CrowdStrike vs Zscaler
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KIRAβs take AI analyst
I put CrowdStrike and Zscaler side by side, using each oneβs latest annual report. Here is what stands out:
- 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 (β4.0% operating margin, against β6.1%).
- CrowdStrike turned more of its sales into free cash flow (27.2% FCF margin, against 25.4%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
CrowdStrike
CRWD
4/9
5-year growthFCF marginPiotroski F-scoreShare count change
Zscaler
ZS
5/9
Revenue growthGross marginOperating marginNet marginReturn on equity
Side by side
Best in the row
| Latest fiscal year | CRWD FY26 | ZS FY26 |
|---|---|---|
| Size | ||
| Market cap | $273.5B | $41.7B |
| Revenue | $4.8B | $3.4B |
| Free cash flow | $1.3B | $852M |
| Net income | β$163M | β$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 | β6.1% | β4.0% |
| Net margin | β3.4% | β1.9% |
| FCF margin | 27.2% | 25.4% |
| Return on capital | β | β |
| Return on equity | β4.2% | β2.9% |
| Balance sheet | ||
| Net debt | β$4.5B | β$1.8B |
| Net debt / EBITDA | β | β116.4x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | β | β |
| Piotroski F-score | 4 | 3 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.