What is zero-trust architecture and why does Zscaler's platform depend on it?

Zero-trust architecture is a security model that eliminates implicit trust inside a network perimeter: every user, device, and application must continuously authenticate and be authorized before accessing resources, regardless of where they sit. The traditional model assumed that anything inside the corporate firewall was safe; zero-trust treats every connection as potentially hostile. Zscaler's entire platform, the Zero Trust Exchange, is built on this principle rather than added onto a legacy stack. Because enterprises have shifted workloads to public cloud and employees connect from anywhere, the concept of a fixed perimeter has become difficult to maintain. Zscaler positions itself as the inline broker for all traffic, inspecting and authorizing each session in its cloud rather than routing traffic back through on-premises appliances. This architectural choice means the platform has no meaningful equivalent in a hardware-appliance model, which the company argues makes displacement more difficult for customers who have fully adopted it.

What was Zscaler's revenue growth rate in fiscal 2026?

Zscaler reported fiscal 2026 revenue of approximately $3.353 billion, a 25% increase year over year. The company announced these results on September 3, 2026, covering its fourth fiscal quarter and full fiscal year ended July 31, 2026. A 25% growth rate at this revenue scale places Zscaler among the faster-growing large-cap software companies, though the rate of growth is naturally lower than the percentages the company posted when it was smaller. The ARR figure grew at the same 25% rate to $3.771 billion, which includes the contribution from the Red Canary acquisition. Excluding Red Canary, organic ARR growth was approximately 20% year over year, providing a cleaner view of the core platform's momentum. Both the total and organic figures are useful when assessing how much of the headline growth reflects product demand versus inorganic additions.

What is Zscaler's annual recurring revenue (ARR) and why does it matter for valuation?

Annual recurring revenue represents the annualized contract value of all active subscriptions at a point in time, giving investors a forward-looking view of revenue that quarterly reported figures do not always capture cleanly. Zscaler's ARR reached $3.771 billion at the end of fiscal 2026, up 25% year over year. Net new ARR added in the fourth fiscal quarter alone was $246 million. For subscription software businesses, ARR is often weighted more heavily than trailing revenue in valuation frameworks because it reflects the contracted base the company will collect over the next twelve months, barring churn. High ARR growth signals that customers are expanding their spend, new logos are being added, and renewal rates are holding. ARR also allows analysts to strip out one-time items or timing differences in revenue recognition, making cross-period and cross-company comparisons more consistent. The gap between ARR and recognized revenue can also indicate implementation pace and the timing of upsell activity.

How did the Red Canary acquisition change Zscaler's product portfolio?

Red Canary contributed $141 million to Zscaler's ARR as of the fiscal 2026 year-end figures, which is the specific contribution disclosed in the company's reporting. This addition extended Zscaler's capabilities into managed detection and response, a segment that focuses on continuous monitoring, threat hunting, and incident response rather than purely prevention. The acquisition moved Zscaler closer to offering an end-to-end security operations capability alongside its existing inline traffic inspection platform. Excluding Red Canary, Zscaler's ARR was $3.630 billion, up 20% year over year, versus the reported 25% including the acquisition. The gap between these two figures illustrates how material the Red Canary addition was to headline ARR growth. For analysts assessing platform momentum, the organic figure is the cleaner signal, while the combined figure reflects the broader portfolio a customer can now access through a single vendor relationship.

What is the difference between Zscaler's GAAP net loss and its non-GAAP net income?

Zscaler, like many large enterprise software companies, reports a GAAP net loss alongside a positive non-GAAP net income. The primary reconciling items are stock-based compensation expense, amortization of acquired intangible assets, and acquisition-related costs. GAAP accounting requires these to be expensed in full, which can produce a net loss even when the underlying business is generating substantial cash. Non-GAAP figures exclude these items to present what management describes as a view of operational profitability. The research context does not contain specific GAAP or non-GAAP dollar figures for fiscal 2026, so precise amounts are not cited here. The conceptual distinction matters for valuation because GAAP losses at a company of Zscaler's scale can be misleading if most of the loss is non-cash stock compensation rather than operating deterioration. Investors typically track both: GAAP figures matter for legal and tax purposes, while non-GAAP figures are often used to compare operating efficiency across software peers. Neither should be read in isolation.

How does Zscaler compete against Palo Alto Networks in the SASE market?

Both Zscaler and Palo Alto Networks offer Secure Access Service Edge capabilities, but they have arrived at the market from different starting points. Zscaler was purpose-built as a cloud-native proxy from inception, with no on-premises appliance legacy. Palo Alto Networks built its reputation on next-generation firewalls and has extended into SASE through acquisitions and platform bundling. The competitive dynamic often centers on whether a customer prefers a platform built natively in the cloud or one assembled from multiple integrated products that include on-premises components. Zscaler argues its architecture provides lower latency and better inline inspection because all traffic flows through its cloud without hairpinning through customer data centers. Palo Alto counters with broader platform integration across endpoint, cloud security, and network operations. In practice, large enterprises often run pilots or proof-of-concepts and selection depends heavily on existing vendor relationships, incumbent infrastructure, and pricing negotiations. The research context does not contain specific win-rate or market-share data for this comparison, so no such figures are cited here.

What caused Zscaler's free cash flow margin to compress sharply in Q4 FY2026?

The research context provided does not include specific data on Zscaler's Q4 fiscal 2026 free cash flow margin or the drivers of any compression in that quarter. Accordingly, no specific figure or causal attribution is stated here. In general, free cash flow margins for subscription software companies can compress due to elevated capital expenditures, changes in working capital timing, large upfront cash payments related to acquisitions or integration costs, or shifts in the timing of customer collections. For Zscaler specifically, the Red Canary acquisition completed during fiscal 2026 could introduce one-time cash outflows related to deal costs and integration spending that do not recur. Investors monitoring cash generation typically look at trailing twelve-month free cash flow margins rather than a single quarter, since quarterly figures can be distorted by the timing of annual contract billings and renewal cycles. The company's investor relations disclosures, including the September 3, 2026 press release, are the appropriate primary source for precise cash flow figures.

What is deferred revenue for Zscaler and what does it signal about future performance?

Deferred revenue represents subscription fees that Zscaler has already collected from customers but not yet recognized as revenue under accounting standards, because the service period extends into future quarters. For a subscription-based security platform, this balance functions as a forward-looking indicator: a growing deferred revenue figure suggests that customers are committing to multi-year contracts and prepaying, which provides visibility into future recognized revenue. Because Zscaler sells annual and multi-year subscriptions rather than one-time licenses, deferred revenue tends to be large relative to quarterly recognized revenue. Analysts track changes in this balance alongside ARR to assess whether bookings momentum is accelerating or decelerating. A deferred revenue balance that grows faster than recognized revenue implies that contract signings are outpacing the amortization of existing deals, which generally signals healthy near-term demand. Conversely, deceleration in the balance can be an early warning that new contract activity is softening before it shows up in reported revenue.

How does rising US Treasury yields affect Zscaler's stock valuation?

Rising US Treasury yields compress the valuation multiples assigned to high-growth technology stocks like Zscaler because they raise the discount rate applied to future cash flows in standard discounted cash flow models. With the US 10-year Treasury yield at 4.95% as of September 10, 2026, the risk-free rate that anchors equity valuation models remains elevated relative to the near-zero rates that prevailed during Zscaler's fastest growth phase. When the discount rate rises, the present value of earnings or free cash flow expected several years into the future falls proportionally, which tends to deflate the price-to-sales and price-to-free-cash-flow multiples investors are willing to pay. Zscaler's revenue is largely recurring and its profitability on a non-GAAP basis has improved, but its GAAP losses mean that a significant portion of its equity value still rests on projected future cash flows. That characteristic makes the stock sensitive to rate movements. Traders holding a ZS CFD position should be aware that macro rate developments can move the underlying stock independently of Zscaler's operational performance.

What are the biggest risk factors for ZS stock in 2026?

Zscaler's key risk factors in 2026 include competitive pressure in the SASE and zero-trust market, macroeconomic sensitivity affecting enterprise IT budgets, integration execution risk from the Red Canary acquisition, and valuation sensitivity to interest rates. Fiscal 2026 ARR excluding Red Canary grew 20% year over year, a deceleration relative to prior periods, raising questions about whether the core platform can sustain growth without inorganic contributions. Enterprise customers delaying security spending during periods of budget scrutiny would directly reduce net new ARR, which was $246 million in Q4 fiscal 2026. On the capital structure side, increased capital expenditure to support AI-related infrastructure has already weighed on free cash flow margins, and continued spending could compress future free cash flow generation. Regulatory and geopolitical factors also affect cross-border data flows, which are central to Zscaler's cloud-delivered architecture. Separately, the VIX stood at 17.84 as of September 10, 2026, indicating moderate market-wide uncertainty that can amplify stock-specific volatility around catalysts such as earnings releases.

How does Zscaler benefit from enterprise AI adoption and AI workload security demand?

Zscaler benefits from AI adoption in two distinct ways: AI creates new security surface areas that Zscaler's platform is designed to address, and Zscaler increasingly incorporates AI into its own inspection and threat-detection capabilities. As enterprises connect employees and workloads to large language models, generative AI APIs, and cloud-based AI services, those connections traverse the internet and require inspection for data leakage, malicious content, and unauthorized access, precisely the function performed by Zscaler Internet Access. AI workloads also tend to generate high volumes of machine-to-machine traffic between data centers and cloud environments, expanding the scope of what Zscaler Private Access and its broader Zero Trust Exchange platform protect. On the product side, Zscaler has integrated AI-driven features into threat detection, policy recommendation, and anomaly identification, which can accelerate sales cycles by demonstrating measurable security outcomes. Given that fiscal 2026 revenue reached approximately $3.353 billion, with ARR at $3.771 billion, the company's scale provides substantial telemetry data to train and refine those AI models, creating a potential competitive advantage in detection accuracy over time.

What is the difference between Zscaler Internet Access (ZIA) and Zscaler Private Access (ZPA)?

Zscaler Internet Access (ZIA) is a cloud-delivered secure web gateway that inspects and controls traffic flowing from users or devices to the public internet and software-as-a-service applications. It enforces policies around URL filtering, SSL inspection, data loss prevention, and threat detection at the point where internal users access external destinations. Zscaler Private Access (ZPA) addresses a different traffic flow: it replaces traditional VPN infrastructure by providing users with direct, identity-verified access to specific internal applications, whether hosted in a private data center or a cloud environment, without placing those users on a flat corporate network. ZPA operates on a least-privilege, application-specific model, meaning a user is granted access only to the particular application they are authorized to use, rather than broad network access. Together, ZIA and ZPA form the two primary pillars of Zscaler's Zero Trust Exchange platform and are frequently sold as a bundle. Cross-selling both products to existing customers is a key mechanism through which Zscaler expands revenue within its installed base and improves net revenue retention.

How does Zscaler's capital expenditure increase affect its long-term free cash flow outlook?

Elevated capital expenditure at Zscaler compresses near-term free cash flow because cash is consumed by infrastructure investment before those assets generate incremental revenue or cost savings. Zscaler's cloud-native architecture requires distributed data center capacity to deliver low-latency security inspection globally, and investments in AI-capable infrastructure have added to that spending. In the long run, the effect on free cash flow depends on whether the new capacity enables faster revenue scaling or meaningful operating leverage. If additional infrastructure supports higher-margin workloads or expands addressable customer segments, particularly in AI workload security, the near-term cash drag could be followed by an improved free cash flow margin profile. Fiscal 2026 revenue grew approximately 25% year over year to $3.353 billion, providing a larger revenue base over which fixed infrastructure costs can be spread. However, if revenue growth decelerates while capex remains elevated, free cash flow margins face sustained pressure. Traders monitoring ZS as a CFD position should track the trajectory of capital spending relative to revenue growth in quarterly filings, as that ratio directly affects the free cash flow multiple investors assign to the stock.

What happens to a ZS CFD position over the weekend when the market is closed?

The CoinUnited Zscaler, Inc. CFD follows a scheduled trading session and is closed at weekends and on market holidays. During that closure, traders cannot open, close, or adjust a ZS CFD position. Any position held into the weekend remains open but cannot be managed until the session resumes. Weekend gap risk is a direct consequence of this structure: if material news about Zscaler, the broader technology sector, or macroeconomic conditions emerges while the market is closed, the underlying stock may open at a significantly different price on Monday. That gap becomes the effective price change for any open CFD position, and because the CoinUnited instrument supports leverage up to 1000x, subject to product, jurisdiction, and account eligibility, even a modest gap in the underlying can produce a proportionally amplified gain or loss, with the possibility of liquidation if the move is adverse. The session schedule and holiday calendar are shown on the platform before you trade, allowing position sizing decisions to account for overnight and weekend exposure.

How do earnings announcements affect ZS stock volatility and CFD position risk?

Earnings announcements are among the highest-volatility events for Zscaler stock because they deliver concentrated new information, revenue, ARR, guidance, and margin data, that the market reprices immediately. Zscaler reports quarterly; for reference, fiscal year 2026 results were announced on September 3, 2026. In a single session following an earnings release, the stock can move materially in either direction, driven by whether reported metrics and forward guidance meet, exceed, or fall short of analyst expectations. Key variables that have historically moved ZS include net new ARR, billings growth, free cash flow margin, and full-year revenue guidance. For a CFD position, this volatility is amplified by leverage. A trader using leverage on a ZS CFD should be aware that a sudden large move against their position can trigger liquidation before they have the opportunity to close the trade manually. CoinUnited's Zscaler CFD follows a scheduled session, so if earnings are released after market close, the repricing occurs when the session reopens rather than immediately. Managing position size relative to account balance is therefore especially relevant around scheduled earnings dates. Trading fees on this market are tiered by 30-day contract volume; the current rate and full schedule are available at https://coinunited.io/en/account/trading-fees.

What is platformization and how does it create competitive pressure on Zscaler?

Platformization refers to the strategy of consolidating multiple security functions into a single integrated platform rather than selling point products. Vendors pursuing this approach argue that broad platforms reduce complexity and total cost for enterprise buyers. For Zscaler, this dynamic creates competitive pressure on two fronts: incumbents such as network hardware vendors and firewall providers are bundling cloud security capabilities into their existing platforms, while pure-play SASE competitors are expanding their module counts to overlap with Zscaler's core offerings. The pressure is meaningful because enterprise procurement increasingly favors vendor consolidation. A buyer who can renew fewer contracts and manage fewer dashboards may choose a broader vendor even if individual modules are not best-in-class. Zscaler's counter-argument rests on the depth and native cloud architecture of its platform, which it positions as superior to assembled-bolt-on alternatives. Whether that differentiation holds as competitors mature their offerings is a key question investors and analysts track alongside ARR growth figures.

How does trading ZS as a CFD differ from buying Zscaler shares directly?

Trading the ZS CFD on CoinUnited provides price exposure to Zscaler's share price movements without conferring actual ownership of Zscaler shares. That distinction matters in several practical ways. A direct shareholder holds equity in the company, retains voting rights on corporate matters, and may receive dividends if any are declared. A CFD position carries none of those attributes; it is a contract that tracks the price, not the underlying asset itself. Funding is another structural difference. CoinUnited accounts are funded and withdrawn in crypto, so no traditional bank account is required to open or close a position. The trading session follows a scheduled calendar: the instrument is closed at weekends and on market holidays, mirroring the underlying equity market's schedule rather than operating continuously. Traders should review the session calendar and holiday schedule on the platform before placing orders. Fees on CFD trades are tiered by 30-day contract volume; the full schedule is at https://coinunited.io/en/account/trading-fees. Finally, CFD positions can use leverage, which amplifies both gains and losses relative to the capital deposited.

What leverage is available on the ZS CFD on CoinUnited and what are the associated risks?

The maximum leverage on the CoinUnited Zscaler CFD is 1000x, subject to product terms, jurisdiction, and account eligibility. As a specification: a hypothetical $1,000 margin deposit at 1000x exposure controls a notional position of $1,000,000. That amplification works symmetrically. A 1% adverse move in ZS's price against a fully leveraged position would result in a $10,000 loss on a $1,000 margin balance, which is ten times the initial capital. Losses of that magnitude can trigger liquidation before a trader has the opportunity to add margin. Zscaler's share price is sensitive to earnings reports, guidance revisions, and broader technology sector sentiment, all of which can generate sharp intraday moves. High leverage compresses the price distance between the entry point and the liquidation threshold to a very small margin. Traders typically manage this by sizing positions so that the notional exposure corresponds to a fraction of available margin, not the maximum permitted. The ZS CFD also observes scheduled trading sessions and is closed at weekends, meaning a gap between the Friday close and the Monday open can open against an existing position with no opportunity to exit in the interim.

How do I manage position size when trading ZS CFDs around earnings season?

Zscaler reports quarterly earnings on a scheduled basis, with fiscal year results published in early September as was the case on September 3, 2026. In the period around an announcement, implied volatility in the underlying equity tends to rise, and the actual price move at the release can be substantially larger than a typical daily range. For a CFD position, that elevated move interacts directly with the leverage in use, so a given notional exposure carries more effective risk during earnings windows than during quieter periods. Practical approaches to managing this include reducing notional size ahead of the release so that a large adverse move stays within a predefined loss tolerance, widening stop levels to accommodate the expected range while simultaneously reducing position size to keep the total risk constant, or simply closing a position before the announcement and re-entering once the price has reacted and stabilized. The ZS CFD follows a scheduled session, so after-hours reactions in the underlying market will typically materialize as a gap at the next session open. Traders should confirm session hours and the holiday calendar on the platform and review the fee schedule at https://coinunited.io/en/account/trading-fees before sizing any position.

Diğer Kripto Paralara Git

ZSZscaler, Inc.

Hızlı Bağlantılar

Pozisyon Hesaplayıcı

Pozisyon Boyutu (USD)Kaldıraç

Gerekli Marj

$10.00

ZS hareket ederse P&L

+1%+$10.00

+5%+$50.00

+10%+$100.00

{leverage}x Kaldıraç ile Ticarete Başla

Zscaler, Inc.

$164.63

+0.60% (24h)

Hisse SenetleriSeviye CCoinUnited.io'da işlem görür1000x Kaldıraç

Today's SignalNext earnings2026-11-23Last earnings move-5.0%2026-09-03Latest quarter revenue$850MQ3 2026Gross margin77.3%Q3 2026

How can you trade Zscaler, Inc.? Zscaler, Inc. (ZS) is publicly listed. On CoinUnited, eligible users can trade a ZS stock CFD — price exposure that tracks the share price. It is a price CFD, not equity (no shareholder voting; dividends reflected as an adjustment) — with leverage, from US$100. Access terms vary by jurisdiction and product eligibility.

How to trade it

Trading stock CFDs on CoinUnited + strategy

Ticaret Rejimi Durumu

Kaldıraç

1000x

(CoinUnited.io'da maksimum)

Volatilite

Normal

(3.04% 24h)

How the ZS CFD works

Before you trade, understand exactly what you get, what you don't, and where the risk sits.

What you buy

Price exposure to the ZS reference (a synthetic CFD) that tracks the CoinUnited reference up and down.

What you do NOT get

It is not equity: no shares, no voting rights; dividends are reflected as an adjustment, not paid to you.

Basis / session risk

The CoinUnited reference tracks the share price but can differ from the exchange price; extended-hours liquidity is thinner.

Leverage illustration: with $100 margin at 1000× leverage you open a $100,000 notional position; if price moves against you to the liquidation level the position is force-closed. High leverage magnifies both profit and liquidation risk.

Trading conditions on CoinUnited

Fee schedule as of 2026-08-19

Product type	CFD	Synthetic price exposure. You do not hold the underlying asset.
Trading fee	0,070%	Per side, at the standard tier. Falls with 30-day volume and reaches 0.000% at VIP 9.
Trading hours	Market session	Follows the market session and is closed at weekends and on market holidays.
Kaldıraç - gün içi	1.000x	Aktif işlem saatleri içinde geçerlidir. En küçük pozisyon büyüklüğünde 0,050% teminat gerektirir. Kullanılabilirlik ve üst sınır; ürüne, yetki alanına ve hesap uygunluğuna göre değişir; kaldıraç zararları büyütür ve pozisyonlar likide edilebilir.
Kaldıraç - gecelik	10x	İşlem günü sonrasına taşınan pozisyonlar için geçerlidir. En küçük pozisyon büyüklüğünde 5,000% teminat gerektirir.
Kaldıraç - hafta sonu ve tatiller	10x	Piyasa kapalıyken taşınan pozisyonlar için geçerlidir. En küçük pozisyon büyüklüğünde 5,000% teminat gerektirir - pozisyonunuzu hafta sonuna taşımadan önce büyüklüğünü kontrol edin.
Direction	Long or short	Take a position in either direction. A short position profits when the price falls and loses when it rises.
Funding	Crypto deposit	Fund and withdraw in crypto. No bank transfer or card is required.

See the full fee schedule →

Trading ZS on CoinUnited.io — Mechanics, Scenarios, and Risk

How a ZS CFD Works on CoinUnited.io

Trading ZS on CoinUnited.io means taking a Contract for Difference (CFD) position that tracks Zscaler's share price. The position confers no shareholding, no voting rights, and no entitlement to dividends. Profit or loss is determined entirely by the difference between the entry price and the exit price, multiplied by the size of the position.

The account is funded and margined in crypto, specifically USDT, so all gains and losses are denominated in that unit, regardless of the currency in which ZS trades on NASDAQ.

Leverage Specification and a Worked Example

The maximum leverage available on the ZS CFD is 1000x, subject to product, jurisdiction, and account eligibility. Leverage amplifies both gains and losses proportionally, and a position can be liquidated if the market moves against the trader beyond the available margin.

A precise worked example illustrates the mechanics:

Parameter	Value
Margin deposited	100 USDT
Leverage applied	1000x
Notional exposure	100,000 USDT
ZS moves +2%	+2,000 USDT gain
ZS moves −2%	−2,000 USDT loss (exceeds margin; liquidation triggered)

Step by step:

Margin × leverage = notional exposure: 100 × 1000 = 100,000 USDT
A 2% adverse move on the notional = 100,000 × 0.02 = 2,000 USDT loss
That loss is 20× the margin posted, the position is liquidated well before a 2% move fully completes

The practical implication is that at high leverage ratios, the liquidation distance from the entry price is measured in fractions of a percent. Traders using maximum or near-maximum leverage typically size positions so that only a small portion of total account capital is at risk in any single position.

Earnings Season: the Primary Volatility Event

Zscaler reports quarterly results, and each release is a concentrated volatility event for the ZS CFD. The stock's valuation reflects high growth expectations, so any revision to forward guidance, upward or downward, tends to produce outsized single-session price moves relative to the magnitude of the beat or miss itself.

This pattern is consistent with how the market priced the fiscal 2026 Q4 results announced on September 3, 2026, where ARR growth and guidance direction both carried significant weight. Traders monitoring the tech and cloud AI earnings beat wave will recognize ZS as a recurring name in that category.

Positions held through an earnings release should be sized to survive the realistic range of outcomes in both directions, not just the expected direction.

Weekend Gap Risk

The ZS CFD follows a scheduled trading session and is closed at weekends and on market holidays. The specific session times and holiday calendar are displayed on the platform before trading.

Because the instrument does not trade continuously, any material news that breaks outside session hours, a significant cybersecurity incident, a regulatory development, or a broad macro shock, will be reflected in the opening price at the next session open, with no opportunity to manage the position in the intervening period.

Weekend gap risk is a structural feature of equity CFDs, not an edge-case scenario. Position sizing discipline that accounts for an adverse gap of several percent is standard practice for traders holding ZS positions into a weekend or a market holiday.

Trading Costs and Their Compounding Effect

CoinUnited charges a trading fee on this market; the fee is not zero at the standard tier. Fees are tiered across nine VIP levels based on 30-day contract volume, and the applicable rate for any account is shown on the platform and at coinunited.io/en/account/trading-fees.

In addition to the entry and exit fee, holding a leveraged position across sessions may incur funding charges. Both cost components compound on high-leverage positions held for multiple sessions.

A position with notional exposure of 100,000 USDT, for example, generates fee and funding costs proportional to that notional, not to the 100 USDT of margin posted, so the effective cost relative to margin is magnified by the leverage ratio.

⚡1000x💰Fees down to 0%⏱️10s Start

ZS ile İşlem Yapmaya Hazır Mısınız?

1000x'e kadar kaldıraç

Şimdi ZS Ticaret Yapın

Key facts & how to trade

The essentials + how you access it on CoinUnited

Access & Tradability Comparison

A CoinUnited stock CFD vs holding the underlying shares — how, when, and in what form you get exposure. The stock price is everywhere; this comparison is the differentiator.

Terms	CoinUnited (CFD)	Holding shares (exchange)
Product form	Stock CFD (price exposure)	Equity ownership
Trading hours	Market session	Exchange regular hours
Leverage	Available (by product terms)	None / margin account needed
Shareholder rights	None (no voting; dividends as adjustment)	Voting + dividends
Access	Eligible users, by region + product	Brokerage account required

*Access and minimum vary by jurisdiction and product eligibility.

Temel bilgiler

Bu şirket hakkında en çok alıntılanan veriler, her biri kaynağıyla birlikte: okuyucular ve yapay zekâ yanıt motorları için hızlı başvuru kutusu.

Birincil kaynak: Wikidata

Kuruluş	2008
Genel merkez	San Jose
Sektör	internet security, computer security
Halka açıklık durumu	Halka açık: ZSExchange
Piyasa değeri	$27B (as of 2026-09-13)CoinUnited reference x SEC shares
52 haftalık aralık	$114.62 – $336.90CoinUnited daily kline
Sonraki bilanço	2026-11-23Finnhub
Son bilanço sonrası hareket	-5.0% (1d), -7.3% (5d) — 2026-09-03CoinUnited daily kline
CoinUnited ürünü	Hisse senedi CFD'si - yalnızca fiyat maruziyeti, hisse mülkiyeti değil (oy hakkı yoktur; temettüler düzeltme olarak yansıtılır); kaldıraç mevcuttur.CoinUnited product terms

Fiyat & Piyasa Yapısı

24S Aralık: $160.915→$165.925

24S Düşük

$160.915

24S Yüksek

$165.925

TEKLİF / SATIŞ

$164.51 / $164.74

Grafik yükleniyor...

Company & financials

Business model + audited SEC financials

What Is Zscaler, Inc. (ZS)?

TL;DR

Zscaler is a cloud-native zero-trust security platform operator that reported fiscal 2026 revenue of approximately $3.353 billion and ARR of $3.771 billion, both up 25% year over year, positioning it as a structural beneficiary of enterprise AI adoption and the ongoing shift away from perimeter-based network security.

Zscaler, Inc. is a cybersecurity software company that delivers its security platform entirely through the cloud, without relying on traditional on-premises hardware firewalls.

Founded on a zero-trust architecture, the company routes enterprise internet and application traffic through its own global cloud infrastructure, enforcing security policy at the network edge rather than at a corporate perimeter. Zscaler trades on NASDAQ under the ticker ZS.

Business Model and Revenue Structure

Zscaler's revenue is almost entirely subscription-based. Enterprises pay recurring fees to access two core platforms: Zscaler Internet Access (ZIA), which secures outbound internet traffic, and Zscaler Private Access (ZPA), which replaces traditional VPN connections for internal application access.

Both platforms are sold as annual or multi-year contracts, generating the annual recurring revenue (ARR) metric that management and analysts use to gauge the health of the business.

Beyond the core platforms, Zscaler pursues an upsell motion into higher-value modules: data loss prevention, AI-powered threat intelligence, and secure access service edge (SASE) bundles. These add-ons increase average contract value per customer without requiring separate sales cycles, a structure that sustains revenue growth as the installed base expands.

Fiscal 2026 Financial Snapshot

As of September 2026, Zscaler reported results for fiscal year 2026, which ended July 31, 2026. Full-year revenue was approximately $3.353 billion, up 25% year over year. ARR reached $3.771 billion, also up 25% year over year, confirming that the subscription base is growing in line with recognized revenue.

Those headline ARR figures include the contribution from Red Canary, a managed detection and response (MDR) provider Zscaler acquired. Excluding Red Canary, ARR was $3.630 billion, up 20% year over year, and Red Canary itself contributed $141 million of ARR as of Q4 FY2026.

The acquisition extends Zscaler's platform beyond its core inline security proxy business into active threat monitoring and response, a category that complements but is distinct from ZIA and ZPA.

On the profitability side, Zscaler carries a GAAP net loss, a pattern common among high-growth software companies where stock-based compensation is a significant expense. On a non-GAAP basis, the company reports meaningful profitability and generates substantial free cash flow, which analysts typically weight more heavily when assessing business quality.

The distinction between GAAP and non-GAAP results is relevant for traders monitoring earnings releases, as guidance and analyst targets are frequently framed in non-GAAP terms.

Zscaler's financial trajectory places it within the broader AI monetization revenue race, as enterprise demand for AI-integrated security platforms accelerates spending decisions across large organizations.

Its consistent 25% ARR growth also positions it alongside peers discussed in the Tech & Cloud AI Earnings Beat Wave theme, where top-line execution has driven meaningful price action across the software sector.

Market Classification

Zscaler is classified within the cybersecurity software sector. As a pure-play cloud-native security vendor, it competes on platform breadth and zero-trust architecture rather than on hardware or hybrid deployments.

Trading exposure to ZS on CoinUnited is available as a CFD position, which tracks the price of the underlying equity but does not confer shareholding, voting rights, or dividend entitlements.

Son güncelleme: 2026-09-12

Anahtar Gözlemler

Zscaler's ARR of $3.771 billion at fiscal year-end 2026, $3.630 billion excluding the Red Canary acquisition, demonstrates that its core platform retains approximately 20% organic ARR growth independent of inorganic contributions.
The divergence between a GAAP net loss of $63.2 million and non-GAAP net income of $704.2 million for fiscal 2026 reflects substantial stock-based compensation, a structural characteristic common to high-growth SaaS businesses that traders should account for when comparing valuation multiples across peers.
Free cash flow of $779.1 million (23% of fiscal 2026 revenue) signals healthy cash generation even as capital expenditures and internal-use software costs accelerated sharply, from $78.7 million to $218.5 million year over year, indicating significant infrastructure investment cycles that may weigh on near-term FCF margin.
Deferred revenue of $2.926 billion as of July 31, 2026 (up 19% year over year) represents contracted but not yet recognized revenue, providing forward revenue visibility that is a key quality indicator for subscription software businesses.
The AI-driven enterprise security upgrade cycle, where organizations securing AI workloads, data pipelines, and remote access at scale are adopting zero-trust architectures, functions as a structural demand catalyst that extends Zscaler's addressable market beyond traditional network security replacement.

Key Financials

Audited · SEC filings

Reported figures from the company’s latest SEC filings — each linked to its source filing and period.

$850M

Quarterly revenue

Q3 2026 · SEC 10-Q

$-14M

Net income

Q3 2026 · SEC 10-Q

77.3%

Gross margin

Q3 2026 · SEC 10-Q

$-0.09

Diluted EPS

Q3 2026 · SEC 10-Q

Quarterly revenue

$1.0B

$794M

$579M

$678MQ2 2025

~$719MQ3 2025

$788MQ4 2025

$816MQ1 2026

$850MQ2 2026

~$898MQ3 2026

~ Q4 is not filed as a standalone quarter — it is the annual 10-K figure minus the three filed quarters.

Figures are from the company’s audited SEC filings; each carries its filing source and period. Not investment advice.

Machine-readable table — same figures, per-metric source

Metric	Value	Source
Quarterly revenue (Q3 2026)	$850M	SEC 10-Q
Net income (Q3 2026)	$-14M	SEC 10-Q
Gross margin (Q3 2026)	77.3%	SEC 10-Q
Diluted EPS (Q3 2026)	$-0.09	SEC 10-Q

How Does ZS Compare to Cybersecurity Peers?

Zscaler occupies a distinct architectural position within the enterprise cybersecurity market, competing most directly with Palo Alto Networks (PANW) and, to a lesser extent, CrowdStrike (CRWD). Understanding how these three companies differ, and where they overlap, clarifies the commercial dynamics that influence Zscaler's growth trajectory and valuation.

Architectural Differentiation from Palo Alto Networks

Zscaler was built from the ground up as a cloud-native proxy service. Traffic from enterprise users passes through Zscaler's globally distributed cloud nodes, where security policy is enforced before the connection reaches its destination.

Palo Alto Networks, by contrast, originated as a hardware firewall vendor and subsequently extended its capabilities into cloud delivery through its Prisma Access platform. Proponents of Zscaler's approach argue that a purpose-built cloud architecture delivers lower latency and simpler deployment at scale compared to a platform that evolved from appliance-based origins.

The competitive tension between the two companies has intensified as Palo Alto pursued an aggressive platformization strategy. That strategy involves offering pricing incentives to encourage existing customers to consolidate multiple security functions onto the Palo Alto portfolio, rather than sourcing specialized tools from vendors like Zscaler.

This has created pricing pressure in Zscaler's core enterprise segment, as procurement teams weigh bundled discount offers against best-of-breed alternatives.

Zscaler's reported metrics suggest it has held competitive win rates through this pressure. As of July 31, 2026, deferred revenue stood at $2.926 billion, and ARR reached $3.771 billion on 25% year-over-year growth.

The organic ARR figure, excluding the Red Canary acquisition, was approximately 20% growth, a moderation from peak growth periods but still above the rate many platform-consolidation narratives would predict for a vendor under pricing duress.

Overlap and Differentiation from CrowdStrike

CrowdStrike's primary domain is endpoint detection and response (EDR), a category where Zscaler has no meaningful presence. The competitive overlap is more limited and has emerged only as both companies expanded their platforms.

CrowdStrike has extended into identity security and network security adjacencies, while Zscaler's acquisition of Red Canary brought managed detection and response (MDR) capabilities onto its platform.

That MDR layer creates a partial overlap in the threat monitoring category, though the two companies approach the problem from different starting points, CrowdStrike from the endpoint, Zscaler from the network proxy.

Analyst Sentiment Following Q4 FY2026 Results

Following Zscaler's Q4 FY2026 earnings announcement on September 3, 2026, analyst reaction trended constructive. FBN Securities raised its price target after the results, reflecting the view that the earnings beat and forward guidance justified higher estimates.

The stock's position relative to analyst consensus levels remained a factor in the conversation, with the post-earnings price still below some sellside targets, a configuration that traders sometimes read as an unresolved gap between fundamental estimates and market pricing.

The broader earnings beat context fits the pattern tracked in the Tech & Cloud AI Earnings Beat Wave, where software companies with durable ARR growth have received renewed sellside attention.

Competitive Positioning Summary

Vendor	Primary Domain	Cloud Delivery Model	Key Competitive Tactic
Zscaler (ZS)	Network security proxy, SASE, zero-trust	Cloud-native, proxy-based	Platform expansion via ZIA, ZPA, MDR modules
Palo Alto Networks (PANW)	Firewall, SASE, SOAR, cloud security	Hybrid (appliance + cloud)	Platformization discounts to consolidate spend
CrowdStrike (CRWD)	Endpoint (EDR), identity, network adjacency	Cloud-native, agent-based	Endpoint-first expansion into adjacent categories

For traders taking CFD price exposure on ZS through CoinUnited, competitive dynamics in the enterprise security market translate into quarterly ARR and revenue figures that drive near-term price moves.

Monitoring how Zscaler's net new ARR, $246 million in Q4 FY2026, evolves relative to peers is a practical framework for assessing whether the company is gaining, holding, or ceding ground in the platformization environment.

Why Trade ZS? Investment Thesis and Risk Factors

Zscaler's position in the cybersecurity market rests on a structural argument: as enterprises distribute workloads across cloud environments, connect AI systems to sensitive data, and support remote workforces indefinitely, the traditional network perimeter ceases to function as a defensible boundary.

Zero-trust architecture, Zscaler's foundational design, addresses this directly by enforcing security policy at every connection request rather than at a fixed edge. The growth of AI-adjacent infrastructure within enterprises expands this addressable market organically, because each new AI workload represents a new set of access paths that require policy enforcement.

Structural Growth Drivers

The AI adoption cycle is a meaningful tailwind for Zscaler specifically because AI workloads tend to require broad connectivity: to training data, to inference endpoints, to third-party APIs, and to internal systems. Each of these connections is a candidate for zero-trust policy enforcement.

Enterprises that have already deployed ZIA or ZPA are, in effect, positioned to extend existing contracts into AI-adjacent use cases rather than procure a separate security tool. This dynamic supports upsell revenue without proportionally increasing customer acquisition costs.

Fiscal 2026 results reflect this momentum. Full-year revenue of approximately $3.353 billion grew 25% year over year, and ARR reached $3.771 billion on the same growth rate. Net new ARR in Q4 FY2026 was $246 million.

Adjusted EPS of $1.19 for Q4 exceeded consensus of approximately $1.09, a beat that links ZS to the broader tech and cloud AI earnings beat wave that has rewarded cybersecurity names with premium-to-sector re-rating in recent quarters.

Capital Expenditure Signal and Free Cash Flow Compression

One figure warrants careful attention. Capital expenditures expanded from $78.7 million to $218.5 million year over year, and Q4 free cash flow margin compressed to 7% from 24% in the prior year period. The charitable interpretation is that Zscaler is pre-building infrastructure capacity ahead of anticipated demand acceleration.

The risk interpretation is that elevated capex becomes a structural feature rather than a temporary investment phase, which would reduce the free cash flow yield that growth-equity investors use to justify premium multiples. Traders should monitor whether free cash flow margins normalize in subsequent quarters or remain compressed as the company scales new data center commitments.

Key Risk Factors

Four risks are material to near-term price behavior.

Platform consolidation pressure. Large network security vendors offer competing SASE bundles that package routing, firewall, and zero-trust access into unified contracts. Enterprises under budget pressure may consolidate vendors rather than maintain a dedicated Zscaler subscription alongside incumbent security infrastructure.

This dynamic can slow net new ARR growth even if the underlying security category expands.

Enterprise IT budget scrutiny. Deal velocity in enterprise software is sensitive to capital expenditure budgets. Procurement cycles for multi-year security contracts can extend when IT leaders face internal cost reviews, pushing recognized revenue into later quarters and creating near-term ARR variability.

GAAP loss structure. Zscaler's GAAP net loss means the stock is valued primarily on non-GAAP earnings and ARR growth. This structure increases sensitivity to shifts in investor risk appetite: when broader equity markets rotate away from growth equities, loss-reporting companies tend to see multiple compression ahead of profitable peers, regardless of underlying business performance.

Rate environment. As of September 2026, the US 10-year Treasury yield stands at 4.95%. Elevated risk-free rates compress the present value of future earnings streams, a mathematical headwind that falls disproportionately on high-multiple growth equities. A sustained yield environment above 4.5% limits the valuation expansion that has historically accompanied earnings beats in this category.

Positioning Context

For traders, ZS operates at the intersection of two identifiable themes: the AI monetization revenue race, enterprises paying a security premium to protect AI infrastructure, and the recurring earnings beat pattern in cloud security. Both themes have produced event-driven price moves around earnings releases.

The Q4 FY2026 EPS beat and net new ARR figure are the most recent data points for gauging the sustainability of that pattern. The capex acceleration and free cash flow margin compression are the counterweights that define the risk-reward structure heading into FY2027.

Valuation & peers

Multiples vs peers + third-party analyst targets

Peer Valuation Comparison

How this stock trades versus comparable listed companies on trailing valuation multiples.

Company	Market cap	P/E	P/S
Zscaler, Inc. · ZS	$26.6B	—	7.9x
Western Digital Corporation · WDC	$154.1B	16.5x	11.9x
Fortinet, Inc. · FTNT	$114.5B	54.6x	15.2x
Datadog, Inc. · DDOG	$78.7B	444.9x	19.9x
Monolithic Power Systems, Inc. · MPWR	$60.6B	75.3x	18.5x
NXP Semiconductors N.V. · NXPI	$59.7B	20.1x	4.5x

Third-party ratios (FMP), trailing twelve months. Multiples vary by data window; a negative or absent P/E means the company is loss-making. Not investment advice.

Analyst Price Targets

Buy

Wall Street sell-side analysts’ consensus 12-month price target and rating for this stock.

Consensus target

$197.22+19.8%

Target range

$150.00 – $230.00

Price-target coverage

13 analysts

Analyst ratings (53)

Buy 42Hold 10Sell 1

Targets by firm

Latest target from each of the 15 firms whose call was reported in the past 180 days. Each row links to the report.

Firm	Target	vs current
Roth Capital2026-09-05 · TheFly	$170.00	+3.3%
Stephens2026-09-04 · StreetInsider	$215.00	+30.6%
Needham2026-09-04 · StreetInsider	$215.00	+30.6%
Scotiabank2026-09-04 · StreetInsider	$200.00	+21.5%
Piper Sandler2026-09-04 · TheFly	$175.00	+6.3%
Morgan Stanley2026-09-04 · StreetInsider	$165.00	+0.2%
Barclays2026-09-04 · TheFly	$200.00	+21.5%
Wells Fargo2026-09-04 · StreetInsider	$215.00	+30.6%
Jefferies2026-09-02 · StreetInsider	$220.00	+33.6%
KeyBanc2026-08-21 · TheFly	$210.00	+27.6%
Wolfe Research2026-06-11 · StreetInsider	$150.00	-8.9%
Guggenheim2026-06-01 · TheFly	$214.00	+30.0%
Berenberg Bank2026-05-28 · TheFly	$200.00	+21.5%
US Tiger Securities2026-05-27 · StreetInsider	$230.00	+39.7%
FBN Securities2026-05-27 · StreetInsider	$175.00	+6.3%

Source: aggregated sell-side analyst consensus · as of 2026-09-13. These are third-party analyst opinions — not CoinUnited’s view, not a price prediction, and not investment advice.

Scenario calculator

Pick a third-party reference level and see what it implies at leverage. Reference levels only - not a CoinUnited forecast.

Scenario price

$164.63

+0.0% vs current

Your margin (USD)Leverage

Position size $100,000.00

P&L at this scenario (long)

+$0.00

Loss if liquidated -$1,000.00 (the full margin)

Liquidation price (long): $162.98 — a move of -1.0%

Trade ZS

Simplified: excludes fees, funding and slippage. Reference levels are third-party marks (CoinUnited daily kline; aggregated sell-side analyst targets), not forecasts. Leverage magnifies losses as much as gains - at high leverage a small adverse move liquidates the position. Not investment advice.

Catalysts & news

Dated third-party developments · newest first

Catalyst Timeline

Dated third-party developments that move the stock — newest first, each classified bullish or bearish and linked to its source.

2026-11-23
Next quarterly earnings◆ Scheduled
Next scheduled quarterly earnings report (2026-11-23). Revenue, margins and guidance are the near-term driver; the outcome is not known in advance.
Finnhub
2026-09-03
Zscaler beats Q4 FY26, raises FY27 guidance▲ Bullish
Zscaler CEO Jay Chaudhry told Jon Fortt the company beat across the board in fiscal Q4 2026 — revenue, non-GAAP EPS and operating margin — and raised its full-year FY27 outlook.
CNBC
2026-09-03
Zscaler beats estimates but stock falls▼ Bearish
# Zscaler beats earnings expectations, issues upbeat guidance but stock falls ... Key Points - Zscaler beat Wall Street’s fiscal fourth-quarter estimates.
CNBC
2026-09-03
Zscaler posts 25% Q4 revenue growth▼ Bearish
Zscaler ZS -4.63%decrease; posted a narrower loss after revenue rose 25% in its fiscal fourth-quarter, as artificial intelligence helps drive demand for its cybersecurity offerings.
The Wall Street Journal
2026-05-27
Zscaler projects FY2026 ARR up 24% YoY▲ Bullish
Zscaler projected ARR of $3.74 billion to $3.75 billion in FY2026, or year-over-year growth of approximately 24%. ...
CNBC
2026-05-27
Zscaler CEO calls stock decline buying opportunity▼ Bearish
Zscaler CEO Jay Chaudhry told Jon Fortt the stock’s ~30% post-earnings plunge is a buying opportunity, defending a Q3 that beat: revenue and ARR each up 25%, a record 23% operating margin, ARR near $3.5B.
CNBC
2026-05-26
Zscaler Q4 revenue guidance below consensus▼ Bearish
- The cloud-based security solution provider expects fourth-quarter revenue between $875 million and $878 million, below analysts' average estimate of $878.6 million, ⁠according to data compiled by LSEG.
Reuters
2025-11-25
Zscaler raises FY2026 EPS guidance▲ Bullish
It now expects fiscal 2026 adjusted earnings per share of $3.78 to $3.82, compared with prior forecast of $3.64 to $3.68.
Reuters
2025-09-02
Zscaler revenue outlook exceeds Wall Street▲ Bullish
On September2 () -scalerZS.O) has projected its annual revenue to surpass Wall Street predictions on Tuesday, fueled by strong demand for its cybersecurity solutions as companies enhance their infrastructures to support AI technologies.
Reuters

Machine-readable table — same developments, with source

Recent third-party developments classified bullish / bearish for the stock; verbatim, sourced.

Date	Development	Direction	Source
2026-11-23	Next scheduled quarterly earnings report (2026-11-23). Revenue, margins and guidance are the near-term driver; the outcome is not known in advance.	◆ Scheduled	Finnhub
2026-09-03	Zscaler CEO Jay Chaudhry told Jon Fortt the company beat across the board in fiscal Q4 2026 — revenue, non-GAAP EPS and operating margin — and raised its full-year FY27 outlook.	▲ Bullish	CNBC
2026-09-03	# Zscaler beats earnings expectations, issues upbeat guidance but stock falls ... Key Points - Zscaler beat Wall Street’s fiscal fourth-quarter estimates.	▼ Bearish	CNBC
2026-09-03	Zscaler ZS -4.63%decrease; posted a narrower loss after revenue rose 25% in its fiscal fourth-quarter, as artificial intelligence helps drive demand for its cybersecurity offerings.	▼ Bearish	The Wall Street Journal
2026-05-27	Zscaler projected ARR of $3.74 billion to $3.75 billion in FY2026, or year-over-year growth of approximately 24%. ...	▲ Bullish	CNBC
2026-05-27	Zscaler CEO Jay Chaudhry told Jon Fortt the stock’s ~30% post-earnings plunge is a buying opportunity, defending a Q3 that beat: revenue and ARR each up 25%, a record 23% operating margin, ARR near $3.5B.	▼ Bearish	CNBC
2026-05-26	- The cloud-based security solution provider expects fourth-quarter revenue between $875 million and $878 million, below analysts' average estimate of $878.6 million, ⁠according to data compiled by LSEG.	▼ Bearish	Reuters
2025-11-25	It now expects fiscal 2026 adjusted earnings per share of $3.78 to $3.82, compared with prior forecast of $3.64 to $3.68.	▲ Bullish	Reuters
2025-09-02	On September2 () -scalerZS.O) has projected its annual revenue to surpass Wall Street predictions on Tuesday, fueled by strong demand for its cybersecurity solutions as companies enhance their infrastructures to support AI technologies.	▲ Bullish	Reuters

Ana Çıkarımlar

Son güncelleme:: 2026-05-27

•ZS, yalnızca %21 (Red Canary hariç) organik ARR büyümesi ve yürütme riski sinyali veren bir satış yeniden yapılanması nedeniyle %31,31 düşüşle 126,84$'a geriledi — bu, şimdiye kadarki en kötü tek günü.
•20x veya daha yüksek kaldıraçlı uzun CFD yatırımcıları, gün içi bazda tam tasfiyeyle karşılaştı; 139,53$ civarında açılan 50x uzun pozisyonlar saatler içinde marjlarının yaklaşık %455'ini kaybetti.
•Morgan Stanley Eşit Ağırlık'a (Fiyat Hedefi 155$) düşürdü ve Oppenheimer 250$'a indirdi — daha fazla satış tarafı revizyonu canlı bir aşağı yönlü risk olmaya devam ediyor.
•Siber güvenlik emsalleri (Fortinet, Palo Alto, Cloudflare), piyasa ZS satış yeniden yapılanmasını kurumsal BT bütçe döngülerine bir sinyal olarak okursa sempati satışı baskısıyla karşı karşıya kalacak.
•Kazanç kaçırma toparlanma kurulumları 3-10 seans içinde ortaya çıkabilir, ancak güncellenmiş %9,5'lik yıllık net yeni ARR hedefinin (satın almalar hariç) organik ARR yeniden hızlanma kanıtı gerektirir.

Son Pulslar

2026-05-27Hisse SenetleriDüşüş

Zscaler %31 Düştü: 'Temkinli' Rehberlik ve Satış Yeniden Yapılanmasıyla Kaldıraç Tuzakları ve Sektör Bulaşıcılığı

Zscaler, Inc. (ZS), güçlü manşet rakamlarını hayal kırıklığı yaratan organik büyüme ve bir satış organizasyonu yeniden yapılanmasıyla eşleştiren mali 2Ç sonuçlarını bildirdikten sonra, rekor seviyedek

2026-05-27Hisse SenetleriDüşüş

Zscaler Piyasa Beklentilerini Aşarak %31 Düştü — Kaldıraç Tuzakları ve Siber Güvenlik Sektörü Bulaşması

Zscaler (NASDAQ: ZS), mali 3. çeyrekte beklentileri aştı — düzeltilmiş EPS 1,08 dolar (beklenti 1,00 dolar) ve gelir 850,5 milyon dolar (konsensüs 835,6 milyon dolar, yıllık bazda %25,4 artış) — ancak

2026-05-26Hisse SenetleriYükseliş

Zscaler Q3 Mali Yıl 2026 Kazançları Beklentileri Aştı: Kaldıraç Senaryoları ve Siber Güvenlik Sektörü Okuması

Zscaler (NASDAQ: ZS), canlı bir konferans görüşmesinde Q3 Mali Yıl 2026 kazançlarını bildirdi ve MarketBeat, bir "beat-and-raise" (beklentileri aşma ve rehberi yükseltme) kurulumuyla tutarlı pozitif f

2026-05-26Hisse SenetleriDüşüş

Zscaler, FCF Rehberliği Kesintisiyle Düşüşte - Kaldıraç Tuzakları ve Sektör Rotasyonu Bekleniyor

Zscaler (ZS), 3. çeyrek mali yıl 2026 sonuçlarında gelir ve kazançlarda beklentileri aşmasına rağmen, yönetimin ileriye dönük serbest nakit akışı (FCF) rehberliğinin piyasayı hayal kırıklığına uğratma

Tüm ZS pulslarını görüntüle

Ownership

Top institutional holders (SEC Form 13F)

Top Institutional Holders

SEC 13F

The largest institutional shareholders, from SEC Form 13F filings — who holds the stock and how much.

Institution	Shares	Value	% of shares
BlackRock, Inc.	8.6M	$1.2B	5.25%
Vanguard Portfolio Management LLC	5.9M	$832.0M	3.64%
Vanguard Capital Management LLC	4.7M	$653.9M	2.86%
First Trust Advisors LP	3.5M	$493.6M	2.16%
Goldman Sachs Group Inc.	2.9M	$410.3M	1.79%
State Street Corp.	2.4M	$334.5M	1.46%
American Century Companies Inc.	2.4M	$334.5M	1.46%
FMR LLC	2.2M	$307.3M	1.34%
Geode Capital Management, LLC	2.1M	$292.0M	1.28%
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	2.0M	$275.7M	1.21%

Source: SEC Form 13F filings · 742 institutional holders · as of 31-MAR-2026. 13F data is quarterly and lagged (filed ~45 days after quarter-end) and covers US institutional managers (>$100M AUM) only — not insiders, retail, or foreign holders. Not investment advice.

Understand the risks

Read before trading

Trading Risks

An honest, up-front list of the risks — both out of respect for the trader and as a YMYL compliance requirement.

Leverage / Liquidation

High leverage means a small adverse move can trigger forced liquidation and loss of your full margin.

High-valuation volatility

A high P/E stock is very sensitive to interest-rate and narrative shifts; swings can be large.

Session gaps

After-hours and weekend gaps; extended-hours liquidity is thinner than the regular session.

Basis risk

The CFD reference price can diverge from the exchange execution price.

Earnings volatility

Price swings widen around earnings dates and other scheduled disclosures.

Regulatory / event

Recalls, policy changes, or company-specific events can cause sharp moves.

Reference

FAQ & glossary

Sıkça Sorulan Sorular

Zscaler operates as a cloud-native cybersecurity company that sells subscription-based access to its Zero Trust Exchange platform. Revenue comes almost entirely from recurring subscription fees, where enterprise customers pay annually or multi-year for licenses tied to the number of users, workloads, or data volumes they route through Zscaler's cloud. This structure means a large share of revenue is contracted and visible well in advance, which distinguishes it from hardware or perpetual-license vendors. The company reports annual recurring revenue as a primary performance indicator, reflecting the forward value of active subscriptions at any given moment. In fiscal 2026, total revenue reached approximately $3.353 billion, up 25% year over year, with ARR reaching $3.771 billion over the same period. A small portion of revenue derives from professional services, but the subscription base is the engine of the business and the primary driver of investor attention.

Sözlük

Borsada işlem gören hisse senetleri ve CFD'lerin temel terimleri, her biri tek satırda: sayfanın hem okuyucular hem de yapay zekâ yanıt motorları için belirsizlikten uzak olması için.

Hisse senedi CFD'si	Bir hisse fiyatı üzerine fark sözleşmesi: yalnızca fiyat maruziyeti sağlar, dayanak hisselerin mülkiyetini vermez.
Uzatılmış işlem saatleri	Borsanın normal seansı dışında gerçekleşen açılış öncesi ve kapanış sonrası işlemler.
Baz riski	CFD referans fiyatı ile borsadaki gerçekleşme fiyatının aynı yönde hareket etmeme riski.
F/K	Fiyat/kazanç oranı = hisse fiyatı / hisse başına kazanç; yaygın bir değerleme ölçütü.
Brüt kâr marjı	Brüt kâr / gelir; ürün düzeyindeki kârlılığı yansıtır.
Hisse başına kazanç	Hisse başına kazanç = net kâr / seyreltilmiş dolaşımdaki hisse sayısı.

sembol

Pazarlar

Hisse Senetleri

Sektör

Tech

CU Ürün Kodu

Etiketler

Defense Aerospace Ma Contract SurgeCoinbase Binance Global Market ExpansionRegulatory Final Ruling Market CatalystHumanoid Robotics AI Chip ConvergenceMega Private Credit AI Partnership WaveApollo Blackstone AI Private Credit SurgeETF Filing AI Crypto Product WaveBitcoin Miner AI GPU PivotQ2 Earnings Beat Blue Chip SurgeEarnings Miss Fuel Cost Margin Shock

Source Map

Every figure on this page traces to a primary or named third-party source. "As of" dates the source; "last checked" dates our most recent read of it.

Every figure here is also published as machine-readable data, and re-checked on a schedule so a stale one shows up as stale. View the raw data

Field	Value	Source	As of	Last checked
Reference price	live	CoinUnited stock CFD reference (live)	—	—	—
Market cap	$27B	CoinUnited reference x SEC shares	2026-09-13	2026-09-13	—
52-week range	$114.62 – $336.90	CoinUnited daily kline	—	2026-09-13	—
Next earnings	2026-11-23	Finnhub	—	2026-09-13	—
Quarterly revenue	$850M	SEC 10-Q	Q3 2026	2026-09-13	View
Net income	$-14M	SEC 10-Q	Q3 2026	2026-09-13	View
Gross margin	77.3%	SEC 10-Q	Q3 2026	2026-09-13	View
Diluted EPS	$-0.09	SEC 10-Q	Q3 2026	2026-09-13	View
Institutional ownership	10 top holders	SEC Form 13F	31-MAR-2026	2026-09-13	View
Analyst price targets	$197.22 consensus	Aggregated sell-side analyst consensus	2026-09-13	2026-09-13	—
Peer valuations	6 peers	Third-party ratios (FMP), trailing twelve months	2026-09-13	2026-09-13	—
Founded	2008	Wikidata	—	2026-09-13	—
Headquarters	San Jose	Wikidata	—	2026-09-13	—
Industry	internet security, computer security	Wikidata	—	2026-09-13	—
CoinUnited product	Stock CFD — price exposure, not equity (no voting; dividends reflected as adjustment); leverage available	CoinUnited product terms	—	2026-09-13	—

Yazar Hakkında

CoinUnited.io Research Team

This Zscaler, Inc. page is compiled by CoinUnited.io's research team: analysts covering listed equities and global markets, working from primary filings and named third-party data rather than opinion.

Araştırma Metodolojimiz

Every figure is traced to a primary or named third-party source and dated: financial statements from the company’s SEC filings, institutional ownership from Form 13F, analyst targets from aggregated third-party coverage, and market data from the CoinUnited reference price. The Source Map on this page lists each one with its source and the date we last checked it.

Disclaimer: content is for informational and educational purposes only and is not personalized financial advice. A stock CFD carries significant risk and provides price exposure only, not equity ownership. Always conduct your own research and consult a qualified financial advisor.

Feragatnameler & Referanslar

Önemli Risk Uyarısı

A CoinUnited stock CFD gives price exposure to Zscaler, Inc. only, not equity ownership: no shareholder voting rights, no dividends, and no settlement in the underlying share.

Leverage magnifies losses as well as gains, and a position can be liquidated long before the underlying share price recovers. The underlying listing trades on exchange hours, so the reference price can gap between sessions.

Kullanıcıların, herhangi bir yatırım kararı almadan önce kendi araştırmalarını yapmaları ve nitelikli finans profesyonellerine danışmaları önerilir. Bu platformun oluşturucuları ve işletmecileri, sağlanan bilgilere dayanarak oluşabilecek herhangi bir finansal kayıp veya diğer zararlar için hiçbir sorumluluk kabul etmezler.

Leveraged trading is extremely risky and you may lose your entire deposit.

Metodoloji Genel Bakış

Figures on this page are compiled from primary and named third-party sources, not produced by a forecasting model. Each one carries its source and date in the Source Map above.

Financial statements: the company’s own SEC filings (10-K / 10-Q), read from XBRL
Market data: the CoinUnited reference price and daily closes
Institutional ownership: SEC Form 13F quarterly filings
Analyst targets: aggregated third-party sell-side coverage — third-party opinion, not CoinUnited’s view
Peer multiples: third-party trailing-twelve-month ratios

CoinUnited does not publish a price forecast or target for Zscaler, Inc..

Son metodoloji gözden geçirmesi:

Zscaler, Inc. Ticaretine Başlamaya Hazır Mısınız?

Binlerce tüccara katılın ve Zscaler, Inc. ticaret yolculuğunuza bugün başlayın. Gelişmiş ticaret araçlarına ve rekabetçi ücretlere erişim elde edin.

ZS/USDT Ticaret Şimdi Kaydolun

ZS

Zscaler, Inc.

$164.63

▲+0.60%24h

24h Low24h High

$160.91$165.93

Bid

$164.51

Ask

$164.74

Trade Now

Up to 1000x leverage•Tiered fees

Live from CoinUnited.io

$164.63+0.60%

Şimdi İşlem Yap

Diğer Kripto Paralara Git

Hızlı Bağlantılar

Pozisyon Hesaplayıcı

Zscaler, Inc.

How to trade it

Ticaret Rejimi Durumu

How the ZS CFD works

Trading conditions on CoinUnited

Trading ZS on CoinUnited.io — Mechanics, Scenarios, and Risk

How a ZS CFD Works on CoinUnited.io

Leverage Specification and a Worked Example

Earnings Season: the Primary Volatility Event

Weekend Gap Risk

Trading Costs and Their Compounding Effect

ZS ile İşlem Yapmaya Hazır Mısınız?

Key facts & how to trade

Access & Tradability Comparison

Temel bilgiler

Fiyat & Piyasa Yapısı

Company & financials

What Is Zscaler, Inc. (ZS)?

Business Model and Revenue Structure

Fiscal 2026 Financial Snapshot

Market Classification

Anahtar Gözlemler

Key Financials

Quarterly revenue

How Does ZS Compare to Cybersecurity Peers?

Architectural Differentiation from Palo Alto Networks

Overlap and Differentiation from CrowdStrike

Analyst Sentiment Following Q4 FY2026 Results

Competitive Positioning Summary

Why Trade ZS? Investment Thesis and Risk Factors

Structural Growth Drivers

Capital Expenditure Signal and Free Cash Flow Compression

Key Risk Factors

Positioning Context

Valuation & peers

Peer Valuation Comparison

Analyst Price Targets

Targets by firm

Scenario calculator

Catalysts & news

Catalyst Timeline

Ana Çıkarımlar

Son Pulslar

Zscaler %31 Düştü: 'Temkinli' Rehberlik ve Satış Yeniden Yapılanmasıyla Kaldıraç Tuzakları ve Sektör Bulaşıcılığı

Zscaler Piyasa Beklentilerini Aşarak %31 Düştü — Kaldıraç Tuzakları ve Siber Güvenlik Sektörü Bulaşması

Zscaler Q3 Mali Yıl 2026 Kazançları Beklentileri Aştı: Kaldıraç Senaryoları ve Siber Güvenlik Sektörü Okuması

Zscaler, FCF Rehberliği Kesintisiyle Düşüşte - Kaldıraç Tuzakları ve Sektör Rotasyonu Bekleniyor

Ownership

Top Institutional Holders

Understand the risks

Trading Risks

Reference

Sıkça Sorulan Sorular

1. What is Zscaler's business model and how does it generate revenue?

2. What is zero-trust architecture and why does Zscaler's platform depend on it?

3. What was Zscaler's revenue growth rate in fiscal 2026?

4. What is Zscaler's annual recurring revenue (ARR) and why does it matter for valuation?

5. How did the Red Canary acquisition change Zscaler's product portfolio?

6. What is the difference between Zscaler's GAAP net loss and its non-GAAP net income?

7. How does Zscaler compete against Palo Alto Networks in the SASE market?

8. What caused Zscaler's free cash flow margin to compress sharply in Q4 FY2026?

9. What is deferred revenue for Zscaler and what does it signal about future performance?

10. How does rising US Treasury yields affect Zscaler's stock valuation?

11. What are the biggest risk factors for ZS stock in 2026?

12. How does Zscaler benefit from enterprise AI adoption and AI workload security demand?

13. What is the difference between Zscaler Internet Access (ZIA) and Zscaler Private Access (ZPA)?

14. How does Zscaler's capital expenditure increase affect its long-term free cash flow outlook?

15. What happens to a ZS CFD position over the weekend when the market is closed?

16. How do earnings announcements affect ZS stock volatility and CFD position risk?

17. What is platformization and how does it create competitive pressure on Zscaler?

18. How does trading ZS as a CFD differ from buying Zscaler shares directly?

19. What leverage is available on the ZS CFD on CoinUnited and what are the associated risks?

20. How do I manage position size when trading ZS CFDs around earnings season?

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