What is the 13F Pro Quality Score for ZS?

13F Pro ranks Zscaler, Inc. (ZS) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View ZS's current score at https://13fpro.ai/research/ZS (free sign-up required for the full ranking).

Where does 13F Pro source ZS data?

All Zscaler, Inc. fundamentals and ownership data come directly from SEC EDGAR. Zscaler, Inc. files with the SEC under CIK 1713683. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is ZS in?

Zscaler, Inc. (ZS) is classified in the Technology sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/technology.

How often is ZS research updated on 13F Pro?

ZS's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Zscaler, Inc.(ZS)Stock Analysis

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13F Pro Quality Score

57.9/100

Rank #1,014 of 2,879 stocksTOP 50%

View Technology peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

88.3/100

Profitability

31.8/100

Balance Sheet

32.0/100

Earnings Quality

30.0/100

Free Cash Flow

85.4/100

Institutional Flow

76.2/100

Revenue Scale

70.6/100

Dilution Risk

7.5/100

ZS Stock Analysis & AI Quality Score

AI stock analysis and institutional research for Zscaler, Inc. (ZS), a Technology sector company. 13F Pro's AI-powered ranking engine scores ZS at 57.9/100 on a 32-signal composite quality model, placing it at rank #1,014 of 2,879 stocks — the top half of the AI-ranked universe. ZS scores in the top quartile across revenue growth (88.3), free cash flow (85.4), institutional flow (76.2). Areas of concern include earnings quality (30.0) and profitability (31.8), which score below median versus the broader universe. Shareholder dilution risk is elevated at 7.5/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q3 2026), Zscaler, Inc. reports quarterly revenue of $850.5M, net income of $-13.9M, an operating margin of -3.5%. Top institutional holders of ZS by reported 13-F value include BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. ZS trades on the Nasdaq exchange and files with the SEC under CIK 1713683. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate ZS daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Zscaler, Inc. directly from SEC EDGAR. Zscaler, Inc.'s 13F Pro composite quality score has ranged between 8 and 75 since 2021, currently 57.9 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.

✦

Fun facts about Zscaler, Inc.

Quirks, history, and lore behind ZS — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. enterprise software company · large-cap · listed on Nasdaq · headquartered in San Jose, California.
2
The Numbers
Annual revenue approaching $3 billion, growing fast, yet the company has historically prioritized growth over profit — a classic cloud-era playbook.
3
The History
Founded in 2007 by a veteran of the networking industry, it went public around 2018 and rode the remote-work wave to become a cybersecurity darling.
4
The Secret
Its core idea: the network perimeter is dead. Instead of protecting a corporate fortress, it acts as a cloud-based checkpoint sitting between users and the internet.
5
The Lore
Its architecture is built on the zero trust model — trust nobody, verify everything — which sounds paranoid until you realize every major breach happened to someone who didn't.
6
The Giveaway
Its two-letter ticker matches its founder Jay Chaudhry's vision of securing the cloud at scale — and yes, the company name starts with a Z and ends with the word for someone who climbs mountains.

▶ Think you know your stocks? Play the Daily Ticker

Revenue

Q3 2026

$850.5M

Net Income

Q3 2026

$-13.9M

Free Cash Flow

Q3 2026

$155.6M

Operating Margin

Q3 2026

-3.5%

ROIC

Q3 2026

-1.3%

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+23.3% YoY

$2.67BFY 2025

FY22 $1.09BFY23 $1.62BFY24 $2.17BFY25 $2.67B

Net Income

+28.1% YoY

$-41.5MFY 2025

FY22 $-390.3MFY23 $-202.3MFY24 $-57.7MFY25 $-41.5M

Operating Income

-5.7% YoY

$-128.5MFY 2025

FY22 $-327.4MFY23 $-234.6MFY24 $-121.5MFY25 $-128.5M

EPS (Diluted)

+30.8% YoY

$-0.27FY 2025

FY22 $-2.77FY23 $-1.40FY24 $-0.39FY25 $-0.27

Total Assets

+36.4% YoY

$6.42BFY 2025

FY22 $2.83BFY23 $3.61BFY24 $4.70BFY25 $6.42B

Total Debt

—FY 2025

FY22 $968.7MFY23 $1.13BFY24 $1.14BFY25 —

Op. Cash Flow

+24.7% YoY

$972.5MFY 2025

FY22 $321.9MFY23 $462.3MFY24 $779.8MFY25 $972.5M

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$2.67B +23.3%	$2.17B +34.1%	$1.62B +48.2%	$1.09B +62.1%	$673.1M +56.1%	$431.3M
Net Income	$-41.5M +28.1%	$-57.7M +71.5%	$-202.3M +48.2%	$-390.3M -48.9%	$-262.0M -127.6%	$-115.1M
Operating Income	$-128.5M -5.7%	$-121.5M +48.2%	$-234.6M +28.3%	$-327.4M -57.6%	$-207.8M -82.4%	$-114.0M
EPS (Diluted)	$-0.27 +30.8%	$-0.39 +72.1%	$-1.40 +49.5%	$-2.77 -43.5%	$-1.93 -116.9%	$-0.89
Total Assets	$6.42B +36.4%	$4.70B +30.4%	$3.61B +27.4%	$2.83B +25.5%	$2.26B +23.1%	$1.83B
Total Debt	—	$1.14B +0.7%	$1.13B +17.1%	$968.7M +6.0%	$913.5M +6.0%	$861.6M
Operating Cash Flow	$972.5M +24.7%	$779.8M +68.7%	$462.3M +43.6%	$321.9M +59.3%	$202.0M +154.7%	$79.3M

AI Insight: ZS Financial Trends

Revenue accelerating to $850M in Q2 2026, but operating losses widening and operating cash flow collapsing despite growth.

• Revenue grew 43% from $593M in Q3 2024 to $850M in Q2 2026, with consistent sequential gains across all eight quarters.

• Operating income deteriorated from -$27M in Q3 2024 to -$52M in Q1 2026, the worst quarter on record.

• Operating cash flow declined to $198M in Q2 2026 from peak of $448M in Q4 2025, a 56% drop in two quarters.

• Equity expanded 86% from $1,274M to $2,367M, offsetting debt; debt figures unavailable since Q3 2025.

⚠ Operating losses persist despite 43% revenue growth—profitability inflection required to justify scale investments.

⚠ Operating cash flow volatility: swung from $448M (Q4 2025) to $198M (Q2 2026), signaling working capital or timing stress.

AI Insight: ZS Ratio Trends

Zscaler remains unprofitable across all metrics, with ROIC deteriorating to -5.0% in Q2 2026 despite modest operating margin improvement.

• Operating margin improved from -6.3% in Q1 2026 to -3.5% in Q2 2026, best level since Q2 2025.

• Net profit margin narrowed from -4.2% in Q1 2026 to -1.6% in Q2 2026, approaching breakeven on that metric.

• ROIC declined from -4.5% in Q3 2024 to -5.0% in Q2 2026, a deterioration of 55 bps over 18 months.

⚠ ROIC hit -9.4% in Q1 2026 before recovering to -5.0% in Q2 2026 — volatility suggests operational instability.

⚠ Company remains unprofitable on net income basis; sustained profitability path unclear despite OpMargin trend.

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Available Research

13F Pro tracks comprehensive data for Zscaler, Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of ZS

BlackRock, Inc.
$1.2B8,568,317 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$832.0M5,930,635 sh
VANGUARD CAPITAL MANAGEMENT LLC
$653.9M4,660,890 sh
FIRST TRUST ADVISORS LP
$493.6M3,518,678 sh
GOLDMAN SACHS GROUP INC
$410.3M2,924,939 sh
STATE STREET CORP
$334.5M2,384,518 sh
AMERICAN CENTURY COMPANIES INC
$334.5M2,384,425 sh
FMR LLC
$307.3M2,190,318 sh
GEODE CAPITAL MANAGEMENT, LLC
$292.0M2,086,910 sh
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AME
$275.7M1,965,114 sh

Fund	Value	Shares
BlackRock, Inc.	$1.2B	8,568,317
VANGUARD PORTFOLIO MANAGEMENT LLC	$832.0M	5,930,635
VANGUARD CAPITAL MANAGEMENT LLC	$653.9M	4,660,890
FIRST TRUST ADVISORS LP	$493.6M	3,518,678
GOLDMAN SACHS GROUP INC	$410.3M	2,924,939
STATE STREET CORP	$334.5M	2,384,518
AMERICAN CENTURY COMPANIES INC	$334.5M	2,384,425
FMR LLC	$307.3M	2,190,318
GEODE CAPITAL MANAGEMENT, LLC	$292.0M	2,086,910
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AME	$275.7M	1,965,114

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Is ZS a good stock to buy?

13F Pro's AI-powered analysis of Zscaler, Inc. (ZS) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Technology sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for ZS are available on the ZS stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own ZS?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling ZS. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Zscaler, Inc.'s investment landscape.