Zscaler, Inc. ZS NASDAQ

Zscaler, Inc. (ZS) generated $972.45M in operating cash flow for fiscal year 2025. After capital expenditures of $245.76M, free cash flow was $726.69M.

Free cash flow margin was 27.2% of revenue. Cash conversion ratio was -23.45x, suggesting some earnings are non-cash.

Criteria supported by this page:

• HEALTH (50/100, Partial) — cash generation is adequate but may not fully cover debt in stressed conditions
• MOAT (76/100, Pass) — $726.69M (27.2% FCF margin) supports a durable competitive advantage
• INCOME (10/100) — Cash conversion ratio was -23.45x suggests some earnings are non-cash items

Overall SharesGrow Score: 54/100 with 4/7 criteria passed.