Keyence vs Zebra Technologies: Revenue, Profit and Business Model
Keyence had ~$7.8B of annual revenue in FY2026 and ~$3B of net income. Zebra Technologies had $5.4B of annual revenue in FY2025 and $419M of net income.
Latest financial snapshot
Keyence
- Latest annual revenue
- ~$7.8B (FY2026)
- Net income
- ~$3B
- Net margin
- 38.1%
- Revenue growth
- +11.5% a year, FY2022–FY2026
Zebra Technologies
- Latest annual revenue
- $5.4B (FY2025)
- Net income
- $419M
- Net margin
- 7.8%
- Revenue growth
- +4.7% a year, FY2016–FY2025
Financial summary
Keyence
Keyence's net sales rose from ~$5.06 billion (JPY 755.2 billion) in FY2022 (year ended March 2022) to ~$7.83 billion (JPY 1.169 trillion) in FY2026, a gain of about 55% in four years. FY2026 operating income was ~$3.99 billion (JPY 595.8 billion) and net income ~$2.98 billion (JPY 445.2 billion). Growth sped up at the start of FY2027: for the quarter ended June 20, 2026, net sales rose 32.8% year on year to ~$2.32 billion (JPY 346.6 billion) and net income rose 51.0% to ~$932 million (JPY 139.1 billion). The company carries essentially no interest-bearing debt and holds large cash and securities balances. Its market value was about $122.6 billion at the end of September 2026. Keyence Corporation is a colossus in the industrial automation and factory sensor space, commanding a monumental market valuation typically exceeding $100 billion.
Zebra Technologies
Net sales fell from $5.781 billion in 2022 to $4.584 billion in 2023 as customers worked through device inventory, then recovered to $4.981 billion in 2024 and $5.396 billion in 2025. GAAP net income was $419 million in 2025 versus $528 million in 2024. Second-quarter 2026 net sales were $1.557 billion, up 20.4% (9.2% organic), with adjusted gross margin of 53.3%.
Revenue and profit by year
Keyence
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$7.8B | ~$3B | 38.1% | +10.4% | Source |
| FY2025 | ~$7.1B | ~$2.7B | 37.6% | +9.5% | Source |
| FY2024 | ~$6.5B | ~$2.5B | 38.2% | +4.9% | Source |
| FY2023 | ~$6.2B | ~$2.4B | 39.3% | +22.1% | Source |
| FY2022 | ~$5.1B | ~$2B | 40.2% | — | Source |
Zebra Technologies
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $5.4B | $419M | 7.8% | +8.3% | Source |
| FY2024 | $5B | $528M | 10.6% | +8.7% | Source |
| FY2023 | $4.6B | $296M | 6.5% | -20.7% | Source |
| FY2022 | $5.8B | $463M | 8.0% | +2.7% | Source |
| FY2021 | $5.6B | $837M | 14.9% | +26.5% | Source |
| FY2020 | $4.4B | $504M | 11.3% | -0.8% | Source |
| FY2019 | $4.5B | $544M | 12.1% | +6.3% | Source |
| FY2018 | $4.2B | $421M | 10.0% | +13.3% | Source |
| FY2017 | $3.7B | $17M | 0.5% | +4.1% | Source |
| FY2016 | $3.6B | -$137M | -3.8% | — | Source |
Where the revenue comes from
Keyence
- Factory Automation Sensors and Controls
core business
Keyence sells high-margin sensors, safety products, PLC-related equipment, and controls directly to factories seeking quality, productivity, and automation gains.
- Machine Vision and Measurement
major product family
Machine vision systems, measuring instruments, microscopes, and inspection tools support manufacturing quality control and application engineering demand.
- Laser Markers and Code Readers
specialized automation tools
Laser marking, barcode, and traceability products serve factories, logistics operations, electronics plants, and regulated manufacturing lines.
Zebra Technologies
- Asset Intelligence & Tracking (AIT)
Not formally reported
Printers, printing supplies, RFID, and related services.
- Enterprise Visibility & Mobility (EVM)
Not formally reported
Mobile computers, data capture, machine vision, and related software and services.
Business model and strategy
Keyence
How it makes money
Keyence makes money by selling high-value factory automation hardware directly to manufacturers. Products include photoelectric and laser sensors, machine vision systems, measuring instruments, digital microscopes, laser markers, barcode readers, and PLC-related controls. Keyence designs the products and outsources physical production to contract manufacturers, which keeps capital spending and fixed costs low.
Growth strategy
Keyence grows by opening more overseas sales offices, hiring and training more local sales engineers, and launching new products in categories where it can solve a problem better than existing tools. Sales outside Japan are now the majority of revenue. Recent product work focuses on AI-assisted image inspection, 3D measurement, and easier-to-configure vision systems that factory staff can set up without writing code.
Competitive advantage
Keyence's advantage comes from combining a direct, engineer-led sales force with fabless production. Sales engineers see customer problems first-hand and feed them back to product planning, which lets Keyence launch specialized products and price them on the value they create rather than on cost.
Zebra Technologies
How it makes money
Zebra sells hardware such as mobile computers, scanners, printers, and RFID readers, mostly through channel partners and resellers, and adds recurring revenue from printing supplies, service contracts, and software. Results follow enterprise device refresh cycles and spending on warehouse, retail, and healthcare projects.
Growth strategy
Zebra is widening its portfolio beyond scanners and printers. Recent deals include Matrox Imaging (2022) for machine vision, Photoneo (2025) for 3D vision, and Elo Touch Solutions (2025) for touchscreens and point-of-sale devices.
Competitive advantage
Large installed base of enterprise devices; broad reseller and partner network; portfolio spanning data capture, printing, RFID, and machine vision.
Questions about Keyence vs Zebra Technologies
Which company has higher revenue — Keyence Corporation or Zebra Technologies Corporation?
Keyence Corporation had ~$7.8B (FY2026), while Zebra Technologies Corporation had $5.4B (FY2025). By latest annual revenue, Keyence Corporation is the larger business, with Zebra Technologies Corporation showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Keyence Corporation vs Zebra Technologies Corporation?
Keyence Corporation's market capitalisation stands at $122.6B, while Zebra Technologies Corporation's is $13.5B. Keyence Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Zebra Technologies Corporation.
How does revenue per employee compare for Keyence Corporation and Zebra Technologies Corporation?
Keyence Corporation has $613k / employee in revenue per employee, while Zebra Technologies Corporation has $540k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Keyence Corporation and Zebra Technologies Corporation make money?
Keyence Corporation and Zebra Technologies Corporation generate revenue in fundamentally different ways. Keyence Corporation: Keyence makes money by selling high-value factory automation hardware directly to manufacturers. Zebra Technologies Corporation: Zebra sells hardware such as mobile computers, scanners, printers, and RFID readers, mostly through channel partners and resellers, and adds recurring revenue from printing supplies, service contracts, and software.
Which company is valued higher relative to revenue — Keyence Corporation or Zebra Technologies Corporation?
On a price-to-sales (P/S) basis, Keyence Corporation trades at 15.6x P/S and Zebra Technologies Corporation at 2.5x P/S. Keyence Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Zebra Technologies Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Keyence Corporation bigger than Zebra Technologies Corporation?
By last reported revenue, Keyence Corporation (~$7.8B (FY2026)) is the larger company compared to Zebra Technologies Corporation ($5.4B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Keyence vs Zebra Technologies overview