ZBRAZebra Technologies
The business
How ZBRA's business earns
Zebra Technologies earns 12% on the capital it employs against an estimated 9.0% cost of capital.
Return on invested capital · cost of capital 9.0% · 3.1 points above the estimated cost of capital
- Operating margin
- 15%
Operating margin · Communication Equipment median 5.2% · 12 months to Oct 3, 2026
- Cash conversion
- 1.46×
Cash conversion · 1.44× a year ago · operating cash flow divided by operating profit after tax
- Share count, year on year
- −6.6%
Share count, year on year · fewer shares than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 15% |
| FY2021 | 17% |
| FY2022 | 9.2% |
| FY2023 | 10% |
| FY2024 | 15% |
| FY2025 | 13% |
Details›
- Gross margin12 months to Oct 3, 2026
- 49%
- Operating margin12 months to Oct 3, 2026
- 15%
- Net margin12 months to Oct 3, 2026
- 9.8%
- Free cash flow margin
- 16%
- R&D as % of revenue
- 10%
- Revenue, trailing twelve months
- $6.14B
- Free cash flow, trailing twelve months
- $988M
- Net income, trailing twelve months
- $602M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 12%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from ZBRA and who it buys from, as the companies report it.
- Customer A29%
Share of revenue · FY2025 10-K
- Customer B15%
Share of revenue · FY2025 10-K
- Customer C15%
Share of revenue · FY2025 10-K
None disclosed.
Communication Equipment
The closest names by size in the same industry