Core Insights - Zscaler is expanding its Zero Trust Exchange with a new initiative called Zero Trust Everywhere, which extends Zero Trust security to Cloud workloads and Branches [1] Company Performance - In Q3 of fiscal 2025, Zscaler reported over 210 Zero Trust Everywhere enterprises, marking a sequential growth of 60% [2] - 59% of Zero Trust Branch buyers were new logo customers, indicating strong early demand [2] - Zscaler aims to exceed 390 customers by the end of fiscal 2026 [2] - The company launched Unified Appliance for Branch in Q3, simplifying branch infrastructure and eliminating the need for SD-WAN, Firewall, NAC, and legacy segmentation [2] Product Development - Zscaler secured a seven-figure annual contract with a financial services customer for Cloud workload protection [3] - New product launches include Zero Trust Gateway for Cloud Workloads, a cloud-native service on AWS that secures workload communications in under 10 minutes [3] - Zscaler introduced Microsegmentation for Cloud Workloads, providing granular host and process-level segmentation policies using AI-driven technology [4] Market Position - If adoption continues at this pace, Zero Trust Everywhere could become a foundational layer for Zscaler's future growth [5] - Zscaler's shares have surged 73% year to date, outperforming the Security industry's growth of 22.7% [9] Valuation and Earnings Estimates - Zscaler trades at a forward price-to-sales ratio of 15.34X, slightly above the industry average of 14.79X [12] - The Zacks Consensus Estimate for fiscal 2025 earnings implies a year-over-year decline of 0.31%, while fiscal 2026 earnings are expected to grow by 12.01% [15]

Core Insights - Zscaler has launched a new suite of solutions aimed at enabling customers to adopt Zero Trust Everywhere, enhancing security across branches and multi-cloud environments [1][2][3] - The updates to the Zscaler Zero Trust Exchange™ platform empower organizations to secure their networks against threats like ransomware by making branches and clouds invisible to malicious actors [2][3] Product Innovations - Unified Appliance for Zero Trust Branch: This solution secures communications between various locations and segments OT and IoT devices, eliminating the need for traditional firewalls and reducing complexity and costs [4] - Zero Trust Gateway for Cloud Workloads: A cloud-native service that secures communications from workloads to the internet and between workloads in under 10 minutes, enhancing security in hybrid and multi-cloud environments [4] - Zscaler Microsegmentation for Cloud Workloads: This service provides granular segmentation policies for cloud workloads, protecting critical assets against lateral threats [4] - Zero Trust Exchange for B2B: A platform that facilitates secure collaboration between partner organizations, replacing outdated technologies and enhancing data protection during mergers and acquisitions [4] Strategic Impact - The expanded Zero Trust Everywhere approach allows organizations to modernize their security infrastructure, mitigate risks, and protect data across various environments [5] - Zscaler's solutions are designed to simplify security network infrastructure, making it easier for businesses to scale securely in a rapidly changing threat landscape [3][4]