Zebra Technologies Corporation

Zebra's customers want more product than it can build. Management has raised guidance twice, then guided to the midpoint of its own range because it cannot guarantee the memory chips inside its devices, so the beat is a supply story, not a demand one. How much of Zebra's revenue comes from products limited by memory supply?

• Demand is running ahead of what Zebra can actually build.

  Organic growth more than doubled to 9%, and management says customer demand sits at the top of its range while the guide sits in the middle. Only memory chips hold it back; every time the team secured more, it beat the top end. Which product lines lost sales to the memory shortage this year?

• Zebra has pricing power it did not have before.

  Memory chips got expensive and Zebra passed the cost on, lifting the value of its price increases to $90 million a year. For a company whose devices normally get cheaper each year, being able to charge more is the real change.

• Most of this year's growth is bought, not earned.

  Eight points of the raised outlook come from Elo, Photoneo and currency moves, and the multiyear transport-and-logistics refresh does not begin until 2027. Strip those out and the underlying business is growing in the mid-single digits. How does that underlying growth compare with Zebra's automation peers?