Zscaler Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Zscaler Inc (ZS) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Zscaler Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 3,351M vs 976,306M combined for tracked competitors (0.3% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+7.2% annualized vs trailing 12 months), vs accelerating (+10.4%) for its tracked peer group.
- Growth: Zscaler Inc generated 24.6% revenue growth year over year in Q4 2026, vs 26.4% for its tracked competitors combined.
- Profitability: Its -0.4% net margin compares with 61.7% for the peer group.
- Scale: Zscaler Inc ranks #4 of 165 companies by market capitalization in the Cloud Computing & Data Analytics industry, holding 5.0% of industry market cap.
- Peer revenue share: Zscaler Inc accounted for 0.3% of combined revenue among its tracked peer group, down from 0.3% a year earlier.
- Peer differentiation: Revenue per employee of $0.39M compares with $1.76M for the peer group (0.2x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
ZS Sales vs. its Competitors, Q4 2026
Zscaler Inc reported revenue growth of 24.58 % year on year in Q4 2026, below its competitors' combined revenue growth of 26.42 %.
With a net margin of -0.38 %, Zscaler Inc reported lower profitability than its competitors (61.70 %).
Zscaler Inc generated 0.33 % of the combined sales of its peer group, down from 0.34 % a year earlier.
Zscaler Inc vs. its Competitors, Q4 2026
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Zscaler Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Zscaler Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (6) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (5) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (5) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Zscaler Inc's competitor groups requires a Commercial License.
For context: the Cloud Computing & Data Analytics industry grew revenue 1.3% year over year, combined, vs 24.6% for Zscaler Inc. Zscaler Inc's share of combined industry revenue moved from 0.52% to 0.64%, a gain of 0.12 percentage points.
Zscaler Inc's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Zscaler Inc | No | Yes | Yes | Yes |
| Competitors combined (25) | ||||
| High-Confidence Competitors (10) | ||||
| Similar-Size Competitors (8) | ||||
| Similar Growth & Profitability (8) | 62.50 % (5 of 8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 12.50 % (1 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
ZS Stock Performance relative to its Competitors
ZS Stock Performance relative to High-Confidence Competitors
ZS Stock Performance relative to Similar-Size Competitors
ZS Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Nokia Corporation | 282.9% | Outperformed |
| 2 | Fortinet Inc | 282.9% | Outperformed |
| 3 | Datadog Inc | 282.9% | Outperformed |
| 4 | Palo Alto Networks Inc | 282.9% | Outperformed |
| 5 | Cloudflare Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Zscaler Inc's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Zscaler Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Zscaler Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Zscaler Inc | 31,946.07 | 3,350.86 |
| Alphabet Inc | 4,174,720.44 | 445,866.00 |
| Microsoft Corporation | 3,795,216.66 | 331,839.00 |
| Broadcom Inc | 1,708,348.59 | 89,104.00 |
| Palantir Technologies Inc | 481,578.75 | 6,156.87 |
| Cisco Systems Inc | 425,572.38 | 63,325.00 |
| SUBTOTAL | 11,683,041.13 | 1,012,478.75 |
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Sources: Zscaler Inc's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Zscaler Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Zscaler Inc's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Cisco Systems, Inc. | Named by the company | 85% |
| Broadcom | Named by the company | 85% |
| Juniper Networks, Inc. | Named by the company | 85% |
| Fortinet Inc | Named by the company | 85% |
| McAfee Enterprise | Named by the company | 85% |
| Vmware Inc | Named by the company | 85% |
| Forcepoint Inc. | Named by the company | 85% |
| SkyHigh Security | Named by the company | 85% |
| Cloudflare Inc | Named by the company | 85% |
| Palo Alto Networks, Inc. | Named by the company | 85% |
| Broadcom | Named by the company | 85% |
| Trellix | Named by the company | 85% |
| Netskope Inc | Named by the company | 85% |
| FireEye, Inc. | Named by the company | 85% |
| Pulse Secure, LLC | Named by the company | 85% |
| Websense, Inc. | Named by the company | 85% |
| Check Point Software Technologies Ltd. | Named by the company | 85% |
| Sidechannel Inc | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Zscaler Inc's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Zscaler Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Alphabet Inc | Google Services 85.60 % |
| Microsoft Corporation | Productivity and Business Processes 42.19 % |
| Broadcom Inc | Semiconductor Solutions 64.81 % |
| Palantir Technologies Inc | Government Operating 51.15 % |
| Cisco Systems Inc | Americas 60.41 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Zscaler Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Zscaler Inc | 31,946 | 385,156 | -7,262 |
| Alphabet Inc | 4,174,720 | 9,645,768 | 5,283,078 |
| Microsoft Corporation | 3,795,217 | 1,488,067 | 599,771 |
| Broadcom Inc | 1,708,349 | 2,700,121 | 1,159,545 |
| Palantir Technologies Inc | 481,579 | 1,390,126 | 684,290 |
| Cisco Systems Inc | 425,572 | 768,507 | 161,007 |
| PEERS TOTAL | 11,651,095 | 1,763,525 | 766,702 |
Zscaler Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Alphabet Inc | United States 47.77 % |
| Microsoft Corporation | US 51.47 % |
| Broadcom Inc | Asia Pacific 60.15 % |
| Palo Alto Networks Inc | United States 61.76 % |
| Crowdstrike Holdings Inc | United States 66.86 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Zscaler Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 148 companies in Zscaler Inc's industry classification, broader than the peer set above. Market cap in millions of $.Zscaler Inc ranks #4 of 148 companies by market capitalization in its industry, holding 5.05 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 546, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Automatic Data Processing Inc | 105,523 | 16.92 % |
| 2 | Workday Inc | 45,532 | 7.30 % |
| 3 | Infosys Limited | 43,117 | 6.91 % |
| 4 | Zscaler Inc | 31,483 | 5.05 % |
| 5 | Reddit Inc | 1,234 | 5.2% |
| 6 | Cognizant Technology Solutions Corporation | 1,234 | 5.2% |
| 7 | Verisign Inc | 1,234 | 5.2% |
| 8 | Verisk Analytics Inc | 1,234 | 5.2% |
| 9 | Toast Inc | 1,234 | 5.2% |
| 10 | Wipro Limited | 1,234 | 5.2% |
Market cap and industry share for the rest of Zscaler Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
Zscaler Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 1 | Automatic Data Processing Inc | 105,523 | -9.43 % |
| 2 | Workday Inc | 45,532 | -23.85 % |
| 3 | Infosys Limited | 43,117 | -36.73 % |
| 4 | Zscaler Inc | 31,483 | -31.45 % |
| 5 | Reddit Inc | 1,234 | 12.3% |
| 6 | Cognizant Technology Solutions Corporation | 1,234 | 12.3% |
| 7 | Verisign Inc | 1,234 | 12.3% |
| 8 | Verisk Analytics Inc | 1,234 | 12.3% |
| 9 | Toast Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Zscaler Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Zscaler Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Cloud Computing & Data Analytics industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (203 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 76.84 % | 51.85 % (avg) | +25.0 pp |
| Operating Margin | -3.98 % | industry median | -3.0 pp |
| EBITDA Margin | 5.46 % | 2.97 % (avg) | +2.5 pp |
| Capital Intensity (Capex / Revenue) | - | 5.21 % (avg) | - |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Zscaler Inc's Valuation vs Competitive Position
Valuation multiples vs the Cloud Computing & Data Analytics industry average (203 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 27.6x | - |
| EV / EBITDA | 127.2x | 16.4x | +110.8x |
| P/B | 10.6x | 4.0x | +6.6x |
| Return on Equity | -2.89 % | industry aggregate | -13.63 % |
| Return on Invested Capital | -2.02 % | 1.95 % (avg) | -3.97 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Zscaler Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | - | - | 48.86 % | 69.64 % | 91.65 % | 35.09 % | 27.84 % | 23.93 % |
| Operating Margin | - | -19.45 % | -30.22 % | -30.67 % | -23.82 % | -10.13 % | -4.16 % | -4.86 % |
| Return on Invested Capital | - | -10.65 % | -9.94 % | -11.18 % | -14.95 % | -6.62 % | -3.23 % | -2.68 % |
| P/E | - | - | - | - | - | - | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Zscaler Inc's Strategic Group Map
Every company in Zscaler Inc's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Zscaler Inc is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Zscaler Inc's BCG Growth-Share Matrix
Relative market share (vs Zscaler Inc's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Zscaler Inc falls in the Dog quadrant: relative market share of 0.30x vs its largest competitor, in an industry growing revenue 5.4% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Zscaler Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 546 (see Industry Market Structure & Concentration above) |
| Supplier Power | Not covered on this page | See Zscaler Inc's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Zscaler Inc's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Zscaler Inc's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Zscaler Inc falls in the Low attractiveness / Medium strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Zscaler Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+7.2% annualized vs trailing 12 months).
Weaknesses
- Return on equity 13.6 points below the industry aggregate.
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.30x).
- Piotroski F-Score of 2 or below, the standard financial-distress signal.
Opportunities
No rule matched.
Threats
No rule matched.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Zscaler Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Zscaler Inc | 0.55 | 1.84 | 0.78 |
| Alphabet Inc | 0.55 | 2.13 | 0.13 |
| Microsoft Corporation | 0.13 | 1.31 | 0.11 |
| Broadcom Inc | 0.99 | 2.05 | 0.75 |
| Palantir Technologies Inc | 1.40 | 6.94 | - |
| Cisco Systems Inc | 0.25 | 0.94 | 0.63 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Zscaler Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Zscaler Inc | Q2 2026 | +24.6 % | - |
| Alphabet Inc | Q2 2026 | +24.2 % | +297.9 % |
| Microsoft Corporation | Q2 2026 | +17.7 % | +31.3 % |
| Broadcom Inc | Q2 2026 | +85.5 % | +216.1 % |
| Palantir Technologies Inc | Q2 2026 | +93.0 % | +224.4 % |
| Cisco Systems Inc | Q2 2026 | +17.6 % | +51.3 % |
| PEERS TOTAL | +23.9 % | +158.0 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Zscaler Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Zscaler Inc | Q2 2026 | +20.1 % | +177.7 % |
| Alphabet Inc | Q2 2026 | +17.7 % | +100.1 % |
| Microsoft Corporation | Q2 2026 | +22.9 % | +109.6 % |
| Broadcom Inc | Q2 2026 | +74.0 % | +274.6 % |
| Palantir Technologies Inc | Q2 2026 | +54.6 % | +90.6 % |
| Cisco Systems Inc | Q2 2026 | +14.8 % | +79.7 % |
Zscaler Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Zscaler Inc | - | - | - |
| Alphabet Inc | 35.42% | 42.01% | 50.84% |
| Microsoft Corporation | 19.76% | 22.48% | 34.22% |
| Broadcom Inc | 21.57% | 24.07% | 43.74% |
| Palantir Technologies Inc | 31.17% | 34.61% | 37.17% |
| Cisco Systems Inc | 10.64% | 11.94% | 27.52% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Zscaler Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Zscaler Inc | - | 9.53 |
| Alphabet Inc | 17.03 | 9.36 |
| Microsoft Corporation | 28.37 | 11.44 |
| Broadcom Inc | 44.53 | 19.17 |
| Palantir Technologies Inc | 160.24 | 78.22 |
| Cisco Systems Inc | 31.96 | 6.72 |
| PEERS AVERAGE | 26.63 | 11.54 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.