olivLaw · US equity research
Motorola Solutions, Inc. MSI
Radio & Tv Broadcasting & Communications Equipment · SIC 3663 · Vertical: Radio & Tv Broadcasting & Communications Equipment (SIC 3663)
Motorola Solutions is a global provider of mission-critical safety and security technologies for public safety, government including defense, and enterprise customers, with net sales of 11.7 billion USD in fiscal 2025. In the second quarter of 2026 sales reached 3.1 billion USD, and the company raised its full-year revenue outlook. The company is shifting from LMR networks toward an integrated ecosystem of communications, video and command center software.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 03 Nov 2026, Motorola Solutions, Inc. (MSI) stock was 491.00 USD (+0.76% on the day), with market capitalisation 81.3 bn USD, P/E 38.7 on diluted EPS of 12.69 USD over the last 12 months, dividend yield 0.96%, beta 0.42, 52-week range 363.83–492.08 USD. Latest reported quarter (Q2 2026): revenue of 3.1 bn USD (+13.3% YoY), net income of 557.0 m USD (+8.6% YoY), diluted EPS 3.33 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 68.9
- strong (55–70)
- Bollinger (20, 2)
- 434.29 – 502.74
- in the upper half of the band · %B 0.83 · band width 14.6%
- SMA 50 / 200
- 466.56 / 440.50
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 9.07 / 6.33
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.7% | −2.0% | +11.7 pp | — |
| 3 months | +10.9% | −2.2% | +13.0 pp | — |
| 6 months | +12.1% | +4.3% | +7.8 pp | — |
| Year to date | +28.1% | +10.6% | +17.5 pp | — |
| 1 year | +25.4% | +10.5% | +15.0 pp | −2.1% |
| 3 years | +64.0% | +73.7% | −9.7 pp | +58.8% |
| 5 years | +95.3% | +61.7% | +33.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 04 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.8 bn | 3.0 bn | 2.5 bn | 2.8 bn | 3.0 bn | 3.4 bn | 2.7 bn | 3.1 bn |
| Cost of revenue | 1.4 bn | 1.5 bn | 1.2 bn | 1.4 bn | 1.5 bn | 1.6 bn | 1.4 bn | 1.5 bn |
| Gross profit | 1.4 bn | 1.5 bn | 1.3 bn | 1.4 bn | 1.6 bn | 1.8 bn | 1.4 bn | 1.7 bn |
| Research & development | 234.0 m | 246.0 m | 233.0 m | 231.0 m | 237.0 m | 270.0 m | 252.0 m | 260.0 m |
| SG&A | 439.0 m | 487.0 m | 436.0 m | 450.0 m | 485.0 m | 499.0 m | 439.0 m | 496.0 m |
| Operating income | 711.0 m | 814.0 m | 582.0 m | 692.0 m | 770.0 m | 944.0 m | 525.0 m | 809.0 m |
| Depreciation & amortisation | 84.0 m ≈ | 86.0 m | 81.0 m | 86.0 m ≈ | 115.0 m ≈ | 143.0 m | 143.0 m | 148.0 m ≈ |
| Interest expense | 73.0 m | 74.0 m | 69.0 m | 71.0 m | 103.0 m | 117.0 m | 111.0 m | 109.0 m |
| Pre-tax income | 695.0 m | 788.0 m | 547.0 m | 680.0 m | 725.0 m | 860.0 m | 441.0 m | 742.0 m |
| Income tax | 132.0 m | 176.0 m | 115.0 m | 165.0 m | 161.0 m | 210.0 m | 73.0 m | 184.0 m |
| Net income | 562.0 m | 611.0 m | 430.0 m | 513.0 m | 562.0 m | 649.0 m | 366.0 m | 557.0 m |
| Diluted EPS | 3.29 | 3.57 ≈ | 2.53 | 3.04 | 3.33 | 3.85 ≈ | 2.18 | 3.33 |
| Operating cash flow | 759.0 m ≈ | 1.1 bn | 510.0 m | 273.0 m ≈ | 798.0 m ≈ | 1.3 bn | 451.0 m | 469.0 m ≈ |
| Capex | 57.0 m | 86.0 m | 37.0 m | 48.0 m | 66.0 m | 114.0 m | 62.0 m | 55.0 m ≈ |
| Dividends paid | 164.0 m | 164.0 m | 182.0 m | 182.0 m | 182.0 m | 182.0 m | 201.0 m | 201.0 m |
| Share repurchases | 31.0 m ≈ | 103.0 m | 325.0 m | 218.0 m ≈ | 121.0 m ≈ | 490.0 m | 118.0 m | 331.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 90 percentile of its own 39-quarter history (min 20.5, median 32.4, max 50.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.3 bn | 7.9 bn | 7.4 bn | 8.2 bn | 9.1 bn | 10.0 bn | 10.8 bn | 11.7 bn |
| Revenue YoY | +15.1% | +7.4% | −6.0% | +10.2% | +11.5% | +9.5% | +8.4% | +8.0% |
| Net income | 966.0 m | 868.0 m | 949.0 m | 1.2 bn | 1.4 bn | 1.7 bn | 1.6 bn | 2.2 bn |
| Net income YoY | unavailable | −10.1% | +9.3% | +31.2% | +9.5% | +25.4% | −7.7% | +36.6% |
| Diluted EPS | 5.62 | 4.95 | 5.45 | 7.17 | 7.93 | 9.93 | 9.23 | 12.75 |
| Diluted EPS YoY | unavailable | −11.9% | +10.1% | +31.6% | +10.6% | +25.2% | −7.0% | +38.1% |
| net % | 13.2% | 11.0% | 12.8% | 15.2% | 15.0% | 17.1% | 14.6% | 18.4% |
| Free cash flow | 878.0 m | 1.6 bn | 1.4 bn | 1.6 bn | 1.6 bn | 1.8 bn | 2.1 bn | 2.6 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.2 bn USD
- Financial debt
- 9.2 bn USD
- Net debt
- 8.0 bn USD
- Equity
- 2.4 bn USD
- Total assets
- 19.4 bn USD
- Debt / equity
- 3.78x
- Current ratio
- 1.04x
- ROE
- 103.9%
- ROA
- 12.7%
- FCF margin
- 22.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 7.4 bn | 8.2 bn | 9.1 bn | 10.0 bn | 10.8 bn | 11.7 bn | SEC (XBRL)· 12 Feb 2026verified |
| Cost of revenue | 3.8 bn | 4.1 bn | 4.9 bn | 5.0 bn | 5.3 bn | 5.6 bn | SEC (XBRL)· 12 Feb 2026verified |
| Gross profit | 3.6 bn | 4.0 bn | 4.2 bn | 5.0 bn | 5.5 bn | 6.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Research & development | 686.0 m | 734.0 m | 779.0 m | 858.0 m | 917.0 m | 970.0 m | SEC (XBRL)· 12 Feb 2026verified |
| SG&A | 1.3 bn | 1.4 bn | 1.5 bn | 1.6 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 12 Feb 2026verified |
| Operating income | 1.4 bn | 1.7 bn | 1.7 bn | 2.3 bn | 2.7 bn | 3.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Depreciation & amortisation | 409.0 m | 438.0 m | 440.0 m | 356.0 m | 336.0 m | 425.0 m | SEC (XBRL)· 12 Feb 2026verified |
| EBITDA | 1.8 bn ≈ | 2.1 bn ≈ | 2.1 bn ≈ | 2.7 bn ≈ | 3.0 bn ≈ | 3.4 bn ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Interest expense | 233.0 m | 215.0 m | 240.0 m | 249.0 m | 295.0 m | 360.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Pre-tax income | 1.2 bn | 1.6 bn | 1.5 bn | 2.1 bn | 2.0 bn | 2.8 bn | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | 221.0 m | 302.0 m | 148.0 m | 432.0 m | 390.0 m | 652.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Net income | 949.0 m | 1.2 bn | 1.4 bn | 1.7 bn | 1.6 bn | 2.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | 5.45 | 7.17 | 7.93 | 9.93 | 9.23 | 12.75 | SEC (XBRL)· 12 Feb 2026verified |
| Weighted average diluted shares | 174.1 m | 173.6 m | 171.9 m | 172.1 m | 170.8 m | 169.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Dividend per share | 2.63 | 2.92 | 3.25 | 3.62 | 4.03 | 4.48 | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.3 bn | 1.9 bn | 1.3 bn | 1.7 bn | 2.1 bn | 1.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Receivables | 1.4 bn | 1.4 bn | 1.5 bn | 1.7 bn | 2.0 bn | 2.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Inventories | 508.0 m | 788.0 m | 1.1 bn | 827.0 m | 766.0 m | 983.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Current assets | 4.3 bn | 5.4 bn | 5.3 bn | 5.7 bn | 6.5 bn | 6.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Property, plant & equipment, net | 1.0 bn | 1.0 bn | 927.0 m | 964.0 m | 1.0 bn | 1.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Goodwill | 2.2 bn | 2.6 bn | 3.3 bn | 3.4 bn | 3.5 bn | 6.8 bn | SEC (XBRL)· 12 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.2 bn | 1.1 bn | 1.3 bn | 1.3 bn | 1.2 bn | 3.1 bn | SEC (XBRL)· 12 Feb 2026verified |
| Total assets | 10.9 bn | 12.2 bn | 12.8 bn | 13.3 bn | 14.6 bn | 19.4 bn | SEC (XBRL)· 12 Feb 2026verified |
| Accounts payable | 612.0 m | 851.0 m | 1.1 bn | 881.0 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 12 Feb 2026verified |
| Short-term debt | 12.0 m | 5.0 m | 1.0 m | 1.3 bn | 322.0 m | 749.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Long-term debt | 5.2 bn | 5.7 bn | 6.0 bn | 4.7 bn | 5.7 bn | 8.4 bn | SEC (XBRL)· 12 Feb 2026verified |
| Current liabilities | 3.5 bn | 4.1 bn | 4.6 bn | 5.7 bn | 5.1 bn | 6.1 bn | SEC (XBRL)· 12 Feb 2026verified |
| Equity | -541.0 m | -23.0 m | 131.0 m | 739.0 m | 1.7 bn | 2.4 bn | SEC (XBRL)· 12 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.6 bn | 1.8 bn | 1.8 bn | 2.0 bn | 2.4 bn | 2.8 bn | SEC (XBRL)· 12 Feb 2026verified |
| Capex | 217.0 m | 243.0 m | 256.0 m | 253.0 m | 257.0 m | 265.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Free cash flow | 1.4 bn ≈ | 1.6 bn ≈ | 1.6 bn ≈ | 1.8 bn ≈ | 2.1 bn ≈ | 2.6 bn ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Investing cash flow | -437.0 m | -742.0 m | -1.4 bn | -414.0 m | -507.0 m | -5.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | -966.0 m | -429.0 m | -906.0 m | -1.3 bn | -1.4 bn | 1.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Dividends paid | 436.0 m | 482.0 m | 530.0 m | 589.0 m | 654.0 m | 728.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Share repurchases | 612.0 m | 528.0 m | 836.0 m | 804.0 m | 244.0 m | 1.2 bn | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 44 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 81.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation40
- Returns71
- Quality68
- Balance sheet9
- Growth38
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.00 – 386.76 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)227.70 – 386.76 (Mid 288.51)WACC 8.8% · starting FCFF 3.0 bn USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 31.4%
- Peers: EV/Sales0.00 – 162.67 (Mid 49.20)9 companies used · median multiple 1.3x · quartiles 0.6x – 2.9xAVNW, BKSY, CRNT, GILT, HLIT, KUST, QCOM, VISN, WATT
- Peers: EV/EBITDA108.31 – 219.22 (Mid 113.26)5 companies used · median multiple 7.5x · quartiles 7.3x – 12.4xAVNW, CRNT, GILT, QCOM, VISN
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 44/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 52.0% | 30 (on a fixed band) | 11% |
| EBIT margin · Quality | 24.9% | 95 (vs peers) | 9% |
| FCF margin · Quality | 21.9% | 88 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 8.6% | 35 (on a fixed band) | 17% |
| Revenue growth (YoY) · Growth | 8.0% | 45 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | 2.3x | 0 (vs peers) | 6% |
| Current ratio · Balance sheet | 1.1x | 18 (on a fixed band) | 6% |
| EV/Sales · Valuation | 7.3x | 20 (vs peers) | 17% |
| FCF yield · Valuation | 3.3% | 66 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 2.2% | 71 (on a fixed band) | 4% |
Score groups
- Balance sheet9/100 · 2/2 factors with a value
- Growth38/100 · 2/2 factors with a value
- Quality68/100 · 3/3 factors with a value
- Returns71/100 · 1/1 factors with a value
- Valuation40/100 · 2/2 factors with a value
Memo
Motorola Solutions, Inc. (MSI). Latest full fiscal year: 2025; data up to 2026-07-04.
Figures computed from the financial statements: revenue 11.7 bn USD in 2025; YoY growth 8.0%; net margin 17.4%; ROE 92.0%; net debt/EBITDA 2.3x.
The estimated value range is 108.31–219.22 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 113.26 USD, the price of 491.00 USD leaves a potential of -76.9% (value / price − 1) and a margin of safety of -333.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 44/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EBIT margin: 24.9%
- FCF margin: 21.9%
- Shareholder yield (distributions): 2.2%
What contradicts it
- Gross margin: 52.0%
- Net debt / EBITDA: 2.3x
- Current ratio: 1.1x
- EV/Sales: 7.3x
- The price is above the estimated value range
- The valuation methods diverge
Versus the vertical median
Radio & Tv Broadcasting & Communications Equipment (SIC 3663) · same industry (4-digit SIC) · compared with 20 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| QCOMQualcomm Inc | 172.7 bn | 19.0 | 33.8% | 21.0% | +13.7% | −2% / +27% |
| MSIMotorola Solutions, Inc. | 81.3 bn | 38.7 | 92.0% | 17.4% | +8.0% | +25% / +64% |
| UIUbiquiti Inc. | 33.0 bn | 34.4 | 91.1% | 29.3% | +27.2% | −6% / +386% |
| PLPlanet Labs PBC | 3.3 bn | — | -72.0% | -95.1% | +25.9% | +6% / +421% |
| ONDSOndas Inc. | 3.0 bn | 18.0 | 20.1% | 96.0% | +605.3% | −33% / +381% |
| VISNVistance Networks, Inc. | 1.5 bn | 0.2 | 22,304.0% | 247.7% | +39.7% | −67% / +286% |
| HLITHarmonic Inc. | 1.1 bn | — | -11.7% | -13.7% | −26.2% | +7% / −8% |
| BKSYBlacksky Technology Inc | 686.3 m | — | -44.8% | -61.2% | +4.4% | −5% / +59% |
| UMACUnusual Machines, Inc. | 650.9 m | — | -2.9% | -20.3% | +101.2% | +49% / unavailable |
| GILTGilat Satellite Networks Ltd. | 521.2 m | 20.8 | 5.2% | 4.6% | +47.9% | −39% / +10% |
| AVNWAviat Networks, Inc. | 254.8 m | 104.7 | 1.0% | 0.6% | +1.2% | −10% / −34% |
| BKTIBK Technologies Corp | 252.4 m | 19.7 | 30.6% | 15.0% | +12.5% | +5% / +415% |
| CRNTCeragon Networks Ltd | 176.8 m | — | -1.2% | -0.6% | −14.1% | −2% / +6% |
| VUZIVuzix Corp | 171.4 m | — | -122.7% | -519.0% | +9.1% | −25% / −3% |
| SATLSatellogic Inc. | 87.6 m | — | — | -325.6% | +37.6% | +95% / +140% |
| AIRGAirgain, Inc. | 55.4 m | — | -23.7% | -13.6% | −14.6% | +4% / +76% |
| WATTEnergous Corporation | 45.0 m | — | -32.8% | -76.4% | +633.1% | +30% / −87% |
| CMTLComtech Telecommunications Corp | 37.4 m | — | -50.5% | -14.5% | −17.0% | −59% / −90% |
| KUSTKustom Entertainment, Inc. | 22.6 m | — | -323.8% | -126.5% | +1.7% | −98% / −100% |
| ERICEricsson Lm Telephone Co | — | — | 27.9% | 12.0% | −4.5% | +15% / +126% |
| NOKNokia Corporation | — | — | 3.1% | 3.3% | +3.5% | +36% / +137% |
1- and 3-year price returns: for MSI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 307.08 Total return -37% · Per year -37% | 541.86 Total return 11% · Per year 11% | 814.78 Total return 67% · Per year 67% |
| 3 years | 323.31 Total return -32% · Per year -12% | 639.48 Total return 34% · Per year 10% | 1,052.11 Total return 119% · Per year 30% |
| 5 years | 340.40 Total return -26% · Per year -6% | 754.68 Total return 60% · Per year 10% | 1,358.57 Total return 185% · Per year 23% |
- Exit P/E± 159.87
- Net margin± 111.91
- Annual revenue growth± 88.36
- Annual dilution± 9.40
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
In brief
Motorola Solutions is a global provider of mission-critical safety and security technologies for public safety, government including defense, and enterprise customers, with net sales of 11.7 billion USD in fiscal 2025 1. In the second quarter of 2026 sales reached 3.1 billion USD 3, and the company raised its full-year revenue outlook. The company is shifting from LMR networks toward an integrated ecosystem of communications, video and command center software.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Government dependencehigh
Contracts with the U.S. government and other agencies can be cancelled at the customer's convenience, and losing such a customer could affect revenue over several quarters 1.
- Shift to broadbandhigh
If customers conclude that mobile broadband networks offer adequate resiliency for critical communications, MCN sales could decline 1.
- Supply chainmedium
Memory costs, tariffs and rare earth restrictions could raise costs and delay deliveries 2.
- Acquisition integrationmedium
Integrating Silvus, Theatro and other acquired businesses may not achieve expected synergies or may affect margins 1.
- Product quality and liabilitymedium
Quality issues or failures in mission-critical products could lead to litigation, recalls and reputational damage 1.
Investment thesis
What would need to be true (bull case)
- Solid quarterly results and a raised outlook suggest demand remains strong, and a record backlog offers visibility into future revenue 3.
- If the defense and tactical communications acquisitions integrate well, the company could expand into markets with higher margins 3.
- The subscription and managed services model can bring more predictable and stable revenue over time 1.
What would break the thesis
- Dependence on government budgets and cancellable contracts can make revenue harder to forecast during budget constraints 1.
- Large acquisitions and rising interest costs could reduce financial flexibility if results weaken 2.
- Component cost pressure and tariff uncertainty could compress margins if mitigation falls short 2.
What to watch
- Delivery against the raised 2026 revenue and non-GAAP EPS guidanceQ3 2026
- Completion of the D-Fend acquisition and its effect on the defense segment2026
- Trend in memory costs and inventory levelsQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
The business
Motorola Solutions manages its business through two segments, 'Products and Systems Integration' and 'Software and Services', and reports net sales across three product lines: Mission Critical Networks (MCN), Video Security and Access Control, and Command Center 1. The Products and Systems Integration segment generated 7.3 billion USD in 2025, or 62% of consolidated net sales, while Software and Services generated 4.4 billion USD, or 38% 1. In the second quarter of 2026 sales rose 13% year on year to 3.1 billion USD, and the company reported a record Q2 backlog of 15.6 billion USD 3.
Customers include government agencies, including defense, state and local public safety agencies, and enterprise customers such as schools, hospitals, businesses and stadiums 1. The U.S. government is the largest customer, at approximately 8% of consolidated net sales in 2025 1. Sales run through a direct in-house sales force and a channel partner program of dealers, distributors and software vendors 1. Sales historically tend to be higher in the second half of the year, with the fourth quarter the highest 1.
Market context
The market for mission-critical communications and public safety security is shaped by government demand and by infrastructure that stays in use for years or decades 1. Government moves toward public mobile broadband networks could reduce demand for LMR if these networks provide enough resiliency 1. Demand for AI and cloud solutions for video and emergency calls is growing quickly, while memory costs have risen because of AI-driven demand 2.
Trends
- Shift to mobile broadbandheadwind
Several governments are trying to move public safety communications onto mobile broadband networks, which could reduce MCN sales if these networks offer adequate resiliency, coverage and cost 1.
- Adoption of AI and cloudmixed
Customers increasingly prefer cloud solutions and AI capabilities for video and command centers, which opens subscription opportunities but requires continued research and development spending 1.
- Defense and tactical demandtailwind
The Silvus and D-Fend deals expand activity in defense and tactical communications, a market with solid demand but also competition from startups and defense contractors 13.
- Component costs and tariffsheadwind
Memory prices, tariffs and export restrictions raise material costs, and the company is holding higher inventory to manage a volatile supply chain 2.
Competitive position
The company operates in highly competitive markets where product quality, technological capability and cost-effectiveness matter 1. In MCN it competes with firms such as L3Harris Technologies, Hytera, JVCKenwood and Tait, and in video with Axon Enterprise, Genetec, Hikvision and Verkada 1. The number of competitors is growing, particularly in AI and defense 1.
In command centers competition comes from CentralSquare Technologies, Mark43, Hexagon, Tyler Technologies and Everbridge 1. The company differentiates itself with integrated solutions that combine communications, video and data analytics in one system 1.
- L3Harris TechnologiesLHX
Competitor in MCN communications, listed in the United States 1.
- Axon EnterpriseAXON
Competitor in both video and command center offerings for law enforcement 1.
- Hytera
Competitor in professional and commercial radio with global presence 1.
- Genetec
Competitor in video management and access control software 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Review Motorola Edge 70 Max: un premium mid-range ambițios, dar inconsecvent - MOBzine.roSurge — Google News · 29 Sept 2026 · RO
- Motorola are o nouă echipă de ambasadoare, participante la Cupa Mondială de Fotbal Feminin FIFA 2027 - Mobilissimo.Surge — Google News · 29 Sept 2026 · RO
- Motorola Signature 27 anunțat oficial: Snapdragon 8 Elite Extreme Gen 6, și 7 ani de actualizări - connect RomâniaSurge — Google News · 23 Sept 2026 · RO
- Motorola’s wild-looking Signature 27 runs Qualcomm’s new Extreme chipsetThe Verge · 22 Sept 2026 · EN
- Motorola Solutions (MSI) Powering Essential Communications for First RespondersYahoo Finance — News · 21 Sept 2026 · EN
- Motorola Solutions Eyes Defense, Drone Security Growth as Silvus ScalesYahoo Finance — News · 19 Sept 2026 · EN
- Why I'm Not Excited About the Graphene OS and Motorola PartnershipHacker News · 08 Sept 2026 · EN
- Motorola Solutions Stock: Is MSI Underperforming the Technology Sector?Yahoo Finance — News · 07 Sept 2026 · EN
- Motorola Solutions (MSI) Faces Near-Term Margin Pressure, but the Long-Term Thesis HoldsYahoo Finance — News · 28 Aug 2026 · EN
- Telefoanele de buget de la Motorola, Xiaomi și Realme pot fi „sparte” printr-un simplu apel videoLibertatea.ro · 25 Aug 2026 · RO
- De-Googled GrapheneOS is coming to Motorola’s foldables next yearThe Verge · 24 Aug 2026 · EN
- Initial focus for our partnership with Motorola is a regular non-folding deviceHacker News · 22 Aug 2026 · EN
- GrapheneOS in 2027 available on high-end Motorola phonesHacker News · 19 Aug 2026 · EN
- Motorola Signature review: un flagship care „dă de gol” intențiile foarte serioase ale producătoruluiLibertatea.ro · 21 Jul 2026 · RO
- The Motorola Edge 70 Max is all about powerThe Verge · 15 Jul 2026 · EN
- Ultimele seri ale Mondialului se vor trăi pe teren și pe ecran. Ce aduce Motorola în povesteLibertatea.ro · 15 Jul 2026 · RO
- Unauthenticated RCE in Motorola's MR2600 RouterHacker News · 12 Jul 2026 · EN
- Motorola Razr 60 FIFA World Cup Edition review: ediție de colecție pentru un pliabil echilibrat din toate punctele de vedereLibertatea.ro · 06 Jul 2026 · RO
- Motorola effectively bricked its entire line of WiFi routers without explanationHacker News · 06 Jun 2026 · EN
- Motorola cumpără un dezvoltator israelian de sisteme anti-drone pentru 1,5 miliarde de dolari. Războiul din Ucraina a accelerat cererea pentru astfel de tehnologiiAdevărul · 06 Jun 2026 · RO
The latest news item in our archive is from 29 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report09 Sept 2026Other events · Financial statements and exhibits
- Current report17 Aug 2026Other events · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report20 May 2026Shareholder vote
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement02 Apr 2026
- Current report12 Mar 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Motorola Solutions, Inc. · 12 Feb 2026
- [2] Form 10-Q, quarter ended 2026-07-04 · SEC / Motorola Solutions, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Motorola Solutions, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.