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Earnings transcript
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ZS
Zscaler, Inc.
$138.56
1.89
(1.38%)
| Exchange: | NASDAQ |
| Market Cap: | 22.279B |
| Shares Outstanding: | 101.722M |
About The Company
| Sector: | Technology | |||||
| Industry: | Software – Infrastructure | |||||
| CEO: | Jagtar Singh Chaudhry | |||||
| Full Time Employees: | 7348 | |||||
| Address: |
| |||||
| Website: | https://www.zscaler.com |
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. It also offers Zscaler Digital Experience that measures end-to-end user experience across business applications, as well as provides an easy to understand digital experience score for each user, application, and location within an enterprise. In addition, the company provides workload segmentation solutions comprising Zscaler Cloud Security Posture Management that identifies and remediates application misconfigurations in SaaS, infrastructure as a service, and platform as a service to reduce risk and ensure compliance with industry and organizational benchmarks; and Zscaler Cloud Workload Segmentation, which is designed to secure application-to-application communications inside public clouds and data centers to stop lateral threat movement, as well as prevents application compromise and reduces the risk of data breaches. Its platform modules include Zscaler Central Authority, Zscaler Enforcement Node, and Zscaler Log Servers. It serves customers in airlines and transportation, conglomerates, consumer goods and retail, financial services, healthcare, manufacturing, media and communications, public sector and education, technology, and telecommunications services industries. The company was formerly known as SafeChannel, Inc., and changed its name to Zscaler, Inc. in August 2008. Zscaler, Inc. was incorporated in 2007 and is headquartered in San Jose, California.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1,616,952 | 2,167,771 | 2,673,115 |
| Gross Profit | 1,254,469 | 1,688,112 | 2,054,937 |
| EBITDA | -76,717 | 64,792 | 112,412 |
| Operating Income | -215,444 | -123,877 | -128,460 |
| Net Income | -202,335 | -57,706 | -41,478 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 3,608,317 | 4,704,968 | 6,419,888 |
| Total Liabilities | 2,883,205 | 3,430,866 | 4,620,615 |
| Total Stockholders Equity | 725,112 | 1,274,102 | 1,799,273 |
| Total Debt | 1,210,545 | 1,237,965 | 1,796,576 |
| Cash and Cash Equivalents | 1,262,206 | 1,423,080 | 2,389,023 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 462,343 | 779,846 | 976,746 |
| Capital Expenditure | -128,724 | -194,896 | -245,760 |
| Free Cash Flow | 333,619 | 584,950 | 730,986 |
| Net Income | -202,335 | -57,706 | -41,478 |
| Net Change in Cash | 248,996 | 160,874 | 965,943 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2030 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 6,229,942.131 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 6,435,132.139 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 6,321,900 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 1,727,716.001 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 1,784,620.231 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 1,753,218.177 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 764,996.166 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 797,896.571 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 779,740.205 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 4,363,348.295 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 4,507,059.979 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 4,427,754.064 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 5.050 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 5.170 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 4.950 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 14 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 4 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeSWOT Analysis
Strengths (preview)
- Strong Financial Performance: Zscaler reported robust financial results in Q2 2025, with revenue growth exceeding expectations as highlighted in the earnings call transcript. Key metrics such as revenue, gross profit, and operating income from the income statements reflect consistent upward trends, supported by strong net cash provided by operating activities in the cash flow statements.
- Market Leadership in Cybersecurity: The company’s focus on cloud security solutions positions it as a leader in the industry, as noted in the earnings call summary. Zscaler’s description in the company profile underscores its innovative approach, aligning with high demand in the cybersecurity sector (sectorName data).
- Healthy Liquidity and Balance Sheet: Balance sheet data indicates significant cash and cash equivalents alongside a favorable current ratio (currentRatioTTM), suggesting strong liquidity to support operations and growth initiatives. This is further supported by positive free cash flow trends (freeCashFlowYieldTTM and cash flow statements).
- Operational Efficiency: High gross profit margins (grossProfitMarginTTM) and return on invested capital (roicTTM) demonstrate Zscaler’s ability to generate value from its investments, reinforcing operational strength as discussed in the earnings call.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates ZS intrinsic value between $54.73 – $57.54 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about ZS valuation
Is Zscaler, Inc. (ZS) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Zscaler, Inc. (ZS) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is ZS a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether ZS trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is ZS’s P/E ratio?
You can see ZS’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for ZS?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is ZS a good long-term investment?
Whether ZS fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
ZS
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Daily snapshot
1.38
Trading Metrics:
| Open: | 136.56 | Previous Close: | 136.67 | |
| Day Low: | 134.1 | Day High: | 139.12 | |
| Year Low: | 128 | Year High: | 336.99 | |
| Price Avg 50: | 165.45 | Price Avg 200: | 250.97 | |
| Volume: | 1.468M | Average Volume: | 2.942M |
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Welcome to MARKETSNAP’s SWOT analysis for Zscaler, the cybersecurity giant that’s been making waves in the tech space. If you’re a long-term investor looking to build wealth, you’ve probably got Zscaler on your radar, or at least you’ve heard of their role in cloud security. Today, we’re diving deep into what makes this company tick, breaking down their strengths, weaknesses, opportunities, and threats, all while keeping an eye on what could drive their stock in the coming years. Let’s unpack…
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