Latest Ratios: P/E Ratio 32.4x · EV/EBITDA 15.5x · ROE 11.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $12.6B | $12.4B | $20.0B | $14.1B | $13.5B | $32.1B | $20.7B | $13.9B | $8.6B | $5.6B | $4.4B |
| Enterprise Value | $15.3B | $15.1B | $21.5B | $16.4B | $15.7B | $32.9B | $22.0B | $15.3B | $10.2B | $7.7B | $6.9B |
| P/E Ratio → | 32.35 | 29.68 | 37.94 | 47.78 | 29.10 | 38.33 | 41.10 | 25.65 | 20.52 | 324.38 | — |
| P/S Ratio | 2.34 | 2.30 | 4.02 | 3.08 | 2.33 | 5.70 | 4.66 | 3.11 | 2.05 | 1.50 | 1.24 |
| P/B Ratio | 3.78 | 3.47 | 5.59 | 4.66 | 4.93 | 10.75 | 9.66 | 7.58 | 6.47 | 6.68 | 5.59 |
| P/FCF | 15.17 | 14.96 | 21.00 | — | 32.63 | 31.77 | 23.15 | 22.35 | 11.98 | 13.02 | 14.99 |
| P/OCF | 13.75 | 13.56 | 19.78 | — | 27.62 | 30.01 | 21.54 | 20.36 | 11.00 | 11.66 | 11.89 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.80 | 4.32 | 3.58 | 2.72 | 5.85 | 4.94 | 3.42 | 2.41 | 2.08 | 1.93 |
| EV / EBITDA | 15.53 | 15.36 | 23.52 | 24.98 | 21.43 | 28.21 | 27.55 | 17.67 | 12.98 | 13.23 | 18.01 |
| EV / EBIT | 19.12 | 18.91 | 28.10 | 28.05 | 16.78 | 33.81 | 34.52 | 22.30 | 16.56 | 24.56 | 108.05 |
| EV / FCF | — | 18.20 | 22.53 | — | 38.04 | 32.57 | 24.53 | 24.55 | 14.13 | 18.08 | 23.44 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.9% | 45.9% | 48.4% | 46.3% | 45.4% | 46.7% | 45.0% | 46.8% | 47.0% | 45.9% | 45.9% |
| Operating Margin | 14.8% | 14.8% | 14.9% | 10.5% | 9.2% | 17.4% | 14.6% | 15.4% | 14.5% | 8.7% | 2.2% |
| Net Profit Margin | 7.8% | 7.8% | 10.6% | 6.5% | 8.0% | 14.9% | 11.3% | 12.1% | 10.0% | 0.5% | -3.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.7% | 11.7% | 15.9% | 10.3% | 16.2% | 32.6% | 25.3% | 34.3% | 38.8% | 2.1% | -16.1% |
| ROA | 5.1% | 5.1% | 6.9% | 4.0% | 6.7% | 14.4% | 10.0% | 12.0% | 9.8% | 0.4% | -2.8% |
| ROIC | 10.6% | 10.6% | 10.7% | 7.0% | 9.1% | 20.5% | 14.8% | 17.0% | 15.6% | 7.7% | 1.7% |
| ROCE | 12.4% | 12.4% | 12.4% | 8.8% | 11.0% | 24.7% | 19.1% | 21.8% | 19.3% | 9.3% | 2.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.78 | 0.78 | 0.66 | 0.80 | 0.86 | 0.38 | 0.65 | 0.76 | 1.19 | 2.67 | 3.34 |
| Debt / EBITDA | 2.86 | 2.86 | 2.58 | 3.67 | 3.19 | 0.98 | 1.76 | 1.62 | 2.03 | 3.81 | 6.90 |
| Net Debt / Equity | — | 0.75 | 0.41 | 0.75 | 0.82 | 0.27 | 0.58 | 0.75 | 1.16 | 2.60 | 3.15 |
| Net Debt / EBITDA | 2.73 | 2.73 | 1.60 | 3.47 | 3.05 | 0.70 | 1.55 | 1.59 | 1.97 | 3.70 | 6.49 |
| Debt / FCF | — | 3.24 | 1.53 | — | 5.41 | 0.80 | 1.38 | 2.21 | 2.15 | 5.06 | 8.45 |
| Interest Coverage | 7.41 | 7.41 | 5.93 | 4.40 | 15.60 | 194.60 | 8.37 | 7.72 | 6.76 | 1.39 | 0.33 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.97 | 0.97 | 1.43 | 1.05 | 0.81 | 0.94 | 0.69 | 0.85 | 0.89 | 1.06 | 1.29 |
| Quick Ratio | 0.58 | 0.58 | 1.03 | 0.54 | 0.44 | 0.67 | 0.41 | 0.51 | 0.49 | 0.60 | 0.92 |
| Cash Ratio | 0.07 | 0.07 | 0.53 | 0.09 | 0.05 | 0.18 | 0.09 | 0.02 | 0.03 | 0.06 | 0.16 |
| Asset Turnover | — | 0.63 | 0.63 | 0.63 | 0.77 | 0.91 | 0.83 | 0.95 | 0.97 | 0.87 | 0.77 |
| Inventory Turnover | 4.00 | 4.00 | 3.71 | 3.06 | 3.67 | 6.11 | 4.78 | 5.03 | 4.30 | 4.39 | 5.60 |
| Days Sales Outstanding | — | 56.28 | 52.17 | 46.50 | 50.13 | 49.30 | 43.00 | 52.49 | 47.07 | 50.90 | 67.10 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.1% | 3.4% | 2.6% | 2.1% | 3.4% | 2.6% | 2.4% | 3.9% | 4.9% | 0.3% | — |
| FCF Yield | 6.6% | 6.7% | 4.8% | — | 3.1% | 3.1% | 4.3% | 4.5% | 8.3% | 7.7% | 6.7% |
| Buyback Yield | 4.7% | 4.7% | 0.2% | 0.4% | 5.6% | 0.2% | 1.0% | 0.3% | 0.0% | 0.0% | 0.2% |
| Total Shareholder Yield | 4.7% | 4.7% | 0.2% | 0.4% | 5.6% | 0.2% | 1.0% | 0.3% | 0.0% | 0.0% | 0.2% |
| Shares Outstanding | — | $51M | $52M | $52M | $53M | $54M | $54M | $55M | $54M | $54M | $52M |
Cyclical channel inventory volatility
According to recent market data, ZBRA trades at a 30.75x trailing P/E, which appears elevated compared to traditional industrial peers, suggesting investors are pricing in a transition toward a higher-margin, software-centric business model rather than a pure-play hardware manufacturer subject to cyclical volatility.
The forward P/E of 13.56 indicates that the market expects significant earnings expansion as the company moves past recent restructuring phases. This valuation gap relative to historical averages warrants caution, as it implies that any failure to sustain software-driven margin expansion could lead to a sharp multiple contraction.
Based on reported figures, ZBRA's ROIC has remained stagnant, hovering near 2.6% in 2026Q1, which reflects the heavy burden of goodwill and intangible assets accumulated through an aggressive M&A strategy that has yet to yield the expected compounding returns on invested capital.
The persistent gap between ROIC and the company's cost of capital suggests that recent acquisitions are not yet generating sufficient incremental value. Investors should monitor whether management can improve capital efficiency as the integration of recent robotics and machine vision assets matures.
As reported in financial statements, the cash conversion cycle reached 58 days in 2026Q1, a significant improvement from the 116-day peak in 2023Q4, indicating that the company is successfully normalizing its inventory levels after the severe destocking event that plagued the previous fiscal cycle.
The reduction in days inventory outstanding from 135 to 89 days suggests better alignment between channel inventory and end-market demand. However, the reliance on third-party manufacturing means that any supply chain disruption could quickly reverse these efficiency gains, necessitating close observation of quarterly inventory turnover trends.
Based on recent SEC filings, ZBRA's debt-to-EBITDA ratio of 13.07 in 2026Q1 remains elevated compared to historical norms, though interest coverage of 5.81x suggests that the company maintains sufficient operational cash flow to service its existing debt obligations without immediate refinancing risk.
While the leverage profile appears manageable, the high debt-to-EBITDA ratio leaves little room for error should the enterprise CapEx cycle face another downturn. The company's ability to maintain this coverage depends heavily on the stability of its recurring service revenue streams during periods of hardware sales weakness.
As noted in industry research, the P/S ratio is frequently misapplied to ZBRA, as it obscures the underlying shift toward higher-margin software and maintenance contracts that are not fully captured by top-line revenue metrics alone.
Investors should instead focus on the growth of deferred revenue and service margins to gauge the true health of the business model. Relying on P/S multiples risks mischaracterizing the company as a low-margin hardware vendor, thereby ignoring the structural moat provided by its proprietary software ecosystem.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ZBRA stock.
Zebra Technologies Corporation's current P/E ratio is 32.4x. The historical average is 33.2x. This places it at the 58th percentile of its historical range.
Zebra Technologies Corporation's current EV/EBITDA is 15.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.9x.
Zebra Technologies Corporation's return on equity (ROE) is 11.7%. The historical average is 14.8%.
Based on historical data, Zebra Technologies Corporation is trading at a P/E of 32.4x. This is at the 58th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Zebra Technologies Corporation has 45.9% gross margin and 14.8% operating margin. Operating margin between 10-20% is typical for established companies.
Zebra Technologies Corporation's Debt/EBITDA ratio is 2.9x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.