Wednesday 7 October 2026
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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. Revenue growth for ten consecutive years, operating cash flow growth for ten.
212.25
10.45
+5.18%
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| Jul '17 | Jul '18 | Jul '19 | Jul '20 | Jul '21 | Jul '22 | Jul '23 | Jul '24 | Jul '25 | Jul '26 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
— | 6 | 5 | 3 | 3 | 5 | 5 | 6 | 4 | 3 |
P/E ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Altman Z-Score |
— | 6.62 | 21.39 | 8.00 | 11.33 | 5.79 | 5.10 | 4.80 | 6.28 | 3.22 |
P/S ratio |
0.00 | 11.86 | 34.38 | 38.94 | 48.18 | 19.82 | 14.38 | 12.38 | 16.49 | 7.23 |
Altman Z″-Score (non-manufacturers) |
(2.98) | 2.26 | 2.03 | 3.50 | 2.11 | 0.95 | 1.30 | (0.18) | 2.19 | 1.61 |
P/FCF ratio |
0.00 | 1,055.52 | 373.69 | 645.17 | 227.94 | 94.09 | 69.99 | 45.98 | 60.80 | 31.15 |
P/Operating CF |
(929.50) | 153.88 | 584.24 | 530.82 | 724.85 | 209.69 | 171.01 | 131.80 | 175.94 | 86.74 |
Beneish M-Score |
(2.65) | (2.55) | (2.56) | (2.75) | (2.72) | (3.11) | (2.90) | (2.79) | (2.98) | (2.70) |
P/B ratio |
0.00 | 9.39 | 33.75 | 34.64 | 61.31 | 37.72 | 32.06 | 21.06 | 24.51 | 9.32 |
Price to Tangible BV |
0.00 | 9.39 | 35.62 | 38.98 | 74.07 | 46.72 | 38.10 | 33.82 | 33.05 | 20.78 |
EV/Sales |
0.00 | 10.29 | 33.18 | 37.79 | 47.33 | 19.15 | 13.80 | 12.32 | 16.22 | 7.04 |
EV/EBITDA |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 285.52 | 265.54 | 87.20 |
EV/Operating CF |
(82.22) | 113.08 | 173.17 | 205.50 | 157.68 | 64.90 | 48.26 | 34.24 | 44.60 | 20.89 |
EV/FCF |
(34.15) | 915.82 | 360.61 | 626.23 | 223.94 | 90.89 | 67.18 | 45.76 | 59.80 | 30.34 |
Quick Ratio |
1.05 | 1.97 | 1.75 | 3.58 | 2.44 | 1.88 | 1.75 | 1.01 | 1.88 | 1.56 |
Current Ratio |
1.19 | 2.12 | 1.89 | 3.73 | 2.57 | 1.99 | 1.88 | 1.09 | 2.01 | 1.70 |
Net Debt/EBITDA |
4.45 | 22.19 | 68.08 | 7.82 | 7.21 | 5.73 | 14.30 | (13.55) | (11.46) | (6.57) |
Debt/Assets |
0.00% | 0.00% | 0.00% | 47.87% | 41.35% | 35.11% | 32.37% | 24.28% | 26.49% | 21.56% |
Debt/Equity |
0.00 | 0.00 | 0.00 | 1.81 | 1.77 | 1.74 | 1.61 | 0.90 | 0.95 | 0.65 |
Asset Turnover |
0.75 | 0.60 | 0.58 | 0.35 | 0.33 | 0.43 | 0.50 | 0.52 | 0.48 | 0.47 |
Operating CF/Net income |
0.13 | (0.43) | (2.02) | (0.69) | (0.77) | (0.82) | (2.28) | (13.51) | (23.44) | (17.88) |
Capex/Depreciation |
(0.53) | (0.72) | (1.01) | (1.02) | (0.45) | (0.46) | (0.76) | (0.91) | (0.84) | (0.87) |
Interest Coverage |
— | (17.31) | (4.41) | (22.68) | (3.89) | (5.79) | (35.87) | (9.25) | (13.49) | (11.30) |
| 32.64% | (89.74%) | (10.44%) | (29.02%) | (51.70%) | (70.82%) | (31.17%) | (5.77%) | (2.70%) | (2.87%) | |
| (26.77%) | (12.68%) | (5.45%) | (9.44%) | (12.81%) | (15.33%) | (6.28%) | (1.39%) | (0.75%) | (0.88%) | |
ROIC |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | (1,129.31%) | 0.00% | (10.15%) |
Return on Tangible Assets |
(126.53%) | (17.84%) | (10.41%) | (9.33%) | (21.19%) | (30.42%) | (12.67%) | (8.65%) | (1.38%) | (2.24%) |
Average Days of Receivables |
113.38 | 118.25 | 112.50 | 124.91 | 139.42 | 133.74 | 131.52 | 124.01 | 135.48 | 125.10 |
Research and Development Expense of Revenue |
26.70% | 20.71% | 20.46% | 22.70% | 25.95% | 26.50% | 21.69% | 23.06% | 25.16% | 26.95% |
Selling, General and Administrative Expense of Revenue |
79.35% | 77.58% | 71.49% | 81.53% | 82.59% | 81.30% | 70.38% | 60.54% | 56.52% | 53.83% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.03 | 0.03 | 0.04 | 0.04 | 0.03 | 0.10 | 0.07 | 0.18 |
Share Based Compensation of Revenue |
7.89% | 5.90% | 15.33% | 28.15% | 38.41% | 37.54% | 27.51% | 24.34% | 24.74% | 24.52% |
Graham Net Nets |
0.12 | 0.08 | 0.02 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | (0.01) |
Graham Number |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Earnings Yield |
(2.06%) | (2.20%) | (0.27%) | (0.69%) | (0.81%) | (1.80%) | (0.88%) | (0.22%) | (0.09%) | (0.26%) |
Free Cash Flow Yield |
(2.67%) | 0.09% | 0.27% | 0.15% | 0.44% | 1.06% | 1.43% | 2.17% | 1.64% | 3.21% |
Revenue per Share |
4.30 | 2.98 | 2.45 | 3.33 | 4.96 | 7.74 | 11.16 | 14.49 | 17.31 | 20.92 |
Operating CF per Share |
(0.21) | 0.27 | 0.47 | 0.61 | 1.49 | 2.28 | 3.19 | 5.21 | 6.30 | 7.05 |
Capex per Share |
(0.28) | (0.24) | (0.24) | (0.40) | (0.43) | (0.64) | (0.89) | (1.30) | (1.59) | (2.19) |
Free Cash Flow per Share |
(0.49) | 0.03 | 0.23 | 0.21 | 1.06 | 1.64 | 2.30 | 3.91 | 4.71 | 4.86 |
Cash per Share |
3.01 | 4.67 | 2.95 | 10.60 | 11.08 | 12.29 | 14.49 | 16.11 | 23.14 | 21.68 |
Shareholders Equity per Share |
1.71 | 3.76 | 2.50 | 3.75 | 3.90 | 4.07 | 5.00 | 8.52 | 11.65 | 16.22 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
1.71 | 3.76 | 2.50 | 3.75 | 3.90 | 4.07 | 5.00 | 8.52 | 11.65 | 16.22 |
Free Cash Flow |
(14.19) | 2.14 | 27.87 | 27.51 | 143.74 | 231.33 | 333.62 | 584.95 | 726.69 | 779.14 |
Working Capital |
22.45 | 204.33 | 234.14 | 1,157.89 | 1,128.10 | 1,122.20 | 1,354.45 | 283.73 | 2,464.68 | 2,069.92 |
Capital Expenditures |
(8.17) | (15.17) | (30.16) | (51.81) | (58.30) | (90.58) | (128.72) | (194.90) | (245.76) | (350.51) |
Net Current Asset Value |
9.84 | 179.62 | 200.48 | 233.16 | 119.57 | (2.72) | 7.11 | (34.25) | 273.68 | (237.22) |
EV/EBIT |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Capex to Sales |
0.07 | 0.08 | 0.10 | 0.12 | 0.09 | 0.08 | 0.08 | 0.09 | 0.09 | 0.10 |
Price to Operating Income |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
1.17 | 1.07 | 0.73 | 0.67 | 1.19 | 1.24 | 0.70 | 0.56 | 0.54 | 0.54 |
Cash ROIC |
(10.30%) | 0.40% | 4.14% | 1.01% | 4.85% | 7.01% | 8.35% | 12.12% | 10.28% | 10.03% |
Accounts Receivable Turnover |
3.96 | 3.78 | 3.91 | 3.58 | 3.33 | 3.32 | 3.29 | 3.29 | 3.09 | 3.13 |
Accounts Payable Turnover |
10.63 | 8.75 | 10.75 | 16.74 | 16.91 | 12.52 | 16.26 | 22.83 | 17.61 | 16.39 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
50.00 | 47.17 | 37.97 | 19.95 | 30.47 | 39.40 | 18.59 | 17.83 | 27.70 | 22.52 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
31.77 | 50.33 | 77.48 | 120.46 | 202.35 | 328.43 | 491.19 | 659.58 | 864.36 | 1,070.63 |
Average Payables |
2.58 | 4.33 | 5.55 | 5.72 | 8.89 | 19.35 | 22.32 | 20.90 | 35.11 | 47.44 |
Average Assets |
168.21 | 315.34 | 525.97 | 1,218.81 | 2,045.54 | 2,545.15 | 3,220.49 | 4,156.64 | 5,562.43 | 7,143.30 |
Average Common Equity |
(137.94) | 44.55 | 274.40 | 396.69 | 506.86 | 551.10 | 649.21 | 999.61 | 1,536.69 | 2,198.77 |
Columns are period end dates