ZscalerZSRevenue: is the business selling more than it used to?
$3.4B+25% YoYFY 2026
→Revenue reached $3.4B in 2026, compounding +28% a year since 2023 though the pace has cooled.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
ZscalerZSNet income: how much of that revenue becomes profit?
$-63MFY 2026
→The company lost $63M in 2026, more than the $41M it lost the year before. The losses are widening - check the Health chapter for how long the cash lasts.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
ZscalerZSHow fast is it growing, year by year?
+25.4%revenue growth, FY 2026
→Revenue grew +25% in 2026 against a five-year average of +39%.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
ZscalerZSRevenue per share: is your slice growing as fast as the company?
$20.92revenue per share, FY 2026
→Revenue per share reached $20.92 in 2026, compounding +23% a year against +28% for ZS as a whole. Dilution absorbed about 4.2 points of that growth. Free cash flow per share stands at $5.32.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
ZscalerZSFree cash flow: what is left in real cash after everything?
$852M+5% YoYFY 2026
→Free cash flow was $852M in 2026, compounding +33% a year since 2023. That is the most cash the business has ever thrown off in a year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
ZscalerZSWhere does each dollar of revenue actually go?
→Of $3.4B in 2026 sales, nothing survives to the bottom line - the journey ends $63M underwater.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
ZscalerZSHow much of every sales dollar ends up as free cash?
→25 cents of every sales dollar became free cash in 2026, up 3 points since 2023.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
ZscalerZSWhat does staying competitive cost, per dollar of sales?
→The biggest claim on each sales dollar is research and development, at 27% of revenue (stock compensation 25%, capital spending 8%). That share has risen since 2023, so the cost of competing is climbing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
ZscalerZSMargins: of every $1 of sales, how much survives each cost layer?
→Operating margin widened 11 points to -4% since 2023. The bottom line is still negative: costs below the operating line eat what is left.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
ZscalerZSWhat does it earn on the money it uses?
→ROE of -2% and ROCE of -3% sit close together, so the returns come from the business itself rather than from borrowing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
ZscalerZSWhat has the market paid for ZS over time?
8.3xP/S today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 8.3x sales, the market is paying 59% less than ZS's own 8-year median of 20.2x. Pessimism is priced in - the question is whether it is deserved.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
ZscalerZSWhat cash return does the business throw off per dollar of market value?
3.1%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys 3.1% of annual free cash flow, more than its 8-year median of 1.9% - the cash is cheaper than usual.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
ZscalerZSCould it handle its debt if things went wrong?
→Debt isn't clearly tagged in ZS's filings, so treat the balance sheet with extra care rather than assuming zero.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
ZscalerZSIs the company's own capital growing?
→The company's own capital grew from $959M in 2023 to $2.6B (+171%). The business is building book value rather than consuming it.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
ZscalerZSHow much goes back, and how much leaks out as stock comp?
→ZS returned no cash to shareholders in the latest filed year: everything is being retained or reinvested.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
ZscalerZSHow fast is your ownership being diluted - or concentrated?
→The share count grew 3.8% in 2026, averaging 3.4% a year over three years. Your slice of the company shrinks by that much each year unless earnings grow faster.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
ZscalerZSDoes ZS earn more on its capital than that capital costs?
→ZS's return on capital is negative at -2.7% in 2026. The capital in the business is not yet earning anything back.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
ZscalerZSZS has issued or retired shares - did shareholders end up better off?
→ZS issued +30% more shares from 2019 to 2026, but revenue per share still rose +754%. The dilution bought more growth than it cost existing holders.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
ZscalerZSAre the people running it buying or selling?
→Insiders sold $17M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 12 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31