Nutanix vs Zscaler
Zscaler is the larger business, with $3.35bn of revenue in fiscal 2026 against $2.85bn for Nutanix (1.2 times as much). Zscaler grew faster (25.4% against 12.4%). Nutanix kept more of each dollar of sales as profit: a net margin of 52.8% against -1.9%.
| Latest fiscal year | NutanixNTNX, 2026 | ZscalerZS, 2026 |
|---|---|---|
| Revenue | $2.85bn | $3.35bn |
| Revenue growth | 12.4% | 25.4% |
| Net income | $1.51bn | −$63.2m |
| Operating margin | 9.6% | — |
| Net margin | 52.8% | -1.9% |
| Return on equity | — | -2.9% |
| Free cash flow | $841m | $852m |
| Cash | $777m | $928m |
| Total debt | $1.35bn | $1.70bn |
| Debt to equity | 192.0% | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $484m | — |
| Employees | 8,350 | 8,700 |
| Market value | $19.05bn | $36.87bn |
| Price vs our value range | Within our value range | Above our value range |
| Moat score | 43 (Weak) | 50 (Moderate) |
| Insider trades, 12 months | 0 buys, 11 sales | 0 buys, 74 sales |