	14.30%	17.29%	9.01%	10.19%	14.72%
Profit (Net Income) Margin	-4.33%	-3.83%	0.23%	9.98%	12.13%	11.33%	14.87%	8.01%	6.46%	10.60%
Tax Burden Percent	87.78%	106.20%	19.32%	80.34%	90.97%	90.00%	86.47%	85.11%	88.62%	83.15%
Interest Burden Percent	-1,384.62%	-201.56%	27.94%	85.20%	87.05%	88.05%	99.49%	104.41%	71.52%	86.63%
Effective Tax Rate	0.00%	0.00%	80.68%	19.66%	9.03%	10.00%	13.53%	14.89%	11.38%	16.85%
Return on Invested Capital (ROIC)	0.69%	1.60%	1.98%	16.67%	21.10%	18.58%	24.67%	10.86%	8.73%	12.37%
ROIC Less NNEP Spread (ROIC-NNEP)	-5.92%	-5.67%	0.04%	12.94%	14.98%	11.53%	23.57%	11.85%	2.21%	7.06%
Return on Net Nonoperating Assets (RNNOA)	-17.04%	-17.86%	0.11%	22.15%	13.18%	6.73%	7.98%	5.34%	1.54%	3.58%
Return on Equity (ROE)	-16.35%	-16.26%	2.09%	38.82%	34.28%	25.31%	32.64%	16.20%	10.26%	15.95%
Cash Return on Invested Capital (CROIC)	2.53%	13.86%	11.05%	20.65%	14.26%	14.30%	12.37%	-13.45%	-0.85%	17.64%
Operating Return on Assets (OROA)	0.25%	1.32%	7.07%	14.28%	15.18%	12.61%	16.79%	7.58%	6.30%	9.60%
Return on Assets (ROA)	-2.99%	-2.83%	0.38%	9.77%	12.02%	9.99%	14.44%	6.74%	3.99%	6.91%
Return on Common Equity (ROCE)	-16.35%	-16.26%	2.09%	38.82%	34.28%	25.31%	32.64%	16.20%	10.26%	15.95%
Return on Equity Simple (ROE_SIMPLE)	-17.69%	-17.30%	2.04%	31.54%	29.58%	23.51%	28.05%	16.94%	9.75%	14.72%
Net Operating Profit after Tax (NOPAT)	26	56	62	490	630	586	847	450	426	617
NOPAT Margin	0.71%	1.57%	0.84%	11.62%	14.04%	13.17%	15.04%	7.79%	9.30%	12.39%
Net Nonoperating Expense Percent (NNEP)	6.61%	7.27%	1.94%	3.72%	6.12%	7.05%	1.10%	-0.99%	6.51%	5.31%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	9.47%	8.11%	10.72%
Cost of Revenue to Revenue	54.96%	54.06%	54.06%	53.03%	53.18%	54.97%	53.30%	54.61%	53.69%	51.56%
SG&A Expenses to Revenue	7.75%	8.59%	4.04%	7.78%	7.20%	6.83%	6.18%	6.49%	7.29%	7.65%
R&D to Revenue	10.79%	10.52%	5.23%	10.53%	9.97%	10.18%	10.08%	9.86%	11.32%	11.30%
Operating Expenses to Revenue	44.03%	43.70%	-4.33%	32.50%	31.39%	30.40%	29.31%	36.24%	35.82%	33.55%
Earnings before Interest and Taxes (EBIT)	13	64	315	615	687	636	973	521	467	733
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	349	391	616	805	868	785	1,160	725	643	905
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.06	5.72	6.62	6.42	7.49	9.56	10.66	4.84	4.62	5.56
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.99	1.27	0.74	2.03	3.07	4.61	5.65	2.29	3.06	4.00
Price to Earnings (P/E)	0.00	0.00	1.61	20.35	25.32	40.66	38.00	28.59	47.43	37.73
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	62.25%	4.91%	3.95%	2.46%	2.63%	3.50%	2.11%	2.65%
Enterprise Value to Invested Capital (EV/IC)	1.74	2.14	2.56	3.51	4.87	6.70	8.91	3.26	3.15	4.36
Enterprise Value to Revenue (EV/Rev)	1.77	1.96	1.03	2.40	3.35	4.85	5.77	2.62	3.52	4.25
Enterprise Value to EBITDA (EV/EBITDA)	18.48	17.95	12.48	12.56	17.31	27.48	27.99	20.91	25.07	23.42
Enterprise Value to EBIT (EV/EBIT)	496.06	109.67	24.40	16.45	21.86	33.91	33.37	29.09	34.52	28.91
Enterprise Value to NOPAT (EV/NOPAT)	248.99	125.34	123.56	20.64	23.86	36.81	38.35	33.66	37.82	34.35
Enterprise Value to Operating Cash Flow (EV/OCF)	52.86	18.47	16.08	12.88	21.93	22.42	30.37	31.06	0.00	20.92
Enterprise Value to Free Cash Flow (EV/FCFF)	67.95	14.47	22.14	16.66	35.30	47.83	76.48	0.00	0.00	24.08
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.37	3.34	2.67	1.19	0.69	0.58	0.33	0.74	0.73	0.61
Long-Term Debt to Equity	3.37	3.34	2.61	1.07	0.59	0.41	0.31	0.66	0.67	0.58
Financial Leverage	2.88	3.15	2.86	1.71	0.88	0.58	0.34	0.45	0.69	0.51
Leverage Ratio	5.47	5.74	5.48	3.97	2.85	2.53	2.26	2.40	2.57	2.31
Compound Leverage Factor	-75.78	-11.57	1.53	3.38	2.48	2.23	2.25	2.51	1.84	2.00
Debt to Total Capital	77.13%	76.98%	72.75%	54.37%	40.98%	36.74%	24.93%	42.54%	42.24%	37.71%
Short-Term Debt to Total Capital	0.00%	0.00%	1.67%	5.37%	6.32%	10.74%	1.74%	4.50%	3.29%	1.37%
Long-Term Debt to Total Capital	77.13%	76.98%	71.09%	49.01%	34.66%	26.00%	23.20%	38.04%	38.95%	36.34%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	22.87%	23.02%	27.25%	45.63%	59.02%	63.26%	75.07%	57.46%	57.76%	62.29%
Debt to EBITDA	8.63	6.77	3.62	1.98	1.47	1.59	0.85	2.79	3.45	2.40
Net Debt to EBITDA	8.08	6.37	3.51	1.92	1.44	1.37	0.57	2.65	3.24	1.40
Long-Term Debt to EBITDA	8.63	6.77	3.53	1.78	1.24	1.12	0.79	2.50	3.18	2.31
Debt to NOPAT	116.29	47.29	35.80	3.25	2.03	2.12	1.17	4.49	5.21	3.52
Net Debt to NOPAT	108.88	44.50	34.80	3.16	1.98	1.84	0.78	4.26	4.89	2.06
Long-Term Debt to NOPAT	116.29	47.29	34.98	2.93	1.72	1.50	1.09	4.02	4.80	3.39
Altman Z-Score	1.74	1.97	3.37	3.66	4.92	5.61	8.11	3.33	3.65	4.62
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.49	1.29	1.06	0.89	0.85	0.69	0.94	0.81	1.05	1.43
Quick Ratio	0.96	0.82	0.54	0.43	0.46	0.37	0.60	0.37	0.41	0.93
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	95	485	347	607	426	451	425	-558	-42	880
Operating Cash Flow to CapEx	100.00%	493.51%	956.00%	1,226.56%	1,122.95%	1,435.82%	1,811.86%	650.67%	-4.60%	1,716.95%
Free Cash Flow to Firm to Interest Expense	0.49	2.51	1.53	6.67	4.78	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.63	1.97	2.11	8.63	7.70	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	1.57	1.89	7.92	7.01	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.69	0.74	1.67	0.98	0.99	0.88	0.97	0.84	0.62	0.65
Accounts Receivable Turnover	5.44	5.52	13.49	8.44	7.92	7.94	8.93	7.61	7.11	8.21
Inventory Turnover	5.07	5.21	10.02	4.57	4.80	4.96	5.99	4.67	2.96	3.43
Fixed Asset Turnover	13.20	12.12	26.78	16.44	17.66	16.69	20.61	21.02	15.62	16.22
Accounts Payable Turnover	6.51	5.50	9.62	4.58	4.32	4.24	4.61	4.18	3.88	4.72
Days Sales Outstanding (DSO)	67.10	66.18	27.07	43.22	46.10	45.99	40.87	47.98	51.32	44.44
Days Inventory Outstanding (DIO)	71.96	70.09	36.42	79.79	76.06	73.52	60.98	78.10	123.40	106.39
Days Payable Outstanding (DPO)	56.04	66.31	37.96	79.62	84.48	86.06	79.17	87.35	93.96	77.39
Cash Conversion Cycle (CCC)	83.02	69.96	25.52	43.39	37.69	33.45	22.67	38.74	80.76	73.44
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,713	3,284	2,999	2,882	3,086	3,221	3,643	4,651	5,119	4,856
Invested Capital Turnover	0.97	1.02	2.37	1.43	1.50	1.41	1.64	1.39	0.94	1.00
Increase / (Decrease) in Invested Capital	-69	-429	-285	-117	204	135	422	1,008	468	-263
Enterprise Value (EV)	6,449	7,019	7,686	10,114	15,021	21,568	32,467	15,156	16,121	21,191
Market Capitalization	3,629	4,527	5,521	8,567	13,774	20,491	31,808	13,238	14,038	19,921
Book Value per Share	$17.14	$15.00	$15.68	$24.81	$34.11	$40.21	$55.84	$52.93	$59.11	$69.52
Tangible Book Value per Share	($45.18)	($40.65)	($36.29)	($25.87)	($19.62)	($23.37)	($14.03)	($34.79)	($26.99)	($14.09)
Total Capital	3,905	3,440	3,061	2,926	3,116	3,389	3,975	4,756	5,256	5,757
Total Debt	3,012	2,648	2,227	1,591	1,277	1,245	991	2,023	2,220	2,171
Total Long-Term Debt	3,012	2,648	2,176	1,434	1,080	881	922	1,809	2,047	2,092
Net Debt	2,820	2,492	2,165	1,547	1,247	1,077	659	1,918	2,083	1,270
Capital Expenditures (CapEx)	122	77	50	64	61	67	59	75	87	59
Debt-free, Cash-free Net Working Capital (DFCFNWC)	247	117	52	-26	-42	-382	-374	-340	110	-86
Debt-free Net Working Capital (DFNWC)	439	273	114	18	-12	-214	-42	-235	247	815
Net Working Capital (NWC)	439	273	63	-139	-209	-578	-111	-449	74	736
Net Nonoperating Expense (NNE)	184	193	45	69	86	82	9.51	-13	130	89
Net Nonoperating Obligations (NNO)	2,820	2,492	2,165	1,547	1,247	1,077	659	1,918	2,083	1,270
Total Depreciation and Amortization (D&A)	336	327	301	190	181	149	187	204	176	172
Debt-free, Cash-free Net Working Capital to Revenue	6.77%	3.27%	0.70%	-0.62%	-0.94%	-8.59%	-6.65%	-5.88%	2.40%	-1.73%
Debt-free Net Working Capital to Revenue	12.03%	7.64%	1.53%	0.43%	-0.27%	-4.81%	-0.75%	-4.07%	5.39%	16.36%
Net Working Capital to Revenue	12.03%	7.64%	0.85%	-3.30%	-4.66%	-12.99%	-1.97%	-7.77%	1.61%	14.78%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($2.65)	$0.33	$7.86	$10.08	$9.43	$15.66	$8.86	$5.75	$10.25
Adjusted Weighted Average Basic Shares Outstanding	0.00	51.58M	53.02M	53.87M	54.01M	53.47M	53.08M	51.40M	51.38M	51.38M
Adjusted Diluted Earnings per Share	$0.00	($2.65)	$0.32	$7.76	$9.97	$9.35	$15.52	$8.80	$5.72	$10.18
Adjusted Weighted Average Diluted Shares Outstanding	0.00	51.58M	53.69M	53.87M	54.01M	53.47M	53.08M	51.40M	51.38M	51.38M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	52.88M	53.25M	53.87M	54.01M	53.47M	53.08M	51.40M	51.38M	51.38M
Normalized Net Operating Profit after Tax (NOPAT)	155	200	272	505	659	617	874	797	518	636
Normalized NOPAT Margin	4.26%	5.60%	3.65%	11.98%	14.69%	13.86%	15.54%	13.78%	11.31%	12.77%
Pre Tax Income Margin	-4.93%	-3.61%	1.18%	12.42%	13.33%	12.59%	17.20%	9.41%	7.29%	12.75%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.07	0.33	1.39	6.76	7.72	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.13	0.29	0.27	5.39	7.07	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-0.56	-0.07	1.17	6.05	7.03	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-0.50	-0.11	0.05	4.68	6.39	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	8.64%	39.68%	6.81%	162.20%	17.57%	8.90%

This table displays calculated financial ratios and metrics derived from Zebra Technologies' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	10/1/2022	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/31/2023	3/30/2024	6/29/2024	9/28/2024	12/31/2024	3/29/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.04%	2.45%	-1.89%	-17.30%	-30.62%	-32.87%	-16.37%	0.25%	31.28%	32.21%	11.32%
EBITDA Growth	-8.90%	8.82%	-2.21%	333.33%	-85.94%	-62.84%	-24.06%	-12.99%	525.00%	151.82%	13.37%
EBIT Growth	-13.73%	13.12%	0.91%	224.67%	-103.98%	-73.60%	-28.38%	-14.97%	2,350.00%	256.06%	18.24%
NOPAT Growth	-25.22%	14.04%	4.94%	260.95%	-105.43%	192.65%	-29.42%	-15.06%	2,190.68%	-71.97%	24.82%
Net Income Growth	-14.57%	-2.62%	-26.83%	246.94%	-108.82%	-90.86%	-23.33%	-21.53%	1,013.33%	858.82%	18.26%
EPS Growth	-11.65%	1.13%	-24.28%	248.66%	-108.59%	-91.06%	-23.10%	-21.94%	1,042.86%	881.25%	17.49%
Operating Cash Flow Growth	-77.44%	14.59%	-240.74%	-134.00%	-152.24%	-47.19%	264.47%	947.06%	940.00%	117.02%	42.40%
Free Cash Flow Firm Growth	-752.57%	-239.59%	-136.14%	72.26%	54.14%	120.30%	88.43%	157.50%	198.03%	172.87%	473.60%
Invested Capital Growth	35.34%	27.67%	26.94%	12.15%	10.30%	10.06%	4.65%	-1.70%	-5.95%	-5.14%	-4.09%
Revenue Q/Q Growth	-6.13%	9.07%	-6.52%	-13.59%	-21.25%	5.54%	16.45%	3.57%	3.12%	6.29%	-1.95%
EBITDA Q/Q Growth	358.59%	15.63%	-10.14%	-13.16%	-84.42%	205.56%	83.64%	-0.50%	11.94%	23.11%	-17.33%
EBIT Q/Q Growth	234.00%	24.38%	-11.20%	-15.77%	-104.28%	925.00%	140.91%	0.00%	13.21%	30.56%	-20.00%
NOPAT Q/Q Growth	252.40%	38.95%	-15.12%	-10.45%	-105.14%	7,588.10%	-79.53%	7.76%	26.56%	0.40%	-8.84%
Net Income Q/Q Growth	273.47%	9.41%	-19.35%	-4.00%	-110.42%	213.33%	576.47%	-1.74%	21.24%	18.98%	-16.56%
EPS Q/Q Growth	274.33%	9.82%	-18.99%	-4.14%	-110.07%	214.29%	596.88%	-2.69%	21.66%	18.94%	-16.56%
Operating Cash Flow Q/Q Growth	-33.00%	298.51%	-128.46%	55.26%	-2.94%	502.86%	-11.35%	130.40%	2.08%	4.08%	-41.83%
Free Cash Flow Firm Q/Q Growth	23.54%	26.73%	-8.13%	54.22%	-26.43%	132.43%	-161.64%	327.50%	115.55%	-9.72%	-15.61%
Invested Capital Q/Q Growth	3.52%	-1.82%	5.38%	4.71%	1.81%	-2.03%	0.20%	-1.64%	-2.60%	-1.18%	1.30%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	45.57%	45.58%	47.47%	47.86%	44.67%	44.40%	47.91%	48.40%	48.84%	48.58%	49.31%
EBITDA Margin	18.58%	19.69%	18.93%	19.03%	3.77%	10.90%	17.19%	16.52%	17.93%	20.76%	17.51%
Operating Margin	14.66%	17.30%	16.01%	15.98%	-1.26%	7.33%	13.53%	13.72%	15.22%	16.87%	14.91%
EBIT Margin	14.59%	16.63%	15.80%	15.40%	-0.84%	6.54%	13.53%	13.06%	14.34%	17.62%	14.37%
Profit (Net Income) Margin	12.34%	12.38%	10.68%	11.86%	-1.57%	1.68%	9.79%	9.29%	10.92%	12.22%	10.40%
Tax Burden Percent	76.58%	82.67%	81.08%	84.21%	62.50%	850.00%	80.99%	83.09%	91.95%	78.37%	82.42%
Interest Burden Percent	110.45%	90.00%	83.33%	91.44%	300.00%	3.03%	89.31%	85.53%	82.78%	88.51%	87.77%
Effective Tax Rate	23.42%	17.33%	18.92%	15.79%	0.00%	-750.00%	19.01%	16.91%	8.05%	21.63%	17.58%
Return on Invested Capital (ROIC)	15.66%	19.93%	17.05%	15.25%	-0.90%	58.50%	9.51%	9.76%	12.85%	13.20%	12.51%
ROIC Less NNEP Spread (ROIC-NNEP)	16.77%	17.69%	14.87%	14.33%	-1.20%	27.91%	8.82%	8.44%	10.77%	12.41%	10.99%
Return on Net Nonoperating Assets (RNNOA)	8.47%	7.97%	7.60%	10.94%	-0.91%	19.35%	5.78%	5.24%	6.20%	6.28%	5.26%
Return on Equity (ROE)	24.13%	27.91%	24.66%	26.19%	-1.81%	77.85%	15.29%	15.00%	19.05%	19.48%	17.77%
Cash Return on Invested Capital (CROIC)	-19.78%	-13.45%	-13.20%	3.24%	1.38%	-0.85%	2.88%	8.56%	16.52%	17.64%	17.10%
Operating Return on Assets (OROA)	12.59%	13.99%	13.37%	11.42%	-0.58%	4.04%	8.00%	7.62%	8.89%	11.49%	9.70%
Return on Assets (ROA)	10.65%	10.41%	9.03%	8.79%	-1.08%	1.04%	5.78%	5.41%	6.77%	7.97%	7.02%
Return on Common Equity (ROCE)	24.13%	27.91%	24.66%	26.19%	-1.81%	77.85%	15.29%	15.00%	19.05%	19.48%	17.77%
Return on Equity Simple (ROE_SIMPLE)	17.61%	0.00%	14.11%	21.72%	15.43%	0.00%	8.24%	7.00%	11.17%	0.00%	15.14%
Net Operating Profit after Tax (NOPAT)	155	215	182	163	-8.40	629	129	139	176	176	161
NOPAT Margin	11.23%	14.30%	12.98%	13.46%	-0.88%	62.34%	10.96%	11.40%	13.99%	13.22%	12.29%
Net Nonoperating Expense Percent (NNEP)	-1.11%	2.25%	2.19%	0.92%	0.31%	30.59%	0.69%	1.32%	2.08%	0.79%	1.52%
Return On Investment Capital (ROIC_SIMPLE)	-	4.52%	-	-	-	11.97%	-	-	-	3.06%	2.77%
Cost of Revenue to Revenue	54.43%	54.42%	52.53%	52.14%	55.33%	55.60%	52.09%	51.60%	51.16%	51.42%	50.69%
SG&A Expenses to Revenue	6.68%	5.79%	7.05%	5.68%	9.21%	7.73%	6.89%	7.97%	7.65%	8.02%	8.49%
R&D to Revenue	10.38%	9.45%	10.39%	10.71%	13.28%	11.50%	11.74%	12.00%	11.24%	10.34%	11.54%
Operating Expenses to Revenue	30.91%	28.28%	31.46%	31.88%	45.92%	37.07%	34.38%	34.68%	33.63%	31.71%	34.40%
Earnings before Interest and Taxes (EBIT)	201	250	222	187	-8.00	66	159	159	180	235	188
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	256	296	266	231	36	110	202	201	225	277	229
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.11	4.84	5.65	5.09	4.03	4.62	4.89	4.83	5.56	5.56	3.98
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.36	2.29	2.84	2.77	2.39	3.06	3.56	3.65	4.08	4.00	2.82
Price to Earnings (P/E)	28.99	28.59	40.07	23.41	26.11	47.43	59.32	69.07	49.77	37.73	26.28
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.45%	3.50%	2.50%	4.27%	3.83%	2.11%	1.69%	1.45%	2.01%	2.65%	3.81%
Enterprise Value to Invested Capital (EV/IC)	3.30	3.26	3.75	3.38	2.75	3.15	3.40	3.50	4.17	4.36	3.20
Enterprise Value to Revenue (EV/Rev)	2.72	2.62	3.19	3.16	2.83	3.52	4.01	4.05	4.40	4.25	3.07
Enterprise Value to EBITDA (EV/EBITDA)	22.32	20.91	25.53	16.54	17.32	25.07	30.12	32.14	27.79	23.42	16.87
Enterprise Value to EBIT (EV/EBIT)	31.81	29.09	35.10	20.18	22.05	34.52	43.17	46.92	36.36	28.91	20.63
Enterprise Value to NOPAT (EV/NOPAT)	37.04	33.66	39.76	24.34	25.78	37.82	46.86	50.61	38.97	34.35	24.22
Enterprise Value to Operating Cash Flow (EV/OCF)	34.47	31.06	51.28	77.48	117.66	0.00	88.54	33.99	24.18	20.92	14.75
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	110.44	208.55	0.00	120.94	40.50	24.49	24.08	18.30
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.81	0.74	0.72	0.74	0.75	0.73	0.66	0.66	0.63	0.61	0.60
Long-Term Debt to Equity	0.76	0.66	0.65	0.68	0.70	0.67	0.57	0.63	0.61	0.58	0.58
Financial Leverage	0.51	0.45	0.51	0.76	0.76	0.69	0.66	0.62	0.58	0.51	0.48
Leverage Ratio	2.43	2.40	2.35	2.70	2.61	2.57	2.43	2.38	2.33	2.31	2.23
Compound Leverage Factor	2.69	2.16	1.96	2.47	7.82	0.08	2.17	2.04	1.93	2.04	1.96
Debt to Total Capital	44.85%	42.54%	42.02%	42.46%	43.00%	42.24%	39.71%	39.75%	38.80%	37.71%	37.46%
Short-Term Debt to Total Capital	2.99%	4.50%	4.31%	3.19%	2.88%	3.29%	5.18%	1.63%	1.59%	1.37%	1.19%
Long-Term Debt to Total Capital	41.86%	38.04%	37.71%	39.27%	40.12%	38.95%	34.53%	38.12%	37.21%	36.34%	36.27%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	55.15%	57.46%	57.98%	57.54%	57.00%	57.76%	60.29%	60.25%	61.20%	62.29%	62.54%
Debt to EBITDA	3.08	2.79	2.91	2.10	2.74	3.45	3.60	3.95	2.94	2.40	2.33
Net Debt to EBITDA	2.97	2.65	2.80	2.04	2.67	3.24	3.39	3.20	2.02	1.40	1.39
Long-Term Debt to EBITDA	2.88	2.50	2.61	1.95	2.56	3.18	3.13	3.79	2.82	2.31	2.26
Debt to NOPAT	5.11	4.49	4.54	3.10	4.08	5.21	5.61	6.22	4.12	3.52	3.35
Net Debt to NOPAT	4.92	4.26	4.35	3.00	3.97	4.89	5.27	5.04	2.84	2.06	1.99
Long-Term Debt to NOPAT	4.77	4.02	4.07	2.86	3.81	4.80	4.88	5.97	3.95	3.39	3.24
Altman Z-Score	3.25	3.21	3.75	3.68	3.22	3.47	3.80	3.84	4.30	4.41	3.75
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.90	0.81	0.88	0.99	1.06	1.05	0.99	1.28	1.37	1.43	1.45
Quick Ratio	0.43	0.37	0.40	0.41	0.38	0.41	0.44	0.73	0.84	0.93	0.95
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,082	-793	-858	-393	-496	161	-99	226	487	439	371
Operating Cash Flow to CapEx	335.00%	1,112.50%	-475.00%	-188.89%	-250.00%	361.54%	892.86%	2,880.00%	1,729.41%	1,700.00%	890.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-23.18	0.00	0.00	0.00	-5.84	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	-2.05	0.00	0.00	0.00	7.35	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-2.49	0.00	0.00	0.00	6.53	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.86	0.84	0.85	0.74	0.69	0.62	0.59	0.58	0.62	0.65	0.67
Accounts Receivable Turnover	8.11	7.61	7.45	6.93	7.57	7.11	6.52	6.39	7.89	8.21	8.41
Inventory Turnover	5.01	4.67	4.75	3.93	3.27	2.96	3.03	3.02	3.29	3.43	3.78
Fixed Asset Turnover	21.04	21.02	20.89	19.43	17.69	15.62	14.91	14.57	15.42	16.22	16.69
Accounts Payable Turnover	4.34	4.18	4.80	4.23	4.29	3.88	4.37	4.19	5.06	4.72	5.11
Days Sales Outstanding (DSO)	45.01	47.98	48.97	52.69	48.23	51.32	55.96	57.13	46.25	44.44	43.39
Days Inventory Outstanding (DIO)	72.84	78.10	76.77	92.90	111.59	123.40	120.36	120.78	111.08	106.39	96.58
Days Payable Outstanding (DPO)	84.01	87.35	76.12	86.25	85.14	93.96	83.55	87.18	72.16	77.39	71.49
Cash Conversion Cycle (CCC)	33.84	38.74	49.62	59.34	74.69	80.76	92.77	90.74	85.17	73.44	68.48
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,737	4,651	4,901	5,132	5,225	5,119	5,129	5,045	4,914	4,856	4,919
Invested Capital Turnover	1.39	1.39	1.31	1.13	1.02	0.94	0.87	0.86	0.92	1.00	1.02
Increase / (Decrease) in Invested Capital	1,237	1,008	1,040	556	488	468	228	-87	-311	-263	-210
Enterprise Value (EV)	15,649	15,156	18,357	17,355	14,355	16,121	17,442	17,643	20,506	21,191	15,720
Market Capitalization	13,569	13,238	16,347	15,215	12,143	14,038	15,482	15,885	19,013	19,921	14,427
Book Value per Share	$51.30	$52.93	$56.24	$58.18	$58.69	$59.11	$61.63	$63.93	$66.32	$69.52	$70.57
Tangible Book Value per Share	($36.55)	($34.79)	($31.28)	($28.80)	($27.89)	($26.99)	($23.84)	($21.06)	($17.86)	($14.09)	($14.09)
Total Capital	4,818	4,756	4,986	5,200	5,286	5,256	5,256	5,456	5,590	5,757	5,798
Total Debt	2,161	2,023	2,095	2,208	2,273	2,220	2,087	2,169	2,169	2,171	2,172
Total Long-Term Debt	2,017	1,809	1,880	2,042	2,121	2,047	1,815	2,080	2,080	2,092	2,103
Net Debt	2,080	1,918	2,010	2,140	2,212	2,083	1,960	1,758	1,493	1,270	1,293
Capital Expenditures (CapEx)	20	24	16	18	14	39	14	10	17	18	20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-139	-340	-126	81	181	110	129	109	-16	-86	-100
Debt-free Net Working Capital (DFNWC)	-58	-235	-41	149	242	247	256	520	660	815	779
Net Working Capital (NWC)	-202	-449	-256	-17	90	74	-16	431	571	736	710
Net Nonoperating Expense (NNE)	-15	29	32	19	6.60	612	14	26	39	13	25
Net Nonoperating Obligations (NNO)	2,080	1,918	2,010	2,140	2,212	2,083	1,960	1,758	1,493	1,270	1,293
Total Depreciation and Amortization (D&A)	55	46	44	44	44	44	43	42	45	42	41
Debt-free, Cash-free Net Working Capital to Revenue	-2.42%	-5.88%	-2.19%	1.47%	3.56%	2.40%	2.96%	2.50%	-0.34%	-1.73%	-1.96%
Debt-free Net Working Capital to Revenue	-1.01%	-4.07%	-0.71%	2.71%	4.77%	5.39%	5.88%	11.93%	14.18%	16.36%	15.23%
Net Working Capital to Revenue	-3.52%	-7.77%	-4.45%	-0.31%	1.77%	1.61%	-0.37%	9.89%	12.26%	14.78%	13.88%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.28	$3.59	$2.92	$2.80	($0.28)	$0.31	$2.24	$2.19	$2.65	$3.17	$2.64
Adjusted Weighted Average Basic Shares Outstanding	51.63M	51.40M	51.43M	51.34M	51.36M	51.38M	51.42M	51.58M	51.58M	51.38M	50.85M
Adjusted Diluted Earnings per Share	$3.26	$3.58	$2.90	$2.78	($0.28)	$0.32	$2.23	$2.17	$2.64	$3.14	$2.62
Adjusted Weighted Average Diluted Shares Outstanding	51.63M	51.40M	51.43M	51.34M	51.36M	51.38M	51.42M	51.58M	51.58M	51.38M	50.85M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	51.63M	51.40M	51.43M	51.34M	51.36M	51.38M	51.42M	51.58M	51.58M	51.38M	50.85M
Normalized Net Operating Profit after Tax (NOPAT)	157	225	191	177	34	64	138	142	180	179	163
Normalized NOPAT Margin	11.39%	14.96%	13.56%	14.57%	3.51%	6.38%	11.72%	11.67%	14.36%	13.39%	12.48%
Pre Tax Income Margin	16.11%	14.97%	13.17%	14.09%	-2.51%	0.20%	12.09%	11.18%	11.87%	15.59%	12.61%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	6.00	0.00	0.00	0.00	9.35	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	4.93	0.00	0.00	0.00	7.57	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	5.57	0.00	0.00	0.00	8.53	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	4.50	0.00	0.00	0.00	6.75	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	146.79%	162.20%	112.99%	30.46%	31.83%	17.57%	14.18%	0.00%	4.19%	8.90%	31.33%

Frequently Asked Questions About Zebra Technologies' Financials

When does Zebra Technologies's fiscal year end?

According to the most recent income statement we have on file, Zebra Technologies' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Zebra Technologies' net income changed over the last 9 years?

Zebra Technologies' net income appears to be on an upward trend, with a most recent value of $528 million in 2024, falling from -$158 million in 2015. The previous period was $296 million in 2023. See Zebra Technologies' forecast for analyst expectations on what’s next for the company.

What is Zebra Technologies's operating income?

Zebra Technologies's total operating income in 2024 was $742 million, based on the following breakdown:

Total Gross Profit: $2.41 billion
Total Operating Expenses: $1.67 billion

How has Zebra Technologies revenue changed over the last 9 years?

Over the last 9 years, Zebra Technologies' total revenue changed from $3.65 billion in 2015 to $4.98 billion in 2024, a change of 36.5%.

How much debt does Zebra Technologies have?

Zebra Technologies' total liabilities were at $4.38 billion at the end of 2024, a 2.6% increase from 2023, and a 5.7% increase since 2015.

How much cash does Zebra Technologies have?

In the past 9 years, Zebra Technologies' cash and equivalents has ranged from $30 million in 2019 to $901 million in 2024, and is currently $901 million as of their latest financial filing in 2024.

How has Zebra Technologies' book value per share changed over the last 9 years?

Over the last 9 years, Zebra Technologies' book value per share changed from 17.14 in 2015 to 69.52 in 2024, a change of 305.6%.

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This page (NASDAQ:ZBRA) was last updated on 5/7/2025 by MarketBeat.com Staff

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Zebra Technologies (ZBRA) Financials

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