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Zscaler Inc.
ZSTechnologyGenerated Jul 6, 2026, 07:34 PM UTC
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 $24.23B at $149.81 per share. FCF DCF intrinsic value ≈ $85.98 → implied downside +42.6%. 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 -1 (data confidence 83%). Descriptive analytics from public filings — not investment advice.
Free SEC analysis
— computed from SEC filings, free to readFilings & Ownership
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.
| 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 |
| 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 |
SEC Filing Deep-Analysis
3 risk signal(s), 1 positive signal(s), 1 watch item(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.
- NEW: Restatement of financial statements in latest filing: The term "restatement of" "previously issued" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 4 filing(s).
- 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.
- NEW: Restructuring: Restructuring appears in recent filings but not in the prior 24-month period. Monitor for materiality.
- 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.
- 2 new risk-language term(s) detected in filing text: Restatement of financial statements, Restructuring.
- Ongoing high-severity risk language: Material weakness in internal controls.
| Metric | Prior year | Latest year | Change | % 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% |
| Type | Concepts |
|---|---|
| Added | DepreciationDepletionAndAmortization, IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance |
| Removed | AdvertisingExpense, AmortizationOfFinancingCosts, CapitalizedComputerSoftwareAccumulatedAmortization, CapitalizedComputerSoftwareGross, CommonStockCapitalSharesReservedForFutureIssuance, ConvertibleNotesPayableCurrent, CurrentFederalTaxExpenseBenefit, CurrentForeignTaxExpenseBenefit, CurrentIncomeTaxExpenseBenefit, CurrentStateAndLocalTaxExpenseBenefit |
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Material weakness in internal controls | high | 5 | 2 | Ongoing |
| Restatement of financial statements | high | 4 | 0 | NEW |
| Impairment charge | medium | 5 | 2 | Ongoing |
| Restructuring | medium | 5 | 0 | NEW |
| Off-balance sheet arrangements | medium | 5 | 8 | Ongoing |
| Related party transactions | low | 5 | 0 | NEW |
Fundamentals
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.
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 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 |
Pro analysis — preview
— score, signals & key metrics shown; full reasoning lockedValuation
Market cap $24.23B at $149.81 per share. FCF DCF intrinsic value ≈ $85.98 → implied downside +42.6%. DCF assumptions: Base FCF $808.2M; Stage-1 growth 8.00% for 5y; Terminal growth 2.50%; Discount rate 10.00%.
- Market cap $24.23B at $149.81 per share.
Price & Technicals
Price $149.81 — downtrend (below 200-DMA); 1-month momentum positive. RSI(14) 74.81 (overbought).
- Price $149.81 — downtrend (below 200-DMA); 1-month momentum positive.
Macro & Rates
Risk-on · Supportive. Real GDP growth 2.10% (quarterly, as of Jan 1, 2026). CPI inflation +4.2% YoY (above the Fed's long-run ~2% target). Fed funds rate 3.63%, 10Y Treasury 4.48%.
- Market regime: Risk-on · Supportive.
Risk Scorecard
Composite risk Elevated. Leverage debt/equity 0.49 (moderate). Liquidity current ratio 1.86 (adequate).
- Composite risk: Elevated.
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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.
Analytical read
deterministic previewRevenue grew **+23.3%** YoY to $2.67B..
Peer comparison
Cyclical / growth groupHow ZS stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
| Company | Score | Macro |
|---|---|---|
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