Zscaler (ZS) Return on Capital Employed (2018 - 2026)
Zscaler (ZS) posted quarterly Return on Capital Employed of 3.4% for Q1 2026, up 217.0% year-over-year from 1.07% in Q1 2025, and down 5.33% quarter-over-quarter from 3.23% in Q4 2025.
Zscaler (ZS) Return on Capital Employed (2018 - 2026) Analysis & Trends
Zscaler (ZS) has reported Return on Capital Employed for 9 consecutive years, with 3.4% the latest figure, recorded in Q1 2026.
- In Q1 2026, Return on Capital Employed rose 217.0% year-over-year to 3.4%; the TTM figure through Jan 2026 stood at 3.4% (up 217.0% YoY), while the FY2025 annual figure was 4.1%, up 754.0% from the prior year.
- Return on Capital Employed retreated to 3.4% in Q1 2026 per ZS's latest filing, from 3.23% in the prior quarter.
- Across five years, Return on Capital Employed topped out at 3.23% in Q4 2025 and bottomed at 21.2% in Q3 2022.
- Historically, Return on Capital Employed has averaged 10.85% across 5 years, with a median of 9.07% in 2024.
- Annual changes were most pronounced in 2022 — Return on Capital Employed plunged 724 bps — and 2024, when it jumped 901 bps.
- Zscaler's Return on Capital Employed stood at 18.7% in 2022, then surged by 47 bps to 9.85% in 2023, then soared by 38 bps to 6.09% in 2024, then soared by 47 bps to 3.23% in 2025, then fell by 5 bps to 3.4% in 2026.
- Business Quant data shows ZS's Return on Capital Employed at 3.4% in Q1 2026, 3.23% in Q4 2025, and 3.72% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROCE (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,679.34 Bn | 3,546.58 Bn | 60.48 Bn | 27.85% |
| 2 | Oracle | 433.50 Bn | 402.15 Bn | - | 9.73% |
| 3 | Palantir Technologies | 418.20 Bn | 408.90 Bn | 1.64 Bn | 28.02% |
| 4 | Palo Alto Networks | 312.41 Bn | 309.30 Bn | 2.03 Bn | 3.83% |
| 5 | Fortinet | 117.38 Bn | 113.31 Bn | 1.64 Bn | 44.16% |
| 6 | Cloudflare | 101.74 Bn | 97.57 Bn | 499.52 Mn | -9.60% |
| 7 | Synopsys | 80.70 Bn | 78.49 Bn | 1.77 Bn | 1.98% |
| 8 | CoreWeave | 58.00 Bn | 52.46 Bn | 1.70 Bn | -0.51% |
| 9 | Block | 49.79 Bn | 43.33 Bn | 3.17 Bn | 4.02% |
| 10 | Zscaler | 29.48 Bn | 26.12 Bn | 624.49 Mn | -3.40% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jan 31, 2026 | -3.40% |
| Oct 31, 2025 | -3.23% |
| Jul 31, 2025 | -3.72% |
| Apr 30, 2025 | -6.14% |
| Jan 31, 2025 | -5.57% |
| Oct 31, 2024 | -6.09% |
| Jul 31, 2024 | -9.07% |
| Apr 30, 2024 | -5.88% |
| Jan 31, 2024 | -8.71% |
| Oct 31, 2023 | -9.85% |
| Jul 31, 2023 | -12.56% |
| Apr 30, 2023 | -14.89% |
| Jan 31, 2023 | -17.50% |
| Oct 31, 2022 | -18.70% |
| Jul 31, 2022 | -21.20% |
| Apr 30, 2022 | -20.01% |
| Jan 31, 2022 | -17.84% |
| Oct 31, 2021 | -15.46% |
| Jul 31, 2021 | -14.43% |
| Apr 30, 2021 | -12.77% |