Is ZS diluting shareholders?

Read three numbers together: shares outstanding over time (163.1M as of 2026-08-27), warrants that can convert into new shares, and how much cash runway remains. A company short on cash with live registrations is structurally likely to issue shares.

Where do these numbers come from?

SEC EDGAR only: the XBRL company-facts API for shares, warrants and cash, and filing metadata for registrations and pricings. Every figure shows its source form, and nothing here is estimated by us beyond the arithmetic stated next to it.

Why might a warrant tranche be missing from the table?

The tranche table is built from the dimensions the company tagged in its own 10-Q or 10-K XBRL. A tranche the filer chose not to dimension does not appear, and its absence proves nothing: the exhibits remain the ground truth. Everything shown carries the filing it came from.

Dilution profile // every instrument, one screen, from SEC filings

Zscaler, Inc. (ZS)

CIK 1713683 · all EDGAR filings →

Overall dilution risk

HIGHworst of 3 computed sub-ratings (offering ability)

= the worst band among the computed sub-ratings, no hidden weighting

not every sub-rating was computable; treat as a floor

Offering ability

HIGHS-1/A on file 2018-03-13

= is there a registration (S-1/S-3 family) on file without a later withdrawal

no structured fee data on the live registrations, so this is a yes/no, not a size

Overhead supply

NOT COMPUTEDno warrant count tagged in XBRL

= warrant shares outstanding divided by current shares outstanding

absence of a tag is not proof of absence of warrants

Historical dilution

LOW+11% O/S in 3y

= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative

Cash need

LOWoperating cash flow positive

= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

Latest: 163.1M shares as of Aug 27, 2026 (10-K).

⊙

EVIDENCE — filed/published fact

SourceSEC XBRL, cover-page share count

Fielddei:EntityCommonStockSharesOutstanding

As of2026-08-27

HowThe newest cover-page count as filed, whatever its age. The float checker applies a 200-day freshness rule and sets this beside the balance-sheet count.

Open the source document →

Cash runway

Self-funding

generates cash

Full breakdown: cash runway tool · source filing →

Warrants

No warrant figures tagged in this filer’s XBRL facts. That means the company has not reported them in structured form; it does not prove no warrants exist. The exhibits are the ground truth.

Convertible notes

Note	Principal	Carrying	Conv. price	Rate	If converted
Convertible Senior Notes Due 2028	$1.73B	$1.73B	$439.52	0%	~3.9M sh
Convertible Senior Notes Due 2025	$1.15B	—	not tagged	0.125%	—
Convertible Senior Notes Two Hundred Twenty Five Million	$225.0M	—	not tagged	—	—

If every note above converted at its tagged price: ~3.9M new shares on 163.1M currently outstanding. An estimate from principal ÷ conversion price, with inputs carrying different as-of dates; make-whole adjustments, capped calls and partial repurchases are not modeled.

Notes exactly as the company dimensioned them in its 10-K filed Sep 3, 2026 →. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding	163.1M	Aug 27, 2026
+ Convertible Senior Notes Due 2028 (if fully converted)	3.9M	Jul 3, 2025
Fully diluted estimate	167.0M	+2.4% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Last 12 months: 0 executed · 0 registered.

EXECUTEDJul 3, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →

EXECUTEDJun 25, 2020Unregistered share sale disclosed (8-K item 3.02)8-K →

EXECUTEDMar 16, 2018Final prospectus — offering priced (typical for IPOs and marketed share deals)424B4 →

EFFECTIVEMar 15, 2018SEC declared a registration effective — selling can beginEFFECT →

MARKETINGMar 13, 2018Free-writing prospectus — offering being marketedFWP →

REGISTEREDMar 13, 2018S-1/A registration — capacity to sell shares, not a sale yetS-1/A →

REGISTEREDMar 5, 2018S-1/A registration — capacity to sell shares, not a sale yetS-1/A →

REGISTEREDFeb 16, 2018S-1 registration — capacity to sell shares, not a sale yetS-1 →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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