ZEBRA TECHNOLOGIES CORP（ZBRA）の決算・業績分析
ZEBRA TECHNOLOGIES CORPの2025年有価証券報告書をAI分析。売上高$5.4B(+8.3%)。営業利益$700M。Industrials。
目次
ZEBRA TECHNOLOGIES CORPの2025年度 業績サマリー
ZEBRA TECHNOLOGIES CORP（証券コード: ZBRA）の2025年度決算・業績分析。売上高は$5.4B（前年比+8.3%）。営業利益は$700M（前年比-5.7%）。純利益は$419M（前年比-20.6%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
ZEBRA TECHNOLOGIES CORPの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue increased to $5.8B (+2.7% YoY), but operating income fell 46.0% YoY to $529M (XBRL).
- Net debt rose to $1.9B (2.6x EBITDA), despite $751M in share repurchases (XBRL).
- Gross margin remained strong at 45.4%, but net margin declined to 8.0% (-44.7% YoY) (XBRL).
ZEBRA TECHNOLOGIES CORPの売上高変化の要因
- •Revenue grew to $5.8B (+2.7% YoY), but the 5-year CAGR of 1.7% suggests moderate growth. The historical time series shows revenue peaked at $5.8B in FY2024 before declining to $4.6B in FY2025 (XBRL). Operating income fell sharply to $529M (-46.0% YoY), reflecting challenges in cost management or margin compression. The company's product portfolio includes mobile computing devices, barcode scanners, RFID readers, printers, and cloud-based software subscriptions (10-K).
ZEBRA TECHNOLOGIES CORPの営業利益変化の要因
- •Gross margin held at 45.4%, but operating margin declined to 9.2% (-46.0% YoY) and net margin to 8.0% (-44.7% YoY) (XBRL). EBITDA of $733M (12.7%) indicates strong pre-interest profitability. The 5-year CAGR for operating income is -4.6%, and net income CAGR is -6.8%, signaling long-term margin pressures (XBRL).
ZEBRA TECHNOLOGIES CORPの事業リスクと対応
Acquisition integration risks may cause operational disruptions (10-K).
Inability to consummate future acquisitions could harm growth (10-K).
Intense competition may erode market position (10-K).
Difficulty adapting to evolving technology and customer demands (10-K).
Complexity from growth and acquisitions may strain operations (10-K).
ZEBRA TECHNOLOGIES CORPの事業内容
Zebra Technologies Corp (ZBRA) is a global leader in Automatic Identification and Data Capture (AIDC), designing, manufacturing, and selling AIDC products, services, and software solutions to digitize workflows (10-K). The company operates in two segments: 1) Asset Intelligence & Tracking (AIT), which includes barcode printing, RFID/RTLS, and services; and 2) Enterprise Visibility & Mobility (EVM), encompassing mobile computing, data capture, and cloud-based software subscriptions (10-K). Key competitive advantages include its Enterprise Asset Intelligence (EAI) vision, IoT integration, and acquisitions like Matrox and Photoneo, enabling AI and machine learning capabilities (10-K).
ZEBRA TECHNOLOGIES CORPのAI業績分析レポート（2024年度）
Zebra Technologies Corp (ZBRA) FY2024 Annual Report Analysis
Highlights
Business Overview
Zebra Technologies Corp (ZBRA) is a global leader in Automatic Identification and Data Capture (AIDC), designing, manufacturing, and selling AIDC products, services, and software solutions to digitize workflows (10-K). The company operates in two segments: 1) Asset Intelligence & Tracking (AIT), which includes barcode printing, RFID/RTLS, and services; and 2) Enterprise Visibility & Mobility (EVM), encompassing mobile computing, data capture, and cloud-based software subscriptions (10-K). Key competitive advantages include its Enterprise Asset Intelligence (EAI) vision, IoT integration, and acquisitions like Matrox and Photoneo, enabling AI and machine learning capabilities (10-K).
Revenue Analysis
Revenue grew to $5.8B (+2.7% YoY), but the 5-year CAGR of 1.7% suggests moderate growth. The historical time series shows revenue peaked at $5.8B in FY2024 before declining to $4.6B in FY2025 (XBRL). Operating income fell sharply to $529M (-46.0% YoY), reflecting challenges in cost management or margin compression. The company's product portfolio includes mobile computing devices, barcode scanners, RFID readers, printers, and cloud-based software subscriptions (10-K).
Profitability Analysis
Gross margin held at 45.4%, but operating margin declined to 9.2% (-46.0% YoY) and net margin to 8.0% (-44.7% YoY) (XBRL). EBITDA of $733M (12.7%) indicates strong pre-interest profitability. The 5-year CAGR for operating income is -4.6%, and net income CAGR is -6.8%, signaling long-term margin pressures (XBRL).
Balance Sheet Analysis
Equity ratio is 40.8%, with long-term debt at $2.0B and net debt of $1.9B (2.6x EBITDA) (XBRL). Current ratio is 1.05x, suggesting tight liquidity. Cash balances are $105M, but total assets grew to $7.3B in FY2024 (XBRL). ROE is 15.5%, ROA is 6.3%, and ROIC is 5.4%, indicating moderate returns relative to leverage (XBRL).
Cash Flow Analysis
Operating cash flow was $488M, with free cash flow of $413M after $75M in CapEx (XBRL). Financing activities included $751M in share repurchases (XBRL). Investing cash flow was -$968M, likely reflecting capital expenditures or acquisitions (XBRL).
Working Capital Analysis
Cash conversion cycle (CCC) is 73 days, with receivables days at 33, inventory days at 93, and payables days at 53 (XBRL).
Risks
Outlook
N/A (No management guidance or forward-looking trends explicitly mentioned in 10-K).
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