Comprehensive Stock Comparison
Compare Zscaler, Inc. (ZS) vs CrowdStrike Holdings, Inc. (CRWD) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | CRWD | 29.4% revenue growth vs ZS's 23.3% |
| Value | ZS | Lower P/E (36.8x vs 100.2x) |
| Quality / Margins | ZS | -2.3% net margin vs CRWD's -6.9% |
| Stability / Safety | ZS | Beta 1.27 vs CRWD's 1.49 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | CRWD | -4.5% vs ZS's -25.1% |
| Efficiency (ROA) | ZS | -1.0% ROA vs CRWD's -3.2% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Zscaler is a cloud-native security platform that provides secure internet and private application access without traditional network hardware. It generates revenue primarily through subscription fees for its Zero Trust Exchange platform — with its core Zscaler Internet Access and Zscaler Private Access solutions driving most of its business. The company's key advantage is its massive, globally distributed cloud architecture that processes over 300 billion daily transactions, creating significant scale and data advantages that competitors cannot easily replicate.
CrowdStrike is a cybersecurity company that provides cloud-native endpoint protection and threat intelligence through its Falcon platform. It generates revenue primarily from subscription fees for its security software modules — with cloud security, identity protection, and threat intelligence being key offerings — and managed security services. The company's competitive advantage lies in its AI-powered threat graph that analyzes trillions of security events weekly, creating a powerful network effect where each customer improves protection for all others.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
ZS leads in 2 of 6 categories (Financial Metrics, Valuation Metrics). CRWD leads in 1 (Total Returns). 2 tied.
Financial Metrics (TTM)
CRWD is the larger business by revenue, generating $4.6B annually — 1.5x ZS's $3.0B. Profitability is closely matched — net margins range from -2.3% (ZS) to -6.9% (CRWD). On growth, ZS holds the edge at +25.9% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | ZSZscaler, Inc. | CRWDCrowdStrike Holdi… |
|---|---|---|
| RevenueTrailing 12 months | $3.0B | $4.6B |
| EBITDAEarnings before interest/tax | -$52M | -$150M |
| Net IncomeAfter-tax profit | -$68M | -$314M |
| Free Cash FlowCash after capex | $944M | $1.2B |
| Gross MarginGross profit ÷ Revenue | +76.6% | +74.3% |
| Operating MarginEBIT ÷ Revenue | -4.8% | -7.9% |
| Net MarginNet income ÷ Revenue | -2.3% | -6.9% |
| FCF MarginFCF ÷ Revenue | +31.4% | +25.3% |
| Rev. Growth (YoY)Latest quarter vs prior year | +25.9% | +22.2% |
| EPS Growth (YoY)Latest quarter vs prior year | -3.2% | -100.0% |
Valuation Metrics
| Metric | ZSZscaler, Inc. | CRWDCrowdStrike Holdi… |
|---|---|---|
| Market CapShares × price | $23.6B | $93.8B |
| Enterprise ValueMkt cap + debt − cash | $23.0B | $90.2B |
| Trailing P/EPrice ÷ TTM EPS | -544.41x | -4726.56x |
| Forward P/EPrice ÷ next-FY EPS est. | 36.83x | 100.16x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | — | 964.80x |
| Price / SalesMarket cap ÷ Revenue | 8.83x | 23.72x |
| Price / BookPrice ÷ Book value/share | 12.61x | 27.43x |
| Price / FCFMarket cap ÷ FCF | 32.48x | 87.81x |
Profitability & Efficiency
ZS delivers a -3.1% return on equity — every $100 of shareholder capital generates $-3 in annual profit, vs $-8 for CRWD. CRWD carries lower financial leverage with a 0.24x debt-to-equity ratio, signaling a more conservative balance sheet compared to ZS's 1.00x. On the Piotroski fundamental quality scale (0–9), ZS scores 4/9 vs CRWD's 3/9, reflecting mixed financial health.
| Metric | ZSZscaler, Inc. | CRWDCrowdStrike Holdi… |
|---|---|---|
| ROE (TTM)Return on equity | -3.1% | -7.7% |
| ROA (TTM)Return on assets | -1.0% | -3.2% |
| ROICReturn on invested capital | -8.4% | — |
| ROCEReturn on capital employed | -4.6% | -2.6% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 3 |
| Debt / EquityFinancial leverage | 1.00x | 0.24x |
| Net DebtTotal debt minus cash | -$592M | -$3.5B |
| Cash & Equiv.Liquid assets | $2.4B | $4.3B |
| Total DebtShort + long-term debt | $1.8B | $789M |
| Interest CoverageEBIT ÷ Interest expense | 8.97x | -7.52x |
Total Returns (with DRIP)
A $10,000 investment in CRWD five years ago would be worth $16,651 today (with dividends reinvested), compared to $6,994 for ZS. Over the past 12 months, CRWD leads with a -4.5% total return vs ZS's -25.1%. The 3-year compound annual growth rate (CAGR) favors CRWD at 45.5% vs ZS's 3.9% — a key indicator of consistent wealth creation.
| Metric | ZSZscaler, Inc. | CRWDCrowdStrike Holdi… |
|---|---|---|
| YTD ReturnYear-to-date | -33.4% | -18.0% |
| 1-Year ReturnPast 12 months | -25.1% | -4.5% |
| 3-Year ReturnCumulative with dividends | +12.1% | +208.2% |
| 5-Year ReturnCumulative with dividends | -30.1% | +66.5% |
| 10-Year ReturnCumulative with dividends | +345.4% | +541.3% |
| CAGR (3Y)Annualised 3-year return | +3.9% | +45.5% |
Risk & Volatility
ZS is the less volatile stock with a 1.27 beta — it tends to amplify market swings less than CRWD's 1.49 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. CRWD currently trades 65.6% from its 52-week high vs ZS's 43.6% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | ZSZscaler, Inc. | CRWDCrowdStrike Holdi… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.27x | 1.49x |
| 52-Week HighHighest price in past year | $336.99 | $566.90 |
| 52-Week LowLowest price in past year | $140.56 | $298.00 |
| % of 52W HighCurrent price vs 52-week peak | +43.6% | +65.6% |
| RSI (14)Momentum oscillator 0–100 | 41.7 | 40.2 |
| Avg Volume (50D)Average daily shares traded | 1.7M | 2.3M |
Analyst Outlook
Wall Street rates ZS as "Buy" and CRWD as "Buy". Consensus price targets imply 96.5% upside for ZS (target: $289) vs 42.9% for CRWD (target: $532).
| Metric | ZSZscaler, Inc. | CRWDCrowdStrike Holdi… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $288.85 | $531.69 |
| # AnalystsCovering analysts | 52 | 63 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | — | — |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Zscaler, Inc. (ZS) | 100 | 380.09 | +280.1% |
| CrowdStrike Holding… (CRWD) | 100 | 742.18 | +642.2% |
CrowdStrike Holding… (CRWD) returned +67% over 5 years vs Zscaler, Inc. (ZS)'s -30%. A $10,000 investment in CRWD 5 years ago would be worth $16,651 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Zscaler, Inc. (ZS) | $80M | $2.7B | +3227.9% |
| CrowdStrike Holding… (CRWD) | $53M | $4.0B | +7395.7% |
Zscaler, Inc.'s revenue grew from $80M (2016) to $2.7B (2025) — a 47.6% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Zscaler, Inc. (ZS) | -34.2% | -1.6% | +95.5% |
| CrowdStrike Holding… (CRWD) | -173.2% | -0.5% | +99.7% |
Zscaler, Inc.'s net margin went from -34% (2016) to -2% (2025).
Chart 4EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Zscaler, Inc. (ZS) | -0.98 | -0.27 | +72.4% |
| CrowdStrike Holding… (CRWD) | -0.53 | -0.08 | +85.2% |
Zscaler, Inc.'s EPS grew from $-0.98 (2016) to $-0.27 (2025).
Chart 5Free Cash Flow — 5 Years
Zscaler, Inc. generated $727M FCF in 2025 (+406% vs 2021). CrowdStrike Holdings, Inc. generated $1B FCF in 2025 (+265% vs 2021).
ZS vs CRWD: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is ZS or CRWD a better buy right now?
Analysts rate Zscaler, Inc. (ZS) a "Buy" — based on 52 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — ZS or CRWD?
Over the past 5 years, CrowdStrike Holdings, Inc. (CRWD) delivered a total return of +66.5%, compared to -30.1% for Zscaler, Inc. (ZS). A $10,000 investment in CRWD five years ago would be worth approximately $17K today (assuming dividends reinvested). Over 10 years, the gap is even starker: CRWD returned +541.3% versus ZS's +345.4%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — ZS or CRWD?
By beta (market sensitivity over 5 years), Zscaler, Inc. (ZS) is the lower-risk stock at 1.27β versus CrowdStrike Holdings, Inc.'s 1.49β — meaning CRWD is approximately 17% more volatile than ZS relative to the S&P 500. On balance sheet safety, CrowdStrike Holdings, Inc. (CRWD) carries a lower debt/equity ratio of 24% versus 100% for Zscaler, Inc. — giving it more financial flexibility in a downturn.
04Which has better profit margins — ZS or CRWD?
CrowdStrike Holdings, Inc. (CRWD) is the more profitable company, earning -0.5% net margin versus -1.6% for Zscaler, Inc. — meaning it keeps -0.5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: CRWD leads at -3.0% versus -4.8% for ZS. At the gross margin level — before operating expenses — ZS leads at 76.9%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
05Is ZS or CRWD more undervalued right now?
On forward earnings alone, Zscaler, Inc. (ZS) trades at 36.8x forward P/E versus 100.2x for CrowdStrike Holdings, Inc. — 63.3x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for ZS: 96.5% to $288.85.
06Which pays a better dividend — ZS or CRWD?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
07Is ZS or CRWD better for a retirement portfolio?
For long-horizon retirement investors, Zscaler, Inc. (ZS) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1.27), +345.4% 10Y return). Both have compounded well over 10 years (ZS: +345.4%, CRWD: +541.3%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
08What are the main differences between ZS and CRWD?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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