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

	Q3 '26	Q2 '26	Q1 '26	Q4 '25	Q3 '25
Profitability
Gross margin	76.7%-0.7pp	76.5%-1.2pp	76.7%-1.3pp	76.9%-1.1pp	77.4%-0.5pp
Operating margin	-4.7%+0.1pp	-4.9%-0.7pp	-4.7%-0.1pp	-4.8%+0.8pp	-4.8%+2.0pp
Net margin	-2.4%-0.9pp	-2.3%-1.6pp	-1.4%+0.1pp	-1.6%+1.1pp	-1.5%+2.1pp
EBITDA margin	-2.8%+0.4pp	-3.1%+0.3pp	-3.1%+0.8pp	-3.3%+1.6pp	-3.2%+3.0pp
Free cash flow margin	30.4%+0.1pp	31.5%-0.3pp	32.6%+1.4pp	30.2%+0.9pp	30.3%+1.2pp
Returns
Return on equity	-3.7%-1.0pp	-3.6%-2.3pp	-2.4%+0.8pp	-2.7%+3.1pp	-2.7%+6.0pp
Return on assets	-1.2%-0.4pp	-1.2%-0.8pp	-0.7%+0.1pp	-0.7%+0.6pp	-0.8%+1.2pp
Return on invested capital	-7.2%+4.4pp	-7.6%+3.4pp	-7.3%+4.6pp	-11.3%+2.5pp	-11.7%+5.6pp
Efficiency
Asset turnover	0.5×0.0×	0.5×0.0×	0.5×0.0×	0.5×0.0×	0.5×0.0×
Liquidity
Current ratio	1.9×+0.6×	1.9×+0.7×	1.8×+0.7×	2×+0.9×	1.2×-0.5×
Quick ratio	1.9×+0.6×	1.9×+0.7×	1.8×+0.7×	2×+0.9×	1.2×-0.5×
Cash ratio	0.4×-0.2×	0.5×-0.1×	0.6×+0.1×	1×+0.5×	0.6×-0.1×
Leverage
Debt-to-equity	0.7×+0.1×	0.8×0.0×	1×+0.1×	1×0.0×	0.7×-0.4×
Debt-to-assets	0.2×0.0×	0.3×0.0×	0.3×0.0×	0.3×0.0×	0.2×-0.1×
Interest coverage	-13.5×-2.3×	-14×-5.5×	-15.8×-7.7×	-13.5×-4.2×	-11.1×+0.4×
Per Share
Book value per share	$14.72+26.4%	$13.75+31.5%	$12.50+33.5%	$11.65+36.8%	$11.65+64.2%
Valuation
Market capitalization	$21.01B-35.4%	$31.9B+2.6%	$52.42B+91.4%	$44.46B+64.9%	$32.51B+26.2%
Enterprise value	$21.76B-31.5%	$32.46B+6.2%	$52.99B+95.7%	$43.85B+63.8%	$31.75B+23.4%
Price / sales	6.6×-6.1×	10.6×-2.2×	18.5×+6.6×	16.6×+4.2×	12.8×+0.1×
Price / book	8.9×-9.1×	14.5×-4.8×	26.4×+7.3×	24.7×+3.6×	18×-5.6×
EV / sales	6.9×-5.6×	10.8×-1.8×	18.7×+6.9×	16.4×+4.1×	12.5×-0.2×
Free cash flow yield	4.6%+2.2pp	3%+0.5pp	1.8%-0.9pp	1.8%-0.5pp	2.4%+0.1pp
Earnings yield	-0.4%-0.2pp	-0.2%-0.2pp	-0.1%+0.1pp	-0.1%+0.1pp	-0.1%+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.