(ZS) Zscaler - Overview

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US98980G1022

Stock:

Total Rating 31

Risk 70

Buy Signal -0.45

Software - Infrastructure +7.3
Systems Software +4.7

Market Cap: 26,689m
Avg Trading Vol: 527M USD

ATR: 7.26%
Peers RS (IBD): 26.47

Risk 5d forecast
Volatility	56.4%
Relative Tail Risk	-4.91%

Reward TTM
Sharpe Ratio	-0.29
Alpha	-43.40

Character TTM
Beta	1.543
Beta Downside	1.588

Drawdowns 3y
Max DD	57.39%
CAGR/Max DD	0.17

EPS (Earnings per Share)

EPS CAGR: -31.04%
EPS Trend: 31.4%

Last SUE: 0.71
Qual. Beats: 0

Revenue

Rev. CAGR: 35.03%
Rev. Trend: 98.6%

Last SUE: 2.60
Qual. Beats: 10

Description: ZS Zscaler

Zscaler, Inc. operates as a cloud security company worldwide. The company offers cyberthreat protection products, including Zscaler Internet Access, which provides threat protection, cloud sandbox, and cloud browser isolation; Zscaler Private Access solution that includes cyberthreat and data protection, application discovery, secure application access, application segmentation, application protection, reduced attack surface, and browser isolation; Zero Trust Firewall; Cloud Sandbox; and Zero Trust Browser. It also provides data security products, such as web and email DLP, endpoint DLP, BYOD security, multi-mode CASB, unified SaaS security, DSPM, AI-SPM, public gen AI security, and Microsoft Copilot data protection; Zero Trust Cloud solution. In addition, the company offers Zero Trust Branch comprising Zero Trust SD-WAN; IoT/OT segmentation; privileged remote access; Zscaler Cellular; and 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. Further, it provides security operations products, including data fabric for security; asset exposure management; Risk360; unified vulnerability management; deception; managed detection and response; and managed threat hunting. Additionally, the company offers Zero Trust Gateway, a fully managed Zscaler service. It serves the automotive, airlines and transportation, conglomerates, consumer goods and retail, energy, financial services, healthcare, insurance, 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.

Piotroski VR‑10 (Strict, 0-10) 3.5

Net Income: -41.0m TTM > 0 and > 6% of Revenue
FCF/TA: 0.13 > 0.02 and ΔFCF/TA -0.81 > 1.0
NWC/Revenue: 67.07% < 20% (prev 18.71%; Δ 48.36% < -1%)
CFO/TA 0.17 > 3% & CFO 1.09b > Net Income -41.0m
Net Debt (495.8m) to EBITDA (123.2m): 4.02 < 3
Current Ratio: 1.82 > 1.5 & < 3
Outstanding Shares: last quarter (158.6m) vs 12m ago 3.96% < -2%
Gross Margin: 76.66% > 18% (prev 0.78%; Δ 7588 % > 0.5%)
Asset Turnover: 50.54% > 50% (prev 48.82%; Δ 1.72% > 0%)
Interest Coverage Ratio: 0.38 > 6 (EBITDA TTM 123.2m / Interest Expense TTM 8.45m)

Altman Z'' 1.04

A: 0.29 (Total Current Assets 4.21b - Total Current Liabilities 2.31b) / Total Assets 6.50b
B: -0.18 (Retained Earnings -1.20b / Total Assets 6.50b)
C: 0.00 (EBIT TTM 3.22m / Avg Total Assets 5.61b)
D: -0.26 (Book Value of Equity -1.19b / Total Liabilities 4.52b)
Altman-Z'' Score: 1.04 = BB

Beneish M -2.76

DSRI: 1.01 (Receivables 530.5m/424.6m, Revenue 2.83b/2.30b)
GMI: 1.02 (GM 76.66% / 77.81%)
AQI: 1.43 (AQ_t 0.25 / AQ_t-1 0.17)
SGI: 1.23 (Revenue 2.83b / 2.30b)
TATA: -0.17 (NI -41.0m - CFO 1.09b) / TA 6.50b)
Beneish M-Score: -2.76 (Cap -4..+1) = A

What is the price of ZS shares?

As of March 04, 2026, the stock is trading at USD 154.67 with a total of 3,074,814 shares traded.
Over the past week, the price has changed by +3.56%, over one month by -17.75%, over three months by -36.52% and over the past year by -18.07%.

Is ZS a buy, sell or hold?

Zscaler has received a consensus analysts rating of 4.17. Therefore, it is recommended to buy ZS.

StrongBuy: 24
Buy: 9
Hold: 11
Sell: 1
StrongSell: 1

What are the forecasts/targets for the ZS price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	290.3	87.7%
Analysts Target Price	290.3	87.7%

ZS Fundamental Data Overview February 28, 2026

P/E Forward = 84.0336
P/S = 9.4199
P/B = 27.061
P/EG = 4.1905
Revenue TTM = 2.83b USD
EBIT TTM = 3.22m USD
EBITDA TTM = 123.2m USD
Long Term Debt = 1.70b USD (from longTermDebt, last quarter)
Short Term Debt = 68.4m USD (from shortTermDebt, last quarter)
Debt = 1.83b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 495.8m USD (from netDebt column, last quarter)
Enterprise Value = 25.20b USD (26.69b + Debt 1.83b - CCE 3.32b)
Interest Coverage Ratio = 0.38 (Ebit TTM 3.22m / Interest Expense TTM 8.45m)
EV/FCF = 29.72x (Enterprise Value 25.20b / FCF TTM 848.1m)
FCF Yield = 3.37% (FCF TTM 848.1m / Enterprise Value 25.20b)
FCF Margin = 29.93% (FCF TTM 848.1m / Revenue TTM 2.83b)
Net Margin = -1.45% (Net Income TTM -41.0m / Revenue TTM 2.83b)
Gross Margin = 76.66% ((Revenue TTM 2.83b - Cost of Revenue TTM 661.3m) / Revenue TTM)
Gross Margin QoQ = 76.56% (prev 76.05%)
Tobins Q-Ratio = 3.88 (Enterprise Value 25.20b / Total Assets 6.50b)
Interest Expense / Debt = 0.12% (Interest Expense 2.13m / Debt 1.83b)
Taxrate = 21.0% (US default 21%)
NOPAT = 2.54m (EBIT 3.22m * (1 - 21.00%))
Current Ratio = 1.82 (Total Current Assets 4.21b / Total Current Liabilities 2.31b)
Debt / Equity = 0.93 (Debt 1.83b / totalStockholderEquity, last quarter 1.98b)
Debt / EBITDA = 4.02 (Net Debt 495.8m / EBITDA 123.2m)
Debt / FCF = 0.58 (Net Debt 495.8m / FCF TTM 848.1m)
Total Stockholder Equity = 1.80b (last 4 quarters mean from totalStockholderEquity)
RoA = -0.73% (Net Income -41.0m / Total Assets 6.50b)
RoE = -2.28% (Net Income TTM -41.0m / Total Stockholder Equity 1.80b)
RoCE = 0.09% (EBIT 3.22m / Capital Employed (Equity 1.80b + L.T.Debt 1.70b))
RoIC = 0.08% (NOPAT 2.54m / Invested Capital 3.22b)
WACC = 10.86% (E(26.69b)/V(28.52b) * Re(11.60%) + D(1.83b)/V(28.52b) * Rd(0.12%) * (1-Tc(0.21)))
Discount Rate = 11.60% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 3.65%
[DCF] Terminal Value 72.54% ; FCFF base≈769.7m ; Y1≈949.5m ; Y5≈1.62b
[DCF] Fair Price = 104.8 (EV 17.21b - Net Debt 495.8m = Equity 16.71b / Shares 159.5m; r=10.86% [WACC]; 5y FCF grow 25.0% → 2.90% )
EPS Correlation: 31.44 | EPS CAGR: -31.04% | SUE: 0.71 | # QB: 0
Revenue Correlation: 98.58 | Revenue CAGR: 35.03% | SUE: 2.60 | # QB: 10
EPS next Quarter (2026-04-30): EPS=0.95 | Chg7d=+0.000 | Chg30d=+0.000 | Revisions Net=+29 | Analysts=43
EPS current Year (2026-07-31): EPS=3.82 | Chg7d=+0.000 | Chg30d=-0.000 | Revisions Net=+0 | Growth EPS=+16.6% | Growth Revenue=+23.3%
EPS next Year (2027-07-31): EPS=4.49 | Chg7d=+0.000 | Chg30d=+0.002 | Revisions Net=+0 | Growth EPS=+17.4% | Growth Revenue=+19.8%
[Analyst] Revisions Ratio: +0.88 (31 Up / 2 Down within 30d for Next Quarter)

Additional Sources for ZS Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Fund Manager Positions: Dataroma | Stockcircle