Twilio
TWLO · Systems Software
$261.79
3.2%Zscaler
ZS · Systems Software
$255.15
7.3%The short version
- Twilio is the larger business, with $5.1B of revenue in fiscal 2025 against $3.4B for Zscaler, about 1.5 times as much.
- Zscaler grew revenue faster (25.4%, against 13.7%).
- Twilio kept more of each dollar of sales as operating profit (3.1% operating margin, against −4.0% operating margin).
- Zscaler turned more of its sales into free cash flow (25.4% FCF margin, against 19.7% FCF margin).
| Latest fiscal year | TWLO · FY25 | ZS · FY26 |
|---|---|---|
| Size | ||
| Market cap | $41.8B | $40.9B |
| Revenue | $5.1B | $3.4B |
| Free cash flow | $997M | $852M |
| Net income | $33.8M | −$63.2M |
| Growth | ||
| Revenue growth | 13.7% | 25.4% |
| 5-year growth | 23.5% | 37.9% |
| Share count change | −3.7% | 3.8% |
| Profitability | ||
| Gross margin | 48.9% | 76.8% |
| Operating margin | 3.1% | −4.0% |
| Net margin | 0.7% | −1.9% |
| FCF margin | 19.7% | 25.4% |
| Return on capital | 1.5% | — |
| Return on equity | 0.4% | −2.9% |
| Balance sheet | ||
| Net debt | −$1.5B | −$1.8B |
| Net debt / EBITDA | −4.2x | −116.4x |
| Dividends and buybacks | $869M | $0.0M |
| Valuation & quality | ||
| P/E | 36.4x | — |
| Piotroski F-score | 6 | 3 |
FY17
TWLO $399M
ZS $126M
FY18
TWLO $650M
ZS $190M
FY19
TWLO $1.1B
ZS $303M
FY20
TWLO $1.8B
ZS $431M
FY21
TWLO $2.8B
ZS $673M
FY22
TWLO $3.8B
ZS $1.1B
FY23
TWLO $4.2B
ZS $1.6B
FY24
TWLO $4.5B
ZS $2.2B
FY25
TWLO $5.1B
ZS $2.7B
FY26
TWLO —
ZS $3.4B
TWLO
ZS
FY17
TWLO −16.6%
ZS −27.9%
FY18
TWLO −17.7%
ZS −18.2%
FY19
TWLO −32.6%
ZS −11.7%
FY20
TWLO −28.0%
ZS −26.4%
FY21
TWLO −32.2%
ZS −30.9%
FY22
TWLO −31.5%
ZS −30.0%
FY23
TWLO −21.1%
ZS −14.5%
FY24
TWLO −1.2%
ZS −5.6%
FY25
TWLO 3.1%
ZS −4.8%
FY26
TWLO —
ZS −4.0%
TWLO
ZS
FY17
TWLO −$12.5M
ZS −$13.8M
FY18
TWLO $2.9M
ZS $3.9M
FY19
TWLO −$31.3M
ZS $32.5M
FY20
TWLO $6.9M
ZS $36.2M
FY21
TWLO −$104M
ZS $154M
FY22
TWLO −$289M
ZS $253M
FY23
TWLO $403M
ZS $365M
FY24
TWLO $709M
ZS $635M
FY25
TWLO $997M
ZS $808M
FY26
TWLO —
ZS $852M
TWLO
ZS
FY17
TWLO −112.6%
ZS —
FY18
TWLO −94.2%
ZS —
FY19
TWLO −19.3%
ZS —
FY20
TWLO −9.0%
ZS —
FY21
TWLO −11.6%
ZS —
FY22
TWLO −13.5%
ZS —
FY23
TWLO −9.8%
ZS —
FY24
TWLO −0.6%
ZS —
FY25
TWLO 1.5%
ZS —
FY26
TWLO —
ZS —
TWLO
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.