Gen Digital vs Zscaler
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The short version
- Gen Digital is the larger business, with $5.0B of revenue in fiscal 2026 against $3.4B for Zscaler.
- Gen Digital grew revenue faster (27.1%, against 25.4%).
- Gen Digital kept more of each dollar of sales as operating profit (42.4% operating margin, against −4.0%).
- Gen Digital turned more of its sales into free cash flow (30.5% FCF margin, against 25.4%).
| Latest fiscal year | GEN · FY26 | ZS · FY26 |
|---|---|---|
| Size | ||
| Market cap | $15.0B | $40.9B |
| Revenue | $5.0B | $3.4B |
| Free cash flow | $1.5B | $852M |
| Net income | $973M | −$63.2M |
| Growth | ||
| Revenue growth | 27.1% | 25.4% |
| 5-year growth | 14.4% | 37.9% |
| Share count change | −0.8% | 3.8% |
| Profitability | ||
| Gross margin | 78.5% | 76.8% |
| Operating margin | 42.4% | −4.0% |
| Net margin | 19.5% | −1.9% |
| FCF margin | 30.5% | 25.4% |
| Return on capital | 13.7% | — |
| Return on equity | 39.9% | −2.9% |
| Balance sheet | ||
| Net debt | $7.8B | −$1.8B |
| Net debt / EBITDA | 3.0x | −116.4x |
| Dividends and buybacks | $946M | $0.0M |
| Valuation & quality | ||
| P/E | 14.5x | — |
| Piotroski F-score | 7 | 3 |
Revenue
FY17
GEN $4.0B
ZS $126M
FY18
GEN $2.6B
ZS $190M
FY19
GEN $2.5B
ZS $303M
FY20
GEN $2.5B
ZS $431M
FY21
GEN $2.6B
ZS $673M
FY22
GEN $2.8B
ZS $1.1B
FY23
GEN $3.3B
ZS $1.6B
FY24
GEN $3.8B
ZS $2.2B
FY25
GEN $3.9B
ZS $2.7B
FY26
GEN $5.0B
ZS $3.4B
GEN
ZS
Operating margin
FY17
GEN −2.5%
ZS −27.9%
FY18
GEN −6.0%
ZS −18.2%
FY19
GEN 6.4%
ZS −11.7%
FY20
GEN 14.3%
ZS −26.4%
FY21
GEN 35.1%
ZS −30.9%
FY22
GEN 35.9%
ZS −30.0%
FY23
GEN 36.4%
ZS −14.5%
FY24
GEN 29.2%
ZS −5.6%
FY25
GEN 40.9%
ZS −4.8%
FY26
GEN 42.4%
ZS −4.0%
GEN
ZS
Free cash flow
FY17
GEN −$279M
ZS −$13.8M
FY18
GEN $808M
ZS $3.9M
FY19
GEN $1.3B
ZS $32.5M
FY20
GEN −$950M
ZS $36.2M
FY21
GEN $700M
ZS $154M
FY22
GEN $968M
ZS $253M
FY23
GEN $751M
ZS $365M
FY24
GEN $2.0B
ZS $635M
FY25
GEN $1.2B
ZS $808M
FY26
GEN $1.5B
ZS $852M
GEN
ZS
Return on capital
FY17
GEN −2.2%
ZS —
FY18
GEN −2.0%
ZS —
FY19
GEN 1.6%
ZS —
FY20
GEN 5.0%
ZS —
FY21
GEN 34.7%
ZS —
FY22
GEN 41.7%
ZS —
FY23
GEN 18.7%
ZS —
FY24
GEN 10.5%
ZS —
FY25
GEN 10.4%
ZS —
FY26
GEN 13.7%
ZS —
GEN
ZS
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.