CrowdStrike Holdings vs Zscaler (CRWD vs ZS)
Side by side from their SEC filings: revenue, margins, growth, returns and valuation, plus short interest, insider activity and institutional ownership.
CrowdStrike Holdings is the larger company by revenue ($4.8B vs $2.7B) and market value ($190.6B vs $24.2B). Zscaler has grown revenue faster over the last 4 fiscal years (+297.1% cumulative vs +231.5%). Zscaler runs the higher operating margin (-4.8% vs -6.1%).
About CrowdStrike Holdings
CrowdStrike Holdings, Inc. provides cloud-native cybersecurity solutions designed to prevent breaches across endpoints, cloud workloads, identities, and AI systems. Its main product is the Falcon platform, which uses artificial intelligence and a single lightweight sensor to collect and analyze security data in real time for threat detection, investigation, and response. CrowdStrike serves organizations across various industries seeking to protect their digital environments from sophisticated cyberattacks.
About Zscaler
Zscaler, Inc. provides cloud-native cybersecurity solutions designed to secure users, devices, applications, and workloads through a Zero Trust Exchange platform. Its main products include Zscaler Internet Access, which secures access to external applications and internet destinations, and Zscaler Private Access, which provides secure access to internal applications. The company serves large enterprises and government agencies across various industries worldwide, helping them protect data and accelerate digital transformation.
Head to head (CRWD FY2026 vs ZS FY2025)
| Metric | CRWDFY2026 | ZSFY2025 |
|---|---|---|
| Revenue | $4.81B | $2.67B |
| Revenue growth (YoY) | 21.7% | 23.3% |
| Gross margin | 74.7% | 76.9% |
| Operating margin | -6.1% | -4.8% |
| Net margin | -3.4% | -1.6% |
| Net income | $-162.5M | $-41.5M |
| Diluted EPS | $-0.65 | $-0.27 |
| FCF margin | 27.2% | 30.2% |
| ROE | -3.6% | -2.3% |
| Debt / equity | 0.2× | — |
| Market cap | $190.60B | $24.25B |
| P/E (TTM) | — | — |
Fundamentals are from each company’s SEC filings (CRWD FY2026, ZS FY2025). P/E and market cap are derived from recent market prices and update daily.
Five-year trend (as reported)
| CRWD by fiscal year | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Revenue | $1.45B | $2.24B | $3.06B | $3.95B | $4.81B |
| Net income | $-234.8M | $-183.2M | $72.2M | $-15.2M | $-162.5M |
| Operating margin | -9.8% | -8.5% | -0.6% | -2.9% | -6.1% |
| ZS by fiscal year | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | $673.1M | $1.09B | $1.62B | $2.17B | $2.67B |
| Net income | $-262.0M | $-390.3M | $-202.3M | $-57.7M | $-41.5M |
| Operating margin | -30.9% | -30.0% | -14.5% | -5.6% | -4.8% |
CrowdStrike Holdings and Zscaler use different fiscal calendars (CRWD's FY2026 ended 2026-01-31, ZS's FY2025 ended 2025-07-31), so their fiscal years are shown separately rather than forced into one timeline.
Peer standing
These companies are ranked against different peer groups (CrowdStrike Holdings vs 330 software companies; Zscaler vs 625 Technology companies), so each is shown against its own peers rather than on one scale.
CrowdStrike Holdings
No standout rankings: CrowdStrike Holdings sits mid-distribution on most reported metrics.
Zscaler
Zscaler’s FCF margin of 30.2% ranks in the 90th percentile of the 541 Technology companies reporting it. Zscaler’s gross margin of 76.9% ranks in the 85th percentile of the 506 Technology companies reporting it.
Short interest
| FINRA settlement data | CRWD | ZS |
|---|---|---|
| Shares sold short | 7.1M | 8.3M |
| Change vs prior settlement | -7.6% | -30.2% |
| Days to cover | 2.24 | 1.93 |
| As of settlement | 2026-06-30 | 2026-06-30 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data; republishing or redistributing it is not permitted. Not presented as a percentage of float. No FINRA endorsement of this product is implied.
Insider activity (last 90 days)
| Form 4 open-market activity | CRWD | ZS |
|---|---|---|
| Buys | 0 | 0 |
| Sells | 1278 ($217.3M) | 13 ($2.5M) |
Open-market purchases and sales reported on SEC Form 4 (grants, exercises and tax withholding excluded). For context, about 16% of covered companies saw any open-market insider buy in a 90-day window.
Held by the same investors
6 tracked 13F managers hold both CrowdStrike Holdings and Zscaler as of their latest quarterly filings: AQR Capital Management, Citadel Advisors, D. E. Shaw, Gotham Asset Management, Millennium Management, Two Sigma Investments. See which superinvestors hold your own portfolio with the smart money checker.
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Data sourced from SEC EDGAR (public domain). Figures are as-reported and may be unaudited or restated; verify against the source filings before relying on them. Comparisons are descriptive (higher or lower on a reported figure), not a rating or a recommendation. Informational only. Not investment advice.