ZSNasdaqServices-Computer Programming ServicesFiscal year ends July 31
Zscaler, Inc.
Financials through Q4 FY2026, quarter ended Jul 31, 2026Last filing: 10-K on Sep 3, 2026
$212.53+5.15 (+2.48%)
Close on Oct 19, 2026
- Market cap
- $34.41B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2015 to 2026
Gross margin
76.8%−0.9 pts over 5 years
Operating margin
-4.0%+26.9 pts over 5 years
Net margin
-1.9%+37.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +25.4% | +27.5% | +37.9% | +45.2% | |
| Gross profit | +25.3% | +27.1% | +37.6% | +45.6% | |
| Free cash flow | +5.5% | +32.7% | +40.8% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | 25.7% | -51.7% | -2.9% | |
| Return on assets | – | -12.8% | -0.9% | |
| Current ratio | 1.19 | 2.57 | 1.70 | |
| Interest coverage | – | -3.9× | -11.3× | |
| Capex to revenue | 6.2% | 7.2% | 8.3% | |
| Diluted shares | 29M | 136M | 160M |
Where the cash went
Fiscal 2022 to 2026, five years combined
Zscaler generated $3.67B from operations and spent $752.64M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$3.67B
Used
$752.64M
Capital expenditure$752.64M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-1.9%
×Asset turnover0.47×
×Equity multiplier3.25×
=Return on equity, FY2026-2.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | -1.9% | 0.47× | 3.25× | -2.9% |
| FY2025 | -1.6% | 0.48× | 3.62× | -2.7% |
| FY2024 | -2.7% | 0.52× | 4.16× | -5.8% |
| FY2023 | -12.5% | 0.50× | 4.96× | -31.2% |
| FY2022 | -35.8% | 0.43× | 4.62× | -70.8% |
| FY2021 | -38.9% | 0.33× | 4.04× | -51.7% |
| FY2020 | -26.7% | 0.35× | 3.07× | -29.0% |
| FY2019 | -9.5% | 0.58× | 1.92× | -10.4% |
| FY2018 | -17.7% | 0.60× | 7.08× | -75.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
2of 8 tests passed in fiscal 2026. Some tests lack the figures they need.
- ProfitableNet income above zero-$63.18M
- Cash generatingOperating cash flow above zero$1.13B
- Return on assets improvedROA up on the prior year-0.9% → -1.0%
- Earnings backed by cashOperating cash flow above net income$1.13B vs -$63.18M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose2.01 → 1.70
- No dilutionShare count did not rise154M → 160M
- Gross margin improvedGross margin up on the prior year76.87% → 76.80%
- More efficientAsset turnover rose0.57 → 0.52