ZBRAZEBRA TECHNOLOGIES CORP

General Industrial Machinery & Equipment

Revenue: $5.4B; 8.3% YoY
Operating margin: 13.0%; 13% YoY
EBITDA: $885M; 3.2% YoY
Market cap: $18.7B
Employees: 10,700; $504K revenue each
Net debt / EBITDA: 3.0×; $2.6B net debt
AI in 10-K: 8.4; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
219% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
64% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
54% of assets
Over 40% of assets
Shareholder dissentNo
86% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$504K · 65th pct
Bottom quartile of its SIC industry
Quiet on AINo
8.4 per 10K words · 91st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$18.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5.6B	$5.8B	$4.6B	$5.0B	$5.4B	8.3%
Operating income	$979M	$529M	$481M	$742M	$700M	5.7%
Net income	$837M	$463M	$296M	$528M	$419M	21%
Operating cash flow	$1.1B	$488M	−$4M	$1.0B	$917M	9.5%
Capex	$59M	$75M	$87M	$59M	$86M	46%
Stock-based comp	$76M	$88M	$55M	$89M	$163M	83%
Buybacks	$57M	$751M	$52M	$47M	$587M	1149%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $387K · 4
Open-market sells, 12 mo: $2M · 6
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.