Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Zebra Technologies Corp.ZBRA · manufacturing | |
|---|---|
| Grade |  Cmiddle fifth of 255 graded peers; percentile 47.2, sampling error 3.0 points; lower is stronger |
| Rank | 121 of 255 |
| Profitability | Bpercentile 23.1 |
| Solvency | Dpercentile 69.9 |
| Growth and financing | Cpercentile 51.3 |
| Reliability | 0.94 AUCfailure model, filers with over $2.67B assets; 95% interval 0.88 to 0.97; 61 events, 2020 to 2025 |
| Peer failure rate | 0.52% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | over $2.67B assetstotal assets $8.5B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: distress |
| Inputs computable | 10 of 14 |
| Graded from | filings received through Feb 12, 2026239 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $382.252026-10-08; market equity $18.1B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 12, 2026; the document on sec.gov.
We are a global leader in the Automatic Identification and Data Capture (“AIDC”) industry. The AIDC market consists of mobile computing, data capture, radio frequency identification devices (“RFID”), thermal barcode printing, and other workflow automation products and services. The Company’s products, services, and software solutions (“offerings”) are proven to help our customers and end-users digitize and automate their workflows to achieve their critical business objectives, including improved productivity and operational efficiency, optimized regulatory compliance, and better customer experiences.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 23.1 | |||||||
| Gross profitability | 30.5% | [1,3] | 21.9% | 19.3 | 275 | 2025-12-31 | |
| Return on invested capital | not computable | 9.7% | |||||
| prior invested-capital observation is 730 days earlier | |||||||
| Accruals ratio | (6.0%) | [1,4-6] | (3.6%) | 33.2 | 308 | 2025-12-31 | |
| Gross margin stability, five years | 1.1 pts | [2-3,7-14] | 2.1 pts | 16.7 | 229 | 2025-12-31 | |
| Solvency, sleeve percentile 69.9 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | 3.30 | [1,15-20] | 3.66 | 46.9 | 244 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.78x | |||||
| latest aligned inputs end 2019-12-31; latest annual assets end 2025-12-31 | |||||||
| Interest coverage | not computable | 5.09x | |||||
| latest aligned inputs end 2021-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 0.97x | [15-16] | 2.25x | 92.9 | 325 | 2025-12-31 | |
| Growth and financing, sleeve percentile 51.3 | |||||||
| Revenue growth, three-year compound | (2.3%) | [2,8,10,12] | 2.1% | 69.0 | 269 | 2025-12-31 | |
| Free cash flow growth, three-year compound | 26.2% | [5,21-27] | 13.9% | 32.6 | 139 | 2025-12-31 | |
| Reinvestment rate | (148.4%) | [15-16,18,21,28-32] | 26.4% | 95.7 | 139 | 2025-12-31 | |
| Asset growth, three years | 4.1% | [1,6,33-34] | 4.4% | 50.7 | 279 | 2025-12-31 | |
| Net share issuance, one year | (4.3%) | [35-36] | 0.01% | 8.3 | 243 | 2026-02-05 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite -0.045; sampling error 3.0 percentile points on 255 peers.
Among 255 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 116 | Huntington Ingalls Industries, Inc. (HII) Huntington Ingalls Industries, Inc. (HII) Cmiddle fifth; percentile 45.3 NYSE · Ship & Boat Building & Repairing market equity $10.4B; last close $265.06 No active warnings; 9 of 14 inputs | 45.3 | C | |
| 117 | Serve Robotics Inc. (SERV) Serve Robotics Inc. (SERV) Cmiddle fifth; percentile 45.7 Nasdaq · General Industrial Machinery & Equipment, NEC market equity $385.8M; last close $4.45 Warnings: dilution; 7 of 14 inputs | 45.7 | C | dilution |
| 118 | Ceco Environmental Corp. (CECO) Ceco Environmental Corp. (CECO) Cmiddle fifth; percentile 46.1 Nasdaq · Industrial & Commercial Fans & Blowers & Air Purifing Equip market equity $3.8B; last close $65.55 No active warnings; 12 of 14 inputs | 46.1 | C | |
| 119 | Dnow Inc. (DNOW) Dnow Inc. (DNOW) Cmiddle fifth; percentile 46.5 NYSE · Oil & Gas Field Machinery & Equipment market equity $2.8B; last close $15.65 Warnings: dilution; 8 of 14 inputs | 46.5 | C | dilution |
| 120 | Symbotic Inc. (SYM) Symbotic Inc. (SYM) Cmiddle fifth; percentile 46.9 Nasdaq · General Industrial Machinery & Equipment, NEC market equity $25.4B; last close $42.04 Warnings: late filer; 7 of 14 inputs | 46.9 | C | late filer |
| 121 | Zebra Technologies Corp. (ZBRA) Zebra Technologies Corp. (ZBRA) Cmiddle fifth; percentile 47.2 Nasdaq · General Industrial Machinery & Equipment market equity $18.1B; last close $382.25 No active warnings; 10 of 14 inputs | 47.2 | C | |
| 122 | Nordson Corp. (NDSN) Nordson Corp. (NDSN) Cmiddle fifth; percentile 47.6 Nasdaq · General Industrial Machinery & Equipment, NEC market equity $18.2B; last close $326.92 No active warnings; 11 of 14 inputs | 47.6 | C | |
| 123 | Optical Cable Corp. (OCC) Optical Cable Corp. (OCC) Cmiddle fifth; percentile 48.0 Nasdaq · Drawing & Insulating of Nonferrous Wire market equity $138.9M; last close $15.61 No active warnings; 8 of 14 inputs | 48.0 | C | |
| 124 | TransDigm Group Inc. (TDG) TransDigm Group Inc. (TDG) Cmiddle fifth; percentile 48.4 NYSE · Aircraft Parts & Auxiliary Equipment, NEC market equity $60.2B; last close $1,089.14 No active warnings; 12 of 14 inputs | 48.4 | C | |
| 125 | Mayville Engineering Company, Inc. (MEC) Mayville Engineering Company, Inc. (MEC) Cmiddle fifth; percentile 48.8 NYSE · Metal Forgings & Stampings market equity $389.4M; last close $15.29 No active warnings; 8 of 14 inputs | 48.8 | C | |
| 126 | Hyliion Holdings Corp. (HYLN) Hyliion Holdings Corp. (HYLN) Cmiddle fifth; percentile 49.2 NYSE · Truck & Bus Bodies market equity $673.3M; last close $3.75 Warnings: short runway, fortress balance sheet; 8 of 14 inputs | 49.2 | C | short runway, fortress balance sheet |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | C | 46.3 | 2204 |
| sector peers, equal sleeves (the grade) | C | 47.2 | 255 |
| same exchange, equal sleeves | C | 48.2 | 1219 |
| sector peers, equal inputs | B/C | 40.9 | 255 |
Each letter is one fifth of the 255 graded peers, about 51 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 19.0% | 13.7% | 54 | hotter than 54 of 100 peers |
| Distance from 52-week high | (1.0%) | (24.3%) | 98 | closer to its high than 98 of 100 peers |
| EBIT to enterprise value | 3.4% | 4.1% | 41 | pricier than 59 of 100 peers |
| Free cash flow yield | 4.6% | 3.4% | 61 | pricier than 39 of 100 peers |
| Book value to price | 0.19 | 0.34 | 24 | pricier than 76 of 100 peers |
| Sales to price | 0.30 | 0.54 | 27 | pricier than 73 of 100 peers |
| Composite equity issuance, five years | (12.2%) | (9.5%) | 40 | more equity-funded than 40 of 100 peers |
| Relative strength against the sector, log excess return | 0.04 | (0.00) | 54 | ahead of 54 of 100 peers |
Inputs: market equity $18.1B; EBIT $700.0M; free cash flow $831.0M; book equity $3.4B; sales $5.4B; debt $2.8B; cash $157.0M[37].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: 4 of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | 5.3% | ✓ pass[4,6] |
| Operating cash flow above zero | $917.0M | ✓ pass[5] |
| Return on assets improved | (2.0 pts) | ✗ fail[4,6,33,38] |
| Operating cash flow exceeds net income | $498.0M | ✓ pass[4-5] |
| Long-term leverage fell | 1.3 pts | ✗ fail[1,6,33,39-40] |
| Current ratio improved | (46.2 pts) | ✗ fail[15-16,31-32] |
| No new shares issued | (4.3%) | ✓ pass[35-36] |
| Gross margin improved | (0.4 pts) | ✗ fail[2-3,7-8] |
| Asset turnover improved | (0.5 pts) | ✗ fail[2,6,8,33] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $157.0M[41] |
| Operating cash flow, four quarters | $979.0M[5,41-45] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 66 |
| 10-Q received Aug 4, 2026 | |
| Median daily dollar volume | $200.0M |
| 63 sessions | |
| Days since newest grade input | 239 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $8.5B | 2025-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $5.4B | 2025-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 3 | gross profit | us-gaap:GrossProfit | $2.6B | 2025-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | $419.0M | 2025-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $917.0M | 2025-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $8.0B | 2024-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 7 | gross profit | us-gaap:GrossProfit | $2.4B | 2024-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 8 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $5.0B | 2024-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 9 | gross profit | us-gaap:GrossProfit | $2.1B | 2023-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 10 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $4.6B | 2023-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 11 | gross profit | us-gaap:GrossProfit | $2.6B | 2022-12-31 | 2025-02-13 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $5.8B | 2022-12-31 | 2025-02-13 | 10-K | filing · viewer · series |
| 13 | gross profit | us-gaap:GrossProfit | $2.6B | 2021-12-31 | 2024-02-15 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $5.6B | 2021-12-31 | 2024-02-15 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $1.8B | 2025-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $1.9B | 2025-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $5.3B | 2025-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 18 | operating income | us-gaap:OperatingIncomeLoss | $700.0M | 2025-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 19 | book equity | us-gaap:StockholdersEquity | $3.6B | 2025-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 20 | liabilities | us-gaap:Liabilities | $4.9B | 2025-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 21 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $86.0M | 2025-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 22 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $1.0B | 2024-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 23 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $59.0M | 2024-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 24 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$4.0M | 2023-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 25 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $87.0M | 2023-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 26 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $488.0M | 2022-12-31 | 2025-02-13 | 10-K | filing · viewer · series |
| 27 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $75.0M | 2022-12-31 | 2025-02-13 | 10-K | filing · viewer · series |
| 28 | depreciation amortization | us-gaap:Depreciation | $71.0M | 2025-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 29 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $560.0M | 2025-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 30 | income tax | us-gaap:IncomeTaxExpenseBenefit | $141.0M | 2025-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 31 | current assets | us-gaap:AssetsCurrent | $2.4B | 2024-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 32 | current liabilities | us-gaap:LiabilitiesCurrent | $1.7B | 2024-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 33 | assets | us-gaap:Assets | $7.3B | 2023-12-31 | 2025-02-13 | 10-K | filing · viewer · series |
| 34 | assets | us-gaap:Assets | $7.5B | 2022-12-31 | 2024-02-15 | 10-K | filing · viewer · series |
| 35 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 49,191,704 | 2026-02-05 | 2026-02-12 | 10-K | filing · viewer · series |
| 36 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 51,379,208 | 2025-02-06 | 2025-02-13 | 10-K | filing · viewer · series |
| 37 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 47,310,660 | 2026-07-28 | 2026-08-04 | 10-Q | filing · viewer · series |
| 38 | net income | us-gaap:NetIncomeLoss | $528.0M | 2024-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 39 | long term debt | us-gaap:LongTermDebtNoncurrent | $2.4B | 2025-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 40 | long term debt | us-gaap:LongTermDebtNoncurrent | $2.1B | 2024-12-31 | 2026-02-12 | 10-K | filing · viewer · series |
| 41 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $157.0M | 2026-07-04 | 2026-08-04 | 10-Q | filing · viewer · series |
| 42 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $387.0M | 2026-07-04 | 2026-08-04 | 10-Q | filing · viewer · series |
| 43 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $176.0M | 2026-04-04 | 2026-05-12 | 10-Q | filing · viewer · series |
| 44 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $560.0M | 2025-09-27 | 2025-10-28 | 10-Q | filing · viewer · series |
| 45 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $325.0M | 2025-06-28 | 2026-08-04 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 47.2 is 7.2 points from the nearest band edge; sampling error is 3.0 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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