Updated
The most significant concentration Zscaler discloses is top five channel partners at 28%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Zscaler’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'sales through our top five channel partners and their affiliates, in aggregate, represented 28% of our revenue for fiscal 2025, 25% of our revenue for fiscal 2024 and 26% of our revenue for fiscal 2023.'”
“10-K Item 1A: 'We currently derive most of our revenue from sales through our channel partner network, and we expect for the foreseeable future most of our future revenue growth will also be driven through this network.'”
Zscaler's concentration risk sits almost entirely within its distribution model rather than its underlying customer base. Sales through the top five channel partners and their affiliates, in aggregate, represented 28% of revenue for fiscal 2025, up from 25% in fiscal 2024 and 26% in fiscal 2023 — a medium-share dependency that has been trending higher and shows real reliance on a small handful of partners rather than one dominant name. More broadly, the company currently derives most of its revenue from sales through its channel partner network, with the expectation that most future revenue growth will also be driven through this network — another medium-share dependency, but one describing the overall go-to-market model rather than any specific partner or customer. Together, these two claims describe the same underlying exposure at different levels of granularity: a structural reliance on indirect, partner-led distribution that is deepening over time rather than easing. The upward trend in top-five partner share is the detail most worth watching.
For the engine’s reasoning on ZS’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| APPN | Appian Corporation | 2 | 2 | 0 | 4 |
| AI | C3.ai, Inc. | 1 | 2 | 0 | 3 |
| AEVA | Aeva Technologies, Inc. | 1 | 0 | 0 | 1 |
| ZS● | Zscaler, Inc. | 0 | 2 | 0 | 2 |
| ACIW | ACI Worldwide, Inc. | 0 | 0 | 0 | 0 |
| AKAM | Akamai Technologies, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.