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Zebra Technologies Corporation — Intrinsic Value & Fair Price

ZBRA
NASDAQTechnologyCommunication EquipmentCIK 0000877212zebra.comAbout ZBRA
Last close · Oct 16, 2026369.01−8.50 (−2.25%)
Market cap$17.5B
Model value · DCF · Perpetuity growth · 5y
171.37
Zebra Technologies closed at $369.01 — overvalued by 115% vs model.
114.88the model's range302.77

DCF · Perpetuity growth · 5y leads for a cyclical company — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models
41.39 – 594.28
Wall St. target
410.00 10% below
Above model, 1y
20 of 20 days

Price and model value

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Daily close

Research on ZBRA

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How it is valued

Valued asCyclical
Low/slowing growth (~8% recent)Moderate margins (8% net margin)Highly cyclical earnings
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for cyclical companies
P/E
45.1×
EV / EBITDA
23.3×
FCF yield
4.4%
Dividend yield, TTM
0.00%
Beta
1.58
Cost of capital (WACC)
9.97%
Full financials

Analyst actions

third-party, quoted
10-05Truist Financial · target378.00
09-15Needham · target435.00
08-05Truist Financial · target355.00
05-13Keybanc · “Overweight” from “Sector Weight”upgrade
Ratings, targets and estimates

Comparable companies

by business, not by industry label
2 more companies list ZBRA as a comparable

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just ZBRA. No account.

About Zebra Technologies

Zebra Technologies Corporation, alongside its affiliated entities, delivers enterprise asset intelligence solutions globally within the automatic identification and data capture (AIDC) sector. Operating through its Asset Intelligence & Tracking and Enterprise Visibility & Mobility segments, the company provides a comprehensive suite of products and services. Its hardware lineup includes specialized printers for generating labels, wristbands, tickets, receipts, and plastic cards, alongside advanced dye-sublimation thermal card printers for secure identification and financial transactions, and RFID printers for data encoding. Complementing these are various accessories and essential consumables such as thermal labels, ribbons, RFID tags, and critical temperature-monitoring labels, notably used in vaccine distribution. Zebra also manufactures barcode scanners, image capture devices, RFID readers, robust rugged tablets, and enterprise-grade mobile computing solutions. Their technology extends to real-time location systems, incorporating tags, sensors, and exciters, supported by middleware and application software. Beyond hardware, Zebra offers a diverse range of software solutions, including physical inventory management, workforce management, workflow execution, prescriptive analytics, and communication and collaboration tools, enriched by cloud-based subscriptions and robotics automation. The company provides extensive support services, encompassing maintenance, technical assistance, repairs, and comprehensive managed and professional services. Zebra serves a broad spectrum of industries, including retail, e-commerce, manufacturing, transportation, logistics, healthcare, and the public sector, reaching clients through a direct sales force and a widespread network of channel partners. Established in 1969, Zebra Technologies is headquartered in Lincolnshire, Illinois.

CEO
William J. Burns
Headquarters
Lincolnshire, IL
Employees
10,700
IPO
1991-08-15
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.