Zscaler, Inc.
ZS · Price history
Price at last available close
$255.80
+$57.44 (+28.96%) 1M
2026-10-28
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Company & revenue
About Zscaler, Inc.
Primary reporting period: 2026-07-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
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.
How they make money
Zscaler operates a cloud security business using a software-as-a-service (SaaS) model. The company sells subscriptions to its Zero Trust Exchange platform, which provides cloud-native security services to connect users, devices, and applications securely without relying on traditional network perimeters.
Products & services
The Zscaler Zero Trust Exchange platform provides cloud-native security solutions including Zscaler Internet Access (ZIA), Zscaler Private Access (ZPA), and various data security and AI-driven security offerings.
Brands & revenue mix
The core cloud-native security platform brand.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
Period ended 2026-07-31Source
Calculated from reported segment revenue. Check the source period and revenue basis before comparing shares. Categories can overlap and may not add to 100%.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer concentration
The company does not disclose specific customer concentration in its 2026 annual report.
Suppliers, materials & equipment
- Public Cloud Providers — Infrastructure providers used to operate the Zscaler cloud platform; specific supplier names are unnamed.Source
Business relationships & partnerships
Strengths
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
31
Poor
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
49
Weak
Financial Strength
41
Business Quality / Moat
100
Management
25
Growth Quality
43
Risk / Durability
7
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
24
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
35/100
Building Historical Record
Model Score 35/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as less attractive based on the available valuation and market data.
The model outlook is currently cautious.
No strong positive signal is being highlighted from the currently available summary data.
- •Debt service risk
- •Valuation is a weaker part of the current profile
- •Revenue fundamentals are weak
Company-specific research
Questions worth answering for ZS
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •Can ZS maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
- •Is ZS's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
- •Does ZS's balance between cash and debt leave enough flexibility if business conditions weaken?
- •What specifically needs to improve for ZS to reach sustainable profitability?
- •What future growth or profitability would be needed to justify ZS's current valuation?
Essential Investment Snapshot
Wall Street Score
31
Opportunity Score
24
Market Cap
$41.71B
P/E Ratio
-511.3
EPS
$-0.39
52-Week High
$336.99
52-Week Low
$114.63
Beta
0.95
Analyst Target
$205.00
Shares Outstanding
160.2M
Total Revenue
$3.35B
Total Debt
$1.86B
Dividend
No current dividend
Liquidation Value / Share
$16.22
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Strong upward momentum
Normal movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for ZS
Detected from reported data — verify before acting.Debt service risk
Interest coverage is low (~-11.3x). Earnings may be strained to cover interest expense.
Community Sentiment
0 active · 0 total callsNo personal call yet on ZS.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Cloud-native, multi-tenant distributed security platform.
- +Significant investment in sales and marketing infrastructure.
- +Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Software - Infrastructure industry.
- −Dependence on public cloud providers for platform operations.
- −Intense competition in the cloud security market.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
2 historical score records availablePrevious Score
31
Jul 24, 2026
Change
-0.8
points
Current Score
31
Oct 1, 2026
Category Changes
ZS decreased 0.8 points because Revenue declined by 17.1 points, Asset declined by 7.5 points.
Positive Contributors
- + Debt improved by 13.4 points
Negative Contributors
- − Revenue declined by 17.1 points
- − Asset declined by 7.5 points
Projected Score
Projected Score
25
Projected Change
-5.2 points
Preliminary comparable-period financial changes suggest decline of approximately 5.2 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Valuation unavailableCurrent Price
$255.80
Model Intrinsic Value
—
Difference
—
Margin of Safety
—
Intrinsic value is not currently available for this stock, so valuation can't be calculated.
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.35B | $3.35B | $2.67B | $2.17B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $777.6M | $777.6M | $618.2M | $479.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $2.57B | $2.57B | $2.05B | $1.69B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $903.4M | $903.4M | $672.5M | $499.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $1.80B | $1.80B | $1.51B | $1.31B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $2.71B | $2.71B | $2.18B | $1.81B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| EBITDA | $186.6M | $186.6M | $112.4M | $64.8M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Income | -$133.3M | -$133.3M | -$128.5M | -$123.9M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $11.8M | $11.8M | $9.5M | $13.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | -$17.1M | -$17.1M | -$18.3M | -$29.2M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | $46.0M | $46.0M | $23.2M | $28.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Net Income | -$63.2M | -$63.2M | -$41.5M | -$57.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $-0.39 | $-0.39 | $-0.27 | $-0.39 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 160M | 160M | 154M | 150M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 160M | 160M | 154M | 150M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$898.2M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
-$0.02
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
+3.3%
Cash Change
-61.1%
Margin Change
+2.1 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Margins expanded
What Weakened
- Cash position declined
- Debt increased
Potential Score Impact
Positive indicators included revenue growth, net income margin. Pressure indicators included EPS growth, cash levels, debt levels. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 24.9%. EPS declined 81.8%. Cash declined 61.1%. Total debt increased 3.3%. Net income margin improved by 2.1 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
0
Smart Money
0
Number of Gurus
0
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
2 historical records2 historical score records available.
Historical Score Chart
2 of 2 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
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Rumor Mill · ZS
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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