ZBRAZebra Technologies

Technology · Industrial Machinery · Nasdaq

We are a global leader in the Automatic Identification and Data Capture (“AIDC”) industry. 10-K, Item 1

Employees: 10,700
Headquarters: Lincolnshire, IL
CEO: Bill Burns
Next results: around Feb 11, 2027

ZBRA and 9 peers, year by year

The 9 Technology companies closest to ZBRA 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
ZBRA Zebra Technologies	FY2025	$5.4B	+8.3%	48.1%	13.0%	7.8%	15.4%	11.7%	0.70
CDNS Cadence Design Systems	FY2025	$5.3B	+14.1%	-	28.2%	20.9%	30.0%	20.3%	0.45
CIEN Ciena	FY2025	$4.8B	+18.8%	42.0%	4.1%	2.6%	13.9%	4.5%	0.56
ON ON Semiconductor	FY2025	$6.0B	−15.3%	33.1%	1.4%	2.0%	23.7%	1.6%	0.39
IT Gartner	FY2025	$6.5B	+3.7%	68.8%	15.8%	11.2%	-	n/m	9.32
TWLO Twilio	FY2025	$5.1B	+13.7%	48.9%	3.1%	0.7%	-	0.4%	0.13
TDY Teledyne Technologies	FY2025	$6.1B	+7.9%	-	18.8%	14.6%	17.6%	8.5%	0.24
KEYS Keysight Technologies	FY2025	$5.4B	+8.0%	-	16.3%	15.8%	23.8%	14.5%	0.43
MCHP Microchip Technology	FY2026	$4.7B	+7.1%	57.7%	10.4%	4.9%	18.5%	3.6%	0.85
Q Qnity Electronics	FY2025	$4.8B	+9.7%	-	-	14.6%	20.8%	9.8%	0.58

Revenuepeer median $5.3B

Sales growthpeer median +8.0%

Gross marginpeer median 48.9%

IT 68.8%
MCHP 57.7%
TWLO 48.9%
ZBRA 48.1%
CIEN 42.0%
ON 33.1%
CDNS -
TDY -
KEYS -
Q -

Operating marginpeer median 13.1%

Net marginpeer median 11.2%

FCF marginpeer median 20.8%

Return on equitypeer median 6.5%

Debt / equitypeer median 0.45

IT 9.32
MCHP 0.85
ZBRA 0.70
Q 0.58
CIEN 0.56
CDNS 0.45
KEYS 0.43
ON 0.39
TDY 0.24
TWLO 0.13

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
ZBRA Dec	$3.6B	$3.7B	$4.2B	$4.5B	$4.4B	$5.6B	$5.8B	$4.6B	$5.0B	$5.4B
CDNS Dec	$1.8B	$1.9B	$2.1B	$2.3B	$2.7B	$3.0B	$3.6B	$4.1B	$4.6B	$5.3B
CIEN Nov	-	$2.8B	$3.1B	$3.6B	$3.5B	$3.6B	$3.6B	$4.4B	$4.0B	$4.8B
ON Dec	$3.9B	$5.5B	$5.9B	$5.5B	$5.3B	$6.7B	$8.3B	$8.3B	$7.1B	$6.0B
IT Dec	$2.4B	$3.3B	$4.0B	$4.2B	$4.1B	$4.7B	$5.5B	$5.9B	$6.3B	$6.5B
TWLO Dec	$277.3M	$399.0M	$650.1M	$1.1B	$1.8B	$2.8B	$3.8B	$4.2B	$4.5B	$5.1B
TDY Dec	$2.1B	$2.6B	$2.9B	$3.2B	$3.1B	$4.6B	$5.5B	$5.6B	$5.7B	$6.1B
KEYS Oct	$2.9B	$3.2B	$3.9B	$4.3B	$4.2B	$4.9B	$5.4B	$5.5B	$5.0B	$5.4B
MCHP Mar	$2.2B	$3.4B	$4.0B	$5.3B	$5.3B	$5.4B	$6.8B	$8.4B	$7.6B	$4.4B
Q Dec	-	-	-	-	-	-	-	$4.0B	$4.3B	$4.8B
Peer median	$2.2B	$3.0B	$3.5B	$3.9B	$3.8B	$4.7B	$5.4B	$5.5B	$5.0B	$5.3B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ZBRA Dec	−2.1%	+4.1%	+13.3%	+6.3%	−0.8%	+26.5%	+2.7%	−20.7%	+8.7%	+8.3%
CDNS Dec	+6.7%	+7.0%	+10.0%	+9.3%	+14.8%	+11.4%	+19.2%	+14.8%	+13.5%	+14.1%
CIEN Nov	-	-	+10.4%	+15.4%	−1.1%	+2.5%	+0.3%	+20.8%	−8.5%	+18.8%
ON Dec	+11.8%	+41.9%	+6.0%	−6.1%	−4.8%	+28.3%	+23.5%	−0.9%	−14.2%	−15.3%
IT Dec	+13.0%	+35.5%	+20.1%	+6.8%	−3.4%	+15.5%	+15.7%	+7.9%	+6.1%	+3.7%
TWLO Dec	+66.1%	+43.9%	+62.9%	+74.5%	+55.3%	+61.3%	+34.6%	+8.6%	+7.3%	+13.7%
TDY Dec	−6.4%	+21.1%	+11.4%	+9.0%	−2.4%	+49.5%	+18.3%	+3.2%	+0.6%	+7.9%
KEYS Oct	+2.2%	+9.3%	+21.6%	+11.0%	−1.9%	+17.1%	+9.7%	+0.8%	−8.9%	+8.0%
MCHP Mar	-	+56.8%	+16.8%	+34.4%	−1.4%	+3.1%	+25.4%	+23.7%	−9.5%	−42.3%
Q Dec	-	-	-	-	-	-	-	-	+7.4%	+9.7%
Peer median	+9.2%	+35.5%	+14.1%	+10.1%	−1.7%	+16.3%	+18.7%	+8.2%	+0.6%	+8.0%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ZBRA Dec	45.9%	45.9%	47.0%	46.8%	45.0%	46.7%	45.4%	46.3%	48.4%	48.1%
CDNS Dec	-	-	-	-	-	-	-	-	-	-
CIEN Nov	-	44.5%	42.5%	43.2%	46.8%	47.6%	43.0%	42.8%	42.8%	42.0%
ON Dec	33.3%	36.7%	38.1%	35.8%	32.7%	40.3%	49.0%	47.1%	45.4%	33.1%
IT Dec	-	-	-	-	-	-	69.7%	68.3%	68.3%	68.8%
TWLO Dec	56.5%	54.2%	53.7%	53.7%	52.0%	48.9%	47.4%	49.2%	51.1%	48.9%
TDY Dec	-	-	-	-	-	-	-	-	-	-
KEYS Oct	-	-	-	-	-	-	-	-	-	-
MCHP Mar	55.5%	51.6%	60.8%	54.8%	61.5%	62.1%	65.2%	67.5%	65.4%	56.1%
Q Dec	-	-	-	-	-	-	-	-	-	-
Peer median	55.5%	48.0%	48.1%	48.4%	49.4%	48.2%	49.0%	49.2%	51.1%	48.9%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ZBRA Dec	2.2%	8.7%	14.5%	15.4%	14.6%	17.4%	9.2%	10.5%	14.9%	13.0%
CDNS Dec	13.5%	16.7%	18.5%	21.1%	24.1%	26.1%	30.1%	30.6%	29.1%	28.2%
CIEN Nov	-	7.7%	7.4%	9.7%	13.8%	13.7%	6.1%	8.2%	4.1%	4.1%
ON Dec	6.3%	12.3%	14.4%	7.8%	6.6%	19.1%	28.3%	30.8%	25.0%	1.4%
IT Dec	12.5%	−0.2%	6.5%	8.7%	12.0%	19.3%	20.1%	20.9%	18.4%	15.8%
TWLO Dec	−14.9%	−16.6%	−17.7%	−32.6%	−28.0%	−32.2%	−31.5%	−21.1%	−1.2%	3.1%
TDY Dec	11.2%	12.4%	14.4%	15.5%	15.6%	13.5%	17.8%	18.4%	17.4%	18.8%
KEYS Oct	13.9%	4.6%	−10.2%	16.5%	18.1%	21.9%	24.6%	24.9%	16.7%	16.3%
MCHP Mar	16.2%	8.1%	23.5%	13.4%	12.3%	18.4%	27.1%	36.9%	33.7%	6.7%
Q Dec	-	-	-	-	-	-	-	-	-	-
Peer median	12.5%	7.9%	10.9%	11.5%	13.0%	18.7%	22.4%	22.9%	17.9%	11.3%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ZBRA Dec	−3.8%	0.5%	10.0%	12.1%	11.3%	14.9%	8.0%	6.5%	10.6%	7.8%
CDNS Dec	11.2%	10.5%	16.2%	42.3%	22.0%	23.3%	23.8%	25.5%	22.7%	20.9%
CIEN Nov	-	45.0%	−11.1%	7.1%	10.2%	13.8%	4.2%	5.8%	2.1%	2.6%
ON Dec	4.7%	14.6%	10.7%	3.8%	4.5%	15.0%	22.8%	26.5%	22.2%	2.0%
IT Dec	7.9%	0.1%	3.1%	5.5%	6.5%	16.8%	14.8%	14.9%	20.0%	11.2%
TWLO Dec	−14.9%	−16.0%	−18.8%	−27.1%	−27.9%	−33.4%	−32.8%	−24.4%	−2.5%	0.7%
TDY Dec	8.9%	8.7%	11.5%	12.7%	13.0%	9.7%	14.4%	15.7%	14.4%	14.6%
KEYS Oct	11.5%	3.2%	4.3%	14.4%	14.9%	18.1%	20.7%	19.3%	12.3%	15.8%
MCHP Mar	14.9%	4.8%	6.4%	6.7%	10.8%	6.4%	18.8%	26.5%	25.0%	0.0%
Q Dec	-	-	-	-	-	-	-	12.6%	16.0%	14.6%
Peer median	8.9%	6.8%	5.3%	6.9%	10.5%	14.4%	16.8%	15.7%	16.0%	11.2%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ZBRA Dec	$303.0M	$428.0M	$721.0M	$624.0M	$895.0M	$1.0B	$413.0M	−$91.0M	$954.0M	$831.0M
CDNS Dec	$391.2M	$412.8M	$543.2M	$655.0M	$810.1M	$1.0B	$1.1B	$1.2B	$1.1B	$1.6B
CIEN Nov	-	$140.3M	$161.6M	$350.6M	$411.0M	$462.1M	−$258.6M	$62.1M	$377.9M	$665.3M
ON Dec	$370.4M	$706.7M	$759.4M	$160.1M	$500.7M	$1.3B	$1.6B	$438.4M	$1.2B	$1.4B
IT Dec	-	-	-	-	-	-	-	-	-	-
TWLO Dec	−$4.1M	−$12.5M	$2.9M	−$31.3M	$6.8M	−$104.2M	-	-	-	-
TDY Dec	$229.4M	$316.2M	$360.1M	$393.7M	$547.5M	$723.0M	$394.2M	$721.2M	$1.1B	$1.1B
KEYS Oct	$329.0M	$256.0M	$423.0M	$878.0M	$899.0M	$1.1B	$959.0M	$1.2B	$898.0M	$1.3B
MCHP Mar	$737.3M	$1.0B	$1.2B	$1.4B	$1.5B	$1.8B	$2.5B	$3.1B	$2.6B	$772.1M
Q Dec	-	-	-	-	-	-	-	$651.0M	$861.0M	$988.0M
Peer median	$349.7M	$316.2M	$423.0M	$393.7M	$547.5M	$1.0B	$1.0B	$721.2M	$1.1B	$1.1B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ZBRA Dec	8.5%	11.5%	17.1%	13.9%	20.1%	17.9%	7.1%	−2.0%	19.2%	15.4%
CDNS Dec	21.5%	21.2%	25.4%	28.0%	30.2%	34.7%	31.4%	30.5%	24.1%	30.0%
CIEN Nov	-	5.0%	5.2%	9.8%	11.6%	12.8%	−7.1%	1.4%	9.4%	13.9%
ON Dec	9.5%	12.7%	12.9%	2.9%	9.5%	19.8%	19.2%	5.3%	17.1%	23.7%
IT Dec	-	-	-	-	-	-	-	-	-	-
TWLO Dec	−1.5%	−3.1%	0.4%	−2.8%	0.4%	−3.7%	-	-	-	-
TDY Dec	10.7%	12.1%	12.4%	12.4%	17.7%	15.7%	7.2%	12.8%	19.5%	17.6%
KEYS Oct	11.3%	8.0%	10.9%	20.4%	21.3%	23.2%	17.7%	22.2%	18.0%	23.8%
MCHP Mar	33.9%	30.8%	30.5%	27.0%	28.0%	33.5%	36.3%	37.1%	34.2%	17.5%
Q Dec	-	-	-	-	-	-	-	16.1%	19.9%	20.8%
Peer median	11.0%	12.1%	12.4%	12.4%	17.7%	19.8%	18.4%	16.1%	19.5%	20.8%

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
ZBRA Dec	−17.3%	2.0%	31.5%	29.6%	23.5%	28.0%	16.9%	9.7%	14.7%	11.7%
CDNS Dec	27.4%	20.6%	26.8%	47.0%	23.7%	25.4%	30.9%	30.6%	22.6%	20.3%
CIEN Nov	-	59.1%	−17.9%	11.7%	14.4%	16.6%	5.6%	8.9%	3.0%	4.5%
ON Dec	10.0%	29.2%	19.8%	6.4%	6.6%	22.0%	30.7%	28.1%	17.9%	1.6%
IT Dec	n/m	0.3%	14.4%	24.9%	24.5%	n/m	n/m	129.7%	92.2%	n/m
TWLO Dec	−12.5%	−17.7%	−27.8%	−7.2%	−5.8%	−8.6%	−11.9%	−10.4%	−1.4%	0.4%
TDY Dec	12.3%	11.7%	15.0%	14.8%	12.4%	5.8%	9.7%	9.6%	8.6%	8.5%
KEYS Oct	22.1%	4.4%	6.8%	20.7%	19.0%	23.6%	27.0%	22.7%	12.0%	14.5%
MCHP Mar	n/m	5.0%	7.8%	6.7%	10.2%	6.5%	21.8%	34.4%	28.6%	0.0%
Q Dec	-	-	-	-	-	-	-	4.5%	6.5%	9.8%
Peer median	12.3%	8.3%	11.1%	13.2%	13.4%	16.6%	21.8%	22.7%	12.0%	6.5%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ZBRA Dec	3.34	2.61	1.19	0.14	0.58	0.33	0.74	0.73	0.61	0.70
CDNS Dec	-	-	-	-	-	-	-	-	-	0.45
CIEN Nov	-	0.18	0.36	0.32	0.27	0.22	0.39	0.55	0.55	0.56
ON Dec	2.09	1.14	0.93	1.14	1.01	0.71	0.52	0.43	0.38	0.39
IT Dec	11.41	3.33	2.68	2.33	1.81	6.64	10.81	3.61	1.81	9.32
TWLO Dec	-	-	0.00	-	0.04	0.09	0.09	0.10	0.12	0.13
TDY Dec	0.33	0.55	0.34	0.31	0.24	0.54	0.48	0.35	0.28	0.24
KEYS Oct	0.72	0.88	0.53	0.60	0.54	0.47	0.43	0.39	0.35	0.43
MCHP Mar	n/m	0.90	0.94	1.95	1.70	1.67	1.30	0.99	0.90	0.80
Q Dec	-	-	-	-	-	-	-	-	0.00	0.58
Peer median	1.41	0.89	0.53	0.87	0.54	0.54	0.48	0.43	0.37	0.45

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
ZBRA Dec	−$2.65	$0.32	$7.76	$9.97	$9.35	$15.52	$8.80	$5.72	$10.18	$8.18
CDNS Dec	$0.70	$0.73	$1.23	$3.53	$2.11	$2.50	$3.09	$3.82	$3.85	$4.06
CIEN Nov	-	$7.53	−$2.49	$1.61	$2.32	$3.19	$1.00	$1.71	$0.58	$0.85
ON Dec	$0.43	$1.89	$1.44	$0.51	$0.56	$2.27	$4.25	$4.89	$3.63	$0.29
IT Dec	$2.31	$0.04	$1.33	$2.56	$2.96	$9.21	$9.96	$11.08	$16.00	$9.65
TWLO Dec	−$0.78	−$0.70	−$1.26	−$2.36	−$3.35	−$5.45	−$6.86	−$5.54	−$0.66	$0.21
TDY Dec	$5.37	$6.26	$9.01	$10.73	$10.62	$10.05	$16.53	$18.49	$17.21	$18.88
KEYS Oct	$1.95	$0.56	$0.86	$3.25	$3.31	$4.78	$6.18	$5.91	$3.51	$4.91
MCHP Mar	$0.74	$0.35	$0.52	$0.71	$1.11	$0.65	$2.27	$4.02	$3.48	−$0.01
Q Dec	-	-	-	-	-	-	-	$2.42	$3.31	$3.30
Peer median	$0.74	$0.65	$1.04	$2.08	$2.21	$2.84	$3.67	$4.02	$3.51	$3.30

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 ZBRA 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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