ZBRA
Zebra Technologies Corporation (ZBRA)
Last Price$306.8(2.6%)
Market Cap$16.2B
DCF value
$227.1
Overvalued (DCF value)
(26.0%)
Discount Rate
9.7%
Long-Term Growth Rate
4.0%
Stock quality
7/10
Great

ZBRA DCF Model

Free Cash Flow to Firm Model
NOPAT Model
Free Cash Flow to Equity Model
Net Income Model
Millions
Billions
Dec'20 ActualDec'21 ActualDec'22 ActualDec'23 ActualDec'24 ActualDec'25 EstimateDec'26 EstimateDec'27 EstimateDec'28 EstimateDec'29 EstimateDec'30 EstimateDec'31 EstimateDec'32 EstimateDec'33 EstimateDec'34 EstimateDec'35 Terminal
% growth
4,448.0
(0.8%)
5,627.0
26.5%
5,781.0
2.7%
4,584.0
(20.7%)
4,981.0
8.7%
5,376.6
7.9%
5,704.2
6.1%
6,079.3
6.6%
6,459.4
6.3%
6,842.5
5.9%
7,226.3
5.6%
7,608.4
5.3%
7,986.2
5.0%
8,357.1
4.6%
8,718.2
4.3%
9,067.0
4.0%
651.0
14.6%
979.0
17.4%
1,346.0
23.3%
481.0
10.5%
742.0
14.9%
777.0
14.5%
824.3
14.5%
878.5
14.5%
933.5
14.5%
988.8
14.5%
1,044.3
14.5%
1,099.5
14.5%
1,154.1
14.5%
1,207.7
14.5%
1,259.9
14.5%
1,310.3
14.5%
NOPAT
% effective tax rate
585.9
13.2%
846.5
15.0%
1,145.6
19.8%
426.3
9.3%
617.0
12.4%
646.1
12.0%
685.4
12.0%
730.5
12.0%
776.2
12.0%
822.2
12.0%
868.3
12.0%
914.2
12.0%
959.6
12.0%
1,004.2
12.0%
1,047.6
12.0%
1,089.5
12.0%
% of revenue
146.0
3.3%
187.0
3.3%
204.0
3.5%
176.0
3.8%
172.0
3.5%
193.9
3.6%
205.8
3.6%
219.3
3.6%
233.0
3.6%
246.8
3.6%
260.7
3.6%
274.4
3.6%
288.1
3.6%
301.4
3.6%
314.5
3.6%
327.1
3.6%
% of revenue
(67.0)
(1.5%)
(59.0)
(1.0%)
(75.0)
(1.3%)
(87.0)
(1.9%)
(59.0)
(1.2%)
(78.5)
(1.5%)
(83.3)
(1.5%)
(88.8)
(1.5%)
(94.3)
(1.5%)
(99.9)
(1.5%)
(105.5)
(1.5%)
(111.1)
(1.5%)
(116.6)
(1.5%)
(122.0)
(1.5%)
(127.3)
(1.5%)
(132.4)
(1.5%)
264.0
5.9%
67.0
1.2%
27.0
0.5%
(515.0)
(11.2%)
249.0
5.0%
(103.4)
(1.9%)
(109.7)
(1.9%)
(116.9)
(1.9%)
(124.2)
(1.9%)
(131.6)
(1.9%)
(139.0)
(1.9%)
(146.3)
(1.9%)
(153.6)
(1.9%)
(160.7)
(1.9%)
(167.6)
(1.9%)
(174.3)
(1.9%)
Free Cash Flow to Firm (FCFF)
% of revenue
928.9
20.9%
1,041.5
18.5%
1,301.6
22.5%
0.3
0.0%
979.0
19.7%
658.1
12.2%
698.2
12.2%
744.1
12.2%
790.7
12.2%
837.6
12.2%
884.5
12.2%
931.3
12.2%
977.5
12.2%
1,022.9
12.2%
1,067.1
12.2%
1,109.8
12.2%
% of FCFF used in calculation
83.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Discount period
0.50
1.50
2.50
3.50
4.50
5.50
6.50
7.50
8.50
9.50
Discount factor
0.95
0.87
0.79
0.72
0.66
0.60
0.55
0.50
0.46
0.42
Discounted FCFF (DFCFF)
521.7
607.9
590.7
572.3
552.8
532.3
511.0
489.1
466.7
443.9

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ZBRA DCF Value

DCF Value Calculation

as of Mar 03, 2025
Sum of DFCFF
% share of EV
5,288.5M
39.4%
Terminal Value (TV)
19.6B
Discounted TV
% share of EV
8,138.2M
60.6%
Total Debt
2,326.0M
Shares outstanding
52.9M
FX rate
1.0
26% overvalued

Equity Value Bridge

ZBRA DCF Financials

Revenue
$4,981.0M -> $8,718.2M 5.8% CAGR
Operating Income
$742.0M -> $1,259.9M 5.4% CAGR
FCFF
$979.0M -> $1,067.1M 0.9% CAGR

ZBRA DCF sensitivity

DCF value
Long-term Terminal growth rate
3.0%
3.5%
4.0%
4.5%
5.0%
WACC
9.0%
$230.0
$244.0
$261.0
$282.0
$308.0
9.5%
$210.0
$222.0
$235.0
$251.0
$271.0
9.7%
$204.0
$215.0
$227.0
$242.0
$260.0
10.5%
$178.0
$186.0
$195.0
$205.0
$217.0
11.0%
$165.0
$171.0
$179.0
$187.0
$197.0
DCF value, undervalued / overvalued
Long-term Terminal growth rate
3.0%
3.5%
4.0%
4.5%
5.0%
WACC
9.0%
(25.0%)
(20.0%)
(15.0%)
(8.0%)
0.0%
9.5%
(32.0%)
(28.0%)
(23.0%)
(18.0%)
(12.0%)
9.7%
(34.0%)
(30.0%)
(26.0%)
(21.0%)
(15.0%)
10.5%
(42.0%)
(39.0%)
(36.0%)
(33.0%)
(29.0%)
11.0%
(46.0%)
(44.0%)
(42.0%)
(39.0%)
(36.0%)

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FAQ

What is Zebra Technologies Corporation DCF (discounted cash flow) valuation?

As of Mar 03, 2025, Zebra Technologies Corporation's Discounted Cash Flow (DCF) valuation estimates its share price at $227.1. This suggests it may be overvalued by (26.0%) compared to its current price of around $306.8, using a WACC of 9.7% and growth rates of 4.0%.

What is Zebra Technologies Corporation WACC?

As of Mar 03, 2025, Zebra Technologies Corporation's Weighted Average Cost of Capital (WACC) is approximately 9.7%.

What is Zebra Technologies Corporation Enterprise Value?

As of Mar 03, 2025, Zebra Technologies Corporation's Enterprise Value (EV) is approximately $13.4B. This value reflects the company's total market capitalization plus debt, minus cash and cash equivalents, providing a comprehensive measure of its overall value in the market.