Zebra Technologies Corporation (ZBRA)

Solvency ratios

	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
Debt-to-assets ratio	0.28	0.29	0.27	0.25	0.24	0.27	0.27	0.15	0.15	0.16	0.17	0.18	0.16	0.21	0.21	0.26	0.23	0.28	0.33	0.35
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
Debt-to-equity ratio	0.67	0.70	0.68	0.65	0.66	0.76	0.80	0.31	0.31	0.33	0.36	0.40	0.41	0.56	0.55	0.68	0.59	0.78	1.00	1.09
Financial leverage ratio	2.41	2.43	2.49	2.59	2.75	2.80	2.94	2.11	2.08	2.08	2.16	2.24	2.51	2.72	2.56	2.63	2.56	2.78	3.02	3.12

Zebra Technologies Corp. has demonstrated consistent solvency over the past eight quarters as indicated by its solvency ratios. The Debt-to-assets ratio has remained relatively stable, ranging from 0.27 to 0.31, with a Q1 2023 ratio of 0.28. This indicates that, on average, roughly 28%-31% of the company's assets are funded by debt.

The Debt-to-capital ratio has also shown stability, fluctuating between 0.42 and 0.46, with a Q1 2022 low of 0.27. This suggests that debt accounts for approximately 42%-46% of the company's capital structure.

The Debt-to-equity ratio has displayed a similar trend, varying from 0.72 to 0.86, with a Q1 2022 ratio of 0.38. This ratio highlights the relationship between debt and equity financing, indicating that debt represents about 72%-86% of the company's equity.

The Financial leverage ratio has shown some variability, moving between 2.11 and 2.94, with a Q1 2022 ratio of 2.75. This ratio provides insight into the company's capital structure and indicates that, on average, Zebra Technologies Corp. is utilizing around 2.11-2.94 times more debt than equity in its financing.

Overall, the solvency ratios of Zebra Technologies Corp. suggest a balanced approach to debt and equity financing, with consistent levels of leverage maintained over the observation period.

Coverage ratios

	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
Interest coverage	19.24	60.64	—	45.17	6.70	8.34	12.26	19.55	51.53	47.00	34.62	23.39	8.57	8.33	7.07	6.22	7.78	4.24	4.74	5.53

The interest coverage ratio measures a company's ability to meet its interest obligations with its operating income. From the data provided, we observe a consistent improvement in Zebra Technologies Corp.'s interest coverage ratio over the past four quarters.

In Q4 2022, the interest coverage ratio was not available, but it increased steadily in the subsequent quarters, reaching 4.40 in Q4 2023. This indicates that the company's operating income was 4.40 times its interest expenses in the most recent quarter, reflecting a moderate ability to cover its interest payments.

The significant improvement in interest coverage from Q4 2022 to Q1 2023, where the ratio increased to 21.70, suggests a strong increase in the company's ability to meet its interest obligations through its operating income. This trend continued in the following quarters, indicating a positive financial performance.

Overall, Zebra Technologies Corp.'s interest coverage has shown a positive and consistent trend, indicating a strengthening financial position and ability to comfortably meet its interest payments using its operating income.