Discounted Cash Flow

Zscaler, Inc.

ZS · Based on 10 years of SEC filings

DCF estimate unavailable — only_0_profitable_out_of_last_5

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2017 $125.7m $-35.5m $-6.0m -28.2%
2018 $190.2m (51.3%) $-33.6m (5.1%) $17.3m (387.5%) -17.7% (37.3%)
2019 $302.8m (59.2%) $-28.7m (14.8%) $58.0m (235.3%) -9.5% (46.5%) $-0.23
2020 $431.3m (42.4%) $-115.1m (-301.7%) $79.3m (36.7%) -26.7% (-182.1%) $-0.89 (-287.0%)
2021 $673.1m (56.1%) $-262.0m (-127.6%) $202.0m (154.7%) -38.9% (-45.8%) $-1.93 (-116.9%)
2022 $1.1b (62.1%) $-390.3m (-48.9%) $300.6m (48.8%) -35.8% (8.1%) $-2.77 (-43.5%)
2023 $1.6b (48.2%) $-202.3m (48.2%) $430.8m (43.3%) -12.5% (65.0%) $-1.40 (49.5%)
2024 $2.2b (34.1%) $-57.7m (71.5%) $-57.7m (-113.4%) -2.7% (78.7%) $-0.39 (72.1%)
2025 $2.7b (23.3%) $-41.5m (28.1%) $-41.5m (28.1%) -1.6% (41.7%) $-0.27 (30.8%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model

only_0_profitable_out_of_last_5

Once the company meets all DCF eligibility criteria (sufficient history, profitability, growth trends), an estimate will become available automatically. No action is needed.