Is Zebra Technologies Corp. overvalued or undervalued?

As of 17 October 2025, Zebra Technologies Corp. has moved from fair to expensive in its valuation grade. The company appears to be overvalued based on its current metrics. Key valuation ratios include a P/E ratio of 37, an EV to EBITDA ratio of 23.17, and a PEG ratio of 0.54. In comparison, Dell Technologies, Inc. has a P/E ratio of 20.77, while Hewlett Packard Enterprise Co. shows a much lower P/E of 10.09, highlighting Zebra's relatively high valuation.
Despite a recent one-week return of 6.31% compared to the S&P 500's 1.70%, Zebra's year-to-date return of -24.06% and one-year return of -21.54% indicate significant underperformance over the longer term. This suggests that the current high valuation may not be justified given the company's recent stock performance relative to broader market indices.