Zscaler Inc "Thoughts into F3Q Earnings" (Buy) Boyd

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Zscaler Inc "Thoughts into F3Q Earnings" (Buy) Boyd

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Zscaler Inc Equities

United StatesThoughts into F3Q Earnings

Software

12-month rating Buy

Summary

Into earnings next week we remain positive on Zscaler shares, which we think are 12m price target US$260.00

underappreciated at 20x EV/FCF. We'd argue that investor conversations sound better

than the extremely cautious sentiment from a few months ago, but note that shares

Price (19 May 2026) US$175.25

have still underperformed YTD (ZS -22% vs cyber +8%). Since Mythos, ZS is ~in-line

with cyber, and up 20% over the past week, but we nonetheless see relatively RIC: ZS.O BBG: ZS US

manageable expectations. Against that, we’d flag checks that sounded better on the

Trading data and key metrics

month of April (commentary below), and survey results from our 6th Enterprise AI survey

52-wk range US$336.27-118.05

were slightly more positive. We are also more confident in the F2H number setup, given

30%+ RPO growth over the last four quarters. Market cap. US$29.2b

Shares o/s 166m (COM)

Other key topics into the print Free float 57%

AI tailwinds – Broader industry checks on the month of April were more positive Avg. daily volume ('000) 3,216

than March, with many partners citing more urgency from enterprises. While Avg. daily value (m) US$472.7

many of Zscaler’s offerings are transformational in nature (typically longer sales Common s/h equity (07/26E) US$2.54b

cycles), the increase in Z-flex contracts (~29% of bookings in F2Q) could allow P/BV (07/26E) 11.0x

customers to more quickly adopt AI security products including data security. Net debt to EBITDA (07/26E) NM

Organic – the company’s updated disclosure and FY guide leave less room for EPS (UBS, diluted) (USD)