Tearsheet

Qualys (QLYS)

Market Price (12/26/2025): $139.54 | Market Cap: $5.0 Bil
Sector: Information Technology | Industry: Systems Software

Qualys (QLYS)

Market Price (12/26/2025): $139.54
Market Cap: $5.0 Bil
Sector: Information Technology
Industry: Systems Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 33%	Weak multi-year price returns 2Y Excs Rtn is -78%, 3Y Excs Rtn is -57%	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 42%		Key risks QLYS key risks include [1] intense pressure from larger, Show more.
2	Attractive yield FCF Yield is 5.4%
3	Low stock price volatility Vol 12M is 35%
4	Megatrend and thematic drivers Megatrends include Cybersecurity, and Cloud Computing. Themes include Software Security, Cloud Security, Show more.

0	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 33%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 42%
2	Attractive yield FCF Yield is 5.4%
3	Low stock price volatility Vol 12M is 35%
4	Megatrend and thematic drivers Megatrends include Cybersecurity, and Cloud Computing. Themes include Software Security, Cloud Security, Show more.
5	Weak multi-year price returns 2Y Excs Rtn is -78%, 3Y Excs Rtn is -57%
6	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12%
7	Key risks QLYS key risks include [1] intense pressure from larger, Show more.

Valuation, Metrics & Events

	12/26/25	2024	2023	2022	2021
Share Price CYE	$139.54	$140.22	$196.28	$112.23	$137.22
Market Cap CYE ($ Bil)	5.0	5.1	7.2	4.2	5.3
Total Debt ($ Bil)	0.1	0.0	0.0	0.0	0.0
Total Cash ($ Bil)	0.4	0.4	0.4	0.3	0.4
Enterprise Value ($ Bil)	4.7	5.1	7.2	4.2	5.3
Valuation Ratios
P/S TTM	7.7	8.5	13.1	8.8	13.0
P/EBIT TTM	23.7	27.6	44.4	33.1	61.1
P/E TTM	26.6	29.7	47.7	40.0	75.5
P/FCF TTM	18.5	22.3	30.7	24.7	30.6
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9	2.6	4.6
P/EBIT TTM (Sector)	3.0	2.3	-0.2	-0.7	-0.0
P/E TTM (Sector)	-0.2	-0.3	-0.5	-0.8	-0.0
P/FCF TTM (Sector)	12.3	13.7	12.2	6.9	13.8

	12/26/25	2024	2023
Share Price CYE	$139.54	$140.22	$196.28
Market Cap CYE ($ Bil)	5.0	5.1	7.2
Total Debt ($ Bil)	0.1	0.0	0.0
Total Cash ($ Bil)	0.4	0.4	0.4
Enterprise Value ($ Bil)	4.7	5.1	7.2
Valuation Ratios
P/S TTM	7.7	8.5	13.1
P/EBIT TTM	23.7	27.6	44.4
P/E TTM	26.6	29.7	47.7
P/FCF TTM	18.5	22.3	30.7
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9
P/EBIT TTM (Sector)	3.0	2.3	-0.2
P/E TTM (Sector)	-0.2	-0.3	-0.5
P/FCF TTM (Sector)	12.3	13.7	12.2

	QLYS	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	0.7
Rev Chg Q	10.4%	7.3%
Rev Chg LTM	10.1%	6.1%
Rev Chg 3Y Avg	11.7%	5.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.2
Op Mgn LTM	32.5%	18.8%
CFO/Rev LTM	43.1%	20.4%
Net Inc Mgn	29.0%	13.1%
VALUATION	HIGH
P/S	7.7	3.3
P/CFO	17.9	15.8
P/FCF	18.5	20.7
P/E	26.6	23.5
STABILITY	VERY GOOD
Debt/Equity	0.01	0.21
Cash/Assets	0.41	0.07

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Metric	Value	Date	Source
Net Revenue Retention Rate	104%	11052025	Link
Subscription Customers	more than 10,000	11042025	Link
Customers Spending > $500,000 Annually	212	8052025	Link
Partner-Driven Revenue Percentage	49%	8052025	Link
International Revenue Percentage	43%	8052025	Link
Net Dollar Expansion Rate	104%	11042025	Link

Upcoming
2/05/2026	Earnings Release	Rev: - EPS: -

QLYS Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are five key points that likely contributed to Qualys (QLYS) stock movement of 2.7% between August 31, 2025, and December 26, 2025: 1. Qualys consistently exceeded analyst expectations in its Q2 and Q3 2025 earnings reports. For Q2 2025, the company reported an EPS of $1.68, surpassing the analyst forecast of $1.47, with revenue reaching $164.1 million, above the $161.24 million expectation. In Q3 2025, Qualys further reported an EPS of $1.86, beating the consensus estimate of $1.56, and revenue grew 10.4% year-over-year to $169.88 million, exceeding the $166.30 million consensus.

2. The company raised its full-year 2025 revenue and EPS guidance following strong Q3 results. Qualys increased its full-year 2025 revenue guidance to between $665.8 million and $667.8 million, indicating approximately 10% growth. Additionally, the full-year Adjusted EPS guidance was raised to $6.97 at the midpoint, representing a 9.7% increase.

Show more Here are five key points that likely contributed to Qualys (QLYS) stock movement of 2.7% between August 31, 2025, and December 26, 2025: 1. Qualys consistently exceeded analyst expectations in its Q2 and Q3 2025 earnings reports. For Q2 2025, the company reported an EPS of $1.68, surpassing the analyst forecast of $1.47, with revenue reaching $164.1 million, above the $161.24 million expectation. In Q3 2025, Qualys further reported an EPS of $1.86, beating the consensus estimate of $1.56, and revenue grew 10.4% year-over-year to $169.88 million, exceeding the $166.30 million consensus.

2. The company raised its full-year 2025 revenue and EPS guidance following strong Q3 results. Qualys increased its full-year 2025 revenue guidance to between $665.8 million and $667.8 million, indicating approximately 10% growth. Additionally, the full-year Adjusted EPS guidance was raised to $6.97 at the midpoint, representing a 9.7% increase.

3. Significant product innovations, including new AI-powered solutions, were introduced and expanded. Qualys launched its AI-native Risk Operations Center (ROC) and enhanced its Enterprise TruRisk Management (ETM) platform with Agentic AI capabilities, aiming to provide comprehensive pre-breach risk management. Earlier in 2025, Qualys also unveiled TotalAppSec, an AI-powered application risk management solution, and expanded its TotalAI solution to secure AI and LLM model risk.

4. Analysts maintained a "Hold" consensus rating with a view of modest upside potential. As of December 25, 2025, Qualys received a consensus "Hold" rating from analysts, with a mix of strong buy, buy, hold, and sell recommendations. The stock was noted to be trading at a modest intrinsic discount, with some narratives suggesting modest upside potential based on strong execution and cash generation.

5. Qualys demonstrated robust financial performance through improved margins and increased billings. The company showed strong profitability and cash generation, with adjusted EBITDA of $82.6 million (49% margin) and free cash flow of $89.5 million (53% margin) in Q3 2025. Gross margins improved to 83.6% in Q3, a 2.4 percentage point increase year-over-year, and operating margin rose by 6.1 percentage points to 35.3% in the same quarter. Billings also saw a substantial increase of 15.3% year-on-year in Q3 2025. Show less

Stock Movement Drivers

Fundamental Drivers

The 3.1% change in QLYS stock from 9/25/2025 to 12/25/2025 was primarily driven by a 2.5% change in the company's Total Revenues ($ Mil).

	9252025	12252025	Change
Stock Price ($)	135.36	139.54	3.09%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	637.02	653.03	2.51%
Net Income Margin (%)	29.04%	28.96%	-0.27%
P/E Multiple	26.53	26.59	0.23%
Shares Outstanding (Mil)	36.25	36.04	0.60%
Cumulative Contribution			3.08%

LTM = Last Twelve Months as of date shown

Market Drivers

9/25/2025 to 12/25/2025

	Return	Correlation
QLYS	3.1%
Market (SPY)	4.9%	17.1%
Sector (XLK)	5.3%	14.7%

Fundamental Drivers

The -1.6% change in QLYS stock from 6/26/2025 to 12/25/2025 was primarily driven by a -6.7% change in the company's P/E Multiple.

	6262025	12252025	Change
Stock Price ($)	141.78	139.54	-1.58%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	621.66	653.03	5.05%
Net Income Margin (%)	29.19%	28.96%	-0.79%
P/E Multiple	28.49	26.59	-6.67%
Shares Outstanding (Mil)	36.47	36.04	1.18%
Cumulative Contribution			-1.59%

LTM = Last Twelve Months as of date shown

Market Drivers

6/26/2025 to 12/25/2025

	Return	Correlation
QLYS	-1.6%
Market (SPY)	13.1%	23.2%
Sector (XLK)	16.7%	18.6%

Fundamental Drivers

The -1.4% change in QLYS stock from 12/25/2024 to 12/25/2025 was primarily driven by a -13.0% change in the company's P/E Multiple.

	12252024	12252025	Change
Stock Price ($)	141.59	139.54	-1.45%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	592.95	653.03	10.13%
Net Income Margin (%)	28.72%	28.96%	0.84%
P/E Multiple	30.56	26.59	-13.01%
Shares Outstanding (Mil)	36.76	36.04	1.97%
Cumulative Contribution			-1.49%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2024 to 12/25/2025

	Return	Correlation
QLYS	-1.4%
Market (SPY)	15.8%	46.4%
Sector (XLK)	22.2%	42.9%

Fundamental Drivers

The 25.3% change in QLYS stock from 12/26/2022 to 12/25/2025 was primarily driven by a 39.3% change in the company's Total Revenues ($ Mil).

	12262022	12252025	Change
Stock Price ($)	111.34	139.54	25.33%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	468.65	653.03	39.34%
Net Income Margin (%)	21.65%	28.96%	33.75%
P/E Multiple	42.04	26.59	-36.75%
Shares Outstanding (Mil)	38.32	36.04	5.95%
Cumulative Contribution			24.88%

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2023 to 12/25/2025

	Return	Correlation
QLYS	-31.3%
Market (SPY)	48.3%	42.9%
Sector (XLK)	53.5%	38.1%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
QLYS Return	46%	13%	-18%	75%	-29%	-1%	67%
Peers Return	119%	46%	-41%	72%	15%	-14%	219%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
QLYS Win Rate	58%	67%	25%	83%	33%	33%
Peers Win Rate	65%	67%	37%	65%	55%	40%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
QLYS Max Drawdown	-18%	-25%	-20%	-9%	-39%	-18%
Peers Max Drawdown	-35%	-17%	-47%	-6%	-18%	-30%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: TENB, RPD, CRWD, PANW, FTNT. See QLYS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	QLYS	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-36.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	58.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	406 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-29.2%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	41.3%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	49 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-30.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	43.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	475 days	120 days

Compare to GWRE, TENB, AGPU, AIXC, CHOW

In The Past

Qualys's stock fell -36.9% during the 2022 Inflation Shock from a high on 1/27/2021. A -36.9% loss requires a 58.4% gain to breakeven.

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About Qualys (QLYS)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Qualys, Inc. provides cloud-based information technology (IT), security, and compliance solutions in the United States and internationally. The company offers Qualys Cloud Apps, which includes Vulnerability Management; Vulnerability Management, Detection and Response; Threat Protection; Continuous Monitoring; Patch Management; Multi-Vector Endpoint Detection and Response; Certificate Assessment; SaaS Detection and Response; Secure Enterprise Mobility; Policy Compliance; Security Configuration Assessment; PCI Compliance; File Integrity Monitoring; Security Assessment Questionnaire; Out of-Band Configuration Assessment; Web Application Scanning; Web Application Firewall; Global Asset Inventory; Cybersecurity Asset Management; Certificate Inventory; Cloud Inventory; Cloud Security Assessment; and Container Security. Its integrated suite of IT, security, and compliance solutions delivered on its Qualys Cloud Platform enables customers to identify and manage IT assets, collect and analyze IT security data, discover and prioritize vulnerabilities, recommend and implement remediation actions, and verify the implementation of such actions. The company also provides asset tagging and management, reporting and dashboards, questionnaires and collaboration, remediation and workflow, big data correlation and analytics engine, and alerts and notifications, which enable integrated workflows, management and real-time analysis, and reporting across IT, security, and compliance solutions. The company offers its solutions through its sales teams, as well as through its network of channel partners, such as security consulting organizations, managed service providers, resellers, and consulting firms. It serves enterprises, government entities, and small and medium-sized businesses in various industries, including education, financial services, government, healthcare, insurance, manufacturing, media, retail, technology, and utilities. The company was incorporated in 1999 and is headquartered in Foster City, California.

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Here are 1-3 brief analogies to describe Qualys (QLYS):

Qualys is like Salesforce for IT security and compliance management.
Qualys is like ServiceNow for enterprise cybersecurity workflows.
Qualys is like Moody's or S&P Global for assessing and managing your company's digital security risks.

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Vulnerability Management, Detection & Response (VMDR): A comprehensive solution for continuous asset discovery, vulnerability assessment, threat prioritization, and remediation orchestration across the IT environment.
Patch Management (PM): Automates the patching of operating systems and applications to address identified vulnerabilities and improve security posture.
Endpoint Detection and Response (EDR): Provides visibility into endpoint activities, detects advanced threats, and enables rapid incident response on endpoints.
Web Application Scanning (WAS): Automatically discovers and scans web applications for known and unknown vulnerabilities, misconfigurations, and malware.
Cloud Security Posture Management (CSPM): Continuously assesses cloud environments for security misconfigurations, compliance violations, and provides remediation guidance.
Container Security (CS): Integrates security throughout the container lifecycle, from build to runtime, identifying vulnerabilities and misconfigurations in container images and deployments.

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Qualys (QLYS) primarily sells its cloud-based IT security and compliance solutions to other companies, not individuals. As is common for business-to-business (B2B) software-as-a-service (SaaS) providers, Qualys does not publicly disclose the names of its specific "major customers" due to competitive reasons and client confidentiality agreements. Therefore, it is not possible to list specific customer company names and their symbols.

However, Qualys serves a broad and diverse customer base across various industries and organizational sizes. Its customer base can be broadly categorized as:

Large Enterprises and Global Organizations: This category includes a significant number of Fortune 1000 and Global 2000 companies across diverse sectors. These organizations leverage Qualys for comprehensive vulnerability management, threat detection, compliance, and cloud security at scale.
Government Agencies: Qualys solutions are adopted by various government entities at federal, state, and local levels to secure critical infrastructure and ensure regulatory compliance.
Small and Medium-sized Businesses (SMBs): While often associated with large enterprises, Qualys also caters to SMBs that require robust, scalable, and cost-effective security solutions without the need for extensive on-premise infrastructure.

Qualys's solutions are utilized by companies across a wide range of industries, including but not limited to:

Financial Services
Retail
Healthcare
Technology and Telecommunications
Manufacturing
Energy and Utilities

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Amazon.com, Inc. (AMZN)
Microsoft Corporation (MSFT)

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Sumedh Thakar, President & CEO

Sumedh Thakar joined Qualys in 2003 as an engineer and steadily progressed through leadership roles, becoming Chief Product Officer in 2014, President in 2019, and President and CEO in 2021. He was a key architect in the expansion of the Qualys Cloud Platform. Before Qualys, he worked as a software engineer at Intacct, a cloud-based financial software provider, and also at Northwest Airlines, where he developed complex algorithms for their reservation system. He holds five U.S. patents for cybersecurity technology.

Joo Mi Kim, Chief Financial Officer

Joo Mi Kim is responsible for all aspects of Qualys' finance organization globally, including finance, accounting, investor relations, treasury, and tax. She brings over 15 years of experience in financial planning and operations, investor relations, investment banking, and economic consulting. Prior to her current appointment as Qualys' CFO in 2020, she served as CFO for Impact, a leader in partnership automation, and Aera Technology, an enterprise SaaS company. She also previously served as Vice President of FP&A and Investor Relations at Qualys from 2016 to 2018. Her earlier career includes roles as an investment banker at J.P. Morgan and an economic consultant at Ernst & Young.

Dilip Bachwani, CTO and EVP, Enterprise TruRisk Platform

Prior to joining Qualys, Dilip Bachwani held numerous engineering leadership positions at various mid-sized and large organizations, where he was responsible for building and delivering complex, scalable, distributed enterprise SaaS products and big data cloud platforms.

Brad Bell, Chief Information Officer

As Qualys' Chief Information Officer, Brad Bell is responsible for the global corporate IT infrastructure, business applications, and operations. With over 30 years of experience in the technology industry, he specializes in leading global IT functions and driving digital transformation. Before joining Qualys, he was the CIO at Infoblox, where he spearheaded the company's global IT strategy and played a crucial role in its business transformation towards a SaaS-based model and cloud transition.

Pinkesh Shah, Chief Product Officer

Pinkesh Shah oversees all global Product Management, Product & UX Design, Product Marketing, Demand Generation, Branding, and Analyst Relations functions at Qualys. He is an entrepreneurial product leader with over 18 years of experience in building and launching category-defining technology products. Shah has extensive cybersecurity expertise, having led product, engineering, and marketing teams at companies such as McAfee, BeyondTrust, Exabeam, netIQ, and IBM.

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The key risks to Qualys' business include intense competition and industry consolidation, challenges in sustaining revenue growth and customer acquisition, and regulatory and compliance risks.

The cybersecurity market is highly competitive and experiencing a major vendor consolidation trend. Larger platform competitors are increasingly offering broader, integrated security solutions, which places pressure on specialized providers like Qualys that focus on vulnerability and risk management.

Qualys faces a core challenge in sustaining its top-line revenue growth, especially within a market characterized by customer budget scrutiny. This environment has contributed to a slowdown in customer acquisition and presents difficulties in retaining long-term customers.

Furthermore, Qualys is subject to various regulatory requirements, including the need to maintain government authorizations such as its FedRAMP High solution. Any changes to global data privacy or security standards could necessitate costly platform updates, impacting the company's operations.

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The emergence and rapid adoption of dedicated cloud-native application protection platforms (CNAPPs) and agentless cloud security solutions (e.g., Wiz, Orca Security, Lacework). These platforms often provide a unified, agentless, and graph-based approach to cloud security posture management (CSPM), cloud workload protection (CWPP), and other cloud security functions across public cloud environments. This fundamentally different architectural model, purpose-built for modern cloud infrastructures, challenges Qualys's existing cloud security and vulnerability management offerings, potentially providing a more integrated and less friction-filled security experience for organizations adopting cloud-native architectures.

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The total addressable market (TAM) for Qualys's main products and services is estimated to be $55 billion globally in 2025, projected to grow to $79 billion by 2028. This market expansion covers multiple segments, including vulnerability management, compliance, IT asset management, cloud security, endpoint security, and security analytics. According to Qualys's estimates from May 2024, their current total addressable market (TAM) was approximately $50 billion in fiscal year 2024, with a projection to reach $72 billion by fiscal year 2027. Qualys specializes in cloud security, compliance, and related services, operating globally with over 10,300 customers in more than 130 countries. Their offerings include vulnerability management, threat detection, web application security, and compliance monitoring.

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Qualys (QLYS) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

Expansion of the Enterprise TruRisk Management (ETM) Platform and Risk Operations Center (ROC): Qualys is seeing early traction and significant demand for its ETM solution, which integrates risk quantification, continuous threat exposure management, and automated remediation. This platform is designed to help customers consolidate cybersecurity tools and operationalize risk management. The introduction of the cloud-based Risk Operations Center (ROC) and managed Risk Operations Center (mROC), along with new AI-powered features like TruConfirm and TruRisk Eliminate, are anticipated to drive deeper platform adoption and open new market opportunities.
Growth through Channel Partners and International Expansion: The company has reported a significant increase in revenue contribution from its channel partners, with this segment outpacing direct revenue growth. Furthermore, international revenue growth has consistently outpaced domestic growth, indicating a strong opportunity for continued expansion in global markets.
Adoption of Flexible Pricing Models and Vendor Consolidation: Qualys's flexible pricing model is contributing to its competitive advantage. Additionally, customers are increasingly looking to consolidate their cybersecurity tools onto unified platforms, and Qualys's comprehensive offerings position it well to capture this demand. This trend supports deeper platform adoption and increased average revenue per user (ARPU).
Expansion into Government Business with FedRAMP High Authorization: The Qualys GovCloud Platform achieving FedRAMP High Authorization is a crucial development that opens up significant opportunities for the company to secure more contracts with federal and state government agencies, thereby expanding its customer base and revenue streams.
Launch of New AI and Machine Learning-Powered Products and Services: Qualys continues to innovate by introducing new capabilities, including AI and ML-based security solutions. These new offerings, such as a marketplace for AI-powered agents aimed at managing cyber risk and enhancements to its Total Cloud Synapse platform, are expected to create incremental greenfield opportunities and support sustained revenue growth.

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Share Repurchases

As of the third quarter of 2025, Qualys had $205 million remaining in its share repurchase program.
In the third quarter of 2025, Qualys repurchased $49.4 million in shares.
Since the inception of its share repurchase program in February 2018, Qualys has repurchased 10.4 million shares, returning $1.2 billion in cash to shareholders.

Share Issuance

On August 1, 2025, 6,042 common shares were withheld from the CEO to cover tax liability related to vesting Restricted Stock Units (RSUs), with an implied value of approximately $0.79 million.
The number of common shares outstanding decreased from 36,977,259 as of February 12, 2024, to 36,477,672 as of February 11, 2025, indicating a net reduction in shares.

Outbound Investments

Qualys acquired Blue Hexagon in October 2022, an AI-based automated network threat defense solution.
In August 2021, Qualys acquired Total Cloud for $1.1 million.
Qualys acquired Spell Security in August 2020 for an undisclosed amount.

Capital Expenditures

Planned capital expenditures for the full year 2025 are expected to be in the range of $5.5 million to $7 million.
Capital expenditures were modest at $3.4 million in the second quarter of 2025.
The primary focus of capital expenditures is to support the company's scalable cloud infrastructure and platform expansion.

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ROP (14.1% | 6.3x)

Roper Technologies

CLS (18.9% | 3.1x)

Celestica

COHR (16.5% | 4.9x)

Coherent

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for QLYS: 11.7% | 23.7x)

MU (28.3% | 23.4x)

Micron Technology

ROP (14.1% | 22.4x)

Roper Technologies

FSLR (20.6% | 21.4x)

First Solar

PTC (12.4% | 21.2x)

PTC

SMCI (63.1% | 19.6x)

Super Micro Computer

Higher Rev Chg LTM (Value for QLYS: 10.1%)

NVDA (65.2%)

NVIDIA

PLTR (47.2%)

Palantir Technologies

AVGO (23.9%)

Broadcom

MSFT (15.6%)

Microsoft

ORCL (11.1%)

Oracle

Higher Rev Chg 3Y Avg (Value for QLYS: 11.7%)

NVDA (91.6%)

NVIDIA

PLTR (29.3%)

Palantir Technologies

AVGO (25.2%)

Broadcom

MSFT (13.2%)

Microsoft

AMD (12.9%)

Advanced Micro Devices

Higher Op Mgn LTM (Value for QLYS: 32.5%)

NVDA (58.8%)

NVIDIA

APP (52.5%)

AppLovin

MSFT (46.3%)

Microsoft

AVGO (40.8%)

Broadcom

MU (32.5%)

Micron Technology

Higher CFO/Rev LTM (Value for QLYS: 43.1%)

MU (53.6%)

Micron Technology

MSFT (50.0%)

Microsoft

PLTR (46.6%)

Palantir Technologies

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

Higher FCF/Rev LTM (Value for QLYS: 41.6%)

APP (50.6%)

AppLovin

ANET (47.9%)

Arista Networks

PLTR (46.0%)

Palantir Technologies

AVGO (42.1%)

Broadcom

ZM (41.6%)

Zoom Communications

Higher Total Yield (Value for QLYS: 3.8%)

CSCO (5.4%)

Cisco Systems

IBM (5.0%)

International Business Machines

QCOM (5.0%)

Qualcomm

AMAT (4.0%)

Applied Materials

MU (3.9%)

Micron Technology

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for QLYS: 11.7% | 7.7x)

BRK-B (19.8% | 2.7x)

Berkshire Hathaway

JPM (13.4% | 5.1x)

JPMorgan Chase

GE (15.7% | 7.6x)

GE Aerospace

BKNG (17.8% | 6.8x)

Booking

UBER (19.6% | 3.4x)

Uber Technologies

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for QLYS: 11.7% | 23.7x)

META (17.3% | 20.5x)

Meta Platforms

BKNG (17.8% | 19.6x)

Booking

NEM (23.9% | 12.3x)

Newmont

MCK (12.6% | 18.7x)

McKesson

AEM (26.0% | 17.4x)

Agnico Eagle Mines

Higher Rev Chg LTM (Value for QLYS: 10.1%)

LLY (36.8%)

Eli Lilly

META (21.3%)

Meta Platforms

MA (14.6%)

Mastercard

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

Higher Rev Chg 3Y Avg (Value for QLYS: 11.7%)

LLY (23.4%)

Eli Lilly

BRK-B (19.8%)

Berkshire Hathaway

META (17.3%)

Meta Platforms

JPM (13.4%)

JPMorgan Chase

MA (13.2%)

Mastercard

Higher Op Mgn LTM (Value for QLYS: 32.5%)

V (66.4%)

Visa

MA (58.3%)

Mastercard

META (43.2%)

Meta Platforms

LLY (43.0%)

Eli Lilly

MRK (34.9%)

Merck

Higher CFO/Rev LTM (Value for QLYS: 43.1%)

RY (83.0%)

Royal Bank of Canada

V (57.6%)

Visa

BAC (57.3%)

Bank of America

META (56.8%)

Meta Platforms

MA (56.1%)

Mastercard

Higher FCF/Rev LTM (Value for QLYS: 41.6%)

RY (79.6%)

Royal Bank of Canada

BAC (57.3%)

Bank of America

V (53.9%)

Visa

MA (52.5%)

Mastercard

COF (43.2%)

Capital One Financial

Higher Total Yield (Value for QLYS: 3.8%)

XOM (9.2%)

Exxon Mobil

JNJ (7.5%)

Johnson & Johnson

JPM (6.4%)

JPMorgan Chase

BRK-B (6.2%)

Berkshire Hathaway

META (3.8%)

Meta Platforms

		Best Bets In Information Technology Sector
	QLYS	VRSN	IDCC	NVDA	RMBS	GEN	ZM	DBX	YOU	MPWR	DAVE
What You Pay
P/E	26.6	28.3	17.1	46.3	44.4	29.9	16.4	14.6	19.2	24.1	21.0
P/EBIT	23.7	20.4	13.8	39.4	37.9	10.6	23.9	11.9	20.9	66.0	24.0
What You Get
Rev Chg Q	10.4%	7.3%	28.0%	62.5%	22.7%	25.3%	4.4%	-0.7%	15.5%	18.9%	63.0%
Rev Chg LTM	10.1%	5.5%	28.8%	65.2%	31.0%	16.2%	3.8%	-0.4%	17.8%	30.5%	53.8%
Rev Chg 3Y Avg	11.7%	5.2%	27.1%	91.6%	17.3%	16.5%	3.4%	3.4%	31.0%	17.2%	38.6%
FCF/Rev 3Y Avg	40.9%	57.4%	54.2%	43.4%	39.3%	36.7%	36.1%	33.4%	32.5%	28.6%	26.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Qualys Earnings Notes
2	Qualys Earnings Notes
3	With Qualys Stock Sliding, Have You Assessed The Risk?	Return
4	Qualys vs Alphabet: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	Qualys vs Lam Research: Which Is A Better Investment?	Counter-Intuitive Comparisons
6	Qualys vs Gen Digital: Which Is A Better Investment?	Counter-Intuitive Comparisons
7	How Does Qualys Stock Stack Up Against Its Peers?	Peer Comparison
8	Better Bet Than QLYS Stock: Pay Less Than Qualys To Get More From BKNG, RCL
9	Better Bet Than QLYS Stock: Pay Less Than Qualys To Get More From SMCI, FSLR
10	QLYS Dip Buy Analysis

	Title
0	ARTICLES

Trade Ideas

Select ideas related to QLYS. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	13.9%	13.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	12.0%	12.0%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	17.0%	17.0%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	11.9%	11.9%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.1%	4.1%	0.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for Qualys

Peers to compare with:

Financials

	QLYS	TENB	RPD	CRWD	PANW	FTNT	Median
Name	Qualys	Tenable	Rapid7	CrowdStr.	Palo Alt.	Fortinet
Mkt Price	139.54	24.17	15.33	477.11	187.22	81.18	110.36
Mkt Cap	5.0	2.9	1.0	119.9	127.1	61.3	33.2
Rev LTM	653	975	859	4,565	9,557	6,555	2,770
Op Inc LTM	213	-5	17	-392	1,265	2,033	115
FCF LTM	271	248	157	1,104	3,691	2,028	688
FCF 3Y Avg	243	181	121	1,023	3,231	1,919	633
CFO LTM	281	265	180	1,460	3,977	2,448	871
CFO 3Y Avg	255	194	144	1,312	3,428	2,231	784

Growth & Margins

	QLYS	TENB	RPD	CRWD	PANW	FTNT	Median
Name	Qualys	Tenable	Rapid7	CrowdStr.	Palo Alt.	Fortinet
Rev Chg LTM	10.1%	11.1%	3.1%	22.0%	15.3%	14.8%	12.9%
Rev Chg 3Y Avg	11.7%	14.6%	9.7%	31.1%	18.1%	17.1%	15.9%
Rev Chg Q	10.4%	11.2%	1.5%	22.2%	15.7%	14.4%	12.8%
QoQ Delta Rev Chg LTM	2.5%	2.7%	0.4%	5.2%	3.6%	3.4%	3.0%
Op Mgn LTM	32.5%	-0.5%	1.9%	-8.6%	13.2%	31.0%	7.6%
Op Mgn 3Y Avg	30.3%	-3.3%	-0.2%	-4.0%	10.2%	27.6%	5.0%
QoQ Delta Op Mgn LTM	1.5%	1.0%	-0.8%	0.1%	-0.2%	0.1%	0.1%
CFO/Rev LTM	43.1%	27.2%	21.0%	32.0%	41.6%	37.3%	34.7%
CFO/Rev 3Y Avg	43.0%	21.9%	17.4%	35.8%	41.1%	38.6%	37.2%
FCF/Rev LTM	41.6%	25.4%	18.2%	24.2%	38.6%	30.9%	28.2%
FCF/Rev 3Y Avg	40.9%	20.4%	14.6%	28.0%	38.8%	33.3%	30.7%

Valuation

	QLYS	TENB	RPD	CRWD	PANW	FTNT	Median
Name	Qualys	Tenable	Rapid7	CrowdStr.	Palo Alt.	Fortinet
Mkt Cap	5.0	2.9	1.0	119.9	127.1	61.3	33.2
P/S	7.7	3.0	1.2	26.3	13.3	9.4	8.5
P/EBIT	23.7	277.2	24.4	-587.3	77.5	27.0	25.7
P/E	26.6	-86.9	44.4	-381.7	113.8	32.7	29.7
P/CFO	17.9	11.0	5.5	82.1	32.0	25.1	21.5
Total Yield	3.8%	-1.2%	2.3%	-0.3%	0.9%	3.1%	1.6%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	4.9%	4.3%	7.0%	1.6%	3.1%	3.5%	3.9%
D/E	0.0	0.1	1.0	0.0	0.0	0.0	0.0
Net D/E	-0.1	0.0	0.6	-0.0	-0.0	-0.0	-0.0

Returns

	QLYS	TENB	RPD	CRWD	PANW	FTNT	Median
Name	Qualys	Tenable	Rapid7	CrowdStr.	Palo Alt.	Fortinet
1M Rtn	-1.6%	-8.9%	0.0%	-6.9%	0.5%	0.4%	-0.8%
3M Rtn	3.1%	-18.3%	-20.7%	0.8%	-7.4%	-2.4%	-4.9%
6M Rtn	-1.6%	-27.4%	-33.8%	-5.6%	-7.5%	-21.8%	-14.7%
12M Rtn	-1.4%	-41.5%	-61.5%	30.4%	-1.2%	-17.0%	-9.2%
3Y Rtn	25.3%	-34.4%	-54.7%	367.8%	165.1%	66.6%	46.0%
1M Excs Rtn	-4.1%	-9.3%	4.6%	-9.2%	-1.6%	-1.6%	-2.8%
3M Excs Rtn	-1.9%	-23.2%	-25.7%	-4.1%	-12.4%	-7.4%	-9.9%
6M Excs Rtn	-14.5%	-40.2%	-46.6%	-18.4%	-20.4%	-34.7%	-27.5%
12M Excs Rtn	-17.7%	-58.0%	-77.9%	14.8%	-16.6%	-33.4%	-25.5%
3Y Excs Rtn	-57.3%	-116.7%	-136.9%	259.8%	67.2%	-19.2%	-38.2%

Comparison Analyses

	Title
0	How Does Qualys Stock Stack Up Against Its Peers?
1	Qualys vs. Rambus: With Return Forecast Of 31%, Qualys Is A Better Bet
2	Qualys vs. CommVault Systems: With Return Forecast Of -11%, Qualys Is A Better Bet
3	Qualys vs. Activision Blizzard: With Return Forecast Of 28%, Qualys Is A Better Bet
4	Qualys vs. Autodesk: With Return Forecast Of 28%, Qualys Is A Better Bet
5	Qualys vs. Novanta: With Return Forecast Of 34%, Qualys Is A Better Bet
6	Qualys vs. Ionis Pharmaceuticals: With Return Forecast Of 62%, Ionis Pharmaceuticals Is A Better Bet
7	Qualys vs. Paylocity Holding: With Return Forecast Of 58%, Paylocity Holding Is A Better Bet
8	Qualys vs. Varonis Systems: With Return Forecast Of 42%, Qualys Is A Better Bet
9	Qualys vs. Workiva: With Return Forecast Of 42%, Qualys Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/4/2025	2/21/2025	2/22/2024	2/23/2023	2/22/2022	2/22/2021	2/21/2020
Key Financials
Total Revenue	653	608	554	490	411	363	322
EBITDA	228	206	190	165	124	135	111
Operating Income	213	187	163	131	88	97	72
Net Income	189	174	152	108	71	92	69
EPS	5.20	4.72	4.11	2.81	1.82	2.34	1.77
Growth Rates
Total Revenue Growth	10.1%	9.6%	13.2%	19.1%	13.3%	12.9%	15.3%
EBITDA Growth	14.3%	8.2%	15.1%	33.7%	-8.4%	21.2%	31.6%
Operating Income Growth	18.6%	14.8%	24.9%	48.9%	-9.3%	33.8%	43.5%
Net Income Growth	11.1%	14.6%	40.4%	52.2%	-22.5%	32.1%	21.0%
Margins
EBITDA Margin	34.9%	33.9%	34.3%	33.7%	30.1%	37.2%	34.6%
Operating Income Margin	32.5%	30.8%	29.4%	26.7%	21.3%	26.6%	22.5%
Net Income Margin	29.0%	28.6%	27.3%	22.1%	17.3%	25.2%	21.6%
Cash & Debt
Total Cash	419	381	426	321	405	356	299
Total Debt	55	47	29	42	49	57	52
Net Debt / (Cash)	-364	-334	-397	-279	-357	-299	-247
Cash Flows
Net Cash from Operations	281	244	245	199	201	180	161
Free Cash from Operations	271	232	236	175	175	149	129
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	181	140	171	317	130	127	86

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/4/2025	8/5/2025	5/6/2025	2/21/2025	11/5/2024	8/6/2024	5/7/2024	2/22/2024	11/2/2023	8/3/2023	5/4/2023	2/23/2023
Key Financials Quarterly
Total Revenue	170	164	160	159	154	149	146	145	142	137	131	131
Ebitda	63	55	56	54	49	53	50	47	50	50	43	40
Operating Income	60	51	52	49	45	48	45	41	44	43	35	31
Net Income	50	47	48	44	46	44	40	41	47	35	29	28
EPS	1.40	1.30	1.30	1.20	1.26	1.19	1.08	1.10	1.27	0.96	0.79	0.75
Key Financials TTM
Total Revenue TTM	653	637	622	608	593	581	570	554	541	524	507	490
Ebitda TTM	228	214	212	206	200	200	197	190	182	174	165	165
Operating Income TTM	213	198	194	187	179	178	173	163	152	142	132	131
Net Income TTM	189	185	181	174	170	171	162	152	139	120	112	108
Growth Rates Quarterly
Total Revenue Growth	10.4%	10.3%	9.7%	10.1%	8.4%	8.4%	11.6%	10.5%	13.1%	14.4%	15.2%	19.2%
EBITDA Growth	28.0%	4.8%	11.9%	13.1%	-1.9%	6.1%	17.3%	19.7%	21.0%	19.9%	0.2%	6.4%
Operating Income Growth	33.4%	6.9%	15.6%	19.2%	3.1%	12.2%	27.2%	35.2%	30.7%	29.8%	4.9%	5.6%
Net Income Growth	8.9%	8.0%	19.6%	8.3%	-0.7%	23.7%	36.5%	43.3%	68.2%	33.0%	14.5%	29.8%
Margins Quarterly
EBITDA Margin	37.2%	33.8%	35.0%	33.6%	32.1%	35.5%	34.3%	32.7%	35.4%	36.3%	32.6%	30.2%
Operating Income Margin	35.3%	31.3%	32.4%	31.0%	29.2%	32.3%	30.7%	28.7%	30.7%	31.2%	26.9%	23.4%
Net Income Margin	29.6%	28.8%	29.7%	27.6%	30.0%	29.4%	27.2%	28.1%	32.8%	25.8%	22.3%	21.6%
Cash & Debt
Total Cash	419	370	441	381	386	393	454	426	427	349	334	321
Total Debt	55	55	49	47	48	51	38	29	32	35	39	42
Net Debt / (Cash)	-364	-315	-392	-334	-339	-343	-416	-397	-395	-315	-295	-279
Cash Flows Quarterly
FCF from Operations	90	34	110	48	61	50	86	34	92	52	67	44
Cash Flows TTM
FCF from Operations TTM	281	252	268	244	230	262	263	245	255	204	187	199
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	49	50	40	43	44	35	18	23	39	42	67	105
Return on Invested Capital (ROIC) Quarterly
ROIC	54.0%	44.3%	59.1%	48.6%	52.3%	55.3%	74.1%	70.9%	98.3%	60.9%	48.7%	43.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	49.7%	43.9%	56.5%	46.7%	49.4%	54.2%	75.6%	69.4%	74.6%	51.9%	47.6%	45.6%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Single Segment	554	490	411	363	322
Total	554	490	411	363	322

Price Behavior

Price Behavior

Market Price	$139.54
Market Cap ($ Bil)	5.0
First Trading Date	09/28/2012
Distance from 52W High	-9.3%
	50 Days	200 Days
DMA Price	$139.36	$134.56
DMA Trend	indeterminate	up
Distance from DMA	0.1%	3.7%
	3M	1YR
Volatility	49.6%	35.4%
Downside Capture	84.80	97.68
Upside Capture	79.92	81.87
Correlation (SPY)	17.3%	46.5%

QLYS Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.48	0.76	0.78	0.92	0.84	1.06
Up Beta	-1.35	-0.55	-0.04	0.74	0.91	1.27
Down Beta	1.80	0.99	0.95	0.66	0.67	1.00
Up Capture	329%	113%	83%	83%	69%	70%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	9	18	28	58	119	390
Down Capture	145%	87%	93%	125%	100%	101%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	24	35	67	129	359

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of QLYS With Other Asset Classes (Last 1Y)
	QLYS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-2.1%	26.7%	19.2%	71.9%	8.9%	6.0%	-10.1%
Annualized Volatility	35.2%	27.6%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	-0.01	0.84	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		42.5%	46.1%	1.0%	10.7%	36.5%	26.4%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of QLYS With Other Asset Classes (Last 5Y)
	QLYS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	6.5%	19.0%	14.9%	18.7%	11.7%	4.8%	32.7%
Annualized Volatility	40.6%	24.7%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.27	0.69	0.70	0.97	0.51	0.17	0.60
Correlation With Other Assets		46.5%	47.3%	3.2%	8.8%	34.1%	20.0%

Based On 10-Year Data

		Comparison of QLYS With Other Asset Classes (Last 10Y)
	QLYS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	14.8%	22.3%	14.7%	14.9%	6.9%	5.2%	69.3%
Annualized Volatility	39.4%	24.2%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.48	0.84	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		49.6%	47.3%	2.0%	12.2%	32.4%	14.5%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	3,207,038
Short Interest: % Change Since 11302025	1.3%
Average Daily Volume	365,643
Days-to-Cover Short Interest	8.77
Basic Shares Quantity	36,037,000
Short % of Basic Shares	8.9%

Returns Analyses

	Title
0	With Qualys Stock Sliding, Have You Assessed The Risk?
1	Qualys Stock Return Comparison
2	[10/7/2021] Qualys (QLYS) Stock Price Forecast: AI Forecasts QLYS Stock Price To Be Around $114.70 In A Month (Up 1.8%)
3	Qualys Total Shareholder Return (TSR): -18.2% in 2022 and 10.4% 3-yr returns (above peer average)
4	Qualys (QLYS) Stock Return: AI Predicts QLYS Average and Excess Return After a Fall or Rise

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/4/2025	20.6%	26.9%	20.5%
8/5/2025	-0.2%	-0.9%	2.8%
5/6/2025	0.6%	7.8%	10.2%
2/6/2025	-3.7%	0.3%	-11.0%
11/5/2024	24.2%	20.5%	22.3%
8/6/2024	-8.6%	-8.8%	-9.8%
5/7/2024	-9.8%	-9.8%	-18.6%
2/7/2024	-4.2%	-3.7%	-4.8%
...
SUMMARY STATS
# Positive	10	12	11
# Negative	14	12	13
Median Positive	8.6%	7.3%	13.0%
Median Negative	-5.9%	-8.0%	-8.9%
Max Positive	24.2%	26.9%	22.9%
Max Negative	-16.0%	-18.8%	-21.6%

	Forward Returns
11/4/2025	20.6%	26.9%	20.5%
8/5/2025	-0.2%	-0.9%	2.8%
5/6/2025	0.6%	7.8%	10.2%
2/6/2025	-3.7%	0.3%	-11.0%
11/5/2024	24.2%	20.5%	22.3%
8/6/2024	-8.6%	-8.8%	-9.8%
5/7/2024	-9.8%	-9.8%	-18.6%
2/7/2024	-4.2%	-3.7%	-4.8%
11/2/2023	11.3%	10.0%	22.9%
8/3/2023	4.0%	6.7%	13.0%
5/4/2023	7.7%	6.1%	18.3%
2/9/2023	-0.6%	-4.5%	-3.5%
11/2/2022	-16.0%	-15.3%	-8.9%
8/8/2022	12.0%	20.8%	18.1%
5/4/2022	-5.5%	-18.8%	-4.5%
2/10/2022	-14.3%	-13.9%	-13.5%
11/3/2021	9.5%	10.0%	2.0%
8/9/2021	4.7%	3.6%	11.8%
5/5/2021	4.1%	4.0%	6.0%
2/10/2021	-10.6%	-13.2%	-14.4%
11/4/2020	-0.6%	-3.3%	-3.1%
8/10/2020	-7.2%	-7.2%	-8.3%
5/7/2020	-6.2%	-6.0%	-2.9%
2/12/2020	-1.1%	3.6%	-21.6%
SUMMARY STATS
# Positive	10	12	11
# Negative	14	12	13
Median Positive	8.6%	7.3%	13.0%
Median Negative	-5.9%	-8.0%	-8.9%
Max Positive	24.2%	26.9%	22.9%
Max Negative	-16.0%	-18.8%	-21.6%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11042025	10-Q 9/30/2025
6302025	8052025	10-Q 6/30/2025
3312025	5062025	10-Q 3/31/2025
12312024	2212025	10-K 12/31/2024
9302024	11052024	10-Q 9/30/2024
6302024	8062024	10-Q 6/30/2024
3312024	5072024	10-Q 3/31/2024
12312023	2222024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2232023	10-K 12/31/2022
9302022	11022022	10-Q 9/30/2022
6302022	8082022	10-Q 6/30/2022
3312022	5042022	10-Q 3/31/2022
12312021	2222022	10-K 12/31/2021

Insider Activity

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Industry Resources

Systems Software Resources

Software Development Times

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Qualys (QLYS)

Market Price (12/26/2025): $139.54 | Market Cap: $5.0 BilSector: Information Technology | Industry: Systems Software

Qualys (QLYS)

Market Price (12/26/2025): $139.54Market Cap: $5.0 BilSector: Information TechnologyIndustry: Systems Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

QLYS Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Qualys (QLYS)

Interactive Breakdown

Better Bets than Qualys (QLYS)

INDUSTRY: Systems Software

Higher Rev Chg 3Y Avg | Lower P/S (Values for QLYS: 11.7% | 7.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for QLYS: 11.7% | 23.7x)

Higher Rev Chg LTM (Value for QLYS: 10.1%)

Higher Rev Chg 3Y Avg (Value for QLYS: 11.7%)

Higher Op Mgn LTM (Value for QLYS: 32.5%)

Higher CFO/Rev LTM (Value for QLYS: 43.1%)

Higher Total Yield (Value for QLYS: 3.8%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for QLYS: 11.7% | 7.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for QLYS: 11.7% | 23.7x)

Higher Rev Chg LTM (Value for QLYS: 10.1%)

Higher Rev Chg 3Y Avg (Value for QLYS: 11.7%)

Higher Op Mgn LTM (Value for QLYS: 32.5%)

Higher CFO/Rev LTM (Value for QLYS: 43.1%)

Higher FCF/Rev LTM (Value for QLYS: 41.6%)

Higher Total Yield (Value for QLYS: 3.8%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for QLYS: 11.7% | 7.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for QLYS: 11.7% | 23.7x)

Higher Rev Chg LTM (Value for QLYS: 10.1%)

Higher Rev Chg 3Y Avg (Value for QLYS: 11.7%)

Higher Op Mgn LTM (Value for QLYS: 32.5%)

Higher CFO/Rev LTM (Value for QLYS: 43.1%)

Higher FCF/Rev LTM (Value for QLYS: 41.6%)

Higher Total Yield (Value for QLYS: 3.8%)

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Market Price (12/26/2025): $139.54 | Market Cap: $5.0 Bil
Sector: Information Technology | Industry: Systems Software

Market Price (12/26/2025): $139.54
Market Cap: $5.0 Bil
Sector: Information Technology
Industry: Systems Software