undamentalytics Newsletter
Sign in

Zscaler, Inc. key statistics and ratios

In fiscal 2026, Zscaler, Inc. had return on equity of -2.9% and a net margin of -1.9%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2016Jul 20162017Jul 20172018Jul 20182019Jul 20192020Jul 20202021Jul 20212022Jul 20222023Jul 20232024Jul 20242025Jul 20252026Jul 2026
Net margin−34.2%−28.2%−17.7%−9.5%−26.7%−38.9%−35.8%−12.5%−2.7%−1.6%−1.9%
Return on equity——−75.5%−10.4%−29.0%−51.7%−70.8%−31.2%−5.8%−2.7%−2.9%
Return on assets—−19.4%−10.7%−5.4%−9.4%−12.8%−15.3%−6.3%−1.4%−0.7%−0.9%
R&D as % of revenue26.1%26.7%20.7%20.5%22.7%25.9%26.5%21.7%23.1%25.2%26.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 7 checks passed · July 31, 2026
What it owns · $7.9bn
Short-term assets $5.0bnLonger-term assets $2.8bn
What it owes, and who funded it · $7.9bn
Short-term liabilities $3.0bnLonger-term liabilities $2.3bnShareholders' equity $2.6bn
  • Short-term assets cover short-term liabilities $5.0bn of assets due within a year against $3.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $5.0bn short-term assets against $2.3bn of longer-dated liabilities.
  • More cash than debt $928m of cash against $1.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 65% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 174% to 65% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.1bn of operating cash flow against $1.7bn of debt.
  • Operating profit covers interest at least five times over Operating income of −$133m against $12m of interest.

From Zscaler, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

50 /100

Moderate moat

How hard Zscaler's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Cash operating profit has been a median 10.5% of total assets over 8 years.

  • Pricing power 12 / 20

    Gross margin has been a median 77.7%, moving by 30.9 percentage points (standard deviation) across 9 years.

  • Durability 10 / 20

    Operating margin has been a median -11.7%; its worst year was -30.9%.

  • Cash conversion 19 / 20

    Free cash flow was positive in 8 of 9 years, at a median 22.9% of revenue.

  • Discipline 1 / 20

    The diluted share count rose 18.1% over five years; stock-based pay has been a median 24.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (55 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: PAGS vs ZSOKTA vs ZSNTNX vs ZS

More: Systems Software stocks compared, Technology sector, rankings of US companies

Figures from Zscaler, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Zscaler, Inc.