Zebra Technologies Corp. (ZBRA) intrinsic value & 10-year financials

Zebra Technologies Corp. (ZBRA) has a Graham intrinsic value of $271.70 per share. At $369.01 on Oct 17, 2026, the stock trades 36% above that value. Over the last 10 fiscal years revenue grew 4.7% a year to $5.4B, with an average return on invested capital of 12.7%.

Graham intrinsic value
$271.70
Share price (Oct 17, 2026)
$369.01
Price vs Graham value
36% above
Market cap
$18.9B
Revenue (FY2025)
$5.4B
Revenue growth (10-yr CAGR)
4.7%
ROIC (10-yr avg)
12.7%
Free cash flow (FY2025)
$831.0M

ZBRA 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $5.4B $419.0M $8.18 $831.0M 13.0% 9.4%
FY2024 $5.0B $528.0M $10.18 $954.0M 14.9% 12.0%
FY2023 $4.6B $296.0M $5.72 -$91.0M 10.5% 8.5%
FY2022 $5.8B $463.0M $8.80 $413.0M 9.2% 10.5%
FY2021 $5.6B $837.0M $15.52 $1.0B 17.4% 23.8%
FY2020 $4.4B $504.0M $9.35 $895.0M 14.6% 17.9%
FY2019 $4.5B $544.0M $9.97 $624.0M 15.4% 20.7%
FY2018 $4.2B $421.0M $7.76 $721.0M 14.5% 16.7%
FY2017 $3.7B $17.0M $0.32 $428.0M 8.7% 5.1%
FY2016 $3.6B -$137.0M -$2.65 $303.0M 2.2% 2.4%

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

Zebra Technologies has demonstrated mature, steady growth, with revenue compounding at 4.7% annually over the past decade.

Zebra Technologies returns on capital have been average, hovering around 12.7% ROIC over the decade.

Zebra Technologies has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, Zebra Technologies is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $271.70 per share.

ZBRA stock: frequently asked questions

What is the intrinsic value of Zebra Technologies Corp. (ZBRA) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 15.0% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, ZBRA's intrinsic value is about $271.70 per share.

Is ZBRA stock undervalued?

At $369.01 (close on Oct 17, 2026), ZBRA trades 36% above its Graham value of $271.70. On Graham's terms the shares look fully priced. A formula is a starting point for research, not a recommendation.

How fast has Zebra Technologies Corp. grown?

Revenue went from $3.6B in fiscal 2016 to $5.4B in fiscal 2025, a compound annual growth rate of 4.7%. Net income was $419.0M in fiscal 2025.

Does Zebra Technologies Corp. generate free cash flow?

Zebra Technologies Corp. generated $831.0M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 9 of the last 10 reported years.

What is ZBRA's return on invested capital?

Average ROIC over the last 10 fiscal years was 12.7%, and average return on equity was 17.0%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this ZBRA data come from?

From Zebra Technologies Corp.'s annual 10-K filings on SEC EDGAR. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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