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Zscaler

ZS Nasdaq Systems Software Financials FY2017–FY2026

Zscaler's revenue rose 25.4% to $3.4 billion in fiscal 2026. Its operating margin was −4.0%, up from −4.8% a year earlier. Free cash flow was $852 million, up 5.5%. The diluted share count rose 3.8%.

Last close · Oct 23, 2026

$255.15

7.3%
Value it Compare
Revenue Total sales reported in the income statement.
$3.4B
25.4% vs prior year
Operating margin Operating income as a share of revenue.
−4.0%
0.8 pts
Net income Profit after all expenses, interest and tax.
−$63.2M
Free cash flow Cash from operations minus capital spending.
$852M
5.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
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Market cap Last close times the latest diluted share count, so it is approximate.
$40.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Zscaler does

No business description yet.

Legal name
Zscaler Inc
Fiscal year ends
July 31, 2026
Latest annual report
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Accession · CIK
0001713683-26-000157
0001713683

Revenue and margins

Zscaler had $3.4B of revenue in fiscal 2026, up 25.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $852M in fiscal 2026, 25.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Zscaler returned $0.0M to shareholders in fiscal 2026, 0% of free cash flow. The diluted share count rose 3.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Zscaler yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of $1.8B and divides by 160.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Zscaler can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $1.7B$2.1B$2.4B$3.6B$3.5B
Debt incl. finance leases $969M$1.1B$1.1B$1.7B$1.7B
Net debt / EBITDA ————−116.4x
Debt / equity 1.7x1.6x0.9x1.0x0.7x
Interest coverage −5.8x−35.9x−9.3x−13.5x−11.3x
Current ratio 2.0x1.9x1.1x2.0x1.7x
Quick ratio 2.0x1.9x1.1x2.0x1.7x
Total assets $2.8B$3.6B$4.7B$6.4B$7.9B
Total liabilities $2.3B$2.9B$3.4B$4.6B$5.3B
Shareholders' equity $573M$725M$1.3B$1.8B$2.6B
Net debt (− = net cash) −$763M−$966M−$1.3B−$1.9B−$1.8B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$11.9M

6 insiders

Of sales under plans

75%

$8.9M

DateInsiderTradeSharesPriceValueFiling
Oct 12, 2026 Adam GellerChief Product Officer Sold plan 1,042 $235.95 $0.2M Form 4
Oct 9, 2026 Adam GellerChief Product Officer Sold plan 23,958 $225.43 $5.4M Form 4
Sep 25, 2026 Kevin RubinChief Financial Officer Sold plan 519 $197.28 $0.1M Form 4
Sep 21, 2026 Adam GellerChief Product Officer Sold plan 661 $200.00 $0.1M Form 4
Sep 21, 2026 Robert SchlossmanChief Legal Officer Sold plan 5,394 $200.00 $1.1M Form 4
Sep 17, 2026 Adam GellerChief Product Officer Sold plan 4,584 $192.01 $0.9M Form 4
Sep 17, 2026 James A BeerDirector Sold plan 177 $192.01 $0.0M Form 4
Sep 16, 2026 Adam GellerChief Product Officer Sold plan 5,578 $192.76 $1.1M Form 4
Sep 16, 2026 Jagtar Singh ChaudhryCEO & Chairman, Director, 10% owner Sold 2,852 $192.76 $0.5M Form 4
Sep 16, 2026 Kevin RubinChief Financial Officer Sold 5,957 $192.76 $1.1M Form 4
Sep 16, 2026 Michael J. RichCRO and President of WW Sales Sold 4,108 $192.76 $0.8M Form 4
Sep 16, 2026 Robert SchlossmanChief Legal Officer Sold 2,325 $192.76 $0.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✕ ✕ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✕ ✕
Revenue rose relative to assets ✓ ✕ ✕
F-score 6 / 94 / 93 / 9
Accruals ratio −20.2%−18.2%−16.7%
Altman Z'' −0.182.191.61

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Zscaler ZS $40.9B 25.4% −4.0% 25.4% — — 3
Nutanix NTNX — 12.4% 9.6% 29.5% — 13.7x — Compare →
Check Point CHKP $17.5B 6.3% 30.5% 43.0% — — 7 Compare →
CrowdStrike CRWD $269.0B 21.7% −6.1% 27.2% — — 4 Compare →
Gen Digital GEN $15.0B 27.1% 42.4% 30.5% 13.7% 14.6x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $126M $190M $303M $431M $673M $1.1B $1.6B $2.2B $2.7B $3.4B
Gross profit $98.2M $152M $243M $336M $523M $849M $1.3B $1.7B $2.1B $2.6B
Research and development $33.6M $39.4M $62.0M $97.9M $175M $289M $351M $500M $673M $903M
Operating income −$35.1M −$34.6M −$35.3M −$114M −$208M −$327M −$235M −$122M −$129M −$133M
Interest expense — $0.0M $0.0M $5.0M $53.4M $56.6M $6.5M $13.1M $9.5M $11.8M
Pretax income −$34.6M −$32.3M −$27.9M −$113M −$257M −$384M −$183M −$29.2M −$18.3M −$17.1M
Income tax $0.9M $1.3M $0.7M $2.4M $4.9M $6.6M $19.8M $28.5M $23.2M $46.0M
Net income −$35.5M −$33.6M −$28.7M −$115M −$262M −$390M −$202M −$57.7M −$41.5M −$63.2M
Diluted EPS −$1.54 −$0.63 −$0.23 −$0.89 −$1.93 −$2.77 −$1.40 −$0.39 −$0.27 −$0.39
Diluted shares 0.03B 0.06B 0.12B 0.13B 0.14B 0.14B 0.14B 0.15B 0.15B 0.16B
Cash flow
Cash from operations −$6.0M $17.3M $58.0M $79.3M $202M $322M $462M $780M $973M $1.1B
Capital expenditure $7.8M $13.4M $25.5M $43.1M $48.2M $69.3M $97.2M $145M $164M $277M
Free cash flow −$13.8M $3.9M $32.5M $36.2M $154M $253M $365M $635M $808M $852M
Depreciation and amortization — — — — — — — $66.3M $104M $149M
Stock-based compensation $9.9M $11.2M $46.4M $121M $259M $410M $445M $528M $661M $822M
Acquisitions $0.0M $0.0M $11.4M $39.6M $40.5M $25.3M $15.6M $375M $0.8M $918M
Share buybacks $0.0M $3.8M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $3.8M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $88.0M $299M $365M $1.4B $1.5B $1.7B $2.1B $2.4B $3.6B $3.5B
Total debt — — $0.0M $862M $914M $969M $1.1B $1.1B $1.7B $1.7B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $143M $387M $496M $1.6B $1.8B $2.3B $2.9B $3.4B $4.9B $5.0B
Current liabilities $121M $183M $262M $424M $720M $1.1B $1.5B $3.1B $2.4B $3.0B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $13.1M $19.8M $41.0M $75.7M $109M $161M $242M $383M $543M $753M
Total assets $183M $448M $604M $1.8B $2.3B $2.8B $3.6B $4.7B $6.4B $7.9B
Total liabilities $133M $208M $296M $1.3B $1.7B $2.3B $2.9B $3.4B $4.6B $5.3B
Shareholders' equity −$151M $240M $309M $485M $529M $573M $725M $1.3B $1.8B $2.6B
Margins
Gross margin 78.2% 80.1% 80.3% 77.8% 77.7% 77.8% 77.6% 78.0% 76.9% 76.8%
Operating margin −27.9% −18.2% −11.7% −26.4% −30.9% −30.0% −14.5% −5.6% −4.8% −4.0%
EBITDA margin — — — — — — — −2.5% −0.9% 0.5%
Net margin −28.2% −17.7% −9.5% −26.7% −38.9% −35.8% −12.5% −2.7% −1.6% −1.9%
FCF margin −11.0% 2.1% 10.7% 8.4% 22.9% 23.2% 22.6% 29.3% 30.2% 25.4%
Returns
Return on capital employed — −21.2% −11.6% −13.0% −14.1% −20.2% −12.4% −6.6% −4.6% −3.0%
Return on equity — −75.5% −10.4% −29.0% −51.7% −70.8% −31.2% −5.8% −2.7% −2.9%
Return on assets — −10.7% −5.5% −9.4% −12.8% −15.3% −6.3% −1.4% −0.8% −0.9%
Growth
Revenue growth 56.5% 51.3% 59.2% 42.4% 56.1% 62.1% 48.2% 34.1% 23.3% 25.4%
FCF growth — — 731.4% 11.5% 324.5% 64.2% 44.6% 74.0% 27.2% 5.5%
Share count change 10.2% 118.6% 93.4% 4.7% 4.9% 3.9% 2.9% 3.2% 3.2% 3.8%
Financial health
Net debt / EBITDA — — — — — — — — — −116.4x
Debt / equity — — 0.0x 1.8x 1.7x 1.7x 1.6x 0.9x 1.0x 0.7x
Interest coverage — — — −22.7x −3.9x −5.8x −35.9x −9.3x −13.5x −11.3x
Current ratio 1.2x 2.1x 1.9x 3.7x 2.6x 2.0x 1.9x 1.1x 2.0x 1.7x
Quick ratio 1.2x 2.1x 1.9x 3.7x 2.6x 2.0x 1.9x 1.1x 2.0x 1.7x
Capital allocation
Capex / revenue 6.2% 7.0% 8.4% 10.0% 7.2% 6.4% 6.0% 6.7% 6.1% 8.3%
Stock comp / revenue 7.9% 5.9% 15.3% 28.2% 38.4% 37.5% 27.5% 24.3% 24.7% 24.5%
Payouts / FCF — 97.5% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Quality scores
Piotroski F-score — — — 4.0 4.0 5.0 5.0 6.0 4.0 3.0
Altman Z'' −4.6 2.3 2.0 3.5 2.1 1.0 1.3 −0.2 2.2 1.6
Accruals ratio — −16.2% −16.5% −16.0% −22.7% −28.0% −20.6% −20.2% −18.2% −16.7%

Source: SEC EDGAR XBRL filings (CIK 0001713683). Data updated October 12, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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