Zscaler (NASDAQ: ZS) Stock Rating: Accumulate After Q4 FY7/26 Earnings
Zscaler posted 25% Q4 revenue growth to $898.2 million and a 24.3% operating margin, but guided FY27 growth down to 16.6%-17.5% as free cash flow fell.
Monday, September 28, 2026
Back to today 
From X
Myles on X
Have gone long a chunk of this. Probably also going long some $XSHQ, down 8% from the highs. https://t.co/M9S08ooUrg https://t.co/lWfXSlTVuh
John_Hempton on X
@stubmt I lost 0.02 percent on $AMC today. Position is tiny.
Calvin Blissett on X
@bull_moose26 @ConsensusGurus I'm saying to the GSEs, if there isn't differentiated pricing grid they don't need to use $FICO to sell $10m worth of loans to save say $300k due to pricing grids, its just parity now. No large incentive from that angle
Barbarian Capital on X
Burford Capital to gain up to $1.4 bn from Apple patent defeat $BUR https://t.co/FijYGEP3fo
Barbarian Capital on X
Northern Star Rejects $27 Billion Takeover Proposal From Gold Fields $GFI https://t.co/loTzZWh7IZ
Barbarian Capital on X
AAR to Pay $1.8 Billion for Stake in Aircraft-Maintenance Company $AIR https://t.co/y3DZLQRhaO
Barbarian Capital on X
Vail Resorts Loss Widens After a Year of Tough Weather $MTN https://t.co/8UH8LNPKDb
Investor Letters
All letters- Asset Value Investors Ltd August 2026 MSLOF $15B
- PenderFund Capital Management Ltd. August 2026 TGMPF $183MVHI $336M
- Forager Funds Management August 2026 BVSFF $1.4BEMCHF $66M
- Guinness Global Investors August 2026 AFL $56BDBOEY $58B
- Protean Funds August 2026 BVNKF $2.5BSUSRF $262M
- Janus Henderson Investors July 2026 NXT $12BTKOMY $92B
- Pendelhaven Asset Management B.V. July 2026 DR0 $448MALM $3.9B
- Asset Value Investors Ltd July 2026 079940 $393MUNVGY $26B
Quick Value #332 - Gentherm (THRM)
Gentherm’s Oct. 1 Reverse Morris Trust with Modine adds commercial and off-highway operations, leaving THRM at 7.4x pro forma EBITDA with…
On’s Premium Playbook
On Holdings targets premium growth through 2029, using LightSpray soccer cleats and higher pricing, with ASPs rising from $145 to $170…
The Monday Morning Briefing: Micron and Nike Earnings on Deck
Micron and Nike earnings headline a weekly briefing featuring Exor’s NAV discount, Meta’s Muse agent and Bellway’s UK housing valuation.
Campbell's: Profit Continues To Fall, But The Stock Is Becoming Interesting
Campbell’s $500 million savings program and Rao’s growth could lift EBIT despite weak FY2027 guidance, while volume declines and inflation…
Investor Overview 
An open letter to Senator Elizabeth Warren
NAIC oversight missed Delaware Life’s $13.34 billion affiliated-bond exposure and permits capital treatment that props up Brighthouse’s…
One Hour Analysis: What would it take to break $BPRE's NAV?
BPRE trades 45% below NAV as Saba and Bulldog press for buybacks or a manager change, challenging Bluerock’s incentive to preserve…
Greenland Energy Company: A Speculative Play On The Monetization Of Greenland
Greenland Energy Company holds 2.1 million acres in the Jameson Land Basin, but drilling permits, political risk and warrant dilution cloud…
Ron Ferrie 
Hindsight Capital
Hindsight Capital tests crisis-era investment decisions using anonymized company financials, including TransDigm, Halma and Texas Pacific…
Neighborhood Intelligence Is Starting To Look Like A Mess
Neighborhood Intelligence, NXH, faces a cash shortfall after failed and restructured acquisitions, as losses and limited financing options…
New Buy : Honeywell Aerospace $HONA
Honeywell Aerospace, newly spun off as HONA, fell 41% from post-listing highs after Q2 2026 as supply-chain bottlenecks delayed revenue…
SLS · short Sellas Life Sciences Group I
SELLAS Life Sciences Group faces a short case arguing that even a strong clinical outcome does not support its current valuation.
Global Spirits: Q2 Earnings Update
Diageo and Campari remain preferred as spirits sales face destocking, elevated inventories and weak guidance, while Campari increases…
American Biltrite - OTC:ABLT
American Biltrite carries $41 million of asbestos and environmental liabilities and $28 million of debt, leaving property sales, cost cuts…
Product-Market Fit in 5G ORAN Radios... Equity Market Rerate to Come? ($AMPG)
Amplitech's bull case rests on $118 million in 5G Open RAN LOIs, 125% projected revenue growth and a 1x EV/sales valuation.
The Announcement That Changes Everything
China Yuchai’s potential MGP IPO could separate its data-center and genset arm, with employee incentives tied to a listing and a proposed…
Crane Co.
Crane Co. sells sole-source aerospace and process-control components, with 40% aftermarket revenue and margin expansion following its 2023…
GAMCO Investors, Inc. - GAMI
GAMCO Investors trades OTC at a $550 million market cap, with $150 million in excess cash and a 5.2-5.7x operating-income valuation despite…
RH - the Universe Intervenes?
RH’s debt-funded luxury expansion faces weakening demand, deeper member discounts and a balance sheet strained by $2.4 billion of net debt.
Acuren Q2 Earnings review
Acuren's Q2 revenue rose 1.5% to $313.9 million before its NV5 merger; post-close selling drove TIC down 21% as management targets $20…
[P] NSP: Inspirational or Attainable Goals?
Insperity's special equity awards raise questions about the goals and incentives behind the grants.
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Newsletters 93
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Henrik Alex
High Alpha Professor- Investor Overview
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Khaveen Investments
LL Insights
Long Player
Marc Gerstein
Mike Zaccardi, CFA, CMT
Miletus Research
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Petri Dish Reports
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A Capital
Adam D. Wyden
AltayCap
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BDC
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Broken Moats
BuccoCapital Bloke
Calvin Blissett
catechwilliams
Charles Frischer
Chris Camillo
Clark Square Capital
Cluseau Investments
Colin King
Connor Haley
Conor Maguire | Value Situations
Convequity
David Orr
Deep Sail Capital
Devin LaSarre
DOMO Capital Management, LLC
Edwin Dorsey
Evan Tindell
Fajasy
Farmer
Fierce_beast
Fred Liu
Gavin Baker
Ian Bezek
Idea Brunch
JabroniCoin.USD
John_Hempton
junkbondinvestor
kab60
KEDM.com
Laughing Water Capital
Lee Roach
Little Owl Research
Maius
Maj Soueidan
marginofdanger
mavix
Mike
Mikro Kap David
Multiples Capital
Myles
Nat Stewart
Negligible Capital
Odd Diligence
Odd Lot Arbitrageur
PAA Research
Pernas Research
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Prepared Remarks
Psyop Capital
Raging Capital Ventures
Red Dog Capital
RiverRoadPartners
Rusholme Capital
Sahil Khetpal
SG
Sheel Mohnot
Tim Eriksen
Timyan Bank Alert
Todd Wenning
ToffCap
Trevor Scott
Voss Capital
Yaron Naymark
Investor letters we follow
- 1 Main Capital
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- Advisory Research
- Aegis Value Fund
- Aikya Investment Management
- Akre Capital Management, LLC
- Alluvial Capital Management
- Alpine Capital Research
- Alpinum Investment Management AG
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- Andvari Associates
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- Ariel Investments
- Aristotle Funds
- Artisan Partners
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- Biglari Holdings
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- Broadleaf Partners
- Broyhill Asset Management
- ByteTree
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- Cantor Fitzgerald Asset Management
- Cedar Creek Partners
- Cedar Grove Capital Management
- Chautauqua Capital Management
- Chilton Capital Management
- Choice Equities
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- CrossingBridge Advisors
- Crossroads Capital, LLC
- Curreen Capital
- Davenport Asset Management
- Davis Advisors Global ADR
- Davis Advisors Large Cap Value
- Davis Opportunity Fund
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- Diranko Capital
- Distillate Capital
- Dodge & Cox Stock Fund
- DoubleLine
- East 72
- Easterly Asset Management
- EdgePoint Wealth Management
- Evolve Private Wealth
- FPA Crescent Fund
- Fairlight Capital
- Fairtree Asset Management
- Fenimore Asset Management
- Fiduciary Management
- Fiera Capital
- Financial Synergies Wealth Advisors
- First Eagle Investments
- Forager Funds Management
- Frank Capital Partners
- Fred Alger Management, LLC
- Gabelli Funds
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- Grandeur Peak Global Advisors
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- Greenhaven Road Capital
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- Greenwood Gearhart
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- Guinness Global Investors
- Halvio Capital
- Harding Loevner
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- LVS Advisory
- Langdon Equity Partners
- Lansing Street Advisors
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- Laughing Water Capital
- Leonard Rickey Investment Advisors
- Lindsell Train Limited
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- Lyrical Asset Management
- Mar Vista Investment Partners
- Maran Capital Management
- Markel Group
- Marram Investment Management
- Massif Capital
- Matrix Asset Advisors
- Matthews Asia
- McIntyre Partnerships
- Merion Road Capital
- Miller Value Partners
- Moon Capital Management
- Muhlenkamp & Company
- Myrmikan Capital, LLC
- Nelnet
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- Nightview Capital
- Nixon Capital
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- O'Keefe Stevens Advisory
- Oakmark Funds
- Oldfield Partners
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- Optimist Fund
- Orange Investment Advisors
- Palm Harbour Capital
- Palm Valley Capital
- Patient Capital Management
- Peapack Private
- Pendelhaven Asset Management B.V.
- PenderFund Capital Management Ltd.
- Pershing Square Holdings
- Pittenger & Anderson
- Polaris Capital Management
- Polen Capital 5Perspectives Growth Opportunities
- Polen Capital U.S. Opportunistic High Yield
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- Protean Funds
- QuantStreet Capital
- Quercus Fund
- RF Capital Management
- RGA Investment Advisors
- Regency Wealth Management
- Rewey Asset Management
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- RiverPark Funds
- Riverwater Partners
- Robinson Capital Management
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- Saga Partners
- SaltLight Capital
- Sequoia Fund
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- TIFF Investment Management
- The London Company
- Third Avenue Management
- Troy Asset Management
- Tweedy, Browne
- Upslope Capital Management
- Vision Capital Fund
- Vltava Fund
- Vulcan Value Partners
- Warden Capital
- Wealthspire Advisors
- Wedgewood Partners
- Weitz Investment Management
- White Brook Capital
- White Falcon Capital Management
Sectors
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