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Side-by-side financial comparison of TopBuild Corp (BLD) and Zscaler, Inc. (ZS). Click either name above to swap in a different company.
TopBuild Corp is the larger business by last-quarter revenue ($1.5B vs $788.1M, roughly 1.9× Zscaler, Inc.). TopBuild Corp runs the higher net margin — 7.0% vs -1.5%, a 8.5% gap on every dollar of revenue. On growth, Zscaler, Inc. posted the faster year-over-year revenue change (25.5% vs 13.2%). Zscaler, Inc. produced more free cash flow last quarter ($431.0M vs $159.4M). Over the past eight quarters, Zscaler, Inc.'s revenue compounded faster (22.5% CAGR vs 7.8%).
HashiCorp, Inc. is an American software company with a freemium business model based in San Francisco, California. HashiCorp provides tools and products that enable developers, operators and security professionals to provision, secure, run and connect cloud-computing infrastructure. It was founded in 2012 by Mitchell Hashimoto and Armon Dadgar. The company name HashiCorp is a portmanteau of co-founder last name Hashimoto and Corporation.
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.
BLD vs ZS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.5B | $788.1M |
| Net Profit | $104.5M | $-11.6M |
| Gross Margin | 27.2% | 76.6% |
| Operating Margin | 12.1% | -4.6% |
| Net Margin | 7.0% | -1.5% |
| Revenue YoY | 13.2% | 25.5% |
| Net Profit YoY | -30.6% | 3.6% |
| EPS (diluted) | $3.69 | $-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.
| Q4 25 | $1.5B | $788.1M | ||
| Q3 25 | $1.4B | $719.2M | ||
| Q2 25 | $1.3B | $678.0M | ||
| Q1 25 | $1.2B | $647.9M | ||
| Q4 24 | $1.3B | $628.0M | ||
| Q3 24 | $1.4B | $592.9M | ||
| Q2 24 | $1.4B | $553.2M | ||
| Q1 24 | $1.3B | $525.0M |
| Q4 25 | $104.5M | $-11.6M | ||
| Q3 25 | $142.2M | $-17.6M | ||
| Q2 25 | $151.6M | $-4.1M | ||
| Q1 25 | $123.4M | $-7.7M | ||
| Q4 24 | $150.5M | $-12.1M | ||
| Q3 24 | $169.0M | $-14.9M | ||
| Q2 24 | $150.7M | $19.1M | ||
| Q1 24 | $152.4M | $-28.5M |
| Q4 25 | 27.2% | 76.6% | ||
| Q3 25 | 30.1% | 76.1% | ||
| Q2 25 | 30.4% | 77.0% | ||
| Q1 25 | 28.5% | 77.1% | ||
| Q4 24 | 29.9% | 77.5% | ||
| Q3 24 | 30.7% | 78.0% | ||
| Q2 24 | 31.0% | 78.6% | ||
| Q1 24 | 30.3% | 77.7% |
| Q4 25 | 12.1% | -4.6% | ||
| Q3 25 | 15.4% | -4.5% | ||
| Q2 25 | 16.9% | -3.7% | ||
| Q1 25 | 14.4% | -6.2% | ||
| Q4 24 | 16.6% | -4.9% | ||
| Q3 24 | 17.8% | -4.5% | ||
| Q2 24 | 15.4% | -0.5% | ||
| Q1 24 | 16.8% | -8.7% |
| Q4 25 | 7.0% | -1.5% | ||
| Q3 25 | 10.2% | -2.4% | ||
| Q2 25 | 11.7% | -0.6% | ||
| Q1 25 | 10.0% | -1.2% | ||
| Q4 24 | 11.5% | -1.9% | ||
| Q3 24 | 12.3% | -2.5% | ||
| Q2 24 | 11.0% | 3.5% | ||
| Q1 24 | 11.9% | -5.4% |
| Q4 25 | $3.69 | $-0.07 | ||
| Q3 25 | $5.04 | $-0.11 | ||
| Q2 25 | $5.32 | $-0.03 | ||
| Q1 25 | $4.23 | $-0.05 | ||
| Q4 24 | $5.07 | $-0.08 | ||
| Q3 24 | $5.65 | $-0.09 | ||
| Q2 24 | $4.78 | $0.12 | ||
| Q1 24 | $4.79 | $-0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $184.7M | $1.3B |
| Total DebtLower is stronger | $2.8B | — |
| Stockholders' EquityBook value | $2.3B | $2.0B |
| Total Assets | $6.6B | $6.5B |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $184.7M | $1.3B | ||
| Q3 25 | $1.1B | $2.4B | ||
| Q2 25 | $842.5M | $2.0B | ||
| Q1 25 | $308.8M | $1.8B | ||
| Q4 24 | $400.3M | $1.6B | ||
| Q3 24 | $257.3M | $1.4B | ||
| Q2 24 | $463.2M | $1.3B | ||
| Q1 24 | $968.8M | $1.4B |
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $1.9B | $1.1B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.4B | $1.1B | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $1.4B | $1.1B | ||
| Q1 24 | $1.4B | $1.1B |
| Q4 25 | $2.3B | $2.0B | ||
| Q3 25 | $2.2B | $1.8B | ||
| Q2 25 | $2.1B | $1.8B | ||
| Q1 25 | $2.1B | $1.6B | ||
| Q4 24 | $2.2B | $1.4B | ||
| Q3 24 | $2.1B | $1.3B | ||
| Q2 24 | $2.4B | $1.1B | ||
| Q1 24 | $2.7B | $958.9M |
| Q4 25 | $6.6B | $6.5B | ||
| Q3 25 | $6.4B | $6.4B | ||
| Q2 25 | $5.1B | $5.3B | ||
| Q1 25 | $4.6B | $5.0B | ||
| Q4 24 | $4.7B | $4.7B | ||
| Q3 24 | $4.7B | $4.7B | ||
| Q2 24 | $4.9B | $4.2B | ||
| Q1 24 | $5.3B | $3.9B |
| Q4 25 | 1.23× | — | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | 0.88× | 0.64× | ||
| Q1 25 | 0.65× | 0.71× | ||
| Q4 24 | 0.62× | 0.80× | ||
| Q3 24 | 0.66× | 0.90× | ||
| Q2 24 | 0.59× | 1.04× | ||
| Q1 24 | 0.52× | 1.19× |
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 | $176.7M | $448.3M |
| Free Cash FlowOCF − Capex | $159.4M | $431.0M |
| FCF MarginFCF / Revenue | 10.7% | 54.7% |
| Capex IntensityCapex / Revenue | 1.2% | 2.2% |
| Cash ConversionOCF / Net Profit | 1.69× | — |
| TTM Free Cash FlowTrailing 4 quarters | $696.9M | $924.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $176.7M | $448.3M | ||
| Q3 25 | $233.3M | $250.6M | ||
| Q2 25 | $193.7M | $211.1M | ||
| Q1 25 | $152.6M | $179.4M | ||
| Q4 24 | $266.2M | $331.3M | ||
| Q3 24 | $240.7M | $203.6M | ||
| Q2 24 | $90.4M | $173.4M | ||
| Q1 24 | $178.8M | $142.1M |
| Q4 25 | $159.4M | $431.0M | ||
| Q3 25 | $216.2M | $190.6M | ||
| Q2 25 | $182.2M | $138.9M | ||
| Q1 25 | $139.2M | $164.4M | ||
| Q4 24 | $253.7M | $314.3M | ||
| Q3 24 | $219.8M | $154.2M | ||
| Q2 24 | $74.3M | $137.8M | ||
| Q1 24 | $158.9M | $111.2M |
| Q4 25 | 10.7% | 54.7% | ||
| Q3 25 | 15.5% | 26.5% | ||
| Q2 25 | 14.0% | 20.5% | ||
| Q1 25 | 11.3% | 25.4% | ||
| Q4 24 | 19.3% | 50.1% | ||
| Q3 24 | 16.0% | 26.0% | ||
| Q2 24 | 5.4% | 24.9% | ||
| Q1 24 | 12.4% | 21.2% |
| Q4 25 | 1.2% | 2.2% | ||
| Q3 25 | 1.2% | 8.3% | ||
| Q2 25 | 0.9% | 10.6% | ||
| Q1 25 | 1.1% | 2.3% | ||
| Q4 24 | 1.0% | 2.7% | ||
| Q3 24 | 1.5% | 8.3% | ||
| Q2 24 | 1.2% | 6.4% | ||
| Q1 24 | 1.6% | 5.9% |
| Q4 25 | 1.69× | — | ||
| Q3 25 | 1.64× | — | ||
| Q2 25 | 1.28× | — | ||
| Q1 25 | 1.24× | — | ||
| Q4 24 | 1.77× | — | ||
| Q3 24 | 1.42× | — | ||
| Q2 24 | 0.60× | 9.07× | ||
| Q1 24 | 1.17× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BLD
| Distribution Segment | $755.4M | 51% |
| Residential | $557.9M | 38% |
| All Other Products | $91.9M | 6% |
| Glass And Windows | $51.5M | 3% |
| Rain Gutters | $27.1M | 2% |
ZS
Segment breakdown not available.
