Latest revenue
$1.50B
as of 2026-04-04
Latest net income
$135.0M
as of 2026-04-04
Net margin
9.0%
as of 2026-04-04
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $12.17B
- Enterprise value
- $13.34B
- P/E (trailing)
- 29.1×
- Forward P/E
- —
- P/B
- 3.25×
- Dividend yield
- 0.0%
- 52-wk high
- $352.66
- 52-wk low
- $199.05
- Beta
- —
- Shares out
- 47.6M
5-year trend
What this company does
Zebra Technologies makes barcode scanners, mobile computers, RFID readers, and printers that businesses use to track inventory, packages, and assets across warehouses, stores, and hospitals. Hardware sales drive roughly 82% of revenue ($3.2B of $3.9B year-to-date), with maintenance, repair, and software subscriptions making up the rest. Sales grew 7.5% year-over-year as the company recovers from the 2023-2024 inventory destocking slump, though tariff-related cost pressures and a higher tax rate compressed Q3 net income.
Key risks
- Margin pressure: Q3 EPS fell to $1.97 from $2.64 YoY despite 5% revenue growth, as tax expense jumped to $58M from $12M.
- Leverage: $2.17B long-term debt against $1.05B cash; interest paid surged to $79M YTD vs $3M prior year after swap roll-off.
- Goodwill concentration: $3.93B goodwill plus $376M intangibles = 53% of $8.07B total assets, exposing book value to impairment risk.
Profitability
Gross margin
48.1%
0.8%Operating margin
13.0%
12.9%Net margin
7.8%
26.7%Return on equity
11.7%
20.7%Return on assets
4.9%
25.6%Leverage
Debt / equity
1.37×
12.1%Long-term debt / equity
0.66×
12.8%Debt / assets
57.8%
5.1%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q2 2026 2026-04-04 | $1.50B | +14.3% | $135.0M | -0.7% | 9.0% |
Q4 2025 2025-12-31 | $1.48B | +10.6% | $70.0M | -57.1% | 4.7% |
Q3 2025 2025-09-27 | $1.32B | +5.2% | $101.0M | -26.3% | 7.7% |
Q2 2025 2025-06-28 | $1.29B | +6.2% | $112.0M | -0.9% | 8.7% |
Q1 2025 2025-03-29 | $1.31B | +11.3% | $136.0M | +18.3% | 10.4% |
Q4 2024 2024-12-31 | $1.33B | — | $163.0M | — | 12.2% |
Q3 2024 2024-09-28 | $1.25B | +31.3% | $137.0M | +1013.3% | 10.9% |
Q2 2024 2024-06-29 | $1.22B | +0.2% | $113.0M | -21.5% | 9.3% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
General Industrial Machinery & Equipment · SIC 3560
Your notes
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Insider activity
Insider buying
$386.8K
Insider selling
$1.1M
Net activity
−$754.5K
Distinct insiders
5
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns ZBRA
Institutional value
$5.63B
Total shares held
27.9M
Distinct holders
433
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 4.2M | $878.8M | — | New |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 3.2M | $669.3M | — | New |
| 3 | VANGUARD PORTFOLIO MANAGEMENT LLC | 2.8M | $586.0M | — | New |
| 4 | NORDEA INVESTMENT MANAGEMENT AB | 2.0M | $413.5M | — | New |
| 5 | Invesco Ltd. | 1.5M | $319.8M | — | New |
| 6 | Boston Partners | 1.5M | $307.5M | — | New |
| 7 | JPMORGAN CHASE & CO | 960.7K | $191.5M | — | New |
| 8 | DIMENSIONAL FUND ADVISORS LP | 686.3K | $143.5M | — | New |
| 9 | Sumitomo Mitsui Trust Group, Inc. | 679.2K | $142.0M | — | New |
| 10 | UBS Group AG | 589.9K | $123.3M | — | New |
| 11 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 547.2K | $114.4M | — | New |
| 12 | Pictet Asset Management Holding SA | 513.5K | $107.3M | — | New |
| 13 | Swedbank AB | 417.9K | $87.4M | — | New |
| 14 | APG Asset Management N.V. | 448.3K | $81.3M | — | New |
| 15 | DEUTSCHE BANK AG\ | 380.1K | $79.5M | — | New |
| 16 | NEW SOUTH CAPITAL MANAGEMENT INC | 361.2K | $75.5M | — | New |
| 17 | VANGUARD FIDUCIARY TRUST CO | 276.9K | $57.9M | — | New |
| 18 | WELLS FARGO & COMPANY/MN | 276.9K | $57.9M | — | New |
| 19 | Bank of New York Mellon Corp | 269.5K | $56.3M | — | New |
| 20 | Legal & General Group Plc | 230.8K | $48.3M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Q3 net income fell to $101M from $137M YoY despite revenue growth—what drove the tax rate jump to 36% and is this the new run-rate?
- 2
Operating cash flow dropped 21% to $560M with payables down $115M; are suppliers tightening terms or is this working capital reversal temporary?
- 3
G&A rose 18% YTD to $324M and acquisition costs hit $17M—quantify Photoneo/other deal synergies and when does this stop diluting margins?