Zscaler, Inc. logo

Zscaler, Inc.

ZS

NASDAQTechnologySoftware - Infrastructure

Previous close

$181.75

+$6.795 · +3.88%

Aug 21, 4:00 PM ET

ZS company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Hold

Wait — insufficient conviction to act

Valuation

79

Undervalued

Momentum

32

Weakening

Sentiment

49

Mixed

Risk resilience

39

High Risk

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Company profile

Company website

Globally recognized, Zscaler, Inc. functions as a leading provider of cloud-based security solutions. Its core offerings include Zscaler Internet Access (ZIA), which ensures secure connectivity for a diverse range of entities – including users, servers, operational technology (OT), and IoT devices – when accessing external resources like software-as-a-service (SaaS) applications and general internet destinations. Complementing this, the Zscaler Private Access (ZPA) solution facilitates secure entry to internal applications residing in private or public clouds and traditional data centers. Zscaler also delivers Zscaler Digital Experience (ZDX), a tool that assesses the complete user journey across various business applications. ZDX then generates a clear, digestible digital experience score for individual users, specific applications, and different locations within an organization. Furthermore, the company's portfolio extends to advanced workload segmentation solutions. This category includes Zscaler Cloud Security Posture Management (CSPM), designed to identify and correct application misconfigurations across SaaS, IaaS, and PaaS environments, thereby minimizing risk and upholding compliance standards. Another key offering is Zscaler Cloud Workload Segmentation, specifically engineered to fortify application-to-application communication within public clouds and data centers. Its objective is to thwart lateral threat propagation, safeguard applications from compromise, and ultimately mitigate the potential for data breaches. The underlying platform is built upon integral components such as the Zscaler Central Authority, Zscaler Enforcement Nodes, and Zscaler Log Servers. Serving a diverse global clientele, Zscaler caters to numerous sectors including aviation and transportation, conglomerates, consumer goods and retail, financial services, healthcare, manufacturing, media and communications, public sector and education, as well as technology and telecommunications. Founded in 2007, the company initially operated as SafeChannel, Inc., before rebranding to Zscaler, Inc. in August 2008. Its corporate headquarters are located in San Jose, California.

Industry
Software - Infrastructure
Sector
Technology
Headquarters
US
CEO
Jagtar Singh Chaudhry
Listed since
Mar 16, 2018
Employees
7,923

Market position

Day range

Current $181.75

52-week range

Current $181.75

Open
$175.23
Previous close
$174.95
Volume
1.69M
0.44× average
Average volume
3.82M
Average daily volume
Market cap
29.39B USD
Beta
0.92
Market reference 1
50-day average
$150.77
+20.55% above average
200-day average
$179.44
+1.29% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
43.5B USD
P/E (TTM)
-378.64×
P/B (TTM)
12.34×
P/S (TTM)
9.26×
EV / EBITDA
386.96×
Earnings yield
-0.09%
Free cash flow yield
1.65%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
76.67%
Operating margin
-4.73%
Net margin
-2.44%
Return on equity
-2.31%
Return on assets
-0.65%
Return on invested capital
-3.18%

Financial health

Debt / equity
0.79×
Current ratio
2.01×
Altman Z-score
4.28
Piotroski F-score
4 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends90%43%-4%-51%Gross margin, FY2021: 77.62%Gross margin, FY2022: 77.70%Gross margin, FY2023: 77.58%Gross margin, FY2024: 77.87%Gross margin, FY2025: 76.87%Operating margin, FY2021: -30.81%Operating margin, FY2022: -30.01%Operating margin, FY2023: -13.32%Operating margin, FY2024: -5.71%Operating margin, FY2025: -4.81%Net margin, FY2021: -38.93%Net margin, FY2022: -35.77%Net margin, FY2023: -12.51%Net margin, FY2024: -2.66%Net margin, FY2025: -1.55%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 77.62%. Gross margin FY2022 77.70%. Gross margin FY2023 77.58%. Gross margin FY2024 77.87%. Gross margin FY2025 76.87%. Operating margin FY2021 -30.81%. Operating margin FY2022 -30.01%. Operating margin FY2023 -13.32%. Operating margin FY2024 -5.71%. Operating margin FY2025 -4.81%. Net margin FY2021 -38.93%. Net margin FY2022 -35.77%. Net margin FY2023 -12.51%. Net margin FY2024 -2.66%. Net margin FY2025 -1.55%.

Income trends

Revenue

2.67B USD+23.31%

Operating income

−128.46M USD-3.70%

Net income

−41.48M USD+28.12%
Income trends across reported periods2.98B USD1.75B USD528.74M USD−696.62M USDRevenue, FY2021: 673.1M USDRevenue, FY2022: 1.09B USDRevenue, FY2023: 1.62B USDRevenue, FY2024: 2.17B USDRevenue, FY2025: 2.67B USDOperating income, FY2021: −207.4M USDOperating income, FY2022: −327.43M USDOperating income, FY2023: −215.44M USDOperating income, FY2024: −123.88M USDOperating income, FY2025: −128.46M USDNet income, FY2021: −262.03M USDNet income, FY2022: −390.28M USDNet income, FY2023: −202.34M USDNet income, FY2024: −57.71M USDNet income, FY2025: −41.48M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 673.1M USD. Revenue FY2022 1.09B USD. Revenue FY2023 1.62B USD. Revenue FY2024 2.17B USD. Revenue FY2025 2.67B USD. Operating income FY2021 −207.4M USD. Operating income FY2022 −327.43M USD. Operating income FY2023 −215.44M USD. Operating income FY2024 −123.88M USD. Operating income FY2025 −128.46M USD. Net income FY2021 −262.03M USD. Net income FY2022 −390.28M USD. Net income FY2023 −202.34M USD. Net income FY2024 −57.71M USD. Net income FY2025 −41.48M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue2.67B USD2.17B USD1.62B USD1.09B USD673.1M USD
Cost of goods sold618.18M USD479.66M USD362.48M USD243.32M USD150.64M USD
Gross profit2.05B USD1.69B USD1.25B USD847.63M USD522.46M USD
Research and development672.49M USD499.75M USD347.52M USD288.81M USD174.65M USD
Selling, general, and administrative1.51B USD1.31B USD1.12B USD886.25M USD555.2M USD
Operating expenses2.18B USD1.81B USD1.47B USD1.18B USD729.85M USD
Interest income125.36M USD109.13M USD60.46M USD4.59M USD2.81M USD
Interest expense9.52M USD13.09M USD6.82M USD56.58M USD53.36M USD
Depreciation and amortization121.18M USD80.93M USD99.03M USD143.62M USD98.01M USD
Operating income−128.46M USD−123.88M USD−215.44M USD−327.43M USD−207.4M USD
Net income−41.48M USD−57.71M USD−202.34M USD−390.28M USD−262.03M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
100%
11 beats, 0 misses, 0 met estimates
Average EPS surprise
+19.77%
11 comparable reports
Latest EPS result
1.08
Estimate 1.01 · Beat by 6.93%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates1.130.950.770.59Q4 '24BeatQ1 '25BeatQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26Estimate
Q4 2024, reported Dec 2, 2024: actual 0.77, estimate 0.63, surprise +22.22%, Beat. Q1 2025, reported Mar 5, 2025: actual 0.78, estimate 0.687, surprise +13.54%, Beat. Q2 2025, reported May 29, 2025: actual 0.84, estimate 0.752, surprise +11.70%, Beat. Q3 2025, reported Sep 2, 2025: actual 0.89, estimate 0.8, surprise +11.25%, Beat. Q4 2025, reported Nov 25, 2025: actual 0.96, estimate 0.856, surprise +12.15%, Beat. Q1 2026, reported Feb 26, 2026: actual 1.01, estimate 0.894, surprise +12.98%, Beat. Q2 2026, reported May 26, 2026: actual 1.08, estimate 1.01, surprise +6.93%, Beat. Q3 2026, reported Sep 3, 2026: actual —, estimate 1.09, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates912.04M798.17M684.3M570.43MQ4 '24BeatQ1 '25BeatQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26Estimate
Q4 2024, reported Dec 2, 2024: actual 627.96M USD, estimate 605.51M USD, surprise +3.71%, Beat. Q1 2025, reported Mar 5, 2025: actual 647.9M USD, estimate 634.38M USD, surprise +2.13%, Beat. Q2 2025, reported May 29, 2025: actual 678.03M USD, estimate 666.46M USD, surprise +1.74%, Beat. Q3 2025, reported Sep 2, 2025: actual 719.23M USD, estimate 706.94M USD, surprise +1.74%, Beat. Q4 2025, reported Nov 25, 2025: actual 788.11M USD, estimate 773.28M USD, surprise +1.92%, Beat. Q1 2026, reported Feb 26, 2026: actual 815.75M USD, estimate 798.33M USD, surprise +2.18%, Beat. Q2 2026, reported May 26, 2026: actual 850.48M USD, estimate 835.14M USD, surprise +1.84%, Beat. Q3 2026, reported Sep 3, 2026: actual —, estimate 876.96M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$191.76

5.51% upside
Past 12 months12-month forecastHigh $230Average $191.76Low $145

Rating distribution

53 ratings
Strong buy00%
Buy4279%
Hold1019%
Sell12%
Strong sell00%

Recent analyst actions

12 institutions

ZS news

ZS peers

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Funds reporting this stock among their holdings, ordered by reported position size.

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