undamentalytics Newsletter
Sign in

Qualys, Inc. (QLYS) stock

Add to watchlist

Add holding +

NASDAQ: QLYS Nasdaq Application Software Next results ~November 9, 2026

B Fundamentals grade

Qualys, Inc. is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$170

Cash-flow model

Base case. Range ~$130–$220 across our lower- and higher-growth cases (5.3%–15.3% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 23% above our base value.

Price used: $210.75, November 3, 2026

Qualys, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 6 selling0 purchases and 156 sales by directors and officers, last 12 monthsInsider trades
  • Funds240 adding, 214 cuttingOf 54 active managers that changed their stake, 18 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Qualys files

Where Qualys stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $703m, up 10.4% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 44.7% from 37.6% a year earlier. Operating margin widened to 34.4% from 31.0%. The diluted share count is down 2.9% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $173 a share, against a share price of $222. At that price, our model says the market is pricing in about 15.5% a year of cash-flow growth for five years, faster than the 11.3% a year revenue growth it has delivered.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 9, 2026 (estimated)

Qualys, Inc.'s trailing-twelve-month revenue grew 10.4% year on year, with a free-cash-flow margin of 44.7%. Where it stands out: free-cash-flow margin of 44.7% ranks 3 of 180 application software companies we cover.

Our discounted-cash-flow model values the business at ~$170 per share in the base case (~$130–$220 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 31.1% while net income grew 11.6%: a 19pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 34.4% of revenue is left as operating profit, against a median of 1.1% for application software companies we cover.
  • Margins widening. Operating margin is up 3.4 points on a year ago.
  • Strong cash generation. 44.7% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Shrinking share count. Diluted shares fell 2.9% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.3bn.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Volatile shares. Over the past year the shares showed annualised volatility of 58% and a beta of 0.5 against the S&P 500.
  • Insiders selling. 6 insiders sold $23M of stock over the past 365 days and none bought (100% under pre-set trading plans).
  • Heavily shorted. 12.9% of the shares available to trade are sold short (4.7 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$1.98 against an average estimate of $1.78: beat by 10.9%
Revenue
$182m, up 11.0% on a year earlier
Share reaction
+18.3% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Next report
November 9, 2026; average EPS estimate $1.96

Qualys' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.5%
  • 1 week-7.5%
  • 1 month+9.2%
  • This year+56.2%
  • 1 year+68.4%
  • 5 years+53.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$703M
Operating margin
34.4%
Net margin
29.4%
EPS (TTM, diluted)
$5.77

Growth

Revenue growth
+10.4%
Change in growth rate
+0.2 pts
Share count change
−2.9%

Cash

Free cash flow (TTM)
$314M
FCF margin
44.7%
Stock pay % of revenue
11.1%

Earnings

Last results
August 4, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Qualys, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 14.3% a year of cash-flow growth for five years.That is close to the 11.3% a year revenue growth Qualys has delivered.

  • Priced in14.3%
  • Last 12 months10.4%
  • 3 years a year10.3%
  • 5 years a year11.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($210.67, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$170
Price used
$210.67close November 3, 2026
Implied change
▼ 19%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Qualys, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($212M, FY2026 Q2 TTM), growing 9.4% and 9.6% in the next two years (forecasts, guidance and its record), then back to 10.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$130–~$220 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Qualys, Inc.'s free cash flow after stock-based pay ( $212M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Qualys, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10%: the 10-year Treasury yield (4.9%) plus a beta of 1.12 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$170 ~$130–$220 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$120 ~$97–$190 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$130 ~$93–$190 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$80 ~$70–$94 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$130 ~$80–$170 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Qualys, Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▲ +18%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $96$127$169$224$296$389
8.5% $75$98$128$167$219$285
10% $62$80$103$133$172$222

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$33.09$31.65$59.35$74.74$83.37$121.87$137.22$112.23$196.28$140.22$132.90$207.60
Market value$1.3bn$1.2bn$2.4bn$3.1bn$3.4bn$5.0bn$5.5bn$4.4bn$7.4bn$5.2bn$4.8bn$7.4bn
+ Net debt (− = net cash)−$92m−$87m−$87m−$41m−$88m−$74m−$137m−$174m−$204m−$232m−$250m−$250m
Enterprise value$1.2bn$1.1bn$2.3bn$3.1bn$3.4bn$4.9bn$5.4bn$4.2bn$7.2bn$5.0bn$4.6bn$7.2bn
Multiples
Price / sales 6.4x6.1x10.3x11.2x10.7x13.7x13.4x9.0x13.3x8.6x7.2x10.6x
Price / earnings 66.0x63.2x58.8x54.6x49.6x54.2x77.6x40.9x48.7x30.2x24.4x36.0x
Price / free cash flow 27.7x26.4x34.1x30.5x25.9x33.1x31.2x24.1x31.3x22.6x15.9x23.7x
EV / EBITDA 30.1x23.9x39.6x39.0x32.4x37.8x43.4x25.7x37.8x24.3x19.4x28.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

72 /100

Strong moat

How hard Qualys's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 28.6% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 78.9%, moving by 2.1 percentage points (standard deviation) across 10 years.

  • Durability 17 / 20

    Operating margin has been a median 26.4%; its worst year was 15.6%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 39.8% of revenue.

  • Discipline 10 / 20

    The diluted share count fell 11.4% over five years; stock-based pay has been a median 11.4% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (87 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 9, 2026, after the close. Analysts expect revenue of $187m and EPS of $1.96 (range $1.91 to $2.05) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $7.83 +11% $735m +10%
Next $8.47 +8% $796m +8%

Next year's EPS estimate has moved +2.4% in 90 days, across 22 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.4% on 90 days ago. In the last 30 days, 2 analysts raised Qualys, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Qualys, Inc., last 90 days
$7.50 $8.00 $8.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $7.58 Current fiscal year, 60 days ago: $7.78 Current fiscal year, 30 days ago: $7.81 Current fiscal year, 7 days ago: $7.81 Current fiscal year, Now: $7.83 $7.83 Next fiscal year, 90 days ago: $8.27 Next fiscal year, 60 days ago: $8.42 Next fiscal year, 30 days ago: $8.45 Next fiscal year, 7 days ago: $8.45 Next fiscal year, Now: $8.47 $8.47

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $7.58$8.27
60 days ago $7.78$8.42
30 days ago $7.81$8.45
7 days ago $7.81$8.45
Now $7.83$8.47

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.78 $1.98 +10.9%
Mar 2026 $1.80 $1.95 +8.4%
Dec 2025 $1.78 $1.87 +4.9%
Sept 2025 $1.56 $1.86 +19.2%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Qualys, Inc.'s revenue by +9.4% next year and +9.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.9%, weight 70%) and the company's own record (+10.3%, weight 30%) . How the weights are set.

Analyst recommendations

22 analysts, Oct 2026
Buy418%
Hold1673%
Sell29%

Monthly trend

  1. Oct 202631622
  2. Sep 202631722
  3. Aug 202641622
  4. Jul 202641622

Counts of recommendations published by analysts covering Qualys, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
12.9%
of tradable shares
Days to cover
4.65
at average volume
Short interest, 1 month
−7%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.4%
of shares
Employees
2,718
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +68.4%

$123.26 on October 31, 2025 to $207.60

ThenNowEffect
Revenue (last 12 months) $637m $703m +10.4%
Net margin 29.0% 29.4% +1.2%
P/E multiple 24.6x 36.0x +46.5%
Share count 37m 36m +3.0%

Biggest factor: p/e multiple.

Last 3 years +22.1%

$170.00 on November 3, 2023 to $207.60

ThenNowEffect
Revenue (last 12 months) $524m $703m +34.1%
Net margin 23.0% 29.4% +27.9%
P/E multiple 53.9x 36.0x −33.2%
Share count 38m 36m +6.7%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
QLYS+13%−18%+75%−29%−5%+56%
Industry peers (median)−8%−50%+19%+2%−21%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
QLYS67%25%83%33%33%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
QLYS−37%−32%−18%−40%−22%−44%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 63% from December 19, 2023 to April 10, 2026. Getting back needed a 170% gain, reached on October 22, 2026, 195 days after the low.

Price behaviour

52-week range
$76.20 – $230.29
From 52-week high
−9.9%
vs 50-day average
+9.9%
vs 200-day average
+53.9%
Volatility (1 year)
59%
Beta vs S&P 500
0.48

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±10.3%
After a week
5 up, 7 down
typical move ±11.4%
After a month
6 up, 6 down
typical move ±15.1%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +18.3% +1.6% +21.6% +10.3%
May 5, 2026 −1.8% +2.2% −2.6% +20.6%
February 5, 2026 −14.2% +0.6% −18.9% −25.4%
November 4, 2025 +16.8% −0.8% +22.9% +19.6%
August 5, 2025 −4.0% +0.3% −4.7% −1.1%
May 6, 2025 −0.4% −0.4% +6.7% +9.0%
February 6, 2025 −7.1% −0.6% −3.3% −14.2%
November 5, 2024 +27.8% +3.7% +24.0% +25.8%
August 6, 2024 −5.8% +0.2% −6.0% −7.0%
May 7, 2024 −12.0% +0.1% −12.0% −20.6%
February 7, 2024 −4.0% +0.9% −3.5% −4.6%
November 2, 2023 +11.9% +2.8% +10.5% +23.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Qualys, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Qualys, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Qualys, Inc.
$500M $550M $600M $650M $700M $750M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $540.7M Revenue (TTM), FY23 Q4: $554.5M Revenue (TTM), FY24 Q1: $569.6M Revenue (TTM), FY24 Q2: $581.1M Revenue (TTM), FY24 Q3: $593M Revenue (TTM), FY24 Q4: $607.6M Revenue (TTM), FY25 Q1: $621.7M Revenue (TTM), FY25 Q2: $637M Revenue (TTM), FY25 Q3: $653M Revenue (TTM), FY25 Q4: $669.1M Revenue (TTM), FY26 Q1: $684.9M Revenue (TTM), FY26 Q2: $703M $703M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $540.7M
FY23 Q4 $554.5M
FY24 Q1 $569.6M
FY24 Q2 $581.1M
FY24 Q3 $593M
FY24 Q4 $607.6M
FY25 Q1 $621.7M
FY25 Q2 $637M
FY25 Q3 $653M
FY25 Q4 $669.1M
FY26 Q1 $684.9M
FY26 Q2 $703M
Revenue growth, TTM YoY Qualys, Inc.
8% 10% 12% 14% 16% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 15.4% Revenue growth, TTM YoY, FY23 Q4: 13.2% Revenue growth, TTM YoY, FY24 Q1: 12.3% Revenue growth, TTM YoY, FY24 Q2: 10.8% Revenue growth, TTM YoY, FY24 Q3: 9.7% Revenue growth, TTM YoY, FY24 Q4: 9.6% Revenue growth, TTM YoY, FY25 Q1: 9.1% Revenue growth, TTM YoY, FY25 Q2: 9.6% Revenue growth, TTM YoY, FY25 Q3: 10.1% Revenue growth, TTM YoY, FY25 Q4: 10.1% Revenue growth, TTM YoY, FY26 Q1: 10.2% Revenue growth, TTM YoY, FY26 Q2: 10.4% 10.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 15.4%
FY23 Q4 13.2%
FY24 Q1 12.3%
FY24 Q2 10.8%
FY24 Q3 9.7%
FY24 Q4 9.6%
FY25 Q1 9.1%
FY25 Q2 9.6%
FY25 Q3 10.1%
FY25 Q4 10.1%
FY26 Q1 10.2%
FY26 Q2 10.4%
Operating margin (TTM) Qualys, Inc.
28% 30% 32% 34% 36% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 28.2% Operating margin (TTM), FY23 Q4: 29.4% Operating margin (TTM), FY24 Q1: 30.3% Operating margin (TTM), FY24 Q2: 30.6% Operating margin (TTM), FY24 Q3: 30.2% Operating margin (TTM), FY24 Q4: 30.8% Operating margin (TTM), FY25 Q1: 31.2% Operating margin (TTM), FY25 Q2: 31.0% Operating margin (TTM), FY25 Q3: 32.5% Operating margin (TTM), FY25 Q4: 33.2% Operating margin (TTM), FY26 Q1: 33.7% Operating margin (TTM), FY26 Q2: 34.4% 34.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 28.2%
FY23 Q4 29.4%
FY24 Q1 30.3%
FY24 Q2 30.6%
FY24 Q3 30.2%
FY24 Q4 30.8%
FY25 Q1 31.2%
FY25 Q2 31.0%
FY25 Q3 32.5%
FY25 Q4 33.2%
FY26 Q1 33.7%
FY26 Q2 34.4%
FCF margin (TTM) Qualys, Inc.
35% 40% 45% 50% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 45.2% FCF margin (TTM), FY23 Q4: 42.5% FCF margin (TTM), FY24 Q1: 45.0% FCF margin (TTM), FY24 Q2: 43.9% FCF margin (TTM), FY24 Q3: 37.5% FCF margin (TTM), FY24 Q4: 38.1% FCF margin (TTM), FY25 Q1: 41.2% FCF margin (TTM), FY25 Q2: 37.6% FCF margin (TTM), FY25 Q3: 41.6% FCF margin (TTM), FY25 Q4: 45.5% FCF margin (TTM), FY26 Q1: 42.4% FCF margin (TTM), FY26 Q2: 44.7% 44.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 45.2%
FY23 Q4 42.5%
FY24 Q1 45.0%
FY24 Q2 43.9%
FY24 Q3 37.5%
FY24 Q4 38.1%
FY25 Q1 41.2%
FY25 Q2 37.6%
FY25 Q3 41.6%
FY25 Q4 45.5%
FY26 Q1 42.4%
FY26 Q2 44.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Qualys took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $669M
  2. Other income $24.9M · 3.7%
  3. Cost of revenue $115M · 17.2%
  4. Gross profit $554M · 82.8%
  5. Research and development $117M · 17.5%
  6. Selling, general and admin $215M · 32.1%
  7. Operating income $222M · 33.2%
  8. Income tax $48.5M · 7.2%
  9. Net income $198M · 29.6%

Shares of revenue. Source: Qualys's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 65 76 91 108 134 198 198 231 279 322 363 411 490 554 608 669 703
Gross profit 54 63 73 83 105 130 155 179 213 252 284 322 387 447 496 554 586
EBITDA 6 8 10 12 21 39 47 58 79 103 129 124 165 190 206 236 254
Operating income 1 3 3 2 9 25 30 37 50 72 97 88 131 163 187 222 242
Net income 1 2 2 2 30 19 19 40 57 69 92 71 108 152 174 198 207
Diluted EPS $0.04 $0.08 $0.08 $0.04 $0.81 $0.50 $0.50 $1.01 $1.37 $1.68 $2.25 $1.77 $2.74 $4.03 $4.65 $5.44 $5.77
Growth (year on year)
Revenue — +16.5% +20.0% +18.1% +23.7% +48.2% 0.0% +16.6% +20.8% +15.3% +12.9% +13.3% +19.1% +13.2% +9.6% +10.1% +10.4%
EBITDA — +43.3% +25.0% +15.2% +77.4% +85.2% +20.3% +22.9% +36.9% +30.5% +25.2% −4.6% +33.7% +15.1% +8.2% +14.9% +18.6%
Operating income — — +3.4% −23.1% +300.5% +168.3% +21.4% +23.7% +35.2% +43.5% +33.8% −9.3% +48.9% +24.9% +14.8% +18.6% +22.3%
Net income — — +13.7% −30.6% — −36.4% 0.0% +110.4% +41.7% +21.0% +32.1% −22.5% +52.2% +40.4% +14.6% +14.2% +11.6%
Diluted EPS — — 0.0% −50.0% — −38.3% 0.0% +102.0% +35.6% +22.6% +33.9% −21.3% +54.8% +47.1% +15.4% +17.0% +15.0%
Margins
Gross margin 82.9% 82.6% 79.9% 77.2% 78.3% 65.7% 78.2% 77.7% 76.3% 78.4% 78.2% 78.2% 79.0% 80.6% 81.7% 82.8% 83.3%
EBITDA margin 8.8% 10.9% 11.3% 11.0% 15.8% 19.8% 23.8% 25.1% 28.4% 32.2% 35.7% 30.1% 33.7% 34.3% 33.9% 35.3% 36.1%
Operating margin 1.8% 3.8% 3.3% 2.1% 6.9% 12.5% 15.2% 16.1% 18.1% 22.5% 26.6% 21.3% 26.7% 29.4% 30.8% 33.2% 34.4%
Net margin 1.3% 2.6% 2.4% 1.4% 22.6% 9.7% 9.7% 17.5% 20.5% 21.6% 25.2% 17.3% 22.1% 27.3% 28.6% 29.6% 29.4%
Free-cash-flow margin 12.8% 12.7% 11.7% 10.6% 20.6% 23.2% 23.3% 30.3% 36.8% 41.4% 41.3% 42.9% 37.5% 42.5% 38.1% 45.5% 44.7%
Cash flow
Cash from operations 10 17 22 25 41 66 69 108 125 161 180 201 199 245 244 309 321
Capital spending 2 7 11 14 14 20 23 38 23 28 30 24 15 9 12 5 7
Free cash flow 8 10 11 11 28 46 46 70 103 133 150 176 183 236 232 304 314
Stock-based pay 2 2 3 6 11 17 20 27 30 35 40 68 53 69 77 77 78
Free cash flow after stock pay 7 8 7 6 17 28 26 43 73 98 110 109 130 167 155 227 236
Balance sheet
Cash 15 25 35 42 77 92 87 87 41 88 74 137 174 204 232 250 250
Total debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −15 −25 −35 −42 −77 −92 −87 −87 −41 −88 −74 −137 −174 −204 −232 −250 −250
Diluted shares 24m 24m 28m 36m 37m 38m 38m 40m 42m 41m 41m 40m 39m 38m 37m 36m 36m
Returned to shareholders
Buybacks — — — — — — 0 0 85 86 127 130 317 171 140 183 225
Total returned — — — — — — 0 0 85 86 127 130 317 171 140 183 225

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $1.1bn
Short-term assets $619mLonger-term assets $455m
What it owes, and who funded it · $1.1bn
Short-term liabilities $447mLonger-term liabilities $65mShareholders' equity $562m
  • Short-term assets cover short-term liabilities $619m of assets due within a year against $447m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $619m short-term assets against $65m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Qualys, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$225M
Returned to shareholders
72%
of free cash flow
Buybacks, last 3 fiscal years
$494M
Diluted share count
−2.9%
year over year
Total shareholder yield
3.1%
dividends 0.0% + buybacks 3.1% of market value
R&D spending
16.7%
of revenue
Days sales outstanding
73 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated QLYS VRNS DSGX BL EGHT SPSC Median
Revenue, last 12 months $703m $688m $729m $732m $745m $780m $482m
Revenue growth, last 12 months 10.4% 15.6% 12.0% 8.6% 3.7% 6.9% 12.0%
Revenue growth, 3-year average 10.3% 12.1% 79.1% 9.5% 0.2% 14.9% 11.1%
Revenue growth, latest quarter 11.0% 18.3% — 9.2% 4.9% 4.1% 11.9%
Gross margin 83.3% 77.1% 77.1% 75.6% 63.3% 70.2% 69.2%
Operating margin 34.4% −22.0% 28.8% 4.3% 3.1% 13.8% 1.1%
Operating margin, 3-year average 32.0% −21.2% 21.4% 3.5% 0.5% 14.3% −0.8%
Net margin 29.4% −20.5% 22.5% 4.7% 0.6% 10.7% 2.1%
Cash from operations / revenue 45.7% 20.1% 36.5% 24.8% 8.2% 29.7% 18.2%
Free-cash-flow margin 44.7% 17.7% 35.7% 24.1% 7.6% 26.0% 15.0%
Free-cash-flow margin, 3-year average 42.1% 18.1% 35.2% 25.3% 8.2% 22.6% 16.2%
Stock pay / revenue 11.1% 19.3% 2.9% 13.7% 2.4% 8.1% 9.3%
Change in share count −2.9% 3.1% 0.3% −1.5% 9.4% −2.9% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 10.4% 12.0% 103 of 184
Change in growth rate Growth +0.2pp +0.2pp 92 of 184
Gross margin Profitability 83.3% 69.8% 23 of 160
Operating margin Profitability 34.4% 1.1% 8 of 181
Net margin Profitability 29.4% 2.1% 11 of 185
Free-cash-flow margin Cash generation 44.7% 15.2% 3 of 180
Stock pay as % of revenue Cash generation 11.1% 9.3% 104 of 177
Change in share count Balance sheet -2.9% 1.7% 34 of 163
Days sales outstanding Balance sheet 73 days 57 days 112 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $377M 56.4% ▲ 6.5%
Outside the US $292M 43.6% ▲ 15.3%

From Qualys, Inc.'s 10-K filed February 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$5.1B
Institutions reporting
425
Shares held vs prior quarter
▼ 0.5%
Positions opened / closed
82 / 72

Top buyers and sellers, Q2 2026: 240 institutions bought and 214 sold ; the biggest buyer was Millennium Management LLC (+527K shares) and the biggest seller Jpmorgan Chase & Co (−469K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $792M 5.8M 15.7% ▲ 7.5%
Vanguard Portfolio Management LLC $371M 2.7M 7.3% ▲ 6.3%
Vanguard Capital Management LLC $219M 1.6M 4.3% ▲ 0.4%
State Street Corp $200M 1.5M 4.0% ▲ 4.9%
Legal & General Group PLC $198M 1.4M 3.9% ▲ 39.6%
Geode Capital Management, LLC $194M 1.4M 3.8% ▲ 6.7%
AQR Capital Management LLC $191M 1.4M 3.8% ▲ 34.3%
First Trust Advisors LP $155M 1.1M 3.1% ▲ 13.5%
Arrowstreet Capital, Limited Partnership $135M 985K 2.7% ▲ 18.3%
Boston Trust Walden Corp $135M 985K 2.7% ▼ 2.5%
Penserra Capital Management LLC $107M 780K 2.1% ▲ 6.5%
Millennium Management LLC $105M 763K 2.1% ▲ 224.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Qualys, Inc.'s complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $23.2M 156 trades by 6 insiders · 100% under pre-set plans
Net ▼ $23.2M net selling
Insider Date Trade Shares Price Value
Posey Bruce K CHIEF LEGAL OFFICER October 20, 2026 Sell pre-set plan 62 $191.26 $11,858
Posey Bruce K CHIEF LEGAL OFFICER October 20, 2026 Sell pre-set plan 449 $190.49 $85,529
Posey Bruce K CHIEF LEGAL OFFICER October 20, 2026 Sell pre-set plan 244 $189.52 $46,242
Posey Bruce K CHIEF LEGAL OFFICER October 20, 2026 Sell pre-set plan 35 $187.25 $6,554
Posey Bruce K CHIEF LEGAL OFFICER October 20, 2026 Sell pre-set plan 7 $185.31 $1,297
Posey Bruce K CHIEF LEGAL OFFICER October 20, 2026 Sell pre-set plan 84 $184.33 $15,484
Thakar Sumedh S CEO & PRESIDENT October 14, 2026 Sell pre-set plan 400 $194.30 $77,721
Thakar Sumedh S CEO & PRESIDENT October 14, 2026 Sell pre-set plan 500 $192.84 $96,419
Thakar Sumedh S CEO & PRESIDENT October 14, 2026 Sell pre-set plan 400 $189.99 $75,994
Thakar Sumedh S CEO & PRESIDENT October 14, 2026 Sell pre-set plan 1,500 $189.20 $283,803
Thakar Sumedh S CEO & PRESIDENT October 14, 2026 Sell pre-set plan 400 $188.03 $75,210
Posey Bruce K CHIEF LEGAL OFFICER September 21, 2026 Sell pre-set plan 72 $175.54 $12,639

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 4 trades and filings

No trades in Qualys, Inc. disclosed in the last 12 months; 4 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 5, 2026
  • February 5, 2026
  • November 4, 2025
  • August 5, 2025
  • May 6, 2025

Recent SEC filings

Data status

When each part of this page on Qualys, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Qualys, Inc. in brief

What does Qualys, Inc. do?
Qualys, Inc. is a US-listed company in the application software industry. Its financial year ends in December.
What is Qualys, Inc.'s stock ticker?
Qualys, Inc. trades under the ticker QLYS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Qualys, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Qualys, Inc. reported revenue of $703M, 10.4% higher than a year earlier, according to its SEC filings.
What is Qualys, Inc.'s free cash flow?
Qualys, Inc.'s free-cash-flow margin is 44.7% of revenue over the trailing twelve months, ranking 3 of the 180 application software companies we cover.
What is Qualys, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Qualys, Inc.'s free cash flow after stock-based pay gives ~$170 per share in the base case, and ~$130–$220 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Qualys, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Qualys, Inc. buying back stock, and does it pay a dividend?
Qualys, Inc. spent $225M on share repurchases over the trailing twelve months, and its diluted share count fell 2.9% over the year.
What is Qualys, Inc.'s market cap?
On November 2, 2026, Qualys, Inc.'s market capitalisation was about $7.4B, with a price-to-earnings ratio of 36.0 and net debt of -$250M. Market figures come from third-party market data and may be delayed.
Who are Qualys, Inc.'s competitors?
In our Application Software peer group, the companies closest to Qualys, Inc. are Varonis Systems Inc, Descartes Systems Group Inc, Blackline, Inc., 8x8 Inc and SPS Commerce Inc. The side-by-side comparison below sets their revenue, margins and growth against Qualys, Inc.'s.
Are insiders buying or selling Qualys, Inc. stock?
Over the last 12 months, Qualys, Inc.'s directors and officers reported 0 open-market purchases and 156 sales on Form 4. The insider trading page charts every trade.
When is Qualys, Inc.'s next earnings date?
Around November 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Qualys, Inc. announces its own schedule.