Zscaler Inc
ZS · NASDAQ · Software
Zscaler, Inc. is a cloud cybersecurity company focused on zero trust security for modern enterprises.
Current price
$220.79
▼ −$7.87 (3.44%) today
Share price
Live market dataET&A View
We have not published a view on Zscaler Inc yet.
The financial summary below is still available.
Business Health
Is the business financially healthy?
Mostly healthy
Revenue, cash generation and the balance sheet stand out. Watch earnings and margins.
Overall
- Growth Excellent
Revenue
$3.4bn · ↑ +25% last year
- Growth Weak
Earnings
−$63m · Loss-making
- Weak
Margins
Losing money on its sales
- Excellent
Cash generation
$779m spare cash a year · 23% of sales
- Excellent
Balance sheet
More cash than debt
Investor View
More on Zscaler Inc
Open a section for the detail behind the quick view.
Financial and earnings trendsSales, margins, profit, earnings per share and cash, year by year.
Reported annual results, newest first · Market data. “Growth” is the change in sales on the year before.
| Year | Revenue | Growth | Operating margin | Net income | EPS | Free cash flow |
|---|---|---|---|---|---|---|
| FY2026 | $3.4bn | +25.4% | −3.6% | −$63m | −$0.39 | $779m |
| FY2025 | $2.7bn | +23.3% | −4.8% | −$41m | −$0.27 | $727m |
| FY2024 | $2.2bn | +34.1% | −5.6% | −$58m | −$0.39 | $585m |
| FY2023 | $1.6bn | — | −14.5% | −$202m | −$1.40 | $334m |
How it compares with peersOther companies we cover in Software.
- Uber Technologies IncUBER
ET&A sees significant upside from the current price with an attractive risk/reward profile.
- Salesforce IncCRM
ET&A sees significant upside from the current price with an attractive risk/reward profile.
- ServiceNow IncNOW
ET&A sees significant upside from the current price with an attractive risk/reward profile.
- SAP SESAP
ET&A sees significant upside from the current price with an attractive risk/reward profile.
Compare Zscaler Inc with any company → The model’s own peer calculations are in the Research View.
What the company doesThe full company profile.
Zscaler, Inc. is a cloud cybersecurity company focused on zero trust security for modern enterprises. Its platform helps organisations securely connect users, devices, applications, workloads, and branch offices without relying on traditional perimeter-based security models such as legacy firewalls and VPNs.
Zscaler’s strength comes from its cloud-native architecture and its position in the shift toward secure access, cloud adoption, remote work, and AI-enabled enterprise security. Through its Zero Trust Exchange platform, the company helps customers protect against cyberattacks, prevent data loss, secure internet and SaaS access, and modernise network security. As businesses move more applications, users, and workloads outside traditional corporate networks, Zscaler remains a key provider of secure digital infrastructure.
Software · USA
Research ViewOpen the full researchThe full researchFull financial statements, valuation multiples, historical data, forecasts, methodology, scoring calculations and the valuation model.OpenClose
For detailed analysis. Each section opens on its own.
Financial statementsEvery published figure with its source, the market snapshot and connected sheets.
Income
- Revenue
- $3.4bnMarket data
- Gross profit
- $2.6bnMarket data
- EBITDA
- $44mMarket data
- Operating profit (EBIT)
- −$121mMarket data
- Net income
- −$63mMarket data
- Earnings per share (EPS)
- −$0.39Market data
Growth
- Revenue growth, latest year
- Excellent25.4%Calculated
- Revenue growth, 3-year average
- Excellent27.5%Calculated
- Revenue growth, latest quarter vs a year earlier
- 24.9%Market data
Margins & returns
- Gross margin
- Excellent76.9%Market data
- EBITDA margin
- 1.3%Market data
- Operating margin
- Weak−1.0%Market data
- Net margin
- Weak−1.9%Market data
- Return on equity (ROE)
- Weak−2.9%Market data
- Return on assets (ROA)
- −1.0%Market data
Cash flow
- Operating cash flow
- $1.1bnMarket data
- Free cash flow
- $779mMarket data
- Free-cash-flow margin
- Excellent23.2%Calculated
Balance sheet
- Cash
- $3.5bnMarket data
- Total debt
- $1.9bnMarket data
- Net cash (more cash than debt)
- $1.6bnMarket data
- Net debt ÷ EBITDA
- Excellent−36.6×Calculated
- Debt ÷ equity
- 0.7×Market data
- Current ratio
- 1.7×Market data
Shares & dividends
- Shares outstanding
- 163.1mMarket data
- Market capitalisation
- $36.0bnMarket data
- Dividend per share
- $0.00Market data
- Dividend yield
- Weak0.0%Market data
- Market data — the live feed (Yahoo Finance)
- Calculated — worked out by ET&A from the figures shown, using the formulas in our methodology
Other published figures
- Price / Sales
- Members
- EV / EBITDA
- Members
- Price / Book
- Members
- Forward P/E
- Members
Market data
LiveAs of 14 October 2026
Valuation multiplesP/E, forward P/E, EV/EBITDA, Price/Sales and FCF yield — today and at Fair Value.Members
Standard ways of comparing the share price with the company’s earnings, sales and cash. Tap the “i” for what each one means.
| Measure | Today | Source |
|---|---|---|
| P/E | Members | |
| Forward P/E | Members | |
| EV/EBITDA | Members | |
| Price/Sales | Members | |
| FCF Yield | Members |
Valuation ratios are part of ET&A membership.
Other published measures
- Price / Book
- Members
Historical dataValuation history, how our view has changed, and the share-price history.
Share-price history
Use the 5Y and Max ranges on the price chart at the top of the page.
ForecastsWhat analysts expect — market consensus, not ET&A estimates.
Forecasts
- Forward EPS (next year, consensus)
- $5.62Market data
- Expected EPS growth, next year
- Strong16.6%Market data
- Expected revenue growth, next year
- 17.3%Market data
Forecasts are market consensus or calculated from forward EPS — not ET&A estimates, and they can be wrong.
MethodologyHow ET&A values a company and reaches a view.
How we value Zscaler Inc
- 1. The right method for the business. Each business is valued on the method that suits its economics — earnings for most companies, book value and returns for banks and insurers, cash flows or dividends where earnings mislead.
- 2. What the business deserves. ET&A builds a fair multiple from the company's own quality, sustainable growth, earnings predictability and risk. History, peers and the market are checked against it, but they don't set it.
- 3. Fair Value. The earnings (or other basis) per share multiplied by that fair multiple, cross-checked against independent methods.
- 4. Preferred Entry. A price below Fair Value that leaves room for the return ET&A requires for the company's risk.
- 5. Is it expensive? Today’s price is placed on ET&A’s Valuation Attractiveness scale — the same measure the ET&A Score uses. Cheap is the Preferred Entry; above Fair Value the shares are Expensive, and Very Expensive once they are more than 25% above it.
Powered by the ET&A Valuation FrameworkHow Fair Value & Preferred Entry work →
Read the full ET&A methodology →Scoring calculationsBehind the ET&A Score and the Business Health ratings.
Behind the ET&A Score
The automatic, rules-based scores that feed our research. The ET&A Score blends these with our own analysis of the business and its value. How the framework works →
ET&A Quant Score
Unprofitable · Strong balance sheet · Strong
Context — not part of the score
- Valuation multiplesExpensive
- Share-price steadinessVery high volatility
- IncomeNo dividend
Valuation and share-price swings describe the shares, not the company, so they are judged in the ET&A Score and View instead.
- Annualised volatility
- Members
- Max drawdown (1y)
- Members
- 12-month return
- Members
- 3-month return
- Members
- P/E
- Members
- Price / Sales
- Members
- EV / EBITDA
- Members
- EBITDA margin
- Members
- Net debt / EBITDA
- Members
- Dividend yield
- Members
Based on the factors that could be measured (45% of the model).
Business Health ratings
Each area is scored from 0 to 10 on ET&A’s methodology scales — the same ones our research uses — then given a word: Excellent from 8.5, Strong from 7, Good from 5.5, Average from 4.5, Below Average from 3, Weak below 3. The overall answer is the average of the areas we could rate (at least three); the dividend isn’t part of it.
| Area | Based on | Score | Rating |
|---|---|---|---|
| Revenue |
Rated on 3-year average revenue growth, on ET&A's growth scale. | 9.8 / 10 | Excellent |
| Earnings |
A loss-making company is always rated Weak for earnings. | 1.0 / 10 | Weak |
| Margins |
The average of operating and net margin, each scored on ET&A's margin scales. A negative margin scores 1 (Weak). | 1.0 / 10 | Weak |
| Cash generation |
Free cash flow as a share of sales, on ET&A's cash-generation scale. | 9.5 / 10 | Excellent |
| Balance sheet |
Net debt ÷ EBITDA — roughly how many years of operating earnings would repay the debt — on ET&A's leverage scale. | 10.0 / 10 | Excellent |
| Overall | Average of the 5 rated areas | 6.3 / 10 | Good |
ET&A's scales
Where each band starts on the scales above. They are fixed and identical for every company we cover; they come straight from ET&A’s methodology, so a company is judged the same way here as in our research.
| Measure | Excellent | Strong | Good | Average | Below Average | Weak |
|---|---|---|---|---|---|---|
| GrowthStructural Growth (Fundamental Conviction) | 18%+ | 10%+ | 5.0%+ | 1.7%+ | −2.5%+ | below −2.5% |
| Operating marginCompetitive Position (Fundamental Conviction) | 29%+ | 20%+ | 13%+ | 7.5%+ | 0%+ | below 0% (loss) |
| Net marginEarnings Durability (Fundamental Conviction) | 23%+ | 15%+ | 9.8%+ | 6.0%+ | 0%+ | below 0% (loss) |
| Free-cash-flow marginCapital Allocation (Fundamental Conviction) | 15%+ | 8.5%+ | 3.8%+ | 1.3%+ | −2.5%+ | below −2.5% |
| Net debt ÷ EBITDAStructural Risk (Fundamental Conviction) | net cash | ≤ 1.5× | ≤ 2.8× | ≤ 3.6× | ≤ 5.0× | above 5.0× |
| Return on equity (banks & insurers)Bank and insurer quality | 16%+ | 12%+ | 9.0%+ | 6.7%+ | 2.7%+ | below 2.7% |
| Equity ÷ assetsBank capital | 7.5%+ | 6.0%+ | 4.7%+ | 4.0%+ | any | — |
| Dividend yieldIncome factor (ET&A Quant Score) | 5.8%+ | 4.0%+ | 2.5%+ | 1.8%+ | 1.0%+ | below 1.0% |
Band floors: Excellent 8.5 · Strong 7 · Good 5.5 · Average 4.5 · Below Average 3 (scores out of 10). Utilities and property companies’ structural debt is scored 6.5, as in ET&A’s risk model.
Research notesNo research notes published yet.
No research notes have been published for Zscaler Inc yet.
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