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
BDC on X
@DueDoctor All goes well this could add $800mn in annual revenue to $mrna. Added $44B in market cap. Market said that theoretical 2-3 year out revenue is worth 50x + yesterdays' market cap
Charles Frischer on X
@Jono8325 @MLedrappier @roadkillrecipes @CalgaryLeveen @FishOnCapital $NN Someone asked my opinion. I provided it. I am sorry if it makes you frustrated that things often take longer than we expect. It has been my life experience that things take longer than expected. That said, I am very positive on the next couple of months with NN.
SG on X
Good report from $BULL. I remain long and may add. https://t.co/mvOiOAN83t
Mike on X
@mathlonning $SIF especially, I thought the Q was good
BDC on X
@BoxLongs $SNAP added $250mn in revenue yy and $200mn in adj ebitda. Adj shares outstanding actually decreased 70 bps yy. FCF +400% yy. While everyone knows its a horribly managed asset, the numbers in isolation are MUCH improved YoY while stock itself is down 30% yy.
Ian Bezek on X
@SandBrandyn I bought a basket of software and adjacent in Feb/March. $TEAM most ridiculous example both to the down and now upside... I don't trust the management teams enough to make a concentrated bet on any of these.
Pernas Research on X
Nothing decays faster than borrowed conviction…… $CEPL melt up then sell off https://t.co/yD9uwh2wdD
Broken Moats on X
$mrna secondary coming in 21.05 minutes
Investor Letters
All letters- Asset Value Investors Ltd August 2026 MSLOF $15B
- PenderFund Capital Management Ltd. August 2026 TGMPF $187MVHI $332M
- Forager Funds Management August 2026 BVSFF $929MEMCHF $64M
- Guinness Global Investors August 2026 AFL $56BDBOEY $59B
- Protean Funds August 2026 BVNKF $2.5BSUSRF $260M
- Janus Henderson Investors July 2026 NXT $14BTKOMY $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 1 click
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 1 click
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…
Vince Martin 1 click
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…
SFIX · long Stitch Fix INC
Stitch Fix’s 2017 IPO rested on overly ambitious long-term growth expectations and an unrealistic definition of its addressable market.
Sezzle: The Market Is Underestimating This High-Growth Fintech
Sezzle’s Q2 2026 revenue rose 51.7% and adjusted net income 58.4%, while revenue per GMV reached 11.7% as Premium subscriptions lifted…
Blake Winiecki 1 click
VersaBank: The Bank Behind the Bank – How a Canadian Branchless Pioneer Wants to Make Asset-Backed Securities Obsolete
VersaBank uses cash holdbacks and put-backs to buy point-of-sale loan cash flows, with C$7 billion in assets and AI-enabled real-time…
GitLab: Positioned To Benefit From Software Development Explosion
GitLab's Q2 FY2027 beat and raised guidance reflect large deals, paid consumption growth and AI demand, while valuation rests on revenue…
Research and Value 4 clicks
Updates
FGPR remains on track, PRTH's management buyout is set at $8.05, and microcap RAVE is described as cheap.
Reddit: DCF Valuation
Reddit’s DCF values shares at $225, driven by international ARPU expansion from $2.2 to $8.3 by 2035 and 38% operating margins.
TSOH Weekly Roundup (09/25/2026)
TSOH Weekly Roundup covers Ralph Lauren’s $1 billion distribution pullback, Peloton’s $2,195 foldable treadmill and $800 million…
IonQ: Nvidia QPU Catalyst Isn't Enough
IonQ's Q2 2026 revenue rose 287% to $80.1 million, but durability hinges on its $485 million RPO and enterprise adoption for production AI…
Deep Value Investing 2 clicks
Single Stock Spotlight #15: Rocket Companies (RKT)
Rocket Companies combines Redfin, Rocket Mortgage and Mr. Cooper into an end-to-end homeownership platform, adding mortgage servicing fees…
(Public) Mach Natural Resources - A Buying Opportunity
Mach Natural Resources' Q2 distributable cash fell to $60.1 million as development spending rose, prompting a distribution cut; its units…
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catechwilliams
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Cluseau Investments
Colin King
Connor Haley
Conor Maguire | Value Situations
Convequity
David Orr
Deep Sail Capital
Devin LaSarre
DOMO Capital Management, LLC
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Evan Tindell
Fajasy
Farmer
Fierce_beast
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Idea Brunch
JabroniCoin.USD
John_Hempton
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KEDM.com
Laughing Water Capital
Lee Roach
Little Owl Research
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marginofdanger
mavix
Mike
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SG
Sheel Mohnot
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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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