Zscaler ZS Ratios & Valuation
| TTM Q3 '26 | TTM Q2 '26 | TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 306.7%-4.4pp | 307.4%-4.1pp | 308.7%-2.6pp | 310%-0.7pp | 311.1%+0.8pp | |
| Operating margin | -19.1%+0.1pp | -19.2%+2.0pp | -18.5%+8.7pp | -18.4%+16.2pp | -19.2%+24.3pp | |
| Net margin | -7.7%-1.3pp | -6.8%+1.7pp | -5.2%+10.0pp | -5.3%+17.8pp | -6.4%+26.6pp | |
| Returns | ||||||
| Return on equity | -12.4%+0.5pp | -11.3%+7.6pp | -9%+27.3pp | -9.8%+50.3pp | -12.9%+72.7pp | |
| Return on invested capital | -33.4%+15.0pp | -37.8%+16.2pp | -41.2%+32.7pp | -45.8%+50.6pp | -48.4%+71.0pp | |
| Efficiency | ||||||
| Asset turnover | 2×-0.1× | 2×-0.1× | 2.1×-0.1× | 2.1×0.0× | 2.1×0.0× | |
| Liquidity | ||||||
| Current ratio | 7.6×+2.9× | 7×+1.8× | 6.3×+0.3× | 5.6×-1.2× | 4.7×-2.9× | |
| Leverage | ||||||
| Debt-to-equity | 3.5×+0.2× | 3.4×-0.3× | 3.4×-0.8× | 3.3×-1.6× | 3.3×-2.3× | |
| Per Share | ||||||
| Book value per share | $52.63+31.6% | $49.56+39.8% | $46.26+47.3% | $43.13+56.7% | $39.99+66.6% | |
| Valuation | ||||||
| Market capitalization | $149.79B+27.0% | $161.29B+45.1% | $160.48B+39.3% | $135.45B+21.5% | $117.94B+9.0% | |
| Price / sales | 52.4×+2.4× | 58.5×+8.7× | 60.7×+5.2× | 54.1×-2.9× | 49.9×-9.3× | |
| Price / book | 74.6×-3.1× | 83.7×+0.5× | 88.5×-12.0× | 81.2×-29.4× | 77.7×-44.4× |
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.
