Zebra Technologies Corporation — Earnings Quality Grade F
ZBRA · Technology
Major red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 54 days, change +3 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 8.3%, CFFO -9.5%. Cash follows revenue
Expense Quality
Inventory 5.2% vs COGS 9.2%. Normal
CapEx growth 45.8% is >2x revenue growth 8.3%
SG&A/Gross Profit = 41.9%. Normal
Gross margin 48.1%, change -0.4pp. Stable
Cash Flow Quality
CFFO/NI = 2.19. Profits backed by cash
FCF $0.8B, FCF/NI = 1.98
Accruals ratio = -5.9%. Low accruals
Cash $0.1B covers only 5% of debt $2.7B
Balance Sheet Health
Goodwill+Intangibles $5.5B = 154% of equity. Over 50%
Debt/EBITDA = 3.2x. Healthy
Other assets 2.6% vs revenue 8.3%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change 28% YoY. Normal
Manipulation Score
M-Score = -2.57 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-10