VIAV vs ZBRA: Viavi Solutions and Zebra Technologies compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Zebra Technologies is the larger company, worth $18.5B, about 1.8 times Viavi Solutions.
- Viavi Solutions grew revenue faster over the last year (+52.5% vs +20.4%).
- Zebra Technologies keeps more of each dollar of revenue as operating profit (14.7% vs 6.9%).
- Viavi Solutions's price assumes faster free cash flow growth: about 29% a year, against 6% for Zebra Technologies (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | VIAV | ZBRA |
|---|---|---|
| Market cap | $10.0B | $18.5B |
| Share price | $45.46 | $387.18 |
| Revenue (last fiscal year) | $1.5B | $5.4B |
| Free cash flow (last fiscal year) | $83M | $831M |
| Revenue growth, last year | +52.5% | +20.4% |
| Revenue growth per year, last 5 fiscal years | +4.1% | -1.0% |
| Operating margin | 6.9% | 14.7% |
| Net margin | -2.0% | 9.2% |
| Return on equity | -2.1% | 15.7% |
| P/E (trailing) | — | 46.9x |
| Price / free cash flow | 161.3x | 22.2x |
| EV / EBITDA | 85.4x | 23.6x |
| FCF growth the price implies | 29.0% | 6.4% |
| Dividend yield | — | — |
| Debt / equity | 0.87x | 1.51x |
| Fundamental grade | D | C |
| Superinvestors holding it | 3 | 5 |
| Insider purchases, last 12 months | 0 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Viavi Solutions
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $1.3B | $106M | 14.3% |
| 2023 | $1.1B | $63M | 7.4% |
| 2024 | $1.0B | $97M | 2.1% |
| 2025 | $1.1B | $62M | 5.3% |
| 2026 | $1.5B | $83M | 6.9% |
Zebra Technologies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.6B | $1.0B | 17.4% |
| 2022 | $5.8B | $413M | 9.2% |
| 2023 | $4.6B | -$91M | 10.5% |
| 2024 | $5.0B | $954M | 14.9% |
| 2025 | $5.4B | $831M | 13.0% |
Where the revenue comes from
Viavi Solutions · by segments, 2026
Network and Service Enablement$1.2B78%
OSP$335M22%
Zebra Technologies · by segments, 2025
CF$3.0B55%
AVA$2.4B45%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open VIAV in InvestinglyQuestions
Which is bigger, Viavi Solutions or Zebra Technologies?
Zebra Technologies (ZBRA), at $18.5B against $10.0B.
Which grows faster, VIAV or ZBRA?
Viavi Solutions: revenue grew +52.5% over the last year, against +20.4%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.