Tearsheet

Zscaler (ZS)

Market Price (9/17/2025): $282.11 | Market Cap: $44.2 Bil
Sector: Information Technology | Industry: Systems Software

Zscaler (ZS)

Market Price (9/17/2025): $282.11
Market Cap: $44.2 Bil
Sector: Information Technology
Industry: Systems Software

Investment Highlights

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 23%	Weak multi-year price returns 3Y Excs Rtn is -12%	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%		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%
2	Low stock price volatility Vol 12M is 39%		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 -4.3%

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	Weak multi-year price returns 3Y Excs Rtn is -12%
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	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%
6	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 -4.3%

Market Valuation

	9/17/25	2024	2023	2022
Share Price CYE	$282.11	$180.41	$221.56	$111.90
Market Cap CYE ($ Bil)	44.2	27.5	32.7	16.1
Total Debt ($ Bil)	1.8	1.8	1.2	1.2
Total Cash ($ Bil)	3.6	3.6	2.4	2.1
Enterprise Value ($ Bil)	42.4	29.3	33.9	17.3
Valuation Ratios
P/S TTM	16.5	10.4	15.3	10.0
P/EBIT TTM	-3144.1	-2132.6	-2058.9	-92.1
P/E TTM	-1064.5	-671.6	-574.3	-80.2
Sector Ratios
P/S TTM (Sector)	3.2	3.1	2.8	2.5
P/EBIT TTM (Sector)	4.0	-0.0	-0.1	-0.5
P/E TTM (Sector)	-0.4	-0.3	-0.4	-0.5

	9/17/25	2024
Share Price CYE	$282.11	$180.41
Market Cap CYE ($ Bil)	44.2	27.5
Total Debt ($ Bil)	1.8	1.8
Total Cash ($ Bil)	3.6	3.6
Enterprise Value ($ Bil)	42.4	29.3
Valuation Ratios
P/S TTM	16.5	10.4
P/EBIT TTM	-3144.1	-2132.6
P/E TTM	-1064.5	-671.6
Sector Ratios
P/S TTM (Sector)	3.2	3.1
P/EBIT TTM (Sector)	4.0	-0.0
P/E TTM (Sector)	-0.4	-0.3

Stock Price
Market Cap

Stock Price Chart

Return (1Y):

Market Cap Chart

Business Description

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. Show more

Price Returns Compared

Expand for Detailed View

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
ZS Return	329%	61%	-65%	98%	-19%	56%	509%
Peers Return	111%	53%	-35%	83%	36%	7%	462%
S&P 500 Return	16%	27%	-19%	24%	23%	12%	104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: PANW, CRWD, FTNT, MSFT, NOW. See ZS Returns vs. Peers.
[3] 2025 data is for the year up to 9/16/2025 (YTD)

Better Bets than Zscaler (ZS)

	ZS	Better Performance than ZS
Metric	Value	Industry (Systems Software)
Rev Chg LTM	23.3%	CRWD (23.5%), NET (27.8%), AFRM (38.8%), CYBR (39.5%), TOST (26.1%)
Rev Chg 3Y Avg	35.2%	TOST (36.2%), IOT (38.8%), 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 LTM	36.4%	MSFT (48.3%), NOW (39.0%), PANW (40.3%), FTNT (37.9%), CHKP (44.5%)
FCF/Rev LTM	27.2%	NOW (31.6%), PANW (37.6%), FTNT (32.1%), CHKP (43.5%), NTNX (31.5%)
Total Yield	-0.1%	MSFT (3.3%), NOW (0.9%), PANW (0.8%), FTNT (3.2%), AFRM (0.2%)

	ZS	Better Performance than ZS
Metric	Value	Sector (Information Technology)
Rev Chg LTM	23.3%	NVDA (71.6%), AVGO (28.0%), PLTR (38.8%), AMD (27.2%), SHOP (29.0%)
Rev Chg 3Y Avg	35.2%	NVDA (92.0%), SNOW (36.3%), CRDO (74.4%), SMCI (64.7%), GRAB (71.1%)
Op Mgn LTM	-4.8%	NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), AVGO (39.0%), ORCL (31.5%)
CFO/Rev LTM	36.4%	NVDA (46.6%), MSFT (48.3%), AVGO (42.4%), PLTR (50.3%), NOW (39.0%)
FCF/Rev LTM	27.2%	NVDA (43.6%), AVGO (41.6%), PLTR (49.7%), CRM (31.6%), NOW (31.6%)
Total Yield	-0.1%	NVDA (2.1%), MSFT (3.3%), AAPL (3.2%), AVGO (1.1%), ORCL (2.0%)

	ZS	Better Performance than ZS
Metric	Value	All Other Sectors
Rev Chg LTM	23.3%	LLY (36.8%), APP (48.2%), BX (34.9%), MELI (35.8%), DASH (23.8%)
Rev Chg 3Y Avg	35.2%	MELI (39.8%), RCL (65.4%), APO (129.8%), NU (70.1%), ALNY (40.8%)
Op Mgn LTM	-4.8%	GOOGL (32.7%), AMZN (11.4%), META (42.9%), TSLA (6.2%), WMT (4.2%)
CFO/Rev LTM	36.4%	META (56.4%), V (60.4%), MA (53.3%), MCD (37.6%), RY (135.4%)
FCF/Rev LTM	27.2%	META (30.7%), V (56.8%), MA (49.2%), ABBV (31.3%), RY (131.7%)
Total Yield	-0.1%	GOOGL (4.1%), AMZN (2.8%), META (3.6%), TSLA (0.4%), BRK-B (5.9%)

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Zscaler Earnings Notes
2	How Does ZS Stack Up Against Its Peers?	Peer Comparison
3	Why Zscaler Stock Moved: ZS Stock Has Gained 153% Since 2022 Fiscal End, Primarily Due To Favorable Change In Revenues
4	Will You Be Comfortable Buying Zscaler Stock?	Return
5	ZS Dip Buy Analysis
6	Zscaler vs. CrowdStrike: With Return Forecast Of 65%, Zscaler Is A Better Bet	Peer Comparison
7	Zscaler vs. Palo Alto Networks: With Return Forecast Of 65%, Zscaler Is A Better Bet	Peer Comparison
8	Zscaler vs. Fortinet: With Return Forecast Of 65%, Zscaler Is A Better Bet	Peer Comparison
9	Zscaler vs. Check Point Software Technologies: With Return Forecast Of 65%, Zscaler Is A Better Bet	Peer Comparison
10	Zscaler vs. eBay: With Return Forecast Of 83%, Zscaler Is A Better Bet	Peer Comparison
11	ARTICLES
12	What’s Next With Zscaler Stock?		September 5th, 2025
13	How Will Zscaler Stock React To Its Upcoming Earnings?		August 27th, 2025
14	ZS Looks Stronger Than PANW With 61% Return Potential		July 31st, 2025
15	How Low Can Zscaler Stock Go In A Market Crash		July 11th, 2025
16	F5 vs. Zscaler		December 5th, 2024

	Title
0	DASHBOARDS
1	What’s Next With Zscaler Stock?
2	How Will Zscaler Stock React To Its Upcoming Earnings?
3	ZS Looks Stronger Than PANW With 61% Return Potential
4	How Low Can Zscaler Stock Go In A Market Crash
5	F5 vs. Zscaler
6	ARTICLES
7	Zscaler Earnings Notes
8	How Does ZS Stack Up Against Its Peers?
9	Why Zscaler Stock Moved: ZS Stock Has Gained 153% Since 2022 Fiscal End, Primarily Due To Favorable Change In Revenues
10	Will You Be Comfortable Buying Zscaler Stock?
11	ZS Dip Buy Analysis
12	Zscaler vs. CrowdStrike: With Return Forecast Of 65%, Zscaler Is A Better Bet
13	Zscaler vs. Palo Alto Networks: With Return Forecast Of 65%, Zscaler Is A Better Bet
14	Zscaler vs. Fortinet: With Return Forecast Of 65%, Zscaler Is A Better Bet
15	Zscaler vs. Check Point Software Technologies: With Return Forecast Of 65%, Zscaler Is A Better Bet
16	Zscaler vs. eBay: With Return Forecast Of 83%, Zscaler Is A Better Bet

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	FGI	FGI Industries	139.3%	145.2%
2	CODX	Co-Diagnostics	80.8%	-14.8%
3	CNFR	Conifer	55.5%	50.4%
4	BGI	Birks	55.4%	-18.1%
5	FLUX	Flux Power	52.2%	99.4%
6	BOXL	Boxlight	45.7%	32.1%
7	LVRO	Lavoro	45.5%	-57.4%
8	NFE	New Fortress Energy	44.9%	-86.8%
9	WBTN	Webtoon Entertainment	39.0%	53.2%
10	HCWC	Healthy Choice Wellness	37.5%	-34.7%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	REX	REX American Resources	-50.1%	46.1%
2	XAGE	Longevity Health	-39.3%	-86.1%
3	BNGO	Bionano Genomics	-35.7%	-89.7%
4	IHT	InnSuites Hospitality Trust	-30.7%	7.3%
5	LUD	Luda Technology	-28.6%
6	NAOV	NanoVibronix	-28.5%	-88.2%
7	GDC	GD Culture	-28.2%	269.8%
8	ASST	Strive	-28.0%	813.4%
9	BIAF	bioAffinity Technologies	-25.5%	-71.3%
10	FAAS	DigiAsia	-23.9%	-87.2%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	BDSX	Biodesix	1313.2%	-78.6%
2	CLSD	Clearside Biomedical	954.0%	-74.9%
3	SDOT	Sadot	624.1%	-79.4%
4	WLDS	Wearable Devices	498.0%	-30.0%
5	CHEK	Check-Cap	285.6%	154.6%
6	ATCH	AtlasClear	275.9%	-91.0%
7	HSDT	Helius Medical Technologies	262.5%	-95.6%
8	OPI	Office Properties Income Trust	261.7%	-13.4%
9	FGI	FGI Industries	156.8%	145.2%
10	AIRE	ReAlpha Tech	154.0%	-56.1%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	NAKA	Kindly MD	-81.4%
2	ATYR	aTyr Pharma	-79.7%	-70.2%
3	LGCL	Lucas GC	-73.6%	-77.1%
4	EPSM	Epsium Enterprise	-70.1%
5	BNGO	Bionano Genomics	-59.4%	-89.7%
6	FAAS	DigiAsia	-58.5%	-87.2%
7	QMMM	QMMM	-57.5%	6775.0%
8	VCIG	VCI Global	-56.9%	-99.1%
9	YYGH	YY	-56.6%	-78.5%
10	XAGE	Longevity Health	-55.5%	-86.1%

1 Month Top Gainers

#	Ticker	Company	1M Rtn	YTD Rtn
1	PMI	Picard Medical	11963.5%	11963.5%
2	GIBO	GIBO	9734.4%
3	CHSN	Chanson International	7565.0%	-99.3%
4	LNZA	LanzaTech Global	7287.5%	-86.0%
5	QMMM	QMMM	3031.7%	6775.0%
6	OESX	Orion Energy Systems	1497.9%	22.9%
7	CURX	Curanex Pharmaceuticals	1401.6%	1401.6%
8	ENTO	Entero Therapeutics	565.6%	117.6%
9	PTNM	Pitanium	553.2%
10	WLDS	Wearable Devices	449.5%	-30.0%

1 Month Top Losers

#	Ticker	Company	1M Rtn	YTD Rtn
1	CJET	Chijet Motor	-92.2%	-95.0%
2	STFS	Star Fashion Culture	-92.2%	-97.8%
3	ELPW	Elong Power	-91.6%	-76.7%
4	NXTT	Next Technology	-89.6%	-95.1%
5	NAKA	Kindly MD	-89.0%
6	BINI	Bollinger Innovations	-88.9%	-100.0%
7	JEM	707 Cayman	-88.4%	-98.2%
8	YAAS	Youxin Technology	-82.5%	-98.3%
9	NEON	Neonode	-82.0%	-50.2%
10	NVNO	enVVeno Medical	-81.5%	-69.8%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	FGI	FGI Industries	139.3%	145.2%
2	CODX	Co-Diagnostics	80.8%	-14.8%
3	CNFR	Conifer	55.5%	50.4%
4	BGI	Birks	55.4%	-18.1%
5	FLUX	Flux Power	52.2%	99.4%
6	BOXL	Boxlight	45.7%	32.1%
7	LVRO	Lavoro	45.5%	-57.4%
8	NFE	New Fortress Energy	44.9%	-86.8%
9	WBTN	Webtoon Entertainment	39.0%	53.2%
10	HCWC	Healthy Choice Wellness	37.5%	-34.7%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	REX	REX American Resources	-50.1%	46.1%
2	XAGE	Longevity Health	-39.3%	-86.1%
3	BNGO	Bionano Genomics	-35.7%	-89.7%
4	IHT	InnSuites Hospitality Trust	-30.7%	7.3%
5	LUD	Luda Technology	-28.6%
6	NAOV	NanoVibronix	-28.5%	-88.2%
7	GDC	GD Culture	-28.2%	269.8%
8	ASST	Strive	-28.0%	813.4%
9	BIAF	bioAffinity Technologies	-25.5%	-71.3%
10	FAAS	DigiAsia	-23.9%	-87.2%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	BDSX	Biodesix	1313.2%	-78.6%
2	CLSD	Clearside Biomedical	954.0%	-74.9%
3	SDOT	Sadot	624.1%	-79.4%
4	WLDS	Wearable Devices	498.0%	-30.0%
5	CHEK	Check-Cap	285.6%	154.6%
6	ATCH	AtlasClear	275.9%	-91.0%
7	HSDT	Helius Medical Technologies	262.5%	-95.6%
8	OPI	Office Properties Income Trust	261.7%	-13.4%
9	FGI	FGI Industries	156.8%	145.2%
10	AIRE	ReAlpha Tech	154.0%	-56.1%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	NAKA	Kindly MD	-81.4%
2	ATYR	aTyr Pharma	-79.7%	-70.2%
3	LGCL	Lucas GC	-73.6%	-77.1%
4	EPSM	Epsium Enterprise	-70.1%
5	BNGO	Bionano Genomics	-59.4%	-89.7%
6	FAAS	DigiAsia	-58.5%	-87.2%
7	QMMM	QMMM	-57.5%	6775.0%
8	VCIG	VCI Global	-56.9%	-99.1%
9	YYGH	YY	-56.6%	-78.5%
10	XAGE	Longevity Health	-55.5%	-86.1%

Peer Comparisons for Zscaler

Financials

	ZS	PANW	CRWD	FTNT	MSFT	NOW	Median
Name	Zscaler	Palo Alt.	CrowdStr.	Fortinet	Microsoft	ServiceN.
Mkt Price	281.96	201.34	444.98	79.78	509.04	932.01	363.47
Mkt Cap	44.1	135.3	111.2	61.1	3,782.2	193.1	123.3
Rev LTM	2,673	9,222	4,341	6,338	281,724	12,057	7,780
Op Inc LTM	-127	1,243	-379	1,957	128,528	1,601	1,422
FCF LTM	727	3,470	1,038	2,033	71,611	3,805	2,751
FCF 3Y Avg	548	3,067	982	1,861	68,386	3,054	2,457
CFO LTM	972	3,716	1,389	2,401	136,162	4,699	3,058
CFO 3Y Avg	738	3,250	1,260	2,173	114,097	3,828	2,712

Growth & Margins

	ZS	PANW	CRWD	FTNT	MSFT	NOW	Median
Name	Zscaler	Palo Alt.	CrowdStr.	Fortinet	Microsoft	ServiceN.
Rev Chg LTM	23.3%	14.9%	23.5%	14.5%	14.9%	21.1%	18.0%
Rev Chg 3Y Avg	35.2%	18.9%	33.5%	18.7%	12.5%	22.3%	20.6%
Rev Chg Q	21.3%	15.8%	21.3%	13.6%	18.1%	22.4%	19.7%
QoQ Delta Rev Chg LTM	5.0%	3.9%	5.0%	3.2%	4.3%	5.1%	4.6%
Op Mgn LTM	-4.8%	13.5%	-8.7%	30.9%	45.6%	13.3%	13.4%
Op Mgn 3Y Avg	-8.3%	9.2%	-4.3%	26.9%	44.0%	10.1%	9.7%
QoQ Delta Op Mgn LTM	0.1%	2.4%	-2.6%	-0.6%	0.4%	0.3%	0.2%
CFO/Rev LTM	36.4%	40.3%	32.0%	37.9%	48.3%	39.0%	38.4%
CFO/Rev 3Y Avg	33.6%	40.4%	36.7%	38.9%	46.0%	38.1%	38.5%
FCF/Rev LTM	27.2%	37.6%	23.9%	32.1%	25.4%	31.6%	29.4%
FCF/Rev 3Y Avg	24.9%	38.1%	28.6%	33.4%	27.9%	30.3%	29.4%

Valuation

	ZS	PANW	CRWD	FTNT	MSFT	NOW	Median
Name	Zscaler	Palo Alt.	CrowdStr.	Fortinet	Microsoft	ServiceN.
Mkt Cap	44.1	135.3	111.2	61.1	3,782.2	193.1	123.3
P/S	16.5	14.7	25.6	9.6	13.4	16.0	15.3
P/EBIT	-3,142.4	84.7	-579.9	26.5	30.0	95.2	28.3
P/E	-1,064.0	119.3	-374.4	31.5	37.1	116.2	34.3
P/CFO	45.4	36.4	80.1	25.4	27.8	41.1	38.8
Total Yield	-0.1%	0.8%	-0.3%	3.2%	3.3%	0.9%	0.8%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.6%	0.0%	0.0%
FCF Yield 3Y Avg	1.7%	2.9%	1.4%	3.1%	2.2%	1.9%	2.0%
D/E	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net D/E	-0.0	-0.0	-0.0	-0.1	-0.0	-0.0	-0.0

Returns

	ZS	PANW	CRWD	FTNT	MSFT	NOW	Median
Name	Zscaler	Palo Alt.	CrowdStr.	Fortinet	Microsoft	ServiceN.
1M Rtn	2.5%	13.7%	4.0%	0.8%	-2.1%	7.5%	3.3%
3M Rtn	-8.2%	-0.4%	-9.6%	-22.5%	6.7%	-7.3%	-7.8%
6M Rtn	39.9%	10.0%	22.5%	-17.7%	33.2%	12.3%	17.4%
12M Rtn	64.1%	16.3%	66.2%	4.5%	18.9%	4.4%	17.6%
3Y Rtn	66.4%	131.3%	160.2%	58.2%	113.2%	118.9%	116.0%
1M Excs Rtn	0.1%	11.3%	1.6%	-1.6%	-4.6%	5.0%	0.8%
3M Excs Rtn	-17.1%	-7.9%	-16.7%	-31.3%	-3.1%	-16.8%	-16.7%
6M Excs Rtn	22.7%	-7.6%	5.6%	-33.9%	15.0%	-5.8%	-0.1%
12M Excs Rtn	51.1%	-1.4%	55.0%	-11.0%	2.0%	-12.9%	0.3%
3Y Excs Rtn	-12.5%	51.5%	70.7%	-13.6%	34.8%	35.9%	35.3%

Comparison Analyses

	Title
0	How Does ZS Stack Up Against Its Peers?
1	Zscaler vs. CrowdStrike: With Return Forecast Of 65%, Zscaler Is A Better Bet
2	Zscaler vs. Palo Alto Networks: With Return Forecast Of 65%, Zscaler Is A Better Bet
3	Zscaler vs. Fortinet: With Return Forecast Of 65%, Zscaler Is A Better Bet
4	Zscaler vs. Check Point Software Technologies: With Return Forecast Of 65%, Zscaler Is A Better Bet
5	Zscaler vs. eBay: With Return Forecast Of 83%, Zscaler Is A Better Bet
6	Zscaler vs. Live Nation Entertainment: With Return Forecast Of 83%, Zscaler Is A Better Bet
7	Zscaler vs. HubSpot: With Return Forecast Of 97%, Zscaler Is A Better Bet
8	Zscaler vs. Monolithic Power Systems: With Return Forecast Of 97%, Zscaler Is A Better Bet
9	Zscaler vs. Ansys: With Return Forecast Of 97%, Zscaler Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 7/31	LTM	2025	2024	2023	2022	2021	2020
Period End	7/31/2025	7/31/2025	7/31/2024	7/31/2023	7/31/2022	7/31/2021	7/31/2020
Filing Date	9/11/2025	9/11/2025	9/12/2024	9/14/2023	9/15/2022	9/16/2021	9/17/2020
Key Financials
Total Revenue	2,673	2,673	2,168	1,617	1,091	673	431
EBITDA	107	108	65	-109	-278	-167	-87
Operating Income	-127	-127	-121	-235	-327	-208	-114
Net Income	-41	-41	-58	-202	-390	-262	-115
EPS	-0.27	-0.27	-0.39	-1.40	-2.77	-1.93	-0.89
Growth Rates
Total Revenue Growth	23.3%	23.3%	34.1%	48.2%	62.1%	56.1%	42.4%
EBITDA Growth	67.8%	66.8%	159.4%	60.7%	-65.9%	-92.7%	-422.9%
Operating Income Growth	-4.7%	-4.7%	48.2%	28.3%	-57.6%	-82.4%	-222.7%
Net Income Growth	28.1%	28.1%	71.5%	48.2%	-48.9%	-127.6%	-301.7%
Margins
EBITDA Margin	4.0%	4.0%	3.0%	-6.8%	-25.4%	-24.9%	-20.1%
Operating Income Margin	-4.8%	-4.8%	-5.6%	-14.5%	-30.0%	-30.9%	-26.4%
Net Income Margin	-1.6%	-1.6%	-2.7%	-12.5%	-35.8%	-38.9%	-26.7%
Cash & Debt
Total Cash	3,572	3,572	2,410	2,100	1,731	1,503	1,371
Total Debt	1,797	1,797	1,238	1,211	1,046	965	905
Net Debt / (Cash)	-1,776	-1,776	-1,172	-890	-686	-538	-465
Cash Flows
Net Cash from Operations	972	972	780	462	322	202	79
Free Cash from Operations	727	727	585	334	231	144	28
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 7/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	7/31/2025	4/30/2025	1/31/2025	10/31/2024	7/31/2024	4/30/2024	1/31/2024	10/31/2023	7/31/2023	4/30/2023	1/31/2023	10/31/2022
Filing Date	9/11/2025	5/29/2025	3/10/2025	12/5/2024	9/12/2024	6/7/2024	3/6/2024	12/6/2023	9/14/2023	6/7/2023	3/8/2023	12/7/2022
Key Financials Quarterly
Total Revenue	719	678	648	628	593	553	525	497	455	419	388	356
Ebitda	30	39	14	24	23	45	1	-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	-15	19	-28	-33	-31	-46	-57	-68
EPS	-0.11	-0.03	-0.05	-0.08	-0.10	0.13	-0.19	-0.23	-0.21	-0.32	-0.40	-0.48
Key Financials TTM
Total Revenue TTM	2,673	2,547	2,422	2,299	2,168	2,030	1,896	1,758	1,617	1,480	1,348	1,216
Ebitda TTM	107	100	106	93	64	36	-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 Growth	21.3%	22.6%	23.4%	26.4%	30.3%	32.1%	35.4%	39.7%	43.1%	46.0%	51.7%	54.2%
EBITDA Growth	32.0%	-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 Margin	4.2%	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 Cash	3,572	3,006	2,880	2,708	2,410	2,240	2,460	2,324	2,100	1,968	1,905	1,825
Total Debt	1,797	1,229	1,238	1,237	1,238	1,235	1,234	1,216	1,211	1,215	1,216	1,219
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 Operations	251	211	179	331	204	173	142	261	136	108	89	128
Cash Flows TTM
FCF from Operations TTM	972	925	888	850	780	712	647	595	462	430	398	357
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
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

$ Mil	2025	2024	2023	2022	2021
Single Segment	2,168	1,617	1,091	673	431
Total	2,168	1,617	1,091	673	431

Price Behavior

Behavior Stats
Betas Matrix

Price Behavior

Market Price	$281.96
Market Cap ($ Bil)	43.7
First Trading Date	03/16/2018
Distance from 52W High	-10.9%
	50 Days	200 Days
DMA Price	$281.85	$236.95
DMA Trend	up	down
Distance from DMA	0.0%	19.0%
	3M	1YR
Volatility	27.7%	39.1%
Downside Capture	228.12	113.69
Upside Capture	57.98	144.40
Correlation (SPY)	30.9%	66.0%

ZS Betas & Captures as of 8/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.29	1.12	0.94	1.22	1.35	1.59
Up Beta	1.05	1.18	1.12	1.28	1.31	1.29
Down Beta	0.55	1.00	0.25	1.43	1.33	1.74
Up Capture	118%	36%	77%	133%	202%	757%
Bmk +ve Days	10	22	35	71	142	415
Stock +ve Days	10	19	33	72	135	399
Down Capture	219%	210%	142%	81%	120%	108%
Bmk -ve Days	11	19	27	54	106	334
Stock -ve Days	11	22	29	53	113	350

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

Short Interest

Short Interest: As Of Date	8292025
Short Interest: Shares Quantity	5,654,463
Short Interest: % Change Since 8152025	-5.2%
Average Daily Volume	1,106,004
Days-to-Cover Short Interest	5.11
Basic Shares Quantity	156,519,000
Short % of Basic Shares	3.6%

Returns Analyses

	Title
0	Will You Be Comfortable Buying Zscaler Stock?
1	Zscaler Stock Return Comparison
2	[10/1/2021] Zscaler (ZS) Stock Price Forecast: AI Forecasts ZS Stock Price To Be Around $285 In A Month (Up 8.2%)
3	Zscaler Total Shareholder Return (TSR): -34.3% in 2022 and 22.5% 3-yr returns (below peer average)
4	Zscaler (ZS) Stock Return: AI Predicts ZS Average and Excess Return After a Fall or Rise

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
9/2/2025	-1.5%	2.8%
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%
11/27/2023	1.0%	3.3%	17.3%
...
SUMMARY STATS
# Positive	11	11	10
# Negative	13	13	14
Median Positive	9.8%	10.8%	21.1%
Median Negative	-8.3%	-12.6%	-12.6%
Max Positive	29.4%	35.9%	39.8%
Max Negative	-18.7%	-23.7%	-23.7%

	Forward Returns
9/2/2025	-1.5%	2.8%
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%
11/27/2023	1.0%	3.3%	17.3%
9/5/2023	-2.7%	-1.5%	-4.7%
6/1/2023	5.4%	10.2%	8.5%
3/2/2023	-11.1%	-17.7%	-12.9%
12/1/2022	-10.7%	-17.3%	-23.7%
9/8/2022	21.9%	14.1%	10.3%
5/26/2022	12.6%	10.4%	9.0%
2/24/2022	-15.8%	-8.1%	-12.6%
11/30/2021	-8.3%	-14.2%	-6.5%
9/9/2021	-3.4%	-2.1%	-4.8%
5/25/2021	12.4%	10.8%	27.2%
2/25/2021	4.7%	-7.6%	-13.3%
12/2/2020	26.4%	20.4%	33.6%
9/9/2020	-1.2%	-2.3%	10.0%
5/28/2020	29.4%	35.9%	39.8%
2/20/2020	-16.4%	-23.7%	-17.7%
12/3/2019	-5.6%	-12.6%	-10.3%
SUMMARY STATS
# Positive	11	11	10
# Negative	13	13	14
Median Positive	9.8%	10.8%	21.1%
Median Negative	-8.3%	-12.6%	-12.6%
Max Positive	29.4%	35.9%	39.8%
Max Negative	-18.7%	-23.7%	-23.7%

SEC Filings

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Report Date	Filing Date	Filing
7312025	9112025	10-K 7/31/2025
4302025	5292025	10-Q 4/30/2025
1312025	3102025	10-Q 1/31/2025
10312024	12052024	10-Q 10/31/2024
7312024	9122024	10-K 7/31/2024
4302024	6072024	10-Q 4/30/2024
1312024	3062024	10-Q 1/31/2024
10312023	12062023	10-Q 10/31/2023
7312023	9142023	10-K 7/31/2023
4302023	6072023	10-Q 4/30/2023
1312023	3082023	10-Q 1/31/2023
10312022	12072022	10-Q 10/31/2022
7312022	9152022	10-K 7/31/2022
4302022	6092022	10-Q 4/30/2022
1312022	3092022	10-Q 1/31/2022
10312021	12082021	10-Q 10/31/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Chaudhry Jagtar Singh	CEO & Chairman	6182025	Sell	303.70	2,849	865,247	107,378,433	Form
1	Nair Syam	CTO	6182025	Sell	303.70	4,064	1,234,245	32,392,562	Form
2	Schlossman Robert	Chief Legal Officer	6182025	Sell	303.70	3,590	1,090,291	27,984,326	Form
3	Judge Raj	EVP, Corp. Strategy & Ventures	6182025	Sell	303.70	2,957	898,047	23,169,130	Form
4	Rich Michael J.	CRO and President of WW Sales	6182025	Sell	303.70	4,287	1,301,971	29,824,457	Form

Collapse to Preview

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Chaudhry Jagtar Singh	CEO & Chairman	6182025	Sell	303.70	2,849	865,247	107,378,433	Form
1	Nair Syam	CTO	6182025	Sell	303.70	4,064	1,234,245	32,392,562	Form
2	Schlossman Robert	Chief Legal Officer	6182025	Sell	303.70	3,590	1,090,291	27,984,326	Form
3	Judge Raj	EVP, Corp. Strategy & Ventures	6182025	Sell	303.70	2,957	898,047	23,169,130	Form
4	Rich Michael J.	CRO and President of WW Sales	6182025	Sell	303.70	4,287	1,301,971	29,824,457	Form
5	Geller Adam	Chief Product Officer	6182025	Sell	303.70	3,009	913,840	15,329,363	Form
6	Rich Michael J.	CRO and President of WW Sales	6162025	Sell	302.88	9,991	3,026,063	31,014,799	Form
7	Mangal Ajay		6112025	Sell	300.66	20,880	6,277,875	6,447,010,868	Form
8	Giancarlo Charles H		6102025	Sell	304.37	47,389	14,423,738	794,707	Form
9	Schlossman Robert	Chief Legal Officer	6062025	Sell	300.00	4,618	1,385,400	28,683,600	Form
10	Giancarlo Charles H		6052025	Sell	290.83	4,808	1,398,320	3,785,468	Form
11	Schlossman Robert	Chief Legal Officer	5192025	Sell	250.00	3,590	897,500	25,057,500	Form
12	Nair Syam	CTO	5192025	Sell	250.00	28,947	7,236,750	27,641,500	Form
13	Rich Michael J.	CRO and President of WW Sales	3192025	Sell	199.15	3,575	711,950	22,382,308	Form
14	Schlossman Robert	Chief Legal Officer	3192025	Sell	199.15	2,878	573,146	21,425,661	Form
15	Chaudhry Jagtar Singh	CEO & Chairman	3192025	Sell	199.15	2,155	429,160	70,978,529	Form
16	CANESSA REMO	Chief Financial Officer	3192025	Sell	199.15	3,721	741,019	42,557,728	Form
17	Nair Syam	CTO	3192025	Sell	199.15	3,353	667,738	27,783,498	Form
18	Mangal Ajay		3182025	Sell	200.25	33,318	6,671,793	4,300,825,972	Form
19	Chaudhry Jagtar Singh	CEO & Chairman	12182024	Sell	200.32	2,863	573,514	71,828,255	Form
20	Nair Syam	CTO	12182024	Sell	200.32	3,682	737,576	28,618,846	Form
21	Rich Michael J.	CRO and President of WW Sales	12182024	Sell	200.32	3,779	757,008	23,230,263	Form
22	CANESSA REMO	Chief Financial Officer	12182024	Sell	200.32	3,703	741,782	44,197,427	Form
23	Schlossman Robert	Chief Legal Officer	12182024	Sell	200.32	3,258	652,641	22,736,275	Form
24	Schlossman Robert	Chief Legal Officer	10102024	Sell	180.00	947	170,460	19,132,920	Form
25	Schlossman Robert	Chief Legal Officer	10012024	Sell	169.99	3,820	649,352	18,421,195	Form
26	Rich Michael J.	CRO and President of WW Sales	9172024	Sell	171.28	4,813	824,371	17,686,202	Form
27	Chaudhry Jagtar Singh	CEO & Chairman	9172024	Sell	171.28	2,852	488,491	61,906,073	Form
28	Schlossman Robert	Chief Legal Officer	9172024	Sell	171.28	6,220	1,065,362	19,252,043	Form
29	CANESSA REMO	Chief Financial Officer	9182024	Sell	171.28	8,455	1,448,172	39,701,505	Form
30	Nair Syam	CTO	9172024	Sell	171.28	3,654	625,857	22,286,954	Form

Industry Resources

Systems Software Resources

Software Development Times

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Zscaler (ZS)

Market Price (9/17/2025): $282.11 | Market Cap: $44.2 BilSector: Information Technology | Industry: Systems Software

Zscaler (ZS)

Market Price (9/17/2025): $282.11Market Cap: $44.2 BilSector: Information TechnologyIndustry: Systems Software

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Market Price (9/17/2025): $282.11 | Market Cap: $44.2 Bil
Sector: Information Technology | Industry: Systems Software

Market Price (9/17/2025): $282.11
Market Cap: $44.2 Bil
Sector: Information Technology
Industry: Systems Software