vs
Side-by-side financial comparison of National Vision Holdings, Inc. (EYE) 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 $487.3M, roughly 1.6× National Vision Holdings, Inc.). National Vision Holdings, Inc. runs the higher net margin — 0.7% vs -1.5%, a 2.2% gap on every dollar of revenue. On growth, Zscaler, Inc. posted the faster year-over-year revenue change (25.5% vs 7.9%). Zscaler, Inc. produced more free cash flow last quarter ($431.0M vs $30.3M). Over the past eight quarters, Zscaler, Inc.'s revenue compounded faster (22.5% CAGR vs 7.6%).
Vision Research is an international company that manufactures high-speed digital cameras based in Wayne, New Jersey. Their cameras are marketed under the Phantom brand, and are used in a broad variety of industries including: defense, industrial product development, manufacturing, automotive, scientific research, and entertainment. Vision Research is a business unit of the Materials Analysis Division of Ametek Inc., a global manufacturer of electronic instruments and electromechanical devices.
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.
EYE vs ZS — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $487.3M | $788.1M |
| Net Profit | $3.4M | $-11.6M |
| Gross Margin | — | 76.6% |
| Operating Margin | 2.0% | -4.6% |
| Net Margin | 0.7% | -1.5% |
| Revenue YoY | 7.9% | 25.5% |
| Net Profit YoY | 139.8% | 3.6% |
| EPS (diluted) | $0.04 | $-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 | — | $788.1M | ||
| Q3 25 | $487.3M | $719.2M | ||
| Q2 25 | $486.4M | $678.0M | ||
| Q1 25 | $510.3M | $647.9M | ||
| Q4 24 | $437.3M | $628.0M | ||
| Q3 24 | $451.5M | $592.9M | ||
| Q2 24 | $451.7M | $553.2M | ||
| Q1 24 | $482.8M | $525.0M |
| Q4 25 | — | $-11.6M | ||
| Q3 25 | $3.4M | $-17.6M | ||
| Q2 25 | $8.7M | $-4.1M | ||
| Q1 25 | $14.2M | $-7.7M | ||
| Q4 24 | $-28.6M | $-12.1M | ||
| Q3 24 | $-8.5M | $-14.9M | ||
| Q2 24 | $-3.1M | $19.1M | ||
| Q1 24 | $11.7M | $-28.5M |
| Q4 25 | — | 76.6% | ||
| Q3 25 | — | 76.1% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 77.1% | ||
| Q4 24 | — | 77.5% | ||
| Q3 24 | — | 78.0% | ||
| Q2 24 | — | 78.6% | ||
| Q1 24 | — | 77.7% |
| Q4 25 | — | -4.6% | ||
| Q3 25 | 2.0% | -4.5% | ||
| Q2 25 | 3.4% | -3.7% | ||
| Q1 25 | 5.1% | -6.2% | ||
| Q4 24 | -5.8% | -4.9% | ||
| Q3 24 | -2.0% | -4.5% | ||
| Q2 24 | 0.1% | -0.5% | ||
| Q1 24 | 4.9% | -8.7% |
| Q4 25 | — | -1.5% | ||
| Q3 25 | 0.7% | -2.4% | ||
| Q2 25 | 1.8% | -0.6% | ||
| Q1 25 | 2.8% | -1.2% | ||
| Q4 24 | -6.5% | -1.9% | ||
| Q3 24 | -1.9% | -2.5% | ||
| Q2 24 | -0.7% | 3.5% | ||
| Q1 24 | 2.4% | -5.4% |
| Q4 25 | — | $-0.07 | ||
| Q3 25 | $0.04 | $-0.11 | ||
| Q2 25 | $0.11 | $-0.03 | ||
| Q1 25 | $0.18 | $-0.05 | ||
| Q4 24 | $-0.36 | $-0.08 | ||
| Q3 24 | $-0.11 | $-0.09 | ||
| Q2 24 | $-0.04 | $0.12 | ||
| Q1 24 | $0.15 | $-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 | $56.0M | $1.3B |
| Total DebtLower is stronger | $236.5M | — |
| Stockholders' EquityBook value | $858.8M | $2.0B |
| Total Assets | $2.0B | $6.5B |
| Debt / EquityLower = less leverage | 0.28× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.3B | ||
| Q3 25 | $56.0M | $2.4B | ||
| Q2 25 | $48.5M | $2.0B | ||
| Q1 25 | $80.0M | $1.8B | ||
| Q4 24 | $73.9M | $1.6B | ||
| Q3 24 | $81.2M | $1.4B | ||
| Q2 24 | $179.5M | $1.3B | ||
| Q1 24 | $150.1M | $1.4B |
| Q4 25 | — | — | ||
| Q3 25 | $236.5M | — | ||
| Q2 25 | $255.6M | $1.1B | ||
| Q1 25 | $244.7M | $1.1B | ||
| Q4 24 | $248.6M | $1.1B | ||
| Q3 24 | $252.8M | $1.1B | ||
| Q2 24 | $143.9M | $1.1B | ||
| Q1 24 | $448.6M | $1.1B |
| Q4 25 | — | $2.0B | ||
| Q3 25 | $858.8M | $1.8B | ||
| Q2 25 | $850.6M | $1.8B | ||
| Q1 25 | $836.2M | $1.6B | ||
| Q4 24 | $816.3M | $1.4B | ||
| Q3 24 | $840.0M | $1.3B | ||
| Q2 24 | $843.4M | $1.1B | ||
| Q1 24 | $841.3M | $958.9M |
| Q4 25 | — | $6.5B | ||
| Q3 25 | $2.0B | $6.4B | ||
| Q2 25 | $2.0B | $5.3B | ||
| Q1 25 | $2.0B | $5.0B | ||
| Q4 24 | $2.0B | $4.7B | ||
| Q3 24 | $2.0B | $4.7B | ||
| Q2 24 | $2.1B | $4.2B | ||
| Q1 24 | $2.2B | $3.9B |
| Q4 25 | — | — | ||
| Q3 25 | 0.28× | — | ||
| Q2 25 | 0.30× | 0.64× | ||
| Q1 25 | 0.29× | 0.71× | ||
| Q4 24 | 0.30× | 0.80× | ||
| Q3 24 | 0.30× | 0.90× | ||
| Q2 24 | 0.17× | 1.04× | ||
| Q1 24 | 0.53× | 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 | $46.6M | $448.3M |
| Free Cash FlowOCF − Capex | $30.3M | $431.0M |
| FCF MarginFCF / Revenue | 6.2% | 54.7% |
| Capex IntensityCapex / Revenue | 3.4% | 2.2% |
| Cash ConversionOCF / Net Profit | 13.83× | — |
| TTM Free Cash FlowTrailing 4 quarters | $83.0M | $924.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $448.3M | ||
| Q3 25 | $46.6M | $250.6M | ||
| Q2 25 | $54.3M | $211.1M | ||
| Q1 25 | $32.2M | $179.4M | ||
| Q4 24 | $30.3M | $331.3M | ||
| Q3 24 | $27.9M | $203.6M | ||
| Q2 24 | $51.5M | $173.4M | ||
| Q1 24 | $24.0M | $142.1M |
| Q4 25 | — | $431.0M | ||
| Q3 25 | $30.3M | $190.6M | ||
| Q2 25 | $42.4M | $138.9M | ||
| Q1 25 | $12.0M | $164.4M | ||
| Q4 24 | $-1.7M | $314.3M | ||
| Q3 24 | $4.1M | $154.2M | ||
| Q2 24 | $31.9M | $137.8M | ||
| Q1 24 | $4.0M | $111.2M |
| Q4 25 | — | 54.7% | ||
| Q3 25 | 6.2% | 26.5% | ||
| Q2 25 | 8.7% | 20.5% | ||
| Q1 25 | 2.4% | 25.4% | ||
| Q4 24 | -0.4% | 50.1% | ||
| Q3 24 | 0.9% | 26.0% | ||
| Q2 24 | 7.1% | 24.9% | ||
| Q1 24 | 0.8% | 21.2% |
| Q4 25 | — | 2.2% | ||
| Q3 25 | 3.4% | 8.3% | ||
| Q2 25 | 2.4% | 10.6% | ||
| Q1 25 | 4.0% | 2.3% | ||
| Q4 24 | 7.3% | 2.7% | ||
| Q3 24 | 5.3% | 8.3% | ||
| Q2 24 | 4.3% | 6.4% | ||
| Q1 24 | 4.1% | 5.9% |
| Q4 25 | — | — | ||
| Q3 25 | 13.83× | — | ||
| Q2 25 | 6.22× | — | ||
| Q1 25 | 2.27× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 9.07× | ||
| Q1 24 | 2.05× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
