Three Scalable Growth Platforms for 2026: Zscaler, Samsara, and Toast

The investment case for these three companies rests on a powerful foundation: each operates in a massive, structurally growing market. Their platforms are not just products but essential infrastructure for fundamental shifts in how businesses operate, providing a durable runway for revenue scaling.

Zscaler's opportunity is defined by the relentless migration to the cloud. As enterprises move workloads and data off-premise, the need for cloud-native security becomes non-negotiable. The total addressable market for cloud security is vast and expanding, driven by digital transformation and the proliferation of remote work. Zscaler's platform is positioned as the foundational layer for this new architecture, making it a critical, recurring revenue play. The company's forecast for revenue growth of 15.8% per year reflects its capture of this secular trend, with its subscription model locking in long-term customer relationships.

Samsara is digitizing the physical world. Its addressable market is the $45 trillion global physical operations industry, a sector historically underserved by technology. The company's connected operations platform taps into a fundamental shift toward data-driven efficiency in logistics, manufacturing, and field services. This isn't a niche application; it's a platform for connecting every vehicle, piece of equipment, and employee. The market's sheer size, combined with the ongoing adoption of AI for predictive maintenance and route optimization, creates a multi-year growth story. As one analyst noted, Samsara's platform is uniquely positioned to digitize the massive $45 trillion physical operations industry.

Toast is transforming the fragmented restaurant industry. With over 1 million restaurants in the U.S. alone, the market for restaurant technology is vast and ripe for consolidation. Toast's all-in-one platform addresses a critical need: helping small and mid-sized operators digitize their operations, manage payments, and engage customers. This digital transformation is a secular tailwind, as restaurants seek to improve margins and customer experience in a competitive landscape. The company's focus on software-led payments and operations positions it to capture recurring revenue from a massive base of users, scaling as more restaurants adopt its integrated solution.

In each case, the market opportunity is not a fleeting trend but a structural shift. Whether it's securing the cloud, connecting physical assets, or digitizing a vast service industry, these companies are building platforms for a new era of business. That foundational TAM provides the essential fuel for their high-growth trajectories.

Growth Trajectory: Scalability and Monetization Models

The true test of a growth platform is its ability to scale revenue while building durable economics. For these three companies, their platform-based models are designed for exactly that, but the path to profitability and the sustainability of growth differ.

Samsara's scale is now undeniable. The company has reached $1.7 billion in annual recurring revenue, a key indicator of a business that has moved beyond early adoption into mainstream enterprise deployment. This size provides a stable foundation. Looking ahead, the catalyst is clear: enterprise spending is stabilizing, and GenAI is actively fueling innovation. This positions Samsara's connected operations platform to become the central nervous system for AI-driven efficiency in logistics and manufacturing, turning its massive TAM into a recurring revenue stream.

Toast's story is one of a return to growth after a difficult year. The company's 2026 outlook is supported by analyst upgrades that highlight its core strengths. Firms like JPMorgan point to pricing power and strong front-book momentum as the keys to sustaining its "top decile growth." This signals a platform that can not only attract new restaurant customers but also increase revenue per user through its integrated software and payments stack. The setup is for a recovery, with the company leveraging its dominant position in a fragmented market to drive expansion.

Zscaler's scalability is measured in its earnings forecast. The company is projected to deliver 45.9% annual earnings growth, a figure that underscores the high margins inherent in its cloud-native, subscription-based model. This isn't just revenue growth; it's the conversion of that growth into bottom-line profit at a remarkable rate. The confidence of management is evident in its 35.4% insider ownership, aligning leadership incentives with long-term shareholder value creation. For a security platform, this level of profitability is a critical moat.

In each case, the monetization model is the engine. Samsara's recurring revenue from connected devices and software, Toast's software-led payments and operations fees, and Zscaler's cloud security subscriptions-all are designed for high gross margins and predictable cash flows. The path to profitability is clearer for Zscaler, while Samsara and Toast are demonstrating the scalability needed to support their ambitious growth targets. The coming year will show which platform can best convert its TAM into sustainable, high-quality earnings.

Competitive Advantage and Risks

For a growth investor, the durability of a company's moat is as important as the size of the market it serves. Each of these platforms has built a defensible position, but they face distinct risks that could impede their scaling in 2026.

Samsara's primary competitive edge is its integrated hardware-software platform. This end-to-end solution, which connects physical assets to its operations cloud, creates a high switching cost for enterprise customers. As one analyst noted, the company is uniquely positioned to digitize the massive $45 trillion physical operations industry. However, the key risk is financial sustainability. The stock's recent 7.3% drop amid low volume highlights market skepticism about its path to profitability. The company is burning cash to fund its expansion, a reality that could lead to further dilution. The 2026 outlook hinges on its ability to convert its massive TAM into cash flow without sacrificing growth, a classic tension for scaling platforms.

Toast faces a different kind of competitive pressure. The risk is a resurgence of "commoditization" fears in payments, a narrative that hurt the fintech sector in 2025. Yet the company's platform model provides a powerful counterweight. Its software-led payments stack generates recurring revenue and strong pricing power, as highlighted by JPMorgan's focus on companies with pricing power and strong front-book momentum. This recurring revenue base is the moat. The risk is that competitive or regulatory shifts could compress payment margins, but the integrated nature of its platform makes it harder for a pure-play payments competitor to displace Toast in the restaurant ecosystem.

Zscaler's moat is technological leadership in a critical, high-growth market. Its cloud-native security platform is the foundational layer for enterprise digital transformation, a position that commands premium pricing. This leadership is reflected in its forecast for 45.9% annual earnings growth. The primary risk here is not competitive erosion but market volatility. The stock's performance, like many growth names, is sensitive to macro shifts and investor sentiment. The challenge is maintaining its high growth rate while navigating a stock price that can swing on broader market conditions.

In each case, the risk profile is a direct function of the business model. Samsara must manage cash burn to avoid dilution, Toast must defend its pricing power against commoditization, and Zscaler must sustain its technological edge amid market turbulence. For investors, the question is whether each company's competitive advantages are strong enough to overcome these specific hurdles and continue scaling toward its vast TAM.

Catalysts and What to Watch in 2026

The growth thesis for these platforms hinges on near-term execution. For investors, the coming quarters will provide clear signals on whether these companies can convert their massive market opportunities into sustained, high-quality growth.

For Samsara, the immediate catalyst is its Q4 fiscal year 2025 financial results, due in March. This report will be a critical test of stabilization. Analysts at RBC Capital see 2026 as a year of divergence, where companies prepared for enterprise AI adoption will see clear tailwinds. The market will be watching for signs that Samsara is one of those winners. Key metrics to monitor include the pace of enterprise customer adoption and any evidence of its connected operations platform being leveraged for AI-driven innovation. The company's ability to maintain its exceptional growth while scaling to $1.7 billion in annual recurring revenue is the core challenge. Any stumble here would validate the market's skepticism about its cash burn and path to profitability.

Toast's 2026 turnaround depends on its upcoming earnings. The company needs to demonstrate that its software-led payments model can drive margin expansion and execute on its pricing power. JPMorgan's recent upgrade highlights the firm's focus on companies with pricing power and strong front-book momentum. For Toast, this means showing that its integrated platform allows it to command premium fees, not just compete on transaction volume. The risk of a "commoditization" narrative resurfacing remains, so the company must prove its recurring revenue base is a durable moat. Evidence of sustained "top decile growth" and a clear path to the rule of 54% will be essential to re-earn investor confidence after a difficult 2025.

Zscaler's catalyst is straightforward: maintaining its high-growth trajectory. The company's forecast for 45.9% annual earnings growth sets a high bar. Its Q4 results will need to show that revenue growth of 15.8% per year is not slowing. More importantly, management's guidance on scaling its cloud security platform will be scrutinized. The platform's technological leadership is its moat, but in a volatile market, even a slight deceleration in growth could pressure the stock. The high insider ownership of 35.4% suggests leadership is confident, but the market will demand proof that this confidence is justified by the numbers.

In each case, the catalyst connects directly to the growth drivers and risks outlined earlier. Samsara must prove its AI-driven platform can fuel enterprise spending. Toast must show its pricing power can overcome sector headwinds. Zscaler must defend its technological edge with flawless execution. The coming quarters will separate the scalable platforms from the rest.