Zscaler (ZS) Invested Capital (2023 - 2025)
Zscaler's (ZS) quarterly Invested Capital came in at $1.8 billion in Q3 2025, down 25.54% year-over-year from $2.4 billion in Q3 2024, and down 39.09% quarter-over-quarter from $3.0 billion in Q2 2025.
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Analysis
Zscaler (ZS) Invested Capital (2023 - 2025) Analysis & Trends
Zscaler (ZS) has reported Invested Capital for 3 consecutive years, with $1.8 billion the latest figure, recorded in Q3 2025.
- On a quarterly basis, Invested Capital fell 25.54% year-over-year to $1.8 billion in Q3 2025; TTM through Jul 2025 was $1.8 billion, a 25.54% decrease from a year earlier, with the FY2025 full-year figure at $1.8 billion, down 25.54% from the prior year.
- Invested Capital was $1.8 billion for Q3 2025 at Zscaler, down from $3.0 billion in the prior quarter.
- Over five years, Invested Capital peaked at $3.0 billion in Q2 2025 and troughed at $725.1 million in Q3 2023.
- A 3-year average of $2.2 billion and a median of $2.5 billion in 2024 frame the typical range for Invested Capital.
- Across the five-year window, Invested Capital soared 233.24% in 2024 and dropped 25.54% in 2025, its largest moves.
- Over 3 years, Invested Capital stood at $725.1 million in 2023, then jumped by 255.03% to $2.6 billion in 2024, then plunged by 30.11% to $1.8 billion in 2025.
- The last three Invested Capital figures came in at $1.8 billion (Q3 2025), $3.0 billion (Q2 2025), and $2.8 billion (Q1 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Invested Cap. (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 | 5.89 Bn |
| 3 | Fortinet | 131.12 Bn | 127.05 Bn | 1.64 Bn | 2.05 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 | 5.41 Bn |
| 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 | 6.97 Bn |
| 10 | Baidu | 30.55 Bn | 8.15 Bn | 1.76 Mn | 48.66 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jul 31, 2025 | 1.80 Bn |
| Apr 30, 2025 | 2.95 Bn |
| Jan 31, 2025 | 2.75 Bn |
| Oct 31, 2024 | 2.57 Bn |
| Jul 31, 2024 | 2.42 Bn |
| Jul 31, 2023 | 725.11 Mn |
API Access
Zscaler Invested Capital 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=invested-capital&ticker=ZS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "invested-capital", "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=invested-capital&ticker=ZS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();