Company Valuation: Zscaler, Inc.

Data adjusted to current consolidation scope
Fiscal Period: July 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 32,317 21,997 23,398 27,109 44,460 22,521 - -
Change - -31.93% 6.37% 15.86% 64.01% -49.35% - -
Enterprise Value (EV) 1 31,728 21,235 22,432 25,841 40,888 20,285 19,348 18,321
Change - -33.07% 5.64% 15.2% 58.23% -50.39% -4.62% -5.31%
P/E -122x -56x -115x -460x -1,058x -325x -492x 1,268x
PBR 54.9x 38.1x 32.6x 21.5x 24.5x 8.84x 6.76x 5.29x
PEG - -1.3x 2.3x 6.4x 34.4x -5.5x 14.5x -9x
Capitalization / Revenue 48x 20.2x 14.5x 12.5x 16.6x 6.76x 5.78x 4.94x
EV / Revenue 47.1x 19.5x 13.9x 11.9x 15.3x 6.09x 4.96x 4.02x
EV / EBITDA 295x 140x 75.6x 50.8x 59.7x 22.7x 18.1x 14.2x
EV / EBIT 407x 190x 93.1x 58.4x 70.5x 26.8x 21.4x 16.7x
EV / FCF 221x 84.1x 67.2x 44.2x 56.3x 26x 20.2x 15.1x
FCF Yield 0.45% 1.19% 1.49% 2.26% 1.78% 3.85% 4.95% 6.64%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -1.93 -2.77 -1.4 -0.39 -0.27 -0.4281 -0.2829 0.1098
Distribution rate - - - - - - - -
Net sales 1 673.1 1,091 1,617 2,168 2,673 3,332 3,899 4,556
EBITDA 1 107.6 152.1 296.6 508.6 684.5 892.1 1,071 1,291
EBIT 1 77.96 111.6 240.8 442.2 580.1 756.1 902.7 1,100
Net income 1 -262 -390.3 -202.3 -57.71 -41.48 -73.82 -62.51 30.66
Net Debt 1 -589 -762.7 -966.1 -1,267 -3,572 -2,236 -3,173 -4,200
Reference price 2 235.91 155.06 160.38 179.35 285.56 139.27 139.27 139.27
Nbr of stocks (in thousands) 136,987 141,863 145,891 151,149 155,696 161,710 - -
Announcement Date 9/9/21 9/8/22 9/5/23 9/3/24 9/2/25 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-325.31x6.09x22.74x-.--% 22.52B
154.44x0.86x10.9x-.--% 7.42B
15.32x - - - 4.71B
60.92x1.59x11.4x-.--% 3.62B
22.3x2.2x10.69x1.49% 1.6B
22.36x - - - 448M
Average -8.33x 2.69x 13.93x 0.37% 6.72B
Weighted average by Cap. -144.89x 4.34x 18.53x 0.07%

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.