Company Valuation: Zscaler, Inc.

Data adjusted to current consolidation scope
Fiscal Period: July 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 21,997 23,398 27,109 44,460 24,450 32,412 - -
Change - 6.37% 15.86% 64.01% -45.01% 32.56% - -
Enterprise Value (EV) 1 21,235 22,432 25,841 40,888 20,976 29,451 28,293 27,449
Change - 5.64% 15.2% 58.23% -48.7% 40.4% -3.93% -2.98%
P/E -56x -115x -460x -1,058x -388x -3,159x 379x 151x
PBR 38.1x 32.6x 21.5x 24.5x 9.32x 9.47x 7.36x 5.94x
PEG - 2.3x 6.4x 34.4x -8.7x 37.7x -0x 1x
Capitalization / Revenue 20.2x 14.5x 12.5x 16.6x 7.29x 8.24x 7.08x 6.11x
EV / Revenue 19.5x 13.9x 11.9x 15.3x 6.26x 7.49x 6.18x 5.17x
EV / EBITDA 140x 75.6x 50.8x 59.7x 22.9x 26.4x 20.9x 18x
EV / EBIT 190x 93.1x 58.4x 70.5x 27.3x 31.6x 25.1x 20x
EV / FCF 84.1x 67.2x 44.2x 56.3x 26.9x 32.1x 24.8x 19.3x
FCF Yield 1.19% 1.49% 2.26% 1.78% 3.71% 3.12% 4.03% 5.17%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -2.77 -1.4 -0.39 -0.27 -0.39 -0.0629 0.5246 1.319
Distribution rate - - - - - - - -
Net sales 1 1,091 1,617 2,168 2,673 3,353 3,931 4,577 5,309
EBITDA 1 152.1 296.6 508.6 684.5 915.7 1,114 1,357 1,526
EBIT 1 111.6 240.8 442.2 580.1 767.1 932 1,129 1,369
Net income 1 -390.3 -202.3 -57.71 -41.48 -63.18 -7.899 67.74 178.4
Net Debt 1 -762.7 -966.1 -1,267 -3,572 -3,474 -2,961 -4,119 -4,963
Reference price 2 155.06 160.38 179.35 285.56 151.20 198.78 198.78 198.78
Nbr of stocks (in thousands) 1,41,863 1,45,891 1,51,149 1,55,696 1,61,710 1,63,055 - -
Announcement Date 08/09/22 05/09/23 03/09/24 02/09/25 03/09/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-3168.92x7.52x26.52x-.--% 3.25TCr
26.04x9.62x15.73x0.77% 3,80900Cr
122.44x53.43x86.72x-.--% 45TCr
20.67x5.89x10.32x1.45% 42TCr
252.08x22.5x65.87x-.--% 32TCr
2647.5x44.38x142.94x-.--% 27TCr
26.28x5.27x16.62x1.44% 24TCr
86.75x8.42x22.54x-.--% 14TCr
57.81x15.57x41.01x-.--% 13TCr
18.54x11.83x14.1x-.--% 9.72TCr
Average 8.92x 18.44x 44.24x 0.37% 59.14TCr
Weighted average by Cap. 150.28x 14.94x 30.13x 0.66%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  4. Valuation Zscaler, Inc.