Inside the research

Zscaler, Inc.

ZS Research profile · latest available data

Price overview

$193.05

▼ -21.59 (-10.1%)

52w hi$336.27
52w lo$118.05
Vol6.70M
As of25 Sep 2026

The Verdict

Hold

Our score +0.03

Short-0.40
Medium+0.40
Long+0.13

computed 2026-09-27

Key fundamentals

Zscaler, Inc.

Technology · Software - Infrastructure

Market cap$31.48B
Enterprise value$29.87B
Forward P/E34.46x
EV / EBITDA681.22x
P / S (ttm)9.39x
Profit margin-1.9%
Return on equity-2.9%
Revenue growth+24.9%
Debt / equity71.89

Layer Breakdown

LayerRawContribution
Fundamental+0.04
Sector+0.19
Technical+0.15
Earnings+0.00
Sentiment-0.59

macro × 1.00 · 2026-09-27

Business overview

Zscaler, Inc. operates as a cloud security company worldwide. The company offers cyberthreat protection products, including Zero Trust SASE, a solution that securely connects workforces, AI agents, workloads, and IoT/OT devices to cloud apps and AI services; Zscaler Internet Access, which provides advanced threat protection, sandbox, and zero trust firewall; Zscaler Private Access solution that includes cyberthreat and data protection, application discovery, secure application access, application segmentation, application protection, and reduced attack surface; Zero Trust Browser, a solution that secures browser-based access to business applications for the extended workforce, including third parties and partners; Zscaler Digital Experience, a solution that monitors end-user experience and helps organizations identify and resolve performance issues across their digital environment; Zero Trust Branch; and Zero Trust Cloud solutions. It also provides Security for AI solution to secure AI adoption across the full AI ecosystem; data security services, including AI-powered data classification and contextual insights, data loss prevention, Saas security, and data security posture management solution. In addition, the company offers Agentic Security Operations solution that enables enterprises to reduce cyber risk by using AI-powered automation; exposure management platform; deception; managed detection and response; agentic security operations center; and threat hunting solutions. It serves automotive, airlines and transportation, conglomerates, consumer goods and retail, energy, financial services, healthcare, insurance, manufacturing, media and communications, public sector and education, technology, and telecommunications services industries. The company was formerly known as SafeChannel, Inc. and changed its name to Zscaler, Inc. in August 2008. Zscaler, Inc. was incorporated in 2007 and is headquartered in San Jose, California.

United States · www.zscaler.com

Risk Metrics

Beta vs SPX1.25
Corr SPX0.37
Annual vol54.3%
Annual ret+21.0%
Sharpe0.39
Max DD-64.9%

Window: 504 trading days (504 obs)

Analyst Coverage

Mean PT$224.12
High / Low$330.00 / $140.00
Median$215.00
Analysts45
Strong Buy7
Buy32
Hold9
Sell0
Strong Sell0

Recent rating actions

2026-05-01Citizens→ Market Outperform
2026-04-22Morgan Stanley→ Equal-Weight
2026-04-15Keybanc→ Overweight
2026-04-09BTIG→ Neutral
2026-03-10Oppenheimer→ Outperform
2026-03-03Wells Fargo→ Overweight

Material Events

DateEvent8-K
2026-05-26Earnings Release, Exhibitsread
2026-04-16Officer / Director Changeread
2026-02-26Earnings Release, Exhibitsread
2026-01-15Shareholder Voteread
2025-11-25Earnings Release, Exhibitsread
2025-09-02Earnings Release, Exhibitsread
2025-07-03Material Agreement, Material Obligation…read
2025-06-23Officer / Director Changeread
2025-06-13Officer / Director Changeread
2025-05-29Earnings Release, Officer / Director Change…read
2025-05-23Officer / Director Change, Exhibitsread
2025-05-05Material Agreement, Material Obligationread

Insider Trades

DateInsiderRoleActionSharesValue
2026-07-27RUBIN KEVINChief Financial OfficerSell75$10.93K
2026-07-27RUBIN KEVINChief Financial OfficerSell96$14.09K
2026-07-27RUBIN KEVINChief Financial OfficerSell118$17.43K
2026-07-27RUBIN KEVINChief Financial OfficerSell72$10.42K
2026-07-27RUBIN KEVINChief Financial OfficerSell142$21.13K
2026-07-06Schlossman RobertChief Legal OfficerSell122$18.30K
2026-06-25RUBIN KEVINChief Financial OfficerSell228$28.72K
2026-06-25RUBIN KEVINChief Financial OfficerSell504$62.08K
2026-06-25RUBIN KEVINChief Financial OfficerSell1.70K$210.42K
2026-06-25RUBIN KEVINChief Financial OfficerSell560$69.92K

Flow & Concentration

Insider 180d net-$2.58M
Insider buys / sells0 / 18
Insider biasSellers
13F holders9
Top-5 share96.6%
HHI2,136 (moderate)

Top Holders

HolderValueShares
Citadel Advisors$470.33M3.33M
State Street Corp$351.98M2.49M
Millennium Management$316.89M2.25M
AQR Capital Management$192.43M1.36M
Capital Research / Capital World$163.66M1.16M
Fidelity / FMR LLC$49.52M350.83K
Bridgewater Associates$2.39M16.90K
Renaissance Technologies$550.49K3.90K
T. Rowe Price Group$90.89K643.93K

As of 2026-06-30

SEC Filings

DateFormDoc
2026-07-284view
2026-07-074view
2026-06-264view
2026-06-234view
2026-06-174view
2026-06-174view
2026-06-174view
2026-06-174view
2026-06-174view
2026-06-174view
2026-05-2610-Qview
2026-05-268-Kview
2026-04-168-Kview
2026-03-194view
2026-03-194view

The Long Run

FY 2018–2025 · 8 years

LineLatestCAGRTrend
Revenue$2.17B+50.2%
Gross profit$1.25B+54.3%
Operating income-$234.62M—
Net income-$202.34M—
Cash from ops$972.45M+60.0%

Indices

NASDAQ-100

Recent Sessions

DateOpenHighLowCloseVol
Sep 25$206.00$207.99$192.74$193.056.70M
Sep 24$213.48$216.97$210.59$214.642.44M
Sep 23$213.00$215.73$209.40$214.452.56M
Sep 22$210.01$210.73$202.55$210.182.90M
Sep 21$196.98$207.75$194.24$207.132.54M

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