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.