What is Zebra Technologies Corporation (ZBRA) DCF Fair Value and Intrinsic Value in 2026?

Zebra Technologies Corporation (ZBRA) intrinsic value is calculated using conservative multi-stage Discounted Cash Flow (DCF) models, 5-year free cash flow trajectories, Graham Numbers, and owner earnings multiples. LocalAlpha tracks real-time margin of safety against live market prices.

What is Zebra Technologies Corporation's historical Return on Invested Capital (ROIC) and Moat Rating?

Zebra Technologies Corporation operates in the Technology sector (Computer Hardware) with an economic moat rating of NARROW. LocalAlpha tracks 5-year audited quarterly ROIC, operating margin stability, and balance sheet solvency ratios.

What is Zebra Technologies Corporation's financial health rating and Piotroski F-Score?

Zebra Technologies Corporation's balance sheet quality is evaluated using the 9-point Piotroski F-Score, Altman Z-Score solvency model, debt-to-equity ratio, and quick/current liquidity coverage to guard against financial distress.

How does LocalAlpha monitor Zebra Technologies Corporation (ZBRA) for quarterly SEC filing thesis breaks?

LocalAlpha audits Zebra Technologies Corporation's 10-K, 10-Q, and 8-K regulatory filings on SEC EDGAR within 15 minutes of release. If reported metrics breach an investor's custom ROIC floor, operating margin boundary, or qualitative risk criteria, an autonomous breach audit is dispatched immediately.

StocksZBRA

ZBRA

Zebra Technologies CorporationTechnology / Communication EquipmentINTACT

Zebra Technologies Corporation, together with its subsidiaries, operates in the automatic identification and data capture solutions industry worldwide. It operates in two segments, Connected Frontline, and Asset Visibility and Automation. The company designs, manufactures, and sells printers that produce labels, wristbands, tickets, receipts, and plastic cards; dye-sublimination thermal card printers that produce images, which are used for personal identification, access control, and financial transactions; radio frequency identification device (RFID) printers that encode data into passive RFID transponders; accessories and options for printers, including carrying cases, vehicle mounts, and battery chargers; stock and customized thermal labels, receipts, ribbons, plastic cards, and RFID tags for printers; and electronic sensors and temperature-monitoring labels. It also provides various maintenance, technical support, repair, and managed and professional services; fixed readers, RFID enabled mobile computers, and RFID sleds; tags, sensors, exciters, middleware software, and application software; and physical inventory management solutions; rugged and enterprise-grade mobile computing products and accessories, as well as real-time location systems and services. In addition, the company offers barcode scanners and imagers, RFID readers, industrial machine vision cameras, and fixed industrial scanners; point-of-sale solutions, self-serve kiosks, and interactive touchscreen displays; workflow optimization solutions, such as workforce management, workflow execution and task management, and prescriptive analytics, and communications and collaboration solutions; and cloud-based software. The company serves retail and e-commerce, manufacturing, transportation and logistics, healthcare, public sector, and other industries through direct sales force and network of channel partners. The company was founded in 1969 and is headquartered in Lincolnshire, Illinois.

Share Price

$350.37

52W: $199.05 - $386.23

DCF Fair Value

$229.10

-52.9% Premium

Thesis Hub

P/E (TTM)

31.5x

ROIC

16%

Operating Margin

21.3%

FCF Yield

3.5%

Debt / Equity

0.86x

Piotroski Score

8/9

Altman Z-Score

3.61

Market Cap

$16.7B

Price vs. Intrinsic Value Corridor

Overvalued vs DCF ($229.10)

Historical market price overlaid against conservative DCF Fair Value & Benjamin Graham Margin of Safety bands.

Period Return (1Y)

—()

Period Range

$— - $—

DCF Fair Value

$229.10

MOS Buy Target (-25%)

$171.83

Valuation Overlays: DCF Fair Value ($229.10) 25% MOS Buy Target ($171.83) Revised Graham ($249.51) Graham Number ($134.61)

2-Stage Discounted Cash Flow (DCF) Workbench

Conservative intrinsic value model based on owner cash generation over a 10-year investment horizon. Opens with LocalAlpha's baseline assumptions (matching the fair value shown above) — adjust any input to stress-test.

Current Market Price

$350.37

DCF Fair Value

$227.85

-53.8% Premium

Starting Free Cash Flow ($M)$577M

$100M$577M (Reported)$50,000M

Stage 1 Growth (Years 1-5)10.7%

-5%10% (Target)35%

Stage 2 Growth (Years 6-10)4.5%

0%5%20%

Discount Rate (WACC / Hurdle)9.0%

6%9% (Standard)15% (High Risk)

Terminal Perpetual Growth2.5%

1% (GDP Floor)2.5% (Inflation)4.0%

Net Debt ($M)$2,800M

-$100B CashBalance Sheet+$150B Debt

10-Yr PV of Cash Flows

$5.8B

PV of Terminal Value

$8.0B

Implied Enterprise Value

$13.7B

Implied Equity Value

$10.9B

Year	Yr 1	Yr 2	Yr 3	Yr 4	Yr 5	Yr 6	Yr 7	Yr 8	Yr 9	Yr 10
Projected FCF ($M)	$639	$707	$783	$867	$959	$1,002	$1,047	$1,095	$1,144	$1,195
Present Value (PV)	$586	$595	$604	$614	$623	$598	$573	$549	$527	$505

Benjamin Graham & Buffett Value Models

Classical deep value metrics based on asset backing, normalized earnings power, and owner cash yield.

Graham Number-160.3% Premium

$134.61

Calculated as √(22.5 × EPS × BVPS). The maximum theoretical price a defensive investor should pay based purely on asset book value and current earnings.

EPS: $11.11BVPS: $72.49

Revised Graham Formula-40.4% Premium

$249.51

Formula: V = (EPS × (8.5 + 2g) × 4.4) / Y where g is the conservative 7-10 yr growth rate and Y is AAA Bond Yield.

Growth Rate (g%)

Bond Yield (Y%)

Buffett Owner Earnings3.3% Yield

$11.42 / share

True distributable cash flow: Net Income + D&A - Maintenance CapEx. Reflects the cash Buffett would extract without hurting unit volume.

Total: $0.5BYield: 3.3%

Reverse DCF: Market Growth Expectation

FAIR BARRIER

10.6% CAGR (Next 10 Yrs)

At the current price of $350.37, the market is assuming the business will compound Free Cash Flow at 10.6% per year for the next decade with a 9% hurdle rate.

Value Investor Verdict

ℹ Fair expectations: Requires steady execution.

Autonomous Thesis Underwriting

Surveil ZBRA with Mathematical Margin of Safety Rules

Set non-negotiable floor rules for Zebra Technologies Corporation. If a newly filed quarterly 10-Q breaks your ROIC floor, operating margin boundary, or balance sheet leverage rules, receive an autonomous breach audit within 15 minutes.

Buffett Quality

ROIC > 15% • Margin > 15% • D/E < 0.5x

Margin Floor Guard

Current Margin 21.3% • Floor > 10%

Solvency Guard

Altman-Z > 2.6 • Current Ratio > 1.5x

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Frequently Asked Questions: Zebra Technologies Corporation (ZBRA) Intrinsic Valuation

Audited fundamentals, DCF intrinsic value sensitivity, and thesis break detection parameters for Zebra Technologies Corporation.

Based on institutional multi-stage Discounted Cash Flow (DCF) modeling on audited SEC cash flows, Zebra Technologies Corporation has an estimated DCF intrinsic fair value of $229.10 per share compared to its current market price of $350.37. This represents an estimated 52.9% premium over fair value. Additionally, its classic Benjamin Graham Number stands at $134.61.