ZBRA Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	18.44B EUR	12.48B EUR	10.12B EUR	12.04B EUR
Enterprise Value	20.88B EUR	15.28B EUR	12.85B EUR	14.61B EUR
Valuation Multiples
Trailing P/E	35.49x	23.15x	24.2x	42.55x
Forward P/E	17.4x	--	--	--
Price to Sales	3.15x	2.13x	1.81x	2.95x
Price to Book	5.34x	3.63x	2.92x	3.36x
EV/Revenue	3.57x	2.61x	2.3x	3.57x
EV/EBITDA	17.64x	13.05x	12.81x	19.91x
Price to FCF (P/FCF)	31.98x	13.8x	12.1x	17.89x
EV/FCF	36.21x	16.9x	15.37x	21.71x
FCF Yield	3.13%	7.25%	8.26%	5.59%