Zscaler, Inc. ZS NDXAI
Zscaler, Inc. operates as a cloud security company worldwide. The company offers cyberthreat protection products, including Zscaler Internet Access, which provides threat protection, cloud sandbox, and cloud browser isolation; Zscaler Private Access solution that includes cyberthreat and data protection, application discovery, secure application access, application segmentation, application protection, reduced attack surface, and browser isolation; Zero Trust Firewall; Cloud Sandbox; and Zero Trust Browser. It also provides data security products, such as web and email DLP, endpoint DLP, BYOD security, multi-mode CASB, unified SaaS security, DSPM, AI-SPM, public gen AI security, and Microsoft Copilot data protection; Zero Trust Cloud solution. In addition, the company offers Zero Trust Branch comprising Zero Trust SD-WAN; IoT/OT segmentation; privileged remote access; Zscaler Cellular; and Zscaler Digital Experience that measures end-to-end user experience across business applications, as well as provides an easy-to-understand digital experience score for each user, application, and location within an enterprise. Further, it provides security operations products, including data fabric for security; asset exposure management; Risk360; unified vulnerability management; deception; managed detection and response; and managed threat hunting. Additionally, the company offers Zero Trust Gateway, a fully managed Zscaler service. It serves the automotive, airlines and transportation, conglomerates, consumer goods and retail, energy, financial services, healthcare, insurance, manufacturing, media and communications, public sector and education, technology, and telecommunications services industries. The company was formerly known as SafeChannel, Inc., and changed its name to Zscaler, Inc. in August 2008. Zscaler, Inc. was incorporated in 2007 and is headquartered in San Jose, California.
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Valuation
Profitability & Returns
Balance Sheet & Liquidity
Ownership
Financial Snapshot
Growth (CAGR)
PROS
- Compounding revenue at 34.8% over 5 years.
- Profit CAGR of 29.8% over 5 years.
- Generates positive free cash flow.
CONS
- Trading 58.5% below its 52-week high.
- In a downtrend (50-DMA below 200-DMA).
* The pros and cons are auto-generated from financial metrics.
Price Chart
Technical Trend
Computed from daily close history using EMA cross, slope, and RSI signals.
Note: intraday data is not stored locally. “Hourly” uses the most recent 10 daily candles as a short-term proxy.
Fundamental Growth
No fundamental data available for this stock.
Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).
Peer comparison
Peer companies in the same sector (Technology).
| # | Name | CMP $ | P/E | Mkt Cap | Div Yld % | ROCE % | ROE % | Rev CAGR 5Y % | Profit CAGR 5Y % |
|---|---|---|---|---|---|---|---|---|---|
| 1 | ZS Zscaler, Inc. NDXAI | 139.73 | - | $22.60B | - | -0.33% | -3.71% | 34.81% | 29.79% |
| 2 | NVDA NVIDIA Corporation NDXSPXAI | 211.14 | 32.38 | $5.11T | 0.47% | 81.14% | 114.29% | 100.05% | 201.80% |
| 3 | AAPL Apple Inc. NDXSPX | 312.06 | 37.73 | $4.58T | 0.35% | 68.72% | 141.47% | 1.81% | 3.92% |
| 4 | MSFT Microsoft Corporation NDXSPXAI | 450.24 | 26.82 | $3.34T | 0.81% | 26.37% | 34.01% | 12.42% | 11.87% |
| 5 | TSM Taiwan Semiconductor Manufacturing Company Limited AI | 418.45 | 35.86 | $2.17T | 0.91% | 32.04% | 36.21% | 18.94% | 19.57% |
| 6 | MU Micron Technology, Inc. NDXSPXAI | 971.00 | 45.87 | $1.10T | 0.06% | 14.20% | 39.82% | 6.71% | -0.57% |
| 7 | AMD Advanced Micro Devices, Inc. NDXSPXAI | 516.10 | 172.61 | $841.55B | - | 6.33% | 8.06% | 13.64% | 48.64% |
| 8 | ORCL Oracle Corporation SPXAI | 225.78 | 40.46 | $649.35B | 0.89% | 13.07% | 57.57% | 10.59% | 22.81% |
| 9 | ASML ASML Holding N.V. NDXAI | 1,612.76 | 53.76 | $621.59B | 0.54% | 43.81% | 52.24% | 15.55% | 19.55% |
Quarterly Results
Figures in USD.
| Metric | Apr 2017 | Oct 2017 | Jan 2018 | Apr 2018 | Oct 2018 | Jan 2019 | Apr 2019 | Oct 2019 | Jan 2020 | Apr 2020 | Oct 2020 | Jan 2021 | Apr 2021 | Oct 2021 | Jan 2022 | Apr 2022 | Oct 2022 | Jan 2023 | Apr 2023 | Oct 2023 | Jan 2024 | Apr 2024 | Oct 2024 | Jan 2025 | Apr 2025 | Jul 2025 | Oct 2025 | Jan 2026 | Apr 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 32.96M | 39.86M | 44.98M | 49.16M | 63.30M | 74.30M | 79.13M | 93.59M | 101.27M | 110.52M | 142.58M | 157.04M | 176.40M | 230.52M | 255.56M | 286.81M | 355.55M | 387.60M | 418.80M | 496.70M | 525.00M | 553.20M | 627.96M | - | 678.03M | 719.23M | 788.11M | 815.75M | 850.48M |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 155.98M | 172.24M | 184.75M | 191.26M | 192.65M |
| Gross Profit | 25.97M | 31.59M | 36.30M | 39.74M | 51.20M | 59.03M | 64.17M | 74.03M | 81.03M | 85.94M | 110.85M | 122.91M | 137.43M | 178.35M | 197.78M | 222.78M | 278.85M | 299.99M | 322.95M | 385.31M | 407.80M | 434.87M | 486.49M | - | 522.06M | 546.99M | 603.36M | 624.49M | 657.82M |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 547.47M | 577.91M | 639.72M | 676.26M | 687.46M |
| Operating Income | -7.56M | -11.28M | -6.40M | -9.02M | -8.66M | -5.18M | -13.54M | -18.27M | -30.28M | -20.51M | -42.67M | -53.90M | -43.85M | -74.37M | -83.93M | -86.60M | -69.09M | -65.24M | -55.75M | -46.06M | -45.46M | -3.01M | -30.67M | - | -25.41M | -30.93M | -36.36M | -51.77M | -29.64M |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 38.97M | 30.22M | 35.04M | 26.94M | 49.79M |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.97M | -2.22M | 2.13M | 2.18M | 2.70M |
| Pretax Income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 4.56M | -1.90M | -8.37M | -21.30M | -2.37M |
| Tax Provision | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 8.69M | 15.68M | 3.24M | 13.01M | 11.51M |
| Net Income | -7.56M | -11.40M | -6.51M | -8.77M | -7.59M | -3.56M | -12.24M | -17.08M | -29.15M | -19.34M | -55.01M | -67.54M | -58.46M | -90.80M | -100.42M | -101.41M | -68.16M | -57.45M | -46.05M | -33.48M | -28.47M | 19.12M | -12.05M | - | -4.12M | -17.58M | -11.62M | -34.31M | -13.88M |
| Diluted EPS | - | - | - | - | - | - | - | - | - | - | -0.41 | -0.50 | -0.43 | -0.65 | -0.71 | -0.72 | -0.48 | -0.40 | -0.32 | -0.23 | -0.19 | 0.12 | -0.08 | - | -0.03 | -0.11 | -0.07 | -0.21 | -0.09 |
| R&D Expense | 7.78M | 8.81M | 9.18M | 9.91M | 13.19M | 15.07M | 16.50M | 20.27M | 20.71M | 24.12M | 35.77M | 41.75M | 40.95M | 65.22M | 69.19M | 76.58M | 74.95M | 85.77M | 92.64M | 113.54M | 122.18M | 124.96M | 154.25M | 170.86M | 169.76M | - | 200.50M | 229.14M | - |
Profit & Loss (Annual)
Figures in USD.
| Metric | Jul 2016 | Jul 2017 | Jul 2018 | Jul 2019 | Jul 2020 | Jul 2021 | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 80.33M | 125.72M | 190.17M | 302.84M | 431.27M | - | 1.09B | 1.62B | 2.17B | 2.67B |
| Cost of Revenue | - | - | - | - | - | - | 242.28M | 362.83M | 477.13M | 618.18M |
| Gross Profit | 60.20M | 98.25M | 152.30M | 243.17M | 335.54M | - | 848.66M | 1.25B | 1.69B | 2.05B |
| Operating Expenses | - | - | - | - | - | - | 1.18B | 1.49B | 1.81B | 2.18B |
| Operating Income | -26.84M | -35.07M | -34.62M | -35.31M | -113.96M | - | -327.43M | -234.62M | -121.48M | -127.14M |
| EBITDA | - | - | - | - | - | - | -277.58M | -109.21M | 64.83M | 108.12M |
| Interest Expense | - | - | - | - | - | - | 56.58M | 6.54M | 13.13M | 5.23M |
| Pretax Income | - | - | - | - | - | - | -383.63M | -182.56M | -29.23M | -18.29M |
| Tax Provision | - | - | - | - | - | - | 6.65M | 19.77M | 28.48M | 23.19M |
| Net Income | -27.44M | -35.46M | -33.65M | -28.66M | -115.12M | - | -390.28M | -202.34M | -57.71M | -41.48M |
| Diluted EPS | - | - | - | -0.23 | -0.89 | - | -2.77 | -1.40 | -0.39 | -0.27 |
| R&D Expense | 20.94M | 33.56M | 39.38M | 61.97M | 97.88M | 174.65M | 289.14M | 350.79M | 499.83M | 672.49M |
Compounded Sales Growth
| 5 Years: | 34.81% |
| 1 Year: | 25.40% |
Compounded Profit Growth
| 5 Years: | 29.79% |
| 1 Year: | - |
Stock Price Performance
| 1 Year: | -49.32% |
| 6 Months: | -51.77% |
| 3 Months: | -4.94% |
| 1 Month: | +3.71% |
Balance Sheet (Annual)
Figures in USD.
| Metric | Jul 2015 | Jul 2016 | Jul 2017 | Jul 2018 | Jul 2019 | Jul 2020 | Jul 2021 | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | - | - | 182.90M | 447.78M | 604.16M | 1.83B | - | 2.83B | 3.61B | 4.70B | 6.42B |
| Current Assets | - | - | - | - | - | - | - | 2.26B | 2.89B | 3.40B | 4.89B |
| Cash & Equivalents | 83.84M | 92.84M | 87.98M | 135.58M | 78.48M | 141.85M | - | 1.01B | 1.26B | 1.42B | 2.39B |
| Inventory | - | - | - | - | - | - | - | - | - | - | - |
| Receivables | - | - | - | - | - | - | - | 399.75M | 582.64M | 736.53M | 992.18M |
| Total Liabilities | - | - | 133.07M | 207.54M | 295.60M | 1.35B | - | 2.26B | 2.88B | 3.43B | 4.62B |
| Current Liabilities | - | - | 120.46M | 182.83M | 261.95M | 423.90M | - | 1.13B | 1.54B | 3.11B | 2.43B |
| Long Term Debt | - | - | - | - | - | 861.62M | 913.54M | 968.67M | 1.13B | - | 1.70B |
| Total Debt | - | - | - | - | - | - | - | 1.05B | 1.21B | 1.24B | 1.80B |
| Total Equity | -95.33M | -124.74M | -151.14M | 240.24M | 308.56M | 484.83M | - | 573.30M | 725.11M | 1.27B | 1.80B |
| Shares Outstanding | - | - | - | - | - | - | - | 143.04M | 147.17M | 152.49M | 158.30M |
Cash Flows (Annual)
Figures in USD.
| Metric | Jul 2016 | Jul 2017 | Jul 2018 | Jul 2019 | Jul 2020 | Jul 2021 | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -11.92M | -6.02M | 17.31M | 58.03M | 79.32M | - | 321.91M | 462.34M | 779.85M | 972.45M |
| Investing Cash Flow | -6.65M | -8.17M | -178.10M | -162.07M | -1.04B | - | 374.06M | -259.34M | -683.18M | -427.02M |
| Financing Cash Flow | 27.56M | 9.50M | 208.40M | 46.38M | 1.02B | - | 41.34M | 45.99M | 64.21M | 420.51M |
| Capital Expenditure | -5.40M | -7.78M | -13.40M | -25.52M | -43.07M | - | -90.58M | -128.72M | -194.90M | -245.76M |
| Free Cash Flow | -17.32M | -13.80M | 3.91M | 32.51M | 36.24M | - | 231.33M | 333.62M | 584.95M | 726.69M |
| Net Change in Cash | - | - | - | - | - | - | 737.31M | 249.00M | 160.87M | 965.94M |
| Share Buybacks | 0 | 0 | 3.81M | 22.00K | 0 | 0 | - | - | - | - |
Ratios (Annual)
Figures in %.
| Metric | Jul 2016 | Jul 2017 | Jul 2018 | Jul 2019 | Jul 2020 | Jul 2021 | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 74.9% | 78.1% | 80.1% | 80.3% | 77.8% | - | 77.8% | 77.6% | 78.0% | 76.9% |
| Operating Margin % | -33.4% | -27.9% | -18.2% | -11.7% | -26.4% | - | -30.0% | -14.5% | -5.6% | -4.8% |
| Net Margin % | -34.2% | -28.2% | -17.7% | -9.5% | -26.7% | - | -35.8% | -12.5% | -2.7% | -1.6% |
| ROE % | 22.0% | 23.5% | -14.0% | -9.3% | -23.7% | - | -68.1% | -27.9% | -4.5% | -2.3% |
| ROCE % | - | -56.2% | -13.1% | -10.3% | -8.1% | - | -19.3% | -11.3% | -7.6% | -3.2% |
Shareholding Pattern
Top Institutional Holders
| # | Holder | % Held | Shares | Value |
|---|---|---|---|---|
| 1 | Blackrock Inc. | 5.30% | 8.57M | $1.20B |
| 2 | Vanguard Portfolio Management LLC | 3.67% | 5.93M | $828.69M |
| 3 | Vanguard Capital Management LLC | 2.88% | 4.66M | $651.27M |
| 4 | First Trust Advisors LP | 2.18% | 3.52M | $491.66M |
| 5 | Goldman Sachs Group Inc | 1.81% | 2.92M | $408.70M |
| 6 | State Street Corporation | 1.47% | 2.38M | $333.19M |
| 7 | American Century Companies Inc | 1.47% | 2.38M | $333.18M |
| 8 | FMR, LLC | 1.35% | 2.19M | $306.05M |
| 9 | Geode Capital Management, LLC | 1.29% | 2.09M | $291.60M |
| 10 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 1.22% | 1.97M | $274.59M |
Analyst View
Analyst aggregate. Targets and ratings update periodically; not investment advice.
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