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Zscaler, Inc.

ZS Technology Software Infrastructure

Zscaler, Inc.’s revenue for fiscal 2026 (year ended July 2026) was $3.4 billion, up 25.4% from fiscal 2025. In the quarter to July 2026, revenue grew 24.9%, EPS grew 81.8%, free cash flow fell 64.7% and total debt was flat, each against the same quarter a year earlier. Revenue growth for ten consecutive years, operating cash flow growth for ten.

260.59 0.14 +0.05%
Market cap
$42.4B
P/E
0.0×
Fwd P/E
9,521×
Dividend yield
—
F-score
3/9
Altman Z
3.22
Beneish M
−2.70
Dividend safety
n/a
Overview Business Profile Financial Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions trades per month

Total sells 20.99
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — 7 1 — 3 — — 8 2 1 9 2
Insider Ownership 33.74%

Capital & Financial Ratios $m

Market Cap 42,420.00
Revenue 3,352.52
Net Income (63.18)
Free Cash Flow 779.14
Net Debt (1,777.80)
Current Ratio 1.70 (at or above 1.5: strong)
Debt/Equity 0.65
P/E ratio 0.00
Fwd P/E 9,521.00 (above 35: high)
P/S ratio 12.45 (above 10: high)
P/B ratio 16.07 (above 6: high)
Past 5Y EPS Growth —
This Y EPS Growth 15.88% (at or above 15%: strong)
Next Y EPS Growth 14.78%
Next Y revenue growth 17.25% (at or above 10%: strong)
Next 5Y EPS Growth 15.87% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 12.3×, against a ten-year median of 17.6×; over the ten years it ranged from 6.4× in 2026 to 63.4× in 2021.
P/S against its own 10 years 17.74%
10-year low 10-year high
P/B against its own 10 years 15.03%
10-year low 10-year high
EV/Sales against its own 10 years 20.46%
10-year low 10-year high
EV/FCF against its own 10 years 25.92%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 2026
Cash 2,100 2,410 3,572 3,474
Receivables 583 737 992 1,149
Inventory — — — —
Other — — — —
2,890 3,397 4,894 5,031
2023 2024 2025 2026
Payables 18 23 47 48
ST’ Debt 34 1,142 — —
Other — 1,142 — —
1,536 3,113 2,430 2,961

Compound Annual Growth %

10y 5y 3y
Sales 45.23% 37.87% 27.51%
Cash Flow 0.00% 41.09% 34.69%
Earnings 0.00% 0.00% 0.00%
Book Value 44.24% 37.49% 53.02%

Earnings Trends EPS, adjusted, against the consensus

Q4 FY26 Estimate 1.09 Actual 1.19

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY26 0.85 0.96 Beat by 0.11
Q2 FY26 0.89 1.01 Beat by 0.12
Q3 FY26 1.00 1.08 Beat by 0.08
Q4 FY26 1.09 1.19 Beat by 0.10
Q1 FY27 1.16 — Reports 24 November 2026

EPS $

Oct Jan Apr Jul Year
’26 — — — — —
’26 (0.07) (0.21) (0.09) (0.02) (0.39)
’25 (0.08) (0.05) (0.03) (0.11) (0.27)
’24 (0.23) (0.19) 0.12 (0.10) (0.39)
’23 (0.48) (0.40) (0.32) (0.21) (1.40)
’22 (0.65) (0.71) (0.72) (0.69) (2.77)
’21 (0.41) (0.50) (0.43) (0.59) (1.93)
Fiscal quarters ending in the months shown.

Revenue $m

Oct Jan Apr Jul Year
’26 — — — — —
’26 788 816 850 898 3,353
’25 628 648 678 719 2,673
’24 497 525 553 593 2,168
’23 356 388 419 455 1,617
’22 231 256 287 318 1,091
’21 143 157 176 197 673
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Oct Jan Apr Jul Year
’26 — — — — —
’26 448 204 198 279 1,130
’25 331 179 211 251 972
’24 261 142 173 204 780
’23 128 89 108 136 462
’22 93 48 77 103 322
’21 54 30 73 45 202
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Oct Jan Apr Jul Year
’26 — — — — —
’26 413 169 136 61 779
’25 292 143 119 172 727
’24 225 101 123 136 585
’23 96 63 74 101 334
’22 83 29 44 75 231
’21 42 18 56 28 144
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to July

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Price, $
Price, $ Low — 24.76 38.03 35.00 157.03 105.74 84.93 153.45 164.78 114.63 +21.1% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
High — 48.24 89.54 212.59 376.11 323.55 227.29 259.61 336.99 267.87 +23.9% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
People
People Employees 950 1,050 1,480 2,020 3,153 4,975 5,962 7,348 7,923 8,700 +27.9% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Revenue/emp, $m 0.13 0.18 0.20 0.21 0.21 0.22 0.27 0.30 0.34 0.39 +12.6% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Income, $m
Income, $m Revenue 126 190 303 431 673 1,091 1,617 2,168 2,673 3,353 +44.0% 3,931 4,579 5,328 +16.7%
Gross margin, % 78.15 80.08 80.30 77.80 77.67 77.79 77.56 77.99 76.87 76.80 (1.3) pt
EBT (35) (32) (28) (113) (257) (384) (183) (29) (18) (17) (7.5%)
EBT margin, % (27.51) (16.99) (9.22) (26.14) (38.21) (35.16) (11.29) (1.35) (0.68) (0.51) +27.0 pt
Net income (35) (34) (29) (115) (262) (390) (202) (58) (41) (63) +6.6%
Depreciation 15 21 30 51 129 199 169 215 292 404 +43.8%
Per share, $
Per share, $ Revenue 4.30 2.98 2.45 3.33 4.96 7.74 11.16 14.49 17.31 20.92 +19.2%
Earnings (1.54) (0.63) (0.23) (0.89) (1.93) (2.77) (1.40) (0.39) (0.27) (0.39) (14.2%)
Cash flow (0.21) 0.27 0.47 0.61 1.49 2.28 3.19 5.21 6.30 7.05 n/m
Capex (0.28) (0.24) (0.24) (0.40) (0.43) (0.64) (0.89) (1.30) (1.59) (2.19) +25.7%
Free cash flow (0.49) 0.03 0.23 0.21 1.06 1.64 2.30 3.91 4.71 4.86 n/m
Book value 1.71 3.76 2.50 3.75 3.90 4.07 5.00 8.52 11.65 16.22 +28.4%
Shares, m 29 64 124 129 136 141 145 150 154 160 +20.8%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S 0.00 11.86 34.38 38.94 48.18 19.82 14.38 12.38 16.49 7.23 20.4
P/B 0.00 9.39 33.75 34.64 61.31 37.72 32.06 21.06 24.51 9.32 26.4
EV/Sales 0.00 10.29 33.18 37.79 47.33 19.15 13.80 12.32 16.22 7.04 19.7
EV/FCF (34.15) 915.82 360.61 626.23 223.94 90.89 67.18 45.76 59.80 30.34 238.6
Cash, $m
Cash, $m Operating cash flow (6) 17 58 79 202 322 462 780 972 1,130 n/m
Capex (8) (15) (30) (52) (58) (91) (129) (195) (246) (351) +51.8%
Free cash flow (14) 2 28 28 144 231 334 585 727 779 n/m
Balance, $m
Balance, $m Working capital 22 204 234 1,158 1,128 1,122 1,354 284 2,465 2,070 +65.3%
Total debt — — — 878 934 995 1,168 1,142 1,701 1,696 +11.6%
Net debt (88) (299) (365) (493) (569) (737) (932) (1,267) (1,872) (1,778) +39.7%
Shareholders’ equity 50 240 309 485 529 573 725 1,274 1,799 2,598 +55.2%
Returns, %
Returns, % ROA (26.77) (12.68) (5.45) (9.44) (12.81) (15.33) (6.28) (1.39) (0.75) (0.88) +25.9 pt
ROIC 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (1,129.31) 0.00 (10.15) (10.1) pt
ROE 32.64 (89.74) (10.44) (29.02) (51.70) (70.82) (31.17) (5.77) (2.70) (2.87) (35.5) pt
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Jul 2026 · latest quarter Jul 2026 · fundamentals updated 25 Oct 2026

Zscaler, Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
NBIS Nebius Group N.V. $46.3B 655× 34.8× +454.04% (above 0%: growing) n/m −399.28% (below 0%: shrinking) 77.06% (30.21%) Compare
XYZ Block, Inc. $45.0B 129× 45.1× +9.30% (above 0%: growing) −82.95% (below 0%: shrinking) +181.80% (above 0%: growing) 47.84% 6.75% Compare
NTAP NetApp, Inc. $44.7B 31.7× 27.7× +29.89% (above 0%: growing) +64.66% (above 0%: growing) −35.32% (below 0%: shrinking) 70.07% 23.90% Compare
ZS Zscaler, Inc. $42.4B — (loss-making) 9,521× +24.88% (above 0%: growing) n/m −64.66% (below 0%: shrinking) 76.73% (1.72%)
OKTA Okta, Inc. $39.5B 134× 107× +10.58% (above 0%: growing) +76.32% (above 0%: growing) +38.89% (above 0%: growing) 79.63% 13.29% Compare
TWLO Twilio Inc. $39.1B 33.9× 30.5× +22.03% (above 0%: growing) +4,560.00% (above 0%: growing) +32.18% (above 0%: growing) 48.42% 5.64% Compare
CRWV CoreWeave Inc. $32.9B — (loss-making) — (loss-making) +112.46% (above 0%: growing) n/m −112.39% (below 0%: shrinking) 65.86% (1.90%) Compare
MDB MongoDB, Inc. $31.4B 528× 571× +30.50% (above 0%: growing) n/m +94.79% (above 0%: growing) 73.83% 3.68% Compare
KSPI Joint Stock Company Kaspi.kz Sponsored ADR $17.3B 8.4× 6.4× +20.70% (above 0%: growing) +5.19% (above 0%: growing) +73.38% (above 0%: growing) 74.32% 0.00% Compare
Median of peers $39.3B 129× 34.8× +25.96% +64.66% +35.54% 71.95% 4.66%

All 184 Software Infrastructure stocks →

Pay and ownership Proxy statement filed 21 November 2025

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 29.75k 47.44m 220.00
2024 25.16k 9.53m 138.00
2023 57.78m 85.84m 124.00
2022 41.53m 40.91m 119.00
2021 20.00m 36.86m 182.00

Ownership

Directors and executive officers, together 17.20%
Ajay Mangal, as trustee 18.20%
Jay Chaudhry 16.80%
The Vanguard Group 7.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Zscaler, Inc. (ZS) Latest News

27 Oct

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26 Oct

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23 Oct

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22 Oct

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20 Oct

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19 Oct

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17 Oct

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16 Oct

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14 Oct

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13 Oct

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12 Oct

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9 Oct

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stockrow.com/ZS · Data as of Oct 25, 2026 · For information only; not investment advice. · © 2026 stockrow.com