Zebra Technologies stock forecast 2027–2029
MyStockButler's October 2026 analysis: Zebra Technologies' weighted forecast is $340.25 in October 2027 and $416.53 in October 2029. Zebra Technologies' forecast hinges on normalized earnings, refinancing and repeatable growth.
Where could Zebra Technologies' shares be by 2029?
The weighted price is $340.25 in October 2027, a -12% return including dividends. It reaches $416.53 in October 2029, a +8% return. Bear probability is 28%; base probability is 52%. Bull probability is 20%.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 28 % | 197.93 (-49 %) | 213.59 (-45 %) | 227.16 (-41 %) |
| Base | 52 % | 360.38 (-7 %) | 388.77 (+1 %) | 406.88 (+5 %) |
| Bull | 20 % | 487.19 (+26 %) | 587.99 (+52 %) | 706.72 (+83 %) |
| Weighted | 100 % | 340.25 (-12 %) | 379.56 (-2 %) | 416.53 (+8 %) |
What this means. The weighted row is a probability-based average of the three cases, not a separate outcome that is guaranteed to happen.
What has to go right or wrong for Zebra Technologies?
Deferred upgrades, channel destocking and memory-cost pressure define the bear case. Accepted pricing, repeat RFID and machine-vision deployments, Elo cross-selling and stronger cash conversion define the bull case. Third-quarter results on November 3, 2026 test memory availability, pricing and shipment growth. Planned refinancing before May 25, 2027 tests cash flexibility and buybacks. Accepted orders, shipments and collected cash must show growth beyond acquisitions, currency and temporary benefits.
How much cash does Zebra Technologies really make?
Capital spending was $86 million in 2025. Subtracting $163 million of equity-settled stock pay produces an analytical “real free cash flow” of $668 million, which recognises dilution even though Zebra paid no cash for that compensation. The accounts do not cleanly separate maintenance spending from growth spending.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 917 | 1,013 | -4 | 488 | 1,069 |
| Of which, freed from working capital | 67 | 250 | 40 | 76 | |
| Of which, tied up in working capital | 524 | ||||
| − Capital spending | 86 | 59 | 87 | 75 | 59 |
| = Free cash flow | 831 | 954 | -91 | 413 | 1,010 |
| − Stock pay | 163 | 89 | 55 | 88 | 76 |
| = Real free cash flow | 668 | 865 | -146 | 325 | 934 |
What this means. The company's own free cash flow matches our count, but we subtract stock pay because shares given to employees reduce existing shareholders' ownership even though no cash leaves the company.
What does an investor pay for Zebra Technologies?
The trailing price-to-earnings ratio uses recent earnings; the forward ratio uses an estimate of future earnings. The large gap between Zebra’s two multiples says investors expect a much stronger earnings base. But the forward figure appears close to management’s 2026 non-GAAP guidance. Non-GAAP earnings exclude selected costs such as amortization, share-based compensation and acquisition expenses, so the two earnings measures may not be comparable.
| Today (Oct 24, 2026) | |
|---|---|
| Share price | 386.45 |
| Market value (calculated) | 18,283.20 |
| Enterprise value (calculated) | 20,902.20 |
| P/E, last 12 months (calculated) | 35.4x |
| P/E, next 12 months (calculated) | 18.3x |
| EV / revenue, last 12 months (calculated) | 3.6x |
What this means. These figures mix today's share price with company financial numbers from July, so they do not all describe the company on the same date.