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Zscaler Inc.
ZSTechnologyGenerated Jul 5, 2026, 08:12 PM UTC
ZS (Zscaler Inc.) analytical snapshot. Return on equity -35.29%, ROA -4.30%, ROIC -40.92%. Net income up ▲ +48.2% YoY. Debt/equity 0.49, current ratio 1.86, net debt $166.8M. Market cap $23.82B at $147.33 per share. FCF DCF intrinsic value ≈ $38.84 → implied downside +73.6%. DCF assumptions: Base FCF $365.1M; Stage-1 growth 8.00% for 5y; Terminal growth 2.50%; Discount rate 10.00%. Risk: Moderate. Macro: Risk-on · Supportive. Composite analytical score -15 (data confidence 77%). Descriptive analytics from public filings — not investment advice.
Market cap
$23.82B
161.71M shares
Price
$147.33
NMS
P/E (ttm)
—
Revenue (FY)
—
Net margin
—
Free cash flow
$365.1M
Risk level
Moderate
Free SEC analysis
— computed from SEC filings, free to readFree previewFundamentals Analyst
Fundamentals
Fundamentals Analyst
score -5Stable
80% conf
Return on equity -35.29%, ROA -4.30%, ROIC -40.92%. Net income up ▲ +48.2% YoY. Debt/equity 0.49, current ratio 1.86, net debt $166.8M.
- Return on equity -35.29%, ROA -4.30%, ROIC -40.92%.
- Net income up ▲ +48.2% YoY.
- Debt/equity 0.49, current ratio 1.86, net debt $166.8M.
Revenue (FY)
—
Net margin
—
ROE
-35.29%
ROA -4.30%
ROIC
-40.92%
EPS (diluted)
$-1.40
FY2025
Free cash flow
$365.1M
Debt / equity
0.49
Cash $982.1M
Current ratio
1.86
Equity $2.37B
Annual fundamentals — up to 10 years (SEC 10-K, US-GAAP)
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2018 | — | — | — | — | — | -$17.3M | 28.78 |
| 2019 | — | — | — | — | — | -$13.8M | 28.43 |
| 2020 | — | — | — | — | — | $3.9M | 22.26 |
| 2021 | — | — | — | — | — | $32.5M | -11.93 |
| 2022 | — | — | — | — | — | $36.2M | -37.31 |
| 2023 | — | — | — | — | — | $153.9M | -54.05 |
| 2024 | — | — | — | — | — | $252.6M | -73.79 |
| 2025 | — | — | — | — | — | $365.1M | -35.29 |
Free cash flow (annual)
2018: -17
2019: -14
2020: 4
2021: 33
2022: 36
2023: 154
2024: 253
2025: 365
2018
2019
2020
2021
2022
2023
2024
2025
Sources:SEC EDGAR — Company Facts (XBRL)
Free previewRegulatory Analyst
Filings & Ownership
Regulatory Analyst
score 20Improving
80% conf
Latest annual report (10-K) filed Sep 11, 2025. Latest quarterly report (10-Q) filed May 26, 2026. 9 recent 8-K material-event filings in the index.
- Latest annual report (10-K) filed Sep 11, 2025.
- Latest quarterly report (10-Q) filed May 26, 2026.
- 9 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
- ~10,000+ recent 13F-HR filings reference Zscaler Inc.; broad institutional reporting.
- Recent filers include EMJ Capital Ltd., DLD Asset Management, LP, Pasadena Private Wealth, LLC.
- 20 recent 13G passive institutional ownership notices.
Latest 10-K
Sep 11, 2025
Annual report
Latest 10-Q
May 26, 2026
8-K (recent)
9
Insider net
—
0B/0S
13F filers
10k+
Activist 13D
0
Recent 13F institutional filers (SEC EDGAR full-text)
| Filer | Form | Filed |
|---|---|---|
| EMJ Capital Ltd. | 13F-HR | Feb 12, 2021 |
| DLD Asset Management, LP | 13F-HR | Aug 13, 2024 |
| Pasadena Private Wealth, LLC | 13F-HR | Feb 10, 2026 |
| Value Star Asset Management (Hong Kong) Ltd | 13F-HR | Aug 2, 2023 |
| MAPLELANE CAPITAL, LLC | 13F-HR | Nov 14, 2018 |
Recent 8-K material events
| Date | Form | Description |
|---|---|---|
| May 26, 2026 | 8-K | 8-K |
| Apr 16, 2026 | 8-K | 8-K |
| Feb 26, 2026 | 8-K | 8-K |
| Jan 15, 2026 | 8-K | 8-K |
| Nov 25, 2025 | 8-K | 8-K |
| Sep 2, 2025 | 8-K | 8-K |
| Jul 3, 2025 | 8-K | 8-K |
| Jun 23, 2025 | 8-K | 8-K |
Free previewSEC Filing Analyst
SEC Filing Deep-Analysis
SEC Filing Analyst
score 3Stable
66% conf
1 positive signal(s) detected from XBRL filing diff analysis. 1 positive signal(s) versus 0 risk signal(s). The filing exhibits more constructive indicators than concerns, though individual risk factors should still be monitored.
- Deferred revenue growing — future revenue visibility: Deferred revenue grew +28.3% to $1.64B, providing forward revenue visibility. This is a positive leading indicator for subscription or contract-based businesses.
- Endogenous analysis: 1 positive signal(s) versus 0 risk signal(s). The filing exhibits more constructive indicators than concerns, though individual risk factors should still be monitored.
- 2 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
Gross profit
$1.25B
+47.8% YoY
Operating income
$-234.6M
+28.3% YoY
Net income
$-202.3M
+48.2% YoY
Operating cash flow
$462.3M
+43.6% YoY
Capex
$97.2M
+40.3% YoY
Total assets
$4.70B
+30.4% YoY
Total liabilities
$3.43B
+19.0% YoY
Long-term debt
$1.13B
+17.1% YoY
Filing quality score
74/100
2 new disclosures
SEC XBRL metric changes (latest annual vs prior)
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Gross profit | $848.7M | $1.25B | $405.5M | +47.8% |
| Operating income | $-327.4M | $-234.6M | $92.8M | +28.3% |
| Net income | $-390.3M | $-202.3M | $187.9M | +48.2% |
| Operating cash flow | $321.9M | $462.3M | $140.4M | +43.6% |
| Capex | $69.3M | $97.2M | $27.9M | +40.3% |
| Total assets | $3.61B | $4.70B | $1.10B | +30.4% |
| Total liabilities | $2.88B | $3.43B | $547.7M | +19.0% |
| Long-term debt | $968.7M | $1.13B | $165.5M | +17.1% |
| Cash & equivalents | $1.26B | $1.42B | $160.9M | +12.7% |
| Stockholders equity | $528.9M | $573.3M | $44.4M | +8.4% |
| Accounts receivable | $582.6M | $736.5M | $153.9M | +26.4% |
| R&D expense | $289.1M | $350.8M | $61.6M | +21.3% |
| Interest expense | $5.0M | $53.4M | $48.3M | +962.0% |
XBRL disclosure changes (new vs dropped concepts)
| Type | Concepts |
|---|---|
| Added | DepreciationDepletionAndAmortization, IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance |
| Removed | AdvertisingExpense, AmortizationOfFinancingCosts, CapitalizedComputerSoftwareAccumulatedAmortization, CapitalizedComputerSoftwareGross, CommonStockCapitalSharesReservedForFutureIssuance, ConvertibleNotesPayableCurrent, CurrentFederalTaxExpenseBenefit, CurrentForeignTaxExpenseBenefit, CurrentIncomeTaxExpenseBenefit, CurrentStateAndLocalTaxExpenseBenefit |
Risk language in filing text (EDGAR full-text search)
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Impairment charge | medium | 8 | 2 | Ongoing |
Filing signal breakdown
Red flags: 0
Positive: 1
Watch: 0
Red flags
Positive
Watch
Unlock the rest
- ProValuationMarket cap $23.82B at $147.33 per share.
- ProPrice & TechnicalsPrice $147.33 — downtrend (below 200-DMA); 1-month momentum positive.
- ProMacro & RatesMarket regime: Risk-on · Supportive.
- ProRisk ScorecardComposite risk: Moderate.
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Macro exposure
Cyclical / growth · High sensitivityMacro regime: Risk-on · Supportive. Zscaler Inc. is a cyclical / growth name (high macro sensitivity) — risk appetite favors cyclical/growth names.
Macro regime
Risk-on · Supportive
Yield curve
Normal
VIX
16.59
Fed funds
3.63%
CPI YoY
+4.2%
Analytical read
deterministic previewLatest annual report (10-K) filed Sep 11, 2025..
Risk
Moderate
Macro regime
Risk-on · Supportive
Macro exposure
Supportive
Descriptive analytics from public filings and macro data — not investment advice.
Peer comparison
Cyclical / growth groupHow ZS stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
| Company | Score | Macro |
|---|---|---|
| Marathon Petroleum MPC | 25 | Supportive |
| Nike Inc. NKE | 24 | Supportive |
| Airbnb Inc. ABNB | 22 | Supportive |
| Datadog Inc. DDOG | 16 | Supportive |
| Okta Inc. OKTA | 15 | Supportive |
| Valero Energy VLO | 13 | Supportive |
| Deere & Co. DE | 12 | Supportive |
| ASML Holding NV ASML | 10 | Supportive |
| Marriott International MAR | 10 | Supportive |
| GE Aerospace GE | 10 | Supportive |
| United Parcel Service UPS | 9 | Supportive |
| Snowflake Inc. SNOW | 8 | Supportive |
| Cloudflare Inc. NET | 8 | Supportive |
| NVIDIA Corp. NVDA | 7 | Supportive |
| Alphabet Inc. GOOGL | 7 | Supportive |
| General Motors Co. GM | 7 | Supportive |
| Booking Holdings BKNG | 6 | Supportive |
| Nucor Corp. NUE | 5 | Supportive |
| Shopify Inc. SHOP | 5 | Supportive |
| Ulta Beauty Inc. ULTA | 5 | Supportive |
| Pinterest Inc. PINS | 5 | Supportive |
| Amazon.com Inc. AMZN | 4 | Supportive |
| Microchip Technology MCHP | 3 | Supportive |
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| Adobe Inc. ADBE | 3 | Supportive |
| Intuit Inc. INTU | 2 | Supportive |
| General Dynamics GD | 1 | Supportive |
| Roku Inc. ROKU | 1 | Supportive |
| Lockheed Martin LMT | 0 | Supportive |
| Boeing Co. BA | 0 | Supportive |
| Hess Corp. HES | 0 | Supportive |
| MercadoLibre Inc. MELI | -1 | Supportive |
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