Mizuho has upgraded Zscaler Inc (ZS) from Neutral to Outperform, signaling a more optimistic view on the company's prospects. This change, effective December 15, 2025, comes as Zscaler continues to establish itself as a leader in the cloud-based internet security sector.
Headquartered in San Jose, California, Zscaler provides a cloud-based platform that secures connections for users, devices, and applications across various locations. The company employs 7,923 full-time staff and operates under a software-as-a-service (SaaS) model, offering subscriptions to its security solutions. With a market capitalization of $36.4 billion, Zscaler reported an earnings per share (EPS) of -0.26 for the trailing twelve months.
The upgrade reflects potential improvements in Zscaler's fundamentals and business performance, as well as increased confidence in its strategic direction. The company is scheduled to announce its next earnings results on May 27, 2026, with analysts estimating an EPS of $0.97 and revenue of $856.8 million.
Analyst ratings serve as professional opinions based on extensive research, but they should be considered alongside other factors such as company fundamentals and industry trends. As of December 1, 2025, Zscaler has a consensus rating of Buy, with 15 Strong Buy, 30 Buy, and 11 Hold ratings among 56 analysts.
This update provides insight into the evolving sentiment surrounding Zscaler, which has recently demonstrated strong earnings performance, consistently surpassing analysts' expectations in its last several quarters.