ZS Zscaler, Inc. - Common Stock
NASDAQ · Technology · View on SEC EDGAR ↗ 10-K/10-Q Sep 3, 2026
$260.96
· of 52w range
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· to high
$114.6352w low
$336.9952w high
Market Cap (MRQ)
$42.55B
P/E (TTM)
-669.1
EPS (TTM)
$-0.39
Revenue (TTM)
$3.35B
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52W Range
$115–$337
Analyst Rating
BUY
Price Target
$235
P/E
-669.1
ROE
-2.9%
Net Profit Margin
-1.9%
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ZS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$260.95
Market Cap (MRQ)
$42.55B
P/E (TTM)
-669.1
EPS (TTM)
$-0.39
Revenue (TTM)
$3.35B
ROE (TTM)
-2.9%
52W Range
$115–$337
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About Zscaler, Inc. - Common Stock Company overview from Wikipedia
Zscaler, Inc. () is an American cloud security company based in San Jose, California. The company offers cloud-based services to protect enterprise networks and data.
History
Zscaler was founded in 2007 by Jay Chaudhry and K. Kailash. The company launched its cybersecurity platform in 2008. In August 2012, Zscaler secured $38 million in funding from investors. The company's second funding round, led by TPG Capital, raised $100 million in August 2015. In March 2018, the company had an initial public offering (IPO) in which it raised $192 million. The company is traded on the Nasdaq using the symbol ZS. Zscaler stock was added to the Nasdaq-100 index on December 17, 2021.
Zero Trust Exchange
Zscaler's Zero Trust Exchange platform features cyberthreat protection, data protection, zero trust connectivity, and business analytics. It was first announced at Zenith Live in June 2023.
In January 2024, the company announced Zscaler Zero Trust SASE (secure access service edge), enabling it to offer its first single-vendor SASE. It is built on the company's AI-powered SSE platform to securely connect users, locations, and cloud services through its Zero Trust Exchange. It also offers a cloud-based cybersecurity platform, Zscaler Internet Access.
Acquisitions
Zscaler acquired the AI and machine-learning technology of TrustPath in August 2018; the browser security company Appsulate for $13 million in May 2019; cloud security posture management startup Cloudneeti in April 2020; and microsegmentation firm Edgewise Networks in May 2020. The company purchased cybersecurity startup Trustdome in April 2021; Indian cybersecurity startup Smokescreen Technologies in May 2021; and cloud security firm ShiftRight for $25.6 million in September 2022.
On February 14, 2023, Zscaler announced it would acquire Israeli application security company Canonic, a company focused on protecting against attacks that target software as a service. In March 2024, the company acquired Israel-based data security startup Avalor, which uses AI to analyze data in search of identifying security vulnerabilities, for $310 million; and network segmentation startup Airgap Network, for an undisclosed amount.
On May 17, 2025, Zscaler announced it would acquire Red Canary for an undisclosed amount. Red Canary is a US based provider of Managed Detection and Response services. In February 2026, the company announced it the acquisition of browser security company SquareX for an undisclosed amount.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
sectorTechnology
industryTechnology
employees8,700
countryUS
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$3.35B2017-07-31 → 2026-07-31
EPS$-0.392019-07-31 → 2026-07-31
Free Cash Flow$852M2018-07-31 → 2026-07-31
Net margin-1.9%2018-07-31 → 2026-07-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | ZS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -669.15Y avg ≈-415.1 | ≈-415.1 | · | · | |
| P/S (TTM) | 12.75Y avg ≈14.4 | ≈14.4 | 9.0 | Undervalued | |
| P/B (MRQ) | 16.45Y avg ≈25.5 | ≈25.5 | 9.5 | Fair value | |
| Price / FCF (TTM) | 49.95Y avg ≈62.9 | ≈62.9 | · | · | |
| Price / Cash Flow (TTM) | 37.75Y avg ≈44.7 | ≈44.7 | 22.8 | Fair value | |
| Price / Tangible Book (MRQ) | 17.85Y avg ≈35.2 | ≈35.2 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | ZS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 76.8%5Y avg ≈77.4% | ≈77.4% | 76.8% | In line | |
| Operating Margin (TTM) | -4.0%5Y avg ≈-11.8% | ≈-11.8% | 5.1% | Weak | |
| EBITDA Margin | 0.46%5Y avg ≈-10.9% | ≈-10.9% | 8.8% | Weak | |
| Pretax Margin (TTM) | -0.51%5Y avg ≈-9.8% | ≈-9.8% | 4.7% | Weak | |
| Net Profit Margin (TTM) | -1.9%5Y avg ≈-10.9% | ≈-10.9% | 5.1% | Weak | |
| ROA (TTM) | -0.88%5Y avg ≈-4.9% | ≈-4.9% | 3.5% | Weak | |
| ROE (TTM) | -2.9%5Y avg ≈-22.2% | ≈-22.2% | 24.3% | Weak | |
| ROIC | -18.9%5Y avg ≈-29.6% | ≈-29.6% | 10.9% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | ZS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 1.75Y avg ≈1.7 | ≈1.7 | 1.3 | Strong liquidity | |
| Quick Ratio | 0.75Y avg ≈1.0 | ≈1.0 | 0.8 | In line |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | ZS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 25.4%5Y avg ≈38.6% | ≈38.6% | · | · | |
| Revenue CAGR 3Y | 27.5%5Y avg ≈41.3% | ≈41.3% | · | · | |
| Revenue CAGR 5Y | 37.9% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | ZS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.55Y avg ≈0.5 | ≈0.5 | 0.5 | In line | |
| Receivables Turnover | 3.15Y avg ≈3.2 | ≈3.2 | 4.7 | Weak | |
| Revenue / Employee | ≈$385.3K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
7.3%
Next Report
Nov 23, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| Dec. 31, 2026 | Sep 3, 2026 | $1.19 | $1.12 | 6.5% |
| Sept. 30, 2026 | May 26, 2026 | $1.19 | $1.12 | 6.5% |
| June 30, 2026 | $1.08 | $1.04 | 4.0% | |
| March 31, 2026 | $1.01 | $0.92 | 9.3% | |
| Dec. 31, 2025 | $0.96 | $0.89 | 8.4% | |
| Sept. 30, 2025 | $0.89 | $0.82 | 8.2% | |
| June 30, 2025 | $0.84 | $0.78 | 8.4% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.35B | $2.67B | $2.17B | $1.62B | $1.09B | $673M | $431M | $303M | $190M | $126M | |
| Cost of Revenue | $778M | $618M | $477M | $363M | $242M | $150M | $96M | $14M | $9M | $7M | |
| Gross Profit | $2.57B | $2.05B | $1.69B | $1.25B | $849M | $523M | $336M | $243M | $152M | $98M | |
| R&D Expense | $903M | $672M | $500M | $351M | $289M | $175M | $98M | $62M | $39M | $34M | |
| SG&A Expense | $309M | $252M | $212M | $179M | $152M | $97M | $74M | $47M | $31M | $21M | |
| Operating Expenses | $2.71B | $2.18B | $1.81B | $1.49B | $1.18B | $731M | $449M | $278M | $187M | $133M | |
| Operating Income | $-133M | $-128M | $-121M | $-235M | $-327M | $-208M | $-114M | $-35M | $-35M | $-35M | |
| Interest Expense | · | · | · | $7M | $57M | $53M | $5M | $0 | $0 | · | |
| Interest Income | $136M | $125M | $109M | $60M | $5M | $3M | $6M | $8M | $2M | · | |
| Other Non-op | $-8M | $-6M | $-4M | $-2M | $-4M | $1M | $-224.0K | $-329.0K | $79.0K | $-107.0K | |
| Pretax Income | $-17M | $-18M | $-29M | $-183M | $-384M | $-257M | $-113M | $-28M | $-32M | $-35M | |
| Income Tax | $46M | $23M | $28M | $20M | $7M | $5M | $2M | $743.0K | $1M | $877.0K | |
| Net Income | $-63M | $-41M | $-58M | $-202M | $-390M | $-262M | $-115M | $-29M | $-34M | $-35M | |
| EPS (Basic) | $-0.39 | $-0.27 | $-0.39 | $-1.40 | $-2.77 | $-1.93 | $-0.89 | $-0.23 | · | · | |
| EPS (Diluted) | $-0.39 | $-0.27 | $-0.39 | $-1.40 | $-2.77 | $-1.93 | $-0.89 | $-0.23 | · | · | |
| Shares (Basic) | 160,219,000 | 154,404,000 | 149,586,000 | 144,942,000 | 140,895,000 | 135,654,000 | 129,323,000 | 123,566,000 | · | · | |
| Shares (Diluted) | 160,219,000 | 154,404,000 | 149,586,000 | 144,942,000 | 140,895,000 | 135,654,000 | 129,323,000 | 123,566,000 | · | · | |
| EBITDA | $15M | $-128M | $-121M | $-235M | $-327M | $-208M | $-114M | $-35M | $-35M | · |
Balance Sheet
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $928M | $2.39B | $1.42B | $1.26B | $1.01B | $276M | $142M | $78M | $136M | $88M | |
| Receivables | $1.15B | $992M | $737M | $583M | $400M | $257M | $148M | $93M | $62M | $39M | |
| Prepaid Expense | $192M | $149M | $102M | $92M | $39M | $31M | $31M | $17M | $11M | $5M | |
| Current Assets | $5.03B | $4.89B | $3.40B | $2.89B | $2.26B | $1.85B | $1.58B | $496M | $387M | $143M | |
| PP&E (Net) | $753M | $543M | $383M | $242M | $161M | $109M | $76M | $41M | $20M | $13M | |
| PP&E (Gross) | $1.30B | $915M | $633M | $419M | $280M | $186M | $126M | $75M | $44M | $30M | |
| Accum. Depreciation | $542M | $372M | $250M | $176M | $119M | $77M | $51M | $34M | $24M | $17M | |
| Goodwill | $1.22B | $418M | $417M | $89M | $79M | $59M | $30M | $7M | $0 | · | |
| Intangibles | $214M | $47M | $64M | $26M | $32M | $32M | $24M | $9M | $0 | · | |
| Other Non-current Assets | $110M | $99M | $58M | $31M | $22M | $16M | $8M | $2M | $1M | $3M | |
| Total Assets | $7.87B | $6.42B | $4.70B | $3.61B | $2.83B | $2.26B | $1.83B | $604M | $448M | $183M | |
| Accounts Payable | $48M | $47M | $23M | $18M | $26M | $13M | $5M | $6M | $5M | $4M | |
| Current Liabilities | $2.96B | $2.43B | $3.11B | $1.54B | $1.13B | $720M | $424M | $262M | $183M | $120M | |
| Capital Leases | $95M | $43M | $45M | $42M | $51M | $31M | $28M | · | · | · | |
| Other Non-current Liabilities | $71M | $33M | $22M | $13M | $8M | $4M | $3M | $4M | $1M | $1M | |
| Total Liabilities | $5.27B | $4.62B | $3.43B | $2.88B | $2.26B | $1.73B | $1.35B | $296M | $208M | $133M | |
| Long-term Debt | · | · | $1.14B | $1.13B | $969M | $914M | $862M | · | · | · | |
| Common Stock | $163.0K | $159.0K | $152.0K | $147.0K | $143.0K | $139.0K | $133.0K | $127.0K | $119.0K | $18.0K | |
| Paid-in Capital | $3.87B | $2.98B | $2.43B | $1.82B | $1.59B | $1.13B | $824M | $533M | $438M | $19M | |
| Retained Earnings | $-1.25B | $-1.19B | $-1.15B | $-1.09B | $-992M | $-602M | $-340M | $-224M | $-196M | $-162M | |
| AOCI | $-24M | $8M | $-5M | $-2M | $-26M | $-650.0K | $463.0K | $268.0K | $-124.0K | $0 | |
| Stockholders' Equity | $2.60B | $1.80B | $1.27B | $725M | $573M | $529M | $485M | $309M | $240M | $-151M | |
| Liabilities + Equity | $7.87B | $6.42B | $4.70B | $3.61B | $2.83B | $2.26B | $1.83B | $604M | $448M | $183M | |
| Shares Outstanding | 163,055,000 | 158,301,000 | 152,490,000 | 147,169,000 | 143,038,000 | 138,662,000 | 132,817,000 | 127,253,000 | 119,764,000 | 32,359,000 |
Cash Flow
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $149M | $104M | $66M | · | · | · | · | · | · | · | |
| Stock-based Comp | $822M | $661M | $528M | $445M | $410M | $259M | $121M | $46M | $11M | $10M | |
| Deferred Tax | $-21M | $-14M | $-6M | $352.0K | $-747.0K | $-2M | $-2M | $-2M | $-141.0K | $-28.0K | |
| Amort. of Intangibles | $43M | $17M | $15M | $11M | $9M | $7M | $3M | $908.0K | $0 | $0 | |
| Restructuring | $10M | $5M | · | $8M | · | · | · | · | · | · | |
| Other Non-cash | $243M | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $1.13B | $972M | $780M | $462M | $322M | $202M | $79M | $58M | $17M | $-6M | |
| CapEx | $277M | $164M | $145M | $97M | $69M | $48M | $43M | $26M | $13M | $8M | |
| Investing Cash Flow | $-2.65B | $-427M | $-683M | $-259M | $374M | $-110M | $-1.04B | $-162M | $-178M | $-8M | |
| Stock Repurchased | · | · | · | · | · | $0 | $0 | $22.0K | $4M | $0 | |
| Net Stock Activity | · | · | · | · | · | $0 | $0 | $-22.0K | $-4M | · | |
| Financing Cash Flow | $62M | $421M | $64M | $46M | $41M | $42M | $1.02B | $46M | $208M | $9M | |
| Net Change in Cash | $-1.46B | $966M | $161M | $249M | $737M | $134M | $63M | $-58M | $48M | $-5M | |
| Taxes Paid | $54M | $23M | $23M | $15M | $6M | $4M | $3M | $2M | $870.0K | $385.0K | |
| Free Cash Flow | $852M | $808M | $635M | $365M | $253M | $154M | $36M | $33M | $4M | · | |
| Levered FCF | · | · | · | $358M | $195M | $100M | $31M | · | · | · |
Profitability
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 76.8% | 76.9% | 78.0% | 77.6% | 77.8% | 77.7% | 77.8% | 80.3% | 80.1% | · | |
| Operating Margin | -4.0% | -4.8% | -5.6% | -14.5% | -30.0% | -30.9% | -26.4% | -11.7% | -18.2% | · | |
| Net Margin | -1.9% | -1.6% | -2.7% | -12.5% | -35.8% | -38.9% | -26.7% | -9.5% | -17.7% | · | |
| Pretax Margin | -0.51% | -0.68% | -1.4% | -11.3% | -35.2% | -38.2% | -26.1% | -9.2% | -17.0% | · | |
| EBITDA Margin | 0.46% | -4.8% | -5.6% | -14.5% | -30.0% | -30.9% | -26.4% | -11.7% | -18.2% | · | |
| ROA | -0.88% | -0.75% | -1.4% | -6.3% | -15.3% | -12.8% | -9.4% | -5.5% | -10.7% | · | |
| ROE | -2.6% | -2.4% | -4.9% | -30.5% | -70.7% | -50.5% | -28.1% | -9.6% | -13.9% | · | |
| ROIC | -18.9% | -16.2% | -18.8% | -35.9% | -58.1% | -40.0% | -24.0% | -11.8% | -15.0% | · |
Liquidity & Solvency
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.7 | 2.0 | 1.1 | 1.9 | 2.0 | 2.6 | 3.7 | 1.9 | 2.1 | · | |
| Quick Ratio | 0.7 | 1.4 | 0.7 | 1.2 | 1.2 | 0.7 | 0.7 | 0.7 | 1.1 | · | |
| Interest Coverage | · | · | · | -35.9 | -5.8 | -3.9 | -22.7 | · | · | · |
Efficiency
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.5 | 0.5 | 0.5 | 0.4 | 0.3 | 0.4 | 0.6 | 0.6 | · | |
| Receivables Turnover | 3.1 | 3.1 | 3.3 | 3.3 | 3.3 | 3.3 | 3.6 | 3.9 | 3.8 | · |
Per Share
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $15.93 | $11.37 | $8.36 | $4.93 | $4.01 | $3.81 | $3.65 | $2424.76 | $2.01 | · | |
| Revenue / Share | $20.92 | $17.31 | $14.49 | $11.16 | $7.74 | $4.96 | · | · | · | · | |
| Cash Flow / Share | $7.05 | $6.30 | $5.21 | $3.19 | $2.28 | $1.49 | · | · | · | · | |
| Cash / Share | $5.69 | $15.09 | $9.33 | $8.58 | $7.08 | $1.99 | $1.07 | $616.76 | $1.13 | · | |
| EPS (TTM) | $-0.39 | $-0.27 | $-0.39 | $-1.40 | $-2.77 | $-1.93 | $-0.89 | $-0.23 | · | · |
Growth Rates
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 25.4% | 23.3% | 34.1% | 48.2% | 62.1% | 56.1% | · | · | · | · | |
| Revenue CAGR 3Y | 27.5% | 34.8% | 47.7% | 55.4% | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 37.9% | 44.0% | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $3.35B | $2.67B | $2.17B | $1.62B | $1.09B | $673M | $431M | $303M | $190M | · | |
| Net Income TTM | $-63M | $-41M | $-58M | $-202M | $-390M | $-262M | $-115M | $-29M | $-34M | · | |
| Market Cap | $24.65B | $45.20B | $27.35B | $23.60B | $22.18B | $32.71B | $17.25B | $11M | $4.23B | · | |
| P/E | -387.7 | -1057.6 | -459.9 | -114.6 | -56.0 | -122.2 | -145.9 | -366.4 | · | · | |
| P/S | 7.4 | 16.9 | 12.6 | 14.6 | 20.3 | 48.6 | 40.0 | 0.0 | 22.2 | · | |
| P/B | 9.5 | 25.1 | 21.5 | 32.6 | 38.7 | 61.8 | 35.6 | 0.0 | 17.6 | · | |
| P / Tangible Book | 21.1 | 33.9 | 34.5 | 38.7 | 47.9 | 74.7 | 40.0 | · | · | · | |
| P / Cash Flow | 21.8 | 46.5 | 35.1 | 51.1 | 68.9 | 161.9 | 217.4 | 0.2 | 244.3 | · | |
| P / FCF | · | 55.9 | 43.1 | 64.6 | 87.8 | 212.6 | 475.8 | 0.3 | 1081.6 | · | |
| Earnings Yield | -0.26% | -0.09% | -0.22% | -0.87% | -1.8% | -0.82% | -0.69% | -0.27% | · | · |
Income Statement
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $898M | $850M | $816M | $788M | $719M | $678M | $648M | $628M | $593M | $553M | $525M | $497M | $455M | $419M | $388M | $356M | |
| Cost of Revenue | $209M | $193M | $191M | $185M | $172M | $156M | $148M | $141M | $130M | $118M | $117M | $111M | $103M | $96M | $88M | $77M | |
| Gross Profit | $689M | $658M | $624M | $603M | $547M | $522M | $499M | $486M | $463M | $435M | $408M | $385M | $352M | $323M | $300M | $279M | |
| R&D Expense | $241M | $232M | $229M | $200M | $178M | $170M | $171M | $154M | $139M | $125M | $122M | $114M | $97M | $93M | $86M | $75M | |
| SG&A Expense | $82M | $83M | $78M | $66M | $71M | $63M | $61M | $57M | $56M | $50M | $55M | $51M | $48M | $43M | $44M | $44M | |
| Operating Expenses | $705M | $687M | $676M | $640M | $579M | $547M | $540M | $517M | $490M | $438M | $453M | $431M | $397M | $379M | $365M | $348M | |
| Operating Income | $-15M | $-30M | $-52M | $-36M | $-32M | $-25M | $-40M | $-31M | $-27M | $-3M | $-45M | $-46M | $-45M | $-56M | $-65M | $-69M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $3M | $4M | $3M | · | $1M | $1M | $1M | |
| Interest Income | $35M | $34M | $34M | $33M | $33M | $31M | $31M | $30M | $27M | $28M | $28M | $26M | $21M | $19M | $13M | $8M | |
| Other Non-op | $-2M | $-4M | $803.0K | $-3M | $-762.0K | $677.0K | $-5M | $-652.0K | $-2M | $-927.0K | $172.0K | $-1M | $-331.0K | $-809.0K | $141.0K | $-863.0K | |
| Pretax Income | $15M | $-2M | $-21M | $-8M | $-2M | $5M | $-17M | $-4M | $-5M | $21M | $-21M | $-24M | $-26M | $-39M | $-54M | $-63M | |
| Income Tax | $18M | $12M | $13M | $3M | $16M | $9M | $-9M | $8M | $10M | $2M | $8M | $9M | $5M | $7M | $4M | $5M | |
| Net Income | $-3M | $-14M | $-34M | $-12M | $-18M | $-4M | $-8M | $-12M | $-15M | $19M | $-28M | $-33M | $-31M | $-46M | $-57M | $-68M | |
| EPS (Basic) | $-0.02 | $-0.09 | $-0.21 | $-0.07 | $-0.11 | $-0.03 | $-0.05 | $-0.08 | $-0.10 | $0.13 | $-0.19 | $-0.23 | $-0.20 | $-0.32 | $-0.40 | $-0.48 | |
| EPS (Diluted) | $-0.02 | $-0.09 | $-0.21 | $-0.07 | $-0.11 | $-0.03 | $-0.05 | $-0.08 | $-0.09 | $0.12 | $-0.19 | $-0.23 | $-0.20 | $-0.32 | $-0.40 | $-0.48 | |
| Shares (Basic) | · | 160,741,000 | 159,683,000 | 158,596,000 | · | 154,909,000 | 153,672,000 | 152,557,000 | · | 150,290,000 | 148,951,000 | 147,625,000 | · | 145,354,000 | 144,511,000 | 143,476,000 | |
| Shares (Diluted) | · | 160,741,000 | 159,683,000 | 158,596,000 | · | 154,909,000 | 153,672,000 | 152,557,000 | · | 154,081,000 | 148,951,000 | 147,625,000 | · | 145,354,000 | 144,511,000 | 143,476,000 | |
| EBITDA | · | $-30M | $-52M | $-36M | · | $-25M | $-40M | $-31M | · | $-3M | $-45M | $-46M | · | $-56M | $-65M | $-69M |
Balance Sheet
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $928M | $982M | $1.20B | $1.34B | $2.39B | $1.99B | $1.76B | $1.55B | $1.42B | $1.26B | $1.44B | $1.36B | · | $1.28B | $1.26B | $1.08B | |
| Receivables | $1.15B | $730M | $552M | $530M | $992M | $616M | $514M | $425M | $737M | $506M | $480M | $367M | · | $376M | $359M | $269M | |
| Prepaid Expense | $192M | $188M | $197M | $172M | $149M | $128M | $115M | $109M | $102M | $89M | $78M | $81M | · | $79M | $56M | $50M | |
| Current Assets | $5.03B | $4.65B | $4.45B | $4.21B | $4.89B | $3.92B | $3.67B | $3.39B | $3.40B | $2.97B | $3.14B | $2.89B | · | $2.53B | $2.42B | $2.23B | |
| PP&E (Net) | $753M | $575M | $545M | $542M | $543M | $499M | $422M | $409M | $383M | $331M | $294M | $266M | · | $223M | $200M | $183M | |
| PP&E (Gross) | $1.30B | $1.07B | $996M | $952M | $915M | $835M | $726M | $684M | $633M | $559M | $503M | $458M | · | $385M | $348M | $315M | |
| Accum. Depreciation | $542M | $496M | $451M | $410M | $372M | $336M | $303M | $275M | $250M | $228M | $208M | $193M | · | $163M | $147M | $132M | |
| Goodwill | $1.22B | $1.09B | $1.00B | $994M | $418M | $418M | $418M | $417M | $417M | $417M | $92M | $92M | · | $89M | $79M | $79M | |
| Intangibles | $214M | $192M | $193M | $215M | $47M | $51M | $56M | $60M | $64M | $69M | $23M | $26M | · | $29M | $27M | $29M | |
| Other Non-current Assets | $110M | $97M | $95M | $95M | $99M | $87M | $77M | $59M | $58M | $52M | $38M | $30M | · | $32M | $29M | $23M | |
| Total Assets | $7.87B | $7.10B | $6.75B | $6.50B | $6.42B | $5.34B | $5.01B | $4.71B | $4.70B | $4.20B | $3.93B | $3.64B | · | $3.20B | $3.04B | $2.84B | |
| Accounts Payable | $48M | $34M | $29M | $48M | $47M | $55M | $25M | $25M | $23M | $28M | $17M | $23M | · | $25M | $34M | $30M | |
| Current Liabilities | $2.96B | $2.50B | $2.34B | $2.31B | $2.43B | $3.17B | $3.05B | $2.96B | $3.11B | $1.70B | $1.58B | $1.47B | · | $1.29B | $1.20B | $1.11B | |
| Capital Leases | $95M | $95M | $94M | $66M | $43M | $33M | $41M | $42M | $45M | $47M | $48M | $44M | · | $43M | $46M | $51M | |
| Other Non-current Liabilities | $71M | $56M | $48M | $44M | $33M | $26M | $26M | $24M | $22M | $19M | $17M | $21M | · | $10M | $9M | $10M | |
| Total Liabilities | $5.27B | $4.73B | $4.56B | $4.52B | $4.62B | $3.53B | $3.40B | $3.28B | $3.43B | $3.11B | $2.98B | $2.83B | · | $2.60B | $2.51B | $2.40B | |
| Long-term Debt | · | · | · | · | · | $1.15B | $1.15B | $1.15B | · | $1.14B | $1.14B | $1.13B | · | $1.14B | $1.14B | $1.14B | |
| Common Stock | $163.0K | $162.0K | $161.0K | $159.0K | $159.0K | $156.0K | $155.0K | $153.0K | $152.0K | $151.0K | $150.0K | $148.0K | · | $146.0K | $145.0K | $144.0K | |
| Paid-in Capital | $3.87B | $3.62B | $3.42B | $3.18B | $2.98B | $2.96B | $2.80B | $2.59B | $2.43B | $2.24B | $2.11B | $1.95B | · | $1.66B | $1.55B | $1.43B | |
| Retained Earnings | $-1.25B | $-1.25B | $-1.24B | $-1.20B | $-1.19B | $-1.17B | $-1.17B | $-1.16B | $-1.15B | $-1.13B | $-1.15B | $-1.12B | · | $-1.06B | $-1.01B | $-956M | |
| AOCI | $-24M | $-8M | $15M | $8M | $8M | $16M | $-22M | $-4M | $-5M | $-16M | $-3M | $-18M | · | $-102.0K | $-5M | $-38M | |
| Stockholders' Equity | $2.60B | $2.37B | $2.20B | $1.98B | $1.80B | $1.80B | $1.61B | $1.43B | $1.27B | $1.09B | $959M | $808M | $725M | $601M | $529M | $431M | |
| Liabilities + Equity | $7.87B | $7.10B | $6.75B | $6.50B | $6.42B | $5.34B | $5.01B | $4.71B | $4.70B | $4.20B | $3.93B | $3.64B | · | $3.20B | $3.04B | $2.84B | |
| Shares Outstanding | 163,055,000 | 161,710,000 | 160,570,000 | 159,468,000 | 158,301,000 | 155,696,000 | 154,725,000 | 153,415,000 | 152,490,000 | 151,304,000 | 149,758,000 | 148,313,000 | 147,169,000 | 145,874,000 | 145,087,000 | 144,210,000 |
Cash Flow
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $43M | $38M | · | · | $30M | $28M | · | · | · | · | · | · | · | · | · | · | |
| Stock-based Comp | $212M | $205M | $217M | $189M | $173M | $159M | $172M | $157M | $145M | $113M | $140M | $129M | $122M | $108M | $110M | $105M | |
| Amort. of Intangibles | $12M | $11M | $11M | $9M | $4M | $4M | $4M | $4M | $5M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | |
| Restructuring | $6M | $0 | $41.0K | $5M | · | · | · | · | · | · | · | · | · | $5M | · | · | |
| Operating Cash Flow | $279M | $198M | $204M | $448M | $251M | $211M | $179M | $331M | $204M | $173M | $142M | $261M | $136M | $108M | $89M | $128M | |
| CapEx | $200M | $42M | $18M | $17M | $60M | $72M | $15M | $17M | $49M | $36M | $31M | $29M | $27M | $26M | $19M | $25M | |
| Investing Cash Flow | $-371M | $-419M | $-361M | $-1.50B | $-248M | $22M | $518.0K | $-202M | $-74M | $-360M | $-86M | $-163M | $-180M | $-91M | $70M | $-58M | |
| Financing Cash Flow | $38M | $0 | $21M | $3M | $395M | $-399.0K | $25M | $890.0K | $35M | $7M | $21M | $1M | $31M | $1M | $13M | $980.0K | |
| Net Change in Cash | $-54M | $-221M | $-135M | $-1.05B | $398M | $232M | $205M | $131M | $164M | $-179M | $77M | $100M | $-13M | $18M | $172M | $72M | |
| Taxes Paid | $18M | $11M | $12M | $12M | $6M | $934.0K | $8M | $9M | $4M | $8M | $6M | $5M | $8M | $4M | $5.0K | $3M | |
| Free Cash Flow | · | · | · | $431M | · | · | · | $314M | · | · | · | $232M | · | · | · | $103M | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | · | $228M | · | · | · | $102M |
Profitability
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | 77.3% | 76.5% | 76.6% | · | 77.0% | 77.1% | 77.5% | · | 78.6% | 77.7% | 77.6% | · | 77.1% | 77.4% | 78.4% | |
| Operating Margin | · | -3.5% | -6.3% | -4.6% | · | -3.8% | -6.2% | -4.9% | · | -0.54% | -8.7% | -9.3% | · | -13.3% | -16.8% | -19.4% | |
| Net Margin | · | -1.6% | -4.2% | -1.5% | · | -0.61% | -1.2% | -1.9% | · | 3.5% | -5.4% | -6.7% | · | -11.0% | -14.8% | -19.2% | |
| Pretax Margin | · | -0.28% | -2.6% | -1.1% | · | 0.67% | -2.5% | -0.70% | · | 3.8% | -3.9% | -4.9% | · | -9.4% | -13.9% | -17.8% | |
| EBITDA Margin | · | -3.5% | -6.3% | -4.6% | · | -3.8% | -6.2% | -4.9% | · | -0.54% | -8.7% | -9.3% | · | -13.3% | -16.8% | -19.4% | |
| ROA | · | -0.22% | -0.58% | -0.21% | · | -0.09% | -0.17% | -0.29% | · | 0.52% | -0.82% | -1.0% | · | -1.6% | -2.1% | -2.7% | |
| ROE | · | -0.67% | -1.8% | -0.68% | · | -0.28% | -0.60% | -1.1% | · | 2.3% | -3.8% | -5.4% | · | -8.1% | -10.8% | -14.2% | |
| ROIC | · | -7.3% | -3.8% | -2.5% | · | 1.3% | -1.2% | -5.9% | · | -0.25% | -6.6% | -7.8% | · | -10.8% | -13.2% | -17.2% |
Liquidity & Solvency
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | · | 1.9 | 1.9 | 1.8 | · | 1.2 | 1.2 | 1.1 | · | 1.7 | 2.0 | 2.0 | · | 2.0 | 2.0 | 2.0 | |
| Quick Ratio | · | 0.7 | 0.7 | 0.8 | · | 0.8 | 0.7 | 0.7 | · | 1.0 | 1.2 | 1.2 | · | 1.3 | 1.3 | 1.2 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -1.1 | -12.6 | -14.6 | · | -40.3 | -48.9 | -51.9 |
Efficiency
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.2 | · | 0.1 | 0.2 | 0.2 | · | 0.1 | 0.1 | 0.1 | |
| Receivables Turnover | · | 1.3 | 1.5 | 1.7 | · | 1.2 | 1.3 | 1.6 | · | 1.3 | 1.3 | 1.6 | · | 1.3 | 1.2 | 1.6 |
Per Share
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | · | $14.63 | $13.68 | $12.43 | · | $11.59 | $10.39 | $9.31 | · | $7.22 | $6.40 | $5.44 | · | $4.12 | $3.64 | $2.99 | |
| Revenue / Share | · | $5.29 | $5.11 | $4.97 | · | $4.38 | $4.22 | $4.12 | · | $3.59 | $3.52 | $3.36 | · | $2.88 | $2.68 | $2.48 | |
| Cash Flow / Share | · | · | · | $2.83 | · | · | · | $2.17 | · | · | · | $1.77 | · | · | · | $0.90 | |
| Cash / Share | · | $6.07 | $7.49 | $8.39 | · | $12.79 | $11.37 | $10.13 | · | $8.32 | $9.61 | $9.18 | · | $8.74 | $8.66 | $7.52 | |
| EPS (TTM) | · | $-0.48 | $-0.42 | $-0.26 | · | $-0.25 | $-0.10 | $-0.24 | · | $-0.50 | $-0.94 | $-1.15 | · | $-1.89 | $-2.29 | $-2.60 |
Valuation (TTM)
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | $3.17B | $3.00B | $2.83B | · | $2.55B | $2.42B | $2.30B | · | $2.03B | $1.90B | $1.76B | · | $1.48B | $1.35B | $1.22B | |
| Net Income TTM | · | $-77M | $-68M | $-41M | · | $-39M | $-16M | $-36M | · | $-74M | $-139M | $-168M | · | $-269M | $-325M | $-368M | |
| Market Cap | · | $21.13B | $32.58B | $52.81B | · | $35.21B | $31.35B | $27.74B | · | $26.17B | $35.29B | $23.54B | · | $13.14B | $18.01B | $22.22B | |
| P/E | · | -272.2 | -483.0 | -1273.6 | · | -904.7 | -2025.9 | -753.3 | · | -345.9 | -250.7 | -138.0 | · | -47.7 | -54.2 | -59.3 | |
| P/S | · | 6.7 | 10.9 | 18.6 | · | 13.8 | 12.9 | 12.1 | · | 12.9 | 18.6 | 13.4 | · | 8.9 | 13.4 | 18.3 | |
| P/B | · | 8.9 | 14.8 | 26.6 | · | 19.5 | 19.5 | 19.4 | · | 23.9 | 36.8 | 29.1 | · | 21.9 | 34.1 | 51.5 | |
| P / Tangible Book | · | 19.6 | 32.5 | 68.4 | · | 26.4 | 27.6 | 29.1 | · | 43.1 | 41.8 | 34.1 | · | 27.2 | 42.5 | 68.7 | |
| P / Cash Flow | · | · | · | 117.8 | · | · | · | 83.7 | · | · | · | 90.2 | · | · | · | 173.0 | |
| Earnings Yield | · | -0.37% | -0.21% | -0.08% | · | -0.11% | -0.05% | -0.13% | · | -0.29% | -0.40% | -0.72% | · | -2.1% | -1.8% | -1.7% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2026-07-31 | 2025-07-31 | 2024-07-31 | 2023-07-31 | 2022-07-31 |
|---|---|---|---|---|---|
| Revenue | $3.35B | $2.67B | $2.17B | $1.62B | $1.09B |
| Gross Margin % | 76.8% | 76.9% | 78.0% | 77.6% | 77.8% |
| Operating Margin % | -4.0% | -4.8% | -5.6% | -14.5% | -30.0% |
| Net Income | $-63M | $-41M | $-58M | $-202M | $-390M |
| Diluted EPS | $-0.39 | $-0.27 | $-0.39 | $-1.40 | $-2.77 |
| Metric | 2026-07-31 | 2025-07-31 | 2024-07-31 | 2023-07-31 | 2022-07-31 |
|---|---|---|---|---|---|
| Current Ratio | 1.7 | 2.0 | 1.1 | 1.9 | 2.0 |
| Quick Ratio | 0.7 | 1.4 | 0.7 | 1.2 | 1.2 |
| Metric | 2026-07-31 | 2025-07-31 | 2024-07-31 | 2023-07-31 | 2022-07-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $852M | $808M | $635M | $365M | $253M |
Institutional owners (13F) 913 filers · $16.5B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
913
Value held
$16.5B
New positions
154
Exited positions
130
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 154 (+30 vs prior Q) | 130 (-70 vs prior Q) | 308 (+1 vs prior Q) | 261 (-17 vs prior Q) | -1.7M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $2,569,356,525 | 11,423,424 | 15.56% | Shares |
| BlackRock, Inc. | $1,396,027,702 | 9,890,384 | 8.45% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $874,667,875 | 6,196,726 | 5.30% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $666,424,622 | 4,721,393 | 4.04% | Shares |
| FIRST TRUST ADVISORS LP | $498,148,352 | 3,529,213 | 3.02% | Shares |
| GOLDMAN SACHS GROUP INC | $446,252,604 | 3,161,548 | 2.70% | Shares |
| STATE STREET CORP | $351,981,803 | 2,493,672 | 2.13% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $350,150,805 | 2,480,700 | 2.12% | Call option |
| Pictet Asset Management Holding SA | $296,893,304 | 2,104,621 | 1.80% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $294,318,442 | 2,090,724 | 1.78% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $275,685,842 | 1,965,114 | 1.67% | Shares |
| JANE STREET GROUP, LLC | $266,731,155 | 1,889,700 | 1.62% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $260,407,635 | 1,844,900 | 1.58% | Put option |
| VICTORY CAPITAL MANAGEMENT INC | $236,428,880 | 1,675,008 | 1.43% | Shares |
| JANE STREET GROUP, LLC | $232,403,475 | 1,646,500 | 1.41% | Call option |
| CITADEL ADVISORS LLC | $192,669,750 | 1,365,000 | 1.17% | Call option |
| AQR CAPITAL MANAGEMENT LLC | $192,432,446 | 1,363,319 | 1.17% | Shares |
| Jericho Capital Asset Management L.P. | $192,367,972 | 1,362,862 | 1.16% | Shares |
| Amundi | $160,605,693 | 1,137,837 | 0.97% | Shares |
| MORGAN STANLEY | $160,445,284 | 1,136,698 | 0.97% | Shares |
| MILLENNIUM MANAGEMENT LLC | $159,455,885 | 1,129,691 | 0.97% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $155,718,375 | 1,103,212 | 0.94% | Shares |
| CITADEL ADVISORS LLC | $142,363,184 | 1,008,595 | 0.86% | Shares |
| CITADEL ADVISORS LLC | $135,292,275 | 958,500 | 0.82% | Put option |
| BARCLAYS PLC | $134,318,060 | 951,598 | 0.81% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $124,543,420 | 882,348 | 0.75% | Shares |
| AMERICAN CENTURY COMPANIES INC | $122,305,628 | 866,494 | 0.74% | Shares |
| UBS Group AG | $119,196,094 | 844,464 | 0.72% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $111,281,672 | 788,393 | 0.67% | Shares |
| Squarepoint Ops LLC | $108,718,811 | 770,236 | 0.66% | Shares |
| CITIGROUP INC | $107,272,306 | 759,988 | 0.65% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $102,271,221 | 724,557 | 0.62% | Shares |
| NORTHERN TRUST CORP | $100,000,118 | 708,467 | 0.61% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $94,085,791 | 666,566 | 0.57% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $93,193,582 | 660,245 | 0.56% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $89,770,354 | 636,789 | 0.54% | Shares |
| Legal & General Group Plc | $89,739,504 | 635,774 | 0.54% | Shares |
| MILLENNIUM MANAGEMENT LLC | $87,865,875 | 622,500 | 0.53% | Call option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $82,256,574 | 582,760 | 0.50% | Shares |
| D. E. Shaw & Co., Inc. | $81,457,665 | 577,100 | 0.49% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $77,922,845 | 552,057 | 0.47% | Shares |
| JANUS HENDERSON GROUP PLC | $76,004,567 | 541,671 | 0.46% | Shares |
| WOLVERINE TRADING, LLC | $70,038,710 | 235,900 | 0.42% | Call option |
| MILLENNIUM MANAGEMENT LLC | $69,572,835 | 492,900 | 0.42% | Put option |
| Bank of New York Mellon Corp | $66,406,381 | 470,467 | 0.40% | Shares |
| D. E. Shaw & Co., Inc. | $62,995,245 | 446,300 | 0.38% | Put option |
| BANK OF AMERICA CORP /DE/ | $62,686,267 | 444,111 | 0.38% | Shares |
| NORGES BANK | $58,043,138 | 411,216 | 0.35% | Shares |
| Liontrust Investment Partners LLP | $56,247,005 | 398,491 | 0.34% | Shares |
| JPMORGAN CHASE & CO | $54,615,521 | 396,914 | 0.33% | Shares |
Company insiders 21 insiders · 10 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jagtar Singh Chaudhry | CEO & Chairman | Sept. 16, 2026 S | 340,186 | 0 | 4 | $-1,873,780 |
| Kevin Rubin | Chief Financial Officer | Oct. 26, 2026 S | 62,113 | 0 | 40 | $-3,156,688 |
| Remo Canessa | Chief Financial Officer | March 18, 2025 S | 213,702 | 0 | 0 | $0 |
| Michael J. Rich | CRO and President of WW Sales | Sept. 16, 2026 S | 96,193 | 0 | 4 | $-2,759,992 |
| Dali Rajic | Chief Operating Officer | Dec. 18, 2023 S | 240,543 | 0 | 0 | $0 |
| Adam Geller | Chief Product Officer | Oct. 19, 2026 A | 58,167 | 0 | 12 | $-9,731,689 |
| Robert Schlossman | Chief Legal Officer | Oct. 19, 2026 A | 75,710 | 0 | 7 | $-3,556,052 |
| Raj Judge | EVP, Corp. Strategy & Ventures | March 17, 2026 S | 67,906 | 0 | 2 | $-1,183,155 |
| Syam Nair | CTO | June 17, 2025 S | 106,659 | 0 | 0 | $0 |
| Manoj Apte | Chief Strategy Officer | Sept. 8, 2020 A | 171,436 | 0 | 0 | $0 |
| James A Beer | Director | Sept. 17, 2026 S | 4,030 | 0 | 4 | $-231,423 |
| Scott C Darling | Director | Jan. 12, 2026 A | 5,351 | 0 | 0 | $0 |
| Andrew William Fraser Brown | Director | Jan. 12, 2026 A | 23,292 | 0 | 0 | $0 |
| David Schneider | Director | Jan. 12, 2026 A | 24,912 | 0 | 0 | $0 |
| Eileen Naughton | Director | Jan. 12, 2026 A | 7,745 | 0 | 0 | $0 |
| Charles H Giancarlo | Director | Jan. 12, 2026 A | 145,451 | 0 | 0 | $0 |
| Karen Blasing | Director | Jan. 12, 2026 A | 42,757 | 0 | 0 | $0 |
| Amit Sinha | Director | Dec. 28, 2023 S | 31,280 | 0 | 0 | $0 |
| Nehal Raj | Director | Sept. 20, 2019 G | 1,382 | 0 | 0 | $0 |
| Lane Bess | Director | March 20, 2018 C | 2,191,792 | 0 | 0 | $0 |
| Ajay Mangal | 10% owner | March 17, 2025 S | 2,580,211 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 84 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| IHAK · iShares Trust | 4.64% | 297,934 SH | Sept. 11, 2026 | Daily |
| IVES · Wedbush Series Trust | 1.78% | 116,352 NS | July 31, 2026 | N-PORT |
| NUMG · Nushares ETF Trust | 1.73% | 39,970 NS | July 31, 2026 | N-PORT |
| QQQG · Pacer Funds Trust | 0.88% | 1,181 NS | July 31, 2026 | N-PORT |
| FOWF · Pacer Funds Trust | 0.71% | 746 NS | July 31, 2026 | N-PORT |
| IGV · iShares Trust | 0.58% | 471,362 SH | Sept. 11, 2026 | Daily |
| IWP · iShares Trust | 0.50% | 589,414 SH | Sept. 11, 2026 | Daily |
| ESLG · Strategy Shares | 0.48% | 731 NS | July 31, 2026 | N-PORT |
| COWG · Pacer Funds Trust | 0.43% | 63,182 NS | July 31, 2026 | N-PORT |
| VOT · VANGUARD INDEX FUNDS | 0.33% | 805,227 SH | Aug. 19, 2026 | Daily |
| COWZ · Pacer Funds Trust | 0.31% | 379,643 NS | July 31, 2026 | N-PORT |
| TRFK · Pacer Funds Trust | 0.31% | 19,388 NS | July 31, 2026 | N-PORT |
| KNCT · Invesco Exchange-Traded Fund Trust | 0.28% | 1,755 SH | Oct. 23, 2026 | Daily |
| TECB · iShares Trust | 0.27% | 8,296 SH | Sept. 11, 2026 | Daily |
| ESUM · Strategy Shares | 0.26% | 3,163 NS | July 31, 2026 | N-PORT |
| TRFM · ETF Series Solutions | 0.24% | 3,925 NS | July 31, 2026 | N-PORT |
| IMCG · iShares Trust | 0.23% | 57,008 SH | Sept. 11, 2026 | Daily |
| EGUS · iShares Trust | 0.21% | 351 SH | Sept. 11, 2026 | Daily |
| ESSC · Strategy Shares | 0.19% | 456 NS | July 31, 2026 | N-PORT |
| EUSA · iShares, Inc. | 0.18% | 21,138 SH | Sept. 11, 2026 | Daily |
| SIZE · iShares Trust | 0.18% | 4,657 SH | Sept. 11, 2026 | Daily |
| XT · iShares Trust | 0.17% | 40,607 SH | Sept. 11, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.16% | 1,180,950 SH | Aug. 19, 2026 | Daily |
| VO · VANGUARD INDEX FUNDS | 0.14% | 2,277,750 SH | Aug. 19, 2026 | Daily |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0.14% | 76,080 NS | July 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.13% | 14,089 SH | Oct. 23, 2026 | Daily |
| IWR · iShares Trust | 0.13% | 427,944 SH | Sept. 11, 2026 | Daily |
| SUSA · iShares Trust | 0.12% | 29,544 SH | Sept. 11, 2026 | Daily |
| IMCB · iShares Trust | 0.12% | 12,058 SH | Sept. 11, 2026 | Daily |
| LRGF · iShares Trust | 0.11% | 24,577 SH | Sept. 11, 2026 | Daily |
| FTEC · FIDELITY COVINGTON TRUST | 0.10% | 126,131 NS | July 31, 2026 | N-PORT |
| RILA · Spinnaker ETF Series | 0.09% | 239 NS | July 31, 2026 | N-PORT |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.09% | 3,082 SH | Oct. 23, 2026 | Daily |
| ESGU · iShares Trust | 0.09% | 98,080 SH | Sept. 11, 2026 | Daily |
| IYW · iShares Trust | 0.08% | 129,323 SH | Sept. 11, 2026 | Daily |
| VGT · VANGUARD WORLD FUND | 0.08% | 969,560 SH | Aug. 19, 2026 | Daily |
| IETC · iShares U.S. ETF Trust | 0.08% | 3,237 SH | Sept. 11, 2026 | Daily |
| IGM · iShares Trust | 0.07% | 48,428 SH | Sept. 11, 2026 | Daily |
| GLOF · iShares Trust | 0.07% | 883 SH | Sept. 11, 2026 | Daily |
| USXF · iShares Trust | 0.07% | 6,226 SH | Sept. 11, 2026 | Daily |
| VUG · VANGUARD INDEX FUNDS | 0.06% | 1,626,893 SH | Aug. 19, 2026 | Daily |
| USSG · DBX ETF Trust | 0.06% | 1,728 NS | Aug. 31, 2026 | N-PORT |
| ILCG · iShares Trust | 0.05% | 10,084 SH | Sept. 11, 2026 | Daily |
| IWF · iShares Trust | 0.05% | 392,682 SH | Sept. 11, 2026 | Daily |
| SUSL · iShares Trust | 0.05% | 3,710 SH | Sept. 11, 2026 | Daily |
| MNZL · EA Series Trust | 0.05% | 84 NS | July 31, 2026 | N-PORT |
| VEGN · ETF Series Solutions | 0.05% | 580 NS | July 31, 2026 | N-PORT |
| DSI · iShares Trust | 0.05% | 16,036 SH | Sept. 11, 2026 | Daily |
| ESMV · iShares Trust | 0.05% | 22 SH | Sept. 11, 2026 | Daily |
| IQSU · New York Life Investments ETF Trust | 0.04% | 921 NS | July 31, 2026 | N-PORT |
| GLBL · Pacer Funds Trust | 0.04% | 3 NS | July 31, 2026 | N-PORT |
| VONG · VANGUARD SCOTTSDALE FUNDS | 0.04% | 166,788 SH | Aug. 19, 2026 | Daily |
| WRND · New York Life Investments ETF Trust | 0.04% | 27 NS | July 31, 2026 | N-PORT |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.04% | 16,862 SH | Oct. 23, 2026 | Daily |
| GARP · iShares Trust | 0.04% | 6,892 SH | Sept. 11, 2026 | Daily |
| USCL · iShares Trust | 0.03% | 5,614 SH | Sept. 11, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.03% | 23,618 SH | Aug. 19, 2026 | Daily |
| TOV · EA Series Trust | 0.03% | 456 NS | July 31, 2026 | N-PORT |
| ILCB · iShares Trust | 0.03% | 2,007 SH | Sept. 11, 2026 | Daily |
| IWB · iShares Trust | 0.02% | 72,156 SH | Sept. 11, 2026 | Daily |
| BBUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.02% | 14,210 NS | July 31, 2026 | N-PORT |
| VOTE · TCW ETF Trust | 0.02% | 1,741 NS | July 31, 2026 | N-PORT |
| IYY · iShares Trust | 0.02% | 4,372 SH | Sept. 11, 2026 | Daily |
| VOXP · Advisors Series Trust | 0.02% | 9 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.02% | 28,707 SH | Sept. 11, 2026 | Daily |
| ITOT · iShares Trust | 0.02% | 134,560 SH | Sept. 11, 2026 | Daily |
| BKLC · BNY Mellon ETF Trust | 0.02% | 8,242 NS | July 31, 2026 | N-PORT |
| KOKU · DBX ETF Trust | 0.02% | 979 NS | Aug. 31, 2026 | N-PORT |
| VV · VANGUARD INDEX FUNDS | 0.02% | 122,512 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.02% | 3,335,986 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.02% | 17,220 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.02% | 8,799 SH | Aug. 19, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.02% | 27,495 NS | July 31, 2026 | N-PORT |
| TOK · iShares Trust | 0.02% | 284 SH | Sept. 11, 2026 | Daily |
| URTH · iShares, Inc. | 0.02% | 9,321 SH | Sept. 11, 2026 | Daily |
| ACWI · iShares Trust | 0.02% | 32,997 SH | Sept. 11, 2026 | Daily |
| APUE · Trust for Professional Managers | 0.02% | 2,107 NS | Aug. 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.01% | 11,338 NS | July 31, 2026 | N-PORT |
| NULG · Nushares ETF Trust | 0.01% | 2,310 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.01% | 2,797 NS | July 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.01% | 1,580 NS | July 31, 2026 | N-PORT |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.01% | 88,762 SH | Aug. 19, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.01% | 1,283 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.01% | 24,294 NS | July 31, 2026 | N-PORT |
ZS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 57 analysts
BUY
Median target
$247.00
-5.3%
16 28.1%
Strong Buy
29 50.9%
Buy
12 21.1%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
45 analysts · 2026-10-28Mean target $235.19 -9.9%
Now
Current price $260.95
Low$164.75
Mean$235.19
High$298.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ZS | $24.65B | -387.7 | 25.4% | -1.9% | -2.6% | 76.8% |
| ORCL | $650.25B | 38.7 | 17.3% | 25.4% | 54.3% | · |
| PANW | $270.44B | 829.6 | 24.5% | 2.7% | 1.7% | 70.4% |
| CRWD | · | -685.9 | 21.7% | -3.4% | -4.2% | 74.7% |
| NOW | $160.43B | 91.7 | 20.9% | 13.2% | 14.6% | 77.5% |
| FTNT | $59.00B | 32.8 | 14.2% | 27.3% | 135.7% | 80.5% |
| RBRK | $11.32B | -31.4 | 48.5% | -26.5% | 64.4% | 80.1% |
| FFIV | $18.64B | 27.4 | 9.7% | 22.4% | 20.1% | 81.4% |
| GEN | $11.30B | 12.0 | 27.1% | 19.5% | 38.4% | 78.5% |
| FROG | $7.47B | -100.7 | 24.1% | -13.5% | -8.4% | 76.8% |
| NTSK | $0 | -4.7 | 31.7% | -95.8% | 325.4% | 68.1% |
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Source: SEC 10-K filed Sep 3, 2026