Zscaler, Inc.

ZS · Services-Computer Programming Services · 161.7M shares · +4%/yr ↑ shares · EDGAR filings ↗

Net buyback after stock comp: -$445M (gross $22K, SBC $445M)

Reference price $123.18 · est. market cap ~$19.9B — last insider sale, 2026-06-25 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

B74

Cloud-security SaaS leader (zero-trust) — near-breakeven on GAAP but very strong free cash flow and growth.

Strengths

Very strong free cash flow — FCF $808M (78th), FCF margin 30%
High gross margin and growth — gross margin 77%, revenue +23%

Risks

GAAP near-breakeven — operating margin -5%
Competition — per 10-K
Growth-durability dependence — per 10-K

Notable findings

Exec changeRecent 8-K item 5.02 8-K ↗
Net lossNet loss (net margin -1.6%)
Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, Bridgewater Associates, LP
Strong balance sheetStrong balance sheet — $2.4B cash & investments
Notable holderHeld by 6 notable fund(s): GOLDMAN SACHS GROUP INC, STATE STREET CORP, FMR LLC +3 more (as of 2026-03-31)
Insider sellingInsider selling — 21 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$5M, last 6mo) Form 4 ↗

Quarterly revenue

2025-07-31 · $719M2025-10-31 · $788M2026-01-31 · $816M2026-04-30 · $850M

Last 4 quarters · from SEC filings.

Key metrics

Gross margin

76.9%

Operating margin

-4.8%

Net margin

-1.6%

Return on equity

-2.3%

Return on assets

-0.6%

Revenue growth (QoQ)

4.3%

Current ratio

2.0×

Free cash flow

$808M

Tangible book value

$1.3B

Cash & investments

$2.4B

Stock comp / revenue

24.7%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-06-25	RUBIN KEVIN	Sell	12	$126.79
2026-06-25	RUBIN KEVIN	Sell	1.7K	$124.07
2026-06-25	RUBIN KEVIN	Sell	504	$123.18
2026-06-25	RUBIN KEVIN	Sell	560	$124.87
2026-06-25	RUBIN KEVIN	Sell	228	$125.97
2026-06-22	Geller Adam	Sell	2.8K	$122.60
2026-06-17	BEER JAMES A	Sell	177	$125.50
2026-06-16	Geller Adam	Sell	1.9K	$126.43
2026-06-16	Chaudhry Jagtar Singh	Sell	2.9K	$126.43
2026-06-16	Rich Michael J.	Sell	4.2K	$126.43
2026-06-16	Schlossman Robert	Sell	3.1K	$126.43
2026-06-16	RUBIN KEVIN	Sell	1.7K	$126.43
2026-03-18	BEER JAMES A	Sell	177	$153.53
2026-03-18	Geller Adam	Sell	2.1K	$153.53
2026-03-17	Judge Raj	Sell	2.5K	$156.59
2026-03-17	Geller Adam	Sell	1.5K	$156.59
2026-03-17	Chaudhry Jagtar Singh	Sell	1.9K	$156.59
2026-03-17	RUBIN KEVIN	Sell	1.7K	$156.59
2026-03-17	Schlossman Robert	Sell	2.3K	$156.59
2026-03-17	Rich Michael J.	Sell	3.1K	$156.59
2026-01-12	Darling Scott C	Grant	1.1K	—
2026-01-12	BLASING KAREN	Grant	1.1K	—
2026-01-12	Giancarlo Charles H	Grant	1.1K	—
2026-01-12	BEER JAMES A	Grant	1.1K	—
2026-01-12	Naughton Eileen	Grant	1.1K	—
2026-01-12	Schneider David	Grant	1.1K	—
2026-01-12	Brown Andrew William Fraser	Grant	1.1K	—
2026-01-02	BEER JAMES A	Sell	653	$226.72
2025-12-26	Brown Andrew William Fraser	Sell	5.0K	—
2025-12-17	Geller Adam	Sell	1.6K	$232.79
2025-12-17	Schlossman Robert	Sell	2.3K	$232.79
2025-12-16	Judge Raj	Sell	3.4K	$230.82
2025-12-16	Geller Adam	Sell	2.1K	$230.82
2025-12-16	Chaudhry Jagtar Singh	Sell	2.8K	$230.82
2025-12-16	RUBIN KEVIN	Sell	3.3K	$230.82
2025-12-16	Rich Michael J.	Sell	4.1K	$230.82
2025-12-16	Schlossman Robert	Sell	3.1K	$230.82
2025-10-24	Schlossman Robert	Sell	3.2K	$325.00
2025-10-15	Rich Michael J.	Grant	11K	—
2025-10-15	Geller Adam	Grant	11K	—
2025-10-15	Schlossman Robert	Grant	7.2K	—
2025-10-02	Schlossman Robert	Sell	900	$304.00
2025-10-02	Schlossman Robert	Sell	300	$304.67
2025-10-02	Schlossman Robert	Sell	4.5K	$306.12
2025-10-02	Schlossman Robert	Sell	574	$307.47
2025-10-02	Schlossman Robert	Sell	700	$302.92
2025-09-25	Chaudhry Jagtar Singh	Gift	22K	—
2025-09-17	Geller Adam	Sell	3.0K	$285.45
2025-09-17	Geller Adam	Sell	1.6K	$282.16
2025-09-17	Geller Adam	Sell	1.7K	$283.33
2025-09-17	Geller Adam	Sell	4.1K	$284.56
2025-09-16	Judge Raj	Sell	4.5K	$280.70
2025-09-16	Geller Adam	Sell	11K	$280.70
2025-09-16	Schlossman Robert	Sell	3.8K	$280.70
2025-09-16	Chaudhry Jagtar Singh	Sell	2.9K	$280.70
2025-09-16	Rich Michael J.	Sell	12K	$280.70
2025-09-15	Geller Adam	Grant	18K	—
2025-09-15	Rich Michael J.	Grant	14K	—
2025-09-15	Schlossman Robert	Gift	2.0K	—
2025-09-15	Judge Raj	Grant	2.1K	—
2025-06-18	Geller Adam	Sell	1.5K	$307.14
2025-06-18	Schlossman Robert	Sell	1.7K	$304.64
2025-06-18	Schlossman Robert	Sell	200	$303.45
2025-06-18	Schlossman Robert	Sell	1.0K	$305.60
2025-06-18	Schlossman Robert	Sell	300	$306.77
2025-06-18	Geller Adam	Sell	1.8K	$306.14
2025-06-18	Geller Adam	Sell	300	$308.05
2025-06-17	Rich Michael J.	Sell	4.3K	$303.70
2025-06-17	Chaudhry Jagtar Singh	Sell	2.8K	$303.70
2025-06-17	Geller Adam	Sell	3.0K	$303.70
2025-06-17	Nair Syam	Sell	4.1K	$303.70
2025-06-17	Judge Raj	Sell	3.0K	$303.70
2025-06-17	Schlossman Robert	Sell	3.6K	$303.70
2025-06-12	Rich Michael J.	Sell	10.0K	$302.88
2025-06-09	Mangal Ajay	Sell	365	$302.12
2025-06-09	Mangal Ajay	Sell	21K	$300.66
2025-06-09	Mangal Ajay	Sell	8.8K	$301.37
2025-06-09	Mangal Ajay	Sell	365	$302.12
2025-06-09	Mangal Ajay	Sell	21K	$300.66
2025-06-09	Mangal Ajay	Sell	364	$302.12
2025-06-09	Mangal Ajay	Sell	21K	$300.66
2025-06-09	Mangal Ajay	Sell	364	$302.12
2025-06-09	Mangal Ajay	Sell	8.8K	$301.37
2025-06-09	Mangal Ajay	Sell	21K	$300.66
2025-06-09	Mangal Ajay	Sell	8.8K	$301.37
2025-06-09	Mangal Ajay	Sell	8.8K	$301.37
2025-06-06	Giancarlo Charles H	Sell	2.6K	$305.00
2025-06-06	Giancarlo Charles H	Sell	47K	$304.37
2025-06-04	Schlossman Robert	Sell	4.6K	$300.00
2025-06-04	Brown Andrew William Fraser	Sell	392	$296.99
2025-06-04	Brown Andrew William Fraser	Option exercise	20K	$4.12
2025-06-04	Brown Andrew William Fraser	Sell	20K	$296.71
2025-06-03	Giancarlo Charles H	Sell	3.0K	$292.66
2025-06-03	RUBIN KEVIN	Grant	51K	—
2025-06-03	Giancarlo Charles H	Sell	4.8K	$290.83
2025-06-03	Giancarlo Charles H	Sell	1.2K	$291.60
2025-06-03	Giancarlo Charles H	Sell	3.0K	$292.66
2025-06-03	Giancarlo Charles H	Sell	4.8K	$290.83
2025-06-03	Giancarlo Charles H	Sell	1.2K	$291.60
2025-06-03	Judge Raj	Grant	67K	—
2025-06-03	Judge Raj	Grant	9.9K	—
2025-05-16	Nair Syam	Sell	29K	$250.00
2025-05-16	Schlossman Robert	Sell	3.6K	$250.00
2025-04-02	Brown Andrew William Fraser	Sell	10K	$206.00
2025-04-02	Brown Andrew William Fraser	Option exercise	10K	$4.12
2025-03-19	Schlossman Robert	Sell	300	$205.52
2025-03-19	Schlossman Robert	Sell	300	$202.17
2025-03-19	Schlossman Robert	Sell	1.1K	$203.44
2025-03-19	Schlossman Robert	Sell	2.1K	$204.30
2025-03-18	Nair Syam	Sell	3.4K	$199.15
2025-03-18	Rich Michael J.	Sell	3.6K	$199.15
2025-03-18	Schlossman Robert	Sell	2.9K	$199.15
2025-03-18	Chaudhry Jagtar Singh	Sell	2.2K	$199.15
2025-03-18	CANESSA REMO	Sell	3.7K	$199.15
2025-03-17	Mangal Ajay	Sell	1.5K	$202.07
2025-03-17	Mangal Ajay	Sell	33K	$200.25
2025-03-17	Mangal Ajay	Sell	13K	$201.70
2025-03-17	Mangal Ajay	Sell	1.5K	$202.07
2025-03-17	Mangal Ajay	Sell	33K	$200.25
2025-03-17	Mangal Ajay	Sell	13K	$201.70
2025-03-17	Mangal Ajay	Sell	1.5K	$202.07
2025-03-17	Mangal Ajay	Sell	13K	$201.70
2025-03-17	Mangal Ajay	Sell	33K	$200.25
2025-03-17	Mangal Ajay	Sell	1.5K	$202.07
2025-03-17	Mangal Ajay	Sell	13K	$201.70
2025-03-17	Mangal Ajay	Sell	33K	$200.25
2025-01-10	Brown Andrew William Fraser	Grant	1.3K	—
2025-01-10	Giancarlo Charles H	Grant	1.3K	—
2025-01-10	Schneider David	Grant	1.3K	—
2025-01-10	Naughton Eileen	Grant	1.3K	—
2025-01-10	Darling Scott C	Grant	1.3K	—
2025-01-10	BLASING KAREN	Grant	1.3K	—
2025-01-10	BEER JAMES A	Grant	1.3K	—

All non-derivative Form 4 activity (SEC), newest first.

Notable events (8-K)

Date	Items
2026-05-26	ResultsExhibits	filing ↗
2026-04-16	Exec/director change	filing ↗
2026-02-26	ResultsExhibits	filing ↗
2026-01-15	Shareholder vote	filing ↗
2025-11-25	ResultsExhibits	filing ↗
2025-09-02	ResultsExhibits	filing ↗
2025-07-03	Material agreementDebt obligation3.02OtherExhibits	filing ↗
2025-06-23	Exec/director change	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-05-26	2026-05-26	0001713683-26-000095 ↗
10-Q	2026-05-26	2026-04-30	0001713683-26-000096 ↗
8-K	2026-04-16	2026-04-15	0001713683-26-000082 ↗
10-Q	2026-02-26	2026-01-31	0001713683-26-000048 ↗
8-K	2026-02-26	2026-02-26	0001713683-26-000047 ↗
8-K	2026-01-15	2026-01-12	0001713683-26-000031 ↗
10-Q	2025-11-25	2025-10-31	0001713683-25-000205 ↗
8-K	2025-11-25	2025-11-25	0001713683-25-000203 ↗
10-K	2025-09-11	2025-07-31	0001713683-25-000158 ↗
8-K	2025-09-02	2025-09-02	0001713683-25-000138 ↗
8-K	2025-07-03	2025-06-30	0001193125-25-155487 ↗
8-K	2025-06-23	2025-06-23	0001713683-25-000133 ↗