CrowdStrike
CRWD · Systems Software
$257.57
8.3%Zscaler
ZS · Systems Software
$255.15
7.3%The short version
- CrowdStrike is the larger business, with $4.8B of revenue in fiscal 2026 against $3.4B for Zscaler.
- Zscaler grew revenue faster (25.4%, against 21.7%).
- Zscaler kept more of each dollar of sales as operating profit (−4.0% operating margin, against −6.1% operating margin).
- CrowdStrike turned more of its sales into free cash flow (27.2% FCF margin, against 25.4% FCF margin).
| Latest fiscal year | CRWD · FY26 | ZS · FY26 |
|---|---|---|
| Size | ||
| Market cap | $269.0B | $40.9B |
| Revenue | $4.8B | $3.4B |
| Free cash flow | $1.3B | $852M |
| Net income | −$163M | −$63.2M |
| Growth | ||
| Revenue growth | 21.7% | 25.4% |
| 5-year growth | 40.6% | 37.9% |
| Share count change | 2.4% | 3.8% |
| Profitability | ||
| Gross margin | 74.7% | 76.8% |
| Operating margin | −6.1% | −4.0% |
| Net margin | −3.4% | −1.9% |
| FCF margin | 27.2% | 25.4% |
| Return on capital | — | — |
| Return on equity | −4.2% | −2.9% |
| Balance sheet | ||
| Net debt | −$4.5B | −$1.8B |
| Net debt / EBITDA | — | −116.4x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 4 | 3 |
FY17
CRWD —
ZS $126M
FY18
CRWD $119M
ZS $190M
FY19
CRWD $250M
ZS $303M
FY20
CRWD $481M
ZS $431M
FY21
CRWD $874M
ZS $673M
FY22
CRWD $1.5B
ZS $1.1B
FY23
CRWD $2.2B
ZS $1.6B
FY24
CRWD $3.1B
ZS $2.2B
FY25
CRWD $4.0B
ZS $2.7B
FY26
CRWD $4.8B
ZS $3.4B
CRWD
ZS
FY17
CRWD —
ZS −27.9%
FY18
CRWD −110.7%
ZS −18.2%
FY19
CRWD −54.8%
ZS −11.7%
FY20
CRWD −30.3%
ZS −26.4%
FY21
CRWD −10.6%
ZS −30.9%
FY22
CRWD −9.8%
ZS −30.0%
FY23
CRWD −8.5%
ZS −14.5%
FY24
CRWD −0.6%
ZS −5.6%
FY25
CRWD −2.9%
ZS −4.8%
FY26
CRWD −6.1%
ZS −4.0%
CRWD
ZS
FY17
CRWD —
ZS −$13.8M
FY18
CRWD −$81.7M
ZS $3.9M
FY19
CRWD −$58.8M
ZS $32.5M
FY20
CRWD $19.8M
ZS $36.2M
FY21
CRWD $304M
ZS $154M
FY22
CRWD $463M
ZS $253M
FY23
CRWD $706M
ZS $365M
FY24
CRWD $990M
ZS $635M
FY25
CRWD $1.1B
ZS $808M
FY26
CRWD $1.3B
ZS $852M
CRWD
ZS
FY17
CRWD —
ZS —
FY18
CRWD —
ZS —
FY19
CRWD —
ZS —
FY20
CRWD —
ZS —
FY21
CRWD —
ZS —
FY22
CRWD —
ZS —
FY23
CRWD —
ZS —
FY24
CRWD —
ZS —
FY25
CRWD —
ZS —
FY26
CRWD —
ZS —
CRWD
ZS
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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.