hapabapa/iStock Editorial via Getty Images By Nicholas Tan, Investment Research Analyst @ Khaveen Investments In this analysis, we start our coverage on Zscaler ( ZS ), a cybersecurity company that offers a cloud-based security platform to protect companies against cyber threats. From 2015 to 2025, its growth has been strong, climbing from $54 million to $2,673 million, with an average of 48.19%. ...
hapabapa/iStock Editorial via Getty Images By Nicholas Tan, Investment Research Analyst @ Khaveen Investments In this analysis, we start our coverage on Zscaler ( ZS ), a cybersecurity company that offers a cloud-based security platform to protect companies against cyber threats. From 2015 to 2025, its growth has been strong, climbing from $54 million to $2,673 million, with an average of 48.19%. Despite its strong historical growth, its growth rate has been slowing from 56.1% in 2021 to 23.3% in 2025. We therefore assess whether the company could sustain its high growth. We first analyze whether the company has any competitive advantage. We then evaluate whether the company could sustain its market share growth with its early mover advantage. Lastly, we assess whether the company could sustain its ARPC growth through its upselling strategy. Strong Competitive Advantage cyberratings.org , Khaveen Investments To assess whether the company has any competitive advantage, we compile both its competitors’ and its own competitive metrics for Security Service Edge [SSE]. We also further rank these companies' metrics to evaluate which company performed the best. Based on the table, the company ranks highest for both Malware Block Rate and Malware Evasion Resistance, showing that the company’s SSE product is more competitive than its competitors in protecting against malware. The company also ranks the highest for both Exploit Block Rate and Exploit Evasion Resistance, indicating that its SSE product is also competitive in protecting against exploits. All the companies also tie for Transport Layer Security [TLS] and Secure Sockets Layer [SSL], showing that all companies can successfully inspect and decrypt traffic that has prohibited content. The company overall performed the best out of its competitors, as it ranked first across all metrics. We believe one key reason for its high performance could be attributable to its internal R&D. Based on our analysis, we found that Zsc...
Drs Producoes/E+ via Getty Images Introduction Ethos Technologies Inc. ( LIFE ) operates as a digital health insurance platform , connecting consumers, agents, and insurance carriers through an integrated technological ecosystem, which automates risk assessment and processes 95% of applications automatically. Ethos Technologies Inc. is in the early stages of public trading after the IPO, in which ...
Drs Producoes/E+ via Getty Images Introduction Ethos Technologies Inc. ( LIFE ) operates as a digital health insurance platform , connecting consumers, agents, and insurance carriers through an integrated technological ecosystem, which automates risk assessment and processes 95% of applications automatically. Ethos Technologies Inc. is in the early stages of public trading after the IPO, in which the shares were priced at $19. The current price is fluctuating at around $14.70, which represents an around 22% drop from the IPO 's price and suggests market skepticism due to the company 's ability to maintain historical growth rates in the public market. The company is showing something that the market often looks for: strong revenue growth, a high margin, profitability, and a technological model, which allows it to operate without a high capital need. The current capitalization of around $928 million is well below the 2021 valuation of $2.7 billion achieved in a private funding round, which indicates a significant difference between venture capital expectations and public market reality. Operational efficiency is based on the 95% automated underwriting decision rate, which allows for maintaining adjusted EBITDA margin at 23%, though investors need to evaluate these numbers through the prism of slowing direct sales channel expansion and the increasing client acquisition costs. Business overview The company uses an asset-light business model, in which revenues are generated from commission fees and direct insurance risk is taken by the partners, such as Legal & General America or Ameritas. The 2025 fiscal year shows a 52% growth in revenues while maintaining a 98% gross margin, which confirms the technological platform 's quality and operational efficiency. In the 2025 fiscal year, the company generated $387.6 million in revenues, recording a 52% yearly growth, though 2026 management forecasts expect a slowdown in growth to around 32%, expecting to reach revenues of arou...
Disgraced financier’s links to politicians and civil servants as far back as 30 years ago to be examined The Epstein files have shaken Norway’s faith in democracy, the head of the Norwegian parliament’s oversight committee has said, as a sprawling investigation into the connections between its foreign office and the late sex offender gets under way. An independent commission to look into informati...
Disgraced financier’s links to politicians and civil servants as far back as 30 years ago to be examined The Epstein files have shaken Norway’s faith in democracy, the head of the Norwegian parliament’s oversight committee has said, as a sprawling investigation into the connections between its foreign office and the late sex offender gets under way. An independent commission to look into information brought to light by the Jeffrey Epstein documents released by the US Department of Justice was launched on Wednesday after the Norwegian parliament voted unanimously last month for it to be set up. Continue reading...
Listen on the go! A daily podcast of Wall Street Breakfast will be available by 8:00 a.m. on Seeking Alpha , iTunes , Spotify . Alexey_Fedoren/iStock via Getty Images Up for a challenge? Test your knowledge on the biggest events in the investing world over the past week. Take the latest Seeking Alpha News Quiz and see how you stack up against the competition. Wall Street’s major averages posted bi...
Listen on the go! A daily podcast of Wall Street Breakfast will be available by 8:00 a.m. on Seeking Alpha , iTunes , Spotify . Alexey_Fedoren/iStock via Getty Images Up for a challenge? Test your knowledge on the biggest events in the investing world over the past week. Take the latest Seeking Alpha News Quiz and see how you stack up against the competition. Wall Street’s major averages posted big weekly gains, surging to new highs for three consecutive trading days, as positive developments in the Middle East—including a temporary ceasefire deal between the involved countries—raised investors’ enthusiasm. Iran’s regime declared the Strait of Hormuz is “completely open” for all commercial vessels on Friday for the rest of the 10-day ceasefire in Lebanon. U.S. President Donald Trump, however, said the naval blockade on Iranian ports will remain in effect. He also said that Iran agreed to suspend its nuclear program indefinitely. Both countries are expected to return to Pakistan next week for a second round of peace talks, media reports indicated, citing two senior Pakistani officials involved in mediating the peace deal. Other reports have deemed the Strait of Hormuz “ remains effectively closed ,” despite Iran’s announcement. Crude oil futures ( CL1:COM ) decreased around 11.4% this week to settle around $85, and Brent futures ( CO1:COM ) also dropped 3.5% to $91 per barrel as of post-market Friday. In economic news, both the March U.S. Producer Price Index and core PPI, which excludes foods and energy, came in below consensus. In addition, U.S. export prices climbed faster than U.S. import prices in March, according to the Bureau of Labor Statistics. The Philadelphia Fed Manufacturing Index, on the other hand, unexpectedly rose in April. The S&P 500 ( SP500 ) accomplished its first close above 7,100 on Friday, and the Nasdaq Composite ( COMP:IND ) extended its winning streak to 13 consecutive days, which is the longest since 1992. For the week, the S&P ( SP500 ) g...
ICICI Bank Ltd. , India’s second-largest private lender, posted better-than-expected earnings on strong growth in its loan book. Net income grew 8.5% to 137 billion Indian rupees ($1.5 billion) in the three months ended March 31 from a year earlier, according to a statement by the lender on Saturday. That topped the average estimate of 127.03 billion rupees in a Bloomberg survey of analysts. Loans...
ICICI Bank Ltd. , India’s second-largest private lender, posted better-than-expected earnings on strong growth in its loan book. Net income grew 8.5% to 137 billion Indian rupees ($1.5 billion) in the three months ended March 31 from a year earlier, according to a statement by the lender on Saturday. That topped the average estimate of 127.03 billion rupees in a Bloomberg survey of analysts. Loans at the Mumbai-based bank jumped 15.8% year-on-year during the quarter, helped by an acceleration in business banking and rural lending. Net interest income, or the difference between interest earned on loans and paid on deposits, expanded 8.4% during the quarter from a year earlier, while margins shrank to 4.32% from 4.41%. The central bank has cut the repo rate by 125 basis points in the current easing cycle. Loans are usually repriced faster than deposits, which reduces the gap between lending and deposit rates in a low interest rate environment and keeps margins under pressure. ICICI Bank reported a treasury loss of 1.06 billion rupees in the quarter, compared with a gain of 2.39 billion rupees a year earlier. Treasury income has come under pressure as bond yields rose following inflation concerns linked to the Middle East conflict. The Reserve Bank of India’s measures to support the rupee, including steps that pushed banks to unwind bearish positions, are also expected to have weighed on treasury income. ICICI’s gross non-performing assets stood at 1.40% at the end of March, compared with 1.53% at the end of the prior three months.
In March, the average retired worker brought home a Social Security benefit of $2,079.49. Though this annualizes to less than $25,000, this income is nevertheless vital to helping aged workers make ends meet. For many of the 54.1 million retired workers currently receiving a Social Security payout , no annual announcement is of greater importance than the cost-of-living adjustment (COLA), which is...
In March, the average retired worker brought home a Social Security benefit of $2,079.49. Though this annualizes to less than $25,000, this income is nevertheless vital to helping aged workers make ends meet. For many of the 54.1 million retired workers currently receiving a Social Security payout , no annual announcement is of greater importance than the cost-of-living adjustment (COLA), which is revealed by the Social Security Administration (SSA) in October. For a second consecutive year , Social Security's COLA is subject to an interesting quirk. Namely, actions taken by President Donald Trump will directly affect how much beneficiaries are bringing home each month in 2027. Continue reading
kynny/iStock via Getty Images Shares of ASML ( ASML ) declined around 5% after reporting their Q1 2026 earnings and are now flat since my last report . Semiconductor and semiconductor equipment stocks tend to react heavily in either direction based on small snippets of good or bad items in an earnings release. In this report, I discuss the earnings and outlook highlighting the good and the bad for...
kynny/iStock via Getty Images Shares of ASML ( ASML ) declined around 5% after reporting their Q1 2026 earnings and are now flat since my last report . Semiconductor and semiconductor equipment stocks tend to react heavily in either direction based on small snippets of good or bad items in an earnings release. In this report, I discuss the earnings and outlook highlighting the good and the bad for ASML. I will also provide an update to my price target in support of my buy rating. Another Boring Quarter For ASML But Boring Is Good ASML ASML reported sales of €8.8 billion, whereas the company guided for €8.2-€8.9 billion in sales. So, the guidance was met near the high end of the range. Gross margins were 53%, which matches the high end of the range with operating margins being 36%. Installed Base Management sales were €2.5 billion and accounted for 28.4% of sales. For reference purposes; year-on-year sales growth was 26% and margins contracted by one point to 54% while free cash flow was negative €2.6 billion compared to negative €0.5 billion a year ago. So, the seemingly bad parts are the reduction in gross margins as well as the widened free cash flow burn. At the same time, we note that ASML is ramping up production and that means that utilization is not at full capacity now and that pressures margins while timing of receipts can result in free cash flow fluctuations. Investors tend to see this as negative, but they really aren’t. There are margin and cash pressures today to facilitate tomorrow’s revenue and cash flow build out. ASML By geographic region, we note that China accounted for less than 20% of the revenues compared to 36% in the prior quarter. This is driven by higher shipments in ArFi and EUV to which China has no access. By end-use, we saw parity between logic and memory. EUV accounted for 66% of the revenues compared to 48% in the prior quarter. This is not a major surprise given that EUV is priced at 3x-8x of an ArFi system. ASML Guidance Shows Back...