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Formula Systems (1985) vs Zscaler: revenue, profit, margins and growth compared

Formula Systems (1985) brought in $2.8B of revenue in fiscal 2024, Zscaler $3.4B in fiscal 2026. Revenue changed by +5.2% at Formula Systems (1985) and +25.4% at Zscaler on the year before, so Zscaler grew faster. Formula Systems (1985) kept 2.9% of its revenue as net profit, Zscaler -1.9%. Free cash flow was $308M at Formula Systems (1985) and $852.4M at Zscaler.

Open the FORTY pageOpen the ZS page

Side by side, latest fiscal year

FORTYZS
Fiscal year endedFY2024 (December 31, 2024)FY2026 (July 31, 2026)
Revenue$2.8B$3.4B
Revenue growth+5.2%+25.4%
Net income$79.7M-$63.2M
Net margin2.9%-1.9%
Free cash flow$308M$852.4M
Free cash flow margin11.2%25.4%
Earnings per share (diluted)$5.09-$0.39
Cash$507.8M$928.4M
Debtn/an/a
Price to earningsn/an/a
Market value$1.8B$31.2B
Dividend yieldn/an/a
Rank by revenue in sector#127 of 530 · Technology#113 of 530 · Technology

Over the years

Revenue
FORTY FY2017: $1.4BFORTY FY2018: $1.5BFORTY FY2019: $1.7BFORTY FY2020: $1.9BFORTY FY2021: $2.4BFORTY FY2022: $2.6BFORTY FY2023: $2.6BFORTY FY2024: $2.8BZS FY2019: $302.8MZS FY2020: $431.3MZS FY2021: $673.1MZS FY2022: $1.1BZS FY2023: $1.6BZS FY2024: $2.2BZS FY2025: $2.7BZS FY2026: $3.4BFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
FORTY $2.8BZS $3.4B
Net income
FORTY FY2017: $10.4MFORTY FY2018: $77.4MFORTY FY2019: $94.4MFORTY FY2020: $114MFORTY FY2021: $141.9MFORTY FY2022: $81.4MFORTY FY2023: $64MFORTY FY2024: $79.7MZS FY2019: -$28.7MZS FY2020: -$115.1MZS FY2021: -$262MZS FY2022: -$390.3MZS FY2023: -$202.3MZS FY2024: -$57.7MZS FY2025: -$41.5MZS FY2026: -$63.2MFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
FORTY $79.7MZS -$63.2M
Net margin
FORTY FY2017: 0.8%FORTY FY2018: 5.2%FORTY FY2019: 5.6%FORTY FY2020: 5.9%FORTY FY2021: 5.9%FORTY FY2022: 3.2%FORTY FY2023: 2.4%FORTY FY2024: 2.9%ZS FY2019: -9.5%ZS FY2020: -26.7%ZS FY2021: -38.9%ZS FY2022: -35.8%ZS FY2023: -12.5%ZS FY2024: -2.7%ZS FY2025: -1.6%ZS FY2026: -1.9%FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
FORTY 2.9%ZS -1.9%
Revenue growth
FORTY FY2018: +10.2%FORTY FY2019: +13.9%FORTY FY2020: +13.7%FORTY FY2021: +24.3%FORTY FY2022: +7.0%FORTY FY2023: +1.9%FORTY FY2024: +5.2%ZS FY2020: +42.4%ZS FY2021: +56.1%ZS FY2022: +62.1%ZS FY2023: +48.2%ZS FY2024: +34.1%ZS FY2025: +23.3%ZS FY2026: +25.4%FY18FY19FY20FY21FY22FY23FY24FY25FY26
FORTY +5.2%ZS +25.4%
Free cash flow
FORTY FY2017: $71.5MFORTY FY2018: $71MFORTY FY2019: $173.7MFORTY FY2020: $271.5MFORTY FY2021: $191.7MFORTY FY2022: $217.1MFORTY FY2023: $278.3MFORTY FY2024: $308MZS FY2019: $32.5MZS FY2020: $36.2MZS FY2021: $153.9MZS FY2022: $252.6MZS FY2023: $365.1MZS FY2024: $635.3MZS FY2025: $808.2MZS FY2026: $852.4MFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
FORTY $308MZS $852.4M

Fiscal years as each company reports them; the two may end in different months.

Questions about Formula Systems (1985) and Zscaler

Which is bigger by revenue, Formula Systems (1985) or Zscaler?

Zscaler is bigger by revenue: $3.4B in fiscal 2026, against $2.8B for Formula Systems (1985) in fiscal 2024.

Which keeps more of its revenue as profit, Formula Systems (1985) or Zscaler?

Formula Systems (1985) had a net margin of 2.9% in fiscal 2024; Zscaler had -1.9% in fiscal 2026.

Which grew revenue faster, Formula Systems (1985) or Zscaler?

In their latest fiscal years revenue changed by +5.2% at Formula Systems (1985) and +25.4% at Zscaler.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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