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.
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Zscaler, Inc. (ZS) Piotroski F-score
Zscaler, Inc.'s Piotroski F-score for fiscal 2026 is 3 out of 9: 3 of nine tests of profitability, leverage and efficiency passed, down from 4 in fiscal 2025.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2026 | 3 | (1.00) |
| FY2025 | 4 | (2.00) |
| FY2024 | 6 | 1.00 |
| FY2023 | 5 | 0.00 |
| FY2022 | 5 | 2.00 |
| FY2021 | 3 | 0.00 |
| FY2020 | 3 | (2.00) |
| FY2019 | 5 | (1.00) |
| FY2018 | 6 | — |
How fiscal 2026’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (0.88%) | (0.75%) | Fail | 0 |
| Positive operating cash flow | 1.13b | 972.45m | Pass | 1 |
| Rising return on assets | (0.88%) | (0.75%) | Fail | 0 |
| Cash flow above net income | 1.19b | 1.01b | Pass | 1 |
| Falling long-term leverage | 0.24 | 0.31 | Pass | 1 |
| Rising current ratio | 1.70 | 2.01 | Fail | 0 |
| No new shares issued | 160,219,000 | 154,404,000 | Fail | 0 |
| Rising gross margin | 76.80% | 76.87% | Fail | 0 |
| Rising asset turnover | 0.47 | 0.48 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 3 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| NTAP NetApp, Inc. compare | 9 |
| OKTA Okta, Inc. compare | 8 |
| VRSN VeriSign, Inc. compare | 8 |
| FFIV F5, Inc. compare | 7 |
| IOT Samsara Inc. compare | 7 |
| RBRK Rubrik, Inc. compare | 5 |
| CPAY Corpay, Inc. compare | 5 |
| MDB MongoDB, Inc. compare | 5 |
| ZS Zscaler, Inc. | 3 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover