Zscaler Inc. (ZS)

NASDAQ: ZS · USD

$256

-4.66 (-1.8%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-05-09

Our latest published analysis: ZS rated Hold

Zscaler Inc.'s published Hold conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$165 / share

Potential value

$227 / share

Upside to FV

+8.3%

from $256

Moat

6.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$24.5B
Revenue (ttm)	3.4B
Net income (ttm)	-63.2M
EPS (ttm)	-$0.39
Shares out	163.1M
P/E (forward)	33.2x
Volume	2,065,531
Beta	0.94

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 3.4B
Net income (ttm): -63.2M
EPS (ttm): -$0.39
P/E (forward): 33.2x
Market cap: $24.5B

Item	P1	P2	P3	P4	Trend
Period	2022-07-31	2023-07-31	2024-07-31	2025-07-31	Trend
Revenue	$1.09B	$1.62B	$2.17B	$2.67B	+34.8%
Gross profit	$848.7M	$1.25B	$1.69B	$2.05B	+34.3%
Operating income	$-327.1M	$-176.0M	$-16.1M	$-13.1M	—
Net income	$-390.3M	$-202.3M	$-57.7M	$-41.5M	—
EPS (diluted)	$-2.77	$-1.40	$-0.39	$-0.27	—
EBITDA	$-277.6M	$-109.2M	$64.8M	$108.1M	—
R&D	$289.1M	$350.8M	$499.8M	$672.5M	+32.5%
SG&A	$887.0M	$1.14B	$1.31B	$1.51B	+19.4%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AI	C3.ai, Inc.	2B	—	8.4x	-35.6%	+3.6%	-33.6%	매도
BAX	Baxter International Inc.	13.1B	—	1.2x	6.8%	-1.2%	+9.9%	매수
CNC	Centene Corporation	33.2B	22.7x	0.2x	6.9%	+9.6%	+101.2%	비중 축소
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	매도
ACN	Accenture plc	144.3B	18.0x	2.0x	27.9%	+8.0%	+0.4%	보유
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	적극 매수

Base and Bull scenarios

Bull25%

Price target

$226.95

+49.2% from spot

Zero Trust adoption accelerates, keeping revenue growth >20% for longer. Operating leverage kicks in as sales and marketing efficiencies improve, driving operating margins toward the 30% industry benchmark and supporting a premium multiple.

Revenue growth sustained above 20%
Rapid realization of operating leverage
Terminal EV/Rev multiple exceeds 10x

Base45%

Price target

$164.73

+8.3% from spot

The company sustains mid-to-high teens revenue growth over the medium term. Operating leverage materializes gradually, though persistent SBC limits immediate GAAP profitability. Fair value assumes strict normalization to industry average margins.

Revenue growth decelerates smoothly to 12%
Terminal margin normalizes to 33.2%
Terminal valuation anchors at 8x EV/Rev

Sensitivity: Ke × terminal growth

Ke ↓ / g →	2.0%	2.5%	3.0%	3.5%	4.0%
9.3%	$205	$220	$237	$258	$282
10.3%	$180	$192	$205	$220	$237
11.3%	$161	$170	$180	$192	$205
12.3%	$145	$153	$161	$170	$180
13.3%	$132	$139	$145	$153	$161

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E33.2

P25 n/aP50 n/aP75 n/a

Trailing P/E0

P25 n/aP50 n/aP75 n/a

ROE-2.9

P25 n/aP50 n/aP75 n/a

ROIC-1.8

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All ZS indicators

Market & fundamental data

Available fields

241

Groups with data

Currency

USD

Showing 241 of 241 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001713683
Company name	Zscaler, Inc.
Country	United States
Country code	US
CUSIP number	98980G102
Earnings date	2026-11-24
Earnings time	amc
Employees	8,700
Employees change	777
Employees growth	9.81%
Enterprise value	$40.1B
Exchange	NASDAQ
Financial currency	USD
Financial report date	2026-07-31
First seen	2026-05-09
Fiscal year end	July
Founded	2007
Industry	Software - Infrastructure
IPO date	2018-03-16
Is primary listing	Yes
Is SPAC	No
ISIN number	US98980G1022
Last 10-K release date	2026-09-03
Last earnings date	2026-09-03
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$41.7B
Market cap category	Large-Cap
Next earnings date	2026-11-24
Options	Yes
Price	$255.50
Price currency	USD
Sector	Technology
SIC code	7371
Stock price date	2026-10-28
Symbol	ZS
U.S. state	California
Website	https://www.zscaler.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	60.26x
Earnings yield	-0.15%
EV/EBITDA	923.59x
EV/FCF	47.52x
EV/Sales	12.08x
FCF / EV yield	2.1%
FCF yield	2.02%
Forward EV/Sales	10.3x
Forward P/E	52.06x
Forward P/S	10.71x
Industry forward P/E	29.37x
Industry P/E	39.02x
P/(FCF - SBC) ratio	1,383.82x
P/(OCF - SBC) ratio	136.83x
P/B ratio	16.33x
P/FCF ratio	49.4x
P/OCF ratio	37.27x
P/S ratio	12.56x
PEG ratio	2.42x
Price / tangible book value	36.61x
Price/EBITDA ratio	960.22x
Sector forward P/E	18.86x
Sector P/E	32.77x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	-3.52%
EBITDA margin	1.31%
FCF margin	25.42%
Gross margin	76.87%
Operating margin	-3.52%
Pretax margin	-0.51%
Profit margin	-1.88%
Profit per employee	$-7,262
Revenue per employee	$385,347
ROA	-1.03%
ROA (5Y)	-3.34%
ROCE	-2.41%
ROE	-2.87%
ROE (5Y)	-22.67%
ROIC	-1.83%
SBC / revenue	24.52%
Tax / revenue	1.37%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth quarters	1
EPS growth years	0
FCF growth	5.46%
FCF growth (Q)	-58.31%
FCF growth (QoQ)	-48.95%
FCF growth 3Y	32.65%
FCF growth 5Y	40.83%
Gross profit growth	25.23%
Gross profit growth (Q)	25.88%
Gross profit growth 3Y	27.1%
Gross profit growth 5Y	37.52%
Net income growth quarters	1
Net income growth years	0
OCF growth	16.17%
OCF growth (Q)	11.45%
OCF growth (QoQ)	41.04%
OCF growth 3Y	34.69%
OCF growth 5Y	41.09%
Revenue growth	25.42%
Revenue growth (Q)	24.88%
Revenue growth (QoQ)	5.61%
Revenue growth 3Y	27.51%
Revenue growth 5Y	37.87%
Revenue growth quarters	34
Revenue growth years	11

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-277.3M
Depreciation and amortization	$161.9M
EBIT	$-118M
EBITDA	$43.9M
EPS	$-0.39
FCF per share	$5.23
Financing cash flow	$62.4M
Free cash flow	$852.4M
Free cash flow minus SBC	$30.4M
Gross profit	$2.6B
Income taxes	$46M
Investing cash flow	$-2.7B
Net cash flow	$-1.5B
Net income	$-63.2M
Operating cash flow minus SBC	$307.7M
Operating income	$-118M
Revenue	$3.4B
Stock-based compensation	$821.9M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	4.26
Book value per share	$15.93
Debt / EBITDA	11.05
Debt / equity	0.72
Debt / FCF	2.19
Goodwill	$1.2B
Interest coverage	-14.45
Long-term assets	$2.8B
Long-term liabilities	$2.3B
Net cash (debt)	$1.6B
Net cash / market cap	3.81%
Net cash growth	-9.55%
Net debt / EBITDA	-36.63
Net debt / equity	-0.62
Net debt / FCF	-1.88
Piotroski F-Score	2
Property, plant and equipment	$890.2M
Shareholders' equity	$2.6B
Tangible book value	$1.2B
Tangible book value per share	$7.05
Total assets	$7.9B
Total cash	$3.5B
Total debt	$1.9B
Total liabilities	$5.3B
WACC	9.01%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.47
Current assets	$5B
Current liabilities	$3B
Current ratio	1.7
Net working capital	$-1.3B
Quick ratio	1.57
Working capital	$2.1B
Working capital turnover	1.48

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-3.77%
Dividend yield	0%
Shareholder yield	-3.77%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
150-day SMA	$164.01
1D price change	-1.79%
1M price change	32.35%
1M total return	32.35%
1W price change	10.45%
1W total return	10.45%
1Y price change	-21.71%
1Y return CAGR	-21.72%
1Y total return	-21.71%
20-day SMA	$225.20
200-day SMA	$166.59
3M price change	73.46%
3M total return	73.46%
3Y price change	65.51%
3Y return CAGR	18.28%
3Y total return	65.51%
50-day SMA	$201.67
50-day SMA vs 200-day SMA	50over200
52-week high	$336.99
52-week high date	2025-11-03
52-week low	$114.63
52-week low date	2026-04-10
5Y price change	-17.61%
5Y return CAGR	-3.8%
5Y total return	-17.61%
6M price change	90.52%
6M total return	90.52%
After-hours change	-0.04%
After-hours close	$255.50
After-hours price	$255.39
All-time high	$376.11
All-time high date	2021-11-19
All-time low	$24.76
All-time low date	2018-05-25
Average true range (ATR)	$11.62
Average volume	2.7M
Beta (1Y)	0.98
Beta (2Y)	1.2
Beta (5Y)	0.94
Change from 52-week high	-24.18%
Change from 52-week low	122.9%
Change from all-time high	-32.07%
Change from all-time low	931.91%
Change from open	-1.74%
Day's gap	-0.05%
Dollar volume	$527.7M
High price	$265.60
Low price	$254.75
Monthly RSI	58.76
Open price	$260.02
Position in 52-week range	6.91%
Premarket change	-0.06%
Premarket close	$260.15
Premarket price	$260.00
Premarket volume	19.6K
Previous close	$260.15
Price vs 150-day SMA	55.78%
Price vs 20-day SMA	13.46%
Price vs 200-day SMA	53.37%
Price vs 50-day SMA	26.69%
Relative volume	0.75
RSI	69.48
Sharpe ratio	-0.06
Sharpe ratio (3Y)	0.48
Sharpe ratio (5Y)	0.17
Sortino ratio	-0.01
Sortino ratio (3Y)	0.75
Sortino ratio (5Y)	0.33
Volume	2.1M
Weekly RSI	66.7
YTD price change	13.6%
YTD total return	13.6%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	106.5M
Float percentage	65.29%
Shares change (QoQ)	0.7%
Shares change (YoY)	3.77%
Shares held by insiders	34.68%
Shares held by institutions	52.25%
Shares outstanding	163.1M
Short % of float	5.45%
Short % of shares	3.56%
Short ratio	1.5 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	277

Deeper analysis on ZS

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Scorecard

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this ZS report

What is the latest published ZS stock rating?

Zscaler Inc. is shown with Hold in the latest published report, analyzed 2026-05-09. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full ZS analysis?

The full latest published report, analyzed 2026-05-09, lives at /stocks/ZS/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for ZS?

The latest published report analyzed 2026-05-09 gives ZS a fair value of USD 165 and a potential value of USD 227. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the ZS page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-05-09). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

HoldZS · Fair value $165+8.3%

Read full analysis →

Zscaler Inc. (ZS)

Our latest published analysis: ZS rated Hold

Price

Financial snapshot

Fair-value bridge

Latest news · ZS

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All ZS indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on ZS

Frequently asked questions

등급 이력

Category	Score	Reading
Valuation	6.0
Management	6.3
Balance Sheet	6.0
Profitability	1.5
Revenue Growth	7.5
Risk Assessment	6.5
Competitive Moat	6.5
Earnings Quality	3.0
Capital Efficiency	2.5