# Zscaler, Inc. (ZS)

> Source: Nexqual · https://nexqual.com/ZS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Zscaler, Inc. (ZS), nexqual.com/ZS" · informational, not investment advice.

**Price:** USD 237.76 (+2.78% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 231.33 · day 231.64–241.12 · 52w 114.63–336.99 · market cap $38.8B · NMS

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $3.35B, net income -$63.2M (-1.9% margin), free cash flow $852M (SEC filings).
- 1 of 80 tracked superinvestors hold ZS (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 21 Form 4 filings, $14.6M; 9 not under a Rule 10b5-1 plan ($4.7M); 0 by opportunistic insiders, 6 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -25.4% vs S&P 500 +14.9%; 5Y -22.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-24, EPS estimate USD 1.16, revenue estimate $938M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.09B | $1.62B | $2.17B | $2.67B | $3.35B | $3.35B |
| Gross profit | $849M | $1.25B | $1.69B | $2.05B | $2.57B | — |
| Operating income | -$327M | -$235M | -$121M | -$128M | -$133M | -$133M |
| Net income | -$390M | -$202M | -$57.7M | -$41.5M | -$63.2M | -$63.2M |
| EPS (diluted) | -$2.77 | -$1.40 | -$0.39 | -$0.27 | -$0.39 | — |
| Free cash flow | $253M | $365M | $635M | $808M | $852M | $852M |
| Gross margin | 77.8% | 77.6% | 78.0% | 76.9% | 76.8% | — |
| Operating margin | -30.0% | -14.5% | -5.6% | -4.8% | -4.0% | -4.0% |
| Net margin | -35.8% | -12.5% | -2.7% | -1.6% | -1.9% | -1.9% |
| Revenue growth | +62.1% | +48.2% | +34.1% | +23.3% | +25.4% | — |
| Cash + short-term investments | $1.73B | $2.10B | $2.41B | $3.57B | $3.47B | — |
| Total debt | $969M | $1.13B | $1.14B | $1.70B | $1.70B | — |
Fiscal years end Jul. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/S 11.6x · EV/Sales 11.0x · P/FCF 45.5x · P/B 14.9x · FCF yield 2.20% · Earnings yield -0.16% · Net cash $1.78B · EV $37.0B

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ZS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Dennis Hong | ShawSpring Partners | 10.18% | $23.6M | Reduced -16.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
12 of 21 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-09…2026-10-12 | Geller Adam | Chief Product Officer | 25,000 | $5.6M | 39.5% | Yes (adopted March 20, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-25 | Rubin Kevin | Chief Financial Officer | 519 | $102K | 1.2% | Yes (adopted March 24, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-21 | Geller Adam | Chief Product Officer | 661 | $132K | 1.7% | Yes (adopted March 20, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-21 | Schlossman Robert | Chief Legal Officer | 5,394 | $1.1M | 8.1% | Yes (adopted July 3, 2025) | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-09-16…2026-09-17 | Geller Adam | Chief Product Officer | 10,162 | $2.0M | 20.7% | Yes (adopted March 20, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-17 | Beer James A | Director | 177 | $34K | 4.2% | Yes (adopted October 3, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-16 | Chaudhry Jagtar Singh | CEO & Chairman | 2,852 | $550K | 0% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-09-16 | Rubin Kevin | Chief Financial Officer | 5,957 | $1.1M | 12.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-16 | Rich Michael J. | CRO and President of WW Sales | 4,108 | $792K | 4.1% | No | Too little history (no open-market trades in 2023) |
| 2026-09-16 | Schlossman Robert | Chief Legal Officer | 2,325 | $448K | 3.4% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-08-25 | Rubin Kevin | Chief Financial Officer | 503 | $87K | 1.2% | Yes (adopted March 24, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-27 | Rubin Kevin | Chief Financial Officer | 503 | $74K | 1.2% | Yes (adopted March 24, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-06 | Schlossman Robert | Chief Legal Officer | 122 | $18K | 0.2% | Yes (adopted July 03, 2025) | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-25 | Rubin Kevin | Chief Financial Officer | 3,000 | $373K | 6.7% | Yes (adopted March 24, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-22 | Geller Adam | Chief Product Officer | 2,817 | $345K | 6.2% | Yes (adopted March 20, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-17 | Beer James A | Director | 177 | $22K | 4% | Yes (adopted October 3, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-16 | Chaudhry Jagtar Singh | CEO & Chairman | 2,878 | $364K | 0.1% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-06-16 | Geller Adam | Chief Product Officer | 1,940 | $245K | 4.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-16 | Schlossman Robert | Chief Legal Officer | 3,146 | $398K | 4.3% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-06-16 | Rich Michael J. | CRO and President of WW Sales | 4,184 | $529K | 4% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Freedom Broker | Target raised | Buy | $230 → $270 |
| 2026-10-21 | DA Davidson | Initiated | Neutral | $215 |
| 2026-10-15 | Citigroup | Target raised | Buy | $245 → $260 |
| 2026-10-09 | Citizens | Target raised | Market Outperform | $210 → $265 |
| 2026-10-08 | Amerx | Initiated | Buy | $305 |
| 2026-10-07 | Macquarie | Target raised | Outperform | $200 → $250 |
| 2026-10-07 | UBS | Target raised | Buy | $225 → $250 |
| 2026-10-07 | Citigroup | Target raised | Buy | $205 → $245 |
| 2026-10-07 | Jefferies | Target raised | Buy | $220 → $250 |
| 2026-10-07 | Canaccord Genuity | Target raised | Buy | $210 → $250 |
| 2026-10-07 | BNP Paribas | Target raised | Outperform | $230 → $250 |
| 2026-10-07 | Truist Securities | Target raised | Buy | $200 → $250 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -25.4% | -22.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -25.5% | -5.0% |
| Volatility (annualized) | 70.6% | 55.4% |
| Max drawdown | -64.9% (Nov 2025→Apr 2026) | -75.7% (Nov 2021→May 2023) |

## Peers (Software - Infrastructure)
TWLO (Twilio Inc.) USD 253.63 -4.89% · NTAP (NetApp, Inc.) USD 212.51 -2.16% · OKTA (Okta, Inc.) USD 201.33 -3.50% · XYZ (Block, Inc.) USD 79.02 +1.04% · CRWV (CoreWeave, Inc.) USD 55.6 -10.06% · MDB (MongoDB, Inc.) USD 362.24 -7.30%

## More
Full page: https://nexqual.com/ZS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Customer concentration

Period ended 2026-07-31: 85% of revenue from unnamed direct customers (10-K, filed 2026-09-03).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $1.16 | $1.08 | +7.7% | $938.2M | 41 |
| Next quarter (ends 2027-01-31) | $1.18 | $1.11 | +6.4% | $957.8M | 41 |
| Current fiscal year (ends 2027-07-31) | $4.91 | $4.60 | +6.8% | $3.93B | 44 |
| Next fiscal year (ends 2028-07-31) | $5.62 | $5.44 | +3.3% | $4.58B | 43 |