Forensic Analysis · Machinery & Fabricated Metal Products · as of Nov 9, 2026

Zebra Technologies Corp (ZBRA)

A forensic read on Zebra Technologies Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Safe

Financial health

3.3

Distress distance

Clean

Earnings quality

Forensic signals

11.7%

ROE

8.3%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Zebra Technologies Corp earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 3.3, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

8.7%

FY2025

Return on invested capital. Return on invested capital is 8.7% in the latest fiscal year, against 7.4% in FY2023, having run between 7.4% and 11.0% across FY2023–FY2025 with no direction held. After-tax operating profit was $426M in FY2023 and $524M in FY2025, with operating income at 10.5% of revenue in FY2023, 14.9% in FY2024 and 13.0% in FY2025. The capital base behind it went from $5.7B in FY2023 to $6.1B in FY2025 (+5%), while the revenue it carried went from $4.6B to $5.4B. Across FY2024–FY2025, $1.5B went into capital expenditure and acquisitions against $139M of depreciation excluding $218M of intangible-asset amortisation. The base is struck net of amortisation, write-downs and the current liabilities that fund it, so it moved by less than that spending net of the wear, and this row does not say which of those absorbed the difference. FY2023's operating profit carried a $98M restructuring charge that alone took about 1.5 points off that year's return, so more than the whole 1.3-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more.

Key fundamentals

Latest Revenue$5.40B

Revenue Growth YoY+8.3%

Revenue CAGR (2yr)+8.5%

Net Margin7.8%

Free Cash Flow$831.0M

Return on Equity11.7%

Debt / Equity0.70x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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