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Qualys

QLYS Nasdaq Systems Software Financials FY2016–FY2025

Qualys' revenue rose 10.1% to $669 million in fiscal 2025. Its operating margin was 33.2%, up from 30.8% a year earlier. Free cash flow was $304 million, up 31.4%. It paid out $183 million in dividends and buybacks, 60% of free cash flow. The diluted share count fell 2.4%.

Last close · Oct 23, 2026

$216.70

4.1%
Value it Compare
Revenue Total sales reported in the income statement.
$669M
10.1% vs prior year
Operating margin Operating income as a share of revenue.
33.2%
2.4 pts
Net income Profit after all expenses, interest and tax.
$198M
14.2%
Free cash flow Cash from operations minus capital spending.
$304M
31.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
169.1%
Market cap Last close times the latest diluted share count, so it is approximate.
$7.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
37.5x
On $5.78 EPS (TTM)

About these figures. Qualys has no borrowings (its balance sheets have no debt line), so debt is counted as zero.

What Qualys does

No business description yet.

Legal name
Qualys, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001107843-26-000008
0001107843

Revenue and margins

Qualys had $669M of revenue in fiscal 2025, up 10.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 30.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $304M in fiscal 2025, 45.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Qualys returned $183M to shareholders in fiscal 2025, 60% of free cash flow. The diluted share count fell 2.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Qualys yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $446M and divides by 36.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 37.5x · peers 74.3x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Qualys can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $405M$321M$426M$381M$446M
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA −3.3x−2.0x−2.2x−1.9x−1.9x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Current ratio 1.8x1.3x1.5x1.4x1.4x
Quick ratio 1.8x1.3x1.5x1.4x1.4x
Total assets $815M$701M$813M$974M$1.1B
Total liabilities $378M$412M$444M$496M$534M
Shareholders' equity $437M$289M$368M$477M$561M
Net debt (− = net cash) −$405M−$321M−$426M−$381M−$446M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$3.0M

5 insiders

Of sales under plans

100%

$3.0M

DateInsiderTradeSharesPriceValueFiling
Oct 20, 2026 Bruce K PoseyChief Legal Officer Sold plan 881 $189.52 $0.2M Form 4
Sep 21, 2026 Bruce K PoseyChief Legal Officer Sold plan 866 $179.49 $0.2M Form 4
Sep 14, 2026 Sumedh S ThakarCEO & President, Director Sold plan 3,200 $170.05 $0.5M Form 4
Sep 2, 2026 Joo Mi KimChief Financial Officer Sold plan 1,030 $169.62 $0.2M Form 4
Sep 2, 2026 Thomas BerquistDirector Sold plan 511 $175.27 $0.1M Form 4
Aug 20, 2026 Bruce K PoseyChief Legal Officer Sold plan 866 $184.23 $0.2M Form 4
Aug 20, 2026 Wendy PfeifferDirector Sold plan 500 $185.00 $0.1M Form 4
Aug 14, 2026 Sumedh S ThakarCEO & President, Director Sold plan 3,200 $188.97 $0.6M Form 4
Aug 3, 2026 Joo Mi KimChief Financial Officer Sold plan 1,627 $153.04 $0.2M Form 4
Jul 20, 2026 Bruce K PoseyChief Legal Officer Sold plan 882 $158.17 $0.1M Form 4
Jul 20, 2026 Wendy PfeifferDirector Sold plan 500 $158.19 $0.1M Form 4
Jul 14, 2026 Sumedh S ThakarCEO & President, Director Sold plan 3,200 $160.50 $0.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✕ ✕
F-score 8 / 95 / 96 / 9
Accruals ratio −12.3%−7.9%−10.7%
Altman Z'' 3.002.733.11

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Qualys QLYS $7.6B 10.1% 33.2% 45.5% 169.1% 37.5x 6
BlackBerry BB $5.8B 2.7% 8.8% 8.5% 7.5% 74.3x 6 Compare →
CommVault Systems CVLT $7.1B 18.9% 6.3% 20.0% — 107.9x 6 Compare →
Rubrik RBRK $26.5B 48.5% −26.2% 19.2% — — 5 Compare →
UiPath PATH $7.4B 12.7% 3.5% 21.9% 13.7% 21.1x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $198M $231M $279M $322M $363M $411M $490M $555M $608M $669M
Gross profit $155M $179M $213M $252M $284M $322M $387M $447M $496M $554M
Research and development $36.6M $42.8M $53.3M $68.2M $72.5M $81.3M $101M $111M $112M $117M
Operating income $30.1M $37.2M $50.4M $72.3M $96.7M $87.7M $131M $163M $187M $222M
Interest expense $0.0M $0.0M $0.2M $0.1M $0.0M $0.0M $0.0M — — —
Pretax income $30.4M $39.4M $55.5M $80.0M $102M $89.4M $134M $179M $210M $247M
Income tax $11.2M −$1.1M −$1.8M $10.6M $10.5M $18.4M $25.7M $27.1M $36.1M $48.5M
Net income $19.2M $40.4M $57.3M $69.3M $91.6M $71.0M $108M $152M $174M $198M
Diluted EPS $0.50 $1.01 $1.37 $1.68 $2.25 $1.77 $2.74 $4.03 $4.65 $5.44
Diluted shares 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B
Cash flow
Cash from operations $69.3M $108M $126M $161M $180M $201M $199M $245M $244M $309M
Capital expenditure $23.2M $37.8M $22.8M $27.6M $30.0M $24.4M $15.4M $8.8M $12.3M $5.0M
Free cash flow $46.1M $69.8M $103M $133M $150M $176M $183M $236M $232M $304M
Depreciation and amortization $17.0M $20.6M $28.9M $31.2M $32.8M $35.9M $34.6M $27.0M $18.5M $14.5M
Stock-based compensation $20.1M $27.0M $30.1M $34.9M $40.0M $67.6M $53.4M $69.1M $77.1M $77.0M
Acquisitions $0.0M $12.5M $13.6M $4.0M $1.5M $1.2M $8.6M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $85.0M $86.4M $127M $130M $317M $171M $140M $183M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $85.0M $86.4M $127M $130M $317M $171M $140M $183M
Balance sheet
Cash and short-term investments $244M $288M $289M $299M $356M $405M $321M $426M $381M $446M
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.2M $0.1M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $301M $369M $379M $396M $475M $546M $473M $600M $586M $658M
Current liabilities $130M $166M $197M $224M $256M $304M $352M $389M $428M $467M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $39.4M $58.6M $61.4M $60.6M $64.8M $61.9M $47.4M $32.6M $30.3M $23.2M
Total assets $407M $538M $586M $676M $737M $815M $701M $813M $974M $1.1B
Total liabilities $149M $194M $228M $289M $332M $378M $412M $444M $496M $534M
Shareholders' equity $258M $344M $358M $387M $405M $437M $289M $368M $477M $561M
Margins
Gross margin 78.2% 77.7% 76.3% 78.4% 78.2% 78.3% 79.0% 80.6% 81.7% 82.9%
Operating margin 15.2% 16.1% 18.1% 22.5% 26.6% 21.3% 26.7% 29.4% 30.8% 33.2%
EBITDA margin 23.8% 25.1% 28.4% 32.2% 35.7% 30.1% 33.7% 34.3% 33.9% 35.3%
Net margin 9.7% 17.5% 20.6% 21.6% 25.2% 17.3% 22.1% 27.3% 28.6% 29.6%
FCF margin 23.3% 30.3% 36.8% 41.4% 41.3% 42.9% 37.5% 42.5% 38.2% 45.5%
Returns
Return on capital — — 81.3% 79.8% — — — — — 169.1%
Return on capital employed 12.3% 11.5% 13.2% 17.2% 20.7% 17.7% 30.4% 42.2% 38.7% 37.9%
Return on equity 8.5% 13.4% 16.3% 18.6% 23.2% 16.9% 29.8% 46.1% 41.1% 38.2%
Return on assets 5.3% 8.6% 10.2% 11.0% 13.0% 9.2% 14.3% 20.0% 19.5% 19.2%
Growth
Revenue growth 0.0% 16.6% 20.8% 15.3% 12.9% 13.3% 19.1% 13.2% 9.6% 10.1%
Net income growth 0.0% 110.4% 41.7% 21.0% 32.1% −22.5% 52.2% 40.4% 14.6% 14.2%
EPS growth 0.0% 102.0% 35.6% 22.6% 33.9% −21.3% 54.8% 47.1% 15.4% 17.0%
FCF growth 0.3% 51.6% 47.1% 29.6% 12.8% 17.4% 4.1% 28.5% −1.7% 31.4%
Share count change 0.0% 4.4% 4.6% −1.5% −1.3% −1.5% −1.9% −4.4% −0.7% −2.4%
Financial health
Net debt / EBITDA −5.2x −5.0x −3.7x −2.9x −2.8x −3.3x −2.0x −2.2x −1.9x −1.9x
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage 1,158.0x 12,414.3x 292.8x 681.6x 10,739.3x — — — — —
Current ratio 2.3x 2.2x 1.9x 1.8x 1.9x 1.8x 1.3x 1.5x 1.4x 1.4x
Quick ratio 2.3x 2.2x 1.9x 1.8x 1.9x 1.8x 1.3x 1.5x 1.4x 1.4x
Capital allocation
Capex / revenue 11.7% 16.4% 8.2% 8.6% 8.3% 5.9% 3.1% 1.6% 2.0% 0.8%
Stock comp / revenue 10.2% 11.7% 10.8% 10.9% 11.0% 16.4% 10.9% 12.5% 12.7% 11.5%
Payouts / FCF 0.0% 0.0% 82.8% 65.0% 84.5% 73.8% 173.0% 72.4% 60.4% 60.3%
Quality scores
Piotroski F-score 6.0 4.0 4.0 7.0 6.0 6.0 7.0 8.0 5.0 6.0
Altman Z'' 5.0 5.1 4.4 3.9 4.1 3.7 2.1 3.0 2.7 3.1
Accruals ratio −13.7% −14.2% −12.1% −14.5% −12.5% −16.7% −12.0% −12.3% −7.9% −10.7%

Source: SEC EDGAR XBRL filings (CIK 0001107843). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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