A Business at a Glance
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Zscaler, Inc.
ZS
$21.9B
Mkt Cap
$142.32
+1.88%
Zscaler, Inc. (ZS) has a 5-year average return on invested capital (ROIC) of -12.2%. This is below average and may indicate limited pricing power.
Zscaler, Inc. (ZS) has a market capitalization of $22.9B. It is classified as a large-cap stock.
Zscaler, Inc. (ZS) does not currently pay a regular dividend.
Zscaler, Inc. (ZS) operates in the Services-Computer Programming Services industry, within the Technology sector.
Zscaler, Inc. (ZS) reported annual revenue of $2.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Zscaler, Inc. (ZS) has a net profit margin of -1.6%. The company is currently unprofitable.
Zscaler, Inc. (ZS) generated $808 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
PART I We enable our customers to succeed in a digital world where technology decisions not only impact growth and competitiveness, but also directly impact enterprise risk. We were incorporated in 2007, during the early stages of cloud adoption and mobility, based on a vision that the internet would become the new corporate network, as the cloud became the new data center. We correctly predicted that with rapid cloud adoption and increasing workforce mobility, traditional perimeter security approaches would fail to protect users and data, become prohibitively expensive and deliver poor user experience. Enterprises now rely on external software as a service, or SaaS, applications for critical business functions and have moved, or are moving, their internally managed applications to the public cloud infrastructure. As a result, users now expect to be able to seamlessly access applications and data, wherever they are hosted, from any device, anywhere in the world.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.0B | 2.7B | 2.2B | 1.6B | 1.1B | 673M |
| Net Income | -68M | -41M | -58M | -202M | -390M | -262M |
| EPS | $-0.42 | $-0.27 | $-0.39 | $-1.40 | $-2.77 | $-1.93 |
| Free Cash Flow | 947M | 808M | 635M | 365M | 253M | 154M |
| ROIC | -4.4% | -1.4% | -2.7% | -11.9% | -26.2% | -18.8% |
| Gross Margin | 76.5% | 76.9% | 78.0% | 77.6% | 77.8% | 77.7% |
| Debt/Equity | 0.73 | 0.95 | 1.79 | 1.56 | 1.69 | 1.73 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -146M | -128M | -121M | -235M | -327M | -208M |
| Operating Margin | -4.9% | -4.8% | -5.6% | -14.5% | -30.0% | -30.9% |
| ROE | -3.1% | -2.7% | -5.8% | -31.2% | -70.8% | -51.7% |
| Shares Outstanding | 161M | 154M | 148M | 145M | 141M | 136M |
| Metric | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||
| Revenue | 80M | 126M | 190M | 303M | 431M | 673M | 1.1B | 1.6B | 2.2B | 2.7B | 3.0B |
| Gross Margin | 74.9% | 78.1% | 20.1% | 26.9% | 77.8% | 77.7% | 77.8% | 77.6% | 78.0% | 76.9% | 76.5% |
| R&D | 21M | 34M | 39M | 62M | 98M | 175M | 289M | 351M | 500M | 672M | 777M |
| SG&A | 9.4M | 21M | 31M | 47M | 74M | 97M | 152M | 179M | 212M | 252M | 278M |
| EBIT | -27M | -35M | -35M | -35M | -114M | -208M | -327M | -235M | -121M | -128M | -146M |
| Op. Margin | -33.4% | -27.9% | -18.2% | -11.7% | -26.4% | -30.9% | -30.0% | -14.5% | -5.6% | -4.8% | -4.9% |
| Net Income | -36M | -45M | -40M | -29M | -115M | -262M | -390M | -202M | -58M | -41M | -68M |
| Net Margin | -44.9% | -35.8% | -21.0% | -9.5% | -26.7% | -38.9% | -35.8% | -12.5% | -2.7% | -1.6% | -2.3% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.6M | 0 | 4.9M | 4.9M |
| Returns on Capital | |||||||||||
| ROIC | N/A | -19.2% | -89.7% | -10.4% | -13.9% | -18.8% | -26.2% | -11.9% | -2.7% | -1.4% | -4.4% |
| ROE | 32.8% | 32.6% | -89.7% | -10.4% | -29.0% | -51.7% | -70.8% | -31.2% | -5.8% | -2.7% | -3.1% |
| ROA | N/A | -49.2% | -12.7% | -5.4% | -9.4% | -12.8% | -15.3% | -6.3% | -1.4% | -0.7% | -1.0% |
| Cash Flow | |||||||||||
| Op. Cash Flow | -12M | -6.0M | 17M | 58M | 79M | 202M | 322M | 462M | 780M | 972M | 1.1B |
| Free Cash Flow | -17M | -14M | 3.9M | 33M | 36M | 154M | 253M | 365M | 635M | 808M | 947M |
| Owner Earnings | -16M | -33M | -18M | 11M | -45M | -63M | -97M | 6.4M | 238M | 294M | 241M |
| CapEx | 5.4M | 7.8M | 13M | 26M | 43M | 48M | 69M | 97M | 145M | 164M | 167M |
| Maint. CapEx | 0 | 17M | 24M | 908K | 3.4M | 6.8M | 9.0M | 11M | 15M | 17M | 136M |
| Growth CapEx | N/A | 0 | 0 | 25M | 40M | 41M | 60M | 86M | 130M | 147M | 31M |
| D&A | 0 | 17M | 24M | 908K | 3.4M | 6.8M | 9.0M | 11M | 15M | 17M | 136M |
| CapEx/OCF | N/A | N/A | 77.4% | 44.0% | 54.3% | 23.8% | 21.5% | 21.0% | 18.5% | 16.9% | 15.0% |
| Capital Allocation | |||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 3.8M | 22K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | N/A | 0.1% | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 3.6M | 9.9M | 11M | 46M | 121M | 259M | 410M | 445M | 528M | 661M | 737M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24M | 24M |
| Balance Sheet | |||||||||||
| Net Debt | N/A | N/A | N/A | -78M | 720M | 638M | -45M | -128M | 861M | -688M | 403M |
| Cash & Equiv. | 93M | 88M | 136M | 78M | 142M | 276M | 1.0B | 1.3B | 1.4B | 2.4B | 1.2B |
| Long-Term Debt | N/A | N/A | N/A | 0 | 862M | 914M | 969M | 1.1B | 1.1B | 1.7B | 1.6B |
| Debt/Equity | N/A | -0.88 | 0.86 | 0.00 | 1.78 | 1.73 | 1.69 | 1.56 | 1.79 | 0.95 | 0.73 |
| Interest Coverage | -92.9 | -58.7 | N/A | N/A | -22.7 | -3.9 | -5.8 | -35.9 | -22.7 | -13.5 | -13.5 |
| Equity | -125M | -151M | 240M | 309M | 485M | 529M | 573M | 725M | 1.3B | 1.8B | 2.2B |
| Total Assets | N/A | 183M | 448M | 604M | 1.8B | 2.3B | 2.8B | 3.6B | 4.7B | 6.4B | 6.8B |
| Total Liabilities | N/A | 133M | 208M | 296M | 1.3B | 1.7B | 2.3B | 2.9B | 3.4B | 4.6B | 4.6B |
| Intangibles | N/A | N/A | 0 | 8.7M | 24M | 32M | 32M | 26M | 64M | 47M | 193M |
| Retained Earnings | N/A | -162M | -196M | -224M | -340M | -602M | -992M | -1.1B | -1.1B | -1.2B | -1.2B |
| Working Capital | N/A | 22M | 204M | 234M | 1.2B | 1.1B | 1.1B | 1.4B | 284M | 2.5B | 2.1B |
| Current Assets | N/A | 143M | 387M | 496M | 1.6B | 1.8B | 2.3B | 2.9B | 3.4B | 4.9B | 4.5B |
| Current Liabilities | N/A | 120M | 183M | 262M | 424M | 720M | 1.1B | 1.5B | 3.1B | 2.4B | 2.3B |
| Per Share Data | |||||||||||
| EPS | -1.36 | -1.54 | -0.63 | -0.23 | -0.89 | -1.93 | -2.77 | -1.40 | -0.39 | -0.27 | -0.42 |
| Owner EPS | -0.59 | -1.14 | -0.29 | 0.09 | -0.35 | -0.47 | -0.69 | 0.04 | 1.61 | 1.92 | 1.50 |
| Book Value | -4.70 | -5.17 | 3.79 | 2.48 | 3.75 | 3.90 | 4.07 | 5.02 | 8.61 | 11.71 | 13.68 |
| Cash Flow/Share | -0.45 | -0.21 | 0.27 | 0.47 | 0.61 | 1.49 | 2.28 | 3.20 | 5.27 | 6.33 | 0.43 |
| Dividends/Share | 0.00 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 26.5M | 29.2M | 63.5M | 124.6M | 129.3M | 135.8M | 140.9M | 144.5M | 148.0M | 153.6M | 160.6M |
| Valuation | |||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -335.6 |
| P/FCF | N/A | N/A | 606.7 | 338.1 | 443.9 | 209.0 | 85.4 | 62.3 | 42.2 | 54.9 | 24.1 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | N/A | 19.8 | 35.6 | 33.2 | 60.8 | 37.6 | 31.4 | 21.1 | 24.7 | 10.4 |
| Price/Sales | N/A | N/A | 21.6 | 22.2 | 20.1 | 35.7 | 31.3 | 12.1 | 12.8 | 12.3 | 7.6 |
| FCF Yield | N/A | N/A | 0.1% | 0.3% | 0.2% | 0.5% | 1.2% | 1.6% | 2.4% | 1.8% | 4.1% |
| Market Cap | 0 | N/A | 4.8B | 11.0B | 16.1B | 32.2B | 21.6B | 22.8B | 26.8B | 44.4B | 22.9B |
| Avg. Price | 0.00 | N/A | 32.22 | 53.92 | 66.98 | 176.79 | 242.34 | 135.18 | 187.29 | 213.66 | 142.32 |
| Year-End Price | 0.00 | N/A | 37.38 | 88.21 | 124.38 | 236.84 | 153.06 | 157.49 | 181.36 | 289.04 | 142.32 |
Zscaler, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
On a free-cash-flow basis, the stock trades at 24.2x vs a median of 58.6x. The company's 5-year average gross margin is 77.6%. At current prices, the estimated annualized return to fair value is +70.8%.
Zscaler, Inc. (ZS) has a debt-to-equity ratio of 0.95. This indicates moderate leverage.
Zscaler, Inc. (ZS) reported earnings per share (EPS) of $-0.27 in its most recent fiscal year.
Zscaler, Inc. (ZS) has a return on equity (ROE) of -2.7%. A negative ROE may indicate losses or negative equity.
Zscaler, Inc. (ZS) has a 5-year average gross margin of 77.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 10 years of financial data for Zscaler, Inc. (ZS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Zscaler, Inc. (ZS) has a book value per share of $11.71, based on its most recent annual SEC filing.