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Zscaler (ZS)

SaaS · IPO 2018 · FY ends Jul · Historical SBC from SEC EDGAR

Financials (2025)
Revenue
$2.7B
Revenue Growth YoY
23.3%
EBITDA
negative
Net Income
$-41M
Stock Price
—
Market Cap
—
Stock-Based Compensation (2025)
SBC Expense
$661M
SBC % of Revenue
24.7%
SBC % of EBITDA
neg EBITDA
SBC % of Market Cap
—
Buybacks
—
Unrecognized SBC
$1.6B
SBC % of Revenue — Historical
SBC vs Buybacks ($M) — Historical
SBC % Revenue vs SBC % Market Cap
Revenue-based SBC % is the P&L view. Market-cap-based % is the shareholder dilution view — how much of the company is given away each year.
Market Cap vs Cumulative SBC
Total SBC expense paid since earliest data year vs current market cap. Shows the cumulative cost of stock-based compensation relative to company size.
GAAP vs "Adjusted" Earnings
GAAP net income already includes SBC as a real expense. But many companies highlight "adjusted" earnings that add SBC back, flattering profitability. The orange gap shows how much non-GAAP metrics overstate real earnings each year.
Ownership Retained Over Time
100 = your original ownership at the earliest data year. Net share issuance drives this down.
Annual Gross Dilution vs Buyback Offset
Red = gross share issuance from SBC. Green = shares retired via buybacks. Both as % of prior-year shares.
Year-by-Year Detail
Year SBC ($) Revenue ($) EBITDA ($) SBC % Rev SBC % EBITDA Rev Growth Buybacks ($) Net Income ($) Shares (EOY) Price (EOY) Market Cap SBC % MCap Unrecognized SBC ($)
2025 $661M $2.7B $-24M 24.7% neg 23.3% — $-41M 158,300,823 — — — $1.6B
2024 $528M $2.2B $-55M 24.3% neg 34.1% — $-58M 152,490,005 — — — $1.5B
2023 $445M $1.6B $-179M 27.5% neg 48.2% — $-202M 147,168,773 — — — $1.2B
2022 $410M $1.1B $-287M 37.5% neg 62.1% — $-390M 143,052,488 — — — $1.0B
2021 $259M $673M $-178M 38.4% neg 56.1% $0 $-262M 138,735,981 — — — $729M
2020 $121M $431M $-96M 28.1% neg 42.4% $0 $-115M 132,906,329 — — — $508M
2019 $46M $303M $-25M 15.3% neg 59.2% $22K $-29M 127,454,926 — — — $195M
2018 $11M $190M $-27M 5.9% neg 51.3% $4M $-34M 119,773,132 — — — —
2017 $10M $126M — 7.9% — 56.5% $0 $-35M 32,359,000 — — — —
2016 IPO $4M $80M — 4.5% — — $0 $-27M — — — — —