−27% below 5y medianEV / revenue vs. its own five years
Board median EV / revenue10.2×five-year median 11.8× · −14%
Median Rule of 405321 of 24 above the line
Median revenue growth18%a year ago 15% · accelerating
Median SBC / revenue11%FCF margin 30% → 16% ex-SBC
Lights on1 of 3prices Oct 16, 2026 · TTM through Aug 31, 2026
Against the line
growth + FCF margin, in points
line 40score 51
growth 25 ptFCF margin 25 pt
Growth +25% plus FCF margin +25% is 51 points, 11 above the line at 40. Counting the stock as an expense: 26 points.
Where it has traded
quarter-end EV / revenue · 20 quarters · Oct 31, 2021 → Jul 31, 2026
Five-year median 12.9×, middle half 11.8–17.9×, range 6.1–57.6×. Now 9.4×: −27% below its own median, higher than 15% of those quarters.Each quarter at its own close, shares and balance sheet · the band is the 25th–75th percentile
What the cash flow really is
TTM through Jul 31, 2026 · $B
FCF 0.85B − SBC 0.82B = 0.03B ex-SBC · operating income -0.13B is the GAAP figure after SBC
Against its scale group
ZS (blue) vs. the other Large companies on the board (14), grey
Revenue growth+25% vs. +26%
Gross margin77% vs. 75%
FCF margin+25% vs. +33%
SBC / revenue25% vs. 14%
Rule of 4051 vs. 60
EV / revenue9.4× vs. 19.4×
Group averages are the plain mean of the other companies in the same scale group with a usable window.
Quarter by quarter
8 quarters · Oct 31, 2024 → Jul 31, 2026 · a gap is a dropped quarter