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Zscaler Inc.

ZSTechnology

Generated Aug 19, 2026, 11:20 PM UTC

analytical score 7

ZS (Zscaler Inc.) analytical snapshot. Revenue grew +23.3% YoY to $2.67B. 5-year revenue CAGR +31.8%; 10y CAGR +47.6%. Net margin at -1.55% (expanding ▲). Market cap $29.85B at $184.60 per share. FCF DCF intrinsic value ≈ $85.98 → implied downside +53.4%. DCF assumptions: Base FCF $808.2M; Stage-1 growth 8.00% for 5y; Terminal growth 2.50%; Discount rate 10.00%. Risk: Elevated. Macro: Risk-on · Supportive. Composite analytical score 7 (data confidence 83%). Descriptive analytics from public filings — not investment advice.

Market cap
$29.85B
161.71M shares
Price
$184.60
NMS
P/E (ttm)
—
Revenue (FY)
$2.67B
YoY +23.3%
Net margin
-1.55%
▲ 34.22pp
Free cash flow
$808.2M
30.23% margin
Risk level
Elevated

Free SEC analysis

— computed from SEC filings, free to read
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)
FilerFormFiled
EMJ Capital Ltd.13F-HRFeb 12, 2021
DLD Asset Management, LP13F-HRAug 13, 2024
Pasadena Private Wealth, LLC13F-HRFeb 10, 2026
Value Star Asset Management (Hong Kong) Ltd13F-HRAug 2, 2023
MAPLELANE CAPITAL, LLC13F-HRNov 14, 2018
Recent 8-K material events
DateFormDescription
May 26, 20268-K8-K
Apr 16, 20268-K8-K
Feb 26, 20268-K8-K
Jan 15, 20268-K8-K
Nov 25, 20258-K8-K
Sep 2, 20258-K8-K
Jul 3, 20258-K8-K
Jun 23, 20258-K8-K
Sources:SEC EDGAR — Company FilingsSEC EDGAR — Full-Text Search
Free previewSEC Filing Analyst

SEC Filing Deep-Analysis

SEC Filing Analyst
score -35Deteriorating
68% conf

3 risk signal(s), 1 positive signal(s) detected from XBRL filing diff analysis. Revenue grew +23.3% but receivables grew +34.7% — the receivables-to-revenue gap suggests growth may be partially driven by extended credit terms rather than genuine demand. If DSO continues to rise, a revenue reversal or bad-debt charge could follow.

  • Receivables outpacing revenue: Accounts receivable grew +34.7% YoY vs revenue growth of +23.3%. The +11.4% spread suggests extended credit terms, channel stuffing risk, or collection deterioration. Investigate the allowance for doubtful accounts and DSO trend.
  • Material weakness in internal controls: The term "material weakness" "internal control" appears in 5 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
  • Restatement of financial statements: The term "restatement of" "previously issued" appears in 4 recent filing(s) (vs 1 in the prior period). This risk language is ongoing.
  • Deferred revenue growing — future revenue visibility: Deferred revenue grew +25.0% to $2.05B, providing forward revenue visibility. This is a positive leading indicator for subscription or contract-based businesses.
  • Endogenous analysis: Revenue grew +23.3% but receivables grew +34.7% — the receivables-to-revenue gap suggests growth may be partially driven by extended credit terms rather than genuine demand. If DSO continues to rise, a revenue reversal or bad-debt charge could follow.
  • 2 new XBRL disclosure(s) in latest filing — expanding reporting scope.
  • 20 disclosure(s) dropped from prior year — reduced reporting granularity.
  • Ongoing high-severity risk language: Material weakness in internal controls, Restatement of financial statements.
Revenue
$2.67B
+23.3% YoY
Gross profit
$2.05B
+21.5% YoY
Operating income
$-128.5M
-5.7% YoY
Net income
$-41.5M
+28.1% YoY
Operating cash flow
$972.5M
+24.7% YoY
Capex
$164.3M
+13.6% YoY
Total assets
$6.42B
+36.4% YoY
Total liabilities
$4.62B
+34.7% YoY
Filing quality score
74/100
2 new disclosures
SEC XBRL metric changes (latest annual vs prior)
MetricPrior yearLatest yearChange% Change
Revenue$2.17B$2.67B$505.3M+23.3%
Gross profit$1.69B$2.05B$364.3M+21.5%
Operating income$-121.5M$-128.5M$-7.0M-5.7%
Net income$-57.7M$-41.5M$16.2M+28.1%
Operating cash flow$779.8M$972.5M$192.6M+24.7%
Capex$144.6M$164.3M$19.7M+13.6%
Total assets$4.70B$6.42B$1.71B+36.4%
Total liabilities$3.43B$4.62B$1.19B+34.7%
Long-term debt$1.13B$1.14B$8.1M+0.7%
Cash & equivalents$1.42B$2.39B$965.9M+67.9%
Stockholders equity$1.27B$1.80B$525.2M+41.2%
Accounts receivable$736.5M$992.2M$255.7M+34.7%
R&D expense$499.8M$672.5M$172.7M+34.5%
Interest expense$6.5M$5.3M$-1.2M-18.2%
XBRL disclosure changes (new vs dropped concepts)
TypeConcepts
AddedDepreciationDepletionAndAmortization, IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
RemovedAdvertisingExpense, AmortizationOfFinancingCosts, CapitalizedComputerSoftwareAccumulatedAmortization, CapitalizedComputerSoftwareGross, CommonStockCapitalSharesReservedForFutureIssuance, ConvertibleNotesPayableCurrent, CurrentFederalTaxExpenseBenefit, CurrentForeignTaxExpenseBenefit, CurrentIncomeTaxExpenseBenefit, CurrentStateAndLocalTaxExpenseBenefit
Risk language in filing text (EDGAR full-text search)
TermSeverityRecentPriorStatus
Material weakness in internal controlshigh52Ongoing
Restatement of financial statementshigh41Ongoing
Impairment chargemedium52Ongoing
Restructuringmedium58Ongoing
Off-balance sheet arrangementsmedium58Ongoing
Related party transactionslow50NEW
Filing signal breakdown
Red flags: 3
Positive: 1
Watch: 0
Red flags
Positive
Watch
Sources:SEC EDGAR — Company Facts (XBRL)SEC EDGAR — Financial Reports
Free previewFundamentals Analyst

Fundamentals

Fundamentals Analyst
score 70Improving
80% conf

Revenue grew +23.3% YoY to $2.67B. 5-year revenue CAGR +31.8%; 10y CAGR +47.6%. Net margin at -1.55% (expanding ▲).

  • Revenue grew +23.3% YoY to $2.67B.
  • 5-year revenue CAGR +31.8%; 10y CAGR +47.6%.
  • Net margin at -1.55% (expanding ▲).
  • Return on equity -2.31%, ROA -0.65%, ROIC -7.14%.
  • Gross margin 76.87%, operating margin -4.81%.
  • Free cash flow margin 30.23% ($808.2M).
  • Net income up ▲ +28.1% YoY.
  • Debt/equity 0.49, current ratio 1.86, net debt $166.8M.
  • Asset turnover 0.38 — capital efficiency.
Revenue (FY)
$2.67B
YoY +23.3%
Net margin
-1.55%
▲ 34.22pp
ROE
-2.31%
ROA -0.65%
ROIC
-7.14%
EPS (diluted)
$-0.27
FY2025
Free cash flow
$808.2M
30.23% margin
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)
FYRevenueRev YoYGross%Op%Net%FCFROE%
2024$2.17B+34.1%77.99-5.60-2.66$635.3M-4.53
2025$2.67B+23.3%76.87-4.81-1.55$808.2M-2.31
Sources:SEC EDGAR — Company Facts (XBRL)
+8 more years of history, charts & full breakdown Pro

Pro analysis — preview

— score, signals & key metrics shown; full reasoning locked

Valuation

Valuation Analyst
score -60Deteriorating
95% conf

Market cap $29.85B at $184.60 per share. FCF DCF intrinsic value ≈ $85.98 → implied downside +53.4%. DCF assumptions: Base FCF $808.2M; Stage-1 growth 8.00% for 5y; Terminal growth 2.50%; Discount rate 10.00%.

  • Market cap $29.85B at $184.60 per share.
Market cap
$29.85B
161.71M shares
P/E (ttm)
—
P/S
11.17
P/B
12.61
EV
$30.02B
Intrinsic (DCF)
$85.98
-53.4% vs price
ProFull breakdown & reasoning locked

Price & Technicals

Technical Analyst
score 50Improving
85% conf

Price $184.60 — uptrend (above 200-DMA); 1-month momentum positive. RSI(14) 84.05 (overbought).

  • Price $184.60 — uptrend (above 200-DMA); 1-month momentum positive.
Price
$184.60
NMS
RSI(14)
84.05
50-DMA
$148.65
200-DMA
$180.99
Volatility (ann.)
65.29%
52w range
$114.63–$336.99
-45.2% from high
ProFull breakdown & reasoning locked

Macro & Rates

Macro Analyst
score 30Improving
80% conf

Risk-on · Supportive. Real GDP growth 1.50% (quarterly, as of Apr 1, 2026). CPI inflation +3.3% YoY. Fed funds rate 3.63%, 10Y Treasury 4.71%.

  • Market regime: Risk-on · Supportive.
GDP growth
1.50%
CPI (YoY)
+3.3%
Fed funds
3.63%
10Y yield
4.71%
10Y−2Y
0.46pp
Unemployment
4.10%
ProFull breakdown & reasoning locked

Risk Scorecard

Risk Analyst
score -20Deteriorating
90% conf

Composite risk Elevated. Leverage debt/equity 0.49 (moderate). Liquidity current ratio 1.86 (adequate).

  • Composite risk: Elevated.
Risk level
Elevated
Debt / equity
0.49
Current ratio
1.86
Margin stdev
13.85pp
Cash / assets
13.84%
Liab / assets
66.66%
ProFull breakdown & reasoning locked

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Macro exposure

Cyclical / growth · High sensitivity
Supportive

Macro 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
15.84
Fed funds
3.63%
CPI YoY
+3.3%

Analytical read

deterministic preview

Revenue grew **+23.3%** YoY to $2.67B..

Risk
Elevated
Macro regime
Risk-on · Supportive
Macro exposure
Supportive
Descriptive analytics from public filings and macro data — not investment advice.
Open analytical workspace

Peer comparison

Cyclical / growth group

How ZS stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.

CompanyScoreMacro
CF Industries CF33Supportive
MercadoLibre Inc. MELI32Supportive
Booking Holdings BKNG32Supportive
Uber Technologies UBER32Supportive
Shopify Inc. SHOP30Supportive
Newmont Corp. NEM29Supportive
Alphabet Inc. GOOGL29Supportive
Intuit Inc. INTU28Supportive
Pinterest Inc. PINS28Supportive
Salesforce Inc. CRM27Supportive
Workday Inc. WDAY20Supportive
Microsoft Corp. MSFT19Supportive
Adobe Inc. ADBE18Supportive
NVIDIA Corp. NVDA17Supportive
Netflix Inc. NFLX17Supportive
Marvell Technology MRVL16Supportive
Roku Inc. ROKU15Supportive
Okta Inc. OKTA15Supportive
Comcast Corp. CMCSA15Supportive
Cloudflare Inc. NET14Supportive
Meta Platforms Inc. META14Supportive
T-Mobile US Inc. TMUS14Supportive
Datadog Inc. DDOG14Supportive
Amazon.com Inc. AMZN11Supportive
Eaton Corp. ETN10Supportive
Airbnb Inc. ABNB10Supportive
Delta Air Lines DAL9Supportive
Energy Transfer ET8Supportive
ConocoPhillips COP8Supportive
Spotify Technology SPOT8Supportive
Exxon Mobil Corp. XOM8Supportive
GE Aerospace GE7Supportive
Zscaler Inc. ZS● you7Supportive
Valero Energy VLO7Supportive
IBM Corp. IBM6Supportive
General Dynamics GD6Supportive
Snowflake Inc. SNOW6Supportive
United Airlines Holdings UAL5Supportive
Oracle Corp. ORCL5Supportive
Lam Research Corp. LRCX5Supportive
Qualcomm Inc. QCOM5Supportive
ASML Holding NV ASML4Supportive
Dollar General Corp. DG4Supportive
Boeing Co. BA4Supportive
Advanced Micro Devices AMD1Supportive
Alibaba Group BABA1Supportive
Ulta Beauty Inc. ULTA1Supportive
Devon Energy DVN1Supportive
Verizon Communications VZ1Supportive
Hess Corp. HES0Supportive
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Walt Disney Co. DIS0Supportive
Kinder Morgan KMI0Supportive
Occidental Petroleum OXY-1Supportive
RTX Corp. RTX-2Supportive
General Motors Co. GM-2Supportive
Honeywell International HON-2Supportive
Marathon Petroleum MPC-2Supportive
Apple Inc. AAPL-3Supportive
Lockheed Martin LMT-4Supportive
Cisco Systems Inc. CSCO-4Supportive
EOG Resources EOG-4Supportive
CrowdStrike Holdings CRWD-5Supportive
Chipotle Mexican Grill CMG-5Supportive
Nucor Corp. NUE-5Supportive
Lowe's Cos. LOW-5Supportive
Schlumberger N.V. SLB-6Supportive
Union Pacific Corp. UNP-6Supportive
Applied Materials Inc. AMAT-7Supportive
Royal Caribbean Group RCL-7Supportive
Autodesk Inc. ADSK-7Supportive
Linde plc LIN-8Supportive
Palo Alto Networks PANW-8Supportive
Phillips 66 PSX-8Supportive
Sherwin-Williams SHW-9Supportive
Old Dominion Freight ODFL-10Supportive
TJX Cos. TJX-10Supportive
Micron Technology MU-10Supportive
McDonald's Corp. MCD-10Supportive
Norfolk Southern NSC-11Supportive
Nike Inc. NKE-13Supportive
Freeport-McMoRan FCX-14Supportive
Texas Instruments TXN-14Supportive
Chevron Corp. CVX-15Supportive
3M Co. MMM-16Supportive
Broadcom Inc. AVGO-16Supportive
Yum Brands Inc. YUM-16Supportive
United Parcel Service UPS-17Supportive
Air Products & Chemicals APD-17Supportive
Dow Inc. DOW-17Supportive
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Mosaic Co. MOS-19Supportive
Microchip Technology MCHP-20Supportive
Intel Corp. INTC-20Supportive
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Marriott International MAR-21Supportive
Home Depot Inc. HD-22Supportive
CSX Corp. CSX-24Supportive
Warner Bros Discovery WBD-27Supportive
Starbucks Corp. SBUX-29Supportive
Deere & Co. DE-30Supportive
ON Semiconductor Corp. ON-46Supportive
Tesla Inc. TSLA-47Supportive