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Friday 6 November 2026
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Qualys, Inc.
QLYS Technology Software Infrastructure
Qualys, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $669.1 million, up 10.1% from fiscal 2024.
- Revenue
- +11.0%
- EPS
- +15.4%
- Free cash flow
- +72.3%
Quarter to June 2026, against a year earlier
201.22
9.67
−4.59%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 198 | 231 | 279 | 322 | 363 | 411 | 490 | 554 | 608 | 669 | 703 | +14.5% | 736 | 796 | 859 | +8.7% | |
| Gross margin, % | 78.21 | 77.65 | 76.27 | 78.38 | 78.17 | 78.25 | 79.01 | 80.61 | 81.65 | 82.85 | 83.33 | +4.6 pt | ||||||
| EBT | 30 | 39 | 55 | 80 | 102 | 89 | 134 | 179 | 210 | 247 | 262 | +26.2% | ||||||
| EBT margin, % | 15.37 | 17.06 | 19.89 | 24.87 | 28.11 | 21.74 | 27.30 | 32.22 | 34.53 | 36.89 | 37.24 | +21.5 pt | ||||||
| Net income | 19 | 40 | 57 | 69 | 92 | 71 | 108 | 152 | 174 | 198 | 207 | +29.6% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 5.62 | 6.16 | 7.17 | 8.23 | 9.27 | 10.53 | 12.74 | 15.03 | 16.51 | 18.51 | 20.09 | +14.2% | |||||
| Earnings | 0.55 | 1.08 | 1.47 | 1.77 | 2.34 | 1.82 | 2.81 | 4.11 | 4.72 | 5.49 | 5.80 | +29.1% | ||||||
| Cash flow | 1.97 | 2.87 | 3.23 | 4.11 | 4.60 | 5.14 | 5.17 | 6.63 | 6.63 | 8.56 | 9.17 | +17.8% | ||||||
| Capex | (0.66) | (1.01) | (0.59) | (0.81) | (0.79) | (0.66) | (0.62) | (0.24) | (0.34) | (0.14) | (0.20) | (15.9%) | ||||||
| Free cash flow | 1.31 | 1.86 | 2.64 | 3.30 | 3.80 | 4.48 | 4.55 | 6.39 | 6.30 | 8.42 | 8.97 | +23.0% | ||||||
| Book value | 7.33 | 9.18 | 9.21 | 9.90 | 10.33 | 11.19 | 7.52 | 9.98 | 12.97 | 15.53 | 16.07 | +8.7% | ||||||
| Shares, m | 35 | 37 | 39 | 39 | 39 | 39 | 38 | 37 | 37 | 36 | 36 | +0.3% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 59.18 | 56.57 | 50.84 | 47.10 | 52.08 | 75.57 | 39.68 | 46.57 | 29.64 | 24.25 | 34.69 | 48.2 | |||||
| P/S | 5.80 | 9.91 | 10.42 | 10.13 | 13.15 | 13.03 | 8.76 | 12.76 | 8.49 | 7.18 | 10.02 | 10.0 | ||||||
| P/B | 4.44 | 6.66 | 8.12 | 8.42 | 11.80 | 12.26 | 14.83 | 19.22 | 10.81 | 8.56 | 12.52 | 10.5 | ||||||
| EV/Sales | 4.56 | 8.66 | 9.38 | 9.20 | 12.17 | 12.04 | 8.10 | 11.99 | 7.87 | 6.51 | 9.41 | 9.0 | ||||||
| EV/FCF | 19.61 | 28.63 | 25.48 | 22.24 | 30.49 | 28.54 | 22.84 | 29.43 | 21.53 | 14.79 | 21.75 | 24.4 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 69 | 108 | 125 | 161 | 180 | 201 | 199 | 245 | 244 | 309 | 321 | +18.1% | |||||
| Capex | (23) | (38) | (23) | (32) | (31) | (26) | (24) | (9) | (12) | (5) | (7) | (15.7%) | ||||||
| Free cash flow | 46 | 70 | 103 | 129 | 149 | 175 | 175 | 236 | 232 | 304 | 314 | +23.3% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 170 | 204 | 182 | 172 | 220 | 242 | 121 | 211 | 157 | 190 | 172 | +1.2% | |||||
| Net debt | (244) | (288) | (289) | (299) | (356) | (405) | (321) | (427) | (381) | (446) | (426) | +6.9% | ||||||
| Shareholders’ equity | 258 | 344 | 358 | 387 | 404 | 437 | 289 | 368 | 477 | 561 | 562 | +9.0% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 5.26 | 8.56 | 10.20 | 10.99 | 12.97 | 9.15 | 14.25 | 20.03 | 19.45 | 19.17 | 19.92 | +13.9 pt | |||||
| ROIC | 129.26 | 42.22 | 45.73 | 51.37 | 124.66 | 174.38 | 0.00 | 0.00 | 122.26 | 120.40 | 111.08 | (8.9) pt | ||||||
| ROE | 8.47 | 13.44 | 16.34 | 18.62 | 23.15 | 16.87 | 29.76 | 46.13 | 41.09 | 38.20 | 38.59 | +29.7 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 684 | 869 | 1,194 | 1,289 | 1,498 | 1,823 | 2,143 | 2,188 | 2,400 | 2,625 | — | +16.1% | |||||
| Revenue/emp, $m | 0.29 | 0.27 | 0.23 | 0.25 | 0.24 | 0.23 | 0.23 | 0.25 | 0.25 | 0.25 | — | (1.4%) | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Reportable Segment | 669 | 100.00% |
|---|---|---|
| Gross margin | 82.85% | |
| Operating margin | 33.17% | |
| Pre-tax margin | 36.89% |
Qualys, Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| GTLB GitLab Inc. | $8.2B | — (loss-making) | — (loss-making) | +21.31% (above 0%: growing) | n/m | −107.11% (below 0%: shrinking) | 84.06% | (19.89%) | Compare |
| DBX Dropbox, Inc. | $7.8B | 19.7× | 20.7× | +0.93% (above 0%: growing) | −6.52% (below 0%: shrinking) | −10.29% (below 0%: shrinking) | 80.21% | 26.10% | Compare |
| S SentinelOne, Inc. | $7.5B | — (loss-making) | — (loss-making) | +20.56% (above 0%: growing) | n/m | −83.92% (below 0%: shrinking) | 72.07% | (31.08%) | Compare |
| ZETA Zeta Global Holdings Corp. | $7.4B | — (loss-making) | 299× | +43.55% (above 0%: growing) | n/m | +69.99% (above 0%: growing) | 59.12% | 3.82% | Compare |
| QLYS Qualys, Inc. | $6.9B | 34.7× | 38.3× | +11.04% (above 0%: growing) | +15.38% (above 0%: growing) | +72.34% (above 0%: growing) | 83.40% | 33.98% | |
| PATH UiPath, Inc. | $6.8B | 19.5× | 35.1× | +13.42% (above 0%: growing) | +2,233.33% (above 0%: growing) | −29.52% (below 0%: shrinking) | 80.36% | 7.70% | Compare |
| ACIW ACI Worldwide, Inc. | $6.0B | 36.1× | 21.6× | −11.52% (below 0%: shrinking) | −63.64% (below 0%: shrinking) | +74.53% (above 0%: growing) | 45.78% | 12.27% | Compare |
| BOX Box, Inc. | $6.0B | 60.7× | 109× | +9.23% (above 0%: growing) | +66.67% (above 0%: growing) | +65.84% (above 0%: growing) | 79.08% | 10.16% | Compare |
| WEX WEX Inc. | $5.9B | 15.3× | 14.8× | +12.76% (above 0%: growing) | +69.05% (above 0%: growing) | −117.04% (below 0%: shrinking) | 63.16% | 30.61% | Compare |
| Median of peers | $7.1B | 19.7× | 28.4× | +13.09% | +66.67% | −19.90% | 75.57% | 8.93% |
From the latest earnings call
- CEO Sumedh Thakar said Qualys is targeting existing customers with products that validate vulnerabilities and automate remediation, while enterprise buyers work through budgets and deployment plans.
- CFO Joo Mi Kim said channel revenue grew 22% in Q2 and raised full-year revenue guidance, citing growth in trailing-12-month current billings.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
104.61%
Held by the ten largest
57.57%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 5.76m | 16.63% | +402.13k |
| Vanguard | 4.61m | 13.30% | +172.55k |
| State Street | 1.46m | 4.20% | +67.44k |
| Legal & General | 1.44m | 4.15% | +407.79k |
| Geode Capital Management | 1.41m | 4.07% | +88.67k |
| AQR Capital Management | 1.39m | 4.02% | +358.18k |
| First Trust | 1.13m | 3.26% | +134.59k |
| Arrowstreet Capital | 985.35k | 2.84% | +152.55k |
| Boston Trust Walden Corp | 984.89k | 2.84% | −25.49k |
| Penserra Capital Management LLC | 780.07k | 2.25% | +47.57k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 22 April 2026
Ownership
Directors and executive officers, together
less than 1%
BlackRock, Inc.
14.40%
The Vanguard Group
11.80%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Qualys, Inc. (QLYS) Latest News
25 Sep
5 Sep
17 Aug
5 Aug
4 Aug
29 Jul
QLYS metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Qualys sells cloud-based software that helps organizations find and manage their technology assets, identify security weaknesses and address cyber risk. Its customers include enterprises, government entities and smaller businesses. Founded in 1999 and headquartered in Foster City, Qualys is led by chief executive Sumedh Thakar.
Its Enterprise TruRisk Platform brings together information technology, security and compliance tools. Customers use it to inventory assets such as servers, computers and applications across their own facilities, endpoints, cloud environments, containers and mobile devices. The platform collects security data, identifies and prioritizes vulnerabilities, recommends or implements fixes, and checks whether those fixes were applied.