ZZBRAZebra Technologies Corporation

Zebra Technologies makes barcode scanners, handheld terminals and label printers for warehouses and shops.

Every box in a warehouse must be identified, and the company's devices do it. They are embedded in workflows: software is written for them, staff are trained on them, the inventory system is configured around them — so a fleet is refreshed with the same supplier rather than swapped for another.

Demand is cyclical and depends on the capital budgets of retailers and logistics companies: in fat years the fleet is replaced all at once, then comes a pause. The growing part is machine vision systems and workforce scheduling software. Risks: the purchasing cycle, import tariffs and competition from cheaper manufacturers. The company pays no dividend but buys back stock.