Stocks · Technology · Software - Infrastructure
Zscaler, Inc. ZS
$201.80 +2.64% Close, Oct 5, 2026 · NASDAQ · Market cap $31.79B
Strong growth
Next earnings report: Nov 24, 2026
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Earnings beat analyst estimates in each of the last 14 quarters (average surprise over the last four: +10.3%).
- Net debt is 5.0× EBITDA, a high level of leverage.
- Revenue over the last four quarters was $3.35B, up 25.4% from a year earlier.
PromtFinance scores
Each score is a percentile within the Technology sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 6, 2026.
Growth81Strong
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Top 24%
- FCF growth (TTM, YoY)Bottom 48%
- Revenue growth, 3-year CAGRTop 14%
- Revenue growth accelerationTop 47%
Quality32Weak
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalBottom 31%
- Gross marginTop 17%
- Operating marginBottom 30%
- Accruals (lower is better)Top 21%
- Net debt / EBITDA (lower is better)Bottom 6%
- Interest coverBottom 19%
Value34Weak
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldBottom 39%
- Free-cash-flow yieldBottom 50%
- EBITDA / enterprise valueBottom 33%
- Sales / enterprise valueBottom 24%
Momentum40Weak
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthBottom 13%
- 6-month returnTop 34%
- 1-year return vs S&P 500Bottom 20%
- Distance from 52-week highBottom 34%
- Trend checklist (0–4)Top 19%
Revisions73Positive
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersTop 44%
- Consecutive EPS beatsTop 9%
- Share of analysts rating BuyTop 25%
- Upside to consensus price targetBottom 18%
Stability38Weak
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Top 50%
- Maximum drawdown, 3 yearsBottom 41%
- Beta vs S&P 500 (lower is better)Top 29%
- Net debt / EBITDA (lower is better)Bottom 6%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | 24.6% | 25.4% | ↑ |
| Gross margin | 76.9% | 76.8% | ↓ |
| Operating margin | -4.6% | -4.0% | ↑ |
| FCF margin | 27.2% | 25.4% | ↓ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | 25.4% | 24.6% | ↑ | Top 24% |
| Gross margin | 76.8% | 76.9% | ↓ | Top 17% |
| Operating margin | -4.0% | -4.6% | ↑ | Bottom 30% |
| Net margin | -1.9% | -1.6% | ↓ | — |
| Free-cash-flow margin | 25.4% | 27.2% | ↓ | — |
| Return on invested capital | -2.7% | — | Bottom 31% | |
| Revenue growth, 3-year CAGR | 27.5% | — | Top 14% |
Quality of earnings and balance sheet
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- -15.2%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 24.5%
- Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
- -9.6 pp
- Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
- 4.97×
- Interest cover (operating income / interest)How many times operating profit covers interest.
- -11.3×
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 0.00%
- Net buyback yield (TTM)
- -0.20%
- Shareholder yield
- -0.20%
- Share count change, 1 year
- +2.4%
- Share count change, 3-year CAGR
- +3.0%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through Jul 31, 2026 (filed Sep 3, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 14
- Beats in the last 8 reports
- 8 of 8
- Average EPS surprise, last 4
- +10.3%
- Average 2-day reaction, last 8
- +1.9%
- Positive 20 days after report
- 4 of 8
Analysts
- Consensus price target
- $201.25
- Target vs current price
- -0.3%
- Analysts with a rating
- 53
- Share rating Buy or Strong Buy
- 79%
- Consensus rating
- Buy
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Sep 3, 2026 | +9.2% | +2.9% | -5.4% | +15.1% | — |
| May 26, 2026 | +6.9% | +1.2% | -14.6% | -30.8% | +1.2% |
| Feb 26, 2026 | +13.0% | +7.5% | +0.3% | -10.4% | +9.8% |
| Nov 25, 2025 | +12.1% | +3.3% | -13.8% | -18.2% | -48.9% |
| Sep 2, 2025 | +11.2% | -0.9% | +1.6% | +7.2% | +1.2% |
| May 29, 2025 | +11.7% | -1.0% | +17.0% | +23.7% | +7.4% |
| Mar 5, 2025 | +13.5% | +1.4% | +2.9% | +3.7% | +29.6% |
| Dec 2, 2024 | +22.2% | +0.9% | +2.6% | -11.4% | -5.0% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Sep 3, 2026 | $1.19 | $1.09 | +9.2% | $898.2M |
| May 26, 2026 | $1.08 | $1.01 | +6.9% | $850.5M |
| Feb 26, 2026 | $1.01 | $0.89 | +13.0% | $815.8M |
| Nov 25, 2025 | $0.96 | $0.86 | +12.1% | $788.1M |
| Sep 2, 2025 | $0.89 | $0.80 | +11.2% | $719.2M |
| May 29, 2025 | $0.84 | $0.75 | +11.7% | $678.0M |
| Mar 5, 2025 | $0.78 | $0.69 | +13.5% | $647.9M |
| Dec 2, 2024 | $0.77 | $0.63 | +22.2% | $628.0M |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| P/E (forward) | 41.4× | — | — | — |
| EV / EBITDA | 175.4× | — | — | Bottom 33% |
| EV / Sales | 9.76× | — | — | Bottom 24% |
| Free-cash-flow yield | 2.68% | — | — | Bottom 50% |
| Earnings yield | -0.19% | — | — | Bottom 39% |
Technical state
Trend checklist
- ✓ Price above 20-day average
- ✓ Price above 50-day average
- ✓ Price above 200-day average
- ✓ 50-day average above 200-day
- ✗ MACD histogram positive
Trend quality
- Days above the 50-day average
- 50
- Days above the 200-day average
- 16
- 50-day average slope (20 days)
- +12.0%
- 200-day average slope (20 days)
- -3.6%
- Distance from 50-day average
- +11.9%
- Distance from 200-day average
- +21.4%
- RSI (14)
- 57.9
- Relative volume
- 0.67×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 62.2%
- Volatility vs own 5-year history
- 69th percentile · Normal for this stock
- Beta vs S&P 500 (2 years, weekly)
- 1.11
- Correlation with S&P 500
- 0.34
- Current drawdown from 1-year high
- -40.0%
- Maximum drawdown, 3 years
- -64.9%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| Nov 19, 2021 | May 2, 2023 | -76.4% | 362 days | Not yet recovered |
| Feb 12, 2021 | May 13, 2021 | -28.9% | 62 days | 37 days (Jul 7, 2021) |
| Oct 14, 2020 | Nov 10, 2020 | -17.6% | 19 days | 13 days (Nov 30, 2020) |
| Sep 3, 2021 | Oct 4, 2021 | -12.4% | 20 days | 8 days (Oct 14, 2021) |
| Dec 23, 2020 | Jan 6, 2021 | -11.1% | 8 days | 6 days (Jan 14, 2021) |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $31.79B
- EPS, diluted (TTM)
- -$0.39
- Revenue (TTM)
- $3.35B
- 52-week range
- $114.63 – $336.99
| FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | |
|---|---|---|---|---|---|
| Revenue | $1.09B | $1.62B | $2.17B | $2.67B | $3.35B |
| Gross profit | $847.6M | $1.25B | $1.69B | $2.05B | $2.57B |
| Operating income | -$327.4M | -$215.4M | -$123.9M | -$128.5M | -$133.3M |
| Net income | -$390.3M | -$202.3M | -$57.7M | -$41.5M | -$63.2M |
| EPS (diluted) | -$2.77 | -$1.40 | -$0.39 | -$0.27 | -$0.39 |
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $628.0M | $647.9M | $678.0M | $719.2M | $788.1M | $815.8M | $850.5M | $898.2M |
| Net income | -$12.1M | -$7.7M | -$4.1M | -$17.6M | -$11.6M | -$34.3M | -$13.9M | -$3.4M |
| EPS (diluted) | -$0.08 | -$0.05 | -$0.03 | -$0.11 | -$0.07 | -$0.21 | -$0.09 | -$0.02 |
| FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | |
|---|---|---|---|---|---|
| Operating cash flow | $321.9M | $462.3M | $779.8M | $972.5M | $1.13B |
| Capital expenditure | -$90.6M | -$128.7M | -$194.9M | -$245.8M | -$277.3M |
| Free cash flow | $231.3M | $333.6M | $585.0M | $726.7M | $852.4M |
| Dividends paid | $0 | $0 | $0 | $0 | $0 |
| Net share buybacks | $41.6M | $46.2M | $64.2M | $67.1M | $63.4M |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $3.47B
- Total assets
- $7.87B
- Total liabilities
- $5.27B
- Total debt
- $1.86B
- Net debt
- $927.5M
- Shareholders’ equity
- $2.60B
As of Jul 31, 2026 (filed Sep 3, 2026).
Short interest
- Shares sold short
- 6,501,392
- Days to cover
- 1.47
- Change vs previous report
- +2.3%
FINRA short interest, settlement date Sep 15, 2026.