Cybersecurity stocks are surging. One looks promising into earnings

Zscaler reports after the close. I'm leaning long the stock, which appears to be in the midst of a bearish-to-bullish reversal, but not long premium (the options). At a 12.2% implied move versus an 11.3% long-term average, options aren't cheap. I want to be relatively net flat premium with a bullish tilt/sentiment (aka "delta"). A call spread risk reversal, selling an out-of-the-money put and using the proceeds to buy a call spread, gives me long exposure, little to no premium outlay, while taking slightly less risk than purchasing the stock outright in the event earnings aren't well-received. The selling of the downside put will tie up cash, but no more than if you simply bought the stock. Revenue is growing 26% year-over-year, trailing 12-month revenues are expected to hit $3.32 billion, and free cash flow margins are running at roughly 27%. With ~$1 billion in NTM free cash flow and nearly 24% expected YoY FCF growth, this may well become a cash compounding machine, and the $1.7 billion in net cash means no lurking balance sheet land mines. The Zero Trust Exchange platform is the linchpin for AI security, and that's not marketing language — it's architecture. When every enterprise AI agent needs a secure, inspectable pathway to cloud resources, Zscaler's inline proxy model is structurally positioned in a way that legacy firewall vendors simply cannot replicate. Palo Alto and Fortinet are retrofitting on-premise mindsets onto a cloud-native problem. …