Zscaler, Inc.
ZS 6.5Price and target zones价格与目标区间
What the company does公司做什么
Zscaler routes all of a company's internet traffic through its own cloud, where it inspects and secures every connection. This replaces the old model of a firewall at each office and a VPN for remote workers.Zscaler 把一家公司所有的互联网流量都引导到它自己的云端,在那里检查并保护每一个连接。这取代了旧模式——在每个办公室放一个防火墙、给远程员工用 VPN。
Earns from营收来源 subscriptions. Revenue is essentially all recurring, and recurring revenue (ARR) passed $3.0 billion in FY2025, up 22%.订阅费。收入基本上全部是经常性的,经常性收入(ARR)在 2025财年超过了 $3.0 billion,增长 22%。
Read the full description查看完整介绍
Zscaler, Inc. operates as a cloud security company worldwide. The company offers cyberthreat protection products, including Zscaler Internet Access, which provides threat protection, cloud sandbox, and cloud browser isolation; Zscaler Private Access solution that includes cyberthreat and data protection, application discovery, secure application access, application segmentation, application protection, reduced attack surface, and browser isolation; Zero Trust Firewall; Cloud Sandbox; and Zero Trust Browser. It also provides data security products, such as web and email DLP, endpoint DLP, BYOD security, multi-mode CASB, unified SaaS security, DSPM, AI-SPM, public gen AI security, and Microsoft Copilot data protection; Zero Trust Cloud solution. In addition, the company offers Zero Trust Branch comprising Zero Trust SD-WAN; IoT/OT segmentation; privileged remote access; Zscaler Cellular; and Zscaler Digital Experience that measures end-to-end user experience across business applications, as well as provides an easy-to-understand digital experience score for each user, application, and location within an enterprise. Further, it provides security operations products, including data fabric for security; asset exposure management; Risk360; unified vulnerability management; deception; managed detection and response; and managed threat hunting. Additionally, the company offers Zero Trust Gateway, a fully managed Zscaler service. It serves the automotive, airlines and transportation, conglomerates, consumer goods and retail, energy, financial services, healthcare, insurance, manufacturing, media and communications, public sector and education, technology, and telecommunications services industries. The company was formerly known as SafeChannel, Inc., and changed its name to Zscaler, Inc. in August 2008. Zscaler, Inc. was incorporated in 2007 and is headquartered in San Jose, California.
What the company sells公司卖什么
A global network that inspects trillions of connections.一张全球网络,检查数以万亿计的连接。
- Internet Access
- Secures the traffic a company sends out to the web.保护公司向外部网络发出的流量。
- Private Access
- Gives remote workers safe access to internal applications without a VPN.让远程办公的员工不用VPN也能安全地访问公司内部应用。
- Digital Experience
- Watches how well applications are performing.监测各个应用的运行表现好不好。
Company facts公司资料
- Founded成立时间
- 2007
- Headquarters总部
- San Jose, California
- Employees员工人数
- 7,923
- Industry行业
- Software - Infrastructure
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
$3.5B ARR (+25%), 80.7% GM, ~$1.78B net cash.
Red flags
- Headline FCF $808M is an SBC mirage — SBC ~25% of rev → SBC-adj FCF only ~$147M
- FY27 growth guided 16-17% (from ~25%). Accumulate <$140, compelling <$125. FV $130-170. Size ≤2%.
$3.5B 年度经常性收入(ARR)(+25%),毛利率 80.7%,约 $1.78B 净现金。🚩 头条自由现金流 $808M 是股权激励制造的幻象 — 股权激励约占收入 25% → 经股权激励调整后自由现金流仅约 $147M。🚩 FY27 增长指引 16-17%(此前约 25%)。$140 以下积累,$125 以下极具吸引力。合理价值 $130-170。仓位 ≤2%。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- -4%
- Revenue growth营收增长
- +25%
Competitors竞争对手
Why customers stay客户为什么留下
A purpose-built global cloud with many enforcement points that is hard to copy, and once a company reroutes all its traffic through Zscaler the switching cost is very high. The weakness is the price: the stock trades at a rich valuation, so it must keep growing fast to justify it.一个专门打造、拥有众多执行节点、难以复制的全球云网络;而且一旦一家公司把全部流量都改道经过 Zscaler,更换成本就非常高。它的短板在于价格:这只股票的估值很高,所以它必须保持快速增长才能撑起这个估值。
Related companies相关公司 🟠 Cybersecurity
Platform bundling by Microsoft/PANW/CRWD, plus sector-wide multiple de-ratings that hit good and bad alike (QLYS −20% in 9 days on no company news).
4 held = deep. New entries are swaps, not adds.