ZBRA (Zebra Technologies) Scaled Net Operating Assets: 0.73 (As of Mar. 2026)


ZBRA Zebra Technologies Corp ZBRA
78 GF Score
Price $255.81
GF Value $334.26
Valuation Modestly Undervalued
! 6 Warning Signs
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What is Zebra Technologies Scaled Net Operating Assets?

Zebra Technologies ZBRA +1.71% 78 Scaled Net Operating Assets is 0.73 as of Mar. 2026. GuruFocus rates ZBRA with a GF Score™ of 78/100 and a GF Value™ of $334.26 (Modestly Undervalued). The stock has 6 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Zebra Technologies's operating assets for the quarter that ended in Mar. 2026 was $8,218 Mil. Zebra Technologies's operating liabilities for the quarter that ended in Mar. 2026 was $2,013 Mil. Zebra Technologies's Total Assets for the quarter that ended in Dec. 2025 was $8,502 Mil. Therefore, Zebra Technologies's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.73.

Zebra Technologies Scaled Net Operating Assets Historical Data

* Premium members only.

The historical data trend for Zebra Technologies's Scaled Net Operating Assets can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Zebra Technologies Scaled Net Operating Assets Chart

Zebra Technologies Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.71 0.78 0.71 0.69 0.77

Zebra Technologies Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Scaled Net Operating Assets Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.64 0.65 0.64 0.76 0.73

ZBRA vs VIAV, AAOI, VSAT: Scaled Net Operating Assets Comparison

For the Communication Equipment subindustry, Zebra Technologies's Scaled Net Operating Assets, along with its competitors' market caps and Scaled Net Operating Assets data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Zebra Technologies Scaled Net Operating Assets vs Hardware Industry

For the Hardware industry and Technology sector, Zebra Technologies's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where Zebra Technologies's Scaled Net Operating Assets falls into.


ZBRA
78GF Score
Zebra Technologies Corp ZBRA
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Zebra Technologies Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Zebra Technologies's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(8377-2217)/7968
=0.77

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=8502 - 125
=8377

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=4914 - 2518 - 179
=2217

Zebra Technologies's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(8218-2013)/8502
=0.73

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=8332 - 114
=8218

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=4862 - 2545 - 304
=2013

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

What does a Scaled Net Operating Assets of 0.73 mean?
Zebra Technologies (ZBRA) has a Scaled Net Operating Assets of 0.73 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Zebra Technologies and its competitors.
Is Zebra Technologies' Scaled Net Operating Assets too high?
Zebra Technologies' current Scaled Net Operating Assets is 0.73. Overall, Zebra Technologies has a GF Score™ of 78/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Zebra Technologies' Scaled Net Operating Assets compare to VIAV and AAOI?
Zebra Technologies' Scaled Net Operating Assets of 0.73 can be compared against companies in the Hardware industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for a Hardware company?
A good Scaled Net Operating Assets depends on the Hardware industry context. However, Scaled Net Operating Assets should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Zebra Technologies and its competitors. Zebra Technologies's current Scaled Net Operating Assets is 0.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zebra Technologies stock overvalued right now?
Based on GuruFocus' analysis, Zebra Technologies (ZBRA) is currently considered Modestly Undervalued. The stock's GF Value™ is $334.26, compared to a current price of $255.81 — trading 23.5% below its estimated fair value. The current Scaled Net Operating Assets is 0.73. Zebra Technologies' overall GF Score™ is 78/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Zebra Technologies (ZBRA), the current Scaled Net Operating Assets is 0.73 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Zebra Technologies (ZBRA) Overvalued in 2026?

Based on GuruFocus' analysis, Zebra Technologies stock appears to be undervalued. The current stock price of $255.81 is trading 23.5% below its estimated GF Value™ of $334.26. GuruFocus considers Zebra Technologies to be Modestly Undervalued.

Key valuation signals for ZBRA:

  • Scaled Net Operating Assets: 0.73
  • GF Value™: $334.26 vs. price of $255.81 (23.5% below fair value)
  • GF Score™: 78/100 with 6 warning signs

No single metric tells the full story. See the ZBRA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Zebra Technologies Business Description

Address 3 Overlook Point, Lincolnshire, IL, USA, 60069
Zebra Technologies is the largest provider of automatic identification and data capture technology to enterprises. Its solutions include barcode printers and scanners, mobile computers, and workflow optimization software. The firm primarily serves the retail, transportation logistics, manufacturing, and healthcare markets, designing custom solutions to improve efficiency at its customers.
78GF Score

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Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$255.81
Price
$334.26
GF Value