Zscaler (ZS)
Market Price (2/6/2026): $168.0 | Market Cap: $26.6 BilSector: Information Technology | Industry: Systems Software
Zscaler (ZS)
Market Price (2/6/2026): $168.0Market Cap: $26.6 BilSector: Information TechnologyIndustry: Systems Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30% | Weak multi-year price returns2Y Excs Rtn is -67%, 3Y Excs Rtn is -30% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -133 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.7% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -46% | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 24% | |
| Low stock price volatilityVol 12M is 42% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.2% | |
| Megatrend and thematic driversMegatrends include Cybersecurity, and Cloud Computing. Themes include Cloud Security, Network Security, Show more. | Key risksZS key risks include [1] intense competition from established cybersecurity vendors and major cloud providers, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -46% |
| Low stock price volatilityVol 12M is 42% |
| Megatrend and thematic driversMegatrends include Cybersecurity, and Cloud Computing. Themes include Cloud Security, Network Security, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -67%, 3Y Excs Rtn is -30% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -133 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.7% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 24% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.2% |
| Key risksZS key risks include [1] intense competition from established cybersecurity vendors and major cloud providers, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Zscaler (ZS) stock has lost about 50% since 10/31/2025 because of the following key factors:
1. Negative Investor Reaction to Q1 Fiscal Year 2026 Earnings Despite Beats.
Despite Zscaler reporting Q1 fiscal year 2026 earnings on November 25, 2025, that beat both EPS and revenue consensus estimates, the stock experienced a significant drop of over 13% the day after the announcement. This suggests that while headline figures were strong, investors likely reacted negatively to other aspects of the earnings report or subsequent commentary, triggering the start of the stock's decline.
2. Disappointing Fiscal Year 2026 Guidance and Margin Concerns.
A primary factor contributing to Zscaler's stock loss was the disappointing guidance provided for fiscal year 2026, particularly with non-GAAP operating income projections falling below consensus estimates. Additionally, the reported non-GAAP gross margin of 79.9% missed market expectations of 80.1%, indicating a strategic shift prioritizing product speed to market which raised concerns about potential impacts on long-term profitability.
Show more
1. Negative Investor Reaction to Q1 Fiscal Year 2026 Earnings Despite Beats.
Despite Zscaler reporting Q1 fiscal year 2026 earnings on November 25, 2025, that beat both EPS and revenue consensus estimates, the stock experienced a significant drop of over 13% the day after the announcement. This suggests that while headline figures were strong, investors likely reacted negatively to other aspects of the earnings report or subsequent commentary, triggering the start of the stock's decline.
2. Disappointing Fiscal Year 2026 Guidance and Margin Concerns.
A primary factor contributing to Zscaler's stock loss was the disappointing guidance provided for fiscal year 2026, particularly with non-GAAP operating income projections falling below consensus estimates. Additionally, the reported non-GAAP gross margin of 79.9% missed market expectations of 80.1%, indicating a strategic shift prioritizing product speed to market which raised concerns about potential impacts on long-term profitability.
Show more
Stock Movement Drivers
Fundamental Drivers
The -48.8% change in ZS stock from 10/31/2025 to 2/5/2026 was primarily driven by a -51.1% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 2052026 | Change |
|---|---|---|---|
| Stock Price ($) | 331.14 | 169.39 | -48.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,673 | 2,833 | 6.0% |
| P/S Multiple | 19.4 | 9.5 | -51.1% |
| Shares Outstanding (Mil) | 157 | 159 | -1.3% |
| Cumulative Contribution | -48.8% |
Market Drivers
10/31/2025 to 2/5/2026| Return | Correlation | |
|---|---|---|
| ZS | -48.8% | |
| Market (SPY) | -0.7% | 41.2% |
| Sector (XLK) | -9.8% | 41.5% |
Fundamental Drivers
The -40.7% change in ZS stock from 7/31/2025 to 2/5/2026 was primarily driven by a -45.4% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 2052026 | Change |
|---|---|---|---|
| Stock Price ($) | 285.56 | 169.39 | -40.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,547 | 2,833 | 11.3% |
| P/S Multiple | 17.4 | 9.5 | -45.4% |
| Shares Outstanding (Mil) | 155 | 159 | -2.3% |
| Cumulative Contribution | -40.7% |
Market Drivers
7/31/2025 to 2/5/2026| Return | Correlation | |
|---|---|---|
| ZS | -40.7% | |
| Market (SPY) | 7.5% | 42.8% |
| Sector (XLK) | 3.4% | 46.1% |
Fundamental Drivers
The -16.4% change in ZS stock from 1/31/2025 to 2/5/2026 was primarily driven by a -29.5% change in the company's P/S Multiple.| (LTM values as of) | 1312025 | 2052026 | Change |
|---|---|---|---|
| Stock Price ($) | 202.59 | 169.39 | -16.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,299 | 2,833 | 23.2% |
| P/S Multiple | 13.4 | 9.5 | -29.5% |
| Shares Outstanding (Mil) | 153 | 159 | -3.8% |
| Cumulative Contribution | -16.4% |
Market Drivers
1/31/2025 to 2/5/2026| Return | Correlation | |
|---|---|---|
| ZS | -16.4% | |
| Market (SPY) | 13.6% | 58.9% |
| Sector (XLK) | 18.1% | 62.6% |
Fundamental Drivers
The 36.4% change in ZS stock from 1/31/2023 to 2/5/2026 was primarily driven by a 133.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312023 | 2052026 | Change |
|---|---|---|---|
| Stock Price ($) | 124.16 | 169.39 | 36.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,216 | 2,833 | 133.0% |
| P/S Multiple | 14.6 | 9.5 | -35.3% |
| Shares Outstanding (Mil) | 143 | 159 | -9.5% |
| Cumulative Contribution | 36.4% |
Market Drivers
1/31/2023 to 2/5/2026| Return | Correlation | |
|---|---|---|
| ZS | 36.4% | |
| Market (SPY) | 72.9% | 50.9% |
| Sector (XLK) | 103.6% | 53.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ZS Return | 61% | -65% | 98% | -19% | 25% | -17% | -7% |
| Peers Return | 67% | -43% | 89% | 37% | 17% | -12% | 155% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 83% |
Monthly Win Rates [3] | |||||||
| ZS Win Rate | 67% | 33% | 67% | 50% | 58% | 0% | |
| Peers Win Rate | 69% | 40% | 65% | 58% | 58% | 10% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ZS Max Drawdown | -19% | -67% | -22% | -30% | -3% | -17% | |
| Peers Max Drawdown | -14% | -46% | -8% | -13% | -16% | -13% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PANW, FTNT, NET, CRWD, NTSK. See ZS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/5/2026 (YTD)
How Low Can It Go
| Event | ZS | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -76.4% | -25.4% |
| % Gain to Breakeven | 323.9% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -39.4% | -33.9% |
| % Gain to Breakeven | 65.0% | 51.3% |
| Time to Breakeven | 33 days | 148 days |
| 2018 Correction | ||
| % Loss | -53.8% | -19.8% |
| % Gain to Breakeven | 116.5% | 24.7% |
| Time to Breakeven | 220 days | 120 days |
Compare to PANW, FTNT, NET, CRWD, NTSK
In The Past
Zscaler's stock fell -76.4% during the 2022 Inflation Shock from a high on 11/19/2021. A -76.4% loss requires a 323.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Zscaler (ZS)
Zscaler, Inc. operates as a cloud security company worldwide. The company provides Zscaler Internet Access solution that provides users, servers, operational technology, Internet of Things device secure access to externally managed applications, including software-as-a-service (SaaS) applications and Internet destinations; and Zscaler Private Access solution, which is designed to provide access to managed applications hosted internally in data centers, and private or public clouds. It also offers Zscaler Digital Experience that measures end-to-end user experience across business applications, as well as provides an easy to understand digital experience score for each user, application, and location within an enterprise. In addition, the company provides workload segmentation solutions comprising Zscaler Cloud Security Posture Management that identifies and remediates application misconfigurations in SaaS, infrastructure as a service, and platform as a service to reduce risk and ensure compliance with industry and organizational benchmarks; and Zscaler Cloud Workload Segmentation, which is designed to secure application-to-application communications inside public clouds and data centers to stop lateral threat movement, as well as prevents application compromise and reduces the risk of data breaches. Its platform modules include Zscaler Central Authority, Zscaler Enforcement Node, and Zscaler Log Servers. It serves customers in airlines and transportation, conglomerates, consumer goods and retail, financial services, healthcare, manufacturing, media and communications, public sector and education, technology, and telecommunications services industries. The company was formerly known as SafeChannel, Inc., and changed its name to Zscaler, Inc. in August 2008. Zscaler, Inc. was incorporated in 2007 and is headquartered in San Jose, California.
AI Analysis | Feedback
Here are 1-3 brief analogies for Zscaler (ZS):
1. The Cloudflare for enterprise user security.
2. The Salesforce of cybersecurity, delivering enterprise security entirely from the cloud.
3. Palo Alto Networks, but its core security platform is built entirely in the cloud and designed for securing remote workforces directly accessing the internet.
AI Analysis | Feedback
- Zscaler Internet Access (ZIA): A cloud-native secure web gateway service that provides secure access to the internet and SaaS applications, protecting users from threats. (Service Category: Secure Web Gateway, Cloud Firewall)
- Zscaler Private Access (ZPA): A Zero Trust Network Access (ZTNA) service that securely connects authorized users directly to private applications without requiring a VPN. (Service Category: Zero Trust Network Access)
- Zscaler Digital Experience (ZDX): A digital experience monitoring (DEM) service that provides visibility and analytics into user, application, and network performance across the Zscaler platform. (Service Category: Digital Experience Monitoring)
- Zscaler Cloud Protection (ZCP): A cloud-native application protection platform (CNAPP) service that secures cloud workloads, applications, and data across multi-cloud environments. (Service Category: Cloud Security Posture Management, Cloud Workload Protection)
- Zscaler Data Protection: Services providing data loss prevention (DLP) and data discovery across internet, SaaS, and private applications to prevent sensitive data exfiltration. (Service Category: Data Loss Prevention)
AI Analysis | Feedback
Zscaler (ZS) Major Customers
Zscaler (ZS) primarily sells its cloud security services to **other companies** (B2B model), serving a wide range of large enterprises, government agencies, and educational institutions globally. Its customer base includes many Fortune 500 and Global 2000 companies across diverse industries. While Zscaler serves thousands of organizations and does not publicly disclose a definitive list of *all* its major customers due to competitive and privacy reasons, certain prominent public companies have been publicly acknowledged as customers or have participated in Zscaler case studies. Here are examples of companies that have been identified as Zscaler customers:- Siemens AG (SIEGY) - A global technology powerhouse focused on industry, infrastructure, transport, and healthcare.
- General Electric Company (GE) - A diversified industrial company known for aviation, power, and renewable energy.
- Sanofi S.A. (SNY) - A global pharmaceutical company.
- Toyota Motor Corporation (TM) - A multinational automotive manufacturer.
AI Analysis | Feedback
- Amazon Web Services (part of Amazon.com, Inc. AMZN)
- Google Cloud Platform (part of Alphabet Inc. GOOGL)
AI Analysis | Feedback
Jay Chaudhry CEO, Chairman and Founder
Jay Chaudhry founded Zscaler in 2007/2008. He has over 25 years of security industry expertise, including experience in engineering, sales, marketing, and management at organizations like IBM, NCR, and Unisys. Prior to Zscaler, he founded and led several other security software companies that were all acquired. These include SecureIT (founded 1996), an internet security service acquired by VeriSign in 1998 for $70 million in an all-stock deal, which notably made many of his employees millionaires. He also founded CoreHarbor (2000), a managed e-commerce solution acquired by USi/AT&T; CipherTrust (2000), an email security gateway acquired by Secure Computing Corporation in 2006 for $274 million; and AirDefense (2002), a wireless security company acquired by Motorola.
Kevin Rubin Chief Financial Officer
Kevin Rubin has served as Zscaler's Chief Financial Officer since May 2025. He brings over two decades of experience leading finance organizations at high-growth public and private companies. Before joining Zscaler, he was CFO at BetterUp, where he guided the company's financial strategy and operational scale. Prior to that, he was CFO of Alteryx, where he was instrumental in scaling global financial operations, supporting significant business expansion, and leading the company through its successful initial public offering (IPO). Earlier in his career, he held CFO roles at MSC Software, Pictage, DataDirect, and MRV Communications, and began his career at Arthur Andersen, advising various companies.
Adam Geller Chief Product Officer
Adam Geller serves as Zscaler's Chief Product Officer.
Mike Rich Chief Revenue Officer and President of Global Sales
Mike Rich holds the positions of Chief Revenue Officer and President of Global Sales at Zscaler.
Joyce Kim Chief Marketing Officer
Joyce Kim has been the Chief Marketing Officer at Zscaler since 2023. Before her role at Zscaler, she served as CMO at Twilio, and previously as CMO at Genesys and Chief Marketing and Digital Officer at Arm. Her experience also includes leading marketing for global brands such as Skype at Microsoft and Chromebooks and Google Hangouts at Google.
AI Analysis | Feedback
Key Risks to Zscaler's Business (ZS)
- Intense Competition and Market Saturation: Zscaler operates in a highly competitive cybersecurity market, facing established vendors such as Palo Alto Networks and CrowdStrike, as well as emerging players and security offerings from major cloud providers like AWS and Microsoft Azure. This intense competition can lead to pricing pressures, slower growth rates, and challenges in differentiating its offerings.
- Macroeconomic Headwinds and Impact on Customer Spending: Challenging macroeconomic conditions are weighing on Zscaler's growth, impacting customer spending habits and extending sales cycles for large enterprise purchases. This environment creates uncertainty regarding future revenue growth and the pace of new customer acquisition.
- Profitability Challenges Amidst High Investment: Zscaler has a history of annual net losses and may continue to incur them due to significant ongoing investments in research and development (R&D), sales, and marketing. While these aggressive investments are crucial for innovation and market expansion, they place pressure on profit margins and can delay the achievement of sustained GAAP profitability.
AI Analysis | Feedback
The increasing market dominance and aggressive expansion of integrated cybersecurity platforms, particularly from established players like Palo Alto Networks (Prisma SASE) and Fortinet (FortiSASE), into the Secure Access Service Edge (SASE) market, including Security Service Edge (SSE) functionalities. These competitors offer comprehensive SASE solutions that bundle networking (SD-WAN) and security, often leveraging existing customer bases and driving a strong trend towards vendor consolidation. This contrasts with Zscaler's pure-play SSE focus, creating a significant competitive threat as enterprises increasingly seek unified SASE platforms from a single vendor to simplify management and reduce complexity.
AI Analysis | Feedback
Zscaler (ZS) operates in substantial and growing addressable markets for its cloud security products and services. The company's overall total addressable market (TAM) is estimated to be $96 billion globally. This represents a significant increase from previous estimates and is driven by the accelerating demand for cloud-native cybersecurity and zero-trust architectures. This global TAM is projected to grow at a compound annual growth rate (CAGR) of 14%. Key addressable markets for Zscaler's main products and services include:- Overall Zscaler Platform (Zero Trust and AI): The total addressable market for Zscaler's comprehensive Zero Trust Exchange platform, which encompasses its core offerings, is estimated at $96 billion globally.
- Data Loss Protection (DLP): Zscaler's data loss protection product, which is a part of its broader portfolio, has an addressable market opportunity of approximately $10 billion.
- Broader Zero Trust Security Market: The global zero trust security market, where Zscaler is a leading player, was valued at USD 40.01 billion in 2025 and is projected to reach approximately USD 161.6 billion by 2034, growing at a CAGR of 16.78% from 2025 to 2034. North America held the largest market share in the zero trust security market in 2024. Specifically, the U.S. zero trust security market is projected to reach around USD 43.86 billion by 2034.
AI Analysis | Feedback
Zscaler (ZS) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies: * Expansion and Innovation in Core Product Categories: Zscaler is focusing on three main growth categories: "Zero Trust Everywhere," "Data Security Everywhere," and "Agentic Operations." These initiatives, particularly Zero Trust for cloud workloads and branches, and comprehensive data security capabilities, are growing faster than the company's overall Annual Recurring Revenue (ARR) and are expected to continue to be significant drivers. The company is also building an AI-powered Security Operations Center (SOC) solution to simplify operations, reduce alert fatigue, and predict breaches, which falls under Agentic Operations. * Growth in Customer Base and Platform Adoption: Zscaler continues to expand its customer base, with a focus on encouraging existing and new customers to adopt its broader Zero Trust Exchange platform. The platform now secures over 50 million users, indicating a significant milestone for customer adoption. This expansion includes securing new logo customers, with 59% of customers who bought Zero Trust Branch in Q3 fiscal year 2025 being new. * Strategic Go-to-Market Initiatives: Improved sales productivity, driven by revamped go-to-market strategies, is a key factor. Additionally, the introduction of programs like "Z-Flex," a flexible purchasing program, is expected to generate significant bookings and drive ARR growth. * Leveraging AI-driven Security Solutions: The growing demand for AI-driven security solutions is a major tailwind for Zscaler. The company is actively integrating AI into its platform, including through the recently acquired Red Canary's agentic AI technology, to deliver advanced threat detection and prevention capabilities.AI Analysis | Feedback
Share Issuance
- Zscaler issued $1.5 billion in convertible senior notes due 2028 through a private offering in June 2025, with net proceeds of $1,130.5 million after deducting discounts and issuance costs.
- The company utilized $145.2 million of the proceeds from the convertible notes for capped call transactions to reduce potential dilution of its common stock upon conversion.
- Share issuances related to stock-based compensation have been ongoing, with recognized tax benefits on these expenses increasing from $1.4 million in fiscal 2022 to $13.4 million in fiscal 2023 and $23.0 million in fiscal 2024.
Outbound Investments
- Zscaler has made 7 investments in companies operating across sectors such as Cybersecurity, IT Services, and Cloud Infrastructure.
- Notable investments include P0 Security, FireTail, and Cyware, with the most recent being a Series A round in P0 Security on September 10, 2024.
- The company made strategic acquisitions, including Digital Additive in 2024 and Avalor, to enhance its SecOps capabilities through AI.
Capital Expenditures
- Capital expenditures were $90.6 million in fiscal year 2022, $128.7 million in fiscal year 2023, and $194.896 million in fiscal year 2024.
- Trailing twelve months capital expenditures stood at $245.76 million as of July 2025.
- For fiscal year 2025, data center capital expenditures are expected to be approximately 3 points higher as a percentage of revenue compared to fiscal 2024, primarily focused on upgrades to the company's cloud and AI Infrastructure.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 158.91 |
| Mkt Cap | 58.3 |
| Rev LTM | 3,699 |
| Op Inc LTM | -163 |
| FCF LTM | 976 |
| FCF 3Y Avg | 1,023 |
| CFO LTM | 1,275 |
| CFO 3Y Avg | 1,312 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 22.0% |
| Rev Chg 3Y Avg | 31.1% |
| Rev Chg Q | 23.8% |
| QoQ Delta Rev Chg LTM | 5.6% |
| Op Mgn LTM | -6.6% |
| Op Mgn 3Y Avg | -4.0% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 34.7% |
| CFO/Rev 3Y Avg | 36.4% |
| FCF/Rev LTM | 27.1% |
| FCF/Rev 3Y Avg | 28.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 58.3 |
| P/S | 10.2 |
| P/EBIT | -234.6 |
| P/E | -152.9 |
| P/CFO | 45.7 |
| Total Yield | -0.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 2.1% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -17.7% |
| 3M Rtn | -28.5% |
| 6M Rtn | -16.9% |
| 12M Rtn | -17.3% |
| 3Y Rtn | 75.0% |
| 1M Excs Rtn | -15.6% |
| 3M Excs Rtn | -30.1% |
| 6M Excs Rtn | -28.5% |
| 12M Excs Rtn | -28.8% |
| 3Y Excs Rtn | 6.2% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $169.39 | |
| Market Cap ($ Bil) | 26.9 | |
| First Trading Date | 03/16/2018 | |
| Distance from 52W High | -49.6% | |
| 50 Days | 200 Days | |
| DMA Price | $225.65 | $269.74 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -24.9% | -37.2% |
| 3M | 1YR | |
| Volatility | 44.8% | 42.1% |
| Downside Capture | 337.42 | 146.99 |
| Upside Capture | -51.06 | 108.67 |
| Correlation (SPY) | 35.2% | 58.7% |
ZS Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.33 | 1.38 | 1.22 | 1.31 | 1.24 | 1.49 |
| Up Beta | 1.20 | 1.52 | 1.36 | 1.27 | 1.32 | 1.21 |
| Down Beta | 0.82 | 1.22 | 1.20 | 0.80 | 1.22 | 1.58 |
| Up Capture | 30% | 23% | -45% | 77% | 112% | 455% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 8 | 17 | 23 | 59 | 130 | 401 |
| Down Capture | 345% | 259% | 235% | 198% | 116% | 110% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 12 | 24 | 38 | 66 | 120 | 349 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ZS | |
|---|---|---|---|---|
| ZS | -18.5% | 42.1% | -0.38 | - |
| Sector ETF (XLK) | 18.1% | 27.2% | 0.59 | 62.7% |
| Equity (SPY) | 13.6% | 19.3% | 0.54 | 59.1% |
| Gold (GLD) | 69.7% | 24.7% | 2.11 | 2.1% |
| Commodities (DBC) | 7.1% | 16.6% | 0.24 | 19.0% |
| Real Estate (VNQ) | 4.4% | 16.5% | 0.09 | 30.4% |
| Bitcoin (BTCUSD) | -26.6% | 40.5% | -0.66 | 27.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ZS | |
|---|---|---|---|---|
| ZS | -3.6% | 52.9% | 0.13 | - |
| Sector ETF (XLK) | 16.9% | 24.7% | 0.62 | 59.9% |
| Equity (SPY) | 14.4% | 17.0% | 0.67 | 55.7% |
| Gold (GLD) | 20.8% | 16.9% | 1.01 | 6.2% |
| Commodities (DBC) | 11.7% | 18.9% | 0.50 | 10.9% |
| Real Estate (VNQ) | 5.2% | 18.8% | 0.18 | 35.6% |
| Bitcoin (BTCUSD) | 16.0% | 57.4% | 0.49 | 27.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ZS | |
|---|---|---|---|---|
| ZS | 17.5% | 56.9% | 0.59 | - |
| Sector ETF (XLK) | 22.5% | 24.2% | 0.85 | 50.6% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 43.9% |
| Gold (GLD) | 15.4% | 15.5% | 0.83 | 5.4% |
| Commodities (DBC) | 7.9% | 17.6% | 0.37 | 11.7% |
| Real Estate (VNQ) | 6.0% | 20.7% | 0.26 | 24.7% |
| Bitcoin (BTCUSD) | 69.0% | 66.5% | 1.08 | 17.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/25/2025 | -13.0% | -16.5% | -21.5% |
| 9/2/2025 | -1.5% | 2.8% | 10.9% |
| 5/29/2025 | 9.8% | 19.8% | 25.0% |
| 3/5/2025 | 2.9% | 0.7% | -2.2% |
| 12/2/2024 | -4.7% | -1.1% | -12.9% |
| 9/3/2024 | -18.7% | -19.3% | -12.2% |
| 5/30/2024 | 8.5% | 14.2% | 26.8% |
| 2/29/2024 | -9.4% | -16.8% | -20.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 11 |
| # Negative | 13 | 13 | 13 |
| Median Positive | 9.8% | 10.8% | 17.3% |
| Median Negative | -9.4% | -14.2% | -12.9% |
| Max Positive | 29.4% | 35.9% | 39.8% |
| Max Negative | -18.7% | -23.7% | -23.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 10/31/2025 | 11/25/2025 | 10-Q |
| 07/31/2025 | 09/11/2025 | 10-K |
| 04/30/2025 | 05/29/2025 | 10-Q |
| 01/31/2025 | 03/10/2025 | 10-Q |
| 10/31/2024 | 12/05/2024 | 10-Q |
| 07/31/2024 | 09/12/2024 | 10-K |
| 04/30/2024 | 06/07/2024 | 10-Q |
| 01/31/2024 | 03/06/2024 | 10-Q |
| 10/31/2023 | 12/06/2023 | 10-Q |
| 07/31/2023 | 09/14/2023 | 10-K |
| 04/30/2023 | 06/07/2023 | 10-Q |
| 01/31/2023 | 03/08/2023 | 10-Q |
| 10/31/2022 | 12/07/2022 | 10-Q |
| 07/31/2022 | 09/15/2022 | 10-K |
| 04/30/2022 | 06/09/2022 | 10-Q |
| 01/31/2022 | 03/09/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Beer, James A | Direct | Sell | 1022026 | 226.72 | 653 | 148,048 | 790,119 | Form | |
| 2 | Brown, Andrew William Fraser | Direct | Sell | 12292025 | 0.00 | 5,000 | Form | |||
| 3 | Schlossman, Robert | Chief Legal Officer | Direct | Sell | 12172025 | 230.82 | 3,084 | 711,847 | 17,773,548 | Form |
| 4 | Schlossman, Robert | Chief Legal Officer | Direct | Sell | 12172025 | 232.79 | 2,349 | 546,824 | 17,378,472 | Form |
| 5 | Rich, Michael J | CRO and President of WW Sales | Direct | Sell | 12172025 | 230.82 | 4,100 | 946,359 | 24,812,382 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.