Zscaler, Inc. Financial Ratios — ZS Stock

Profitability (USD)

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	07/31/2015	07/31/2016	07/31/2017	07/31/2018	07/31/2019	07/31/2020	07/31/2021	07/31/2022	07/31/2023	07/31/2024	07/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-35.75	-21.08	-10.67	-5.45	-9.44	-12.81	-15.33	-6.28	-1.39	-0.75
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	73.13	74.94	78.15	80.08	80.3	77.8	77.67	77.79	77.56	77.99	76.87
EBITDA Margin (%)	-17.81	-27.35	-22.46	-14.01	-7.93	-21.53	-25.46	-25.48	-10.38	-1.87	-0.22
Operating Margin (%)	-23.12	-33.42	-27.9	-18.21	-11.66	-26.42	-30.87	-30.01	-14.51	-5.6	-4.76
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-23.46	-33.58	-27.51	-16.99	-9.22	-26.14	-38.21	-35.16	-11.29	-1.35	-0.68
Profit Margin (%)	-23.89	-34.16	-28.21	-17.69	-9.46	-26.69	-38.93	-35.77	-12.51	-2.66	-1.55
Net Income to Common Margin (%)	-24.17	-44.92	-35.82	-21.02	-9.46	-26.69	-38.93	-35.77	-12.51	-2.66	-1.55
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	1.13	23.96	21.25	15.84	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	07/31/2015	07/31/2016	07/31/2017	07/31/2018	07/31/2019	07/31/2020	07/31/2021	07/31/2022	07/31/2023	07/31/2024	07/31/2025

Total Debt	- -	- -	- -	- -	- -	905	965	1,046	1,211	1,238	1,797
ST Debt	- -	- -	- -	- -	- -	16	20	26	34	1,193	52
LT Debt	- -	- -	- -	- -	- -	890	945	1,020	1,176	45	1,744
Total Debt/EBITDA	- -	- -	- -	- -	- -	-9.75	-5.63	-3.76	-7.21	-30.53	-301.29
Net Debt/EBITDA	- -	4.23	3.12	5.09	3.27	-7.75	-3.72	0.16	0.76	6.93	115.43
Total Debt/EBIT	- -	- -	- -	- -	- -	-7.94	-4.64	-3.19	-5.16	-10.19	-14.13
Net Debt/EBIT	- -	3.46	2.51	3.92	2.22	-6.32	-3.07	0.14	0.55	2.31	5.41
EBITDA to Interest Expense	- -	- -	- -	- -	- -	-19.43	-3.21	-4.91	-25.65	-3.09	-1.14
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	-28.44	-4.11	-6.14	-40.51	-14.1	-32.55
EBIT to Interest Expense	- -	- -	- -	- -	- -	-23.85	-3.89	-5.79	-35.87	-9.25	-24.32
Interest Expense	- -	- -	- -	- -	- -	5	53	57	7	13	5
Common Equity/Total Assets	- -	-82.43	-88.57	-43.77	-37.13	-18.51	-26.64	-35.01	-30.21	-24.4	-18.53
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	183.5	178.63	177.85	162.19	3.52	96.93
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	157.24	260.16	1,888.64	977.47	49.78	287.24
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	48.52	41.85	36	32.59	0.95	27.17
Total Debt/Equity (%)	- -	- -	- -	- -	- -	186.71	182.38	182.4	166.95	97.16	99.85
Total Debt/Capital (%)	- -	- -	- -	- -	- -	159.99	265.63	1,936.99	1,006.12	1,374.95	295.89
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	49.37	42.73	36.92	33.55	26.31	27.98
Net Debt to Equity	- -	-139.26	-176.54	-56.44	-25.44	148.46	120.56	-7.77	-17.66	-22.04	-38.25
Net Debt/Capital (%)	- -	331.87	179.55	40.89	25.92	169.78	730.85	4.64	11.21	21.06	38.63
EBITDA	-10	-22	-28	-27	-24	-93	-171	-278	-168	-41	-6
EBITDA-CapEx	-15	-27	-36	-40	-51	-136	-220	-347	-265	-185	-170
Operating Income (Loss)	-12	-27	-35	-35	-35	-114	-208	-327	-235	-121	-127

Liquidity (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	07/31/2015	07/31/2016	07/31/2017	07/31/2018	07/31/2019	07/31/2020	07/31/2021	07/31/2022	07/31/2023	07/31/2024	07/31/2025

Cash Ratio	- -	1.19	0.73	1.63	1.39	3.23	2.09	1.53	1.37	0.77	1.47
Current Ratio	- -	1.63	1.19	2.12	1.89	3.73	2.57	1.99	1.88	1.09	2.01
Quick Ratio	- -	1.51	1.05	1.97	1.75	3.58	2.44	1.88	1.75	1.01	1.88
CFO/Avg Current Liab	- -	-0.31	-0.06	0.11	0.26	0.23	0.35	0.35	0.35	0.34	0.35
Common Equity/Total Assets	- -	-82.43	-88.57	-43.77	-37.13	-18.51	-26.64	-35.01	-30.21	-24.4	-18.53
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	183.5	178.63	177.85	162.19	3.52	96.93
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	157.24	260.16	1,888.64	977.47	49.78	287.24
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	48.52	41.85	36	32.59	0.95	27.17
Total Debt/Equity (%)	- -	- -	- -	- -	- -	186.71	182.38	182.4	166.95	97.16	99.85
Total Debt/Capital (%)	- -	- -	- -	- -	- -	159.99	265.63	1,936.99	1,006.12	1,374.95	295.89
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	49.37	42.73	36.92	33.55	26.31	27.98
CFO/Total Liabilities	- -	-13.72	-4.52	8.34	19.63	5.88	11.69	14.25	16.04	22.73	21.05
CFO/CapEx	-0.63	-2.21	-0.77	1.29	2.15	1.84	4.19	4.65	4.76	5.39	5.92
Altman's Z-Score	- -	-0.82	-1.04	6.62	21.4	8.02	11.34	5.79	5.11	4.81	6.32

Working Capital (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	07/31/2015	07/31/2016	07/31/2017	07/31/2018	07/31/2019	07/31/2020	07/31/2021	07/31/2022	07/31/2023	07/31/2024	07/31/2025

Accounts Receivable Turnover	- -	6.56	3.96	3.78	3.91	3.58	3.33	3.32	3.29	3.29	3.09
Days Sales Outstanding	- -	55.64	92.24	96.6	93.38	101.95	109.73	109.88	110.88	111.06	118.02
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	28.63	10.63	8.75	10.75	16.74	16.91	12.52	16.26	22.83	17.61
Accounts Payable Turnover Days	- -	12.75	34.34	41.72	33.96	21.81	21.59	29.15	22.45	15.98	20.73
Cash Conversion Cycle	- -	42.89	57.9	54.88	59.42	80.14	88.14	80.73	88.43	95.07	97.29
Inventory to Cash Days	- -	55.64	92.24	96.6	93.38	101.95	109.73	109.88	110.88	111.06	118.02
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	07/31/2015	07/31/2016	07/31/2017	07/31/2018	07/31/2019	07/31/2020	07/31/2021	07/31/2022	07/31/2023	07/31/2024	07/31/2025

Market Capitalization	- -	- -	- -	2,256	10,413	16,793	32,002	21,847	23,246	26,828	44,092
- Cash & Cash Equivalents	- -	93	88	136	78	142	276	1,013	1,262	1,423	2,389
+ Preferred Equity and Hybrid Capital	- -	191	201	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	905	965	1,046	1,211	1,238	1,797
Enterprise Value	- -	99	113	1,957	10,048	16,327	31,464	21,162	22,356	25,657	42,316
Total Capital	- -	65	39	-196	-224	566	363	54	120	90	607
Total Debt/Capital (%)	- -	- -	- -	- -	- -	159.99	265.63	1,936.99	1,006.12	1,374.95	295.89
Total Debt / EV	- -	- -	- -	- -	- -	0.06	0.03	0.05	0.05	0.05	0.04
EV/Sales	- -	1.23	0.9	10.29	33.18	37.86	46.75	19.4	13.83	11.84	15.83
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	113.08	173.17	193.92	122.71	55.77	47.61	31.84	42.99
EV/Free Cash Flow to Firm	- -	- -	64.06	63.74	118.18	128.29	103.31	47.15	39.44	27	36.84
Diluted Market Cap	- -	- -	- -	2,256	10,413	16,793	32,002	21,847	23,246	26,828	44,092
Diluted Enterprise Value	- -	99	113	2,120	10,334	17,556	32,691	21,880	23,194	26,643	43,499
EV per Share	- -	0.95	1.09	30.64	81.32	126.25	231.94	150.19	154.24	171.52	274.06
TTM Sales	54	80	126	190	303	431	673	1,091	1,617	2,168	2,673
TTM EBITDA	-10	-22	-28	-27	-24	-93	-171	-278	-168	-41	-6
TTM Operating Income	-12	-27	-35	-35	-35	-114	-208	-327	-235	-121	-127
TTM Cash Flow to Firm	-3	-12	-6	17	58	84	256	379	470	806	984
TTM Free Cash Flow to Firm	2	-7	2	31	85	127	305	449	567	950	1,149

Multiples (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	07/31/2015	07/31/2016	07/31/2017	07/31/2018	07/31/2019	07/31/2020	07/31/2021	07/31/2022	07/31/2023	07/31/2024	07/31/2025

Price/Free Cash Flow	- -	- -	- -	73.46	122.47	137.21	127.9	55.85	41.54	29.02	38.79
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	- -	99	113	1,957	10,048	16,327	31,464	21,162	22,356	25,657	42,316
Low Price	- -	- -	- -	24.76	30.72	35	116.88	125.12	84.93	131.59	153.45
EV/Sales	- -	1.23	0.9	10.29	33.18	37.86	46.75	19.4	13.83	11.84	15.83
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	-51.6	-234.73	-75.83	-92.18	-87.39	-96.8	-485.53	-800.21
Price/Earnings High	- -	- -	- -	-70.28	-386.11	-147.56	-124.4	-135.78	-139.12	-672.96	-1,185.48
Price/Earnings Low	- -	- -	- -	-39.56	-132.47	-39.32	-60.51	-45.17	-60.84	-341.11	-571.23
Price/Book Value	- -	- -	- -	-11.51	-46.42	-49.47	-53.21	-22.03	-21.32	-23.37	-37.07
Price/Book Value Average	- -	- -	- -	-10.53	-29.98	-25.72	-40.16	-34.39	-17.97	-24.41	-27.91
Price/Book Value High	- -	- -	- -	-14.34	-49.32	-50.04	-54.2	-53.43	-25.82	-33.83	-41.34
Price/Book Value Low	- -	- -	- -	-8.07	-16.92	-13.33	-26.36	-17.78	-11.29	-17.15	-19.92
Price/Tangible Book Value	- -	- -	- -	9.39	35.62	38.98	73.1	47.19	38.1	33.82	33.05
Price/Tangible Book Value Average	- -	- -	- -	8.59	23.01	20.27	55.17	73.67	32.11	35.32	24.88
Price/Tangible Book Value High	- -	- -	- -	11.69	37.84	39.44	74.46	114.47	46.14	48.96	36.85
Price/Tangible Book Value Low	- -	- -	- -	6.58	12.98	10.51	36.22	38.08	20.18	24.81	17.76
Price/Sales	- -	- -	- -	11.86	34.38	38.94	47.54	20.03	14.38	12.38	16.49
Price/Sales Average	- -	- -	- -	10.85	22.21	20.24	35.88	31.26	12.11	12.92	12.42
Price/Sales High	- -	- -	- -	14.77	36.53	39.39	48.43	48.57	17.41	17.91	18.39
Price/Sales Low	- -	- -	- -	8.32	12.53	10.5	23.56	16.16	7.61	9.08	8.86
Price/Cash Flow	- -	- -	- -	130.33	179.45	211.71	158.4	67.87	50.28	34.4	45.34
Price/Cash Flow Average	- -	- -	- -	119.19	115.91	110.06	119.55	105.94	42.36	35.93	34.13
Price/Cash Flow High	- -	- -	- -	162.33	190.67	214.16	161.34	164.62	60.88	49.8	50.56
Price/Cash Flow Low	- -	- -	- -	91.39	65.42	57.07	78.48	54.76	26.63	25.24	24.36
Price/Free Cash Flow Average	- -	- -	- -	67.18	79.11	71.33	96.53	87.18	35	30.31	29.2
Price/Free Cash Flow High	- -	- -	- -	91.5	130.12	138.79	130.28	135.46	50.31	42.01	43.26
Price/Free Cash Flow Low	- -	- -	- -	51.51	44.64	36.98	63.37	45.06	22	21.29	20.84
EV/Sales Average	- -	1.23	0.9	10.13	21.95	22.01	36.91	31.29	12.08	12.84	12.2
EV/Sales High	- -	1.23	0.9	14.06	36.28	41.16	49.45	48.6	17.38	17.83	18.17
EV/Sales Low	- -	1.23	0.9	7.6	12.28	12.27	24.58	16.19	7.58	8.99	8.64
EV/EBITDA Average	- -	-4.49	-4	-72.35	-276.91	-102.25	-144.97	-122.81	-116.41	-686.46	-5,466.83
EV/EBITDA High	- -	-4.49	-4	-100.39	-457.6	-191.19	-194.25	-190.76	-167.44	-953.23	-8,146.75
EV/EBITDA Low	- -	-4.49	-4	-54.29	-154.85	-56.98	-96.55	-63.54	-73.05	-480.92	-3,874.03
EV/EBIT Average	- -	-3.67	-3.22	-55.66	-188.25	-83.3	-119.54	-104.26	-83.26	-229.12	-256.39
EV/EBIT High	- -	-3.67	-3.22	-77.23	-311.09	-155.76	-160.17	-161.94	-119.76	-318.16	-382.08
EV/EBIT Low	- -	-3.67	-3.22	-41.77	-105.27	-46.42	-79.61	-53.94	-52.25	-160.52	-181.69
Last Price	- -	- -	- -	35.31	84.27	129.85	235.91	155.06	160.38	179.35	285.56
High Price	- -	- -	- -	43.98	89.54	131.35	240.29	376.11	194.21	259.61	318.46
Enterprise Value Average	- -	99	113	1,927	6,648	9,493	24,842	34,137	19,535	27,833	32,599
Enterprise Value High	- -	99	113	2,674	10,986	17,750	33,285	53,025	28,098	38,649	48,579
Enterprise Value Low	- -	99	113	1,446	3,717	5,290	16,544	17,661	12,258	19,499	23,101

Shares Outstanding	- -	117	117	120	127	133	139	143	147	152	158
Diluted Weighted Avg Shares	102	104	104	64	124	129	136	141	145	150	154
Basic Weighted Avg Shares	102	104	104	64	124	129	136	141	145	150	154
Revenue per Share	0.53	0.78	1.21	2.98	2.45	3.33	4.96	7.74	11.16	14.49	17.31
EBITDA per Share	-0.09	-0.21	-0.27	-0.42	-0.19	-0.72	-1.26	-1.97	-1.16	-0.27	-0.04
Operating Income per Share	-0.12	-0.26	-0.34	-0.54	-0.29	-0.88	-1.53	-2.32	-1.62	-0.81	-0.82
Basic EPS, GAAP	-0.13	-0.35	-0.43	-0.63	-0.23	-0.89	-1.93	-2.77	-1.4	-0.39	-0.27
Basic EPS from Cont Ops	-0.13	-0.26	-0.34	-0.53	-0.23	-0.89	-1.93	-2.77	-1.4	-0.39	-0.27
Diluted EPS, GAAP	-0.13	-0.35	-0.43	-0.63	-0.23	-0.89	-1.93	-2.77	-1.4	-0.39	-0.27
Diluted EPS from Cont Ops	-0.13	-0.26	-0.34	-0.53	-0.23	-0.89	-1.93	-2.77	-1.4	-0.39	-0.27
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.03	-0.11	-0.06	0.27	0.47	0.61	1.49	2.28	3.19	5.21	6.3
Free Cash Flow per Basic Share	-0.08	-0.17	-0.13	0.06	0.25	0.28	1.13	1.79	2.52	4.25	5.23
Cash & Equivalents per Share	- -	0.9	0.85	4.67	2.95	10.6	11.08	12.29	14.49	16.11	23.14
Book Value per Share	- -	-1.22	-1.56	-3.07	-1.82	-2.62	-4.43	-7.04	-7.52	-7.67	-7.7
Tangible Book Value per Share	- -	-1.2	-1.46	3.76	2.37	3.33	3.23	3.29	4.21	5.3	8.64

Zscaler, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)