Fundamental analysis · SEC EDGAR · TTM through 30/04/2026

Fundamental analysis of Zscaler, Inc.

ZS · Nasdaq · Technology

Fundamental quality

ATTRACTIVE

77

out of 100

Breakdown by area

I.GrowthRevenue growth: 33%
95
II.ProfitabilityNet margin: -2.4% · ROE: -3.3%
42
III.Financial healthFCF: 30.4%
95

Source: SEC EDGAR · TTM through 30/04/2026

The score combines growth, profitability and financial strength. Here its growth weighs in its favor, while its profitability drags it down the most.

Strengths

  • High gross margin (76.7%), pointing to pricing power.
  • Growing revenue (33% annualized).
  • Strong free-cash-flow generation (FCF margin of 30.4%).

Risks and weaknesses

  • No profits over the last twelve months (negative EPS).
  • Losses over the last twelve months (net margin of -2.4%).

Historical evolution

YearRevenueNet incomeFree cash flowNet debt
2021$673M-$262M$154M$638M
2022$1,091M-$390M$253M-$45M
2023$1,617M-$202M$365M-$128M
2024$2,168M-$58M$635M-$281M
2025$2,673M-$41M$808M-$2,389M

Between 2021 and 2025, revenue went from $673M to $2,673M (+297%) and net income went from -$262M to -$41M (+84%).

Annual figures in U.S. dollars per SEC filings. Net debt is total debt minus cash.

Frequently asked questions

Is Zscaler, Inc. a profitable company?

Over the last twelve months, no: Zscaler, Inc. posts a negative net margin (-2.4%).

Is Zscaler, Inc. growing?

Its revenue has grown 33% annualized in recent years.

Does Zscaler, Inc. generate cash?

Yes. It converts about 30.4% of its revenue into free cash flow.

The thresholds are general and the system doesn't judge qualitative factors. See the full methodology and use this analysis as a first filter, never as a final decision.

Is Zscaler, Inc. cheap or expensive?

That depends on the current price. Look it up, enter it in the tool and get the full valuation verdict (P/E against its sector).

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