ZEBRA TECHNOLOGIES CORP (ZBRA)

General Industrial Machinery & Equipment

Latest Price

$293.82

TTM P/E

Normalized P/E

32.66

Div Yield

Book Value

70.79

P/B Ratio

4.15

Valuation metrics

EPS: $8.18

Book value / share: $70.06

Formula: √(22.5 × EPS × BVPS)

Graham Number

$113.56

61% downside

Norm. op. income: $692M (median of 7yr)

Tax rate: 14%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$73.18

75% downside

Base FCF: $893M (median of recent 5yr)

Growth: -0%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$161.96

45% downside

EPS: $8.18

Target P/E: 33×

Formula: EPS × P/E

P/E Fair Value

$269.94

8% downside

91.7% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	4.20M	$878.0M	8.57%	+286.5K	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	3.20M	$669.0M	6.53%	--	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	2.80M	$586.0M	5.72%	--	2026-03-31
STATE STREET CORP	2.16M	$451.0M	4.40%	-105.9K	2026-03-31
NORDEA INVESTMENT MANAGEMENT AB	2.02M	$413.0M	4.12%	+143.3K	2026-03-31
Invesco Ltd.	1.53M	$319.0M	3.12%	-272.0K	2026-03-31
Boston Partners	1.47M	$307.0M	3.00%	+367.4K	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	1.34M	$279.0M	2.73%	+1.6K	2026-03-31
Alyeska Investment Group, L.P.	1.32M	$276.0M	2.70%	+767.7K	2026-03-31
Focus Partners Wealth	1.13M	$237.0M	2.31%	+590.7K	2026-03-31