What is Zscaler, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Zscaler, Inc.'s reported free cash flow gives $181.56 per share. The share price was $193.05 on September 25, 2026, 6% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $112.59 | -42% |
| Base | 15.0% | 9.0% | $181.56 | -6% |
| Bull | 20.0% | 8.0% | $309.99 | +61% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $233.78 | $250.06 | $269.96 | $294.84 | $326.82 |
| 8.0% | $194.55 | $205.11 | $217.59 | $232.56 | $250.87 |
| 9.0% | $166.01 | $173.23 | $181.56 | $191.28 | $202.76 |
| 10.0% | $144.37 | $149.50 | $155.32 | $161.97 | $169.64 |
| 11.0% | $127.44 | $131.20 | $135.41 | $140.14 | $145.50 |
Where the presets come from
Base: years 1 to 5 grow at Zscaler, Inc.'s revenue growth rate over the last 5 fiscal years (37.9% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions