Zscaler, Inc. (ZS) 10-Year Financial Performance & Capital Metrics

ZS •

TechnologyInfrastructure SoftwareCybersecurity and identity management

AboutZscaler, Inc. operates as a cloud security company worldwide. The company provides Zscaler Internet Access solution that provides users, servers, operational technology, Internet of Things device secure access to externally managed applications, including software-as-a-service (SaaS) applications and Internet destinations; and Zscaler Private Access solution, which is designed to provide access to managed applications hosted internally in data centers, and private or public clouds. It also offers Zscaler Digital Experience that measures end-to-end user experience across business applications, as well as provides an easy to understand digital experience score for each user, application, and location within an enterprise. In addition, the company provides workload segmentation solutions comprising Zscaler Cloud Security Posture Management that identifies and remediates application misconfigurations in SaaS, infrastructure as a service, and platform as a service to reduce risk and ensure compliance with industry and organizational benchmarks; and Zscaler Cloud Workload Segmentation, which is designed to secure application-to-application communications inside public clouds and data centers to stop lateral threat movement, as well as prevents application compromise and reduces the risk of data breaches. Its platform modules include Zscaler Central Authority, Zscaler Enforcement Node, and Zscaler Log Servers. It serves customers in airlines and transportation, conglomerates, consumer goods and retail, financial services, healthcare, manufacturing, media and communications, public sector and education, technology, and telecommunications services industries. The company was formerly known as SafeChannel, Inc., and changed its name to Zscaler, Inc. in August 2008. Zscaler, Inc. was incorporated in 2007 and is headquartered in San Jose, California.Show more

Revenue $2.67B +23.3%
EBITDA -$7M +83.1%
Net Income -$41M +28.1%
EPS (Diluted) -0.27 +30.8%
Gross Margin 76.87% -1.3%
EBITDA Margin -0.27% +86.3%
Operating Margin -4.81% +15.9%
Net Margin -1.55% +41.7%
ROE -2.7% +53.2%
ROIC -8.39% +20.4%
Debt/Equity 1.00 +2.8%
Interest Coverage -13.49 -42.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 27.2% free cash flow margin
✓Strong 5Y sales CAGR of 44.0%

✗Weaknesses

✗Weak momentum: RS Rating 8 (bottom 8%)
✗Trading more than 30% below 52-week high
✗Expensive at 12.6x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y47.81%

5Y44.03%

3Y34.81%

TTM23.91%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-335.51%

EPS CAGR

10Y-

5Y-

3Y-

TTM-287.53%

ROCE

10Y Avg-17.91%

5Y Avg-11.42%

3Y Avg-7.6%

Latest-4.6%

Peer Comparison

Cybersecurity and identity management

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OKTAOkta, Inc.	563.4M	72.50	1208.33	15.33%	6.87%	2.83%	100%	0.15
PANWPalo Alto Networks, Inc.	104.69B	148.92	93.08	14.87%	12.96%	13.65%	3.31%	0.04
ALLTAllot Ltd.	250.63M	6.34	79.05	10.63%	3.63%	3.27%	6.18%	0.10
FTNTFortinet, Inc.	58.77B	79.03	32.52	14.17%	27.26%	149.77%	3.79%	0.81
GENGen Digital Inc.	13.93B	22.57	21.91	3.55%	12.76%	25.86%	8.66%	3.66
CHKPCheck Point Software Technologies Ltd.	16.48B	152.07	20.38	6.22%	37.62%	32.79%	6.24%	0.01
QLYSQualys, Inc.	3.32B	92.47	19.89	9.58%	28.96%	35.73%	6.98%	0.10
RPDRapid7, Inc.	394.95M	6.22	15.55	8.53%	1.44%	2.04%	42.6%	57.49

Profit & Loss

	Jul 2016	Jul 2017	Jul 2018	Jul 2019	Jul 2020	Jul 2021	Jul 2022	Jul 2023	Jul 2024	Jul 2025
Sales/Revenue+	80.33M	125.72M	190.17M	302.84M	431.27M	673.1M	1.09B	1.62B	2.17B	2.67B
Revenue Growth %	49.56%	56.51%	51.27%	59.24%	42.41%	56.07%	62.08%	48.22%	34.07%	23.31%
Cost of Goods Sold+	20.13M	27.47M	37.88M	60.06M	97.09M	150.64M	243.32M	362.48M	479.66M	618.18M
COGS % of Revenue	25.06%	21.85%	19.92%	19.83%	22.51%	22.38%	22.3%	22.42%	22.13%	23.13%
Gross Profit+	60.2M	98.25M	152.3M	242.77M	334.18M	522.46M	847.63M	1.25B	1.69B	2.05B
Gross Margin %	74.94%	78.15%	80.08%	80.17%	77.49%	77.62%	77.7%	77.58%	77.87%	76.87%
Gross Profit Growth %	53.27%	63.2%	55.02%	59.4%	37.65%	56.34%	62.24%	48%	34.57%	21.73%
Operating Expenses+	87.04M	133.32M	178.88M	265M	429.04M	729.85M	1.18B	1.47B	1.81B	2.18B
OpEx % of Revenue	108.36%	106.05%	94.06%	87.51%	99.48%	108.43%	107.71%	90.91%	83.59%	81.68%
Selling, General & Admin	66.1M	99.76M	139.5M	203.05M	332.44M	555.2M	886.25M	1.12B	1.31B	1.51B
SG&A % of Revenue	82.29%	79.35%	73.36%	67.05%	77.08%	82.48%	81.24%	69.41%	60.53%	56.52%
Research & Development	20.94M	33.56M	39.38M	61.96M	96.6M	174.65M	288.81M	347.52M	499.75M	672.49M
R&D % of Revenue	26.07%	26.7%	20.71%	20.46%	22.4%	25.95%	26.47%	21.49%	23.05%	25.16%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	-26.84M	-35.07M	-26.59M	-22.23M	-94.85M	-207.4M	-327.43M	-215.44M	-123.88M	-128.46M
Operating Margin %	-33.42%	-27.9%	-13.98%	-7.34%	-21.99%	-30.81%	-30.01%	-13.32%	-5.71%	-4.81%
Operating Income Growth %	-116.16%	-30.66%	24.2%	16.37%	-326.62%	-118.65%	-57.88%	34.2%	42.5%	-3.7%
EBITDA+	-21.97M	-28.23M	-5.42M	7.72M	-35.26M	-109.39M	-183.81M	-116.42M	-42.95M	-7.28M
EBITDA Margin %	-27.35%	-22.46%	-2.85%	2.55%	-8.18%	-16.25%	-16.85%	-7.2%	-1.98%	-0.27%
EBITDA Growth %	-129.73%	-28.5%	80.82%	242.6%	-556.55%	-210.23%	-68.04%	36.66%	63.11%	83.05%
D&A (Non-Cash Add-back)	4.87M	6.84M	21.17M	29.96M	59.59M	98.01M	143.62M	99.03M	80.93M	121.18M
EBIT	-26.97M	-34.58M	-32.31M	-27.91M	-107.7M	-203.81M	-327.05M	-175.75M	-16.14M	-8.77M
Net Interest Income+	0	0	2.24M	7.73M	1.45M	-50.55M	-51.99M	53.64M	96.04M	115.84M
Interest Income	0	0	2.24M	7.73M	6.48M	2.81M	4.59M	60.46M	109.13M	125.36M
Interest Expense	0	0	0	0	5.03M	53.36M	56.58M	6.82M	13.09M	9.52M
Other Income/Expense	-127K	490K	-5.72M	-5.68M	-17.87M	-49.78M	-56.2M	32.88M	94.65M	110.17M
Pretax Income+	-26.97M	-34.58M	-32.31M	-27.91M	-112.73M	-257.18M	-383.63M	-182.56M	-29.23M	-18.29M
Pretax Margin %	-33.58%	-27.51%	-16.99%	-9.22%	-26.14%	-38.21%	-35.16%	-11.29%	-1.35%	-0.68%
Income Tax+	468K	877K	1.34M	743K	2.39M	4.85M	6.65M	19.77M	28.48M	23.19M
Effective Tax Rate %	101.74%	102.54%	104.14%	102.66%	102.12%	101.89%	101.73%	110.83%	197.43%	226.77%
Net Income+	-27.44M	-35.46M	-33.65M	-28.66M	-115.12M	-262.03M	-390.28M	-202.34M	-57.71M	-41.48M
Net Margin %	-34.16%	-28.21%	-17.69%	-9.46%	-26.69%	-38.93%	-35.77%	-12.51%	-2.66%	-1.55%
Net Income Growth %	-113.82%	-29.24%	5.12%	14.83%	-301.73%	-127.62%	-48.94%	48.16%	71.48%	28.12%
Net Income (Continuing)	-27.44M	-35.46M	-33.65M	-28.66M	-115.12M	-262.03M	-390.28M	-202.34M	-57.71M	-41.48M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.98	-0.34	-0.53	-0.23	-0.89	-1.93	-2.77	-1.40	-0.39	-0.27
EPS Growth %	-100%	65.31%	-55.88%	56.6%	-286.96%	-116.85%	-43.52%	49.46%	72.14%	30.77%
EPS (Basic)	-0.98	-0.34	-0.53	-0.23	-0.89	-1.93	-2.77	-1.40	-0.39	-0.27
Diluted Shares Outstanding	28.13M	103.63M	63.88M	123.57M	129.32M	135.65M	140.9M	144.94M	149.59M	154.4M
Basic Shares Outstanding	28.13M	103.63M	63.88M	123.57M	129.32M	135.65M	140.9M	144.94M	149.59M	154.4M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jul 2016	Jul 2017	Jul 2018	Jul 2019	Jul 2020	Jul 2021	Jul 2022	Jul 2023	Jul 2024	Jul 2025
Total Current Assets+	127.05M	142.91M	387.16M	496.09M	1.58B	1.85B	2.26B	2.89B	3.4B	4.89B
Cash & Short-Term Investments	92.84M	87.98M	298.54M	364.65M	1.37B	1.5B	1.73B	2.1B	2.41B	3.57B
Cash Only	92.84M	87.98M	135.58M	78.48M	141.85M	275.9M	1.01B	1.26B	1.42B	2.39B
Short-Term Investments	0	0	162.96M	286.16M	1.23B	1.23B	718.13M	838.03M	986.57M	1.18B
Accounts Receivable	24.49M	39.05M	61.61M	93.34M	147.58M	257.11M	399.75M	582.64M	736.53M	992.18M
Days Sales Outstanding	111.28	113.38	118.25	112.5	124.91	139.42	133.74	131.52	124.01	135.48
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	6.74M	10.47M	16.14M	21.22M	36.04M	57.37M	88.14M	207.45M	250.43M	329.7M
Total Non-Current Assets+	26.46M	39.99M	60.62M	108.08M	251.66M	409.33M	576.02M	718M	1.31B	1.53B
Property, Plant & Equipment	11.11M	13.14M	19.77M	41.05M	111.85M	152.91M	232.99M	313.03M	472.88M	633.15M
Fixed Asset Turnover	7.23x	9.57x	9.62x	7.38x	3.86x	4.40x	4.68x	5.17x	4.58x	4.22x
Goodwill	0	0	0	7.48M	30.06M	58.98M	78.55M	89.19M	417.03M	417.73M
Intangible Assets	0	0	0	8.71M	24.02M	32.13M	31.82M	25.86M	63.84M	47.32M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	15.36M	26.85M	40.85M	50.84M	85.73M	165.31M	232.66M	289.93M	354.61M	427.4M
Total Assets+	153.52M	182.9M	447.78M	604.16M	1.83B	2.26B	2.83B	3.61B	4.7B	6.42B
Asset Turnover	0.52x	0.69x	0.42x	0.50x	0.24x	0.30x	0.39x	0.45x	0.46x	0.42x
Asset Growth %	20.93%	19.14%	144.82%	34.92%	203.47%	23.14%	25.47%	27.38%	30.39%	36.45%
Total Current Liabilities+	77.9M	120.46M	182.83M	261.95M	423.9M	720.21M	1.13B	1.54B	3.11B	2.43B
Accounts Payable	1.41M	3.76M	4.89M	6.21M	5.23M	12.55M	26.15M	18.48M	23.31M	46.91M
Days Payables Outstanding	25.5	50	47.17	37.72	19.67	30.4	39.23	18.61	17.74	27.7
Short-Term Debt	0	0	0	0	0	0	0	0	1.14B	0
Deferred Revenue (Current)	58.49M	85.47M	140.67M	221.39M	337.26M	571.29M	923.75M	1.28B	1.64B	2.05B
Other Current Liabilities	13.6M	19.58M	23.39M	21.54M	49.44M	93.62M	111.95M	44.78M	62.26M	61.01M
Current Ratio	1.63x	1.19x	2.12x	1.89x	3.73x	2.57x	1.99x	1.88x	1.09x	2.01x
Quick Ratio	1.63x	1.19x	2.12x	1.89x	3.73x	2.57x	1.99x	1.88x	1.09x	2.01x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	8.95M	12.61M	24.71M	33.66M	924.73M	1.01B	1.12B	1.35B	317.98M	2.19B
Long-Term Debt	0	0	0	0	861.62M	913.54M	968.67M	1.13B	0	1.7B
Capital Lease Obligations	0	0	0	0	28.02M	31.23M	50.95M	41.92M	44.82M	43.35M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	1.53M	1.46M	1.36M	3.84M	2.59M	4.45M	7.92M	12.73M	22.1M	33.32M
Total Liabilities	86.85M	133.07M	207.54M	295.6M	1.35B	1.73B	2.26B	2.88B	3.43B	4.62B
Total Debt+	0	0	0	0	905.24M	964.61M	1.05B	1.21B	1.24B	1.8B
Net Debt	-92.84M	-87.98M	-135.58M	-78.48M	763.39M	688.71M	32.51M	-51.66M	-185.12M	-592.45M
Debt / Equity	-	-	-	-	1.87x	1.82x	1.82x	1.67x	0.97x	1.00x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-10.16x	-	-	-	-	-	-
Interest Coverage	-	-	-	-	-18.88x	-3.89x	-5.79x	-31.59x	-9.46x	-13.49x
Total Equity+	66.67M	49.84M	240.24M	308.56M	484.83M	528.89M	573.3M	725.11M	1.27B	1.8B
Equity Growth %	6.72%	-25.25%	382.06%	28.44%	57.13%	9.09%	8.4%	26.48%	75.71%	41.22%
Book Value per Share	2.37	0.48	3.76	2.50	3.75	3.90	4.07	5.00	8.52	11.65
Total Shareholders' Equity	66.67M	49.84M	240.24M	308.56M	484.83M	528.89M	573.3M	725.11M	1.27B	1.8B
Common Stock	16K	18K	119K	127K	133K	139K	143K	147K	152K	159K
Retained Earnings	-126.56M	-162.02M	-196.1M	-224.46M	-339.57M	-601.6M	-991.88M	-1.09B	-1.15B	-1.19B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-10.63M	-17.3M	-124K	268K	463K	-650K	-25.85M	-1.58M	-4.79M	8.08M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jul 2016	Jul 2017	Jul 2018	Jul 2019	Jul 2020	Jul 2021	Jul 2022	Jul 2023	Jul 2024	Jul 2025
Cash from Operations+	-11.92M	-6.02M	17.31M	58.03M	79.32M	202.04M	321.91M	462.34M	779.85M	972.45M
Operating CF Margin %	-14.83%	-4.79%	9.1%	19.16%	18.39%	30.02%	29.51%	28.59%	35.97%	36.38%
Operating CF Growth %	-263.4%	49.49%	387.54%	235.28%	36.69%	154.72%	59.33%	43.62%	68.67%	24.7%
Net Income	-27.44M	-35.46M	-33.65M	-28.66M	-115.12M	-262.03M	-390.28M	-202.34M	-57.71M	-41.48M
Depreciation & Amortization	4.87M	6.84M	7.99M	11.31M	21.12M	36.46M	49.47M	66.82M	80.93M	121.18M
Stock-Based Compensation	3.62M	9.92M	11.22M	46.42M	121.39M	258.54M	409.56M	444.83M	527.68M	661.35M
Deferred Taxes	0	0	0	-1.39M	-1.17M	-2.41M	-562K	352K	-5.63M	-14.35M
Other Non-Cash Items	5.46M	8.38M	13.31M	16.75M	44.48M	125.91M	156.27M	124.1M	168.51M	219.03M
Working Capital Changes	1.58M	4.3M	18.43M	13.59M	8.61M	45.57M	97.45M	28.57M	66.07M	26.72M
Change in Receivables	-6.19M	-14.56M	-22.56M	-31.73M	-54.22M	-111.61M	-143.34M	-183.86M	-152.96M	-256.01M
Change in Inventory	1.97M	2.66M	-2.99M	-7.98M	-18.89M	-18.91M	0	-45.3M	0	0
Change in Payables	563K	2.25M	-779K	495K	862K	7.45M	14.36M	-8.42M	4.16M	17.53M
Cash from Investing+	-6.65M	-8.34M	-178.1M	-162.07M	-1.04B	-109.67M	374.06M	-259.34M	-683.18M	-427.02M
Capital Expenditures	-6.25M	-8.17M	-15.17M	-30.16M	-51.81M	-58.3M	-90.58M	-128.72M	-144.59M	-245.76M
CapEx % of Revenue	7.78%	6.5%	7.98%	9.96%	12.01%	8.66%	8.3%	7.96%	6.67%	9.19%
Acquisitions	0	0	0	-11.43M	-41.6M	-40.53M	-25.29M	-15.64M	-374.7M	-834K
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	433K	0	0	0	0	0	-50.31M	0
Cash from Financing+	27.56M	9.5M	208.4M	46.38M	1.02B	41.67M	41.34M	45.99M	64.21M	420.51M
Debt Issued (Net)	833K	0	0	0	1.13B	0	0	0	0	354.16M
Equity Issued (Net)	1000K	1000K	1000K	-22K	1000K	1000K	1000K	1000K	1000K	1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	-3.81M	-22K	0	0	0	0	0	0
Other Financing	1.77M	1.82M	6.86M	46.41M	-145.25M	-2.25M	-255K	-217K	-39K	-792K
Net Change in Cash	9M	-4.86M	47.6M	-57.66M	63.37M	134.05M	737.31M	249M	160.87M	965.94M
Free Cash Flow+	-18.16M	-14.19M	2.14M	27.86M	27.51M	143.74M	231.33M	333.62M	584.95M	726.69M
FCF Margin %	-22.61%	-11.29%	1.12%	9.2%	6.38%	21.36%	21.2%	20.63%	26.98%	27.19%
FCF Growth %	-81.92%	21.86%	115.06%	1203.93%	-1.28%	422.55%	60.93%	44.22%	75.33%	24.23%
FCF per Share	-0.65	-0.14	0.03	0.23	0.21	1.06	1.64	2.30	3.91	4.71
FCF Conversion (FCF/Net Income)	0.43x	0.17x	-0.51x	-2.03x	-0.69x	-0.77x	-0.82x	-2.29x	-13.51x	-23.45x
Interest Paid	0	0	0	0	0	1.46M	1.44M	1.44M	1.44M	0
Taxes Paid	319K	385K	-870K	1.77M	2.52M	4.14M	5.61M	14.94M	23.12M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-42.49%	-60.87%	-23.2%	-10.44%	-29.02%	-51.7%	-70.82%	-31.17%	-5.77%	-2.7%
Return on Invested Capital (ROIC)	-	-	-59.95%	-9.96%	-9.62%	-12.62%	-26.94%	-25.26%	-10.54%	-8.39%
Gross Margin	74.94%	78.15%	80.08%	80.17%	77.49%	77.62%	77.7%	77.58%	77.87%	76.87%
Net Margin	-34.16%	-28.21%	-17.69%	-9.46%	-26.69%	-38.93%	-35.77%	-12.51%	-2.66%	-1.55%
Debt / Equity	-	-	-	-	1.87x	1.82x	1.82x	1.67x	0.97x	1.00x
Interest Coverage	-	-	-	-	-18.88x	-3.89x	-5.79x	-31.59x	-9.46x	-13.49x
FCF Conversion	0.43x	0.17x	-0.51x	-2.03x	-0.69x	-0.77x	-0.82x	-2.29x	-13.51x	-23.45x
Revenue Growth	49.56%	56.51%	51.27%	59.24%	42.41%	56.07%	62.08%	48.22%	34.07%	23.31%

US Stock Screener

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Zscaler, Inc. (ZS) 10-Year Financial Performance & Capital Metrics

ZS •

TechnologyInfrastructure SoftwareCybersecurity and identity management

Revenue $2.67B +23.3%
EBITDA -$7M +83.1%
Net Income -$41M +28.1%
EPS (Diluted) -0.27 +30.8%
Gross Margin 76.87% -1.3%
EBITDA Margin -0.27% +86.3%
Operating Margin -4.81% +15.9%
Net Margin -1.55% +41.7%
ROE -2.7% +53.2%
ROIC -8.39% +20.4%
Debt/Equity 1.00 +2.8%
Interest Coverage -13.49 -42.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 27.2% free cash flow margin
✓Strong 5Y sales CAGR of 44.0%

✗Weaknesses

✗Weak momentum: RS Rating 8 (bottom 8%)
✗Trading more than 30% below 52-week high
✗Expensive at 12.6x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y47.81%

5Y44.03%

3Y34.81%

TTM23.91%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-335.51%

EPS CAGR

10Y-

5Y-

3Y-

TTM-287.53%

ROCE

10Y Avg-17.91%

5Y Avg-11.42%

3Y Avg-7.6%

Latest-4.6%

Peer Comparison

Cybersecurity and identity management

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OKTAOkta, Inc.	563.4M	72.50	1208.33	15.33%	6.87%	2.83%	100%	0.15
PANWPalo Alto Networks, Inc.	104.69B	148.92	93.08	14.87%	12.96%	13.65%	3.31%	0.04
ALLTAllot Ltd.	250.63M	6.34	79.05	10.63%	3.63%	3.27%	6.18%	0.10
FTNTFortinet, Inc.	58.77B	79.03	32.52	14.17%	27.26%	149.77%	3.79%	0.81
GENGen Digital Inc.	13.93B	22.57	21.91	3.55%	12.76%	25.86%	8.66%	3.66
CHKPCheck Point Software Technologies Ltd.	16.48B	152.07	20.38	6.22%	37.62%	32.79%	6.24%	0.01
QLYSQualys, Inc.	3.32B	92.47	19.89	9.58%	28.96%	35.73%	6.98%	0.10
RPDRapid7, Inc.	394.95M	6.22	15.55	8.53%	1.44%	2.04%	42.6%	57.49

Profit & Loss

	Jul 2016	Jul 2017	Jul 2018	Jul 2019	Jul 2020	Jul 2021	Jul 2022	Jul 2023	Jul 2024	Jul 2025
Sales/Revenue+	80.33M	125.72M	190.17M	302.84M	431.27M	673.1M	1.09B	1.62B	2.17B	2.67B
Revenue Growth %	49.56%	56.51%	51.27%	59.24%	42.41%	56.07%	62.08%	48.22%	34.07%	23.31%
Cost of Goods Sold+	20.13M	27.47M	37.88M	60.06M	97.09M	150.64M	243.32M	362.48M	479.66M	618.18M
COGS % of Revenue	25.06%	21.85%	19.92%	19.83%	22.51%	22.38%	22.3%	22.42%	22.13%	23.13%
Gross Profit+	60.2M	98.25M	152.3M	242.77M	334.18M	522.46M	847.63M	1.25B	1.69B	2.05B
Gross Margin %	74.94%	78.15%	80.08%	80.17%	77.49%	77.62%	77.7%	77.58%	77.87%	76.87%
Gross Profit Growth %	53.27%	63.2%	55.02%	59.4%	37.65%	56.34%	62.24%	48%	34.57%	21.73%
Operating Expenses+	87.04M	133.32M	178.88M	265M	429.04M	729.85M	1.18B	1.47B	1.81B	2.18B
OpEx % of Revenue	108.36%	106.05%	94.06%	87.51%	99.48%	108.43%	107.71%	90.91%	83.59%	81.68%
Selling, General & Admin	66.1M	99.76M	139.5M	203.05M	332.44M	555.2M	886.25M	1.12B	1.31B	1.51B
SG&A % of Revenue	82.29%	79.35%	73.36%	67.05%	77.08%	82.48%	81.24%	69.41%	60.53%	56.52%
Research & Development	20.94M	33.56M	39.38M	61.96M	96.6M	174.65M	288.81M	347.52M	499.75M	672.49M
R&D % of Revenue	26.07%	26.7%	20.71%	20.46%	22.4%	25.95%	26.47%	21.49%	23.05%	25.16%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	-26.84M	-35.07M	-26.59M	-22.23M	-94.85M	-207.4M	-327.43M	-215.44M	-123.88M	-128.46M
Operating Margin %	-33.42%	-27.9%	-13.98%	-7.34%	-21.99%	-30.81%	-30.01%	-13.32%	-5.71%	-4.81%
Operating Income Growth %	-116.16%	-30.66%	24.2%	16.37%	-326.62%	-118.65%	-57.88%	34.2%	42.5%	-3.7%
EBITDA+	-21.97M	-28.23M	-5.42M	7.72M	-35.26M	-109.39M	-183.81M	-116.42M	-42.95M	-7.28M
EBITDA Margin %	-27.35%	-22.46%	-2.85%	2.55%	-8.18%	-16.25%	-16.85%	-7.2%	-1.98%	-0.27%
EBITDA Growth %	-129.73%	-28.5%	80.82%	242.6%	-556.55%	-210.23%	-68.04%	36.66%	63.11%	83.05%
D&A (Non-Cash Add-back)	4.87M	6.84M	21.17M	29.96M	59.59M	98.01M	143.62M	99.03M	80.93M	121.18M
EBIT	-26.97M	-34.58M	-32.31M	-27.91M	-107.7M	-203.81M	-327.05M	-175.75M	-16.14M	-8.77M
Net Interest Income+	0	0	2.24M	7.73M	1.45M	-50.55M	-51.99M	53.64M	96.04M	115.84M
Interest Income	0	0	2.24M	7.73M	6.48M	2.81M	4.59M	60.46M	109.13M	125.36M
Interest Expense	0	0	0	0	5.03M	53.36M	56.58M	6.82M	13.09M	9.52M
Other Income/Expense	-127K	490K	-5.72M	-5.68M	-17.87M	-49.78M	-56.2M	32.88M	94.65M	110.17M
Pretax Income+	-26.97M	-34.58M	-32.31M	-27.91M	-112.73M	-257.18M	-383.63M	-182.56M	-29.23M	-18.29M
Pretax Margin %	-33.58%	-27.51%	-16.99%	-9.22%	-26.14%	-38.21%	-35.16%	-11.29%	-1.35%	-0.68%
Income Tax+	468K	877K	1.34M	743K	2.39M	4.85M	6.65M	19.77M	28.48M	23.19M
Effective Tax Rate %	101.74%	102.54%	104.14%	102.66%	102.12%	101.89%	101.73%	110.83%	197.43%	226.77%
Net Income+	-27.44M	-35.46M	-33.65M	-28.66M	-115.12M	-262.03M	-390.28M	-202.34M	-57.71M	-41.48M
Net Margin %	-34.16%	-28.21%	-17.69%	-9.46%	-26.69%	-38.93%	-35.77%	-12.51%	-2.66%	-1.55%
Net Income Growth %	-113.82%	-29.24%	5.12%	14.83%	-301.73%	-127.62%	-48.94%	48.16%	71.48%	28.12%
Net Income (Continuing)	-27.44M	-35.46M	-33.65M	-28.66M	-115.12M	-262.03M	-390.28M	-202.34M	-57.71M	-41.48M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.98	-0.34	-0.53	-0.23	-0.89	-1.93	-2.77	-1.40	-0.39	-0.27
EPS Growth %	-100%	65.31%	-55.88%	56.6%	-286.96%	-116.85%	-43.52%	49.46%	72.14%	30.77%
EPS (Basic)	-0.98	-0.34	-0.53	-0.23	-0.89	-1.93	-2.77	-1.40	-0.39	-0.27
Diluted Shares Outstanding	28.13M	103.63M	63.88M	123.57M	129.32M	135.65M	140.9M	144.94M	149.59M	154.4M
Basic Shares Outstanding	28.13M	103.63M	63.88M	123.57M	129.32M	135.65M	140.9M	144.94M	149.59M	154.4M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jul 2016	Jul 2017	Jul 2018	Jul 2019	Jul 2020	Jul 2021	Jul 2022	Jul 2023	Jul 2024	Jul 2025
Total Current Assets+	127.05M	142.91M	387.16M	496.09M	1.58B	1.85B	2.26B	2.89B	3.4B	4.89B
Cash & Short-Term Investments	92.84M	87.98M	298.54M	364.65M	1.37B	1.5B	1.73B	2.1B	2.41B	3.57B
Cash Only	92.84M	87.98M	135.58M	78.48M	141.85M	275.9M	1.01B	1.26B	1.42B	2.39B
Short-Term Investments	0	0	162.96M	286.16M	1.23B	1.23B	718.13M	838.03M	986.57M	1.18B
Accounts Receivable	24.49M	39.05M	61.61M	93.34M	147.58M	257.11M	399.75M	582.64M	736.53M	992.18M
Days Sales Outstanding	111.28	113.38	118.25	112.5	124.91	139.42	133.74	131.52	124.01	135.48
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	6.74M	10.47M	16.14M	21.22M	36.04M	57.37M	88.14M	207.45M	250.43M	329.7M
Total Non-Current Assets+	26.46M	39.99M	60.62M	108.08M	251.66M	409.33M	576.02M	718M	1.31B	1.53B
Property, Plant & Equipment	11.11M	13.14M	19.77M	41.05M	111.85M	152.91M	232.99M	313.03M	472.88M	633.15M
Fixed Asset Turnover	7.23x	9.57x	9.62x	7.38x	3.86x	4.40x	4.68x	5.17x	4.58x	4.22x
Goodwill	0	0	0	7.48M	30.06M	58.98M	78.55M	89.19M	417.03M	417.73M
Intangible Assets	0	0	0	8.71M	24.02M	32.13M	31.82M	25.86M	63.84M	47.32M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	15.36M	26.85M	40.85M	50.84M	85.73M	165.31M	232.66M	289.93M	354.61M	427.4M
Total Assets+	153.52M	182.9M	447.78M	604.16M	1.83B	2.26B	2.83B	3.61B	4.7B	6.42B
Asset Turnover	0.52x	0.69x	0.42x	0.50x	0.24x	0.30x	0.39x	0.45x	0.46x	0.42x
Asset Growth %	20.93%	19.14%	144.82%	34.92%	203.47%	23.14%	25.47%	27.38%	30.39%	36.45%
Total Current Liabilities+	77.9M	120.46M	182.83M	261.95M	423.9M	720.21M	1.13B	1.54B	3.11B	2.43B
Accounts Payable	1.41M	3.76M	4.89M	6.21M	5.23M	12.55M	26.15M	18.48M	23.31M	46.91M
Days Payables Outstanding	25.5	50	47.17	37.72	19.67	30.4	39.23	18.61	17.74	27.7
Short-Term Debt	0	0	0	0	0	0	0	0	1.14B	0
Deferred Revenue (Current)	58.49M	85.47M	140.67M	221.39M	337.26M	571.29M	923.75M	1.28B	1.64B	2.05B
Other Current Liabilities	13.6M	19.58M	23.39M	21.54M	49.44M	93.62M	111.95M	44.78M	62.26M	61.01M
Current Ratio	1.63x	1.19x	2.12x	1.89x	3.73x	2.57x	1.99x	1.88x	1.09x	2.01x
Quick Ratio	1.63x	1.19x	2.12x	1.89x	3.73x	2.57x	1.99x	1.88x	1.09x	2.01x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	8.95M	12.61M	24.71M	33.66M	924.73M	1.01B	1.12B	1.35B	317.98M	2.19B
Long-Term Debt	0	0	0	0	861.62M	913.54M	968.67M	1.13B	0	1.7B
Capital Lease Obligations	0	0	0	0	28.02M	31.23M	50.95M	41.92M	44.82M	43.35M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	1.53M	1.46M	1.36M	3.84M	2.59M	4.45M	7.92M	12.73M	22.1M	33.32M
Total Liabilities	86.85M	133.07M	207.54M	295.6M	1.35B	1.73B	2.26B	2.88B	3.43B	4.62B
Total Debt+	0	0	0	0	905.24M	964.61M	1.05B	1.21B	1.24B	1.8B
Net Debt	-92.84M	-87.98M	-135.58M	-78.48M	763.39M	688.71M	32.51M	-51.66M	-185.12M	-592.45M
Debt / Equity	-	-	-	-	1.87x	1.82x	1.82x	1.67x	0.97x	1.00x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-10.16x	-	-	-	-	-	-
Interest Coverage	-	-	-	-	-18.88x	-3.89x	-5.79x	-31.59x	-9.46x	-13.49x
Total Equity+	66.67M	49.84M	240.24M	308.56M	484.83M	528.89M	573.3M	725.11M	1.27B	1.8B
Equity Growth %	6.72%	-25.25%	382.06%	28.44%	57.13%	9.09%	8.4%	26.48%	75.71%	41.22%
Book Value per Share	2.37	0.48	3.76	2.50	3.75	3.90	4.07	5.00	8.52	11.65
Total Shareholders' Equity	66.67M	49.84M	240.24M	308.56M	484.83M	528.89M	573.3M	725.11M	1.27B	1.8B
Common Stock	16K	18K	119K	127K	133K	139K	143K	147K	152K	159K
Retained Earnings	-126.56M	-162.02M	-196.1M	-224.46M	-339.57M	-601.6M	-991.88M	-1.09B	-1.15B	-1.19B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-10.63M	-17.3M	-124K	268K	463K	-650K	-25.85M	-1.58M	-4.79M	8.08M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jul 2016	Jul 2017	Jul 2018	Jul 2019	Jul 2020	Jul 2021	Jul 2022	Jul 2023	Jul 2024	Jul 2025
Cash from Operations+	-11.92M	-6.02M	17.31M	58.03M	79.32M	202.04M	321.91M	462.34M	779.85M	972.45M
Operating CF Margin %	-14.83%	-4.79%	9.1%	19.16%	18.39%	30.02%	29.51%	28.59%	35.97%	36.38%
Operating CF Growth %	-263.4%	49.49%	387.54%	235.28%	36.69%	154.72%	59.33%	43.62%	68.67%	24.7%
Net Income	-27.44M	-35.46M	-33.65M	-28.66M	-115.12M	-262.03M	-390.28M	-202.34M	-57.71M	-41.48M
Depreciation & Amortization	4.87M	6.84M	7.99M	11.31M	21.12M	36.46M	49.47M	66.82M	80.93M	121.18M
Stock-Based Compensation	3.62M	9.92M	11.22M	46.42M	121.39M	258.54M	409.56M	444.83M	527.68M	661.35M
Deferred Taxes	0	0	0	-1.39M	-1.17M	-2.41M	-562K	352K	-5.63M	-14.35M
Other Non-Cash Items	5.46M	8.38M	13.31M	16.75M	44.48M	125.91M	156.27M	124.1M	168.51M	219.03M
Working Capital Changes	1.58M	4.3M	18.43M	13.59M	8.61M	45.57M	97.45M	28.57M	66.07M	26.72M
Change in Receivables	-6.19M	-14.56M	-22.56M	-31.73M	-54.22M	-111.61M	-143.34M	-183.86M	-152.96M	-256.01M
Change in Inventory	1.97M	2.66M	-2.99M	-7.98M	-18.89M	-18.91M	0	-45.3M	0	0
Change in Payables	563K	2.25M	-779K	495K	862K	7.45M	14.36M	-8.42M	4.16M	17.53M
Cash from Investing+	-6.65M	-8.34M	-178.1M	-162.07M	-1.04B	-109.67M	374.06M	-259.34M	-683.18M	-427.02M
Capital Expenditures	-6.25M	-8.17M	-15.17M	-30.16M	-51.81M	-58.3M	-90.58M	-128.72M	-144.59M	-245.76M
CapEx % of Revenue	7.78%	6.5%	7.98%	9.96%	12.01%	8.66%	8.3%	7.96%	6.67%	9.19%
Acquisitions	0	0	0	-11.43M	-41.6M	-40.53M	-25.29M	-15.64M	-374.7M	-834K
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	433K	0	0	0	0	0	-50.31M	0
Cash from Financing+	27.56M	9.5M	208.4M	46.38M	1.02B	41.67M	41.34M	45.99M	64.21M	420.51M
Debt Issued (Net)	833K	0	0	0	1.13B	0	0	0	0	354.16M
Equity Issued (Net)	1000K	1000K	1000K	-22K	1000K	1000K	1000K	1000K	1000K	1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	-3.81M	-22K	0	0	0	0	0	0
Other Financing	1.77M	1.82M	6.86M	46.41M	-145.25M	-2.25M	-255K	-217K	-39K	-792K
Net Change in Cash	9M	-4.86M	47.6M	-57.66M	63.37M	134.05M	737.31M	249M	160.87M	965.94M
Free Cash Flow+	-18.16M	-14.19M	2.14M	27.86M	27.51M	143.74M	231.33M	333.62M	584.95M	726.69M
FCF Margin %	-22.61%	-11.29%	1.12%	9.2%	6.38%	21.36%	21.2%	20.63%	26.98%	27.19%
FCF Growth %	-81.92%	21.86%	115.06%	1203.93%	-1.28%	422.55%	60.93%	44.22%	75.33%	24.23%
FCF per Share	-0.65	-0.14	0.03	0.23	0.21	1.06	1.64	2.30	3.91	4.71
FCF Conversion (FCF/Net Income)	0.43x	0.17x	-0.51x	-2.03x	-0.69x	-0.77x	-0.82x	-2.29x	-13.51x	-23.45x
Interest Paid	0	0	0	0	0	1.46M	1.44M	1.44M	1.44M	0
Taxes Paid	319K	385K	-870K	1.77M	2.52M	4.14M	5.61M	14.94M	23.12M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-42.49%	-60.87%	-23.2%	-10.44%	-29.02%	-51.7%	-70.82%	-31.17%	-5.77%	-2.7%
Return on Invested Capital (ROIC)	-	-	-59.95%	-9.96%	-9.62%	-12.62%	-26.94%	-25.26%	-10.54%	-8.39%
Gross Margin	74.94%	78.15%	80.08%	80.17%	77.49%	77.62%	77.7%	77.58%	77.87%	76.87%
Net Margin	-34.16%	-28.21%	-17.69%	-9.46%	-26.69%	-38.93%	-35.77%	-12.51%	-2.66%	-1.55%
Debt / Equity	-	-	-	-	1.87x	1.82x	1.82x	1.67x	0.97x	1.00x
Interest Coverage	-	-	-	-	-18.88x	-3.89x	-5.79x	-31.59x	-9.46x	-13.49x
FCF Conversion	0.43x	0.17x	-0.51x	-2.03x	-0.69x	-0.77x	-0.82x	-2.29x	-13.51x	-23.45x
Revenue Growth	49.56%	56.51%	51.27%	59.24%	42.41%	56.07%	62.08%	48.22%	34.07%	23.31%

Zscaler, Inc. (ZS) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare ZS vs Peers

vs PANW

vs CRWD

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Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

Zscaler, Inc. (ZS) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare ZS vs Peers

vs PANW

vs CRWD

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios