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NASDAQ: ZS
Zscaler, Inc.
Technology · Software - Infrastructure
Market Cap
$24.35B
52w High
$336.99
52w Low
$140.56
P/E
-357.64
Volume
3.95M
Outstanding Shares
160.79M
Price vs Fundamentals
Why The Stock Is Moving
Likely multiple compressionModerate confidence
1Y Price: -25.59%Revenue (TTM): 23.91%FCF (TTM): 35.84%P/FCF: 0th pct
What changed
The stock fell 25.59% over the last year. Revenue grew 23.91% over the trailing twelve months. Operating margin moved from -4.09% to -4.76%. Free cash flow grew 35.84% over the trailing twelve months.
What the market seems to be pricing
Visible fundamentals weakened far less than the stock price, and the shares now sit around the 0th percentile of their historical P/FCF range. That looks more like a rerating of the multiple than a collapse in the business.
What would invalidate this read
This read changes if operating margin (currently -4.76%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.
Company profile
Zscaler, Inc. operates as a cloud security company worldwide.
CEOJagtar Singh Chaudhry
SectorTechnology
IndustrySoftware - Infrastructure
Employees7,348
IPO dateMar 16, 2018
Valuation
Forward P/E—
EV/EBITDA386.96
Enterprise value$43.5B
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Revenue growth25.91%
Gross margin76.56%▼1.28%vs FY2024
Operating margin-4.76%▲15.90%vs FY2024
ROE-2.31%▲49.10%vs FY2024
Analyst consensus
RatingBuy
Target price$282.47▲86.49%
42
Buy
9
Hold
1
Sell
⚠ Analyst ratings tend to be lagging indicators — upgrades often follow price gains rather than precede them. Use as one signal among many.
Earnings
Last 3 reported quarters plus the next estimate. Switch into compare mode to inspect one metric year-over-year.
Next report
Jun 4, 2026
View
EPS
Actual vs estimate by quarter
Q3FY25
ActualEst.
$0.89
$0.80
Q4FY25
ActualEst.
$0.96
$0.86
Q1FY26
ActualEst.
$1.01
$0.89
Q2FY26
Next Est.
—
Revenue
Actual vs estimate by quarter
Q3FY25
ActualEst.
$719.23M
$706.94M
Q4FY25
ActualEst.
$788.11M
$773.28M
Q1FY26
ActualEst.
$815.75M
$798.33M
Q2FY26
Next Est.
—