BlackBerry vs Qualys
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The short version
- Qualys is the larger business, with $669M of revenue in fiscal 2025 against $549M for BlackBerry.
- Qualys grew revenue faster (10.1%, against 2.7%).
- Qualys kept more of each dollar of sales as operating profit (33.2% operating margin, against 8.8%).
- Qualys turned more of its sales into free cash flow (45.5% FCF margin, against 8.5%).
- Qualys earned a higher return on the capital invested in it (169.1%, against 7.5%).
- Investors pay more for each dollar of BlackBerry’s earnings: a P/E of 74.3x against 37.5x for Qualys.
| Latest fiscal year | BB · FY26 | QLYS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.8B | $7.6B |
| Revenue | $549M | $669M |
| Free cash flow | $46.5M | $304M |
| Net income | $53.2M | $198M |
| Growth | ||
| Revenue growth | 2.7% | 10.1% |
| 5-year growth | −9.3% | 13.0% |
| Share count change | 1.0% | −2.4% |
| Profitability | ||
| Gross margin | 76.2% | 82.9% |
| Operating margin | 8.8% | 33.2% |
| Net margin | 9.7% | 29.6% |
| FCF margin | 8.5% | 45.5% |
| Return on capital | 7.5% | 169.1% |
| Return on equity | 7.3% | 38.2% |
| Balance sheet | ||
| Net debt | −$163M | −$446M |
| Net debt / EBITDA | −2.5x | −1.9x |
| Dividends and buybacks | $60.7M | $183M |
| Valuation & quality | ||
| P/E | 74.3x | 37.5x |
| Piotroski F-score | 6 | 6 |
Revenue
FY17
BB $1.3B
QLYS $231M
FY18
BB $932M
QLYS $279M
FY19
BB $904M
QLYS $322M
FY20
BB $1.0B
QLYS $363M
FY21
BB $893M
QLYS $411M
FY22
BB $718M
QLYS $490M
FY23
BB $526M
QLYS $555M
FY24
BB $759M
QLYS $608M
FY25
BB $535M
QLYS $669M
FY26
BB $549M
QLYS —
BB
QLYS
Operating margin
FY17
BB −90.2%
QLYS 16.1%
FY18
BB 30.4%
QLYS 18.1%
FY19
BB 6.6%
QLYS 22.5%
FY20
BB −14.3%
QLYS 26.6%
FY21
BB −124.0%
QLYS 21.3%
FY22
BB −0.3%
QLYS 26.7%
FY23
BB −39.3%
QLYS 29.4%
FY24
BB 1.5%
QLYS 30.8%
FY25
BB 0.2%
QLYS 33.2%
FY26
BB 8.8%
QLYS —
BB
QLYS
Free cash flow
FY17
BB −$241M
QLYS $69.8M
FY18
BB $689M
QLYS $103M
FY19
BB $83.0M
QLYS $133M
FY20
BB $14.0M
QLYS $150M
FY21
BB $74.0M
QLYS $176M
FY22
BB −$36.0M
QLYS $183M
FY23
BB −$270M
QLYS $236M
FY24
BB −$10.6M
QLYS $232M
FY25
BB $13.4M
QLYS $304M
FY26
BB $46.5M
QLYS —
BB
QLYS
Return on capital
FY17
BB —
QLYS —
FY18
BB —
QLYS 81.3%
FY19
BB —
QLYS 79.8%
FY20
BB —
QLYS —
FY21
BB —
QLYS —
FY22
BB —
QLYS —
FY23
BB —
QLYS —
FY24
BB 1.0%
QLYS —
FY25
BB 0.1%
QLYS 169.1%
FY26
BB 7.5%
QLYS —
BB
QLYS
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.