What is Zebra Technologies Corp worth?
With the base-case assumptions below, a discounted cash flow model on Zebra Technologies Corp's reported free cash flow gives $230.75 per share. The share price was $370.04 on September 25, 2026, 60% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -1.0% | 10.0% | $123.27 | -67% |
| Base | 4.0% | 9.0% | $230.75 | -38% |
| Bull | 9.0% | 8.0% | $431.43 | +17% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $307.15 | $330.34 | $358.68 | $394.11 | $439.66 |
| 8.0% | $250.24 | $265.28 | $283.05 | $304.38 | $330.44 |
| 9.0% | $208.60 | $218.88 | $230.75 | $244.59 | $260.94 |
| 10.0% | $176.84 | $184.15 | $192.43 | $201.91 | $212.83 |
| 11.0% | $151.83 | $157.19 | $163.18 | $169.92 | $177.55 |
Where the presets come from
Base: years 1 to 5 grow at Zebra Technologies Corp's revenue growth rate over the last 5 fiscal years (3.9% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions