Zscaler, Inc. (ZS)
NEUTRALFundamental
49
मूल्य
$168.25
मार्केट कैप
$28.47B
भाग 1 · कंपनी का मूल्य कितना है
अवलोकन
Zscaler sells a cloud security service that inspects and secures internet and private application traffic for large organizations, in place of the on-premises hardware and VPNs that used to do the job. Instead of building a perimeter around a company's own data centre, all traffic is routed through Zscaler's cloud, where policies decide what a user, device or application is allowed to reach. It serves close to half of the Fortune 500 and roughly 40% of the Forbes Global 2000.
यह पैसा कैसे कमाती है
Revenue comes almost entirely from subscriptions, typically sold as multi-year contracts covering a number of users or devices across a growing family of Zero Trust products bundled into pricing tiers. Existing customers are the main growth engine: once onboarded, Zscaler sells additional modules — data protection, AI security, digital experience monitoring — into the same account, so revenue expands with usage and product adoption even before a new customer is signed.
प्रतिस्पर्धी बढ़त (Moat)
स्विचिंग कॉस्ट · संकीर्णOnce an enterprise routes its internet and private application traffic through Zscaler's cloud and retires its old hardware and VPN appliances, ripping it back out is operationally risky and slow, which supports high renewal rates. That said, the market still includes deeply entrenched appliance-based incumbents, and the company itself flags that habits built around legacy spending can slow how fast new customers move to its architecture.
मांग को क्या चलाता है
मध्यम रूप से चक्रीयCybersecurity is one of the more resilient corners of IT spending because a breach is costly and boards treat it as a mandatory budget line, but Zscaler is still selling multi-year contracts to enterprises whose overall technology budgets can tighten in a downturn, and net losses mean the business has less room to absorb a slowdown in new bookings than an already profitable peer.
प्रमुख जोखिम
- Still unprofitable, with large convertible debt — Zscaler has an accumulated deficit exceeding $1.1 billion and $1.725 billion of convertible notes due in 2028, meaning a slowdown in growth would test its ability to keep funding operations and refinance that debt.
- Growth relies on renewals and upsell — Most revenue growth now comes from existing customers renewing and buying additional modules rather than from new customer contracts, so a dip in renewal rates would show up in results quickly.
- Competing against entrenched appliance vendors — Established security vendors with large installed bases of on-premises hardware and deep customer relationships can slow enterprise adoption of Zscaler's cloud-only architecture even where it is technically superior.
- Operational complexity in international markets — A large share of revenue comes from outside the US, adding exposure to local regulation, data-residency rules and operational complexity in markets such as India where the company has significant operations.
ग्राहक Concentration
No end customer accounted for more than 10% of revenue in fiscal 2025, 2024 or 2023, so the exposure is to a broad enterprise IT spending cycle rather than to any single account.
खरीदने के पक्ष में तर्क
Buyers argue that once an enterprise has rerouted its traffic through Zscaler's cloud and retired legacy hardware, switching back is disruptive enough to support durable renewal rates, and that cross-selling new Zero Trust modules into the existing customer base can keep growth strong even without adding many new logos.
बेचने के पक्ष में तर्क
Sellers worry that Zscaler is still unprofitable with over a billion dollars in convertible debt coming due, that entrenched appliance-based vendors can slow how fast enterprises adopt its architecture, and that growth increasingly depends on selling more to the same customers rather than expanding the customer base itself.
Written by the editors, published on 18 अगस्त 2026
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बैलेंस शीट और तरलता
राजस्व
$3.17B
पिछले 12 महीने (30/4/2026 तक)
शुद्ध आय
$-77M
पिछले 12 महीने (30/4/2026 तक)
Free Cash Flow
$808M
कुल इक्विटी
$1.80B
कुल देनदारियाँ
$4.62B
Current Ratio
1.86
Interest Coverage
13.49
Debt/EBITDA
-
Earnings Per Share
राजस्व और शुद्ध आय
Free Cash Flow
आय विवरण
ऐतिहासिक विवरण
समय के साथ मार्जिन
समय के साथ ऋण
ऋण कितना भारी है
वृद्धि तालिका
वृद्धि — राजस्व
Fair Value अनुमान
Fair Value
$152.89
वर्तमान मूल्य
$168.25
Margin of Safety
-10.0%
Fair Value सीमा
$102.29 - $203.50
अनुमान विधियाँ
मूल्यांकन मेट्रिक्स
P/E Ratio
-
ROE
-2.3%
P/B Ratio
12.03
P/FCF
29.55
Gross Margin
76.7%
ROIC
-2.6%
लाभप्रदता Radar
Value Creation (Economic Moat)
ROIC
-2.6%
WACC
9.1%
ROIC − WACC
-11.7 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental विश्लेषण मानदंड
पास (13)
- EPS shows upward trend
- Price CAGR 21.13%
- Gross Margin 76.7%
- P/FCF 29.55
- Debt/Equity ratio
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Revenue Growth 5Y 44.0%
- Analyst Consensus 81% Buy
- Earnings Surprise avg 7.5%
- Piotroski F-Score 5/9
फेल (9)
- ROIC -2.6%
- P/B Ratio 12.03
- Operating Margin -4.7%
- Return on Tangible Assets
- Low reliance on intangibles
- DCF valuation (Overvalued)
- ROE -3.7%
- Share Dilution 3.8%
- Net Margin Trend -2.4% vs -1.5%
अनुपलब्ध (5)
- Dividend Payout NaN%
- Debt/EBITDA
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
Piotroski F-Score
मिश्रित संकेत: कुछ क्षेत्रों पर ध्यान देना आवश्यक
Earnings गुणवत्ता
निम्न गुणवत्ता: accounting की जांच करें
शेयर Dilution
नए शेयर जारी कर रही है, स्वामित्व को कम कर रही है
प्रशासन
कार्यकारी टीम
| नाम | पद | आयु |
|---|---|---|
| Mr. Jagtar Singh Chaudhry | Co-Founder, CEO & Chairman of the Board | 66 |
| Mr. Mike Rich | Chief Revenue Officer & President of Global Sales | 58 |
| Mr. Kevin Rubin | Chief Financial Officer | 50 |
| Mr. Adam Geller | Chief Product Officer | 49 |
| Mr. K. Kailash | Founder & Chief Architect | - |
| Ms. Praniti Lakhwara | Chief Information Officer | 49 |
| Ms. Kimberly Anderson Watkins CFA | SVP of Investor Relations & Strategic Finance | - |
| Mr. Robert S. Schlossman J.D. | Chief Legal Officer & Secretary | 57 |
| Ms. Natalia Wodecki | Global Public Relations Director | - |
| Mr. Sunil Frida | Chief Marketing Officer | - |
Audit जोखिम
1
बोर्ड जोखिम
8
मुआवजा जोखिम
6
शेयरधारक अधिकार जोखिम
8
भाग 2 · कीमत और खरीदने का समय
यह हिस्सा यह नहीं बताता कि कंपनी अच्छी है या नहीं: यह तय करने में मदद करता है कि उसे कब खरीदें, जब फंडामेंटल आपको आश्वस्त कर चुके हों। इसमें: तकनीकी विश्लेषण, संभावना, ऐतिहासिक गिरावट, गामा एक्सपोज़र।
Latest News
Recent headlines for ZS, sourced from Markets Gazette.
- 5/31/2026NEGATIVEZscaler, AutoZone, And Regencell Are Among Top 10 Large-Cap Losers Last Week (May 25-May 29): Are The Others In Your Portfolio?
Zscaler Inc. was among the top 10 large-cap stock losers for the week of May 25-May 29, alongside AutoZone and PDD Holdings. The decline was attributed to factors including weak company guidance and downward revisions in analyst price targets. Declining energy prices also contributed to the broader market sentiment affecting these stocks. Investors are advised to monitor Zscaler's upcoming earnings reports and management commentary for signs of a potential turnaround or further headwinds.
- 5/28/2026NEGATIVEZscaler CEO: Anthropic's Mythos Has Added 'Fuel to the Fire'
Zscaler's CEO, Jay Chaudry, commented on the cybersecurity landscape, mentioning Anthropic's Mythos as adding 'fuel to the fire.' However, this positive sentiment is overshadowed by the company's recent weak fourth-quarter revenue forecast, which fell below expectations. Furthermore, Evercore analysts downgraded the stock, citing a slowdown in net new customer acquisition. These factors suggest potential headwinds for Zscaler, despite the CEO's broader commentary on industry trends.
- 5/27/2026NEGATIVEZscaler’s stock sees record drop after investors are blindsided by a disappointing outlook
Zscaler Inc. experienced a significant market reaction, with its stock plummeting over 31% following the release of a disappointing revenue outlook. This sharp decline indicates that investors were caught off guard by the company's forward-looking guidance, which failed to meet expectations. The cybersecurity firm's downbeat forecast suggests potential headwinds or a slowdown in growth, raising concerns about future performance and profitability. This event highlights the sensitivity of tech stocks to growth projections and could lead to a reassessment of the company's valuation by the market.
- 5/26/2026NEUTRALZscaler Reports Q3 2026 Results: Full Earnings Call Transcript
Zscaler Inc. has released its Q3 2026 earnings call transcript. While the transcript itself is informational, it does not contain specific financial results, forward-looking guidance, or immediate performance metrics that would allow for a definitive positive or negative signal. Investors will need to review the detailed transcript for specific operational updates, management commentary on market conditions, and any subtle indicators of future performance. The full earnings call details are crucial for a comprehensive understanding of the company's current standing and future prospects.
- 5/26/2026NEGATIVEZscaler Stock Tumbles On Q3 Earnings: Key Details From The Report
Zscaler Inc. (NASDAQ:ZS) is set to report its third-quarter fiscal 2026 earnings after market close on Tuesday, May 26, 2026. While the company has a history of strong performance in cybersecurity, the market's reaction to this upcoming report is crucial for investors. The stock's performance hinges on key metrics such as revenue growth, billings, and future guidance, especially in the context of evolving cybersecurity threats and competitive pressures. Any deviation from analyst expectations could lead to significant price movements.
- 5/26/2026POSITIVEWhy Zscaler Stock Is Surging On Tuesday?
Zscaler Inc. (NASDAQ: ZS) experienced a significant surge in its stock price on Tuesday, driven by anticipation of its upcoming Q3 earnings report. This upward momentum is further fueled by positive revisions to forecasts from prominent Wall Street analysts. The company's stock performance ahead of earnings often reflects investor confidence in its growth prospects and operational execution. Analysts' revised outlook suggests an expectation of strong financial results, potentially exceeding market consensus and indicating continued market leadership in cloud security solutions.
via Markets Gazette