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Investment Highlights Market Valuation Price Chart Return vs. Risk About ZS Interactive Breakdown Better Bets vs. ZS Latest Trefis Analyses Trade Ideas Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Zscaler (ZS)

Market Price (10/27/2025): $322.78 | Market Cap: $50.5 Bil
Sector: Information Technology | Industry: Systems Software

Zscaler (ZS)

Market Price (10/27/2025): $322.78
Market Cap: $50.5 Bil
Sector: Information Technology
Industry: Systems Software

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 23%		 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%		 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -127 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.8%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27%		  Expensive valuation multiples
P/SPrice/Sales ratio is 19x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 52x
2 Low stock price volatility
Vol 12M is 39%		  Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 61%
3   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.4%
0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 23%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27%
2 Low stock price volatility
Vol 12M is 39%
3 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -127 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.8%
5 Expensive valuation multiples
P/SPrice/Sales ratio is 19x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 52x
6 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 61%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.4%

Market Valuation & Key Metrics

ZSS&P 500
REVENUE GROWTHVERY GOOD
Rev LTM ($ Bil)2.7
Rev Chg Q21.3%6.4%
Rev Chg LTM23.3%5.3%
Rev Chg 3Y Avg35.2%5.4%
PROFITABILITYVERY POOR
Op Inc LTM ($ Bil)-0.1
CFO LTM ($ Bil)1.0
Net Inc LTM ($ Bil)-0.0
Op Mgn LTM-4.8%18.7%
CFO/Rev LTM36.4%20.5%
Net Inc Mgn-1.6%12.7%
VALUATIONVERY HIGH
P/S18.93.3
P/CFO52.016.1
P/FCF69.520.9
P/E-1,218.024.0
STABILITYVERY GOOD
Debt/Equity0.040.21
Cash/Assets0.560.07

ZS Stock

   
   
   
   
   
   
   

Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
ZS Return329%61%-65%98%-19%79%546%
Peers Return87%37%-36%42%74%15%362%
S&P 500 Return16%27%-19%24%23%15%110%

Monthly Win Rates [3]
ZS Win Rate75%67%33%67%50%67% 
Peers Win Rate48%70%37%58%62%62% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
ZS Max Drawdown-15%-19%-67%-22%-30%-3% 
Peers Max Drawdown-26%-11%-41%-22%-21%-24% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: PANW, CRWD, FTNT, CHKP, ARQQ. 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] 2025 data is for the year up to 10/24/2025 (YTD)

How Low Can It Go

Unique KeyEventZSS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-76.4%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven323.9%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-39.4%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven65.0%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven33 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-53.8%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven116.5%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven220 days120 days

Compare to PANW, CRWD, FTNT, CHKP, ARQQ


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 over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Zscaler (ZS)

Better Bets than Zscaler (ZS)

 ZSBetter Performance than ZS
MetricValueIndustry (Systems Software)
Rev Chg LTM23.3%CRWD (23.5%), NET (27.8%), CYBR (39.5%), AFRM (38.8%), IOT (30.3%)
Rev Chg 3Y Avg35.2%IOT (38.8%), TOST (36.2%), GTLB (37.4%), S (45.6%), DLO (38.1%)
Op Mgn LTM-4.8%MSFT (45.6%), NOW (13.3%), PANW (13.5%), FTNT (30.9%), CRWV (6.3%)
CFO/Rev LTM36.4%MSFT (48.3%), NOW (39.0%), PANW (40.3%), FTNT (37.9%), CHKP (44.5%)
FCF/Rev LTM27.2%NOW (31.6%), PANW (37.6%), FTNT (32.1%), CHKP (43.5%), NTNX (29.6%)
Total Yield-0.1%MSFT (3.2%), NOW (0.9%), PANW (0.8%), FTNT (3.0%), AFRM (0.2%)
 ZSBetter Performance than ZS
MetricValueAll Other Sectors
Rev Chg LTM23.3%LLY (36.8%), APP (48.2%), HOOD (59.6%), BX (34.9%), WELL (31.1%)
Rev Chg 3Y Avg35.2%MELI (39.8%), RCL (65.4%), NU (70.1%), APO (129.8%), ALNY (40.8%)
Op Mgn LTM-4.8%GOOGL (32.7%), AMZN (11.4%), META (42.9%), TSLA (5.1%), WMT (4.2%)
CFO/Rev LTM36.4%META (56.4%), V (60.4%), MA (53.3%), MCD (37.6%), APP (53.7%)
FCF/Rev LTM27.2%META (30.7%), V (56.8%), MA (49.2%), ABBV (31.3%), APP (53.7%)
Total Yield-0.1%GOOGL (4.0%), AMZN (3.0%), META (3.8%), TSLA (0.4%), WMT (3.4%)
 Best Bets In Information Technology Sector
 ZSVRSN NVDA RMBS QLYS ADBE YOU GEN IDCC DBX KLAC
What You Pay           
P/E-1218.928.452.449.525.121.516.628.121.216.538.5
P/EBIT-3599.820.545.043.923.517.219.610.316.914.031.6
What You Get           
Rev Chg Q21.3%7.3%55.6%30.3%10.3%10.7%17.5%30.3%34.5%-1.4%23.6%
Rev Chg LTM23.3%5.5%71.6%35.2%9.6%10.7%19.8%10.6%21.8%-0.0%23.9%
Rev Chg 3Y Avg35.2%5.2%92.0%18.7%12.5%10.5%35.5%14.8%23.3%4.1%10.4%
FCF/Rev 3Y Avg24.9%57.4%41.3%40.9%39.0%37.7%37.3%35.9%35.1%32.9%31.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Zscaler Earnings Notes  
2Zscaler Stock Up 13%, Buy Or Wait?Return 
3How Does Zscaler Stock Stack Up Against Its Peers?Peer Comparison 
4Why Zscaler Stock Moved: ZS Stock Has Gained 189% Since 2022 Fiscal End, Primarily Due To Favorable Change In Revenues  
5ZS Dip Buy Analysis  
6Zscaler vs. CrowdStrike: With Return Forecast Of 65%, Zscaler Is A Better BetPeer Comparison 
7Zscaler vs. Palo Alto Networks: With Return Forecast Of 65%, Zscaler Is A Better BetPeer Comparison 
8Zscaler vs. Fortinet: With Return Forecast Of 65%, Zscaler Is A Better BetPeer Comparison 
9Zscaler vs. Check Point Software Technologies: With Return Forecast Of 65%, Zscaler Is A Better BetPeer Comparison 
10Zscaler vs. eBay: With Return Forecast Of 83%, Zscaler Is A Better BetPeer Comparison 
11ARTICLES  
12Large Cap Stocks Trading At 52-Week High October 24th, 2025
13What’s Next With Zscaler Stock? September 5th, 2025
14How Will Zscaler Stock React To Its Upcoming Earnings? August 27th, 2025
15ZS Looks Stronger Than PANW With 61% Return Potential July 31st, 2025
16How Low Can Zscaler Stock Go In A Market Crash July 11th, 2025
Title
0DASHBOARDS
1Large Cap Stocks Trading At 52-Week High
2What’s Next With Zscaler Stock?
3How Will Zscaler Stock React To Its Upcoming Earnings?
4ZS Looks Stronger Than PANW With 61% Return Potential
5How Low Can Zscaler Stock Go In A Market Crash
6ARTICLES
7Zscaler Earnings Notes
8Zscaler Stock Up 13%, Buy Or Wait?
9How Does Zscaler Stock Stack Up Against Its Peers?
10Why Zscaler Stock Moved: ZS Stock Has Gained 189% Since 2022 Fiscal End, Primarily Due To Favorable Change In Revenues
11ZS Dip Buy Analysis
12Zscaler vs. CrowdStrike: With Return Forecast Of 65%, Zscaler Is A Better Bet
13Zscaler vs. Palo Alto Networks: With Return Forecast Of 65%, Zscaler Is A Better Bet
14Zscaler vs. Fortinet: With Return Forecast Of 65%, Zscaler Is A Better Bet
15Zscaler vs. Check Point Software Technologies: With Return Forecast Of 65%, Zscaler Is A Better Bet
16Zscaler vs. eBay: With Return Forecast Of 83%, Zscaler Is A Better Bet

Trade Ideas

Select past ideas related to ZS. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADBE_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025ADBEAdobeMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.2%0.2%-6.7%
CRM_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025CRMSalesforceMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		7.5%7.5%-0.6%
MPWR_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025MPWRMonolithic Power SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		16.8%16.8%-1.8%
POWI_9262025_Dip_Buyer_High_CFO_Margins_ExInd_DE09262025POWIPower IntegrationsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		7.5%7.5%-13.4%
ROP_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025ROPRoper TechnologiesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-3.9%-3.9%-3.9%
ZS_12312024_Monopoly_xInd_xCD_Getting_Cheaper12312024ZSZscalerMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		70.3%79.0%-3.2%
ZS_5312023_Monopoly_xInd_xCD_Getting_Cheaper05312023ZSZscalerMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		47.5%15.6%-0.3%
ZS_11302022_Dip_Buyer_High_CFO_Margins_ExInd_DE11302022ZSZscalerDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		1.5%48.0%-34.8%
ZS_5312022_Dip_Buyer_High_CFO_Margins_ExInd_DE05312022ZSZscalerDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		-11.9%-11.5%-43.2%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADBE_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025ADBEAdobeMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.2%0.2%-6.7%
CRM_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025CRMSalesforceMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		7.5%7.5%-0.6%
MPWR_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025MPWRMonolithic Power SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		16.8%16.8%-1.8%
POWI_9262025_Dip_Buyer_High_CFO_Margins_ExInd_DE09262025POWIPower IntegrationsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		7.5%7.5%-13.4%
ROP_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025ROPRoper TechnologiesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-3.9%-3.9%-3.9%
ZS_12312024_Monopoly_xInd_xCD_Getting_Cheaper12312024ZSZscalerMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		70.3%79.0%-3.2%
ZS_5312023_Monopoly_xInd_xCD_Getting_Cheaper05312023ZSZscalerMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		47.5%15.6%-0.3%
ZS_11302022_Dip_Buyer_High_CFO_Margins_ExInd_DE11302022ZSZscalerDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		1.5%48.0%-34.8%
ZS_5312022_Dip_Buyer_High_CFO_Margins_ExInd_DE05312022ZSZscalerDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		-11.9%-11.5%-43.2%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1VICRVicor57.5%87.2%
2INBXInhibrx Biosciences53.8%272.0%
3CLBCore Laboratories48.7%-2.4%
4BALYBallys46.2%6.8%
5MOFGMidWestOne Financial43.2%39.2%
6NUVBNuvation Bio42.2%82.3%
7CLOVClover Health Investments41.0%21.3%
8CELCCelcuity36.6%442.2%
9WGOWinnebago Industries33.6%-12.7%
10GTXGarrett Motion33.3%91.3%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-45.4%8328.6%
2ITGRInteger-30.4%-45.0%
3METCRamaco Resources-23.8%244.9%
4WRLDWorld Acceptance-18.6%25.6%
5ASMAvino Silver & Gold Mines-18.2%450.5%
6SESSES AI-17.6%15.5%
7SMPLSimply Good Foods-17.5%-48.0%
8TNGXTango Therapeutics-17.0%142.6%
9OKLOOklo-16.7%540.8%
10LENZLENZ Therapeutics-16.4%10.7%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1WOLFWolfspeed1498.4%344.0%
2PRAXPraxis Precision Medicines253.2%126.1%
3NVTSNavitas Semiconductor116.1%294.1%
4SNDKSanDisk97.4% 
5UAMYUnited States Antimony90.3%578.5%
6GRALGRAIL85.2%400.8%
7BALYBallys82.9%6.8%
8ORKAOruka Therapeutics81.1%40.5%
9INBXInhibrx Biosciences79.9%272.0%
10CIFRCipher Mining77.2%345.3%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1VGVenture Global-35.7% 
2PMIPicard Medical-35.3%8328.6%
3SOCSable Offshore-33.7%-41.7%
4FWRDForward Air-28.9%-39.0%
5FLYFirefly Aerospace-28.5% 
6ITGRInteger-28.4%-45.0%
7USNAUsana Health Sciences-26.5%-42.0%
8HTZHertz Global-26.3%41.5%
9RCReady Capital-25.1%-50.3%
10ULHUniversal Logistics-24.8%-61.0%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1VICRVicor57.5%87.2%
2INBXInhibrx Biosciences53.8%272.0%
3CLBCore Laboratories48.7%-2.4%
4BALYBallys46.2%6.8%
5MOFGMidWestOne Financial43.2%39.2%
6NUVBNuvation Bio42.2%82.3%
7CLOVClover Health Investments41.0%21.3%
8CELCCelcuity36.6%442.2%
9WGOWinnebago Industries33.6%-12.7%
10GTXGarrett Motion33.3%91.3%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-45.4%8328.6%
2ITGRInteger-30.4%-45.0%
3METCRamaco Resources-23.8%244.9%
4WRLDWorld Acceptance-18.6%25.6%
5ASMAvino Silver & Gold Mines-18.2%450.5%
6SESSES AI-17.6%15.5%
7SMPLSimply Good Foods-17.5%-48.0%
8TNGXTango Therapeutics-17.0%142.6%
9OKLOOklo-16.7%540.8%
10LENZLENZ Therapeutics-16.4%10.7%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Zscaler

Financials

ZSPANWCRWDFTNTCHKPARQQMedian
NameZscaler Palo Alt.CrowdStr.Fortinet Check Po.Arqit Qu. 
Mkt Price323.00217.11527.3285.56192.0042.71204.56
Mkt Cap50.6145.9131.865.520.6-65.5
Rev LTM2,6739,2224,3416,3382,642-4,341
Op Inc LTM-1271,243-3791,957872-872
FCF LTM7273,4701,0382,0331,150-1,150
FCF 3Y Avg5483,0679821,8611,065-1,065
CFO LTM9723,7161,3892,4011,175-1,389
CFO 3Y Avg7383,2501,2602,1731,087-1,260

Growth & Margins

ZSPANWCRWDFTNTCHKPARQQMedian
NameZscaler Palo Alt.CrowdStr.Fortinet Check Po.Arqit Qu. 
Rev Chg LTM23.3%14.9%23.5%14.5%6.3%-14.9%
Rev Chg 3Y Avg35.2%18.9%33.5%18.7%5.5%-18.9%
Rev Chg Q21.3%15.8%21.3%13.6%6.0%-15.8%
QoQ Delta Rev Chg LTM5.0%3.9%5.0%3.2%1.5%-3.9%
Op Mgn LTM-4.8%13.5%-8.7%30.9%33.0%-13.5%
Op Mgn 3Y Avg-8.3%9.2%-4.3%26.9%35.4%-9.2%
QoQ Delta Op Mgn LTM0.1%2.4%-2.6%-0.6%-0.7%--0.6%
CFO/Rev LTM36.4%40.3%32.0%37.9%44.5%-37.9%
CFO/Rev 3Y Avg33.6%40.4%36.7%38.9%43.5%-38.9%
FCF/Rev LTM27.2%37.6%23.9%32.1%43.5%-32.1%
FCF/Rev 3Y Avg24.9%38.1%28.6%33.4%42.6%-33.4%

Valuation

ZSPANWCRWDFTNTCHKPARQQMedian
NameZscaler Palo Alt.CrowdStr.Fortinet Check Po.Arqit Qu. 
Mkt Cap50.6145.9131.865.520.6-65.5
P/S18.915.830.410.37.8-15.8
P/EBIT-3,599.891.3-687.228.521.2-21.2
P/E-1,218.9128.7-443.733.824.0-24.0
P/CFO52.039.394.927.317.5-39.3
Total Yield-0.1%0.8%-0.2%3.0%4.2%-0.8%
Dividend Yield0.0%0.0%0.0%0.0%0.0%-0.0%
FCF Yield 3Y Avg1.7%2.9%1.4%3.1%5.8%-2.9%
D/E0.00.00.00.00.0-0.0
Net D/E-0.0-0.0-0.0-0.1-0.1--0.0

Returns

ZSPANWCRWDFTNTCHKPARQQMedian
NameZscaler Palo Alt.CrowdStr.Fortinet Check Po.Arqit Qu. 
1M Rtn9.6%7.3%9.5%1.5%-6.2%17.2%8.4%
3M Rtn12.9%6.8%12.7%-18.4%-12.8%11.4%9.1%
6M Rtn49.8%21.3%24.1%-16.0%-7.0%181.9%22.7%
12M Rtn74.6%18.5%75.4%6.5%-7.3%496.5%46.6%
3Y Rtn110.1%158.2%220.1%52.8%50.8%-59.8%81.4%
1M Excs Rtn9.8%4.5%8.6%-0.0%-8.5%8.2%6.4%
3M Excs Rtn5.5%-0.1%5.4%-24.7%-18.3%10.0%2.6%
6M Excs Rtn26.9%-1.6%1.2%-38.9%-30.0%159.0%-0.2%
12M Excs Rtn57.4%-0.6%54.9%-12.3%-23.5%465.8%27.1%
3Y Excs Rtn33.3%87.4%161.9%-18.6%-12.1%-141.7%10.6%

Comparison Analyses

Financials

$ Mil | FY: 7/312025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q1
Period End7/31/20254/30/20251/31/202510/31/20247/31/20244/30/20241/31/202410/31/20237/31/20234/30/20231/31/202310/31/2022
Filing Date9/11/20255/29/20253/10/202512/5/20249/12/20246/7/20243/6/202412/6/20239/14/20236/7/20233/8/202312/7/2022
Key Financials Quarterly            
Total Revenue719678648628593553525497455419388356
Ebitda3039142423451-4-5-20-37-49
Operating Income-31-25-40-31-27-3-45-46-51-49-65-69
Net Income-18-4-8-12-1519-28-33-31-46-57-68
EPS-0.11-0.03-0.05-0.08-0.100.13-0.19-0.23-0.21-0.32-0.40-0.48
Key Financials TTM            
Total Revenue TTM2,6732,5472,4222,2992,1682,0301,8961,7581,6171,4801,3481,216
Ebitda TTM107100106936436-29-67-111-172-227-262
Operating Income TTM-127-123-101-106-121-145-192-212-235-266-303-322
Net Income TTM-41-39-16-36-58-74-139-168-202-269-325-368
Growth Rates Quarterly            
Total Revenue Growth21.3%22.6%23.4%26.4%30.3%32.1%35.4%39.7%43.1%46.0%51.7%54.2%
EBITDA Growth32.0%-12.8%2143.9%663.5%601.8%318.2%101.6%91.1%93.0%72.9%48.4%23.9%
Operating Income Growth-14.8%-743.4%11.7%33.4%47.0%93.9%30.3%33.3%38.4%42.9%22.3%7.1%
Net Income Growth-18.1%-121.6%72.9%64.0%51.5%141.5%50.4%50.9%68.6%54.6%42.8%24.9%
Margins Quarterly            
EBITDA Margin4.2%5.7%2.1%3.9%3.9%8.1%0.1%-0.9%-1.0%-4.9%-9.7%-13.7%
Operating Income Margin-4.3%-3.7%-6.2%-4.9%-4.5%-0.5%-8.7%-9.3%-11.2%-11.8%-16.8%-19.4%
Net Income Margin-2.4%-0.6%-1.2%-1.9%-2.5%3.5%-5.4%-6.7%-6.7%-11.0%-14.8%-19.2%
Cash & Debt            
Total Cash3,5723,0062,8802,7082,4102,2402,4602,3242,1001,9681,9051,825
Total Debt1,7971,2291,2381,2371,2381,2351,2341,2161,2111,2151,2161,219
Net Debt / (Cash)-1,776-1,777-1,642-1,471-1,172-1,005-1,226-1,109-890-754-689-606
Cash Flows Quarterly            
FCF from Operations25121117933120417314226113610889128
Cash Flows TTM            
FCF from Operations TTM972925888850780712647595462430398357
Returns to Shareholders Quarterly            
Dividends000000000000
Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC-10.2%-8.5%-6.6%-11.0%-8.6%-0.9%-20.5%-22.4%-22.0%-21.8%-30.6%-35.3%
Return on Invested Capital (ROIC) TTM            
ROIC TTM-10.5%-10.3%-8.9%-9.5%-9.7%-11.9%-21.7%-25.7%-25.3%-29.3%-35.6%-41.2%

Segment Financials

Revenue by Segment

$ Mil20252024202320222021
Single Segment2,1681,6171,091673431
Total2,1681,6171,091673431


Price Behavior

ZS Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta1.321.321.041.211.321.57
Up Beta0.340.801.171.271.301.22
Down Beta-0.730.440.191.361.391.79
Up Capture204%160%77%131%198%647%
Bmk +ve Days13233574144420
Stock +ve Days11213072136401
Down Capture143%190%176%77%107%109%
Bmk -ve Days8192952107330
Stock -ve Days10213353114348

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity5,368,676
Short Interest: % Change Since 9302025-5.4%
Average Daily Volume1,383,302
Days-to-Cover Short Interest3.88
Basic Shares Quantity156,519,000
Short % of Basic Shares3.4%

Returns Analyses

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/2/2025-1.5%2.8%10.9%
5/29/20259.8%19.8%25.0%
3/5/20252.9%0.7%-2.2%
12/2/2024-4.7%-1.1%-12.9%
9/3/2024-18.7%-19.3%-12.2%
5/30/20248.5%14.2%26.8%
2/29/2024-9.4%-16.8%-20.6%
11/27/20231.0%3.3%17.3%
...
SUMMARY STATS   
# Positive111111
# Negative131313
Median Positive9.8%10.8%17.3%
Median Negative-8.3%-12.6%-12.6%
Max Positive29.4%35.9%39.8%
Max Negative-18.7%-23.7%-23.7%

SEC Filings

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Report DateFiling DateFiling
7312025911202510-K 7/31/2025
4302025529202510-Q 4/30/2025
1312025310202510-Q 1/31/2025
103120241205202410-Q 10/31/2024
7312024912202410-K 7/31/2024
4302024607202410-Q 4/30/2024
1312024306202410-Q 1/31/2024
103120231206202310-Q 10/31/2023
7312023914202310-K 7/31/2023
4302023607202310-Q 4/30/2023
1312023308202310-Q 1/31/2023
103120221207202210-Q 10/31/2022
7312022915202210-K 7/31/2022
4302022609202210-Q 4/30/2022
1312022309202210-Q 1/31/2022
103120211208202110-Q 10/31/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Chaudhry Jagtar SinghCEO & Chairman6182025Sell303.702,849865,247107,378,433Form
1Nair SyamCTO6182025Sell303.704,0641,234,24532,392,562Form
2Schlossman RobertChief Legal Officer6182025Sell303.703,5901,090,29127,984,326Form
3Judge RajEVP, Corp. Strategy & Ventures6182025Sell303.702,957898,04723,169,130Form
4Rich Michael J.CRO and President of WW Sales6182025Sell303.704,2871,301,97129,824,457Form

Industry Resources

External Quote Links


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