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 $235.10 per share. The share price was $319.80 on November 10, 2026, 36% 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% | $127.62 | -60% |
| Base | 4.0% | 9.0% | $235.10 | -26% |
| Bull | 9.0% | 8.0% | $435.78 | +36% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $311.51 | $334.70 | $363.04 | $398.47 | $444.01 |
| 8.0% | $254.59 | $269.63 | $287.40 | $308.73 | $334.80 |
| 9.0% | $212.95 | $223.24 | $235.10 | $248.94 | $265.30 |
| 10.0% | $181.19 | $188.50 | $196.79 | $206.26 | $217.19 |
| 11.0% | $156.18 | $161.54 | $167.53 | $174.27 | $181.91 |
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