Question 1

What is Zscaler's P/B ratio?

Accepted Answer

Zscaler (ZS) P/B ratio is 9.7× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Zscaler?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Zscaler specifically, the relevant sector benchmark is the current sector median of 5.6×.

Question 5

Is Zscaler's P/B ratio high or low?

Accepted Answer

Zscaler's P/B ratio of 9.7× is below its own 5-year average of 34.3× and above the sector median of 5.6×. That places the current reading at the 2th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Zscaler's historical P/B ratio range?

Accepted Answer

In the available daily series, Zscaler (ZS) P/B ratio has ranged from a low of 8.4× in 2026 to a high of 99.2× in 2018. The 5-year average is 34.3× and the 5-year median is 27.8×.

Question 7

What was Zscaler's P/B ratio in 2025?

Accepted Answer

Zscaler (ZS) P/B ratio at the end of 2025 was 24.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

Why does Zscaler's P/B ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$44.7B	$1.8B	24.8×	+3.8×	Jul 31, 2025
2024	$26.8B	$1.27B	21.1×	-11.3×	Jul 31, 2024
2023	$23.5B	$725M	32.4×	-5.7×	Jul 31, 2023
2022	$21.9B	$573M	38.1×	-23.3×	Jul 31, 2022
2021	$32.5B	$529M	61.5×	+26.2×	Jul 31, 2021
2020	$17.1B	$485M	35.3×	+0.8×	Jul 31, 2020
2019	$10.6B	$309M	34.5×	+17.0×	Jul 31, 2019
2018	$4.21B	$240M	17.5×	-51.1×	Jul 31, 2018
2017	$3.42B	$49.8M	68.6×	—	Jul 31, 2017


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P/B Ratio for Zscaler (ZS) 2017-2026

P/B Ratio daily chart for Zscaler (ZS)

Historical P/B Ratio for Zscaler (ZS) from 2017 to 2025

About P/B Ratio at Zscaler (ZS)

Zscaler P/B Ratio by Year

Zscaler P/B Ratio 2025: 24.8×

Zscaler P/B Ratio 2024: 21.1×

Zscaler P/B Ratio 2023: 32.4×

Zscaler P/B Ratio 2022: 38.1×

Zscaler P/B Ratio 2021: 61.5×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Zscaler (ZS) Key Financials