Zscaler price to free cash flow ZS

Market value divided by free cash flow over the last twelve months, since 2019.

Today, Oct 23, 2026: 48.8×
8-year median: 69.8×
Against its 8-year history: 24th; percentile: 0 is its lowest day, 100 its highest
8-year range: 20.0× to 498×
Peer median: 26.6×

Zscaler's price to free cash flow is 48.8× as of Oct 23, 2026.

That is below its 8-year median of 69.8×, lower than on 76% of days in the last 8 years.

Over that time it ranged from 20.0× in Apr 2026 to 498× in Jul 2020.

The median for 10 infrastructure software stocks of a similar size is 26.6×.

Price to free cash flow over time

Open the interactive chart, with overlays and comparisons

Year by year

Year	End of year	Low	High
2026 so far	48.8×	20.0×	48.8×
2025	39.7×	35.1×	64.9×
2024	39.5×	39.5×	76.5×
2023	66.5×	42.5×	79.8×
2022	60.0×	58.3×	195×
2021	230×	187×	436×
2020	385×	159×	498×
2019	160×	154×	310×

Against its peers

Companies in Software - Infrastructure nearest Zscaler's size, closest first, today.

Company	Price to free cash flow
ZSZscaler	48.8×
TWLOTwilio	n/m
XYZBlock	11.8×
OKTAOkta	38.0×
MDBMongoDB	45.4×
VRSNVeriSign	25.4×
CPAYCorpay	16.4×
RBRKRubrik	87.8×
IOTSamsara	103×
FFIVF5	26.6×
PTCPTC	22.5×
Peer median	26.6×

What the price to free cash flow tells you

Market value divided by free cash flow: the cash left after running the business and paying for equipment. Cash is harder to manage than accounting earnings, so many investors trust this more than PE.

Lumpy: a big year of building factories drops cash flow and inflates the ratio without the business getting worse.

More on Zscaler

Valuation data, not investment advice. Prices as of Oct 23, 2026. Reported figures come from the company's filings with the SEC.