Check Point vs Zscaler
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KIRAβs take AI analyst
I put Check Point and Zscaler side by side, using each oneβs latest annual report. Here is what stands out:
- Zscaler is the larger business, with $3.4B of revenue in fiscal 2026 against $2.7B for Check Point.
- Zscaler grew revenue faster (25.4%, against 6.3%).
- Check Point kept more of each dollar of sales as operating profit (30.5% operating margin, against β4.0%).
- Check Point turned more of its sales into free cash flow (43.0% FCF margin, against 25.4%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Check Point
CHKP
7/10
Gross marginOperating marginNet marginFCF marginReturn on equityPiotroski F-scoreShare count change
Zscaler
ZS
3/10
Revenue growth5-year growthNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | CHKP FY25 | ZS FY26 |
|---|---|---|
| Size | ||
| Market cap | $17.5B | $41.7B |
| Revenue | $2.7B | $3.4B |
| Free cash flow | $1.2B | $852M |
| Net income | $1.1B | β$63.2M |
| Growth | ||
| Revenue growth | 6.3% | 25.4% |
| 5-year growth | 5.7% | 37.9% |
| Share count change | β3.1% | 3.8% |
| Profitability | ||
| Gross margin | 86.7% | 76.8% |
| Operating margin | 30.5% | β4.0% |
| Net margin | 38.8% | β1.9% |
| FCF margin | 43.0% | 25.4% |
| Return on capital | β | β |
| Return on equity | 37.3% | β2.9% |
| Balance sheet | ||
| Net debt | β$2.4B | β$1.8B |
| Net debt / EBITDA | β2.8x | β116.4x |
| Dividends and buybacks | $1.4B | $0.0M |
| Valuation & quality | ||
| P/E | β | β |
| Piotroski F-score | 7 | 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.