Zscaler, Inc. (ZS) Financial Ratios
11 years of historical data (2015–2025) · Technology · Software - Infrastructure
EV/EBITDA
N/A
—
5yr avg: N/A
P/FCF
↓
30.68
↓-69% vs avg
5yr avg: 98.66
30Y Low45.9·High94.4
P/B Ratio
↓
11.91
↓-66% vs avg
5yr avg: 35.25
30Y Low9.4·High60.5
ROE
↑
-2.7%
↓+92% vs avg
5yr avg: -32.4%
30Y Low-71%·High-3%
Debt/EBITDA
N/A
—
5yr avg: N/A
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ZS Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Zscaler, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 30.7x P/FCF, 69% below the 5-year average of 98.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $22.3B | $44.1B | $26.8B | $23.2B | $21.8B | $32.0B | $16.8B | $10.4B | $2.3B | — | — |
| Enterprise Value | $21.7B | $43.5B | $26.6B | $23.2B | $21.9B | $32.7B | $17.6B | $10.3B | $2.1B | — | — |
| P/E Ratio → | -514.19 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 8.34 | 16.49 | 12.38 | 14.38 | 20.03 | 47.54 | 38.94 | 34.38 | 11.86 | — | — |
| P/B Ratio | 11.91 | 24.51 | 21.06 | 32.06 | 38.11 | 60.51 | 34.64 | 33.75 | 9.39 | — | — |
| P/FCF | 30.68 | 60.67 | 45.86 | 69.68 | 94.44 | 222.63 | 610.46 | 373.69 | 1055.52 | — | — |
| P/OCF | 22.92 | 45.34 | 34.40 | 50.28 | 67.87 | 158.40 | 211.71 | 179.45 | 130.33 | — | — |
P/E links to full P/E history page with 30-year chart
ZS EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 16.27 | 12.29 | 14.34 | 20.06 | 48.57 | 40.71 | 34.13 | 11.15 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | 1338.14 | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 59.86 | 45.55 | 69.52 | 94.58 | 227.43 | 638.21 | 370.87 | 992.07 | — | — |
ZS Profitability
Margins and return-on-capital ratios measuring operating efficiency
Zscaler, Inc. earns an operating margin of -4.8%. Operating margins have expanded from -13.3% to -4.8% over the past 3 years, signaling improving operational efficiency. A negative ROE of -2.7% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 76.9% | 76.9% | 77.9% | 77.6% | 77.7% | 77.6% | 77.5% | 80.2% | 80.1% | 78.1% | 74.9% |
| Operating Margin | -4.8% | -4.8% | -5.7% | -13.3% | -30.0% | -30.8% | -22.0% | -7.3% | -14.0% | -27.9% | -33.4% |
| Net Profit Margin | -1.6% | -1.6% | -2.7% | -12.5% | -35.8% | -38.9% | -26.7% | -9.5% | -17.7% | -28.2% | -34.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.7% | -2.7% | -5.8% | -31.2% | -70.8% | -51.7% | -29.0% | -10.4% | -23.2% | -60.9% | -42.5% |
| ROA | -0.7% | -0.7% | -1.4% | -6.3% | -15.3% | -12.8% | -9.4% | -5.4% | -10.7% | -21.1% | -19.6% |
| ROIC | -8.4% | -8.4% | -10.5% | -25.3% | -26.9% | -12.6% | -9.6% | -10.0% | -60.0% | — | — |
| ROCE | -4.6% | -4.6% | -6.8% | -11.4% | -20.2% | -14.1% | -10.8% | -7.3% | -16.2% | -50.8% | -36.8% |
ZS Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
The company holds a net cash position — cash of $2.4B exceeds total debt of $1.8B, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.00 | 1.00 | 0.97 | 1.67 | 1.82 | 1.82 | 1.87 | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.33 | -0.15 | -0.07 | 0.06 | 1.30 | 1.57 | -0.25 | -0.56 | -1.77 | -1.39 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | -10.16 | — | — | — |
| Debt / FCF | — | -0.82 | -0.32 | -0.15 | 0.14 | 4.79 | 27.75 | -2.82 | -63.44 | — | — |
| Interest Coverage | -13.49 | -13.49 | -9.46 | -31.59 | -5.79 | -3.89 | -18.88 | — | — | — | — |
Net cash position: cash ($2.4B) exceeds total debt ($1.8B)
ZS Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Zscaler, Inc.'s current ratio of 2.01x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 1.88x to 2.01x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.01 | 2.01 | 1.09 | 1.88 | 1.99 | 2.57 | 3.73 | 1.89 | 2.12 | 1.19 | 1.63 |
| Quick Ratio | 2.01 | 2.01 | 1.09 | 1.88 | 1.99 | 2.57 | 3.73 | 1.89 | 2.12 | 1.19 | 1.63 |
| Cash Ratio | 1.47 | 1.47 | 0.77 | 1.37 | 1.53 | 2.09 | 3.23 | 1.39 | 1.63 | 0.73 | 1.19 |
| Asset Turnover | — | 0.42 | 0.46 | 0.45 | 0.39 | 0.30 | 0.24 | 0.50 | 0.42 | 0.69 | 0.52 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 135.48 | 124.01 | 131.52 | 133.74 | 139.42 | 124.91 | 112.50 | 118.25 | 113.38 | 111.28 |
ZS Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Zscaler, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 3.3% | 1.6% | 2.2% | 1.4% | 1.1% | 0.4% | 0.2% | 0.3% | 0.1% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | — | — |
| Shares Outstanding | — | $154M | $150M | $145M | $141M | $136M | $129M | $124M | $64M | $104M | $28M |
Peer Comparison
Compare ZS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ZSYou | $22B | -514.2 | — | 30.7 | 76.9% | -4.8% | -2.7% | -8.4% | — |
 CRWD | $119B | -720.1 | 952.1 | 90.5 | 74.6% | -3.4% | -4.2% | -193.7% | 6.8 |
 PANW | $129B | 114.7 | 80.1 | 37.2 | 73.4% | 13.5% | 17.5% | 17.1% | 0.2 |
 FTNT | $67B | 37.0 | 29.3 | 30.1 | 80.8% | 30.6% | 135.7% | — | 0.4 |
 NET | $88B | -857.2 | 1028.8 | 270.9 | 74.4% | -9.4% | -8.2% | -4.6% | 42.0 |
 S | $5B | -11.2 | — | 63.6 | 74.1% | -32.1% | -29.0% | -17.4% | — |
 CHKP | $12B | 11.9 | 13.1 | 9.9 | 85.4% | 30.5% | 37.3% | 23.2% | 2.1 |
 CSCO | $363B | 35.9 | 26.2 | 27.3 | 64.9% | 20.8% | 22.1% | 13.0% | 2.0 |
 FFIV | $19B | 28.9 | 21.5 | 21.3 | 81.4% | 24.8% | 20.6% | 21.8% | 0.6 |
 VRNS | $3B | -24.4 | — | 24.1 | 79.1% | -23.5% | -24.5% | -11.0% | — |
 SAIL | $7B | -5.9 | 153.6 | — | 64.5% | -21.9% | — | — | 21.6 |
| Technology Median | — | 27.2 | 17.3 | 19.8 | 48.9% | -0.6% | 2.5% | 3.0% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 11 years · Updated daily
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Start ComparisonZS — Frequently Asked Questions
Quick answers to the most common questions about buying ZS stock.
What is Zscaler, Inc.'s P/E ratio?
Zscaler, Inc.'s current P/E ratio is -514.2x. This places it at the 50th percentile of its historical range.
What is Zscaler, Inc.'s ROE?
Zscaler, Inc.'s return on equity (ROE) is -2.7%. The historical average is -31.7%.
Is ZS stock overvalued?
Based on historical data, Zscaler, Inc. is trading at a P/E of -514.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Zscaler, Inc.'s profit margins?
Zscaler, Inc. has 76.9% gross margin and -4.8% operating margin.