Cloud-native zero-trust security platform providing secure access and threat prevention for enterprises through a globally distributed proxy architecture.
Zscaler's zero-trust architecture — cloud-delivered policy enforcement between users, applications and the internet — becomes more valuable as enterprise perimeters dissolve. Deferred revenue grew 32% YoY, six percentage points faster than recognized revenue at 26%, signaling contract duration expansion the income statement has not yet captured. The architectural moat from replacing appliance estates creates switching costs that outlast competitive feature parity.
View position memo →Articles from the Gross Retention archive that reference Zscaler, Inc. (ZS).
August 25, 2026
Zscaler trades at a premium to every cybersecurity peer, but replacing the entire network security stack — every branch office, cloud workload, and remote user — is a multi-year migration no CISO undertakes lightly.
August 25, 2026
The SEC now requires disclosure of material cybersecurity incidents within 4 business days. Companies can't risk the disclosure — so they have to buy the protection. The demand floor is structural.
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