Zscaler: Reasonably Valued Cybersecurity Player That Can Enter The Growth Acceleration Phase

Zscaler is positioned for multi-year growth, targeting $8–10B ARR by FY31, leveraging enterprise AI adoption and a shift to usage-based monetization. ZS's cross-selling potential is substantial, with $15B in untapped whitespace within its existing customer base and strong expansion metrics from the Z-Flex program. Non-seat, AI-driven offerings now comprise 30% of new contract value, with metered recurring revenue growing over 100% YoY, supporting a robust growth runway.