---
title: Zebra Technologies (ZBRA) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/zbra
ticker: ZBRA
as_of: 2026-10-17
sector: Technology
industry: Communication Equipment
---
# Zebra Technologies (ZBRA)

Zebra Technologies (ZBRA) closed at $369.01 on Oct 16, 2026, overvalued by 115% vs its model value of $171.37 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $369.01 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $171.37 |
| Price vs model | overvalued by 115% vs model |
| Range of that model | $114.88 – $302.77 |
| Market value | $17.5B |
| P/E (fiscal 2025) | 45.1 |
| Net margin (fiscal 2025) | 7.8% |
| Free cash flow (fiscal 2025) | $831.0M |
| Dividend yield (trailing twelve months) | 0.00% |
| Beta | 1.58 |
| Cost of capital (WACC) | 9.97% |
| Business classification | Cyclical (Low/slowing growth (~8% recent), Moderate margins (8% net margin), Highly cyclical earnings) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Best performing this year | #40 | +52.0% | https://sweetvaluelab.com/lists/best-performing-this-year |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $171.37 | $114.88 | $302.77 |
| DCF · Perpetuity growth · 10y | cross check | $185.91 | $129.00 | $315.60 |
| DCF · EBITDA exit · 5y | cross check | $286.76 | $204.89 | $382.68 |
| DCF · EBITDA exit · 10y | cross check | $274.32 | $192.02 | $382.64 |
| P/E · peers | cross check | $215.32 | $178.12 | $432.90 |
| P/E · own history | cross check | $455.39 | $383.36 | $653.22 |
| PEG | sanity check | $528.99 | $528.99 | $528.99 |
| EV/EBITDA · peers | cross check | $258.66 | $193.22 | $427.70 |
| EV/Revenue · peers | cross check | $594.28 | $236.25 | $1,191.67 |
| Earnings power value | cross check | $41.39 | $29.91 | $56.94 |
| Dividend discount | cross check | $0.00 | $0.00 | $0.00 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 2 open-market sales ($1.5M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Aug 10, 2026 | Connly Linda | Director | Open-market sell | 500 | $188,840 |
| Aug 7, 2026 | Cho Michael | Chief Strategy Officer | Open-market sell | 3,500 | $1.3M |
| Aug 3, 2026 | Luff Loizides Melissa | Chief People Officer | Tax withholding | 46 | $13,415.4 |
| May 26, 2026 | Luff Loizides Melissa | Chief People Officer | Open-market sell | 500 | $126,975 |
| Feb 4, 2026 | Burns Bill | Chief Executive Officer | Grant / award | 12,387 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Aug 4, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/877212/000162828026052550/zbra-20260704.htm |
| Aug 4, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/877212/000162828026052158/zbra-20260804.htm |
| May 29, 2026 | S-8 | Employee stock plan registration | https://www.sec.gov/Archives/edgar/data/877212/000162828026039124/forms-8.htm |
| May 26, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 5.07 Submission of Matters to a Shareholder Vote; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/877212/000162828026038066/zbra-20260519.htm |
| May 12, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/877212/000162828026034109/zbra-20260404.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| John Rogers | 2026-06-30 | 922,998 | $243.0M |
| Bridgewater | 2026-06-30 | 151,328 | $39.8M |
| Richard Pzena | 2026-06-30 | 1,359 | $357,770 |

3 tracked managers in all.

## About

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 re…

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Source: https://sweetvaluelab.com/stocks/zbra (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.