Last 38 quarters of trend data · Technology · Software - Infrastructure
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | -544.41 | — | — | — | — | — | — | — | 360.29 | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 8.83 | 9.79 | 16.66 | 15.53 | 12.92 | 12.01 | 10.98 | 11.46 | 12.04 | 16.72 | 11.79 | 12.90 | 7.82 |
| — | -18.5% | +51.7% | +35.6% | +7.3% | -28.1% | -6.9% | -11.2% | +54.0% | +44.4% | -24.2% | -25.6% | -68.7% | |
| P/B Ratio | 12.61 | 14.54 | 26.49 | 24.84 | 19.41 | 19.37 | 19.31 | 21.33 | 24.38 | 36.61 | 29.01 | 32.39 | 21.78 |
| — | -24.9% | +37.2% | +16.5% | -20.4% | -47.1% | -33.4% | -34.2% | +11.9% | +7.9% | -43.4% | -15.9% | -59.6% | |
| P/FCF | 32.48 | 33.40 | 31.77 | 64.98 | 73.32 | 54.26 | 23.62 | 49.83 | 54.10 | 87.07 | 26.06 | 57.95 | 44.31 |
| — | -38.4% | +34.5% | +30.4% | +35.5% | -37.7% | -9.4% | -14.0% | +22.1% | +21.9% | -54.9% | -21.5% | -73.0% | |
| EV / EBITDA | — | — | 2692.67 | — | 854.62 | — | — | — | 400.23 | — | — | — | — |
| — | — | — | — | +113.5% | — | — | — | — | — | — | — | — | |
| EV / EBIT | — | — | — | 641.39 | 1311.76 | — | — | — | 286.27 | — | — | — | — |
| — | — | — | — | +358.2% | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Zscaler, Inc.'s operating margin was -6.3% in Q2 2026, down 1.7 pp QoQ and down 0.6 pp YoY. This marks the 4th consecutive quarter of margin compression, signaling a persistent pressure on profitability that investors should monitor. The trailing four-quarter average of -4.7% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 76.9% | 76.6% | 76.6% | 76.1% | 77.0% | 77.1% | 77.3% | 77.9% | 78.5% | 77.5% | 77.5% | 77.4% | 77.1% |
| — | -0.7% | -1.0% | -2.3% | -1.9% | -0.6% | -0.2% | +0.7% | +1.8% | +0.1% | -1.3% | -1.3% | -0.6% | |
| Operating Margin | -4.8% | -6.3% | -4.6% | -4.5% | -3.3% | -5.7% | -5.1% | -4.3% | -0.8% | -9.0% | -9.4% | -9.2% | -11.5% |
| — | -11.2% | +9.1% | -3.5% | -313.7% | +36.3% | +46.0% | +53.0% | +93.0% | +43.0% | +48.1% | +64.5% | +61.9% | |
| Net Margin | -1.6% | -4.2% | -1.5% | -2.4% | -0.6% | -1.2% | -1.9% | -2.5% | 3.5% | -5.4% | -6.7% | -6.7% | -11.0% |
| — | -252.8% | +23.2% | +2.6% | -117.6% | +78.0% | +71.5% | +62.8% | +131.4% | +63.4% | +64.8% | +78.0% | +68.9% |
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.7% | -1.6% | -0.6% | -1.0% | -0.2% | -0.5% | -0.9% | -1.3% | 1.9% | -3.2% | -4.4% | -4.6% | -8.2% |
| — | -222.8% | +31.1% | +22.4% | -113.0% | +84.2% | +79.6% | +72.8% | +122.9% | +73.1% | +67.8% | +73.8% | +57.0% | |
| ROA | -0.7% | -0.5% | -0.2% | -0.3% | -0.1% | -0.2% | -0.3% | -0.3% | 0.5% | -0.8% | -0.9% | -0.9% | -1.5% |
| — | -225.5% | +29.8% | +10.5% | -116.9% | +78.9% | +72.3% | +62.9% | +131.9% | +61.5% | +61.6% | +75.3% | +64.0% | |
| ROIC | -8.4% | -1.5% | -1.5% | -2.1% | -1.6% | -2.5% | -2.2% | -1.8% | -0.4% | -5.0% | -5.2% | -5.2% | -7.0% |
| — | +42.3% | +31.9% | -20.5% | -334.0% | +49.4% | +58.6% | +65.6% | +94.8% | +42.6% | +36.3% | +35.2% | -11.4% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
The current ratio has improved 58.2% YoY to 1.90x, strengthening the short-term liquidity position. Debt/Equity has declined for 3 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.00 | 0.85 | 0.93 | 1.00 | 0.68 | 0.77 | 0.87 | 0.97 | 1.13 | 1.29 | 1.51 | 1.67 | 2.02 |
| — | +10.2% | +6.8% | +2.8% | -39.8% | -40.1% | -42.5% | -41.8% | -44.1% | -44.1% | -46.7% | -8.5% | +6.8% | |
| Debt / EBITDA | — | — | 372.62 | — | 122.56 | — | — | — | 74.29 | — | — | — | — |
| — | — | — | — | +65.0% | — | — | — | — | — | — | — | — | |
| Current Ratio | 2.01 | 1.90 | 1.82 | 2.01 | 1.24 | 1.20 | 1.15 | 1.09 | 1.75 | 1.98 | 1.96 | 1.88 | 1.96 |
| — | +58.2% | +59.3% | +84.6% | -29.2% | -39.4% | -41.6% | -42.0% | -11.0% | -1.1% | -2.4% | -5.4% | -12.6% | |
| Quick Ratio | 2.01 | 1.90 | 1.82 | 2.01 | 1.24 | 1.20 | 1.15 | 1.09 | 1.75 | 1.98 | 1.96 | 1.88 | 1.96 |
| — | +58.2% | +59.3% | +84.6% | -29.2% | -39.4% | -41.6% | -42.0% | -11.0% | -1.1% | -2.4% | -5.4% | -12.6% | |
| Interest Coverage | -13.49 | — | -17.10 | -15.55 | -11.39 | -16.21 | -10.62 | -6.88 | -1.86 | -12.29 | -14.86 | -15.44 | -33.50 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 38 years · Updated daily
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Start ComparisonZscaler, Inc.'s current P/E is -544.4x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Zscaler, Inc.'s current operating margin is -4.8%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Zscaler, Inc.'s business trajectory between earnings reports.