Mulya.ai
Ticker
ZS
Scenario
Key Inputs
Revenue est.?Analyst
OP margin est.?Analyst
Reinvestment est.?avg_lt_ttm
R&D capitalizedNo
Leases factoredNo
Key Assumptions
WACC ?10.4%
ERP ?4.5%
Risk-free rate ?4.1%
Beta (blended) ?1.124
Beta (levered) ?1.359
Terminal OM% ?30.9%
Segment conc. ?100% dominant
Terminal growth ?4.1%
Bond rating ?CCC · 9.18%
ROIC option ?Opt 3 · 52.7%
Prob of failure ?20.0%
Pipeline validated · 2026-05-17

ZS · Zscaler, Inc.

$138.562026-05-17
Sector: Technology; Industry: Software - Infrastructure; Sub-Industry: Software - Infrastructure

Intrinsic Value Range Comparison · Mulya.ai

Bull
$168
+21.2% vs market
Base · active
$161
+16.4% vs market
Bear
$85
-39.0% vs market
Mulya.ai vs Analyst IV Comparison?
Bear $85
Market $139
Base $161
Bull $168
Median $300
Market Price $139
Mulya.ai Base $161
Analysts Median $300
Mulya.ai IV range ($85 · $168)
Analysts Range ($209 · $360)
Fundamentals · historical + forward · base
italics = DCF projection
PeriodRevenueRev Gr ?Ops M% ?Tax Rate ?NOPAT ?
Reinvest ?
FCFF ?WACC% ?PV FCFF ?ROIC ?Inv. Cap ?EPS ?P/E
2022.Q2$673MM-30.8%0.0%−$212MM$48MM−$165MM6.7%0.0%−$121MM$-1.64
2023.Q2$1.1B62.1%-30.0%0.0%−$338MM−$55MM−$394MM8.7%0.0%−$207MM$-2.44
2024.Q2$1.6B48.2%-13.3%0.0%−$271MM−$17MM−$288MM8.6%0.0%−$315MM$-1.27
2025.Q2$2.2B34.1%-5.7%0.0%−$371MM−$422MM−$793MM9.8%0.0%−$75MM$-0.36
2026.Q2$3.0B38.4%-4.8%0.0%−$358MM−$650MM−$1.0B9.4%-151.5%$548MM$-0.42
italics below = DCF projection · 10yr Rev CAGR: 13.6%
2027.Q2$3.7B+23.7%32.0%2.0%$1.2B−$138MM$1.0B10.3%$930MM188.7%$685MM$7.2819.0
2028.Q2$4.4B+19.2%12.4%4.0%$527MM−$147MM$379MM10.1%$312MM69.4%$832MM$3.3042.0
2029.Q2$5.1B+16.3%14.3%6.0%$694MM−$159MM$535MM9.9%$401MM76.1%$991MM$4.3431.9
2030.Q2$6.0B+15.9%21.5%8.0%$1.2B−$194MM$985MM9.8%$672MM108.3%$1.2B$7.3818.8
2031.Q2$7.0B+16.6%21.5%10.0%$1.3B−$254MM$1.1B9.6%$679MM102.4%$1.4B$8.4216.5
Term. Yr+$11.2B4.1%30.9%20.0%$2.8B−$215MM$2.5B8.6%$22.8B52.7%
Active scenario IV: $161 (+16.4% vs market)