Zebra Technologies Corporation (ZBRA) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Zebra Technologies Corporation stock $362, price $322, upside +12.7%, quality 66 out of 100. Rating: undervalued. Calculated from audited financials with 22 of our 26 valuation models and 37 quality factors, updated daily.
Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with oneYes, for free
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range $197.99 – $614.55 · fair‑value band $209.43 – $453.06 · the $321.64 price screens below the $362.45 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
Follow Zebra Technologies in your weekly email
Every Wednesday you see whether Zebra Technologies is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Zebra Technologies Corporation, together with its subsidiaries, operates in the automatic identification and data capture solutions industry worldwide. It operates in two segments, Connected Frontline, and Asset Visibility and Automation.
Show moreShow less
The company designs, manufactures, and sells printers that produce labels, wristbands, tickets, receipts, and plastic cards; dye-sublimination thermal card printers that produce images, which are used for personal identification, access control, and financial transactions; radio frequency identification device (RFID) printers that encode data into passive RFID transponders; accessories and options for printers, including carrying cases, vehicle mounts, and battery chargers; stock and customized thermal labels, receipts, ribbons, plastic cards, and RFID tags for printers; and electronic sensors and temperature-monitoring labels.
It also provides various maintenance, technical support, repair, and managed and professional services; fixed readers, RFID enabled mobile computers, and RFID sleds; tags, sensors, exciters, middleware software, and application software; and physical inventory management solutions; rugged and enterprise-grade mobile computing products and accessories, as well as real-time location systems and services.
In addition, the company offers barcode scanners and imagers, RFID readers, industrial machine vision cameras, and fixed industrial scanners; point-of-sale solutions, self-serve kiosks, and interactive touchscreen displays; workflow optimization solutions, such as workforce management, workflow execution and task management, and prescriptive analytics, and communications and collaboration solutions; and cloud-based software.
The company serves retail and e-commerce, manufacturing, transportation and logistics, healthcare, public sector, and other industries through direct sales force and network of channel partners. The company was founded in 1969 and is headquartered in Lincolnshire, Illinois.
Stock analysis
Zebra Technologies Corporation (ZBRA) currently trades at $321.64, while our model-based Fair Value estimate is $362.45, implying the stock looks roughly 11% undervalued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of $253.20 per share, and 3 of the 22 models we run sit above the $321.64 price.
Bear case: the Economic Profit group reads lowest at $74.18, and 19 of the 22 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $209.43 (bear) to $453.06 (bull), the price of $321.64 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 66/100 (solid quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Zebra Technologies Corporation reported revenue of $5.4B in FY2025 versus $5.6B in FY2021, a compound −1.0%/yr. Reported net income was $419M in FY2025, compounding −15.9%/yr from FY2021.
Key figures
Market cap $16.3B Large · P/E ratio 29.5 · P/S ratio 2.79 · EPS (TTM) $10.91 · Net margin 9.2% · Return on equity 15.3% · Return on assets (EBIT) 9.6% · Operating margin 21.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 60 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 18% below its 52-week high and 61% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −43% fair-value upside, at 13%, ZBRA screens cheaper than that median.
Fair Value models
Bear$209.43Fair Value $362.45Bull$453.06
Price $321.64 · Upside +12.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($9.27 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 4 officers or directors sold shares worth $2.4M and none bought.
SaleLinda ConnlyDirector500 shares at $377.68$188,840Aug 10, 2026
SaleMichael ChoChief Strategy Officer3,500 shares at $375.20$1.3MAug 7, 2026
SaleLoizides Melissa LuffChief People Officer500 shares at $253.95$126,975May 26, 2026
SaleJanice M RobertsDirector3,000 shares at $249.54$748,620May 14, 2026
BuySatish DhanasekaranDirector3× since Nov 18, 2025: 1,700 shares, avg. $227.54$386,823Mar 12, 2026
SaleRobert John Armstrong JrChief Marketing Officer9 shares at $229.73$2,068Mar 5, 2026
SaleCristen L KoglChief Legal Officer145 shares at $235.71$34,178Mar 5, 2026
Plus 12 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+8.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.9%
Start year 2020 (pandemic). Over 10 years: +4.0% a year
Revenue growth 35 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.2%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−3.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.9%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: −3.9% / 29.4%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.15% → 15%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+14.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+7.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +11.5% a year for the price and +4.9% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (93 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: The business shows moderate strength through ongoing extensions of hardware and software into AI-driven machine vision for supply chains, yet its main weakness remains thin public signals of durable advantage and modest returns.
Main risk: Startups offering smartphone cameras with AI or rivals such as Datalogic could offer lower-cost alternatives that reduce demand for Zebra's dedicated scanning hardware and pressure margins in supply-chain and logistics applications.
Bull case: Zebra could deepen integration of its AI machine vision and on-device software with customer workflows, making its rugged hardware the preferred platform even as cheaper alternatives emerge and thereby defend or expand margins.
Bear case: If smartphone AI solutions or price-focused rivals gain traction in non-critical settings, Zebra's core hardware sales could decline materially while dependence on a few distributors amplifies any volume drop.
Zebra keeps extending its hardware and software for AI-driven machine vision in supply chain and logistics settings. Its recent award win for a 2D/3D robotics vision system highlights progress in turning physical operations intelligent. Will customers embrace these integrated solutions at scale or continue favoring straightforward device refreshes?
Compare Zebra Technologies Corporation with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Communication Equipment · 301 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside+12.7% · Top 25%
Profitability
Return on equity (12 months)15.3% · Top 25%
Return on assets4.9% · Above median
Net margin (12 months)9.2% · Top 25%
Operating margin (12 months)21.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)20.4% · Above median
Balance sheet
Debt / equity0.66× · Highest 25%
Valuation Multiplesvs Communication Equipment median · lower = cheaper
P/E (12 months)29.5× · Pricier than median
P/B4.54× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)2.79× · Pricier than median
Price / free cash flow (fiscal year)19.6× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Zebra Technologies Corporation (ZBRA) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of $362.45 versus a price of $321.64, about +13% upside (undervalued).
What is the fair value of ZBRA?
Our model-based fair value for Zebra Technologies Corporation is $362.45 (as of Nov 4, 2026), built from audited fundamentals. The current price: $321.64.
What is the quality score of ZBRA?
Zebra Technologies Corporation has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Zebra Technologies Corporation (ZBRA)?
Our model-based price target is the fair value of $362.45 (as of Nov 4, 2026) from 22 valuation models. Cautious scenario $209.43, optimistic scenario $453.06. It is a calculation from audited fundamentals, not an analyst target.
What is the Zebra Technologies Corporation stock forecast for 2026?
Our models put fair value at $362.45, about +13% upside versus a price of $321.64 (undervalued). Cautious scenario $209.43, optimistic scenario $453.06. The calculation is refreshed regularly with new filings.
What is the revenue of Zebra Technologies Corporation (ZBRA)?
Zebra Technologies Corporation reported trailing-twelve-month revenue of about $5.8B (latest available figure, as of Nov 4, 2026).
What growth is priced into Zebra Technologies Corporation (ZBRA)?
For today's price to be fair in a discounted-cash-flow model, Zebra Technologies Corporation would have to grow free cash flow by +14.2 % per year for five years (discount rate 10.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.9 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of ZBRA use?
Our models discount Zebra Technologies Corporation at 10.7 %: a base by market capitalisation (large), damped by beta 1.63, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Zebra Technologies Corporation that is +14.2 % per year a year over ten years, using the same discount rate (10.7 %) and the same formula as our fair value.
How much growth has Zebra Technologies Corporation (ZBRA) delivered so far?
Over the past 5 years revenue at Zebra Technologies Corporation grew +3.9 % a year. The price currently implies +14.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Zebra Technologies Corporation (ZBRA) growing?
The median revenue growth in the sector is +11.3 % a year. That is the yardstick for the growth priced into Zebra Technologies Corporation (+14.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Zebra Technologies Corporation (ZBRA)?
The free-cash-flow yield on the price is 5.10 %: that much free cash flow Zebra Technologies Corporation produces per unit of market value. When it exceeds the discount rate of our models (10.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Zebra Technologies Corporation (ZBRA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zebra Technologies Corporation it is $362.45 per share (as of Nov 4, 2026), against a price of $321.64. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Zebra Technologies Corporation stock overvalued or undervalued in 2026?
As of Nov 4, 2026, ZBRA trades below its calculated fair value: price $321.64, fair value $362.45, a gap of about +13% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ZBRA?
No. The price is what the market pays today ($321.64); the fair value is what the company's own numbers justify ($362.45). For Zebra Technologies Corporation the two are $40.81 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zebra Technologies Corporation worth?
The market values Zebra Technologies Corporation at about $16.3B (market capitalisation, as of Nov 4, 2026). Per share that is $321.64; our models calculate a fair value of $362.45 per share.
What do the bullish and bearish scenarios say about ZBRA?
Our models span a range for Zebra Technologies Corporation: cautious scenario $209.43, base $362.45, optimistic $453.06 per share (as of Nov 4, 2026, price $321.64). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ZBRA?
Zebra Technologies Corporation trades at a price-to-earnings ratio of 29.5 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $362.45 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2025), reported earnings: 38.0. Other multiples: PEG 0.6, P/B 4.5, P/S 2.8, EV/EBITDA 15.7.
What is the PEG ratio of ZBRA?
The PEG ratio of Zebra Technologies Corporation is 0.58 (P/E divided by earnings growth, as of Nov 4, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Zebra Technologies Corporation (ZBRA)?
Balance-sheet figures for Zebra Technologies Corporation (as of Nov 4, 2026): return on equity 15.3%, debt of 0.66 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is ZBRA from its 52-week high?
Zebra Technologies Corporation trades at $321.64, about 18% below its 52-week high of $391.00 and 61% above the low of $199.30 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $362.45 is for.
Which stocks are comparable to Zebra Technologies Corporation?
From the same area (Technology) we also value Cisco Systems, Inc, Foxconn Industrial Internet Co, Zhongji Innolight Co, Motorola Solutions, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Zebra Technologies Corporation stock attractive at the current price?
The data as of Nov 4, 2026: price $321.64, calculated fair value $362.45 (+13%), Quality Score 66/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ZBRA calculated?
We run Zebra Technologies Corporation through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $362.45, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Zebra Technologies Corporation currently trades 11% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Zebra Technologies Corporation (ZBRA)?
The closing price on Nov 5, 2026 was $321.64. Our model-based fair value is $362.45, about +13% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zebra Technologies Corporation right now?
A fairly wide model range ($209.43 to $453.06) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Zebra Technologies Corporation
How large is the market capitalisation of Zebra Technologies Corporation (ZBRA)?
The market capitalisation of Zebra Technologies Corporation is $16.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Zebra Technologies Corporation (ZBRA)?
The price-to-sales ratio of Zebra Technologies Corporation is 2.79 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Zebra Technologies Corporation (ZBRA)?
Earnings per share at Zebra Technologies Corporation are $10.91 (price ÷ EPS = P/E 29.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Zebra Technologies Corporation (ZBRA)?
The net margin of Zebra Technologies Corporation is 9.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Zebra Technologies Corporation (ZBRA)?
The return on equity (ROE) of Zebra Technologies Corporation is 15.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Zebra Technologies Corporation (ZBRA)?
On an EBIT basis the return on assets of Zebra Technologies Corporation is 9.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Zebra Technologies Corporation (ZBRA)?
The operating margin of Zebra Technologies Corporation is 21.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zebra Technologies Corporation (ZBRA)?
Revenue at Zebra Technologies Corporation is growing +20.4% versus a year earlier (3y avg −2.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Zebra Technologies Corporation (ZBRA)?
Earnings per share at Zebra Technologies Corporation are growing +122% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Zebra Technologies Corporation (ZBRA) carry?
The net debt of Zebra Technologies Corporation is $2.7B (fiscal year 2025, ≈ 3.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Zebra Technologies Corporation in the live analysis
One click puts Zebra Technologies Corporation on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Some data
Nov 4, 2026