Zscaler is the pure-play Zero Trust SASE leader benefiting from enterprise VPN replacement and remote work permanence. Federal market wins (DoD JWCC, civilian agencies) provide multi-year tailwind. Zero Trust Exchange handles 500B+ daily transactions, creating data moat for AI-driven threat detection. Sales productivity is improving post-leadership transitions. Free cash flow margin expansion path supports premium multiple.
Signals scoped to US · Company-specific tagging coming soon.