Cybersecurity
SASE and Cloud Security
SASE and SSE Scale
Zscaler is the clean public SSE P&L. Palo Alto NGS ARR includes Prisma, not only SASE. Fortinet SASE is a growth rate, not a dollar line.
Zscaler Calculated Billings
Billings $3.25B in FY2025 vs revenue $2.67B. The bookings print that leads revenue in a prepaid SSE model.
CNAPP after Wiz
Google closed Wiz on 11 March 2026. Remaining public CNAPP is Prisma, CrowdStrike cloud, and Zscaler adjacency. No Magic Quadrant shares.
| Name | Status | Disclosed hook |
|---|---|---|
| Wiz | Alphabet (closed 11 Mar 2026) | ~$32B all-cash; not a roster row |
| Palo Alto Prisma / Cortex Cloud | Public, inside NGS ARR | NGS ARR $5.58B FY2025 |
| CrowdStrike cloud + SIEM + identity | Public, inside Falcon ARR | Combined >$1.3B ending ARR in FY2025 PR |
| Zscaler | Public SSE with data/cloud adjacency | ARR $3.015B FY2025 |
Cloudflare Company Revenue
Security is material and not a GAAP segment. Chart the company. FY2025 $2.17B, +30%.
Akamai Security
A CDN with a real security P&L: $2.24B in 2025. Guardicore plus API Security is the faster $293M slice.
Netskope vs Public SASE
The private SSE peer. No public ARR. Zscaler remains the listed comparison.
| Name | Status | Disclosed scale |
|---|---|---|
| Zscaler | Public | FY2025 ARR $3.015B, billings $3.246B |
| Fortinet Unified SASE | Public, growth rate only | Q4 FY2025 Unified SASE billings +40% (no dollar line in the PR) |
| Palo Alto Prisma Access | Public, inside NGS ARR | NGS ARR $5.58B, not SASE-only |
| Netskope | Private | 2025 round around $7.5B (secondary). No public ARR. |
