ZS - Zscaler, Inc.
Price:
--
--
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CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$193.08
DETAILS
HIGH:
$230.00
LOW:
$145.00
MEDIAN:
$192.00
CONSENSUS:
$193.08
UPSIDE:
8.59%
| Metric | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||
| Revenue | 3,352.5 | 2,673.1 | 2,167.8 | 1,617.0 | 1,090.9 | 673.1 | 431.3 | 302.8 | 190.2 | 125.7 | 80.3 | 53.7 |
| Cost of Revenue | 777.6 | 618.2 | 479.7 | 362.5 | 243.3 | 150.6 | 97.1 | 60.1 | 37.9 | 27.5 | 20.1 | 14.4 |
| Gross Profit | 2,574.9 | 2,054.9 | 1,688.1 | 1,254.5 | 847.6 | 522.5 | 334.2 | 242.8 | 152.3 | 98.2 | 60.2 | 39.3 |
| Operating Expenses | ||||||||||||
| R&D Expenses | 903.4 | 672.5 | 499.7 | 347.5 | 288.8 | 174.7 | 96.6 | 62.0 | 39.4 | 33.6 | 20.9 | 15.0 |
| SG&A Expenses | 1,804.8 | 1,510.9 | 1,312.2 | 1,122.4 | 886.2 | 555.2 | 332.4 | 203.0 | 139.5 | 99.8 | 66.1 | 36.7 |
| Other Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | 2,708.2 | 2,183.4 | 1,812.0 | 1,469.9 | 1,175.1 | 729.9 | 429.0 | 265.0 | 178.9 | 133.3 | 87.0 | 51.7 |
| Operating Income | ||||||||||||
| Operating Income | (133.3) | (128.5) | (123.9) | (215.4) | (327.4) | (207.4) | (94.9) | (22.2) | (26.6) | (35.1) | (26.8) | (12.4) |
| Interest Expense | (11.8) | 9.5 | 13.1 | 6.8 | 56.6 | 53.4 | 5.0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 136.1 | 125.4 | 109.1 | 60.5 | 4.6 | 2.8 | 6.5 | 7.7 | 2.2 | 0 | 0 | 0 |
| Profitability | ||||||||||||
| EBITDA | (133.3) | 112.4 | 64.8 | (76.7) | (183.4) | (105.8) | (48.1) | 2.0 | (11.1) | (27.7) | (22.1) | (9.7) |
| EBIT | 0 | (8.8) | (16.1) | (175.7) | (327.1) | (203.8) | (107.7) | (27.9) | (32.3) | (34.6) | (27.0) | (12.6) |
| Income Before Tax | (17.1) | (18.3) | (29.2) | (182.6) | (383.6) | (257.2) | (112.7) | (27.9) | (32.3) | (34.6) | (27.0) | (12.6) |
| Income Tax Expense | 46.0 | 23.2 | 28.5 | 19.8 | 6.6 | 4.9 | 2.4 | 0.7 | 1.3 | 0.9 | 0.5 | 0.2 |
| Net Income | (63.2) | (41.5) | (57.7) | (202.3) | (390.3) | (262.0) | (115.1) | (28.7) | (33.6) | (35.5) | (27.4) | (12.8) |
| Per Share Data | ||||||||||||
| EPS (Basic) | -0.39 | -0.27 | -0.39 | -1.40 | -2.77 | -1.93 | -0.89 | -0.23 | -0.53 | -0.34 | -0.98 | -0.49 |
| EPS (Diluted) | -0.39 | -0.27 | -0.39 | -1.40 | -2.77 | -1.93 | -0.89 | -0.23 | -0.53 | -0.34 | -0.98 | -0.49 |
| Shares Outstanding | 160.2 | 154.4 | 149.6 | 144.9 | 140.9 | 135.7 | 129.3 | 123.6 | 63.9 | 103.6 | 28.1 | 26.1 |
| Metric | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||||||
| Cash & Cash Equivalents | 928.4 | 2,389.0 | 1,423.1 | 1,262.2 | 1,013.2 | 275.9 | 141.9 | 78.5 | 135.6 | 88.0 | 92.8 | 83.8 |
| Short-Term Investments | 2,545.8 | 1,183.4 | 986.6 | 838.0 | 718.1 | 1,226.7 | 1,228.7 | 286.2 | 163.0 | 0 | 0 | 0 |
| Net Receivables | 1,149.1 | 992.2 | 736.5 | 582.6 | 399.7 | 257.1 | 147.6 | 93.3 | 61.6 | 39.1 | 24.5 | 18.3 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 408.0 | 329.7 | 250.4 | 207.4 | 88.1 | 57.4 | 36.0 | 21.2 | 16.1 | 10.5 | 6.7 | 4.5 |
| Total Current Assets | 5,031.2 | 4,894.3 | 3,396.6 | 2,890.3 | 2,256.6 | 1,848.3 | 1,581.8 | 496.1 | 387.2 | 142.9 | 127.1 | 109.5 |
| Non-Current Assets | ||||||||||||
| Property, Plant & Equipment | 890.2 | 633.1 | 472.9 | 313.0 | 233.0 | 152.9 | 111.9 | 41.0 | 19.8 | 13.1 | 11.1 | 8.2 |
| Goodwill | 1,218.1 | 417.7 | 417.0 | 89.2 | 78.5 | 59.0 | 30.1 | 7.5 | 0 | 0 | 0 | 0 |
| Intangible Assets | 214.4 | 47.3 | 63.8 | 25.9 | 31.8 | 32.1 | 24.0 | 8.7 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 512.8 | 427.4 | 354.6 | 289.9 | 232.7 | 165.3 | 85.7 | 50.8 | 40.9 | 26.9 | 15.4 | 9.2 |
| Total Non-Current Assets | 2,835.5 | 1,525.6 | 1,308.4 | 718.0 | 576.0 | 409.3 | 251.7 | 108.1 | 60.6 | 40.0 | 26.5 | 17.4 |
| Total Assets | 7,866.7 | 6,419.9 | 4,705.0 | 3,608.3 | 2,832.7 | 2,257.6 | 1,833.5 | 604.2 | 447.8 | 182.9 | 153.5 | 126.9 |
| Current Liabilities | ||||||||||||
| Account Payables | 48.0 | 46.9 | 23.3 | 18.5 | 26.2 | 12.5 | 5.2 | 6.2 | 4.9 | 3.8 | 1.4 | 0.7 |
| Short-Term Debt | 64.9 | 0 | 1,142.3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 2,480.5 | 2,054.4 | 1,643.9 | 1,281.1 | 923.7 | 571.3 | 337.3 | 221.4 | 140.7 | 85.5 | 58.5 | 0 |
| Other Current Liabilities | 415.9 | 61.0 | 62.3 | 44.8 | 111.9 | 93.6 | 49.4 | 21.5 | 23.4 | 19.6 | 13.6 | 41.9 |
| Total Current Liabilities | 2,961.3 | 2,429.6 | 3,112.9 | 1,535.9 | 1,134.4 | 720.2 | 423.9 | 261.9 | 182.8 | 120.5 | 77.9 | 56.5 |
| Non-Current Liabilities | ||||||||||||
| Long-Term Debt | 1,790.9 | 1,700.7 | 0 | 1,134.2 | 968.7 | 913.5 | 861.6 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 516.2 | 33.3 | 22.1 | 12.7 | 7.9 | 4.5 | 2.6 | 3.8 | 1.4 | 1.5 | 1.5 | 0 |
| Total Non-Current Liabilities | 2,307.1 | 2,191.0 | 318.0 | 1,347.3 | 1,124.9 | 1,008.5 | 924.7 | 33.7 | 24.7 | 12.6 | 9.0 | 0 |
| Total Liabilities | 5,268.5 | 4,620.6 | 3,430.9 | 2,883.2 | 2,259.4 | 1,728.7 | 1,348.6 | 295.6 | 207.5 | 133.1 | 86.9 | 56.5 |
| Stockholders' Equity | ||||||||||||
| Common Stock | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 |
| Retained Earnings | (1,252.7) | (1,189.6) | (1,148.1) | (1,090.4) | (991.9) | (601.6) | (339.6) | (224.5) | (196.1) | (162.0) | (126.6) | (99.1) |
| Accumulated Other Comprehensive Income | (23.5) | 8.1 | (4.8) | (1.6) | (25.9) | (0.7) | 0.5 | 0.3 | (0.1) | (17.3) | (10.6) | (9.1) |
| Total Stockholders' Equity | 2,598.3 | 1,799.3 | 1,274.1 | 725.1 | 573.3 | 528.9 | 484.8 | 308.6 | 240.2 | 49.8 | 66.7 | 62.5 |
| Total Liabilities & Equity | 7,866.7 | 6,419.9 | 4,705.0 | 3,608.3 | 2,832.7 | 2,257.6 | 1,833.5 | 604.2 | 447.8 | 182.9 | 153.5 | 119.0 |
| Debt Metrics | ||||||||||||
| Total Debt | 1,855.8 | 1,796.6 | 1,238.0 | 1,210.5 | 1,045.7 | 964.6 | 905.2 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 927.5 | (592.4) | (185.1) | (51.7) | 32.5 | 688.7 | 763.4 | (78.5) | (135.6) | (88.0) | (92.8) | (83.8) |
| Metric | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||||
| Net Income | (63.2) | (41.5) | (57.7) | (202.3) | (390.3) | (262.0) | (115.1) | (28.7) | (33.6) | (35.5) | (27.4) | (12.8) |
| Depreciation & Amortization | 192.0 | 121.2 | 80.9 | 66.8 | 49.5 | 36.5 | 21.1 | 11.3 | 8.0 | 6.8 | 4.9 | 2.9 |
| Stock-Based Compensation | 821.9 | 661.4 | 527.7 | 444.8 | 409.6 | 258.5 | 121.4 | 46.4 | 11.2 | 9.9 | 3.6 | 1.6 |
| Change in Working Capital | 0 | 26.7 | 66.1 | 28.6 | 97.5 | 45.6 | 8.6 | 13.6 | 18.4 | 4.3 | 1.6 | 1.2 |
| Other Non-Cash Items | 199.3 | 219.0 | 168.5 | 124.1 | 156.3 | 125.9 | 44.5 | 16.8 | 13.3 | 8.4 | 5.5 | 3.9 |
| Operating Cash Flow | 1,129.7 | 972.5 | 779.8 | 462.3 | 321.9 | 202.0 | 79.3 | 58.0 | 17.3 | (6.0) | (11.9) | (3.3) |
| Investing Activities | ||||||||||||
| Capital Expenditure | 0 | (245.8) | (194.9) | (128.7) | (90.6) | (58.3) | (51.8) | (30.2) | (15.2) | (8.2) | (6.2) | (6.7) |
| Acquisitions | (918.1) | (0.8) | (374.7) | (15.6) | (25.3) | (40.5) | (41.6) | (11.4) | 0 | 0 | 0 | 1.5 |
| Purchases of Investments | (2,269.3) | (1,281.5) | (1,293.0) | (1,067.3) | (844.9) | (818.6) | (1,255.6) | (335.2) | (163.4) | (0.2) | (0.4) | (0.0) |
| Sales/Maturities of Investments | 880.5 | 1,101.0 | 1,179.4 | 952.4 | 1,334.9 | 807.7 | 310.9 | 214.7 | 0 | 0 | 0 | 6.1 |
| Other Investing Activities | (345.9) | 0 | (50.3) | 0 | 0 | 0 | 0 | 0 | 0.4 | 0 | 0 | (1.5) |
| Investing Cash Flow | (2,652.7) | (427.0) | (683.2) | (259.3) | 374.1 | (109.7) | (1,038.2) | (162.1) | (178.1) | (8.3) | (6.6) | (0.6) |
| Financing Activities | ||||||||||||
| Net Debt Issuance | 0 | 354.2 | 0 | 0 | 0 | 0 | 1,130.5 | 0 | 0 | 0 | 0.8 | 0 |
| Stock Repurchased | 59.4 | 0 | 0 | 0 | 0 | 0 | 0 | (0.0) | (3.8) | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | 62.4 | (0.8) | (0.0) | (0.2) | (0.3) | (2.2) | (145.2) | 46.4 | 6.9 | 1.8 | 1.8 | 0.9 |
| Financing Cash Flow | 62.4 | 420.5 | 64.2 | 46.0 | 41.3 | 41.7 | 1,022.2 | 46.4 | 208.4 | 9.5 | 27.6 | 85.6 |
| Cash Position | ||||||||||||
| Net Change in Cash | (1,460.7) | 965.9 | 160.9 | 249.0 | 737.3 | 134.0 | 63.4 | (57.7) | 47.6 | (4.9) | 9 | 81.7 |
| Cash at Beginning | 2,389.0 | 1,423.1 | 1,262.2 | 1,013.2 | 275.9 | 141.9 | 78.5 | 136.1 | 88.0 | 92.8 | 83.8 | 2.1 |
| Cash at End | 928.4 | 2,389.0 | 1,423.1 | 1,262.2 | 1,013.2 | 275.9 | 141.9 | 78.5 | 135.6 | 88.0 | 92.8 | 83.8 |
| Free Cash Flow | 1,129.7 | 726.7 | 585.0 | 333.6 | 231.3 | 143.7 | 27.5 | 27.9 | 2.1 | (14.2) | (18.2) | (10.0) |
| Key Metrics | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 3,352.5 | 2,673.1 | 2,167.8 | 1,617.0 | 1,090.9 | 673.1 | 431.3 | 302.8 | 190.2 | 125.7 | 80.3 | 53.7 |
| Gross Profit | 2,574.9 | 2,054.9 | 1,688.1 | 1,254.5 | 847.6 | 522.5 | 334.2 | 242.8 | 152.3 | 98.2 | 60.2 | 39.3 |
| Operating Income | (133.3) | (128.5) | (123.9) | (215.4) | (327.4) | (207.4) | (94.9) | (22.2) | (26.6) | (35.1) | (26.8) | (12.4) |
| Net Income | (63.2) | (41.5) | (57.7) | (202.3) | (390.3) | (262.0) | (115.1) | (28.7) | (33.6) | (35.5) | (27.4) | (12.8) |
| EPS (Diluted) | -0.39 | -0.27 | -0.39 | -1.40 | -2.77 | -1.93 | -0.89 | -0.23 | -0.53 | -0.34 | -0.98 | -0.49 |
| Balance Sheet | ||||||||||||
| Cash & Equivalents | 928.4 | 2,389.0 | 1,423.1 | 1,262.2 | 1,013.2 | 275.9 | 141.9 | 78.5 | 135.6 | 88.0 | 92.8 | 83.8 |
| Total Assets | 7,866.7 | 6,419.9 | 4,705.0 | 3,608.3 | 2,832.7 | 2,257.6 | 1,833.5 | 604.2 | 447.8 | 182.9 | 153.5 | 126.9 |
| Total Debt | 1,855.8 | 1,796.6 | 1,238.0 | 1,210.5 | 1,045.7 | 964.6 | 905.2 | 0 | 0 | 0 | 0 | 0 |
| Stockholders' Equity | 2,598.3 | 1,799.3 | 1,274.1 | 725.1 | 573.3 | 528.9 | 484.8 | 308.6 | 240.2 | 49.8 | 66.7 | 62.5 |
| Cash Flow | ||||||||||||
| Operating Cash Flow | 1,129.7 | 972.5 | 779.8 | 462.3 | 321.9 | 202.0 | 79.3 | 58.0 | 17.3 | (6.0) | (11.9) | (3.3) |
| Capital Expenditure | 0 | (245.8) | (194.9) | (128.7) | (90.6) | (58.3) | (51.8) | (30.2) | (15.2) | (8.2) | (6.2) | (6.7) |
| Free Cash Flow | 1,129.7 | 726.7 | 585.0 | 333.6 | 231.3 | 143.7 | 27.5 | 27.9 | 2.1 | (14.2) | (18.2) | (10.0) |