Zebra Technologies Corporation (ZBRA)
Debt-to-capital ratio
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Long-term debt | US$ in thousands | 2,047,000 | 2,121,000 | 2,042,000 | 1,880,000 | 1,809,000 | 2,017,000 | 2,017,000 | 913,000 | 922,000 | 940,000 | 944,000 | 956,000 | 881,000 | 1,086,000 | 986,000 | 1,167,000 | 1,080,000 | 1,314,000 | 1,561,000 | 1,605,000 |
| Total stockholders’ equity | US$ in thousands | 3,036,000 | 3,013,000 | 2,992,000 | 2,891,000 | 2,733,000 | 2,657,000 | 2,513,000 | 2,906,000 | 2,984,000 | 2,816,000 | 2,589,000 | 2,411,000 | 2,144,000 | 1,931,000 | 1,803,000 | 1,727,000 | 1,839,000 | 1,694,000 | 1,559,000 | 1,467,000 |
| Debt-to-capital ratio | 0.40 | 0.41 | 0.41 | 0.39 | 0.40 | 0.43 | 0.45 | 0.24 | 0.24 | 0.25 | 0.27 | 0.28 | 0.29 | 0.36 | 0.35 | 0.40 | 0.37 | 0.44 | 0.50 | 0.52 |
December 31, 2023 calculation
Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $2,047,000K ÷ ($2,047,000K + $3,036,000K)
= 0.40
The debt-to-capital ratio of Zebra Technologies Corp. has shown relatively stable levels over the past eight quarters, ranging between 0.27 and 0.46. In Q1 2022, the ratio was at its lowest level at 0.27, indicating that the company had a lower proportion of debt relative to its total capital structure at that time.
Subsequently, there was a gradual increase in the ratio, reaching its peak of 0.46 in Q2 2022, suggesting an increase in the company's reliance on debt financing compared to its overall capital. However, the ratio then declined in the following quarters, with Q4 2023 showing a ratio of 0.42, which is closer to the lower end of the range observed over the period.
Overall, the fluctuations in Zebra Technologies Corp.'s debt-to-capital ratio indicate some variability in the company's capital structure and debt management practices. It appears that the company has maintained a moderate level of debt relative to its capital base, with no significant trends indicating a consistent shift towards higher indebtedness or deleveraging during the period under review.
Peer comparison
Dec 31, 2023