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…
TMCR · short Metals Royalty Company INC
Metals Royalty Company, a U.S.-focused critical-minerals royalty platform, direct-listed on Nasdaq in April 2026 and holds royalty and…
A Microcap Turnaround with Multiple Catalysts
Spar Group, a $27 million retail-services company, refocused on U.S. merchandising after Highwire’s $2.50-per-share buyout failed, leaving…
GCI Liberty: Cheap, Tax Asset, Malone Fatigue?
GCI Liberty trades cheaply, holds tax assets, and faces investor fatigue with John Malone.
AAON
AAON shares have fallen 45% from November 2024 highs as core HVAC bookings weaken, while BASX supplies hyperscale data-center growth.
A Microcap Diagnostic Company Trading at 2x Earnings and Growing at 19%
Interpace Biosciences (OTC: IDXG) trades at 2x earnings after a Medicare reimbursement increase drove 19% growth, with a reverse split,…
Quiet Compounders, a Hidden Moat and an 18% FCF Yield at Pitney Bowes (PBI)
Pitney Bowes trades at an 18% FCF yield, with 25% operating margins, 30%-plus ROIC and plans to return free cash flow mostly through…
Alta Fox NATL Presentation
Alta Fox values NCR Atleos at $100 a share, citing ATM-as-a-Service growth, deleveraging and buybacks.
API Group: A reasonable path to $50+ per share
API Group targets $10.4 billion of 2028 revenue and 16% EBITDA margins as recurring compliance inspections expand, supporting a $50-plus…
Pt III: A High Quality Tech Provider with an Emerging Event-Angle
IMAX China, Hong Kong-listed 1970, is IMAX’s exclusive Greater China licensee, earning box-office-linked fees from premium large-format…
GTEC- Greenland Technologies (Read: HEVI)
GTEC trades near net cash value despite $80-90 million of stable transmission sales and $22 million of LTM free cash flow, with HEVI…
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catechwilliams
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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
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Ian Bezek
Idea Brunch
JabroniCoin.USD
John_Hempton
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kab60
KEDM.com
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Lee Roach
Little Owl Research
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marginofdanger
mavix
Mike
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Myles
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Negligible Capital
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Rusholme Capital
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SG
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Timyan Bank Alert
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ToffCap
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Voss Capital
Yaron Naymark
Investor letters we follow
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- Frank Capital Partners
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- Patient Capital Management
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- Pendelhaven Asset Management B.V.
- PenderFund Capital Management Ltd.
- Pershing Square Holdings
- Pittenger & Anderson
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- Polen Capital 5Perspectives Growth Opportunities
- Polen Capital U.S. Opportunistic High Yield
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- Vision Capital Fund
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- Vulcan Value Partners
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- Wedgewood Partners
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- White Falcon Capital Management
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