Zscaler ZS Ratios & Valuation
| 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 | |
| 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 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× | |
| Leverage | ||||||
| Debt-to-equity | 3.5×+0.1× | 3.4×0.0× | 3.4×+0.1× | 3.3×0.0× | 3.3×-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% | |
| 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× |
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.
