Zscaler ZS Ratios & Valuation
| Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 76.7%+0.1pp | 76.5%-0.1pp | 76.7%-0.2pp | 76.9%-0.5pp | 77.4%-0.4pp | |
| Operating margin | -4.7%+0.1pp | -4.9%-0.1pp | -4.7%+0.1pp | -4.8%0.0pp | -4.8%-0.7pp | |
| Net margin | -2.4%-0.2pp | -2.3%-0.8pp | -1.4%+0.1pp | -1.6%0.0pp | -1.5%-0.9pp | |
| Returns | ||||||
| Return on equity | -3.7%-0.2pp | -3.6%-1.1pp | -2.4%+0.3pp | -2.7%0.0pp | -2.7%-1.5pp | |
| Return on invested capital | -7.2%+0.4pp | -7.6%-0.3pp | -7.3%+3.9pp | -11.3%+0.4pp | -11.7%-0.7pp | |
| Efficiency | ||||||
| Asset turnover | 0.5×0.0× | 0.5×0.0× | 0.5×0.0× | 0.5×-0.1× | 0.5×0.0× | |
| Liquidity | ||||||
| Current ratio | 1.9×0.0× | 1.9×+0.1× | 1.8×-0.2× | 2×+0.8× | 1.2×0.0× | |
| Leverage | ||||||
| Debt-to-equity | 0.7×-0.1× | 0.8×-0.2× | 1×0.0× | 1×+0.3× | 0.7×-0.1× | |
| Per Share | ||||||
| Book value per share | $14.72+7.1% | $13.75+10.0% | $12.50+7.3% | $11.650.0% | $11.65+11.4% | |
| Valuation | ||||||
| Market capitalization | $21.01B-34.1% | $31.9B-39.2% | $52.42B+17.9% | $44.46B+36.7% | $32.51B+4.6% | |
| Price / sales | 6.6×-4.0× | 10.6×-7.9× | 18.5×+1.9× | 16.6×+3.9× | 12.8×-0.1× | |
| Price / book | 8.9×-5.6× | 14.5×-11.9× | 26.4×+1.7× | 24.7×+6.7× | 18×-1.3× |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- What are Zscaler's profit margins?
- Zscaler (ZS) runs a 76.7% gross margin and a -4.7% operating margin, with a -2.4% net margin.
- Where do Zscaler's ratios come from?
- Every ratio is computed from Zscaler's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.
