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Tuesday 3 November 2026 Export ZS’s income statement to Excel — free account

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
+24.9%
EPS
+81.8%
Free cash flow
−64.7%
Total debt
−0.26%

Quarter to July 2026, against a year earlier

226.28 2.49 +1.11%
Market cap
$36.5B
P/E
0.0×
Fwd P/E
8,874×
Dividend yield
—
F-score
3/9
Altman Z
3.22
Beneish M
−2.70
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
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Zscaler, Inc. (ZS) valuation and DCF model

What the price implies · reverse DCF

At $226.28 the price implies revenue of $42.51 billion by year ten, growing 28.9% a year, at a 10% free-cash-flow margin then.

The headline discounts the last twelve months’ free cash flow after share-based pay at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
28.9% a year for ten years
$226.28
today’s price
Its base case
40.0% a year for five years, then 24.0%
$281.82
24.5% above today’s price

Both are growth in revenue, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Zscaler, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Revenue and margin
the four quarters to July 2026, from the 10-Q and 10-K filings

Yearly growth in revenue. It usually slows as the company matures.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Diluted shares outstanding. Net debt, under Advanced inputs, is taken off before dividing.

Advanced inputs
Free cash flow Revenue and margin
negative is net cash
new shares the cash flow does not pay for

Against Zscaler, Inc.’s own cost of capital: risk-free 4.3% + beta 0.82 × equity premium 4.5% = 8.0% cost of equity; weighted, 8.0%.

Use 8.0%
Equity value $45.04b ▲ above market cap $36.16b
Base case value per share $281.82 equity value ÷ 159.81m shares
Current price $226.28 market price per share
Above today’s price 24.5% upside at the base case’s assumptions

How we got there$8.05b 10 years of cash to equity+$35.21b terminal value+$1.78b net cash=$45.04b equity value÷159.81m shares=$281.82 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Software Infrastructure).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/FCF 46.62× 50.91× 265.09× 82% below 17.26× 170% above
P/B 13.95× 20.18× 27.77× 50% below 2.94× 375% above
EV/EBITDA 131.65× 192.48× 192.48× 32% below 15.00× 778% above
EV/Sales 10.63× 12.00× 20.78× 49% below 2.95× 261% above
P/FCF P/B EV/EBITDA EV/Sales
15.55×29.50×43.45×57.40×10Y avg 27.77×2018201920202021202220232024202520262026

ZS trades at 13.95× P/B, against a 10-year average of 27.77× (range 9.32×–61.31×). That is cheaper than 78% of the last 9 year-end readings; re-rating to the average implies $450.35 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.