Zscaler, Inc.

Zscaler, Inc.ZS

Technology · Software - Infrastructure

183.60USD

-2.43%

Sep 23, 2026

ZS overview ready

Cloud-native zero-trust access and security-service-edge provider for enterprises

Zscaler is a direct, cloud-native provider of zero-trust access and security-service-edge capabilities for enterprise and government customers modernizing remote, branch, cloud, data, and increasingly AI-agent access controls.

Strong narrative exposure

Exposed to the Enterprise Cybersecurity Modernization narrative through Security Service Edge and Zero Trust Network Access — pure play.

An early price trend

Longer-term context reads early recovery, with a near-term setup of reclaim attempt.

Fair valuation

The price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably balanced.

Unremarkable fundamentals

Primary risk

Intense competition in cloud security market.

Market Aug 14Filing Jul 31Price action Aug 9Research Jul 31

Conviction Level

Price

Loading price history…

Price Action

An early price trend

Longer-term context reads early recovery, with a near-term setup of reclaim attempt.

EntryReset + recovery

The stock is still rebuilding below its long-term weekly base, and the recent reset toward the daily SMA200 aligned with support at the weekly EMA21. Daily structure is recovering above the fast averages, improving the current entry location.

Key Financials

Market Cap: $29.9B
Avg Volume (60D): 4.3M
Revenue Growth YoY: +25.4%
Gross Margin: +76.8%
Operating Margin: -4.0%
Free Cash Flow Yield: +2.8%
P/E: N/M
EV / Sales: 8.2x

Market metrics as of Aug 14, 2026

Financial results for the period ended Jul 31, 2026

Filed balance-sheet data as of Jul 31, 2025

Fundamentals & Valuation

The available comparisons disagreed; the intrinsic comparison is the more reliable method for this business and the others are published as dissent.

Zscaler, Inc. has a Fair valuation stance because the price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably balanced.

Company Research

Thesis

Opportunity

Moderate opportunity

Enterprise replacement of perimeter- and VPN-centric access architectures with cloud-delivered security services that verify access continuously and securely connect users, devices, branches, workloads, and applications.

Key risk

Intense competition in cloud security market.

Narrative & Theme

Enterprise Cybersecurity Modernization

Part of Security Service Edge and Zero Trust Network Access, with strong fit.

ZS has a strong and specific fit to Enterprise Cybersecurity Modernization.

Narrative HeatHeating up8.0 / 10

Theme HeatHeating up7.3 / 10

This is the company’s own research reading. The canonical heat measurement for this story has not run.

Business & Markets

Technology · Software - Infrastructure

What they do

Zscaler, Inc. operates a cloud security platform that provides cyberthreat protection and secure access solutions globally, enabling organizations to protect users, applications, and data in cloud and hybrid environments.

How it earns

The company primarily generates revenue through subscription-based sales of its cloud security services.

Products & services

Zscaler Internet Access

Zscaler Private Access

Zero Trust Firewall

Cloud Sandbox

Zero Trust Browser

Data Loss Prevention (DLP) products

Customers & end markets

Enterprises

Government organizations

Market position

Zscaler is considered a leader in the cloud security and Zero Trust access market segments.

Demand drivers

Low cyclicality

Demand for cybersecurity solutions tends to be stable and less sensitive to economic cycles due to regulatory and risk management needs.