Information Technology · Communications Equipment · US stock · price as of 16 Oct 2026
Key indicators
Price
$463.15
52-week range
$356.42 – $493.57
Market cap
$77.4B
P/E (trailing)
36.5×
EV / EBITDA
23.8×
Free-cash-flow yield
3.5%
Dividend yield
1.0%
Revenue (last 12 months)
$12.2B
Revenue growth (3y a year)
8.6%
Operating margin
24.9%
Return on invested capital
20.3%
Net debt / EBITDA
2.5×
Fair value
Blended fair value$379.03 range $360 – $403
Versus priceFair−18% to fair value
Peer multiples
$464.72
Fundamentals-adjusted multiple
$349.75
10-year DCF (market-scaled)
$322.62
Earnings power value (floor, not blended)
$92.67
Model uncertainty
Medium
X-Ray Score
49/ 100 · High confidence · ahead of 44% of sector peers
Valuation53
Growth54
Profitability55
Financial health27
Dividends57
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Motorola Solutions provides communications and safety technology for public safety agencies and businesses. Its products include two-way radio systems, commonly used by police, fire and emergency medical services, plus video security cameras, access control, and software for emergency call handling and command centres. It organises its activities into a products and systems integration segment and a software and services segment, with customers in government, utilities, transport and enterprise.
The company earns money from radios and systems, then from recurring software, maintenance and managed services that customers add on top. Revenue was $12.2 billion over the last twelve months, with growth of 8.6% a year across the last three years. The operating margin is 24.9%, and the business earns a profit of 20% on the capital invested in it. Net debt is 2.5 times EBITDA. A dividend is paid, with a yield of 1.0%.
StocksXray gives Motorola Solutions, Inc. an X-Ray Score of 49 out of 100 (high confidence), ahead of 44% of the S&P 500 stocks in its sector. Its strongest lens is dividends (57) and its weakest is financial health (27).
Our fair value blend is $379.03 (range $360.31 to $402.70). At $463.15 the stock trades 22% above that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Motorola Solutions, Inc. (MSI)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$256.97
$247.17
$304.11
$453.49
$380.18
$463.15
Market cap
$44.6B
$42.5B
$52.3B
$77.5B
$64.3B
$77.4B
P/E
35.8×
31.2×
30.6×
49.1×
29.8×
36.5×
EV / revenue
5.9×
5.2×
5.7×
7.5×
6.2×
7.0×
EV / EBITDA
23.0×
22.5×
21.4×
26.9×
21.2×
23.8×
Price / free cash flow
28.0×
27.1×
29.2×
36.3×
25.0×
28.9×
Free-cash-flow yield
3.6%
3.7%
3.4%
2.8%
4.0%
3.5%
Price / book
–
366.3×
72.3×
45.5×
26.7×
29.0×
Dividend yield
1.14%
1.31%
1.19%
0.89%
1.18%
1.05%
Fundamentals checklist ● 1 Good · ● 11 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−4.4%Average
Free-cash-flow yield3.5%Average
Risk models
Altman Z score1.9×Bad
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)17.2%Average
Free-cash-flow growth (3y)18.0%Average
Revenue growth (3y)8.6%Average
Growth consistency100%Good
Balance sheet
Current ratio1.1×Bad
Net debt / EBITDA2.5×Bad
Interest cover6.9×Bad
Valuation
Fair value vs price0.8×Average
EBIT / EV yield3.5%Average
Profitability
Return on invested capital20.3%Average
Operating margin24.9%Average
Gross profitability33.1%Average
XStocksXray
Motorola Solutions, Inc. (MSI)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
8,171
9,112
9,978
10,817
11,682
12,236
Gross profit
4,040
4,229
4,970
5,512
6,035
6,362
Operating income
1,667
1,661
2,294
2,688
2,988
3,048
Net income
1,245
1,363
1,709
1,577
2,154
2,134
Diluted EPS ($)
7.17
7.93
9.93
9.23
12.75
12.68
Free cash flow
1,594
1,567
1,791
2,134
2,572
2,677
Gross margin
49.4%
46.4%
49.8%
51.0%
51.7%
52.0%
Operating margin
20.4%
18.2%
23.0%
24.8%
25.6%
24.9%
Net margin
15.2%
15.0%
17.1%
14.6%
18.4%
17.4%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
12,189
12,814
13,336
14,595
19,389
19,242
Cash
1,874
1,325
1,705
2,102
1,165
710
Total debt
5,693
6,014
6,018
5,997
9,162
9,032
Equity
-40
116
724
1,703
2,410
2,672
Dividend per share ($)
2.92
3.25
3.62
4.03
4.48
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.