Zscaler, Inc. (ZS) Key Metrics
ZS valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $33.81B
- Enterprise value
- $33.35B
- P/E (TTM)
- —
- Forward P/E
- 43.9
- PEG ratio
- 2.20
- Price / sales
- 10.1 10-yr median 16.5
- Price / book
- 13.5 10-yr median 32.1
- EV / EBITDA
- 186.8 10-yr median 376.4
- Dividend yield
- —
- Beta
- 0.94
ZS key metrics, FY2017–FY2026
Fiscal year ended July 31, 2026 · U.S. dollarsZS valuation Price multiples at each fiscal year-end price.
Price / sales−56.2%
7.2
FY2026 · hover or tap a bar for each year
FY2017FY2026
Price / book−62.0%
9.3
FY2026 · hover or tap a bar for each year
FY2017FY2026
EV / EBITDA−67.8%
121.2
FY2026 · hover or tap a bar for each year
FY2017FY2026
Price / free cash flow−53.2%
28.4
FY2026 · hover or tap a bar for each year
FY2017FY2026
Free cash flow yield+1.9 pts
3.5%
FY2026 · hover or tap a bar for each year
FY2017FY2026
ZS returns How much profit the business earns on the capital it uses.
Return on equity−0.2 pts
−2.9%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Return on invested capital+140.3 pts
−21.0%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Return on assets−0.1 pts
−0.9%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Free cash flow margin−1.8 pts
25.4%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Asset turnover−2.3%
0.47
FY2026 · hover or tap a bar for each year
FY2017FY2026
ZS per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+20.9%
$20.92
FY2026 · hover or tap a bar for each year
FY2017FY2026
Earnings per share
−$0.39
FY2026 · hover or tap a bar for each year
FY2017FY2026
Free cash flow per share+13.0%
$5.32
FY2026 · hover or tap a bar for each year
FY2017FY2026
Book value per share+39.2%
$16.22
FY2026 · hover or tap a bar for each year
FY2017FY2026
Shares outstanding+3.8%
160.2M
FY2026 · hover or tap a bar for each year
FY2017FY2026
ZS financial health Debt, liquidity and how easily interest is covered.
Debt / equity−28.5%
0.71
FY2026 · hover or tap a bar for each year
FY2017FY2026
Net debt+$157.5M
−$1.62B
FY2026 · hover or tap a bar for each year
FY2017FY2026
Net debt / EBITDA+7.12
−8.67
FY2026 · hover or tap a bar for each year
FY2017FY2026
Current ratio−15.7%
1.70
FY2026 · hover or tap a bar for each year
FY2017FY2026
Interest coverage
-11.3
FY2026 · hover or tap a bar for each year
FY2017FY2026
Debt / assets−15.7%
0.24
FY2026 · hover or tap a bar for each year
FY2017FY2026
ZS efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−1 days
117 days
FY2026 · hover or tap a bar for each year
FY2017FY2026
Days payables outstanding+2 days
22 days
FY2026 · hover or tap a bar for each year
FY2017FY2026
Cash conversion cycle−3 days
94 days
FY2026 · hover or tap a bar for each year
FY2017FY2026
Capex / revenue−0.9 pts
8.3%
FY2026 · hover or tap a bar for each year
FY2017FY2026
ZS valuation history
Fiscal year-endToday10-year median
ZS returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ZS debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ZS cash returned to shareholders
DividendsBuybacksFree cash flow
ZS price vs earnings per share
Share price at year-endEPS (right axis)
ZS key metrics
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $24.23B | $44.09B | $26.83B | $23.25B | $21.85B | $32.00B | $16.79B | $10.41B | $2.26B | — |
| Enterprise value | $22.61B | $42.32B | $25.66B | $22.36B | $21.16B | $31.46B | $16.33B | $10.05B | $1.99B | — |
| Price / sales | 7.2 | 16.5 | 12.4 | 14.4 | 20.0 | 47.5 | 38.9 | 34.4 | 11.9 | — |
| Price / book | 9.3 | 24.5 | 21.1 | 32.1 | 38.1 | 60.5 | 34.6 | 33.7 | 9.4 | — |
| Price / free cash flow | 28.4 | 60.7 | 45.9 | 69.7 | 94.4 | 222.6 | 610.5 | 373.7 | — | — |
| Price / operating cash flow | 21.4 | 45.3 | 34.4 | 50.3 | 67.9 | 158.4 | 211.7 | 179.4 | 130.3 | — |
| EV / sales | 6.7 | 15.8 | 11.8 | 13.8 | 19.4 | 46.7 | 37.9 | 33.2 | 10.5 | — |
| EV / EBITDA | 121.2 | 376.4 | 396.0 | — | — | — | — | — | — | — |
| EV / free cash flow | 26.5 | 58.2 | 43.9 | 67.0 | 91.5 | 218.9 | 593.5 | 360.6 | 932.5 | — |
| Earnings yield | −0.3% | −0.1% | −0.2% | −0.9% | −1.8% | −0.8% | −0.7% | −0.3% | −1.5% | — |
| Free cash flow yield | 3.5% | 1.6% | 2.2% | 1.4% | 1.1% | 0.4% | 0.2% | 0.3% | 0.1% | — |
| Dividend yield | — | — | — | — | — | — | 6.1% | — | 0.0% | — |
| Shareholder yield (dividends + buybacks) | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 6.1% | 0.0% | 0.2% | — |
| Share price at fiscal year-end | $151.20 | $285.56 | $179.35 | $160.38 | $155.06 | $235.91 | $129.85 | $84.27 | $35.31 | — |
| Per share | ||||||||||
| Revenue per share | $20.92 | $17.31 | $14.49 | $11.16 | $7.74 | $4.96 | $3.33 | $2.45 | $2.98 | $1.21 |
| Earnings per share | −$0.39 | −$0.27 | −$0.39 | −$1.40 | −$2.77 | −$1.93 | −$0.89 | −$0.23 | −$0.53 | −$0.34 |
| Operating cash flow per share | $7.05 | $6.30 | $5.21 | $3.19 | $2.28 | $1.49 | $0.61 | $0.47 | $0.27 | −$0.06 |
| Free cash flow per share | $5.32 | $4.71 | $3.91 | $2.30 | $1.64 | $1.06 | $0.21 | $0.23 | $0.03 | −$0.14 |
| Cash per share | $21.68 | $23.14 | $16.11 | $14.49 | $12.29 | $11.08 | $10.60 | $2.95 | $4.67 | $0.85 |
| Book value per share | $16.22 | $11.65 | $8.52 | $5.00 | $4.07 | $3.90 | $3.75 | $2.50 | $3.76 | $0.48 |
| Tangible book value per share | $7.28 | $8.64 | $5.30 | $4.21 | $3.29 | $3.23 | $3.33 | $2.37 | $3.76 | $0.48 |
| Dividends per share | — | — | — | — | — | — | $7.90 | — | $0.00 | — |
| Capex per share | $1.73 | $1.59 | $1.30 | $0.89 | $0.64 | $0.43 | $0.40 | $0.24 | $0.24 | $0.08 |
| Debt per share | $11.58 | $11.64 | $8.28 | $8.35 | $7.42 | $7.11 | $7.00 | — | $0.56 | $0.22 |
| Shares outstanding | 160.2M | 154.4M | 149.6M | 144.9M | 140.9M | 135.7M | 129.3M | 123.6M | 63.9M | 103.6M |
| Change in shares outstanding | +3.8% | +3.2% | +3.2% | +2.9% | +3.9% | +4.9% | +4.7% | +93.4% | −38.4% | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −2.9% | −2.7% | −5.8% | −31.2% | −70.8% | −51.7% | −29.0% | −10.4% | −23.2% | −60.9% |
| Return on invested capital (ROIC) | −21.0% | −161.3% | — | — | — | — | — | — | — | — |
| Return on assets (ROA) | −0.9% | −0.7% | −1.4% | −6.3% | −15.3% | −12.8% | −9.4% | −5.4% | −10.7% | −21.1% |
| Return on tangible assets | −1.0% | −0.7% | −1.4% | −5.8% | −14.3% | −12.1% | −6.5% | −4.9% | −7.5% | −19.4% |
| Free cash flow margin | 25.4% | 27.2% | 27.0% | 20.6% | 21.2% | 21.4% | 6.4% | 9.2% | 1.1% | −11.3% |
| Financial health | ||||||||||
| Total debt | $1.86B | $1.80B | $1.24B | $1.21B | $1.05B | $964.6M | $905.2M | — | $35.7M | $23.3M |
| Cash & short-term investments | $3.47B | $3.57B | $2.41B | $2.10B | $1.73B | $1.50B | $1.37B | $364.6M | $298.5M | $88.0M |
| Net debt | −$1.62B | −$1.78B | −$1.17B | −$889.7M | −$685.6M | −$537.9M | −$465.3M | −$364.6M | −$262.8M | −$64.7M |
| Debt / equity | 0.71 | 1.00 | 0.97 | 1.67 | 1.82 | 1.82 | 1.87 | — | 0.15 | 0.47 |
| Debt / assets | 0.24 | 0.28 | 0.26 | 0.34 | 0.37 | 0.43 | 0.49 | — | 0.08 | 0.13 |
| Net debt / EBITDA | −8.67 | −15.80 | −18.08 | — | — | — | — | −178.31 | — | — |
| Current ratio | 1.70 | 2.01 | 1.09 | 1.88 | 1.99 | 2.57 | 3.73 | 1.89 | 2.12 | 1.19 |
| Quick ratio | 1.70 | 2.01 | 1.09 | 1.81 | 1.91 | 2.49 | 3.66 | 1.81 | 2.03 | 1.10 |
| Interest coverage | -11.3 | -13.5 | -9.5 | -31.6 | -5.8 | -3.9 | -18.9 | -3.0 | -11.5 | -71.6 |
| Working capital | $2.07B | $2.46B | $283.7M | $1.35B | $1.12B | $1.13B | $1.16B | $234.1M | $204.3M | $22.4M |
| Invested capital | $979.9M | $23.4M | $102.4M | −$164.6M | −$112.3M | −$9.1M | $19.5M | −$56.1M | −$22.6M | −$14.9M |
| Tangible asset value | $1.17B | $1.33B | $793.2M | $610.1M | $462.9M | $437.8M | $430.7M | $292.4M | $240.2M | $49.8M |
| Net current asset value | −$237.2M | $273.7M | −$34.2M | $7.1M | −$2.7M | $119.6M | $233.2M | $200.5M | $179.6M | $9.8M |
| Graham net-net per share | −$5.82 | −$1.97 | −$3.13 | −$1.99 | −$1.31 | −$0.03 | $1.15 | $1.21 | $2.27 | −$0.10 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | $1.02B | — | $0 | — |
| Share buybacks (net) | — | — | $0 | $0 | $0 | $0 | $0 | $22,000 | $3.8M | $0 |
| Dividends + buybacks / free cash flow | — | — | 0.0% | 0.0% | 0.0% | 0.0% | — | 0.1% | 178.3% | — |
| Capex / revenue | 8.3% | 9.2% | 9.0% | 8.0% | 8.3% | 8.7% | 12.0% | 10.0% | 8.0% | 6.5% |
| Capex / operating cash flow | 24.5% | 25.3% | 25.0% | 27.8% | 28.1% | 28.9% | 65.3% | 52.0% | 87.7% | — |
| Capex / depreciation | 1.44 | 2.03 | 2.41 | 1.93 | 1.83 | 1.60 | 2.45 | 2.67 | 1.90 | 1.20 |
| Stock-based compensation / revenue | 24.5% | 24.7% | 24.3% | 27.5% | 37.5% | 38.4% | 28.1% | 15.3% | 5.9% | 7.9% |
| R&D / revenue | 26.9% | 25.2% | 23.1% | 21.5% | 26.5% | 25.9% | 22.4% | 20.5% | 20.7% | 26.7% |
| SG&A / revenue | 53.8% | 56.5% | 60.5% | 70.0% | 81.3% | 82.6% | 17.1% | 15.4% | 16.4% | 79.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 116.6 | 118.0 | 111.1 | 110.9 | 109.9 | 109.7 | 102.0 | 93.4 | 96.6 | 92.2 |
| Days of inventory on hand | — | — | — | 101.7 | 107.7 | 108.6 | 100.5 | 113.5 | 128.2 | 114.3 |
| Days payables outstanding | 22.3 | 20.7 | 15.9 | 22.5 | 29.0 | 21.5 | 21.5 | 33.7 | 41.7 | 34.3 |
| Cash conversion cycle (days) | 94.3 | 97.3 | 95.2 | 190.1 | 188.5 | 196.7 | 180.9 | 173.1 | 183.1 | 172.2 |
| Receivables turnover | 3.13 | 3.09 | 3.29 | 3.29 | 3.32 | 3.33 | 3.58 | 3.91 | 3.78 | 3.96 |
| Payables turnover | 16.39 | 17.61 | 22.96 | 16.24 | 12.57 | 16.95 | 16.97 | 10.82 | 8.75 | 10.63 |
| Inventory turnover | — | — | — | 3.59 | 3.39 | 3.36 | 3.63 | 3.22 | 2.85 | 3.19 |
| Asset turnover | 0.47 | 0.48 | 0.52 | 0.50 | 0.43 | 0.33 | 0.35 | 0.58 | 0.60 | 0.75 |
| Average receivables | $1.07B | $864.4M | $659.6M | $491.2M | $328.4M | $202.3M | $120.5M | $77.5M | $50.3M | $31.8M |
| Average payables | $47.4M | $35.1M | $20.9M | $22.3M | $19.4M | $8.9M | $5.7M | $5.6M | $4.3M | $2.6M |
| Average inventory | — | — | — | $101.0M | $71.8M | $44.8M | $26.7M | $18.7M | $13.3M | $8.6M |
| Intangibles / total assets | 18.2% | 7.2% | 10.2% | 3.2% | 3.9% | 4.0% | 2.9% | 2.7% | 0.0% | 0.0% |
Computed from ZS's annual financial statements (latest annual report filed September 3, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ZS valuation and financial ratios
Zscaler earned a return on equity of −2.9% and a return on invested capital of −21.0% in fiscal 2026. It ended the year with $1.9 billion of debt and $3.5 billion in cash and short-term investments, a net cash position of $1.6 billion. The share count rose 54.6% from 103.6M to 160.2M over 9 years.
See the ZS income statement, the ZS chart for price history, or the ZS stock overview for the latest quote and news.
ZS key metrics FAQ
What is Zscaler's EV/EBITDA?
Zscaler's enterprise value was 121.2 times EBITDA at the end of fiscal 2026 (enterprise value $22.6 billion, EBITDA $186.6 million); the current EV/EBITDA is 186.8.
What is Zscaler's return on equity?
Zscaler's return on equity (ROE) was −2.9% in fiscal 2026: net income of -$63.2 million on average shareholders' equity of $2.2 billion.
What is Zscaler's ROIC?
Zscaler's return on invested capital was −21.0% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Zscaler have?
Zscaler had total debt of $1.9 billion at the end of fiscal 2026, a debt-to-equity ratio of 0.71 and more cash than debt.
What is Zscaler's free cash flow yield?
Zscaler generated $852.4 million of free cash flow in fiscal 2026, a free cash flow yield of 3.5% on its market value at year-end ($24.2 billion).
What is Zscaler's current ratio?
Zscaler's current ratio was 1.70 at the end of fiscal 2026: current assets were 1.70 times current liabilities.