Zscaler, Inc.

ZSUS

Globally recognized, Zscaler, Inc. functions as a leading provider of cloud-based security solutions. Its core offerings include Zscaler Internet Access (ZIA), which ensures secure connectivity for a diverse range of entities – including users, servers, operational technology (OT), and IoT devices – when accessing external resources like software-as-a-service (SaaS) applications and general internet destinations. Complementing this, the Zscaler Private Access (ZPA) solution facilitates secure entry to internal applications residing in private or public clouds and traditional data centers. Zscaler also delivers Zscaler Digital Experience (ZDX), a tool that assesses the complete user journey across various business applications. ZDX then generates a clear, digestible digital experience score for individual users, specific applications, and different locations within an organization. Furthermore, the company's portfolio extends to advanced workload segmentation solutions. This category includes Zscaler Cloud Security Posture Management (CSPM), designed to identify and correct application misconfigurations across SaaS, IaaS, and PaaS environments, thereby minimizing risk and upholding compliance standards. Another key offering is Zscaler Cloud Workload Segmentation, specifically engineered to fortify application-to-application communication within public clouds and data centers. Its objective is to thwart lateral threat propagation, safeguard applications from compromise, and ultimately mitigate the potential for data breaches. The underlying platform is built upon integral components such as the Zscaler Central Authority, Zscaler Enforcement Nodes, and Zscaler Log Servers. Serving a diverse global clientele, Zscaler caters to numerous sectors including aviation and transportation, conglomerates, consumer goods and retail, financial services, healthcare, manufacturing, media and communications, public sector and education, as well as technology and telecommunications. Founded in 2007, the company initially operated as SafeChannel, Inc., before rebranding to Zscaler, Inc. in August 2008. Its corporate headquarters are located in San Jose, California.

Founded2007IPO year2018As of2026-08-04
Market Cap
$26.25B
Enterprise Value
$24.58B
EV / LTM Revenue
9.2x
EV / NTM Revenue
6.3x
Trading multiples

Enterprise value over trailing (LTM) vs. forward (NTM) fundamentals. Click an LTM cell to chart it.

LTM
trailing
NTM
forward
Revenue
6.3x
Gross Profit
8.2x
EBITDA
22.7x
Classification
Sector
Cybersecurity
Sub-sector
Security (General)
Listing
ZS
Country
US
Historical valuation & fundamentals

EV / LTM Revenue

Annual financials & analyst forecasts

$MCY2021CY2022CY2023CY2024CY2025CY2026ECY2027E
Revenue YoY57%41%28%24%19%17%
Revenue$860M$1.35B$1.90B$2.42B$3.00B$3.57B$4.16B
Gross Profit$665M$1.05B$1.47B$1.88B$2.30B
Gross Profit Margin77.3%78.0%77.4%77.7%76.6%
EBITDA($179M)($161M)($0.17M)$106M$138M$989M$1.15B
EBITDA Margin-20.8%-11.9%-0.0%4.4%4.6%27.7%27.7%
EBIT($270M)($294M)($184M)($99M)($143M)$1.14B$1.33B
Net Income($331M)($325M)($139M)($16M)($68M)$707M$855M
Free Cash Flow$196M$277M$501M$695M$944M
FCF Margin22.8%20.5%26.4%28.7%31.4%
Short-Term Debt$0M$0M$0M$1.15B$0M
Long-Term Debt$941M$1.14B$1.14B$0M$1.70B
Cash & Cash Equivalents$410M$1.26B$1.44B$1.76B$1.20B
Net Debt$531M($116M)($298M)($611M)$500M
Net Debt / EBITDA-5.8x3.6x
Rule of 4077.4%67.0%56.5%55.4%
Figures in $M. True calendar years (Jan–Dec) built from quarterly data — income & cash-flow lines summed across the four quarters, balance sheet as of year-end. E columns are calendarized analyst consensus — gross profit, cash flow and balance-sheet lines are not estimated. Net debt = short-term debt + long-term debt − cash & cash equivalents; Rule of 40 = YoY revenue growth + FCF margin.