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Held by 722 of 5,944 reporting institutions (98th percentile) — extremely crowded.
Data as of Q1 2026
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How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -2%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $197.31 today, the market must believe free cash flow compounds 19.6%/yr for a decade (off $603M normalized FCF).
The market's 19.6% is more conservative than its 7-yr track record.
2-stage DCF · 0.16B shares · net debt -$2.4B
mean 182.5% · volatility σ 264% · implied rate exceeded in 6/7 yrs
Central path = implied 19.6%/yr growth; shaded band = ±1σ (264%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
4/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $808M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
EOD close · as of 2026-09-18
Nothing notable to watch.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 19.9 | 19.7 | 22.2 | 22.3 | 22.2 | 22.4 | 22.0 | 23.1 |
| Gross Profit | 80.1 | 80.3 | 77.8 | 77.7 | 77.8 | 77.6 | 78.0 | 76.9 |
| R&D | 20.7 | 20.5 | 22.7 | 25.9 | 26.5 | 21.7 | 23.1 | 25.2 |
| SG&A | 16.4 | 15.4 | 17.1 | 14.3 | 13.9 | 11.1 | 9.8 | 9.4 |
| Operating Income | -18.2 | -11.7 | -26.4 | -30.9 | -30.0 | -14.5 | -5.6 | -4.8 |
| Income Tax | 0.7 | 0.2 | 0.6 | 0.7 | 0.6 | 1.2 | 1.3 | 0.9 |
| Net Income | -17.7 | -9.5 | -26.7 | -38.9 | -35.8 | -12.5 | -2.7 | -1.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ZS: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
EOD close · as of 2026-09-18
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.67B 100.0% | $2.17B 100.0% | $1.62B 100.0% | $1.09B 100.0% | $673.1M 100.0% | $431.3M 100.0% | $302.8M 100.0% | $190.2M 100.0% | $125.7M 100.0% | $80.3M 100.0% |
| Cost of Revenue | $618.2M 23.1% | $477.1M 22.0% | $362.8M 22.4% | $242.3M 22.2% | $150.3M 22.3% | $95.7M 22.2% | $59.7M 19.7% | $37.9M 19.9% | $27.5M 21.9% | $20.1M 25.1% |
| Gross Profit | $2.05B 76.9% | $1.69B 78.0% | $1.25B 77.6% | $848.7M 77.8% | $522.8M 77.7% | $335.5M 77.8% | $243.2M 80.3% | $152.3M 80.1% | $98.2M 78.1% | $60.2M 74.9% |
| Research & Development | $672.5M 25.2% | $499.8M 23.1% | $350.8M 21.7% | $289.1M 26.5% | $174.7M 25.9% | $97.9M 22.7% | $62.0M 20.5% | $39.4M 20.7% | $33.6M 26.7% | $20.9M 26.1% |
| Selling, General & Admin | $251.8M 9.4% | $212.1M 9.8% | $178.9M 11.1% | $151.7M 13.9% | $96.5M 14.3% | $73.6M 17.1% | $46.6M 15.4% | $31.1M 16.4% | $20.5M 16.3% | $9.4M 11.7% |
| Total Operating Expenses | $2.18B 81.7% | $1.81B 83.6% | $1.49B 92.1% | $1.18B 107.8% | $730.6M 108.5% | $449.5M 104.2% | $278.5M 92.0% | $186.9M 98.3% | $133.3M 106.0% | $87.0M 108.4% |
| Operating Income | -$128.5M -4.8% | -$121.5M -5.6% | -$234.6M -14.5% | -$327.4M -30.0% | -$207.8M -30.9% | -$114.0M -26.4% | -$35.3M -11.7% | -$34.6M -18.2% | -$35.1M -27.9% | -$26.8M -33.4% |
| Interest Expense | $9.5M 0.4% | $13.1M 0.6% | $6.5M 0.4% | $56.6M 5.2% | $53.4M 7.9% | $5.0M 1.2% | $0 0.0% | $0 0.0% | — | — |
| Interest & Investment Income | $125.4M 4.7% | $109.1M 5.0% | $60.5M 3.7% | $4.6M 0.4% | $2.8M 0.4% | $6.5M 1.5% | $7.7M 2.6% | $2.2M 1.2% | — | — |
| Other Income (Expense), net | -$5.7M -0.2% | -$3.8M -0.2% | -$1.9M -0.1% | -$4.2M -0.4% | $1.2M 0.2% | -$224K -0.1% | -$329K -0.1% | $79K 0.0% | -$107K -0.1% | -$416K -0.5% |
| Pretax Income | -$18.3M -0.7% | -$29.2M -1.3% | -$182.6M -11.3% | -$383.6M -35.2% | -$257.2M -38.2% | -$112.7M -26.1% | -$27.9M -9.2% | -$32.3M -17.0% | -$34.6M -27.5% | -$27.0M -33.6% |
| Income Tax Expense | $23.2M 0.9% | $28.5M 1.3% | $19.8M 1.2% | $6.6M 0.6% | $4.9M 0.7% | $2.4M 0.6% | $743K 0.2% | $1.3M 0.7% | $877K 0.7% | $468K 0.6% |
| Net Income | -$41.5M -1.6% | -$57.7M -2.7% | -$202.3M -12.5% | -$390.3M -35.8% | -$262.0M -38.9% | -$115.1M -26.7% | -$28.7M -9.5% | -$33.6M -17.7% | -$35.5M -28.2% | -$27.4M -34.2% |
| Per Share | ||||||||||
| EPS (Basic) | $-0.27 | $-0.39 | $-1.40 | $-2.77 | $-1.93 | $-0.89 | $-0.23 | — | — | — |
| EPS (Diluted) | $-0.27 | $-0.39 | $-1.40 | $-2.77 | $-1.93 | $-0.89 | $-0.23 | — | — | — |
| Weighted Avg Shares (Basic) | 154.4M | 149.6M | 144.9M | 140.9M | 135.7M | 129.3M | 123.6M | — | — | — |
| Weighted Avg Shares (Diluted) | 154.4M | 149.6M | 144.9M | 140.9M | 135.7M | 129.3M | 123.6M | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 743 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TSM | $11.27T | — | — | — | — | — | — | — | — | — | 3,121 |
| NVDA | $5.40T | 45.4× | 40.5× | 25.0× | 65.5% | 71.1% | 55.6% | 76.3% | 72.4% | 0.1× | 5,582 |
| AAPL | $4.97T | 45.1× | 34.7× | 11.9× | 6.4% | 46.9% | 26.9% | 152% | 68.1% | 0.6× | 5,858 |
| MSFT | $3.67T | 27.5× | 19.4× | 11.1× | 17.8% | 67.9% | 40.3% | 30.2% | 27.7% | 0.2× | 5,944 |
| AVGO | $1.70T | 75.0× | 66.9× | 26.5× | 23.9% | 67.8% | 36.2% | 28.4% | 15.8% | 2.5× | 4,442 |
| MU | $1.14T | 133.8× | 63.0× | 30.5× | 48.9% | 39.8% | 22.8% | 15.8% | 12.9% | 0.7× | 2,894 |
| AMD | $912.5B | 211.3× | 215.9× | 26.3× | 34.3% | 49.5% | 12.5% | 6.9% | 6.5% | 0.8× | 3,059 |
| INTC | $542.3B | — | 67.3× | 10.3× | -0.5% | 34.8% | -0.5% | -0.2% | -0.2% | 5.5× | 2,495 |
| CSCO | $433.7B | 43.0× | 36.4× | 7.7× | 5.3% | 64.9% | 18.0% | 21.7% | 13.6% | 2.3× | 3,560 |
| PLTR | $424.8B | 282.0× | 294.0× | 94.9× | 56.2% | 82.4% | 36.3% | 22.0% | 22.0% | — | 2,883 |
| DELL | $370.4B | 65.4× | 34.9× | 3.3× | 18.8% | 20.0% | 5.2% | -240% | 20.4% | 2.8× | 1,564 |
| LRCX | $365.5B | 69.4× | 58.4× | 19.8× | 23.7% | 48.7% | 29.1% | 54.3% | 37.4% | 0.7× | 2,500 |
| AMAT | $352.5B | 51.3× | 40.5× | 12.4× | 4.4% | 48.7% | 24.7% | 34.3% | 25.9% | 0.8× | 2,826 |
| RPAY | $340.5B | — | — | 1101.1× | -1.2% | 75.0% | -83.0% | -53.0% | -28.2% | -1.7× | 142 |
| UMC | $309.1B | — | — | — | — | — | — | — | — | — | 302 |
| ARM | $293.3B | 324.3× | 252.8× | 59.6× | 22.8% | 97.5% | 18.4% | 10.9% | 10.9% | — | 730 |
| SNDK | $261.6B | — | — | 35.6× | 10.4% | 30.1% | -22.3% | -17.8% | -14.8% | -1.5× | 1,127 |
| SAP | $257.3B | — | — | — | — | — | — | — | — | — | 794 |
| ANET | $250.5B | 72.5× | 63.3× | 27.8× | 28.6% | 64.1% | 39.0% | 28.4% | 28.4% | — | 1,930 |
| PANW | $242.9B | 227.2× | 151.7× | 26.3× | 14.9% | 73.4% | 12.3% | 14.5% | 14.5% | — | 2,374 |
| TXN | $242.4B | 48.9× | 31.9× | 13.7× | 13.0% | 57.0% | 28.3% | 30.7% | 16.5% | 1.8× | 2,345 |
| CRM | $221.0B | 30.5× | 23.9× | 5.3× | 9.6% | 77.7% | 18.0% | 12.6% | 10.1% | 1.5× | 2,547 |
| IBM | $215.1B | 20.6× | — | 3.2× | 7.6% | 58.2% | 15.7% | 32.4% | 11.3% | — | 3,351 |
| MRVL | $207.0B | 79.6× | 135.2× | 25.3× | 42.1% | 51.0% | 32.6% | 18.7% | 14.2% | 2.9× | 1,477 |
| QCOM | $190.9B | 35.5× | 14.3× | 4.3× | 13.7% | 55.4% | 12.5% | 26.1% | 15.4% | 1.1× | 2,611 |
| ZS | $31.2B | — | — | 11.7× | 23.3% | 76.9% | -1.6% | -2.3% | -2.3% | — | 722 |
Peers = companies sharing ZS's sector (Technology) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.