Zscaler, Inc. (ZS)
割高ファンダメンタル
38
株価
$199.90
時価総額
$35.00B
パート1 · 企業の価値
概要
Zscaler sells a cloud security service that inspects and secures internet and private application traffic for large organizations, in place of the on-premises hardware and VPNs that used to do the job. Instead of building a perimeter around a company's own data centre, all traffic is routed through Zscaler's cloud, where policies decide what a user, device or application is allowed to reach. It serves close to half of the Fortune 500 and roughly 40% of the Forbes Global 2000.
収益の仕組み
Revenue comes almost entirely from subscriptions, typically sold as multi-year contracts covering a number of users or devices across a growing family of Zero Trust products bundled into pricing tiers. Existing customers are the main growth engine: once onboarded, Zscaler sells additional modules — data protection, AI security, digital experience monitoring — into the same account, so revenue expands with usage and product adoption even before a new customer is signed.
競争優位性（moat）
スイッチングコスト · 狭いOnce an enterprise routes its internet and private application traffic through Zscaler's cloud and retires its old hardware and VPN appliances, ripping it back out is operationally risky and slow, which supports high renewal rates. That said, the market still includes deeply entrenched appliance-based incumbents, and the company itself flags that habits built around legacy spending can slow how fast new customers move to its architecture.
需要を左右する要因
中程度の景気循環性Cybersecurity is one of the more resilient corners of IT spending because a breach is costly and boards treat it as a mandatory budget line, but Zscaler is still selling multi-year contracts to enterprises whose overall technology budgets can tighten in a downturn, and net losses mean the business has less room to absorb a slowdown in new bookings than an already profitable peer.
主なリスク
- Still unprofitable, with large convertible debt — Zscaler has an accumulated deficit exceeding $1.1 billion and $1.725 billion of convertible notes due in 2028, meaning a slowdown in growth would test its ability to keep funding operations and refinance that debt.
- Growth relies on renewals and upsell — Most revenue growth now comes from existing customers renewing and buying additional modules rather than from new customer contracts, so a dip in renewal rates would show up in results quickly.
- Competing against entrenched appliance vendors — Established security vendors with large installed bases of on-premises hardware and deep customer relationships can slow enterprise adoption of Zscaler's cloud-only architecture even where it is technically superior.
- Operational complexity in international markets — A large share of revenue comes from outside the US, adding exposure to local regulation, data-residency rules and operational complexity in markets such as India where the company has significant operations.
顧客集中度
No end customer accounted for more than 10% of revenue in fiscal 2025, 2024 or 2023, so the exposure is to a broad enterprise IT spending cycle rather than to any single account.
強気材料
Buyers argue that once an enterprise has rerouted its traffic through Zscaler's cloud and retired legacy hardware, switching back is disruptive enough to support durable renewal rates, and that cross-selling new Zero Trust modules into the existing customer base can keep growth strong even without adding many new logos.
弱気材料
Sellers worry that Zscaler is still unprofitable with over a billion dollars in convertible debt coming due, that entrenched appliance-based vendors can slow how fast enterprises adopt its architecture, and that growth increasingly depends on selling more to the same customers rather than expanding the customer base itself.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$3.35B
直近12か月（2026/7/31まで）
純利益
$-63M
直近12か月（2026/7/31まで）
フリーキャッシュフロー
$852M
自己資本合計
$2.60B
負債合計
$5.27B
流動比率
1.70
利払い倍率
11.30
負債/EBITDA
122.27
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$164.01
現在株価
$199.90
安全マージン
-21.9%
適正価値レンジ
$113.86 - $214.15
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
-
ROE
-2.4%
P/B レシオ
12.51
P/FCF
38.15
粗利益率
76.8%
ROIC
-2.1%
収益性レーダー
価値創造（経済的モート）
ROIC
-2.1%
WACC
8.8%
ROIC − WACC
-10.9 pp
ROICが資本コストを下回っています。投資した1ドルごとに企業は価値を破壊しています。
ファンダメンタル分析基準
合格（10）
- EPS shows upward trend
- Price CAGR 23.66%
- Gross Margin 76.8%
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Revenue Growth 5Y 37.9%
- Analyst Consensus 79% Buy
- Earnings Surprise avg 7.0%
不合格（13）
- ROIC -2.1%
- P/FCF 38.15
- P/B Ratio 12.51
- Operating Margin -4.0%
- CapEx intensity
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- DCF valuation (Overvalued)
- ROE -2.8%
- Share Dilution 5.5%
- Net Margin Trend -1.9% vs -1.6%
- Piotroski F-Score 4/9
データなし（4）
- Dividend Payout NaN%
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
低品質：会計処理を調査してください
株式希薄化
新株を発行しており、所有権を希薄化している
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Jagtar Singh Chaudhry | Co-Founder, CEO & Chairman of the Board | 66 |
| Mr. Mike Rich | Chief Revenue Officer & President of Global Sales | 58 |
| Mr. Kevin Rubin | Chief Financial Officer | 50 |
| Mr. Adam Geller | Chief Product Officer | 49 |
| Mr. K. Kailash | Founder & Chief Architect | - |
| Ms. Kimberly Anderson Watkins CFA | SVP of Investor Relations & Strategic Finance | - |
| Mr. Robert S. Schlossman J.D. | Chief Legal Officer & Secretary | 57 |
| Ms. Natalia Wodecki | Global Public Relations Director | - |
| Mr. Sunil Frida | Chief Marketing Officer | - |
| Mr. Brendan Castle | Chief People Officer | - |
監査リスク
1
取締役会リスク
8
報酬リスク
6
株主権利リスク
8
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
業績推移
via SEC EDGAR
Latest News
Recent headlines for ZS, sourced from Markets Gazette.
- 14d agoPOSITIVEThis is the only cybersecurity stock that can post big gains, according to one analyst
Zscaler's stock has lagged the cybersecurity sector's performance year-to-date, but one analyst suggests it's poised for significant gains. The company's unique position within the cybersecurity landscape, particularly its cloud-native security platform, is highlighted as a key differentiator. Despite missing the broader sector rally, the analyst believes Zscaler's specific technological advantages and market strategy are set to drive substantial future growth. Investors are watching closely to see if Zscaler can capitalize on its potential and deliver the anticipated upside, potentially marking a turning point for the stock.
- 5/31/2026NEGATIVEZscaler, AutoZone, And Regencell Are Among Top 10 Large-Cap Losers Last Week (May 25-May 29): Are The Others In Your Portfolio?
Zscaler Inc. was among the top 10 large-cap stock losers for the week of May 25-May 29, alongside AutoZone and PDD Holdings. The decline was attributed to factors including weak company guidance and downward revisions in analyst price targets. Declining energy prices also contributed to the broader market sentiment affecting these stocks. Investors are advised to monitor Zscaler's upcoming earnings reports and management commentary for signs of a potential turnaround or further headwinds.
- 5/28/2026NEGATIVEZscaler CEO: Anthropic's Mythos Has Added 'Fuel to the Fire'
Zscaler's CEO, Jay Chaudry, commented on the cybersecurity landscape, mentioning Anthropic's Mythos as adding 'fuel to the fire.' However, this positive sentiment is overshadowed by the company's recent weak fourth-quarter revenue forecast, which fell below expectations. Furthermore, Evercore analysts downgraded the stock, citing a slowdown in net new customer acquisition. These factors suggest potential headwinds for Zscaler, despite the CEO's broader commentary on industry trends.
- 5/27/2026NEGATIVEZscaler’s stock sees record drop after investors are blindsided by a disappointing outlook
Zscaler Inc. experienced a significant market reaction, with its stock plummeting over 31% following the release of a disappointing revenue outlook. This sharp decline indicates that investors were caught off guard by the company's forward-looking guidance, which failed to meet expectations. The cybersecurity firm's downbeat forecast suggests potential headwinds or a slowdown in growth, raising concerns about future performance and profitability. This event highlights the sensitivity of tech stocks to growth projections and could lead to a reassessment of the company's valuation by the market.
- 5/26/2026NEUTRALZscaler Reports Q3 2026 Results: Full Earnings Call Transcript
Zscaler Inc. has released its Q3 2026 earnings call transcript. While the transcript itself is informational, it does not contain specific financial results, forward-looking guidance, or immediate performance metrics that would allow for a definitive positive or negative signal. Investors will need to review the detailed transcript for specific operational updates, management commentary on market conditions, and any subtle indicators of future performance. The full earnings call details are crucial for a comprehensive understanding of the company's current standing and future prospects.
- 5/26/2026NEGATIVEZscaler Stock Tumbles On Q3 Earnings: Key Details From The Report
Zscaler Inc. (NASDAQ:ZS) is set to report its third-quarter fiscal 2026 earnings after market close on Tuesday, May 26, 2026. While the company has a history of strong performance in cybersecurity, the market's reaction to this upcoming report is crucial for investors. The stock's performance hinges on key metrics such as revenue growth, billings, and future guidance, especially in the context of evolving cybersecurity threats and competitive pressures. Any deviation from analyst expectations could lead to significant price movements.
via Markets Gazette