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Zscaler Inc

ZS · Technology · $35.9B mkt cap · FY2026 filings · · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

65

2022–2026 (latest 5 aligned FYs; v3 window cap 5): revenue $1.1B to $3.4B, increasing; diluted EPS -2.77 to -0.39, increasing.

100

Median gross margin 77.8% over 10y, very stable.

0

Median ROIC -13.1%, above the 12% hurdle in 0% of years.

28

Net debt/EBITDA n/ax, interest coverage -11x.

24

Owner earnings changed trend unclear over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$220.43
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 255% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 16, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

12 years of fundamentals

The business, in plain English

Zscaler Inc booked $3.4B of revenue in FY2026 in the Technology sector and kept 76.8% of it as gross profit — a high-margin business by that measure. After every other cost, −1.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $80.3M (FY2016) to $3.4B (FY2026) — about 45.2% a year compounded over 10 years.

It earned −6.3% on invested capital in the latest filed year, FY2026. Across the full 8-year measurable filed record, median ROIC was −13.1%. Over the v3 recent window (8 measurable filed years), median ROIC was −13.1%. The Returns on Capital filter above scores it 0/100.

ZS's latest filed year, FY2026, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

Put together: Pricing Power is the strongest of the five filters (100/100) and Returns on Capital the weakest (0/100), which is how ZS lands at 43/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2015–FY2026 · 12 fiscal years, normalized from ZS’s SEC filings

Sales, as filed$3.4B FY2026
$0$2B2015201920232026
Revenue kept after cost of goods76.8% FY2026
0%50%2015201920232026
Standard ROIC or separately labeled Operating ROICStandard ROIC −15.3% FY2024

Exact FY and FY-1 financing invested-capital inputs are required.

−40%−20%0%2015201920232026
Cash an owner could take out−$63.2M FY2026
−$400M−$200M$02015201920232026

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How Zscaler Inc makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$3.4B · 100%Cost of revenue$778M · 23%Gross profit$2.6B · 77%Operating income−$133M · −4%Income before tax−$17.1M · −1%Income tax$46M · 1%Net income−$63.2M · −2%As of 2026-07-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$3.4B100%
  • 10-K · FY 2026Filing detailsAccession 0001713683-26-000157 · filed Sep 3, 2026
Cost of revenue$778M23%
  • 10-K · FY 2026Filing detailsAccession 0001713683-26-000157 · filed Sep 3, 2026
$2.6B77%
  • 10-K · FY 2026Filing detailsAccession 0001713683-26-000157 · filed Sep 3, 2026
−$133M−4%
  • 10-K · FY 2026Filing detailsAccession 0001713683-26-000157 · filed Sep 3, 2026
Income before tax−$17.1M−1%
  • 10-K · FY 2026Filing detailsAccession 0001713683-26-000157 · filed Sep 3, 2026
Income tax$46M1%
  • 10-K · FY 2026Filing detailsAccession 0001713683-26-000157 · filed Sep 3, 2026
−$63.2M−2%
  • 10-K · FY 2026Filing detailsAccession 0001713683-26-000157 · filed Sep 3, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0001713683-26-000157 · filed Sep 3, 2026
· event Jul 31, 2026 · retrieved Oct 16, 2026 · annual-row source set
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Flagship explainer

What Zscaler Inc owns — and owes

Zscaler Inc's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$7.9B100%
  • 10-K · FY 2026Filing detailsAccession 0001713683-26-000157 · filed Sep 3, 2026
Cash and equivalents$928M12%
  • 10-K · FY 2026Filing detailsAccession 0001713683-26-000157 · filed Sep 3, 2026
Stockholders’ equity$2.6B33%
  • 10-K · FY 2026Filing detailsAccession 0001713683-26-000157 · filed Sep 3, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0001713683-26-000157 · filed Sep 3, 2026
· event Jul 31, 2026 · retrieved Oct 16, 2026 · annual-row source set

Flagship explainer

What drives Zscaler Inc’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−3%Tax burden369%net income ÷ pretax incomeInterest burden13%pretax ÷ operating incomeOperating margin−4%operating income ÷ revenueAsset turnover0.47×revenue ÷ average assetsEquity multiplier3.25×average assets ÷ average equityAs of 2026-07-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$63.2MFY2026
  • 10-K · FY 2026Filing detailsAccession 0001713683-26-000157 · filed Sep 3, 2026
Income before tax−$17.1MFY2026
  • 10-K · FY 2026Filing detailsAccession 0001713683-26-000157 · filed Sep 3, 2026
Operating income−$133MFY2026
  • 10-K · FY 2026Filing detailsAccession 0001713683-26-000157 · filed Sep 3, 2026
$3.4BFY2026
  • 10-K · FY 2026Filing detailsAccession 0001713683-26-000157 · filed Sep 3, 2026
Ending assets$7.9BFY2026
  • 10-K · FY 2026Filing detailsAccession 0001713683-26-000157 · filed Sep 3, 2026
Beginning assets$6.4BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001713683-26-000157 · filed Sep 3, 2026
$2.6BFY2026
  • 10-K · FY 2026Filing detailsAccession 0001713683-26-000157 · filed Sep 3, 2026
$1.8BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001713683-26-000157 · filed Sep 3, 2026
Source: · event Jul 31, 2026 · retrieved Oct 16, 2026 · annual-row source set
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Flagship explainer

Where Zscaler Inc's cash went

Zscaler Inc’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$1.1B100%
  • 10-K · FY 2026Filing detailsAccession 0001713683-26-000157 · filed Sep 3, 2026
Depreciation and amortization$149M13%
  • 10-K · FY 2026Filing detailsAccession 0001713683-26-000157 · filed Sep 3, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0001713683-26-000157 · filed Sep 3, 2026
· event Jul 31, 2026 · retrieved Oct 16, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Zscaler Inc

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Oct 16, 2026

Flagship explainer

What Zscaler Inc insiders reported

Records still being gathered — partial as of retrieval Oct 16, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

29 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale43.3 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Oct 16, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Oct 16, 2026.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
Geller AdamChief Product OfficerExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,042$205.61$214,24639,350Oct 12, 2026
1 filed lot
  • Table I · Common Stock: 1,042 shares at $205.61 · code M · owned after 39,350 · Paired event: 1,042 Stock Option (right to buy) → 1,042 Common Stock ·
Geller AdamChief Product OfficerOpen-market or private sale (S)Table I · Disposed · Common Stock1,042$235.95$245,86038,308Oct 12, 2026
1 filed lot
  • Table I · Common Stock: 1,042 shares at $235.95 · code S · owned after 38,308 ·
Geller AdamChief Product OfficerExercise or conversion of derivative security (M)Table II · Disposed · Stock Option (right to buy) · 1 paired event1,042$205.61$214,24625,000Oct 12, 2026
1 filed lot
  • Table II · Stock Option (right to buy): 1,042 shares at $205.61 · code M · owned after 25,000 · Paired event: 1,042 Stock Option (right to buy) → 1,042 Common Stock ·
Geller AdamChief Product OfficerExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event23,958$205.61$4,926,00462,266Oct 9, 2026
1 filed lot
  • Table I · Common Stock: 23,958 shares at $205.61 · code M · owned after 62,266 · Paired event: 23,958 Stock Option (right to buy) → 23,958 Common Stock ·
Geller AdamChief Product OfficerOpen-market or private sale (S)Table I · Disposed · Common Stock23,958$225.4348$5,400,966See lot detailOct 9, 2026
2 filed lots
  • Table I · Common Stock: 21,875 shares at $225.00 · code S · owned after 40,391 ·
  • Table I · Common Stock: 2,083 shares at $230.0006 · code S · owned after 38,308 ·
Geller AdamChief Product OfficerExercise or conversion of derivative security (M)Table II · Disposed · Stock Option (right to buy) · 1 paired event23,958$205.61$4,926,00426,042Oct 9, 2026
1 filed lot
  • Table II · Stock Option (right to buy): 23,958 shares at $205.61 · code M · owned after 26,042 · Paired event: 23,958 Stock Option (right to buy) → 23,958 Common Stock ·
RUBIN KEVINChief Financial OfficerOpen-market or private sale (S)Table I · Disposed · Common Stock519$197.2841$102,390See lot detailSep 25, 2026
12 filed lots
  • Table I · Common Stock: 100 shares at $194.7592 · code S · owned after 43,187 ·
  • Table I · Common Stock: 189 shares at $195.6431 · code S · owned after 42,998 ·
  • Table I · Common Stock: 4 shares at $205.9925 · code S · owned after 42,771 ·
  • Table I · Common Stock: 3 shares at $207.80 · code S · owned after 42,768 ·
  • Table I · Common Stock: 118 shares at $196.5724 · code S · owned after 42,880 ·
  • Table I · Common Stock: 3 shares at $197.3167 · code S · owned after 42,877 ·
  • Table I · Common Stock: 9 shares at $199.7133 · code S · owned after 42,868 ·
  • Table I · Common Stock: 20 shares at $201.1101 · code S · owned after 42,848 ·
  • Table I · Common Stock: 5 shares at $202.058 · code S · owned after 42,843 ·
  • Table I · Common Stock: 36 shares at $203.1452 · code S · owned after 42,807 ·
  • Table I · Common Stock: 12 shares at $204.4167 · code S · owned after 42,795 ·
  • Table I · Common Stock: 20 shares at $205.3495 · code S · owned after 42,775 ·
Geller AdamChief Product OfficerOpen-market or private sale (S)Table I · Disposed · Common Stock661$200.00$132,20038,308Sep 21, 2026
1 filed lot
  • Table I · Common Stock: 661 shares at $200.00 · code S · owned after 38,308 ·
Schlossman RobertChief Legal OfficerOpen-market or private sale (S)Table I · Disposed · Common Stock5,394$200.00$1,078,80061,525Sep 21, 2026
1 filed lot
  • Table I · Common Stock: 5,394 shares at $200.00 · code S · owned after 61,525 ·
Geller AdamChief Product OfficerOpen-market or private sale (S)Table I · Disposed · Common Stock4,584$192.01$880,17438,969Sep 17, 2026
1 filed lot
  • Table I · Common Stock: 4,584 shares at $192.01 · code S · owned after 38,969 ·
BEER JAMES ADirectorOpen-market or private sale (S)Table I · Disposed · Commom Stock177$192.01$33,9864,030Sep 17, 2026
1 filed lot
  • Table I · Commom Stock: 177 shares at $192.01 · code S · owned after 4,030 ·
Chaudhry Jagtar SinghDirector, CEO & Chairman, 10% ownerOpen-market or private sale (S)Table I · Disposed · Common Stock2,852$192.7628$549,760340,186Sep 16, 2026
1 filed lot
  • Table I · Common Stock: 2,852 shares at $192.7628 · code S · owned after 340,186 ·
RUBIN KEVINChief Financial OfficerOpen-market or private sale (S)Table I · Disposed · Common Stock5,957$192.7628$1,148,28843,287Sep 16, 2026
1 filed lot
  • Table I · Common Stock: 5,957 shares at $192.7628 · code S · owned after 43,287 ·
Geller AdamChief Product OfficerOpen-market or private sale (S)Table I · Disposed · Common Stock5,578$192.7628$1,075,23143,553Sep 16, 2026
1 filed lot
  • Table I · Common Stock: 5,578 shares at $192.7628 · code S · owned after 43,553 ·
Rich Michael J.CRO and President of WW SalesOpen-market or private sale (S)Table I · Disposed · Commom Stock4,108$192.7628$791,87096,193Sep 16, 2026
1 filed lot
  • Table I · Commom Stock: 4,108 shares at $192.7628 · code S · owned after 96,193 ·
Schlossman RobertChief Legal OfficerOpen-market or private sale (S)Table I · Disposed · Common Stock2,325$192.7628$448,17466,919Sep 16, 2026
1 filed lot
  • Table I · Common Stock: 2,325 shares at $192.7628 · code S · owned after 66,919 ·
RUBIN KEVINChief Financial OfficerGrant, award, or other acquisition (A)Table I · Acquired · Common Stock8,349—Grant, award, or other acquisition (A)—49,244Sep 15, 2026
1 filed lot
  • Table I · Common Stock: 8,349 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 49,244 ·
Geller AdamChief Product OfficerGrant, award, or other acquisition (A)Table I · Acquired · Common Stock6,817—Grant, award, or other acquisition (A)—49,131Sep 15, 2026
1 filed lot
  • Table I · Common Stock: 6,817 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 49,131 ·
RUBIN KEVINChief Financial OfficerOpen-market or private sale (S)Table I · Disposed · Common Stock503$173.3807$87,210See lot detailAug 25, 2026
5 filed lots
  • Table I · Common Stock: 291 shares at $172.5335 · code S · owned after 41,107 ·
  • Table I · Common Stock: 92 shares at $173.5322 · code S · owned after 41,015 ·
  • Table I · Common Stock: 48 shares at $174.5413 · code S · owned after 40,967 ·
  • Table I · Common Stock: 66 shares at $175.7782 · code S · owned after 40,901 ·
  • Table I · Common Stock: 6 shares at $176.49 · code S · owned after 40,895 ·

Source-event as of . Retrieved .

Track record

How Zscaler Inc’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2018–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored ZS on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score100200500Indexed price · log scale (2019 = 100)20182020202220242026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, ZS did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Technology context

#410 of 752 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #408PRTH Priority Technology Holdings, Inc.43.3Shallow moat
  2. #409AIP Arteris, Inc.43.3Shallow moat
  3. #411MEI METHODE ELECTRONICS INC43.2Shallow moat
  4. #412VSH Vishay Intertechnology, Inc.43.2Shallow moat

Compare ZS with its nearest peers →All Technology companies on the Index →

Common questions about ZS

Does Zscaler Inc have an economic moat?
Based on its FY2026 SEC filings, the Moat Index scores Zscaler Inc (ZS) 43.3 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 65, pricing power 100, returns on capital 0, balance-sheet safety 28, capital allocation 24.
How has ZS's Moat Score changed over time?
The record logs 29 readings since Jul 17, 2026; the latest reads 43.3 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ZS. See the disclaimer.