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ZS stock logo

ZS

Zscaler, Inc.

$197.31
-0.16
 (-0.08%)
Exchange:  NASDAQ
Market Cap:  31.907B
Shares Outstanding:  101.722M
Delayed data
Calculate ZS Intrinsic Value
5-year outlook →
Overview
Earnings
Financials
Valuation
Chart

About The Company

Sector:  TechnologyView sector performance
Industry:  Software – InfrastructureView industry performance
   
CEO:  Jagtar Singh Chaudhry
Full Time Employees:  8700
Address: 
120 Holger Way
San Jose
CA
95134
US
Website:  https://www.zscaler.com
Globally recognized, Zscaler, Inc. functions as a leading provider of cloud-based security solutions. Its core offerings include Zscaler Internet Access (ZIA), which ensures secure connectivity for a diverse range of entities – including users, servers, operational technology (OT), and IoT devices – when accessing external resources like software-as-a-service (SaaS) applications and general internet destinations. Complementing this, the Zscaler Private Access (ZPA) solution facilitates secure entry to internal applications residing in private or public clouds and traditional data centers. Zscaler also delivers Zscaler Digital Experience (ZDX), a tool that assesses the complete user journey across various business applications. ZDX then generates a clear, digestible digital experience score for individual users, specific applications, and different locations within an organization. Furthermore, the company’s portfolio extends to advanced workload segmentation solutions. This category includes Zscaler Cloud Security Posture Management (CSPM), designed to identify and correct application misconfigurations across SaaS, IaaS, and PaaS environments, thereby minimizing risk and upholding compliance standards. Another key offering is Zscaler Cloud Workload Segmentation, specifically engineered to fortify application-to-application communication within public clouds and data centers. Its objective is to thwart lateral threat propagation, safeguard applications from compromise, and ultimately mitigate the potential for data breaches. The underlying platform is built upon integral components such as the Zscaler Central Authority, Zscaler Enforcement Nodes, and Zscaler Log Servers. Serving a diverse global clientele, Zscaler caters to numerous sectors including aviation and transportation, conglomerates, consumer goods and retail, financial services, healthcare, manufacturing, media and communications, public sector and education, as well as technology and telecommunications. Founded in 2007, the company initially operated as SafeChannel, Inc., before rebranding to Zscaler, Inc. in August 2008. Its corporate headquarters are located in San Jose, California.

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Revenue Segmentation

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ZS full analysis

07/09/2026

Hey everyone, welcome back to MarketSnap. Zscaler just dropped a tenth straight earnings beat, shares ripped higher, and then gave a chunk of it back within twenty-four hours — so the real question is whether the AI security boom is creating real new budget dollars, or just rebranding spending that was already locked in. Let's dig into the numbers, the valuation, and what it actually means for your portfolio. So here's the setup. Zscaler reported fiscal Q4 earnings that blew…

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Industry Peers

TICKERCOMPANYMKT CAPP/EFWD P/EROIC
ZSZS logoZSZscaler, Inc.31.9B—47.9-2.7%
MDMDB logoMDBMongoDB, Inc.30.9B52579.9-0.4%
OKOKTA logoOKTAOkta, Inc.30.2B10852.93.0%
VRVRSN logoVRSNVeriSign, Inc.27.4B32.831.5194.5%
TWTWLO logoTWLOTwilio Inc.37.0B32.441.13.1%
CPCPAY logoCPAYCorpay, Inc.26.0B23.914.58.9%

EPS

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Earnings Call

Full text

Earnings transcript

Read the complete earnings call transcript.

AI summary

Key takeaways

Short, structured highlights from the call so you can focus on what matters.

2025/11/25 — Q1 quarter 2026

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Income Statement
Balance Sheet
Cash Flow Statement
Analyst Estimates

Income Statement

Year202420252026
Revenue2,167,7712,673,1153,352,523
Gross Profit1,688,1122,054,9372,574,894
EBITDA64,792112,412186,556
Operating Income-123,877-128,460-133,267
Net Income-57,706-41,478-63,179

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(* All numbers are in thousands)

Balance Sheet

Year202420252026
Total Assets4,704,9686,419,8887,866,714
Total Liabilities3,430,8664,620,6155,268,453
Total Stockholders Equity1,274,1021,799,2732,598,261
Total Debt1,237,9651,796,5761,855,824
Cash and Cash Equivalents1,423,0802,389,023928,354

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(* All numbers are in thousands)

Cash Flow Statement

Year202420252026
Operating Cash Flow779,846976,7461,129,654
Capital Expenditure-194,896-245,7600
Free Cash Flow584,950730,9861,129,654
Net Income-57,706-41,478-63,179
Net Change in Cash160,874965,943-1,460,669

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(* All numbers are in thousands)

Analyst Estimates

Fiscal Year2031Research AccessResearch AccessResearch AccessResearch Access
Estimated Revenue (Low)6,936,221.524Research AccessResearch AccessResearch AccessResearch Access
Estimated Revenue (High)7,315,158.923Research AccessResearch AccessResearch AccessResearch Access
Estimated Revenue (Avg)7,069,900Research AccessResearch AccessResearch AccessResearch Access
Estimated Ebitda (Low)2,471,547.451Research AccessResearch AccessResearch AccessResearch Access
Estimated Ebitda (High)2,619,220.696Research AccessResearch AccessResearch AccessResearch Access
Estimated Ebitda (Avg)2,523,642.963Research AccessResearch AccessResearch AccessResearch Access
Estimated Net Income (Low)1,633,133.105Research AccessResearch AccessResearch AccessResearch Access
Estimated Net Income (High)1,749,794.969Research AccessResearch AccessResearch AccessResearch Access
Estimated Net Income (Avg)1,674,288.560Research AccessResearch AccessResearch AccessResearch Access
Estimated SGA Expense (Low)4,460,556.270Research AccessResearch AccessResearch AccessResearch Access
Estimated SGA Expense (High)4,704,243.930Research AccessResearch AccessResearch AccessResearch Access
Estimated SGA Expense (Avg)4,546,522.436Research AccessResearch AccessResearch AccessResearch Access
Estimated EPS (Avg)10.450Research AccessResearch AccessResearch AccessResearch Access
Estimated EPS (High)10.920Research AccessResearch AccessResearch AccessResearch Access
Estimated EPS (Low)10.190Research AccessResearch AccessResearch AccessResearch Access
Number of Analysts (Estimated Revenue)14Research AccessResearch AccessResearch AccessResearch Access
Number of Analysts (Estimated EPS)6Research AccessResearch AccessResearch AccessResearch Access

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(* All numbers are in thousands)

Current Key Metrics

?Revenue
 (TTM)
: 
2.168B  ?P/S
 (TTM)
: 
9.52
?Net Income
 (TTM)
: 
-57706000  ?P/E
 (TTM)
: 
-505.92
?Enterprise Value
 (TTM)
: 
32.834B  ?EV/FCF
 (TTM)
: 
38.52
?Dividend Yield
 (TTM)
: 
0%  ?Payout Ratio
 (TTM)
: 
0%
?ROE
 (TTM)
: 
-2.76%  ?ROIC
 (TTM)
: 
-2.68%
?Net Debt
 (TTM)
: 
-1641898000  ?Debt/Equity
 (TTM)
: 
0.71
?P/B
 (TTM)
: 
12.17  ?Current Ratio
 (TTM)
: 
1.7

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Forward P/E Ratios

?

Forward P/E (Avg EPS estimate) — log in with Research Access for high/low estimates and the interactive table.

Forward P/E 1YResearch AccessResearch AccessResearch AccessResearch Access
47.89Research AccessResearch AccessResearch AccessResearch Access

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SWOT Analysis

Strengths (preview)

  • Strong Revenue Growth and Profitability: Zscaler has demonstrated robust financial performance, with revenue growth and strong gross profit margins. The company’s focus on cybersecurity solutions is capitalizing on secular tailwinds, evidenced by its ability to generate significant free cash flow and maintain a high gross profit margin, indicating a scalable business model.
  • Strategic AI Integration and Innovation: The company is actively leveraging AI to drive growth and enhance its security offerings. This focus on innovation positions Zscaler to maintain a competitive edge in the dynamic cybersecurity market.
  • Resilient Business Model: Zscaler’s performance metrics, including a high current ratio and quick ratio, suggest strong liquidity and operational efficiency. The company’s ability to navigate challenges, as highlighted in its latest earnings call, underscores the resilience of its business model.

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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.

[intrinsic_calculator]

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

1-day price chart preview. Log in for 1W through 5Y ranges and period tabs.

Daily snapshot

-0.08
MARKETSnap

Trading Metrics:

Open: 198.78   Previous Close: 197.47
Day Low: 192.65   Day High: 199.76
Year Low: 114.63   Year High: 336.99
Price Avg 50: 166.61   Price Avg 200: 168.54
Volume: 4.863M   Average Volume: 4.066M

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See in Nexus

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