Zscaler, Inc.
US$197.66
As of Sun 8 Nov 2026, 12:00 UTC
NASDAQ:ZS
Technology
Country
USA
PE (Fwd)
•••
TSR 9Y CAGR
25.45%
Div yield
—
ROE
(2.87%)
Software (Infrastructure)
Beta (5Y)
0.84
PE TTM
—
TSR TTM
(40.31%)
Mkt cap
US$32.23B
ROIC
(1.83%)
SE Grade™
½☆☆
Value
☆☆☆
Quality
★★☆
Moat
★☆☆
Consensus
Reference
$190
$72
(3.70%)
(63.64%)
Hold
10|5|4|7|5
1Q26
2Q26
3Q26
4Q26
Earnings per share
$
3.28
3.19
3.44
3.28
23.63%
19.86%
18.25%
6.71%
Revenue
$B
4.050
4.220
4.115
4.206
(0.18%)
2.84%
2.31%
1.26%
TTM
FYE 31 Jul
USD
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
FY2026
FY2027E
Trend
5Y
10Y
Peers
11.81
Revenue
$B
12.50
12.61
12.85
13.10
13.40
13.29
13.31
13.50
13.78
14.16
12.34
1.11%
1.41%
81
27.58
Revenue growth
%
25.97
23.58
26.44
27.26
28.63
30.06
32.94
33.58
34.36
36.67
5.24
33.58
29.34
6
8.24
Gross margin
%
13.40
13.34
15.24
16.62
13.71
14.83
15.95
14.26
15.02
12.12
20.88
14.83
14.54
46
13.45
Operating margin
%
17.53
16.40
16.02
14.93
17.59
16.15
17.19
14.55
15.57
14.85
3.80
15.57
16.08
23
29.12
Net margin
%
25.18
25.26
26.21
26.03
28.68
29.27
29.93
32.50
31.81
31.98
22.92
31.81
28.98
22
8.915
P/E ratio (avg)
x
9.838
9.823
10.13
10.48
10.40
10.03
10.76
10.40
11.73
13.02
37.29
10.76
10.40
52
33.47
EV/EBIT
x
52.82
57.20
57.76
65.99
64.24
73.74
74.91
75.05
90.52
104.9
14.41
75.05
69.86
54
12.45
FCF yield (avg)
%
19.59
17.04
17.90
17.36
14.65
15.76
14.44
15.99
14.90
17.22
10.03
15.76
16.51
18
5.76
FCF margin
%
33.80
35.50
33.45
36.40
35.93
33.72
34.27
36.34
34.34
31.49
7.78
34.27
34.30
74
0.136
FCF / Net income
x
1.973
2.210
2.145
2.115
1.931
2.185
2.379
2.391
2.637
2.653
0.677
2.391
2.197
28
19.00
ROIC
%
7.96
10.79
12.74
12.67
11.27
11.57
10.10
10.05
8.56
10.17
15.00
10.10
10.48
88
23.55
Return on equity
%
24.10
22.27
24.26
24.83
25.02
26.44
26.99
29.48
32.12
29.23
3.16
29.23
25.73
85
9.34
Return on assets
%
18.95
20.39
17.88
15.22
17.31
16.07
16.47
14.06
13.77
15.25
9.37
15.25
16.27
63
4.78
EPS
$
36.01
41.85
43.35
42.84
47.48
51.31
59.38
60.78
60.00
66.37
5.27
6.93%
6.15%
—
4.42
EPS growth
%
0.66
3.54
5.94
7.25
5.13
6.87
6.59
5.03
4.83
3.10
24.43
5.03
5.08
26
28.82
Bookvalue per sh
$
7.21
7.90
8.46
9.66
10.19
10.57
10.31
10.03
9.93
10.61
27.66
0.81%
4.42%
—
31.23
FCF per share
$
20.95
18.30
17.41
16.24
14.29
15.62
15.84
13.92
12.77
13.74
9.08
(0.79%)
(3.92%)
—
26.97
Dividend per sh
$
11.08
10.19
11.42
10.34
9.46
9.36
10.11
9.60
9.44
9.67
11.45
0.43%
(0.56%)
—
19.24
Div yield (avg)
%
0.79
3.60
4.27
3.58
1.05
0.40
2.09
1.39
1.63
0.40
26.08
1.39
1.51
40
2.11
Payout ratio
%
16.38
15.13
17.91
16.01
15.65
14.43
16.88
15.06
12.45
12.55
15.58
14.43
15.39
77
163.9
Shares (diluted)
M
199.7
203.9
224.6
262.8
275.9
290.1
337.0
357.3
359.0
373.8
167.7
6.27%
6.36%
43
21.66
Buyback yield
%
7.93
7.32
9.23
11.42
14.37
12.46
15.18
15.88
14.10
15.15
15.92
15.15
13.28
39
1.448
D/E ratio
x
1.188
1.120
1.174
1.126
1.020
0.953
0.876
0.805
0.761
0.754
0.486
0.805
0.987
33
4.688
Enterprise value
$B
7.478
7.523
6.973
6.847
6.386
6.575
6.829
6.467
7.455
7.444
5.147
3.11%
1.12%
44
6.739
LT debt
$B
3.256
3.154
3.031
3.108
2.719
2.623
2.573
2.366
2.524
2.179
10.71
(4.33%)
(4.37%)
63
Peers (US$32.23B)
Cap (US$)
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Capital
TTM
5Y
10Y
Leverage
x
0.438
(2.426)
(2.255)
EBIT/Int
x
0.665
0.296
0.293
Own earn
%
42.27
34.63
42.44
Sh yield
%
40.90
15.73
15.21
Owners
Insiders/Inst
%
7.26
63.51
Short interest
%
3.87
SBC / revenue
%
1.55
Record
10Y
Profitable years
10/10
Revenue growth years
10/10
EPS growth years
10/10
Dividend streak
yrs
5
Op margin range
%
15–18
$1 test
x
0.1
Incr. ROIC
%
2
Zscaler, Inc. operates as a cloud security company worldwide.
Growth vs revenue
Latest
Trend
10Y CAGR
Rel growth
Revenue
$14.16B
1.41%
1.00×
Cost of revenue
$8.115B
1.42%
1.00×
Operating expenses
$2.013B
1.36%
1.00×
Asset mix
Top 3 55%
Trend
Cash and investments
20.30%
Property and equipment
18.34%
Long-term investments
16.12%
Reinvestment returns
10Y median
Trend
Reinvestment rate
23.95%
Return on capital
14.79%
Spread over hurdle
3.02%