Zscaler, Inc. (ZS) intrinsic value & 10-year financials
Zscaler, Inc. (ZS) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 47.6% a year to $2.7B, with an average return on invested capital of -21.2%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $207.38
- Market cap
- $32.0B
- Revenue (FY2025)
- $2.7B
- Revenue growth (10-yr CAGR)
- 47.6%
- ROIC (10-yr avg)
- -21.2%
- Free cash flow (FY2025)
- $808.2M
ZS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.7B | -$41.5M | -$0.27 | $808.2M | -4.8% | -52.2% |
| FY2024 | $2.2B | -$57.7M | -$0.39 | $635.3M | -5.6% | -14.5% |
| FY2023 | $1.6B | -$202.3M | -$1.40 | $365.1M | -14.5% | -38.5% |
| FY2022 | $1.1B | -$390.3M | -$2.77 | $252.6M | -30.0% | -36.8% |
| FY2021 | $673.1M | -$262.0M | -$1.93 | $153.9M | -30.9% | -17.1% |
| FY2020 | $431.3M | -$115.1M | -$0.89 | $36.2M | -26.4% | -9.2% |
| FY2019 | $302.8M | -$28.7M | -$0.23 | $32.5M | -11.7% | -12.9% |
| FY2018 | $190.2M | -$33.6M | — | $3.9M | -18.2% | -77.7% |
| FY2017 | $125.7M | -$35.5M | — | -$13.8M | -27.9% | 25.4% |
| FY2016 | $80.3M | -$27.4M | — | -$17.3M | -33.4% | 21.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Zscaler, Inc. is a consistent compounder, expanding top-line revenue at 47.6% annually over the past decade.
Zscaler, Inc. has historically struggled to out-earn its cost of capital, averaging just -21.2% ROIC.
Zscaler, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Zscaler, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-8.97 per share.