Zscaler - owner earnings plus net cash (assembled from nine-month FY2026 actuals)

As of 2026-07-19

USD

Updated Jul 19, 2026

as of 2026-07-19

Fair value per share

$27.37

Upside to market

-81.7%

Net cash per share

$11.38

Justified multiple of owner earnings

18.0

Cash plus short-term investments

3,539.11$M

Annual relative growth decay

15.0%

Discount rate

10.0%

Entry growth (organic, below 25.6% headline incl. Red Canary)

20.0%

FCF margin (OCF less capex less capitalized software)

29.3%

GAAP gross margin (9M FY2026)

76.8%

Market price

$149.94

Revenue annualized from 9M FY2026 actuals

3,272.45$M

SBC as pct of revenue

24.9%

Shares outstanding

161.71M

Terminal multiple cap

18.00

Convertible senior notes

1,699.64$M

Total multiple cap

45.00

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