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Zscaler ZS Debt-to-equity

Debt-to-equity at other companies

Cisco Systems, Inc. logo
Cisco Systems, Inc.CSCO
0.7×0.0×
Fortinet logo
FortinetFTNT
0.6×0.0×
Cloudflare, Inc. logo
Cloudflare, Inc.NET
0.2×0.0×
CrowdStrike Holdings, Inc. logo
CrowdStrike Holdings, Inc.CRWD
0.2×-0.1×
Broadcom Inc. logo
Broadcom Inc.AVGO
0.8×-0.2×
Akamai Technologies logo
Akamai TechnologiesAKAM
0.4×+0.1×

Other financials

Income statement

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Revenue$850.5M+25.4%
Gross profit$657.8M+26.0%
Operating income-$29.6M-16.6%
Net income-$13.9M-237%
EPS (diluted)-$0.09-200%

Balance sheet

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Cash & equivalents$982.1M-50.7%
Total debt$1.7B+40.9%
Total equity$2.4B+31.1%
Total assets$7.1B+32.9%

Cash flow

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Operating cash flow$198.0M-6.2%
CapEx$42.4M-41.2%
Free cash flow$155.6M+12.0%

Valuation

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Market cap$20.11B-35.4%
Enterprise value$20.86B-31.5%
P/S6.3×-5.9×

Profitability

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Gross margin76.7%-0.7pp
Operating margin-4.7%-0.1pp
Net margin-2.4%+3.7pp

Returns & leverage

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Return on equity-3.7%+2.3pp
Current ratio1.9×+0.6×

Where this comes from

Calculated from Zscaler’s reported figures.

Based on the most recent quarter.

The official record: Zscaler’s 10-Q, filed May 26, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Zscaler's debt-to-equity?
Zscaler (ZS) reported debt-to-equity of 0.7× in Q1 2026.
How has Zscaler's debt-to-equity changed year-over-year?
Zscaler's debt-to-equity increased by 7.4% year-over-year, from 0.7× to 0.7×.
What is the long-term trend for Zscaler's debt-to-equity?
Over 4 years (2021 to 2025), Zscaler's debt-to-equity has grown at a -18.4% compound annual growth rate (CAGR), from 7.5× to 3.3×.
What does debt-to-equity mean?
How much debt the company carries for every dollar of shareholder equity.
How do you interpret debt-to-equity?
Lower is generally safer, but moderate leverage can boost returns. Read in the context of cash-flow stability — a utility tolerates more debt than a cyclical. Negative equity makes the ratio meaningless and it is suppressed there.
How does debt-to-equity compare across companies?
Comparable within an industry; capital structures differ sharply across sectors. Not meaningful for banks.