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 23,014 - -
Change - -31.93% 6.37% 15.86% 64.01% -48.24% - -
Enterprise Value (EV) 1 31,728 21,235 22,432 25,841 40,888 20,778 19,841 18,814
Change - -33.07% 5.64% 15.2% 58.23% -49.18% -4.51% -5.18%
P/E -122x -56x -115x -460x -1,058x -332x -503x 1,296x
PBR 54.9x 38.1x 32.6x 21.5x 24.5x 9.03x 6.91x 5.41x
PEG - -1.3x 2.3x 6.4x 34.4x -5.7x 14.8x -9x
Capitalization / Revenue 48x 20.2x 14.5x 12.5x 16.6x 6.91x 5.9x 5.05x
EV / Revenue 47.1x 19.5x 13.9x 11.9x 15.3x 6.24x 5.09x 4.13x
EV / EBITDA 295x 140x 75.6x 50.8x 59.7x 23.3x 18.5x 14.6x
EV / EBIT 407x 190x 93.1x 58.4x 70.5x 27.5x 22x 17.1x
EV / FCF 221x 84.1x 67.2x 44.2x 56.3x 26.6x 20.7x 15.5x
FCF Yield 0.45% 1.19% 1.49% 2.26% 1.78% 3.76% 4.83% 6.47%
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 -73.79 -62.53 30.65
Net Debt 1 -589 -762.7 -966.1 -1,267 -3,572 -2,236 -3,173 -4,200
Reference price 2 235.91 155.06 160.38 179.35 285.56 142.32 142.32 142.32
Nbr of stocks (in thousands) 136,987 141,863 145,891 151,149 155,696 161,710 - -
Announcement Date 9/9/21 A 9/8/22 A 9/5/23 A 9/3/24 A 9/2/25 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
-332.44x6.24x23.29x-.--% 23.01B
136.1x0.67x9.21x-.--% 6.56B
15.34x - - - 4.72B
80.91x1.37x9.86x-.--% 3.32B
23.15x2.3x11.13x1.43% 1.65B
20.08x - - - 403M
-12.08x - - - 365M
Average -9.85x 2.64x 13.37x 0.36% 5.72B
Weighted average by Cap. -159.23x 4.52x 18.74x 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.