Zebra Technologies (ZBRA)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $18.4B, Zebra Technologies's free cash flow of $831M (fiscal 2025) would need to grow about 6% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Zebra Technologies's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from ZBRA's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Zebra Technologies's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $5.6B | $5.8B | $4.6B | $5.0B | $5.4B |
| Net income | $837M | $463M | $296M | $528M | $419M |
| Free cash flow | $1.0B | $413M | -$91M | $954M | $831M |
| EPS (diluted) | $15.52 | $8.80 | $5.72 | $10.18 | $8.18 |
| Operating margin | 17.4% | 9.2% | 10.5% | 14.9% | 13.0% |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own ZBRA
From each investor's latest 13F filing (what a 13F shows). 5 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| John Rogers Ariel Investments |
Added | $243M | 2.4% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $37M | 0.01% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $11M | 0.03% | Q2 2026 |
| Charles Brandes Brandes Investment Partners, LP |
New position | $3M | 0.02% | Q2 2026 |
| Richard Pzena Pzena Investment Management |
New position | $357,770 | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by Zebra Technologies's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Feb 24, 2026 | Ro Khanna |
0 | $235.83 | — |
| Feb 24, 2026 | Ro Khanna |
0 | $235.83 | — |
| Nov 18, 2025 | Satish Dhanasekaran |
1,000 | $233.12 | $233,120 |
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In the full deep dive
Questions
What growth does Zebra Technologies's stock price imply?
At a market value of $18.4B, Zebra Technologies would need its free cash flow to grow about 6% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 12% a year.
Are Zebra Technologies insiders buying the stock?
3 open-market insider purchases of ZBRA in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Zebra Technologies?
5 of the superinvestors Investingly tracks hold ZBRA in their latest 13F, including John Rogers, Cliff Asness, Joel Greenblatt.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.