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NMS · Valuation Lab
ZS
Zscaler, Inc.
Last$161.65
Market cap26.1B
EV/EBITDA-402.5x
Intrinsic value
$436.17
MoS +62.9% · Undervalued
Assuming 34.9% FCF margin and 25.4% Y1–5 growth.
Upside to price
EV (DCF)68.9B
Terminal share69%
Expected IV$453.06
Probability weights
Projected free cash flows
Stage FCF path with present values · terminal 69% of EV
PV of stage FCFs21.6B
PV of terminal value47.3B
Enterprise value68.9B
Net cash / (debt)1.7B
Equity value70.5B
Intrinsic value / share$436.17
| Year | Revenue | FCF | PV | DF |
|---|---|---|---|---|
| Y1 | 4B | 1.4B | 1.3B | 92.2% |
| Y2 | 5B | 1.7B | 1.5B | 85.0% |
| Y3 | 6.3B | 2.2B | 1.7B | 78.3% |
| Y4 | 7.8B | 2.7B | 2B | 72.2% |
| Y5 | 9.8B | 3.4B | 2.3B | 66.5% |
| Y6 | 11.1B | 3.9B | 2.4B | 61.3% |
| Y7 | 12.5B | 4.4B | 2.5B | 56.5% |
| Y8 | 14.1B | 4.9B | 2.6B | 52.1% |
| Y9 | 15.9B | 5.5B | 2.7B | 48.0% |
| Y10 | 17.9B | 6.2B | 2.8B | 44.3% |
| Terminal | — | — | 47.3B | — |
Educational DCF model only — not financial advice. Terminal value and assumptions dominate results; verify filings and run your own diligence.