I rate Zscaler a Strong Buy. The forward P/E appears elevated only because the company prioritises growth investment over short-term margin expansion. Generating a 36% free cash flow margin and operating at the "Rule of 62" already places Zscaler among the highest-quality compounders in software. Zscaler is a leader in Zero Trust cloud security, a category that has evolved from best practice to regulatory requirement in the US and EU, creating a structural tailwind.