Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Over the five-year period Zscaler’s balance sheet shows strong expansion: total assets climbed from $2,257.6m in 2021 to $6,419.9m in 2025 (a ~184% increase), driven by particularly large jumps in 2024–2025. Liabilities also grew substantially from $1,728.7m to $4,620.6m (≈167% increase), with notable absolute increases in 2024–2025. Stockholders’ equity rose from $528.9m to $1,799.3m (≈240% increase) — equity growth outpaced liabilities on a percentage basis, and equity increased most sharply between 2023 and 2024 (a ~76% step-up) and continued to expand meaningfully into 2025. Relative structure improved in the most recent years: the liabilities-to-assets ratio peaked near 80% in 2022–2023 and fell to about 72% by 2025, while the equity-to-assets ratio recovered from roughly 20% in 2022–2023 to ~28% in 2025. That shift suggests the company has strengthened its capital base recently (likely via a combination of equity financing and retained earnings or operating cash generation), even as it continued to scale balance-sheet size. For a SaaS/cybersecurity growth company like Zscaler, rising assets and liabilities are consistent with rapid scaling (larger cash balances, deferred revenue, investments in infrastructure and growth), but you should review the cash-flow and income-statement details to distinguish financing activity from operating profitability and to assess sustainability of the improved equity position.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.