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Side-by-side financial comparison of BELDEN INC. (BDC) and Zscaler, Inc. (ZS). Click either name above to swap in a different company.
Zscaler, Inc. is the larger business by last-quarter revenue ($788.1M vs $696.4M, roughly 1.1× BELDEN INC.). BELDEN INC. runs the higher net margin — 7.3% vs -1.5%, a 8.8% gap on every dollar of revenue. On growth, Zscaler, Inc. posted the faster year-over-year revenue change (25.5% vs 11.4%). Zscaler, Inc. produced more free cash flow last quarter ($431.0M vs $-63.1M). Over the past eight quarters, Zscaler, Inc.'s revenue compounded faster (22.5% CAGR vs 7.3%).
Belden Inc. is an American, multinational, publicly traded company specializing in the design, manufacture, and distribution of end-to-end networking, security and connectivity products. The company serves the Industrial Automation Solutions, Smart Buildings and Broadband & 5G markets.
Zscaler, Inc. is an American cloud security company based in San Jose, California. The company offers cloud-based services to protect enterprise networks and data.
BDC vs ZS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $696.4M | $788.1M |
| Net Profit | $51.0M | $-11.6M |
| Gross Margin | 37.1% | 76.6% |
| Operating Margin | 11.2% | -4.6% |
| Net Margin | 7.3% | -1.5% |
| Revenue YoY | 11.4% | 25.5% |
| Net Profit YoY | -1.8% | 3.6% |
| EPS (diluted) | $1.30 | $-0.07 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $696.4M | — | ||
| Q4 25 | $720.1M | $788.1M | ||
| Q3 25 | $698.2M | $719.2M | ||
| Q2 25 | $672.0M | $678.0M | ||
| Q1 25 | $624.9M | $647.9M | ||
| Q4 24 | $666.0M | $628.0M | ||
| Q3 24 | $654.9M | $592.9M | ||
| Q2 24 | $604.3M | $553.2M |
| Q1 26 | $51.0M | — | ||
| Q4 25 | $67.9M | $-11.6M | ||
| Q3 25 | $56.7M | $-17.6M | ||
| Q2 25 | $61.0M | $-4.1M | ||
| Q1 25 | $51.9M | $-7.7M | ||
| Q4 24 | $58.4M | $-12.1M | ||
| Q3 24 | $53.7M | $-14.9M | ||
| Q2 24 | $49.0M | $19.1M |
| Q1 26 | 37.1% | — | ||
| Q4 25 | 36.6% | 76.6% | ||
| Q3 25 | 37.7% | 76.1% | ||
| Q2 25 | 38.5% | 77.0% | ||
| Q1 25 | 39.3% | 77.1% | ||
| Q4 24 | 37.5% | 77.5% | ||
| Q3 24 | 37.3% | 78.0% | ||
| Q2 24 | 37.5% | 78.6% |
| Q1 26 | 11.2% | — | ||
| Q4 25 | 12.2% | -4.6% | ||
| Q3 25 | 10.9% | -4.5% | ||
| Q2 25 | 11.8% | -3.7% | ||
| Q1 25 | 11.6% | -6.2% | ||
| Q4 24 | 10.4% | -4.9% | ||
| Q3 24 | 11.5% | -4.5% | ||
| Q2 24 | 11.4% | -0.5% |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 9.4% | -1.5% | ||
| Q3 25 | 8.1% | -2.4% | ||
| Q2 25 | 9.1% | -0.6% | ||
| Q1 25 | 8.3% | -1.2% | ||
| Q4 24 | 8.8% | -1.9% | ||
| Q3 24 | 8.2% | -2.5% | ||
| Q2 24 | 8.1% | 3.5% |
| Q1 26 | $1.30 | — | ||
| Q4 25 | $1.70 | $-0.07 | ||
| Q3 25 | $1.41 | $-0.11 | ||
| Q2 25 | $1.53 | $-0.03 | ||
| Q1 25 | $1.27 | $-0.05 | ||
| Q4 24 | $1.41 | $-0.08 | ||
| Q3 24 | $1.30 | $-0.09 | ||
| Q2 24 | $1.19 | $0.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $272.2M | $1.3B |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $1.3B | $2.0B |
| Total Assets | — | $6.5B |
| Debt / EquityLower = less leverage | 0.98× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $272.2M | — | ||
| Q4 25 | $389.9M | $1.3B | ||
| Q3 25 | $314.3M | $2.4B | ||
| Q2 25 | $301.5M | $2.0B | ||
| Q1 25 | $259.0M | $1.8B | ||
| Q4 24 | $370.3M | $1.6B | ||
| Q3 24 | $323.0M | $1.4B | ||
| Q2 24 | $564.8M | $1.3B |
| Q1 26 | $1.3B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B |
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.3B | $2.0B | ||
| Q3 25 | $1.2B | $1.8B | ||
| Q2 25 | $1.2B | $1.8B | ||
| Q1 25 | $1.2B | $1.6B | ||
| Q4 24 | $1.3B | $1.4B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.2B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | $3.5B | $6.5B | ||
| Q3 25 | $3.4B | $6.4B | ||
| Q2 25 | $3.4B | $5.3B | ||
| Q1 25 | $3.3B | $5.0B | ||
| Q4 24 | $3.3B | $4.7B | ||
| Q3 24 | $3.3B | $4.7B | ||
| Q2 24 | $3.5B | $4.2B |
| Q1 26 | 0.98× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 1.04× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $448.3M |
| Free Cash FlowOCF − Capex | $-63.1M | $431.0M |
| FCF MarginFCF / Revenue | -9.1% | 54.7% |
| Capex IntensityCapex / Revenue | 6.4% | 2.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $180.4M | $924.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $160.4M | $448.3M | ||
| Q3 25 | $105.0M | $250.6M | ||
| Q2 25 | $82.0M | $211.1M | ||
| Q1 25 | $7.4M | $179.4M | ||
| Q4 24 | $174.7M | $331.3M | ||
| Q3 24 | $91.7M | $203.6M | ||
| Q2 24 | $83.0M | $173.4M |
| Q1 26 | $-63.1M | — | ||
| Q4 25 | $121.3M | $431.0M | ||
| Q3 25 | $65.3M | $190.6M | ||
| Q2 25 | $56.9M | $138.9M | ||
| Q1 25 | $-24.8M | $164.4M | ||
| Q4 24 | $116.4M | $314.3M | ||
| Q3 24 | $67.2M | $154.2M | ||
| Q2 24 | $61.0M | $137.8M |
| Q1 26 | -9.1% | — | ||
| Q4 25 | 16.8% | 54.7% | ||
| Q3 25 | 9.4% | 26.5% | ||
| Q2 25 | 8.5% | 20.5% | ||
| Q1 25 | -4.0% | 25.4% | ||
| Q4 24 | 17.5% | 50.1% | ||
| Q3 24 | 10.3% | 26.0% | ||
| Q2 24 | 10.1% | 24.9% |
| Q1 26 | 6.4% | — | ||
| Q4 25 | 5.4% | 2.2% | ||
| Q3 25 | 5.7% | 8.3% | ||
| Q2 25 | 3.7% | 10.6% | ||
| Q1 25 | 5.2% | 2.3% | ||
| Q4 24 | 8.8% | 2.7% | ||
| Q3 24 | 3.7% | 8.3% | ||
| Q2 24 | 3.6% | 6.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.36× | — | ||
| Q3 25 | 1.85× | — | ||
| Q2 25 | 1.34× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 2.99× | — | ||
| Q3 24 | 1.71× | — | ||
| Q2 24 | 1.69× | 9.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
