Touchstone
Last syncNov 1, 2026, 6:55 PM ET

ZBRA

Zebra Technologies Corp Industrials General Industrial Machinery & Equipment S&P 500Russell 3000
$361.26Close $26.1BMarket cap $199.30 – $391.0052-week range Nov 3, 2026Next report · before the open

Highlights

Strengths

  • Leading the market RS 90 · stronger than 90% of stocks over 12 months
  • Earnings growing EPS +122% year on year, faster than the quarter before (+118 pts)

Cautions

  • Trend not confirmed 7 of 8 conditions · under the 50-day
  • Results soon Nov 3, 2026, in 2 days

Price

Filing Results Screen pick 52-week high and low Adjusted prices

Key figures

FY to Dec 31, 2025 · filed Aug 4, 2026
Off 12-month high 8%
1wk down 6.5% price change
1mo down 3.2% price change
12-month return up 38% market up 11% · its own up 23%
F-score 4 / 9 Weak
Altman Z 4.95 Low risk
P/E 62.2× price / earnings
PEG — P/E / EPS growth
P/B 7.3× price / book
Earnings yield up 2.5% EBIT / enterprise value
Cheaper than 37% of the market · expensive
Revenue growth up 8% year on year
EPS growth up 122% latest quarter · +118 pts
Sales growth up 20% latest quarter · +6 pts
ROE up 12% return on equity
Free cash margin up 15% $831.0M FCF
D/E 0.66 long-term debt / equity
Net debt / EBITDA 2.5×
Interest cover —EBIT / interest
Piotroski tests
  • profitability slipped from last year
  • took on more long-term debt
  • short-term liquidity weakened
  • gross margin narrowed
  • assets working less efficiently
  • profitable on its assets
  • generating cash from operations
  • profits backed by cash
  • no new shares issued

Trade setup

ATR% 3.5% $12.70 a day · 2×ATR $335.86
RS 90 / 99 vs the universe
Trend 7 / 8 under the 50-day
Relative volume 2.3× vs 50-day average
Up/down volume 0.92 50 sessions
Implied move 13.3% by Nov 20, 2026 · report Nov 3, 2026
Trend template · 7 of 8
  • Price above the 50-day average: fails

Screen verdict

Did not qualify for any screen.

Warning signs

1 flagged
  • Material impairment The company disclosed a material impairment - an asset written down below the value the balance sheet had been carrying.
Last reported Aug 4, 2026
Results reaction Aug 4, 2026+25% vs market2 sessions after results
Options $4.3M56.6% IV · activity

Financials

6 fiscal years · from filings
Revenue What customers paid the company over its fiscal year, before any cost, as filed in its annual report. The change is against the year before. Methodology $5.4B +8% on FY2024
$0 $10B FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · $4.4B FY2021 · $5.6B FY2022 · $5.8B FY2023 · $4.6B FY2024 · $5.0B FY2025 · $5.4B
Net income Profit left after every cost, interest and tax for the year. A column below the line is a loss. Methodology $419.0M -21% on FY2024
$0 $1B FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · $504.0M FY2021 · $837.0M FY2022 · $463.0M FY2023 · $296.0M FY2024 · $528.0M FY2025 · $419.0M
Free cash flow Cash from running the business less what it spent on equipment and buildings: the cash a year actually left behind, which profit alone does not show. Not shown for banks and insurers, whose cash moves with their loans. Methodology $831.0M -13% on FY2024
$0 $2B FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · $895.0M FY2021 · $1.0B FY2022 · $413.0M FY2023 · -$91.0M FY2024 · $954.0M FY2025 · $831.0M
Margins Each as a share of revenue. Gross: left after the direct cost of what was sold. Net: left after every cost. Free cash: free cash flow over revenue. A margin rising over years means the business keeps more of each dollar it sells. Methodology
  • Gross 48%
  • Net 8%
  • Free cash 15%
0% 50% FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · Gross 45% · Net 11% · Free cash 20% FY2021 · Gross 47% · Net 15% · Free cash 18% FY2022 · Gross 45% · Net 8% · Free cash 7% FY2023 · Gross 46% · Net 6% · Free cash -2% FY2024 · Gross 48% · Net 11% · Free cash 19% FY2025 · Gross 48% · Net 8% · Free cash 15%
Cash and long-term debt Cash on the balance sheet at the year's end beside debt due after a year. Net cash is cash less that debt; net debt is the shortfall. Debt some filers do not tag shows as a gap, not as zero. Methodology $2.2B net debt
  • Cash
  • Long-term debt
$0 $2.5B FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · Cash $168.0M · Long-term debt $881.0M FY2021 · Cash $332.0M · Long-term debt $922.0M FY2022 · Cash $105.0M · Long-term debt $1.8B FY2023 · Cash $137.0M · Long-term debt $2.0B FY2024 · Cash $901.0M · Long-term debt $2.1B FY2025 · Cash $125.0M · Long-term debt $2.4B
Shares outstanding Shares in issue at the year's end. A rising count means each share owns a smaller slice of the company (stock pay, share sales); a falling one, buybacks. The chart's scale is fitted to the count, so a small change looks large: read the percentage. Methodology 72.15m +0.0% since FY2020
72.15m FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · 72.15m FY2021 · 72.15m FY2022 · 72.15m FY2023 · 72.15m FY2024 · 72.15m FY2025 · 72.15m
  FY2020Dec 31, 2020 FY2021Dec 31, 2021 FY2022Dec 31, 2022 FY2023Dec 31, 2023 FY2024Dec 31, 2024 FY2025Dec 31, 2025
Revenue $4.4B $5.6B $5.8B $4.6B $5.0B $5.4B
Gross margin 45% 47% 45% 46% 48% 48%
Operating income $651.0M $979.0M $529.0M $481.0M $742.0M $700.0M
Net income $504.0M $837.0M $463.0M $296.0M $528.0M $419.0M
Net margin 11% 15% 8% 6% 11% 8%
Earnings per share $9.35 $15.53 $8.81 $5.72 $10.18 $8.18
Free cash flow $895.0M $1.0B $413.0M -$91.0M $954.0M $831.0M
Free cash margin 20% 18% 7% -2% 19% 15%
Cash $168.0M $332.0M $105.0M $137.0M $901.0M $125.0M
Long-term debt $881.0M $922.0M $1.8B $2.0B $2.1B $2.4B
Shareholders' equity $2.1B $3.0B $2.7B $3.0B $3.6B $3.6B
Shares outstanding 72.15m 72.15m 72.15m 72.15m 72.15m 72.15m

Next report

Nov 3, 2026 · before the open

Expected move The move, either way, the option market prices in through the next scheduled report: the at-the-money straddle for the first expiry that contains it, over the price. It includes the days around the report, so it slightly overstates the report alone. Methodology ±13.3% $299 – $391 by Nov 20, 2026
Usual move The median, over the company's last four reports, of how far the stock moved either way from the close before the filing to the close of the session after it. Methodology ±13.3% last 4: +26.5% · +13.7% · +4.8% · -12.8%
Expected against usual The move the options price through this report over the move the last four reports delivered. Above 1 the event is priced bigger than the company's own record; below 1, smaller. A price, not a forecast: it says what protection through the report costs, not which way the stock will go. Methodology About usual 1.0× the usual move

What options price now

Swings expected vs recent The daily swings the options are priced for (implied volatility) against the swings the stock actually had over the last 20 sessions (realised volatility). Bigger means options charge for more movement than the stock has been delivering; smaller, less. On a contract row, that contract's own implied volatility over the stock's realised. Methodology
Bigger 56.6% priced · 28.2% recent
Next month vs later At-the-money implied volatility for 8-45 day expiries over 46-90 day ones: whether options price the coming month as choppier or calmer than the two after it. Ahead of a report it usually reads choppier, and the extra comes out once the report is out. Methodology
Choppier
Crash protection What options that pay off in a fall cost against options that pay off in a rise (the 25-delta skew), compared with this company's own normal - the median of its stored nightly readings, once there are 20 - and with five sessions ago. Protection costs a little more than upside on most shares. More than usual means readers of the chain are paying up to insure against a drop; it does not say which way the stock will go. Methodology
past week: costs less
Positioning
Premium traded
$4.3M calls $1.2M · puts $3.1M · latest session
Puts against calls, by premium Money spent on puts divided by money spent on calls. Measured in dollars rather than contracts on purpose: counting contracts treats a hundred cheap lottery tickets as more meaningful than one large position, which is backwards. Methodology
2.63× +2.37 over the week
Open interest added The change over five sessions in option positions left open overnight, calls and puts. A rise means positions were added. It cannot say whether they were bought or sold, so more calls is not a vote for a rise: a call is as often sold against shares already held. Methodology
calls +164 · puts +1.76k past week

For options traders: ATM IV 56.6% (+8.6% 1w) · 1m ÷ 3m IV 1.24 · 25Δ skew 4.4 pts · Net GEX -$175,896

Most traded contracts

No contract passed the liquidity filters this week.

Filings

SEC EDGAR
FiledReportPeriod to Lag
Aug 4, 2026 Quarterly ↗ Jul 4, 2026 31d
May 12, 2026 Quarterly ↗ Apr 4, 2026 38d
Feb 12, 2026 Annual ↗ Dec 31, 2025 43d
Oct 28, 2025 Quarterly ↗ Sep 27, 2025 31d
Aug 5, 2025 Quarterly ↗ Jun 28, 2025 38d
Apr 29, 2025 Quarterly ↗ Mar 29, 2025 31d
Feb 13, 2025 Annual ↗ Dec 31, 2024 44d
Oct 29, 2024 Quarterly ↗ Sep 28, 2024 31d
Jul 30, 2024 Quarterly ↗ Jun 29, 2024 31d
Apr 30, 2024 Quarterly ↗ Mar 30, 2024 31d
Feb 15, 2024 Annual ↗ Dec 31, 2023 46d
Oct 31, 2023 Quarterly ↗ Sep 30, 2023 31d

Current reports

FiledDisclosed
Aug 4, 2026 Results ↗
May 26, 2026 Director or officer change · Shareholder vote ↗
May 12, 2026 Results ↗
Feb 12, 2026 Results · Other events ↗
Dec 15, 2025 Restructuring · Impairment ↗
Nov 24, 2025 Director or officer change ↗
Nov 5, 2025 Charter or bylaws ↗
Oct 28, 2025 Results ↗
Oct 17, 2025 Director or officer change ↗
Oct 1, 2025 Regulation FD ↗
Aug 5, 2025 Material agreement · Regulation FD ↗
Aug 5, 2025 Results ↗