Zebra Technologies Corporation

ZBRA

Communication Equipment · Technology

Price

$368.51

+7.99 (+2.22%)

Market Cap

$17.55B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jul 4, 2026

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Exceptional

Stability

Good

Valuation

Good

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Share count falling — buybacks

−5.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 53.9M (2021) → 51.2M (2025)

Winston Score History

The full picture

Zebra Technologies makes hardware and software that helps businesses track things — like packages, products, and people — inside warehouses, hospitals, stores, and factories. Its core products include barcode scanners, label printers, mobile computers, and RFID readers. Zebra is one of the largest companies in the world focused specifically on this kind of tracking and data-capture equipment.

Zebra earns money by selling hardware devices, consumables like labels and ribbons, and software subscriptions for managing workflows and data. It operates globally, with strong revenue across North America, Europe, and Asia, and generates roughly $5 billion in annual revenue. Its competitive advantage comes from deep integration into customers' supply chain operations, making it costly and disruptive to switch vendors. The key growth driver is the ongoing push by retailers and logistics companies to automate warehouses, though slowing enterprise spending and inventory digestion by large customers remain meaningful near-term risks.

Politician Trades

11 trades / 12mo

5 Congressional buys and 6 sells on ZBRA in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+20.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+110.5% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$593M/ year

↑ Rising (+5% vs prior year)

11.0% of revenue

Below sector average (15%)

Investing heavily in future products and technology

Insider Activity

1.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$157M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Zebra Technologies Corporation is a rare growth stock that's already generating positive cash flow while growing at 20%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

53.0%

Healthy — 53.0% gross margin

Profit after running costs

Operating Margin

20.6%

Excellent — 20.6% operating margin

Return on the money invested

ROCE

15.2%

Strong — 15.2% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+12.7%

Fast-growing sales (+12.7% YoY)

Profit growth

EPS YoY

+0.3%

Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

182%

Turns 182% of profit into real cash

Spare cash per sale

FCF Margin

15.5%

Converts sales into free cash efficiently (15.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.81

Moderate — manageable debt (0.81)

Covers its interest

Interest Cover

4.13x

Adequate interest coverage (4.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

34.5x

Pricey — P/E 34.5

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+17.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (34.5 → 17.1)

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Dividends

Not applicable for this business.

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