20265月
ZS May 2026 · Hold
Zscaler is a pure-play cloud security leader benefiting from the secular shift to Zero Trust architecture. While free cash flow is strong, GAAP profitability is suppressed by elevated stock-based compensation and SG&A spending. The thesis hinges on the company's ability to sustain mid-to-high teens revenue growth while gaining significant operating leverage over time.Latest published research · analyzed 2026-05-09 · historical · sources unverified