ZS · Zscaler, Inc.

$132.262026-07-21

Sector: Technology; Industry: Software - Infrastructure; Sub-Industry: Software - Infrastructure

Intrinsic Value Range Comparison · Mulya.ai

Leases factored

Bull

$0

-139.9% vs market

Base · active

$0

-139.9% vs market

Bear

$0

-110.6% vs market

Mulya.ai vs Analyst IV Comparison?

Bear $-14

Base $-53

Bull $-53

Market $132

Median $183

Market Price $132

Mulya.ai Base $-53

Analysts Median $183

Mulya.ai IV range ($-14 · $-53)

Analysts Range ($145 · $250)

Fundamentals · historical + forward · base

italics = DCF projection

Period	Revenue	Rev Gr ?	Ops M% ?	Tax Rate ?	NOPAT ?	Reinvest ?	FCFF ?	WACC% ?	PV FCFF ?	ROIC ?	Inv. Cap ?	EPS ?	P/E
2024.Q3	$1.6B	—	-13.3%	0.0%	−$316MM	−$534MM	−$850MM	8.6%	—	-165.8%	$190MM	$-1.26	—
2025.Q2	$2.2B	34.1%	-5.7%	0.0%	−$371MM	−$508MM	−$879MM	9.8%	—	-369.9%	$10MM	$-0.36	—
2025.Q3	$2.2B	0.0%	-5.7%	0.0%	−$224MM	−$191MM	−$415MM	9.0%	—	-491.1%	$81MM	$-0.36	—
2026.Q2	$2.7B	23.3%	-4.8%	0.0%	−$322MM	−$739MM	−$1.1B	9.4%	—	-89.7%	$636MM	$-0.26	—
2026.Q3	$3.2B	18.7%	-4.3%	0.0%	−$310MM	−$846MM	−$1.2B	8.9%	—	-46.5%	$697MM	$-0.48	—
italics below = DCF projection · 10yr Rev CAGR: 13.7%
2027.Q3	$3.9B	+21.3%	-10.1%	2.0%	−$381MM	−$458MM	−$839MM	9.5%	−$767MM	-41.2%	$1.2B	$7.51	17.6
2028.Q3	$4.5B	+16.7%	-38.5%	4.0%	−$1.7B	−$320MM	−$2.0B	9.4%	−$1.7B	-126.2%	$1.5B	$0.96	137.8
2029.Q3	$5.2B	+15.8%	-13.8%	6.0%	−$675MM	−$280MM	−$955MM	9.3%	−$730MM	-41.8%	$1.8B	$8.60	15.4
2030.Q3	$6.1B	+17.9%	-12.4%	8.0%	−$701MM	−$304MM	−$1.0B	9.2%	−$703MM	-36.8%	$2.1B	$10.42	12.7
2031.Q3	$7.2B	+18.1%	-12.4%	10.0%	−$810MM	−$308MM	−$1.1B	9.1%	−$717MM	-36.6%	$2.4B	$12.03	11.0

Term. Yr+	$11.9B	4.1%	-11.2%	20.0%	−$1.1B	$508MM	−$558MM	8.6%	−$5.2B	8.6%	—	—	—

Active scenario IV: $0 (-139.9% vs market)