Zscaler (ZS) EV to FCF (2018 - 2026)
Zscaler's (ZS) quarterly EV to FCF came in at 29.85 in Q1 2026, down 20.37% year-over-year from 37.49 in Q1 2025, and down 43.9% quarter-over-quarter from 53.22 in Q4 2025.
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Analysis
Zscaler (ZS) EV to FCF (2018 - 2026) Analysis & Trends
Zscaler (ZS) has reported EV to FCF for 9 consecutive years, with 29.85 the latest figure, recorded in Q1 2026.
- On a quarterly basis, EV to FCF fell 20.37% year-over-year to 29.85 in Q1 2026; TTM through Jan 2026 was 29.85, a 20.37% decrease from a year earlier, with the FY2026 full-year figure at 24.85, down 51.76% from the prior year.
- EV to FCF was 29.85 for Q1 2026 at Zscaler, down from 53.22 in the prior quarter.
- Over five years, EV to FCF peaked at 164.65 in Q1 2022 and troughed at 29.85 in Q1 2026.
- A 5-year average of 60.8 and a median of 51.51 in 2025 frame the typical range for EV to FCF.
- Across the five-year window, EV to FCF sank 75.43% in 2023 and surged 51.39% in 2025, its largest moves.
- Over 5 years, EV to FCF stood at 75.81 in 2022, then sank by 43.37% to 42.93 in 2023, then retreated by 18.13% to 35.15 in 2024, then surged by 51.39% to 53.22 in 2025, then tumbled by 43.9% to 29.85 in 2026.
- The last three EV to FCF figures came in at 29.85 (Q1 2026), 53.22 (Q4 2025), and 51.51 (Q3 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Palo Alto Networks | 320.54 Bn | 317.47 Bn | 2.30 Bn |
| 2 | CrowdStrike Holdings | 268.77 Bn | 263.80 Bn | 1.10 Bn |
| 3 | Fortinet | 131.12 Bn | 127.05 Bn | 1.64 Bn |
| 4 | Snowflake | 118.02 Bn | 115.67 Bn | 1.04 Bn |
| 5 | Datadog | 90.27 Bn | 85.29 Bn | 881.34 Mn |
| 6 | Axon Enterprise | 36.61 Bn | 35.93 Bn | 546.45 Mn |
| 7 | Zscaler | 34.97 Bn | 31.49 Bn | - |
| 8 | MongoDB | 34.51 Bn | 32.10 Bn | 569.77 Mn |
| 9 | Okta | 34.32 Bn | 32.02 Bn | 641.00 Mn |
| 10 | Baidu | 30.55 Bn | 8.15 Bn | 1.76 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jan 31, 2026 | 30.21 |
| Oct 31, 2025 | 53.51 |
| Jul 31, 2025 | 51.51 |
| Apr 30, 2025 | 41.73 |
| Jan 31, 2025 | 36.94 |
| Oct 31, 2024 | 34.89 |
| Jul 31, 2024 | 39.26 |
| Apr 30, 2024 | 40.56 |
| Jan 31, 2024 | 61.44 |
| Oct 31, 2023 | 42.93 |
| Jul 31, 2023 | 58.89 |
| Apr 30, 2023 | 33.05 |
| Jan 31, 2023 | 52.72 |
| Oct 31, 2022 | 75.81 |
| Jul 31, 2022 | 80.95 |
| Apr 30, 2022 | 134.48 |
| Jan 31, 2022 | 164.65 |
| Oct 31, 2021 | 219.65 |
| Jul 31, 2021 | 202.82 |
| Apr 30, 2021 | 177.50 |
API Access
Zscaler EV to FCF API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=ev-to-fcf&ticker=ZS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ev-to-fcf", "ticker": "ZS", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=ev-to-fcf&ticker=ZS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();