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Zscaler Inc.
ZSTechnologyGenerated Sep 5, 2026, 01:00 PM UTC
ZS (Zscaler Inc.) analytical snapshot. Revenue grew +25.4% YoY to $3.35B. 5-year revenue CAGR +25.2%; 10y CAGR +44.0%. Net margin at -1.88% (expanding ▲). Market cap $27.69B at $169.80 per share. FCF DCF intrinsic value ≈ $89.92 → implied downside +47.0%. DCF assumptions: Base FCF $852.4M; Stage-1 growth 8.00% for 5y; Terminal growth 2.50%; Discount rate 10.00%. Risk: Elevated. Macro: Risk-on · Supportive. Composite analytical score 2 (data confidence 83%). Descriptive analytics from public filings — not investment advice.
Market cap
$27.69B
163.05M shares
Price
$169.80
NMS
P/E (ttm)
—
Revenue (FY)
$3.35B
YoY +25.4%
Net margin
-1.88%
▲ 10.63pp
Free cash flow
$852.4M
25.42% margin
Risk level
Elevated
Free SEC analysis
— computed from SEC filings, free to readFree previewRegulatory Analyst
Filings & Ownership
Regulatory Analyst
score 20Improving
80% conf
Latest annual report (10-K) filed Sep 3, 2026. Latest quarterly report (10-Q) filed May 26, 2026. 10 recent 8-K material-event filings in the index.
- Latest annual report (10-K) filed Sep 3, 2026.
- Latest quarterly report (10-Q) filed May 26, 2026.
- 10 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
- ~10,000+ recent 13F-HR filings reference Zscaler Inc.; broad institutional reporting.
- Recent filers include EMJ Capital Ltd., DLD Asset Management, LP, Pasadena Private Wealth, LLC.
- 20 recent 13G passive institutional ownership notices.
Latest 10-K
Sep 3, 2026
Annual report
Latest 10-Q
May 26, 2026
8-K (recent)
10
Insider net
—
0B/0S
13F filers
10k+
Activist 13D
0
Recent 13F institutional filers (SEC EDGAR full-text)
| Filer | Form | Filed |
|---|---|---|
| EMJ Capital Ltd. | 13F-HR | Feb 12, 2021 |
| DLD Asset Management, LP | 13F-HR | Aug 13, 2024 |
| Pasadena Private Wealth, LLC | 13F-HR | Feb 10, 2026 |
| Value Star Asset Management (Hong Kong) Ltd | 13F-HR | Aug 2, 2023 |
| MAPLELANE CAPITAL, LLC | 13F-HR | Nov 14, 2018 |
Recent 8-K material events
| Date | Form | Description |
|---|---|---|
| Sep 3, 2026 | 8-K | 8-K |
| May 26, 2026 | 8-K | 8-K |
| Apr 16, 2026 | 8-K | 8-K |
| Feb 26, 2026 | 8-K | 8-K |
| Jan 15, 2026 | 8-K | 8-K |
| Nov 25, 2025 | 8-K | 8-K |
| Sep 2, 2025 | 8-K | 8-K |
| Jul 3, 2025 | 8-K | 8-K |
Free previewSEC Filing Analyst
SEC Filing Deep-Analysis
SEC Filing Analyst
score -27Deteriorating
68% conf
2 risk signal(s), 1 positive signal(s) detected from XBRL filing diff analysis. 2 risk signal(s) detected versus 1 positive signal(s). The balance of evidence suggests elevated filing-specific risk that warrants monitoring in subsequent filings.
- Material weakness in internal controls: The term "material weakness" "internal control" appears in 4 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
- Restatement of financial statements: The term "restatement of" "previously issued" appears in 5 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
- Deferred revenue growing — future revenue visibility: Deferred revenue grew +20.7% to $2.48B, providing forward revenue visibility. This is a positive leading indicator for subscription or contract-based businesses.
- Endogenous analysis: 2 risk signal(s) detected versus 1 positive signal(s). The balance of evidence suggests elevated filing-specific risk that warrants monitoring in subsequent filings.
- 20 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- Ongoing high-severity risk language: Material weakness in internal controls, Restatement of financial statements.
Revenue
$3.35B
+25.4% YoY
Gross profit
$2.57B
+25.3% YoY
Operating income
$-133.3M
-3.7% YoY
Net income
$-63.2M
-52.3% YoY
Operating cash flow
$1.13B
+16.2% YoY
Capex
$277.3M
+68.8% YoY
Total assets
$7.87B
+22.5% YoY
Total liabilities
$5.27B
+14.0% YoY
Filing quality score
80/100
20 new disclosures
SEC XBRL metric changes (latest annual vs prior)
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $2.67B | $3.35B | $679.4M | +25.4% |
| Gross profit | $2.05B | $2.57B | $520.0M | +25.3% |
| Operating income | $-128.5M | $-133.3M | $-4.8M | -3.7% |
| Net income | $-41.5M | $-63.2M | $-21.7M | -52.3% |
| Operating cash flow | $972.5M | $1.13B | $157.2M | +16.2% |
| Capex | $164.3M | $277.3M | $113.1M | +68.8% |
| Total assets | $6.42B | $7.87B | $1.45B | +22.5% |
| Total liabilities | $4.62B | $5.27B | $647.8M | +14.0% |
| Long-term debt | $1.13B | $1.14B | $8.1M | +0.7% |
| Cash & equivalents | $2.39B | $928.4M | $-1.46B | -61.1% |
| Stockholders equity | $1.80B | $2.60B | $799.0M | +44.4% |
| Accounts receivable | $992.2M | $1.15B | $156.9M | +15.8% |
| R&D expense | $672.5M | $903.4M | $230.9M | +34.3% |
| Interest expense | $6.5M | $5.3M | $-1.2M | -18.2% |
XBRL disclosure changes (new vs dropped concepts)
| Type | Concepts |
|---|---|
| Added | DeferredTaxLiabilitiesOther, DepreciationDepletionAndAmortization, EffectiveIncomeTaxRateContinuingOperations, EffectiveIncomeTaxRateReconciliationCrossBorderTaxEffectAmount, EffectiveIncomeTaxRateReconciliationCrossBorderTaxEffectPercent, EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther, EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost, EffectiveIncomeTaxRateReconciliationRepatriationOfForeignEarnings, EffectiveIncomeTaxRateReconciliationTaxCreditsForeign, EffectiveIncomeTaxRateReconciliationTaxCreditsResearch |
| Removed | AmortizationOfFinancingCosts, CapitalizedComputerSoftwareAccumulatedAmortization, CapitalizedComputerSoftwareGross, ConvertibleNotesPayableCurrent, DebtInstrumentCarryingAmount, DeferredFinanceCostsNet, EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense, GoodwillImpairmentLoss, ImpairmentOfLongLivedAssetsHeldForUse, InterestExpenseDebt |
Risk language in filing text (EDGAR full-text search)
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Material weakness in internal controls | high | 4 | 2 | Ongoing |
| Restatement of financial statements | high | 5 | 2 | Ongoing |
| Impairment charge | medium | 5 | 2 | Ongoing |
| Restructuring | medium | 5 | 8 | Ongoing |
| Off-balance sheet arrangements | medium | 5 | 8 | Ongoing |
| Related party transactions | low | 5 | 0 | NEW |
Filing signal breakdown
Red flags: 2
Positive: 1
Watch: 0
Red flags
Positive
Watch
Free previewFundamentals Analyst
Fundamentals
Fundamentals Analyst
score 70Improving
80% conf
Revenue grew +25.4% YoY to $3.35B. 5-year revenue CAGR +25.2%; 10y CAGR +44.0%. Net margin at -1.88% (expanding ▲).
- Revenue grew +25.4% YoY to $3.35B.
- 5-year revenue CAGR +25.2%; 10y CAGR +44.0%.
- Net margin at -1.88% (expanding ▲).
- Return on equity -2.43%, ROA -0.80%, ROIC -5.13%.
- Gross margin 76.80%, operating margin -3.98%.
- Free cash flow margin 25.42% ($852.4M).
- Net income down ▼ +52.3% YoY.
- Debt/equity 0.44, current ratio 1.70, net debt $220.5M.
- Asset turnover 0.43 — capital efficiency.
Revenue (FY)
$3.35B
YoY +25.4%
Net margin
-1.88%
▲ 10.63pp
ROE
-2.43%
ROA -0.80%
ROIC
-5.13%
EPS (diluted)
$-0.39
FY2026
Free cash flow
$852.4M
25.42% margin
Debt / equity
0.44
Cash $928.4M
Current ratio
1.70
Equity $2.60B
Annual fundamentals — up to 10 years (SEC 10-K, US-GAAP)
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2025 | $2.67B | +23.3% | 76.87 | -4.81 | -1.55 | $808.2M | -2.31 |
| 2026 | $3.35B | +25.4% | 76.80 | -3.98 | -1.88 | $852.4M | -2.43 |
Sources:SEC EDGAR — Company Facts (XBRL)
+8 more years of history, charts & full breakdown Pro
Pro analysis — preview
— score, signals & key metrics shown; full reasoning lockedValuation
Valuation Analyst
score -60Deteriorating
95% conf
Market cap $27.69B at $169.80 per share. FCF DCF intrinsic value ≈ $89.92 → implied downside +47.0%. DCF assumptions: Base FCF $852.4M; Stage-1 growth 8.00% for 5y; Terminal growth 2.50%; Discount rate 10.00%.
- Market cap $27.69B at $169.80 per share.
Market cap
$27.69B
163.05M shares
P/E (ttm)
—
P/S
8.26
P/B
10.66
EV
$27.91B
Intrinsic (DCF)
$89.92
-47.0% vs price
ProFull breakdown & reasoning locked
Price & Technicals
Technical Analyst
score 0Stable
85% conf
Price $169.80 — downtrend (below 200-DMA); 1-month momentum positive. RSI(14) 41.58.
- Price $169.80 — downtrend (below 200-DMA); 1-month momentum positive.
Price
$169.80
NMS
RSI(14)
41.58
50-DMA
$160.96
200-DMA
$172.45
Volatility (ann.)
66.80%
52w range
$114.63–$336.99
-49.6% from high
ProFull breakdown & reasoning locked
Macro & Rates
Macro Analyst
score 30Improving
80% conf
Risk-on · Supportive. Real GDP growth 1.50% (quarterly, as of Apr 1, 2026). CPI inflation +3.3% YoY. Fed funds rate 3.63%, 10Y Treasury 4.77%.
- Market regime: Risk-on · Supportive.
GDP growth
1.50%
CPI (YoY)
+3.3%
Fed funds
3.63%
10Y yield
4.77%
10Y−2Y
0.41pp
Unemployment
4.10%
ProFull breakdown & reasoning locked
Risk Scorecard
Risk Analyst
score -20Deteriorating
90% conf
Composite risk Elevated. Leverage debt/equity 0.44 (moderate). Liquidity current ratio 1.70 (adequate).
- Composite risk: Elevated.
Risk level
Elevated
Debt / equity
0.44
Current ratio
1.70
Margin stdev
14.32pp
Cash / assets
11.80%
Liab / assets
66.97%
ProFull breakdown & reasoning locked
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Macro exposure
Cyclical / growth · High sensitivityMacro regime: Risk-on · Supportive. Zscaler Inc. is a cyclical / growth name (high macro sensitivity) — risk appetite favors cyclical/growth names.
Macro regime
Risk-on · Supportive
Yield curve
Normal
VIX
14.32
Fed funds
3.63%
CPI YoY
+3.3%
Analytical read
deterministic previewRevenue grew **+25.4%** YoY to $3.35B..
Risk
Elevated
Macro regime
Risk-on · Supportive
Macro exposure
Supportive
Descriptive analytics from public filings and macro data — not investment advice.
Peer comparison
Cyclical / growth groupHow ZS stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
| Company | Score | Macro |
|---|---|---|
| Intuit Inc. INTU | 35 | Supportive |
| CF Industries CF | 34 | Supportive |
| MercadoLibre Inc. MELI | 29 | Supportive |
| Shopify Inc. SHOP | 27 | Supportive |
| Alphabet Inc. GOOGL | 26 | Supportive |
| Newmont Corp. NEM | 24 | Supportive |
| Booking Holdings BKNG | 24 | Supportive |
| Uber Technologies UBER | 24 | Supportive |
| Salesforce Inc. CRM | 23 | Supportive |
| Meta Platforms Inc. META | 23 | Supportive |
| Okta Inc. OKTA | 18 | Supportive |
| Qualcomm Inc. QCOM | 18 | Supportive |
| Roku Inc. ROKU | 17 | Supportive |
| Comcast Corp. CMCSA | 17 | Supportive |
| Microsoft Corp. MSFT | 16 | Supportive |
| Marvell Technology MRVL | 16 | Supportive |
| Netflix Inc. NFLX | 15 | Supportive |
| Workday Inc. WDAY | 15 | Supportive |
| Adobe Inc. ADBE | 14 | Supportive |
| Pinterest Inc. PINS | 14 | Supportive |
| Datadog Inc. DDOG | 14 | Supportive |
| Airbnb Inc. ABNB | 12 | Supportive |
| Dollar General Corp. DG | 12 | Supportive |
| T-Mobile US Inc. TMUS | 12 | Supportive |
| NVIDIA Corp. NVDA | 11 | Supportive |
| Energy Transfer ET | 8 | Supportive |
| ConocoPhillips COP | 8 | Supportive |
| Oracle Corp. ORCL | 8 | Supportive |
| Spotify Technology SPOT | 8 | Supportive |
| Lam Research Corp. LRCX | 8 | Supportive |
| Cloudflare Inc. NET | 8 | Supportive |
| Delta Air Lines DAL | 7 | Supportive |
| Valero Energy VLO | 7 | Supportive |
| Ulta Beauty Inc. ULTA | 6 | Supportive |
| ASML Holding NV ASML | 6 | Supportive |
| Exxon Mobil Corp. XOM | 6 | Supportive |
| Amazon.com Inc. AMZN | 5 | Supportive |
| Eaton Corp. ETN | 4 | Supportive |
| Advanced Micro Devices AMD | 4 | Supportive |
| United Airlines Holdings UAL | 3 | Supportive |
| Chipotle Mexican Grill CMG | 3 | Supportive |
| GE Aerospace GE | 2 | Supportive |
| Zscaler Inc. ZS● you | 2 | Supportive |
| IBM Corp. IBM | 2 | Supportive |
| Snowflake Inc. SNOW | 1 | Supportive |
| Devon Energy DVN | 1 | Supportive |
| Verizon Communications VZ | 1 | Supportive |
| Hess Corp. HES | 0 | Supportive |
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| Occidental Petroleum OXY | -1 | Supportive |
| General Dynamics GD | -1 | Supportive |
| Honeywell International HON | -1 | Supportive |
| Micron Technology MU | -2 | Supportive |
| ServiceNow Inc. NOW | -3 | Supportive |
| Walt Disney Co. DIS | -3 | Supportive |
| Kinder Morgan KMI | -4 | Supportive |
| General Motors Co. GM | -4 | Supportive |
| Applied Materials Inc. AMAT | -5 | Supportive |
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| Microchip Technology MCHP | -25 | Supportive |
| Sherwin-Williams SHW | -26 | Supportive |
| Albemarle Corp. ALB | -27 | Supportive |
| CSX Corp. CSX | -27 | Supportive |
| Dow Inc. DOW | -29 | Supportive |
| Marriott International MAR | -30 | Supportive |
| Home Depot Inc. HD | -31 | Supportive |
| Starbucks Corp. SBUX | -32 | Supportive |
| Tesla Inc. TSLA | -40 | Supportive |
| ON Semiconductor Corp. ON | -44 | Supportive |