Zscaler Inc
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+ FollowMarket Cap$38.78B
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Earnings Call Q4 2026
September 3, 2026 - AI Summary
Strong fiscal Q4 and full-year performance (what’s good):
- Q4 (non-GAAP): Revenue $898M (+25% YoY), ARR +25% YoY, net new ARR +24% YoY, and non-GAAP operating margin 24.3% (record for the quarter).
- Full fiscal ’26: Revenue $3.4B (+25% YoY); ARR +25% YoY; non-GAAP operating margin 22.9% (+120 bps YoY); free cash flow (FCF) margin ~23% (Rule-of-40 roughly ~49% when combining growth and margin).
AI is the core demand driver + momentum visible in pipeline and product uptake (opportunity):
- Management frames AI as the biggest tailwind in Zscaler’s history, driving demand for Zero Trust everywhere, data security, and security for AI.
- They argue customers face a “patching race” impossible to win due to rapid vulnerability discovery and exploitation from frontier/open-weight models.
- Security for AI bookings increased >50% sequentially in Q4; also noted pipeline increased ~75% sequentially for “security for AI” setups for FY’27.
Platform expansion beyond users is broadening the growth engine (opportunity / surprising strength):
- Growth is increasingly driven by non-seat / metered usage solutions, with these generating about ~30% of new and upsell ACV in Q4/full year; ARR tied to these offerings grew >100% YoY.
- Z-Flex remains a major vehicle for expansion: Q4 Z-Flex TCV >$770M (+60% QoQ); FY’26 Z-Flex generated >$1.7B TCV.
- “Zero Trust Everywhere enterprises” accelerated materially: exited Q4 with >950, vs ~700 in Q3 and ~350 end of FY’25.
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$153.86
31.4% downside
Current Fair Value
31.4% downsideOvervalued by 31.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $38.78 Billion |
|---|---|
| Enterprise Value | $42.19 Billion |
| Earnings per Share | $-0.39 |
| Beta | 0.94 |
| Outstanding Shares | 160,219,000 |
Return
| Return on Equity | -2.43% |
|---|---|
| Return on Assets | -0.80% |
| Return on Invested Capital | -0.11% |
Valuation & Multiples
| P/E Ratio | -609.82 |
|---|---|
| PEG | 754.41 |
| Price to Sales | 11.22 |
| Price to Book Ratio | 14.03 |
| Enterprise Value to Revenue | 12.58 |
| Enterprise Value to EBIT | -7732.27 |
| Enterprise Value to Net Income | -668 |
| Total Debt to Enterprise | 0.1 |
| Debt to Equity | 1.67 |
Revenue Sources
No data
Last Earnings Call
Report Date
September 3, 2026
EPS Estimate
$1.09
Consensus analyst estimateRevenue Estimate
$876.96 M
Consensus analyst estimateNext Earnings Call
Expected Date
November 24, 2026
EPS Estimate
$1.16
Consensus analyst estimateRevenue Estimate
$937.73 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.72, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.7174▼ 23.23% |
|---|---|
| Total Calls | 61,750▼ 99.26% |
| Total Puts | 44,300▼ 99.44% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.13%▼ 49.37% |
|---|---|
| Total Invested | $559.73M▼ 95.24% |
| Investors Holding | 297▼ 545.00% |
About Zscaler Inc
1,480 employees
CEO: Jagtar Chaudhry
Zscaler accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange protects thousands of customers from cyberattacks and data loss by securely connecting users, de...