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.

Zscaler ZS Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	TTM Q3 '26	TTM Q2 '26	TTM Q1 '26	TTM Q4 '25	TTM Q3 '25
Profitability
Gross margin	306.7%-0.7pp	307.4%-1.2pp	308.7%-1.3pp	310%-1.1pp	311.1%-0.5pp
Operating margin	-19.1%+0.1pp	-19.2%-0.7pp	-18.5%-0.1pp	-18.4%+0.8pp	-19.2%+2.0pp
Net margin	-7.7%-0.9pp	-6.8%-1.6pp	-5.2%+0.1pp	-5.3%+1.1pp	-6.4%+2.1pp
EBITDA margin	-12.3%+0.4pp	-12.7%+0.3pp	-13.1%+0.8pp	-13.9%+1.6pp	-15.5%+3.0pp
Free cash flow margin	124.8%+0.1pp	124.7%-0.3pp	125%+1.4pp	123.6%+0.9pp	122.6%+1.2pp
Returns
Return on equity	-12.4%-1.0pp	-11.3%-2.3pp	-9%+0.8pp	-9.8%+3.1pp	-12.9%+6.0pp
Return on assets	-3.9%-0.4pp	-3.4%-0.8pp	-2.6%+0.1pp	-2.8%+0.6pp	-3.4%+1.2pp
Return on invested capital	-33.4%+4.4pp	-37.8%+3.4pp	-41.2%+4.6pp	-45.8%+2.5pp	-48.4%+5.6pp
Efficiency
Asset turnover	2×0.0×	2×0.0×	2.1×0.0×	2.1×0.0×	2.1×0.0×
Liquidity
Current ratio	7.6×+0.6×	7×+0.7×	6.3×+0.7×	5.6×+0.9×	4.7×-0.5×
Quick ratio	7.6×+0.6×	7×+0.7×	6.3×+0.7×	5.6×+0.9×	4.7×-0.5×
Cash ratio	2.5×-0.2×	2.7×-0.1×	2.8×+0.1×	2.7×+0.5×	2.2×-0.1×
Leverage
Debt-to-equity	3.5×+0.1×	3.4×0.0×	3.4×+0.1×	3.3×0.0×	3.3×-0.4×
Debt-to-assets	1.1×0.0×	1.1×0.0×	1×0.0×	1×0.0×	1×-0.1×
Interest coverage	-56.8×-2.3×	-54.4×-5.5×	-48.9×-7.7×	-41.2×-4.2×	-37×+0.4×
Per Share
Book value per share	$52.63+6.2%	$49.56+7.1%	$46.26+7.3%	$43.13+7.8%	$39.99+12.9%
Valuation
Market capitalization	$149.79B-7.1%	$161.29B+0.5%	$160.48B+18.5%	$135.45B+14.8%	$117.94B+6.1%
Enterprise value	$151.07B-6.2%	$161.06B+1.2%	$159.16B+19.5%	$133.24B+14.7%	$116.16B+5.5%
Price / sales	52.4×-6.1×	58.5×-2.2×	60.7×+6.6×	54.1×+4.2×	49.9×+0.1×
Price / book	74.6×-9.1×	83.7×-4.8×	88.5×+7.3×	81.2×+3.6×	77.7×-5.6×
EV / sales	52.8×-5.6×	58.4×-1.8×	60.2×+6.9×	53.3×+4.1×	49.2×-0.2×
Free cash flow yield	11.1%+2.2pp	8.9%+0.5pp	8.4%-0.9pp	9.3%-0.5pp	9.8%+0.1pp
Earnings yield	-0.8%-0.2pp	-0.5%-0.2pp	-0.3%+0.1pp	-0.4%+0.1pp	-0.5%+0.2pp

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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.