olivLaw · US equity research
Zscaler, Inc. ZS
Services-Computer Programming Services · SIC 7371 · Vertical: Services-Computer Programming Services (SIC 7371)
Zscaler is a cloud-native security platform built on zero trust principles, connecting users, devices and AI agents to applications based on identity and business policy rather than network location. The company positions itself as the cybersecurity platform for the AI era, as demand for securing AI agents grows and fiscal 2026 revenue reached 3352.5 million USD.
At the close of 04 Nov 2026, Zscaler, Inc. (ZS) stock was 224.44 USD (−0.29% on the day), with market capitalisation 36.6 bn USD, beta 1.25, 52-week range 118.05–331.29 USD. Latest reported quarter (Q4 2026): revenue of 898.2 m USD (+24.9% YoY), net income of -3.4 m USD, diluted EPS -0.02 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.6
- neutral
- Bollinger (20, 2)
- 200.30 – 263.72
- in the lower half of the band · %B 0.38 · band width 27.3%
- SMA 50 / 200
- 207.14 / 167.08
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 7.93 / 11.07
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.2% | −1.1% | +12.3 pp | — |
| 3 months | +38.8% | −0.5% | +39.3 pp | — |
| 6 months | +61.7% | +4.4% | +57.3 pp | — |
| Year to date | −0.2% | +12.3% | −12.5 pp | — |
| 1 year | −31.6% | +13.5% | −45.2 pp | −42.9% |
| 3 years | +36.5% | +76.4% | −39.9 pp | −43.3% |
| 5 years | −33.7% | +63.7% | −97.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 31 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 628.0 m | 647.9 m | 678.0 m | 719.2 m | 788.1 m | 815.8 m | 850.5 m | 898.2 m |
| Cost of revenue | 141.5 m | 148.5 m | 156.0 m | 172.2 m | 184.8 m | 191.3 m | 192.7 m | 209.0 m |
| Gross profit | 486.5 m | 499.4 m | 522.1 m | 547.0 m | 603.4 m | 624.5 m | 657.8 m | 689.2 m |
| Research & development | 154.3 m | 170.9 m | 169.8 m | 177.6 m | 200.5 m | 229.1 m | 232.3 m | 241.5 m |
| Operating income | -30.7 m | -40.1 m | -25.4 m | -32.2 m | -36.4 m | -51.8 m | -29.6 m | -15.5 m |
| Depreciation & amortisation | — | — | 28.2 m ≈ | 30.3 m | — | — | 38.0 m ≈ | 42.9 m |
| Interest expense | 3.1 m | 2.3 m | 2.0 m | 2.1 m | 2.1 m | 4.2 m | 2.7 m | 2.7 m |
| Pre-tax income | -4.4 m | -16.5 m | 4.6 m | -1.9 m | -8.4 m | -21.3 m | -2.4 m | 14.9 m |
| Income tax | 7.6 m | -8.8 m | 8.7 m | 15.7 m | 3.2 m | 13.0 m | 11.5 m | 18.3 m |
| Net income | -12.1 m | -7.7 m | -4.1 m | -17.6 m | -11.6 m | -34.3 m | -13.9 m | -3.4 m |
| Diluted EPS | -0.08 | -0.05 | -0.03 | -0.11 ≈ | -0.07 | -0.21 | -0.09 | -0.02 ≈ |
| Operating cash flow | 331.3 m | 179.4 m ≈ | 211.1 m ≈ | 250.6 m | 448.3 m | 204.1 m ≈ | 198.0 m ≈ | 279.3 m |
| Capex | 17.0 m | 15.0 m ≈ | 72.2 m ≈ | 60.0 m | 17.3 m | 17.8 m ≈ | 42.4 m ≈ | 199.8 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 302.8 m | 431.3 m | 673.1 m | 1.1 bn | 1.6 bn | 2.2 bn | 2.7 bn | 3.4 bn |
| Revenue YoY | +59.2% | +42.4% | +56.1% | +62.1% | +48.2% | +34.1% | +23.3% | +25.4% |
| Net income | -28.7 m | -115.1 m | -262.0 m | -390.3 m | -202.3 m | -57.7 m | -41.5 m | -63.2 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.23 | -0.89 | -1.93 | -2.77 | -1.40 | -0.39 | -0.27 | -0.39 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -9.5% | -26.7% | -38.9% | -35.8% | -12.5% | -2.7% | -1.6% | -1.9% |
| Free cash flow | 32.5 m | 36.2 m | 153.9 m | 252.6 m | 365.1 m | 635.3 m | 808.2 m | 852.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Jul 2026
- Cash
- 928.4 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 2.6 bn USD
- Total assets
- 7.9 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.70x
- ROE
- -2.9%
- ROA
- -0.9%
- FCF margin
- 25.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 673.1 m | 1.1 bn | 1.6 bn | 2.2 bn | 2.7 bn | 3.4 bn | SEC (XBRL)· 03 Sept 2026verified |
| Cost of revenue | 150.3 m | 242.3 m | 362.8 m | 477.1 m | 618.2 m | 777.6 m | SEC (XBRL)· 03 Sept 2026verified |
| Gross profit | 522.8 m | 848.7 m | 1.3 bn | 1.7 bn | 2.1 bn | 2.6 bn | SEC (XBRL)· 03 Sept 2026verified |
| Research & development | 174.7 m | 289.1 m | 350.8 m | 499.8 m | 672.5 m | 903.4 m | SEC (XBRL)· 03 Sept 2026verified |
| Operating income | -207.8 m | -327.4 m | -234.6 m | -121.5 m | -128.5 m | -133.3 m | SEC (XBRL)· 03 Sept 2026verified |
| Depreciation & amortisation | — | — | — | 66.3 m | 104.4 m | 148.5 m | SEC (XBRL)· 03 Sept 2026verified |
| EBITDA | — | — | — | -55.2 m ≈ | -24.1 m ≈ | 15.3 m ≈ | SEC (XBRL)· 03 Sept 2026derived |
| Interest expense | 53.4 m | 56.6 m | 6.5 m | 13.1 m | 9.5 m | 11.8 m | SEC (XBRL)· 03 Sept 2026verified |
| Pre-tax income | -257.2 m | -383.6 m | -182.6 m | -29.2 m | -18.3 m | -17.1 m | SEC (XBRL)· 03 Sept 2026verified |
| Income tax | 4.9 m | 6.6 m | 19.8 m | 28.5 m | 23.2 m | 46.0 m | SEC (XBRL)· 03 Sept 2026verified |
| Net income | -262.0 m | -390.3 m | -202.3 m | -57.7 m | -41.5 m | -63.2 m | SEC (XBRL)· 03 Sept 2026verified |
| Diluted EPS | -1.93 | -2.77 | -1.40 | -0.39 | -0.27 | -0.39 | SEC (XBRL)· 03 Sept 2026verified |
| Weighted average diluted shares | 135.7 m | 140.9 m | 144.9 m | 149.6 m | 154.4 m | 160.2 m | SEC (XBRL)· 03 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 275.9 m | 1.0 bn | 1.3 bn | 1.4 bn | 2.4 bn | 928.4 m | SEC (XBRL)· 03 Sept 2026verified |
| Receivables | 257.1 m | 399.7 m | 582.6 m | 736.5 m | 992.2 m | 1.1 bn | SEC (XBRL)· 03 Sept 2026verified |
| Current assets | 1.8 bn | 2.3 bn | 2.9 bn | 3.4 bn | 4.9 bn | 5.0 bn | SEC (XBRL)· 03 Sept 2026verified |
| Property, plant & equipment, net | 108.6 m | 160.6 m | 242.4 m | 383.1 m | 543.4 m | 753.0 m | SEC (XBRL)· 03 Sept 2026verified |
| Goodwill | 59.0 m | 78.5 m | 89.2 m | 417.0 m | 417.7 m | 1.2 bn | SEC (XBRL)· 03 Sept 2026verified |
| Intangibles (excl. goodwill) | 32.1 m | 31.8 m | 25.9 m | 63.8 m | 47.3 m | 214.4 m | SEC (XBRL)· 03 Sept 2026verified |
| Total assets | 2.3 bn | 2.8 bn | 3.6 bn | 4.7 bn | 6.4 bn | 7.9 bn | SEC (XBRL)· 03 Sept 2026verified |
| Accounts payable | 12.5 m | 26.2 m | 18.5 m | 23.3 m | 46.9 m | 48.0 m | SEC (XBRL)· 03 Sept 2026verified |
| Long-term debt | 913.5 m | 968.7 m | 1.1 bn | 1.1 bn | — | — | SEC (XBRL)· 12 Sept 2024verified |
| Current liabilities | 720.2 m | 1.1 bn | 1.5 bn | 3.1 bn | 2.4 bn | 3.0 bn | SEC (XBRL)· 03 Sept 2026verified |
| Total liabilities | 1.7 bn | 2.3 bn | 2.9 bn | 3.4 bn | 4.6 bn | 5.3 bn | SEC (XBRL)· 03 Sept 2026verified |
| Equity | 528.9 m † | 573.3 m † | 725.1 m † | 1.3 bn † | 1.8 bn † | 2.6 bn † | SEC (XBRL)· 03 Sept 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 202.0 m | 321.9 m | 462.3 m | 779.8 m | 972.5 m | 1.1 bn | SEC (XBRL)· 03 Sept 2026verified |
| Capex | 48.2 m | 69.3 m | 97.2 m | 144.6 m | 164.3 m | 277.3 m | SEC (XBRL)· 03 Sept 2026verified |
| Free cash flow | 153.9 m ≈ | 252.6 m ≈ | 365.1 m ≈ | 635.3 m ≈ | 808.2 m ≈ | 852.4 m ≈ | SEC (XBRL)· 03 Sept 2026derived |
| Investing cash flow | -109.7 m | 374.1 m | -259.3 m | -683.2 m | -427.0 m | -2.7 bn | SEC (XBRL)· 03 Sept 2026verified |
| Financing cash flow | 41.7 m | 41.3 m | 46.0 m | 64.2 m | 420.5 m | 62.4 m | SEC (XBRL)· 03 Sept 2026verified |
| Share repurchases | 0 | — | — | — | — | — | SEC (XBRL)· 16 Sept 2021verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 36.6 bn USD
Key indicators
Coverage and freshness
Score by group
72% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 76.8% | 92 (on a fixed band) | 15% |
| EBIT margin · Quality | -4.0% | 42 (vs peers) | 12% |
| FCF margin · Quality | 25.4% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | 27.5% | 100 (on a fixed band) | 24% |
| Revenue growth (YoY) · Growth | 25.4% | 77 (vs peers) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.7x | 53 (on a fixed band) | 9% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.3% | 47 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial53/100 · 1/2 factors with a value
- Growth92/100 · 2/2 factors with a value
- Quality79/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partial47/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Zscaler Inc (ZS). Latest full fiscal year: 2026; data up to 2026-07-31.
Figures computed from the financial statements: revenue 3.4 bn USD in 2026; YoY growth 25.4%; net margin -1.9%; ROE -2.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 76.8%
- FCF margin: 25.4%
- Revenue CAGR 3Y: 27.5%
- Revenue growth (YoY): 25.4%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales, Shareholder yield (distributions).
Versus the vertical median
Services-Computer Programming Services (SIC 7371) · same industry (4-digit SIC) · compared with 32 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| INFYInfosys Limited | 49.6 bn | 16.1 | 29.0% | 16.4% | +3.9% | −30% / −30% |
| ZSZscaler Inc | 36.6 bn | — | -2.9% | -1.9% | +25.4% | −32% / +37% |
| CTSHCognizant Technology Solutions Corporation | 29.4 bn | 12.0 | 17.4% | 11.8% | +7.0% | −15% / −7% |
| VRSNVerisign Inc | 28.5 bn | 33.6 | — | 49.1% | +6.4% | +26% / +50% |
| WITWipro Limited | 22.7 bn | 15.4 | 16.4% | 14.7% | −3.2% | −21% / −11% |
| EPAMEpam Systems, Inc. | 7.1 bn | 18.6 | 11.2% | 7.2% | +15.4% | −27% / −47% |
| DOCSDoximity, Inc. | 6.2 bn | 40.9 | 17.2% | 25.5% | +13.1% | −33% / +49% |
| DOXAmdocs Limited | 4.9 bn | 10.3 | 14.1% | 9.9% | +2.4% | −43% / −48% |
| RGTIRigetti Computing, Inc. | 3.7 bn | — | -43.8% | -1,787.4% | −34.3% | −56% / +958% |
| FORTYFormula Systems (1985) Ltd. | 1.8 bn | 23.4 | 12.2% | 2.9% | +5.2% | −20% / +96% |
| MGRTMega Fortune Co Ltd | 1.6 bn | 698.9 | 21.1% | 16.1% | +233.3% | +1,864% / unavailable |
| PERIPerion Network Ltd. | 446.8 m | — | -1.1% | -1.8% | −11.7% | +12% / −59% |
| MFImF International Limited | 367.8 m | 36.4 | 3.9% | 232.8% | +29.4% | −68% / unavailable |
| IAInnovative Solutions And Support, Inc. | 353.7 m | 18.8 | 28.5% | 20.5% | +78.6% | +103% / +167% |
| GDEVGDEV Inc. | 176.1 m | 2.6 | — | 17.1% | −3.9% | −44% / −57% |
| ATGLAlpha Technology Group Ltd | 146.5 m | — | -184.7% | -952.0% | −40.2% | −61% / −39% |
| MLGOMicroAlgo Inc. | 135.7 m | 1.2 | 7.6% | 30.2% | −20.3% | −61% / −100% |
| MWCMicware Co., Ltd. | 82.0 m | 8.1 | 20.0% | 7.3% | unavailable | unavailable / unavailable |
| PDCPerpetuals.com Ltd | 74.9 m | — | -75.8% | -1,069.9% | −47.0% | −61% / −13% |
| CINTCI&T Inc | 73.8 m | 10.3 | 13.8% | 8.3% | +11.5% | −31% / −40% |
| CYCUCycurion, Inc. | 65.1 m | — | -76.7% | -98.0% | −14.8% | −91% / unavailable |
| XTIAXti Aerospace, Inc. | 37.7 m | — | — | -89.6% | +602.4% | −40% / −100% |
| MNDOMind Cti Ltd | 18.3 m | 6.9 | 11.0% | 13.4% | −9.3% | −24% / −53% |
| CHGAChange Agents Corporation | 17.8 m | — | -606.9% | -643.1% | +6.2% | −97% / −99% |
| RDNWRideNow Group, Inc. | 11.7 m | — | — | -0.8% | −10.5% | +7% / −9% |
1- and 3-year price returns: for ZS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Zscaler is a cloud-native security platform built on zero trust principles, connecting users, devices and AI agents to applications based on identity and business policy rather than network location. The company positions itself as the cybersecurity platform for the AI era, as demand for securing AI agents grows and fiscal 2026 revenue reached 3352.5 million USD 1.
SWOT
Strengths
- The unified platform, running on one infrastructure with one policy engine, offers an architecture that is difficult for competitors to replicate 1.
- High transaction volume feeds a learning loop that improves threat detection for all customers 1.
- High non-GAAP gross margin and solid free cash flow give financial flexibility for investment 1.
Weaknesses
Opportunities
Threats
- Intense competition could reduce market share if other providers quickly adopt similar architectures 1.
- Security incidents or failures to block malware could damage reputation and customer retention 1.
- Macroeconomic conditions, tariffs and geopolitical changes could extend approvals and reduce purchases 1.
Risks
- Historical net lossesmedium
The company has not yet achieved sustained GAAP profitability and could fail to do so if revenue does not cover rising expenses 1.
- Cloud architecture adoptionhigh
If organizations do not adopt the cloud platform at the expected pace, growth and results could be adversely affected 1.
- Customer renewal and expansionhigh
Customers have no obligation to renew subscriptions and may reduce users or move to cheaper product suites 1.
- Security breacheshigh
If the platform or internal systems are compromised, the perception of insecurity could seriously damage the company's reputation 1.
- Operational risks in Indialow
If operations in India are not managed effectively, the company's business could be harmed 1.
Investment thesis
What would need to be true (bull case)
- If adoption of AI security expands, the company could turn its unified architecture advantage into durable revenue growth from existing and new customers 1.
- Fiscal 2027 guidance points to continued growth, and a record non-GAAP operating margin could support investment without sacrificing profitability 2.
- Solid free cash flow gives the company resources to extend products and ease pressure from debt 1.
What would break the thesis
- If growth slows below fiscal 2027 guidance, the company could struggle to justify high staffing and infrastructure spending 2.
- Customers who keep legacy appliances or cut IT budgets could lengthen sales cycles and limit adoption of the new platform 1.
- Competition from established vendors could pressure prices and margins if the company does not differentiate enough 1.
What to watch
- Delivery against fiscal 2027 revenue guidance2027
- ARR development and net new ARRQ1 2027
- Non-GAAP operating margin versus guidanceQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Zscaler was founded in 2007 and offers its Zero Trust Exchange, a cloud platform that replaces traditional firewalls and VPNs with access based on identity and policy. The platform runs on the same infrastructure, is enforced by the same policy engine and is trained on the same signals, which the company describes as a unified architecture 1.
Revenue comes mainly from subscriptions to the platform and related support, recognized ratably over contracts that are typically one to five years. Pricing is mainly per user and on metered usage, and the company reports one operating segment 1.
In its fiscal fourth quarter 2026 release, the company reported revenue of 898.2 million USD and issued fiscal 2027 guidance for revenue between 3908 and 3938 million USD 2.
Segments
Zero Trust SASE
The core segment combines the cloud platform with Zero Trust Branch and Cloud solutions, including ZIA, ZPA and ZDX, to replace traditional MPLS and SD-WAN connectivity 1.
Security for AI and Data Security
The company is extending its portfolio to discover and protect AI applications, models, agents and data, alongside data security across the full data life cycle 1.
Market context
The target market is large, but adoption depends on customers' willingness to change architecture and on migration costs. Approval cycles have lengthened for large transactions in the uncertain economic environment the company describes 1.
Trends
- Adoption of AI and autonomous agentstailwind
AI agents access applications and data at machine speed, creating new governance needs. If organizations adopt agents quickly, demand for zero trust security could increase 1.
- Cloud migration and workforce mobilitytailwind
Applications have moved from data centers to the cloud and offices no longer define the perimeter. Perimeter architecture is costly and degrades user experience, supporting demand for the company's model 1.
- Customers keep legacy appliancesheadwind
On-premises solutions remain entrenched in many potential customers' infrastructure, particularly large enterprises, and educating them can lengthen sales cycles 1.
- Macroeconomic uncertainty and tariffsmixed
Tariffs, geopolitical conflicts and inflation can delay large purchases. If these conditions worsen, customers could reduce contract sizes 1.
Competitive position
Zscaler faces intense and growing competition from hybrid, cloud and legacy security providers, some of which have existing budgets and customer relationships. The company could lose market share if they adapt their products faster 1.
The company's stated advantage lies in its unified architecture, single policy engine and high transaction volume that trains threat detection. Competitors are not named explicitly in the provided sources, so the comparison stays at the level of the company's own description 1.
- Traditional firewall and VPN providers
Perimeter security products that the company describes as being replaced by its zero trust architecture 1.
- Hybrid and cloud security providers
Competitors offering hybrid or cloud models, cited by the company as a source of competition 1.
- Legacy IT security vendors
Companies with long-standing relationships with large customers, which may keep existing contracts instead of migrating 1.
- SD-WAN networking providers
Competitors in branch connectivity, where the company offers its Zero Trust Branch alternative 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Why Bernstein Still Sees 46% Upside in Zscaler (ZS) but Downgraded Palo Alto (PANW)Yahoo Finance — News · 23 Sept 2026 · EN
- Zscaler CEO Jay Chaudhry Sells 2,852 Shares for $550,000Yahoo Finance — News · 19 Sept 2026 · EN
- Zscaler, Inc. (ZS)’s Growth Engine Is Strong, But Slowing ARR Could Pressure the StockYahoo Finance — News · 16 Sept 2026 · EN
- Zscaler’s AI Story Is Accelerating, Its Growth Guide Isn’tYahoo Finance — News · 15 Sept 2026 · EN
- Stocks making the biggest moves midday: Zscaler, CrowdStrike, Marvell Technology, Rum Group & moreCNBC — Top News · 14 Sept 2026 · EN
- Cybersecurity Stocks Surge as AI Safety Warnings Spark Security Bid: CrowdStrike and Zscaler Jump 12%, Palo Alto Rallies 11%Yahoo Finance — News · 14 Sept 2026 · EN
- Zscaler CEO Highlights AI Security Surge, Zero-Trust Momentum at Citi ConferenceYahoo Finance — News · 12 Sept 2026 · EN
- Is Zscaler (ZS)’s Depressed Stock Opportunity Or Warning? Answer May Lie in Emerging AI Security BusinessYahoo Finance — News · 12 Sept 2026 · EN
- Cloudflare Surges 9% on OpenAI Security Partnership, Zscaler Rises 3%Yahoo Finance — News · 09 Sept 2026 · EN
- Zscaler (ZS) Reported Revenue and ARR Growth While Planning Workforce ReductionYahoo Finance — News · 09 Sept 2026 · EN
- Palo Alto vs. Zscaler: Which Cybersecurity Stock Looks Stronger After Earnings?Yahoo Finance — News · 07 Sept 2026 · EN
- Zscaler’s Strong Quarter Still Left Investors Waiting on 1 Key SignalYahoo Finance — News · 05 Sept 2026 · EN
- There Are A Lot Of Zscaler Inc. (NASDAQ:ZS) Shorts, Says Jim CramerYahoo Finance — News · 04 Sept 2026 · EN
- Zscaler Beat, Raised, and Jumped Double Digits While AI Agents Attack Its CustomersYahoo Finance — News · 04 Sept 2026 · EN
- Zscaler Falls 4% as FY2027 Growth Guidance Overshadows Earnings Beat; CrowdStrike Slips, Palo Alto Holds SteadyYahoo Finance — News · 04 Sept 2026 · EN
- Zscaler, Inc. Q4 2026 Earnings Call SummaryYahoo Finance — News · 04 Sept 2026 · EN
- Zscaler Dips On Fiscal 2027 Outlook For Key Sales MetricYahoo Finance — News · 04 Sept 2026 · EN
- Stocks making the biggest moves after hours: Lululemon, Zscaler, Guidewire Software & moreCNBC — Top News · 03 Sept 2026 · EN
- Zscaler stock rises on earnings beat, upbeat guidanceCNBC World · 03 Sept 2026 · EN
- Zscaler Earnings Prediction Market Preview: Will Anthropic’s Claude Be a ‘Tailwind’?Yahoo Finance — News · 03 Sept 2026 · EN
The latest news item in our archive is from 23 Sept 2026; the newest SEC filing is from 06 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report06 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report24 Sept 2026Departure or appointment of officers
- Annual report03 Sept 2026
- Current report03 Sept 2026Results of operations · Exit or disposal costs · Financial statements and exhibits
- Quarterly report26 May 2026
- Current report26 May 2026Results of operations · Financial statements and exhibits
- Current report16 Apr 2026Departure or appointment of officers
- Quarterly report26 Feb 2026
- Current report26 Feb 2026Results of operations · Financial statements and exhibits
- Current report15 Jan 2026Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2026-07-31 · SEC / Zscaler, Inc. · 03 Sept 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Zscaler, Inc. · 03 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.