ZS · Zscaler, Inc.
$199.42
+1.07 (+0.54%)
At close · Sep 30
Return incl. dividend (before tax)
Market Cap
$32.28B
Shares
163.05M
Volume · Sep 30
2.13M
Avg daily vol (3M)
2.85M
Price & Indicators
20d MA
50d MA
200d MA
Earnings
Filing
Insider
Congress
Investor day
Close$199.42
Open$198.86
Day$196.89–202.87
52W close$118.05–336.27
Avg vol 30d3.4M
Short int6.5M · 4.0% float · 1.5d
Short vol37%
Last earningsSep 3, 2026
DataJan 2020–Sep 2026
Filing10-K · Sep 3
Up next
Next earnings call
Dec 3, 2026
Est · unconfirmed
· in 9 wks
filed Sep 3, 2026
call held Sep 3, 2026
Metrics snapshot
Useful current figures from the complete screener profile.
Revenue (TTM)
$3.35B
Trailing 12 months
Net income (TTM)
−$63.18M
Trailing 12 months
Revenue growth YoY
+24.9%
Year over year
Operating margin
-4.0%
Trailing 12 months
P / E (TTM)
—
Trailing earnings
FCF yield
2.6%
TTM · current market cap
Return on invested capital
—
Trailing 12 months
Net cash
—
Latest balance sheet
Dividend yield
—
Trailing 12 months
Shares change YoY
+3.8%
Year over year · more shares
Price change (1Y)
-33.2%
Trailing year
Short interest
4.0%
Latest settlement · 1.5 days to cover
AI Brief
Q4 FY26 earnings call · Sep 3, 2026
Q4 FY26
TL;DR. Zscaler closed fiscal 2026 with 25% revenue and ARR growth, a record 24% non-GAAP operating margin, and accelerating 17% ex-Red Canary net new ARR, but guided fiscal 2027 to ARR growth of only ~16.6%-17.4% with a restructuring and elevated CapEx.
Bullish
- + Q4 revenue grew 25% YoY to $898M, exceeding the high end of guidance, and full-year revenue grew 25% to $3.353B
- + Non-GAAP operating margin reached a record 24.3% in Q4, up 220 bps YoY
- + Record $1M+ ACV deal activity, $10M+ ARR customers nearly doubled YoY, and Security for AI bookings grew 50% sequentially
- + Zero Trust Everywhere enterprises grew to 950+ from 700 in Q3 and 350 a year ago
Bearish
- − Fiscal 2027 ARR guidance of $4.396B-$4.426B implies ~17% growth, a deceleration from 25% in FY26
- − Full-year free cash flow margin declined to 23% from 27% prior year, with Q4 FCF margin dropping to 7% from 24% on elevated CapEx
- − CapEx expected to remain elevated in FY27 due to higher component pricing, with FY27 CapEx (ex internal-use software) guided to low-teens % of revenue
- − Workforce restructuring expected to affect ~3% of employees with $30-33M in charges, primarily in H1 FY27
From the call
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceOverall
Neutral
SellHoldBuy
Technical
Neutral
Momentum
Strong
Sentiment
Bearish
Fundamentals
Excellent
Quant / Vol
Very High
Market backdrop
VIX 16.3 · calm
Equity put/call 0.53
Technical
price trend
50 / 200-day cross
No cross
Price vs 200-day avg
+20%
above
Price vs 50-day avg
+13%
above
RSI (14)
57
neutral
MACD trend
Negative
52-week position
37%
mid-range
Volume (OBV)
Confirms
volume backs price
Momentum
relative strength
1-month return
+12%
trailing
6-month return
+63%
trailing
YTD return
−11%
this year
Relative strength
+51%
vs S&P · 6-mo
Sentiment
smart money
Trend (MA cross)
No cross
50d $177 › 200d $167 — 50d above 200d
Institutional flow
Flat
0% holders QoQ · +140 funds added
Insider flow
Distributing
Net -$2.9M over 90 days · 100% sells
Short interest
Rising
3.99% of float · ▲ +2.3% MoM · 1.5 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Steady
766 holders — mid 3-yr range
Squeeze score
62
elevated · 0–100
Fundamentals
Revenue growth
+25%
Y/Y
Gross margin
77%
contracting
EPS growth
−44%
Y/Y
Free cash flow
$852.4M
Balance sheet
$280.8M
net cash
Quant / Vol
risk profile
Volatility
66%
annualized · 1-yr
Max drawdown
−65%
past year
ATR
5.0%
of price · 14-day
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Latest guidance
· from the 8-K filed Sep 3, 2026
first quarter of fiscal 2027
Revenue
Initiated
$935M – $939M
prior qtr $850.48M
midpoint +10.2% QoQ
Non-GAAP gross margin
Non-GAAP
Initiated
80%
Non-GAAP income from operations
Non-GAAP
Initiated
$215M – $217M
Non-GAAP net income per share
Non-GAAP
Initiated
$1.15 – $1.16
full year fiscal 2027
ARR
Initiated
$4.4B – $4.43B
Revenue
Initiated
$3.91B – $3.94B
prior FY $3.35B
midpoint +17.0% Y/Y
Non-GAAP gross margin
Non-GAAP
Initiated
80%
Non-GAAP net income per share
Non-GAAP
Initiated
$4.86 – $4.90
Non-GAAP income from operations
Non-GAAP
Initiated
$924M – $932M
Free cash flow margin
Non-GAAP
Initiated
23% – 23.5%
Guided vs delivered
· last 4 settled
Revenue
fourth quarter of fiscal 2024
guided $565M – $567M
$592.87M
Beat +4.7%
Revenue
full year fiscal 2024
guided $2.14B – $2.14B
$2.17B
Beat +1.3%
Revenue
third quarter of fiscal 2024
guided $534M – $536M
$553.2M
Beat +3.4%
Revenue
second quarter of fiscal 2024
guided $505M – $507M
$525M
Beat +3.8%
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Neutral
50 / 200-day cross
No cross
Neutral
Price vs 200-day avg
+20%
Bullish
Price vs 50-day avg
+13%
Bullish
RSI (14)
57
Neutral
MACD trend
Negative
Bearish
52-week position
37%
Neutral
Volume (OBV)
Confirms
Neutral
Market signals — smart money & positioning
Bearish · 2 of 6
Trend (MA cross)
No cross
50d $177 › 200d $167 — 50d above 200d
Institutional flow
Flat
0% holders QoQ · +140 funds added
Insider flow
Distributing
Net -$2.9M over 90 days · 100% sells
Short interest
Rising
3.99% of float · ▲ +2.3% MoM · 1.5 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Steady
766 holders — mid 3-yr range
Price context
position in its 52-week range
Range low $118
Now $199 · 37%
Range high $336
vs 200-day avg +20%
vs 50-day avg +13%
Illustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Annual Recurring Revenue ("ARR") | $3.77B | fiscal 2026 filing | — |
| countries served | 185 | fiscal 2026 filing | — |
| Customer base growth | 16% | fiscal 2026 compared to fiscal 2025 filing | — |
| customers | 11,000 | fiscal 2026 filing | — |
| customers with over 1,500 employees | 4,600 | fiscal 2026 filing | — |
| daily transactions processed | 750B | fiscal 2026 filing | — |
| Forbes Global 2000 customers | 40% | fiscal 2026 filing | — |
| Fortune 500 customers | 50% | fiscal 2026 filing | — |
| Free cash flow non-GAAP | $779.1M | fiscal 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net cash provided by operating activities 1.13B
-277.3M Purchases of property, equipment and other assets
-73.21M Capitalized internal-use software
= Free cash flow 779.14M
|
|||
| Free cash flow margin non-GAAP | 23% | Year Ended July 31, 2026 | — |
| issued and pending patents | 950 | fiscal 2026 filing | — |
| Net new ARR | $246M | fourth quarter of fiscal 2026 | — |
| Non-GAAP gross margin non-GAAP | 80% | Year Ended July 31, 2026 filing | — |
| Non-GAAP gross profit non-GAAP | 2.69B | Year Ended July 31, 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP GAAP gross profit 2.57B
+87.47M Stock-based compensation expense and related payroll taxes
+27.86M Amortization expense of acquired intangible assets
+1.33M Restructuring and other charges
= Non-GAAP gross profit 2.69B
|
|||
| Non-GAAP income from operations non-GAAP | 767.11M | Year Ended July 31, 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP GAAP loss from operations -133.27M
+841.65M Stock-based compensation expense and related payroll taxes
+43.47M Amortization expense of acquired intangible assets
+10.26M Restructuring and other charges
+5M Acquisition-related expenses
= Non-GAAP income from operations 767.11M
|
|||
| public data centers globally | 200 | fiscal 2026 filing | — |
| Remaining performance obligations | $7.37B | fiscal 2026 filing | — |
| Revenue from United States | $1.79B | fiscal 2026 filing | — |
| Subscription and support revenue as a percentage of total revenue | 98% | fiscal 2026 filing | — |
| total addressable organizations with over 1,500 employees | 20,000 | fiscal 2026 filing | — |
| unique security updates per day | 250,000 | fiscal 2026 filing | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Software - Infrastructure — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
ZS
this stock
Zscaler, Inc.
|
$32.28B | -11.3% | +25.4% | — | 4.0% |
|
MSFT
Microsoft Corp
|
$3.83T | +6.1% | +6.9% | 28.8 | 0.9% |
|
PLTR
Palantir Technologies Inc.
|
$455.79B | +5.2% | +56.2% | 162.1 | 2.5% |
|
ORCL
Oracle Corp
|
$414.55B | -29.6% | +17.3% | 21.5 | 1.7% |
|
PANW
Palo Alto Networks Inc
|
$306.54B | +115.7% | +29.0% | — | 2.7% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionOwnership
Short & Settlement
Smart Money
Financials
Filings
Performance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| ZS | -7.0% | +11.8% | +63.2% | +5.9% | -11.3% |
| SPY | -0.7% | +0.1% | +12.2% | -0.6% | +11.8% |
| vs SPY | -6.3% | +11.7% | +51.0% | +6.4% | -23.2% |
Key facts
CIK
1713683
CUSIP
98980G102
13F (30d)
22 filings
13 filers
Visit website
Investor relations