Zscaler
ZS on Nasdaq. Zscaler sells cloud security software to businesses. Market value $32.9bn.
Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to July 2026.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.25 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -31 cents a year. Above 10 is good.
Quality score: 50 of 100. Price score: 12 of 100. Our list needs 70 on quality and 60 on price.
$212.25 a share, 85% above its 1-year low
Over the past year the price has ranged from $114.63 to $336.99.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.1bn | $1.6bn | $2.2bn | $2.7bn | $3.4bn |
| Operating margin | |||||
| Operating margin | -30.0% | -14.5% | -5.6% | -4.8% | -4.0% |
| Debt to equity | |||||
| Debt to equity | 1.69 | 1.56 | 0.90 | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.15bn | 0.15bn | 0.16bn | 0.16bn | 0.16bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)3 of 8 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsStrong, 37.9% a year
- Buying back its own sharesNo, 12% more shares since 2022
The quarter to July 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $898 million last quarter, up 25% on a year ago.
- A loss of $3 million, compared with a loss of $18 million a year ago.
- It loses 4 cents on each $1 of sales, compared with 5 cents a year earlier.
- Spare cash over the past 12 months: $779 million, up from $727 million.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| October 2024 | $628m |
| January 2025 | $648m |
| April 2025 | $678m |
| July 2025 | $719m |
| October 2025 | $788m |
| January 2026 | $816m |
| April 2026 | $850m |
| July 2026 | $898m |
| Quarter to | Amount |
|---|---|
| October 2024 | -$12m |
| January 2025 | -$8m |
| April 2025 | -$4m |
| July 2025 | -$18m |
| October 2025 | -$12m |
| January 2026 | -$34m |
| April 2026 | -$14m |
| July 2026 | -$3m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 3 September 2026
- Next quarterly (estimated, 10-Q)
- 25 August 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 746 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| ShawSpring PartnersDennis Hong | $24m | 10.2% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $2m | <0.1% | Cut |
Largest holders overall
- BlackRock$1.4bnAdded
- Vanguard Portfolio Management$875mAdded
- Vanguard Capital Management$666m
- First Trust Advisors LP$498m
- Goldman Sachs Group$446mAdded
- State Street$352mAdded
- Pictet Asset Management Holding SA$297mAdded
- Geode Capital Management$294m
- UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS$244mCut
- Victory Capital Management$236mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- BlackRock, Inc.Passive investor5.1%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 5.1% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 8 sold $18m, $8m of it under preset trading plans.
- RUBIN KEVINChief Financial OfficerSoldunder a preset trading plan
- Date
- 25 September 2026
- Shares
- 519
- Price
- $197.28
- Value
- $102,390
- Geller AdamChief Product OfficerSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 661
- Price
- $200.00
- Value
- $132,200
- Schlossman RobertChief Legal OfficerSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 5,394
- Price
- $200.00
- Value
- $1m
- Geller AdamChief Product OfficerSoldunder a preset trading plan
- Date
- 17 September 2026
- Shares
- 4,584
- Price
- $192.01
- Value
- $880,174
- BEER JAMES ADirectorSoldunder a preset trading plan
- Date
- 17 September 2026
- Shares
- 177
- Price
- $192.01
- Value
- $33,986
- Chaudhry Jagtar SinghCEO & Chairman, DirectorSold
- Date
- 16 September 2026
- Shares
- 2,852
- Price
- $192.76
- Value
- $549,760
- RUBIN KEVINChief Financial OfficerSold
- Date
- 16 September 2026
- Shares
- 5,957
- Price
- $192.76
- Value
- $1m
- Geller AdamChief Product OfficerSoldunder a preset trading plan
- Date
- 16 September 2026
- Shares
- 5,578
- Price
- $192.76
- Value
- $1m
- Rich Michael J.CRO and President of WW SalesSold
- Date
- 16 September 2026
- Shares
- 4,108
- Price
- $192.76
- Value
- $791,870
- Schlossman RobertChief Legal OfficerSold
- Date
- 16 September 2026
- Shares
- 2,325
- Price
- $192.76
- Value
- $448,174
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 25 September 2026 | RUBIN KEVIN Chief Financial Officer | Sold under a preset trading plan | 519 | $197.28 | $102,390 |
| 21 September 2026 | Geller Adam Chief Product Officer | Sold under a preset trading plan | 661 | $200.00 | $132,200 |
| 21 September 2026 | Schlossman Robert Chief Legal Officer | Sold under a preset trading plan | 5,394 | $200.00 | $1m |
| 17 September 2026 | Geller Adam Chief Product Officer | Sold under a preset trading plan | 4,584 | $192.01 | $880,174 |
| 17 September 2026 | BEER JAMES A Director | Sold under a preset trading plan | 177 | $192.01 | $33,986 |
| 16 September 2026 | Chaudhry Jagtar Singh CEO & Chairman, Director | Sold | 2,852 | $192.76 | $549,760 |
| 16 September 2026 | RUBIN KEVIN Chief Financial Officer | Sold | 5,957 | $192.76 | $1m |
| 16 September 2026 | Geller Adam Chief Product Officer | Sold under a preset trading plan | 5,578 | $192.76 | $1m |
| 16 September 2026 | Rich Michael J. CRO and President of WW Sales | Sold | 4,108 | $192.76 | $791,870 |
| 16 September 2026 | Schlossman Robert Chief Legal Officer | Sold | 2,325 | $192.76 | $448,174 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.