Financials Zebra Technologies Corporation

Equities

ZBRA

US9892071054

Electronic Equipment & Parts

Real-time Estimate Cboe BZX 08:59:07 01/05/2024 pm IST 5-day change 1st Jan Change
304.8 USD -3.09% Intraday chart for Zebra Technologies Corporation +9.65% +11.34%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 13,774 20,491 31,808 13,238 14,038 16,168 - -
Enterprise Value (EV) 1 15,021 21,568 32,467 15,156 16,121 17,634 17,064 16,388
P/E ratio 25.6 x 41.1 x 38.4 x 29.1 x 47.8 x 35.7 x 27.7 x 24.4 x
Yield - - - - - - - -
Capitalization / Revenue 3.07 x 4.61 x 5.65 x 2.29 x 3.06 x 3.4 x 3.16 x 2.97 x
EV / Revenue 3.35 x 4.85 x 5.77 x 2.62 x 3.52 x 3.71 x 3.33 x 3.01 x
EV / EBITDA 15.5 x 23.6 x 25 x 12.3 x 19.6 x 18.4 x 15.4 x 13.5 x
EV / FCF 24.1 x 23.9 x 32.1 x 36.7 x -177 x 28.4 x 21.5 x 18.8 x
FCF Yield 4.15% 4.18% 3.11% 2.72% -0.56% 3.52% 4.65% 5.31%
Price to Book 7.5 x 9.58 x 10.7 x 4.83 x 4.63 x 4.51 x 3.83 x 3.27 x
Nbr of stocks (in thousands) 53,921 53,316 53,441 51,630 51,360 51,400 - -
Reference price 2 255.4 384.3 595.2 256.4 273.3 314.6 314.6 314.6
Announcement Date 13/02/20 11/02/21 10/02/22 16/02/23 15/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 4,485 4,448 5,627 5,791 4,584 4,756 5,123 5,442
EBITDA 1 970 914 1,297 1,235 824 958.1 1,107 1,212
EBIT 1 898 847 1,225 1,168 755 833.1 962.8 1,070
Operating Margin 20.02% 19.04% 21.77% 20.17% 16.47% 17.52% 18.8% 19.67%
Earnings before Tax (EBT) 1 598 560 968 544 334 558.3 703.1 780.8
Net income 1 544 504 837 463 296 456.7 587.7 664.8
Net margin 12.13% 11.33% 14.87% 8% 6.46% 9.6% 11.47% 12.22%
EPS 2 9.970 9.350 15.52 8.800 5.720 8.818 11.36 12.90
Free Cash Flow 1 624 901 1,010 413 -91 621 793 871
FCF margin 13.91% 20.26% 17.95% 7.13% -1.99% 13.06% 15.48% 16.01%
FCF Conversion (EBITDA) 64.33% 98.58% 77.87% 33.44% - 64.82% 71.62% 71.88%
FCF Conversion (Net income) 114.71% 178.77% 120.67% 89.2% - 135.99% 134.92% 131.01%
Dividend per Share 2 - - - - - - - -
Announcement Date 13/02/20 11/02/21 10/02/22 16/02/23 15/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 1,436 1,467 1,432 1,468 1,378 1,503 1,405 1,214 956 1,009 1,175 1,166 1,188 1,234 1,271
EBITDA 1 312 319 285 321 291 338 301 257 111 155 234 227 241.1 260.5 270.4
EBIT 1 294 301 266 301 275 322 284 239 94 138 217 193 209.8 229.2 232.1
Operating Margin 20.47% 20.52% 18.58% 20.5% 19.96% 21.42% 20.21% 19.69% 9.83% 13.68% 18.47% 16.55% 17.66% 18.56% 18.26%
Earnings before Tax (EBT) 1 228 226 250 -153 222 225 185 171 -24 2 142 117.2 138.6 163.6 164
Net income 1 199 191 205 -98 170 186 150 144 -15 17 115 97.07 114.9 135.6 142.6
Net margin 13.86% 13.02% 14.32% -6.68% 12.34% 12.38% 10.68% 11.86% -1.57% 1.68% 9.79% 8.32% 9.67% 10.98% 11.22%
EPS 2 3.690 3.550 3.830 -1.870 3.260 3.570 2.900 2.780 -0.2800 0.3100 2.230 1.872 2.219 2.612 2.745
Dividend per Share 2 - - - - - - - - - - - - - - -
Announcement Date 02/11/21 10/02/22 03/05/22 02/08/22 01/11/22 16/02/23 02/05/23 01/08/23 31/10/23 15/02/24 30/04/24 - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,247 1,077 659 1,918 2,083 1,465 896 219
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.286 x 1.178 x 0.5081 x 1.553 x 2.528 x 1.53 x 0.8091 x 0.1811 x
Free Cash Flow 1 624 901 1,010 413 -91 621 793 871
ROE (net income / shareholders' equity) 44.5% 34.6% 38.8% 16.2% 17.6% 17% 17.4% 16.8%
ROA (Net income/ Total Assets) 12% 13.7% 14.4% 6.74% 6.85% 8.5% 9% 8.1%
Assets 1 4,525 3,679 5,795 6,872 4,322 5,373 6,530 8,208
Book Value Per Share 2 34.10 40.10 55.90 53.10 59.10 69.80 82.10 96.30
Cash Flow per Share 12.50 - - 9.280 -0.0800 - - -
Capex 1 61 67 59 75 87 80.9 83.5 86.5
Capex / Sales 1.36% 1.51% 1.05% 1.3% 1.9% 1.7% 1.63% 1.59%
Announcement Date 13/02/20 11/02/21 10/02/22 16/02/23 15/02/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
16
Last Close Price
314.6 USD
Average target price
320.4 USD
Spread / Average Target
+1.87%
Consensus
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