NVDA
NVIDIA Corporation
NVDA has the edge over ZS overall, supported by stronger valuation and stronger modeled upside.
ZS
Zscaler, Inc.
ZS's outlook is improving, though it still trails on the overall score.
NVDA Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
NVDA's revenue, profitability, cash flow and balance sheet are all currently strong.
ZS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Strong | |
| Unavailable |
ZS's revenue and cash flow are currently healthy, but its profitability is under pressure. There isn't enough data to rate its balance sheet.
NVDA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 12x | $166 | — |
| Current | 21x | $166 | — |
| Cheap | 44x | $345 | +108% |
| Fair | 65x | $511 | +207% |
| Expensive | 93x | $734 | +342% |
Historical ranges are pointers, not guarantees.
NVDA's PE is in its cheap range at 21x. If earnings grow as analysts expect, today's price would be 12x next year's earnings.
ZS PE Valuation
ZS has no meaningful PE right now: it lost money over the past year.
NVDA Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Weakening | |
| Broad | |
| Moderate |
Analysts expect strong earnings and revenue growth for NVDA, but weaker profitability.
ZS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Improving | |
| Broad | |
| High |
ZS has the edge over NVDA on the outlook, with more favorable profitability expectations.
NVDA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $13.77 | +74% |
| Q3 2026 | $7.91 | +125% |
| Q2 2026 | $6.53 | +111% |
| Q1 2026 | $4.90 | +67% |
| Q4 2025 | $4.03 | +59% |
| Q3 2025 | $3.51 | +65% |
| Q2 2025 | $3.10 | +81% |
| Q1 2025 | $2.94 | +147% |
| Q4 2024 | $2.54 | +234% |
NVDA has the edge over ZS on earnings quality, reporting a profit while its opponent remains loss making.
ZS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.04 | — |
| Q3 2026 | -$0.39 | -$0.12 |
| Q2 2026 | -$0.48 | -$0.23 |
| Q1 2026 | -$0.42 | -$0.32 |
| Q4 2025 | -$0.26 | -$0.02 |
| Q3 2025 | -$0.27 | +$0.12 |
| Q2 2025 | -$0.25 | +$0.25 |
| Q1 2025 | -$0.10 | +$0.84 |
| Q4 2024 | -$0.24 | +$0.91 |
ZS is still losing money, but far less than before: $0.39 per share over the past year, against $2.77 at its worst in mid-2022.
NVDA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $96.2B | +106% |
| Q2 2026 | $81.6B | +85% |
| Q1 2026 | $68.1B | +73% |
| Q4 2025 | $57B | +62% |
| Q3 2025 | $46.7B | +56% |
| Q2 2025 | $44.1B | +69% |
| Q1 2025 | $39.3B | +78% |
| Q4 2024 | $35.1B | +94% |
NVDA has the edge over ZS on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 66% | +5.4 points |
| Q2 2026 | 66% | +17 points |
| Q1 2026 | 65% | +3.9 points |
| Q4 2025 | 63% | +0.8 points |
| Q3 2025 | 61% | -1.2 points |
| Q2 2025 | 49% | -16 points |
| Q1 2025 | 61% | -0.5 points |
| Q4 2024 | 62% | +4.9 points |
NVDA has the edge over ZS on profitability, with a higher operating margin.
ZS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $898.2M | +25% |
| Q2 2026 | $850.5M | +25% |
| Q1 2026 | $815.8M | +26% |
| Q4 2025 | $788.1M | +26% |
| Q3 2025 | $719.2M | +21% |
| Q2 2025 | $678M | +23% |
| Q1 2025 | $647.9M | +23% |
| Q4 2024 | $628M | +26% |
ZS's revenue has grown year over year every quarter since late 2020: $898M last quarter, up 25% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -1.7% | +2.8 points |
| Q2 2026 | -3.5% | +0.3 points |
| Q1 2026 | -6.3% | -0.1 points |
| Q4 2025 | -4.6% | +0.3 points |
| Q3 2025 | -4.5% | +0.1 points |
| Q2 2025 | -3.8% | -3.2 points |
| Q1 2025 | -6.2% | +2.5 points |
| Q4 2024 | -4.9% | +4.4 points |
ZS's operating margin was −1.7% last quarter, up 2.8 points from the same quarter a year ago, near the top of its range since 2019.
NVDA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $21.4B | +59% |
| Q2 2026 | $48.6B | +86% |
| Q1 2026 | $34.9B | +124% |
| Q4 2025 | $22.1B | +32% |
| Q3 2025 | $13.5B | -0.3% |
| Q2 2025 | $26.2B | +75% |
| Q1 2025 | $15.6B | +38% |
| Q3 2024 | $13.5B | +113% |
NVDA has the edge over ZS on cash flow, with stronger typical year-over-year growth.
ZS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $79.4M | -58% |
| Q2 2026 | $155.6M | +12% |
| Q1 2026 | $186.3M | +13% |
| Q4 2025 | $431M | +37% |
| Q3 2025 | $190.6M | +24% |
| Q2 2025 | $138.9M | +0.8% |
| Q1 2025 | $164.4M | +48% |
| Q4 2024 | $314.3M | +35% |
ZS's free cash flow has been positive every quarter for seven years: $852M over the past year, up 5.5% from the year before.
NVDA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -106M shares |
| 1 year | -1% | -247M shares |
| 3 years | -2.8% | -705M shares |
| 5 years | -4.1% | -1B shares |
| Available history | -1.8% | -435M shares |
NVDA has the edge over ZS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $19.7B |
| Q2 2026 | $19.3B |
| Q1 2026 | $3.8B |
| Q4 2025 | $12.5B |
| Q3 2025 | $9.7B |
| Q2 2025 | $14.1B |
| Q1 2025 | $7.8B |
| Q4 2024 | $11B |
NVDA spent $55.3B buying back its own shares over the past year, up 30% from the year before.
ZS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -522K shares |
| 1 year | +3.8% | +5.8M shares |
| 3 years | +11% | +15.3M shares |
| 5 years | +18% | +24.6M shares |
| Available history | +26% | +32.7M shares |
ZS has 160M diluted shares, up 3.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
| Q4 2019 | — |
NVDA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.1x | Very low |
| Q2 2026 | -0.0x | Net Cash |
| Q1 2026 | -0.0x | Net Cash |
| Q4 2025 | -0.0x | Net Cash |
| Q3 2025 | -0.0x | Net Cash |
| Q2 2025 | -0.1x | Net Cash |
| Q1 2025 | -0.0x | Very low |
| Q4 2024 | -0.0x | Net Cash |
NVDA's net debt is less than a year of its operating earnings (EBITDA), after holding more cash than debt a year ago.
ZS Net Leverage
ZS's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
NVDA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 33.4 | Neutral |
| Stochastic | 18.1 | Oversold |
NVDA's weekly RSI is 33 (neutral) and its Stochastic is 18 (oversold).
ZS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.1 | Neutral |
| Stochastic | 49.0 | Neutral |
ZS's weekly RSI is 51 (neutral) and its Stochastic is 49 (neutral).
NVDA PE vs Technology Sector
| Metric | NVDA | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 28x | 25% below |
| PE % | 0 | 35 | 35 pts below |
NVDA is trading at 21x earnings, a 25% discount to the Technology sector's median of 28x.
ZS PE vs Technology Sector
ZS has no meaningful PE right now: it lost money over the past year.
NVDA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $208.9 | 20% below |
| 20 week MA | $212.0 | 22% below |
| 50 week MA | $199.9 | 17% below |
| 100 week MA | $175.1 | 5.1% below |
| 200 week MA | $123.6 | 34% above |
NVDA has fallen below most of its moving averages, though it's still 34% above its 200-week average.
ZS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $214.3 | 9.8% below |
| 20 week MA | $184.7 | 4.6% above |
| 50 week MA | $175.4 | 10% above |
| 100 week MA | $214.1 | 9.7% below |
| 200 week MA | $192.3 | 0.5% above |
ZS has the edge over NVDA on trend strength, trading above more of its moving averages.
NVDA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $5.92 | $13.0 | +119% |
| 2021 | $13.0 | $29.6 | +128% |
| 2022 | $29.6 | $15.2 | -49% |
| 2023 | $15.2 | $49.5 | +226% |
| 2024 | $49.5 | $137.0 | +177% |
| 2025 | $137.0 | $190.5 | +39% |
| 2026 YTD | $190.5 | $166.2 | -13% |
NVDA has the edge over ZS on returns for 2026, with the stronger performance.
ZS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $47.6 | $205.3 | +331% |
| 2021 | $205.3 | $323.0 | +57% |
| 2022 | $323.0 | $108.8 | -66% |
| 2023 | $108.8 | $221.6 | +104% |
| 2024 | $221.6 | $184.6 | -17% |
| 2025 | $184.6 | $230.5 | +25% |
| 2026 YTD | $230.5 | $193.2 | -16% |
ZS's yearly returns have swung widely, from +331% in 2020 to −66% in 2022. It's down 16% so far in 2026.