Zscaler, Inc.

ZSNASDAQ

$238.37

Last price · USD

Market cap: $38.19B
P/E: —
EV / EBITDA: 209.7x
P/S: 11.4x
FCF yield: 2.2%
Div. yield: 0.00%

Multiples use last price and FY2026 annual figures. Market cap estimated from diluted shares.

Zscaler, Inc. balance sheet

Annual · USD millions except per-share data · 40 lines

Fiscal year	2026latest	2025	2024	2023	2022	CAGR
Current assets
Cash & cash equivalents	928	2,389	1,423	1,262	1,013	-2.2%
Short-term investments	2,546	1,183	987	838	718	+37.2%
Cash & short-term investments	3,474	3,572	2,410	2,100	1,731	+19.0%
Net receivables	1,149	992	737	583	400	+30.2%
Accounts receivable	1,149	992	737	583	400	+30.2%
Prepaids	0	0	0	0	39	—
Other current assets	408	330	250	207	88	+46.7%
Total current assets	5,031	4,894	3,397	2,890	2,257	+22.2%
Non-current assets
Property, plant & equipment (net)	890	633	473	313	233	+39.8%
Goodwill	1,218	418	417	89	79	+98.4%
Intangible assets	214	47	64	26	32	+61.1%
Goodwill & intangible assets	1,432	465	481	115	110	+89.8%
Other non-current assets	513	427	355	290	233	+21.8%
Total non-current assets	2,835	1,526	1,308	718	576	+49.0%
Total assets	7,867	6,420	4,705	3,608	2,833	+29.1%
Current liabilities
Accounts payable	48	47	23	18	26	+16.4%
Total payables	48	47	23	18	26	+16.4%
Short-term debt	0	0	1,142	0	0	—
Capital lease obligations (current)	65	52	51	34	26	+25.6%
Deferred revenue	2,481	2,054	1,644	1,281	924	+28.0%
Other current liabilities	0	61	62	45	112	—
Total current liabilities	2,961	2,430	3,113	1,536	1,134	+27.1%
Non-current liabilities
Long-term debt	1,696	1,701	0	1,134	969	+15.0%
Capital lease obligations (non-current)	95	43	45	42	51	+16.7%
Deferred revenue (non-current)	445	414	251	159	97	+46.2%
Other non-current liabilities	71	33	22	13	8	+73.0%
Total non-current liabilities	2,307	2,191	318	1,347	1,125	+19.7%
Capital lease obligations	159	96	96	76	77	+19.9%
Total debt	1,856	1,797	1,238	1,211	1,046	+15.4%
Total liabilities	5,268	4,621	3,431	2,883	2,259	+23.6%
Stockholders' equity
Common stock	0	0	0	0	0	+3.3%
Retained earnings	(1,253)	(1,190)	(1,148)	(1,090)	(992)	—
Additional paid-in capital	3,874	2,981	2,427	1,817	1,591	+24.9%
Accumulated other comprehensive income (loss)	(24)	8	(5)	(2)	(26)	—
Total stockholders' equity	2,598	1,799	1,274	725	573	+45.9%
Total equity	2,598	1,799	1,274	725	573	+45.9%
Total liabilities & equity	7,867	6,420	4,705	3,608	2,833	+29.1%
Additional fields
Accrued Expenses	368	215	190	157	46	+67.7%
Net Debt	927	(592)	(185)	(52)	33	+131.1%
Total Investments	2,546	1,183	987	838	718	+37.2%

Zscaler, Inc.

ZSNASDAQ

$238.37

Last price · USD

Market cap: $38.19B
P/E: —
EV / EBITDA: 209.7x
P/S: 11.4x
FCF yield: 2.2%
Div. yield: 0.00%

Multiples use last price and FY2026 annual figures. Market cap estimated from diluted shares.

Zscaler, Inc. balance sheet

Annual · USD millions except per-share data · 40 lines

Fiscal year	2026latest	2025	2024	2023	2022	CAGR
Current assets
Cash & cash equivalents	928	2,389	1,423	1,262	1,013	-2.2%
Short-term investments	2,546	1,183	987	838	718	+37.2%
Cash & short-term investments	3,474	3,572	2,410	2,100	1,731	+19.0%
Net receivables	1,149	992	737	583	400	+30.2%
Accounts receivable	1,149	992	737	583	400	+30.2%
Prepaids	0	0	0	0	39	—
Other current assets	408	330	250	207	88	+46.7%
Total current assets	5,031	4,894	3,397	2,890	2,257	+22.2%
Non-current assets
Property, plant & equipment (net)	890	633	473	313	233	+39.8%
Goodwill	1,218	418	417	89	79	+98.4%
Intangible assets	214	47	64	26	32	+61.1%
Goodwill & intangible assets	1,432	465	481	115	110	+89.8%
Other non-current assets	513	427	355	290	233	+21.8%
Total non-current assets	2,835	1,526	1,308	718	576	+49.0%
Total assets	7,867	6,420	4,705	3,608	2,833	+29.1%
Current liabilities
Accounts payable	48	47	23	18	26	+16.4%
Total payables	48	47	23	18	26	+16.4%
Short-term debt	0	0	1,142	0	0	—
Capital lease obligations (current)	65	52	51	34	26	+25.6%
Deferred revenue	2,481	2,054	1,644	1,281	924	+28.0%
Other current liabilities	0	61	62	45	112	—
Total current liabilities	2,961	2,430	3,113	1,536	1,134	+27.1%
Non-current liabilities
Long-term debt	1,696	1,701	0	1,134	969	+15.0%
Capital lease obligations (non-current)	95	43	45	42	51	+16.7%
Deferred revenue (non-current)	445	414	251	159	97	+46.2%
Other non-current liabilities	71	33	22	13	8	+73.0%
Total non-current liabilities	2,307	2,191	318	1,347	1,125	+19.7%
Capital lease obligations	159	96	96	76	77	+19.9%
Total debt	1,856	1,797	1,238	1,211	1,046	+15.4%
Total liabilities	5,268	4,621	3,431	2,883	2,259	+23.6%
Stockholders' equity
Common stock	0	0	0	0	0	+3.3%
Retained earnings	(1,253)	(1,190)	(1,148)	(1,090)	(992)	—
Additional paid-in capital	3,874	2,981	2,427	1,817	1,591	+24.9%
Accumulated other comprehensive income (loss)	(24)	8	(5)	(2)	(26)	—
Total stockholders' equity	2,598	1,799	1,274	725	573	+45.9%
Total equity	2,598	1,799	1,274	725	573	+45.9%
Total liabilities & equity	7,867	6,420	4,705	3,608	2,833	+29.1%
Additional fields
Accrued Expenses	368	215	190	157	46	+67.7%
Net Debt	927	(592)	(185)	(52)	33	+131.1%
Total Investments	2,546	1,183	987	838	718	+37.2%