Zebra Technologies management check
ZBRA · Information Technology · Electronic Equipment & Instruments · CEO William Burns
Filings as of
5 good · 1 to watch · 1 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2020 grew to $63, against $258 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.76 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
1.0% of net income$4.1m of reported pay in fiscal 2025, against $419.0m of net income.
- Watch
Do they own the stock?
CEO stake ≈ 4.0 years of payThe CEO holds 73,967 shares, directly or through trusts (unvested awards not counted): about 4.0 years of pay. 4 insiders sold $2.4m in the last six months and none bought.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -0.5% a year over the last three fiscal years. Stock-based pay was 3.0% of revenue in the latest year.
- Good
Is leadership stable?
6 leadership filings in 3 yearsCEO in the pay table: William Burns. 6 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Information Technology.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 0 | 33 | |
| Pay for performance | 88 | 87 | |
| CEO cost | 51 | 35 | |
| Skin in the game | 45 | 47 | |
| Dilution | 56 | 56 | |
| Stable leadership | 95 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Electronic Equipment & Instruments, by management score. Zebra Technologies is 35th of 73 in its sector.
- 264ADBEAdobe Inc.64
- 284ZBRAZebra Technologies62
- 295SMCISupermicro62
- 309ROPRoper Technologies61
- 402KEYSKeysight Technologies53
- 463TDYTeledyne Technologies42
Pay versus performance
From the proxy statement filed April 3, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | William Burns | $4.1m | $1.6m | $4.1m | $63 | $258 | $419.0m |
| 2024 | — | $4.3m | $5.8m | $4.3m | $151 | $300 | $528.0m |
| 2023 | — | $3.2m | $3.3m | $3.2m | $107 | $219 | $296.0m |
| 2022 | — | $3.6m | −$1.9m | $3.6m | $100 | $139 | $463.0m |
| 2021 | — | $3.3m | $6.9m | $3.3m | $233 | $194 | $837.0m |
| 2020 | — | $10.1m | $23.9m | — | — | — | — |
The board says pay is tied most to Net Sales. Its other key measures: Adjusted EBITDA, Adjusted EBITDA Margin, Net Sales Compound Annual Growth Rate (CAGR), Strategic Growth Index.
Insiders and the CEO's stake
Bill Burns (Chief Executive Officer) held 73,967 shares directly after their latest Form 4 on May 4, 2026, roughly $16.5m at that filing's price.
4 insiders sold $2.4m in the last six months and none bought.
- SoldMichael ChoChief Strategy Officer$1.3mAug 7, 2026
- SoldJanice M RobertsDirector$749kMay 14, 2026
- SoldLinda ConnlyDirector$189kAug 10, 2026
- SoldLoizides Melissa LuffChief People Officer$127kMay 26, 2026
Leadership and governance on file
- May 26, 2026Leadership change8-K 5.02
- Nov 24, 2025Leadership change8-K 5.02
- Oct 17, 2025Leadership change8-K 5.02
- Jul 28, 2025Leadership change8-K 5.02
- May 15, 2024Leadership change8-K 5.02
- Nov 6, 2023Leadership change8-K 5.02
- May 15, 2023Leadership change8-K 5.02
- Dec 8, 2022Leadership change8-K 5.02
- Nov 9, 2021Leadership change8-K 5.02
Latest shareholder vote results: May 26, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $1.5bn returned to owners in buybacks and dividends, 59% of net income, and $471.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $5.6bn | $5.8bn | $4.6bn | $5.0bn | $5.4bn |
| Net income | $837.0m | $463.0m | $296.0m | $528.0m | $419.0m |
| Stock-based pay | $76.0m | $88.0m | $55.0m | $89.0m | $163.0m |
| Buybacks | $57.0m | $751.0m | $52.0m | $47.0m | $587.0m |
| Dividends | — | — | — | — | — |
| Diluted shares | 54m | 53m | 52m | 52m | 51m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.