MSIMotorola Solutions

Technology · Communications Equipment · NYSE

Motorola Solutions is a global leader in mission-critical safety and security technologies for public safety, government, including defense, and enterprise customers. 10-K, Item 1

Employees: 23,000
Headquarters: Chicago, IL
CEO: Gregory Q. Brown
Next results: around Feb 10, 2027

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MSI and 9 peers, year by year

The 9 Technology companies closest to MSI in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
MSI Motorola Solutions	FY2025	$11.7B	+8.0%	51.7%	25.6%	18.4%	22.0%	89.4%	3.80
ANET Arista Networks	FY2025	$9.0B	+28.6%	64.1%	42.8%	39.0%	47.2%	28.4%	-
PANW Palo Alto Networks	FY2026	$11.5B	+24.5%	70.4%	6.1%	2.7%	35.8%	1.1%	-
NXPI NXP Semiconductors	FY2025	$12.3B	−2.7%	54.7%	24.8%	16.5%	19.7%	20.1%	1.30
STX Seagate Technology	FY2026	$12.2B	+34.1%	-	33.6%	26.1%	25.5%	146.9%	1.65
ADI Analog Devices	FY2025	$11.0B	+16.9%	61.5%	26.6%	20.6%	38.8%	6.7%	0.25
WDC Western Digital	FY2026	$12.9B	+35.7%	48.9%	34.5%	72.9%	27.2%	106.3%	0.12
KLAC KLA Corporation	FY2026	$13.6B	+11.7%	-	-	35.6%	27.7%	76.1%	0.93
WDAY Workday, Inc.	FY2026	$9.6B	+13.1%	-	7.5%	7.3%	29.1%	8.9%	0.38
NOW ServiceNow	FY2025	$13.3B	+20.9%	77.5%	13.7%	13.2%	34.5%	13.5%	0.12

Revenuepeer median $12.2B

Sales growthpeer median +20.9%

Gross marginpeer median 62.8%

Operating marginpeer median 25.7%

Net marginpeer median 20.6%

FCF marginpeer median 29.1%

Return on equitypeer median 20.1%

Debt / equitypeer median 0.38

MSI 3.80
STX 1.65
NXPI 1.30
KLAC 0.93
WDAY 0.38
ADI 0.25
WDC 0.12
NOW 0.12
ANET -
PANW -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSI Dec	$6.0B	$6.4B	$7.3B	$7.9B	$7.4B	$8.2B	$9.1B	$10.0B	$10.8B	$11.7B
ANET Dec	$1.1B	$1.6B	$2.2B	$2.4B	$2.3B	$2.9B	$4.4B	$5.9B	$7.0B	$9.0B
PANW Jul	$1.4B	$1.8B	$2.3B	$2.9B	$3.4B	$4.3B	$5.5B	$6.9B	$8.0B	$9.2B
NXPI Dec	$9.5B	$9.3B	$9.4B	$8.9B	$8.6B	$11.1B	$13.2B	$13.3B	$12.6B	$12.3B
STX Jul	$11.2B	$10.8B	$11.2B	$10.4B	$10.5B	$10.7B	$11.7B	$7.4B	$6.6B	-
ADI Nov	$3.4B	$5.2B	$6.2B	$6.0B	$5.6B	$7.3B	$12.0B	$12.3B	$9.4B	$11.0B
WDC Jul	-	$19.1B	$20.6B	$16.6B	$16.7B	$16.9B	$18.8B	$6.3B	$6.3B	$9.5B
KLAC Jun	$3.0B	$3.5B	$4.0B	$4.6B	$5.8B	$6.9B	$9.2B	$10.5B	$9.8B	$12.2B
WDAY Jan	$1.2B	$1.6B	$2.1B	$2.8B	$3.6B	$4.3B	$5.1B	$6.2B	$7.3B	$8.4B
NOW Dec	$1.4B	$1.9B	$2.6B	$3.5B	$4.5B	$5.9B	$7.2B	$9.0B	$11.0B	$13.3B
Peer median	$2.2B	$3.5B	$4.0B	$4.6B	$5.6B	$6.9B	$9.2B	$7.4B	$8.0B	$10.3B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSI Dec	+6.0%	+5.7%	+15.1%	+7.4%	−6.0%	+10.2%	+11.5%	+9.5%	+8.4%	+8.0%
ANET Dec	+34.8%	+45.8%	+30.7%	+12.1%	−3.9%	+27.2%	+48.6%	+33.8%	+19.5%	+28.6%
PANW Jul	-	+27.8%	+29.5%	+27.5%	+17.5%	+24.9%	+29.3%	+25.3%	+16.5%	+14.9%
NXPI Dec	+55.7%	−2.5%	+1.6%	−5.6%	−3.0%	+28.5%	+19.4%	+0.5%	−5.0%	−2.7%
STX Jul	-	−3.5%	+3.8%	−7.1%	+1.1%	+1.6%	+9.2%	−36.7%	−11.3%	-
ADI Nov	−0.4%	+49.3%	+18.6%	−3.8%	−6.5%	+30.6%	+64.2%	+2.4%	−23.4%	+16.9%
WDC Jul	-	-	+8.1%	−19.8%	+1.0%	+1.1%	+11.1%	−34.5%	+1.0%	+50.7%
KLAC Jun	-	+16.6%	+16.0%	+13.2%	+27.1%	+19.2%	+33.1%	+13.9%	−6.5%	+23.9%
WDAY Jan	-	+36.1%	+36.1%	+31.7%	+28.5%	+19.0%	+19.0%	+21.0%	+16.8%	+16.4%
NOW Dec	+38.3%	+37.9%	+36.0%	+32.6%	+30.6%	+30.5%	+22.9%	+23.8%	+22.4%	+20.9%
Peer median	+36.6%	+32.0%	+18.6%	+12.1%	+1.1%	+24.9%	+22.9%	+13.9%	+1.0%	+18.9%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSI Dec	47.5%	47.4%	47.4%	49.8%	48.7%	49.4%	46.4%	49.8%	51.0%	51.7%
ANET Dec	64.0%	64.5%	63.8%	64.1%	63.9%	63.8%	61.1%	61.9%	64.1%	64.1%
PANW Jul	73.2%	72.6%	71.6%	72.1%	70.7%	70.0%	68.8%	72.3%	74.3%	73.4%
NXPI Dec	42.8%	49.9%	51.6%	52.0%	49.2%	54.8%	56.9%	56.9%	56.4%	54.7%
STX Jul	-	-	-	-	-	-	-	-	-	-
ADI Nov	65.1%	60.4%	68.3%	67.0%	65.9%	61.8%	62.7%	64.0%	57.1%	61.5%
WDC Jul	-	31.8%	37.3%	22.6%	22.6%	26.7%	31.3%	22.2%	28.1%	38.8%
KLAC Jun	-	-	-	-	-	-	-	-	-	-
WDAY Jan	-	-	-	-	-	-	-	-	-	-
NOW Dec	71.3%	73.4%	76.1%	77.0%	78.2%	77.1%	78.3%	78.6%	79.2%	77.5%
Peer median	65.1%	62.4%	66.1%	65.5%	64.9%	62.8%	61.9%	63.0%	60.6%	62.8%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSI Dec	17.4%	20.1%	17.1%	20.0%	18.7%	20.4%	18.2%	23.0%	24.8%	25.6%
ANET Dec	21.6%	28.6%	12.7%	33.4%	30.2%	31.4%	34.9%	38.5%	42.0%	42.8%
PANW Jul	−11.4%	−9.4%	−4.6%	−1.9%	−5.3%	−7.1%	−3.4%	5.6%	8.5%	13.5%
NXPI Dec	−1.6%	22.7%	28.8%	7.2%	4.9%	23.3%	28.8%	27.6%	27.1%	24.8%
STX Jul	4.0%	9.8%	14.6%	14.3%	12.4%	14.0%	16.8%	−4.6%	6.9%	-
ADI Nov	30.0%	22.2%	30.5%	28.6%	26.7%	23.1%	27.3%	31.1%	21.6%	26.6%
WDC Jul	-	10.2%	17.5%	0.5%	2.0%	7.2%	12.7%	−8.8%	−6.4%	24.5%
KLAC Jun	-	-	-	-	-	-	-	-	-	-
WDAY Jan	−21.6%	−22.4%	−14.1%	−16.4%	−13.8%	−5.8%	−2.3%	−3.6%	2.5%	4.9%
NOW Dec	−27.5%	−3.3%	−1.6%	1.2%	4.4%	4.4%	4.9%	8.5%	12.4%	13.7%
Peer median	−1.6%	10.0%	13.7%	4.2%	4.6%	10.6%	14.7%	7.1%	10.5%	24.5%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSI Dec	9.3%	−2.4%	13.2%	11.0%	12.8%	15.2%	15.0%	17.1%	14.6%	18.4%
ANET Dec	16.3%	25.7%	15.3%	35.7%	27.4%	28.5%	30.9%	35.6%	40.7%	39.0%
PANW Jul	−14.0%	−11.5%	−5.4%	−2.8%	−7.8%	−11.7%	−4.9%	6.4%	32.1%	12.3%
NXPI Dec	2.1%	23.9%	23.5%	2.7%	0.6%	16.9%	21.1%	21.1%	19.9%	16.5%
STX Jul	2.2%	7.2%	10.6%	19.4%	9.6%	12.3%	14.1%	−7.2%	5.1%	-
ADI Nov	25.2%	15.4%	24.2%	22.8%	21.8%	19.0%	22.9%	26.9%	17.3%	20.6%
WDC Jul	-	2.1%	3.3%	−4.6%	−1.5%	4.9%	8.2%	−26.9%	−12.6%	19.8%
KLAC Jun	23.6%	26.6%	19.9%	25.7%	21.0%	30.0%	36.1%	32.3%	28.1%	33.4%
WDAY Jan	−23.8%	−24.4%	−15.0%	−14.8%	−13.3%	−6.5%	0.6%	−5.9%	19.0%	6.2%
NOW Dec	−29.8%	−6.0%	−1.0%	18.1%	2.6%	3.9%	4.5%	19.3%	13.0%	13.2%
Peer median	2.2%	7.2%	10.6%	18.1%	2.6%	12.3%	14.1%	19.3%	19.0%	18.2%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSI Dec	$894.0M	$1.1B	$878.0M	$1.6B	$1.4B	$1.6B	$1.6B	$1.8B	$2.1B	$2.6B
ANET Dec	$152.9M	$616.3M	$479.3M	$947.3M	$719.7M	$951.1M	$448.2M	$2.0B	$3.7B	$4.3B
PANW Jul	$586.1M	$705.4M	$926.1M	$924.4M	$821.3M	$1.4B	$1.8B	$2.6B	$3.1B	$3.5B
NXPI Dec	$1.9B	$1.9B	$3.8B	$1.8B	$2.1B	$2.3B	$2.8B	$2.7B	$2.1B	$2.4B
STX Jul	$1.1B	$1.5B	$1.7B	$1.2B	$1.1B	$1.1B	$1.3B	$626.0M	$664.0M	-
ADI Nov	$1.2B	$950.3M	$2.2B	$2.0B	$1.8B	$2.4B	$3.8B	$3.6B	$3.1B	$4.3B
WDC Jul	$1.4B	$2.9B	$3.4B	$671.0M	$177.0M	$752.0M	$758.0M	−$1.2B	−$781.0M	$1.3B
KLAC Jun	$728.0M	$1.0B	$1.2B	$1.0B	$1.6B	$2.0B	$3.0B	$3.3B	$3.0B	$3.7B
WDAY Jan	$125.0M	$229.8M	$324.2M	$404.2M	-	-	-	$1.3B	$1.9B	$2.2B
NOW Dec	$53.5M	$492.4M	$586.6M	$971.0M	$1.4B	$1.8B	$2.2B	$2.7B	$3.4B	$4.6B
Peer median	$728.0M	$950.3M	$1.2B	$971.0M	$1.2B	$1.6B	$2.0B	$2.6B	$3.0B	$3.6B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSI Dec	14.8%	17.5%	12.0%	20.0%	18.8%	19.5%	17.2%	17.9%	19.7%	22.0%
ANET Dec	13.5%	37.4%	22.3%	39.3%	31.1%	32.3%	10.2%	34.1%	52.5%	47.2%
PANW Jul	42.5%	40.0%	40.7%	31.9%	24.1%	32.6%	32.6%	38.2%	38.6%	37.6%
NXPI Dec	20.2%	20.5%	39.9%	20.8%	24.3%	20.9%	21.4%	20.2%	16.3%	19.7%
STX Jul	9.8%	13.8%	15.6%	11.2%	10.7%	10.6%	10.9%	8.5%	10.1%	-
ADI Nov	34.0%	18.1%	35.1%	33.0%	32.9%	32.7%	31.4%	28.9%	33.1%	38.8%
WDC Jul	-	15.0%	16.3%	4.0%	1.1%	4.4%	4.0%	−19.6%	−12.4%	13.4%
KLAC Jun	24.4%	29.9%	28.8%	22.4%	28.0%	28.2%	32.6%	31.7%	30.9%	30.8%
WDAY Jan	10.8%	14.6%	15.1%	14.3%	-	-	-	20.8%	26.4%	26.0%
NOW Dec	3.8%	25.5%	22.5%	28.1%	30.3%	30.5%	30.0%	30.1%	31.1%	34.5%
Peer median	16.8%	20.5%	22.5%	22.4%	26.1%	29.4%	25.7%	28.9%	30.9%	32.6%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSI Dec	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	92.6%	89.4%
ANET Dec	16.6%	25.5%	15.3%	29.7%	19.1%	21.1%	27.7%	28.9%	28.5%	28.4%
PANW Jul	−21.5%	−26.7%	−10.5%	−5.2%	−24.2%	−78.6%	−127.1%	25.2%	49.9%	14.5%
NXPI Dec	1.8%	16.4%	21.0%	2.6%	0.6%	28.7%	37.4%	32.4%	27.3%	20.1%
STX Jul	15.6%	56.6%	71.0%	93.1%	56.2%	n/m	n/m	n/m	n/m	-
ADI Nov	16.7%	7.9%	13.4%	11.6%	10.2%	3.7%	7.5%	9.3%	4.6%	6.7%
WDC Jul	2.2%	3.5%	5.9%	−7.6%	−2.6%	7.6%	12.5%	−15.4%	−7.4%	35.6%
KLAC Jun	102.2%	69.8%	49.5%	44.2%	45.7%	61.5%	n/m	116.0%	82.0%	86.6%
WDAY Jan	−22.4%	−30.1%	−20.3%	−21.4%	−19.3%	−8.6%	0.6%	−6.6%	17.1%	5.8%
NOW Dec	−76.6%	−15.0%	−2.4%	29.5%	4.2%	6.2%	6.5%	22.7%	14.8%	13.5%
Peer median	2.2%	7.9%	13.4%	11.6%	4.2%	6.9%	7.5%	23.9%	22.2%	17.3%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSI Dec	n/m	n/m	n/m	n/m	n/m	n/m	n/m	8.31	3.52	3.80
ANET Dec	-	-	-	-	-	-	-	-	-	-
PANW Jul	0.56	0.69	1.65	0.90	2.80	5.08	17.51	1.14	-	-
NXPI Dec	0.84	0.49	0.70	0.78	0.86	1.63	1.51	1.30	1.35	1.30
STX Jul	2.57	3.68	2.89	1.97	2.34	8.14	8.84	n/m	n/m	-
ADI Nov	0.00	0.03	0.01	0.03	0.00	0.19	0.18	0.20	0.22	0.25
WDC Jul	1.52	1.15	0.97	1.06	1.00	0.81	0.57	0.64	0.69	0.89
KLAC Jun	4.44	2.21	1.38	1.29	1.30	1.02	4.75	2.02	1.75	1.25
WDAY Jan	-	-	-	-	0.51	0.55	0.41	0.53	0.37	0.33
NOW Dec	-	-	-	0.33	0.58	-	-	-	-	0.12
Peer median	1.18	0.92	1.17	0.90	0.93	1.02	1.51	0.89	0.69	0.61

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSI Dec	$3.24	−$0.95	$5.62	$4.95	$5.45	$7.17	$7.93	$9.93	$9.23	$12.75
ANET Dec	$0.16	$0.33	$0.25	$0.67	$0.50	$0.66	$1.07	$1.65	$2.23	$2.75
PANW Jul	−$0.37	−$0.37	−$0.22	−$0.14	−$0.46	−$0.86	−$0.45	$0.64	$3.64	$1.60
NXPI Dec	$0.58	$6.41	$6.72	$0.85	$0.18	$6.79	$10.55	$10.70	$9.73	$7.95
STX Jul	$0.82	$2.58	$4.05	$7.06	$3.79	$5.36	$7.36	−$2.56	$1.58	-
ADI Nov	-	-	-	-	$3.28	$3.46	$5.25	$6.55	$3.28	$4.56
WDC Jul	$1.00	$1.34	$2.20	−$2.58	−$0.84	$2.66	$4.89	−$5.37	−$2.61	$5.12
KLAC Jun	$0.45	$0.59	$0.51	$0.75	$0.77	$1.34	$2.19	$2.42	$2.03	$3.04
WDAY Jan	−$1.45	−$1.94	−$1.55	−$1.93	−$2.12	−$1.19	$0.12	−$1.44	$5.21	$1.95
NOW Dec	−$0.50	−$0.14	−$0.03	$0.64	$0.12	$0.23	$0.32	$1.68	$1.37	$1.67
Peer median	$0.30	$0.46	$0.38	$0.65	$0.18	$1.34	$2.19	$1.65	$2.23	$2.90

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out MSI and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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