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. In the quarter to June 2026, revenue grew 11.0%, EPS grew 15.4% and free cash flow grew 72.3%, each against the same quarter a year earlier. Revenue growth for ten consecutive years.
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Qualys, Inc. (QLYS) Altman Z-score
Qualys, Inc.'s Altman Z-score for fiscal 2025 is 6.67, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 6.67 | (0.74) |
| FY2024 | 7.42 | (3.62) |
| FY2023 | 11.04 | 3.67 |
| FY2022 | 7.37 | (2.28) |
| FY2021 | 9.65 | (0.26) |
| FY2020 | 9.91 | 1.96 |
| FY2019 | 7.95 | (0.91) |
| FY2018 | 8.86 | 0.77 |
| FY2017 | 8.09 | 2.38 |
| FY2016 | 5.71 | (0.65) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.17 | — | 0.21 | |
| Retained earnings / total assets | (0.15) | — | −0.21 | |
| EBIT / total assets | 0.20 | — | 0.67 | |
| Market value of equity / total liabilities | 9.00 | — | 5.40 | |
| Sales / total assets | 0.61 | — | 0.61 | |
| Altman Z-score | Safe zone | 6.67 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.11 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| QLYS Qualys, Inc. | 6.7× |
| DOX Amdocs Limited compare | 4.7× |
| PATH UiPath, Inc. compare | 4.0× |
| ACIW ACI Worldwide, Inc. compare | 3.8× |
| VRNS Varonis Systems, Inc. compare | 1.7× |
| S SentinelOne, Inc. compare | 1.7× |
| BOX Box, Inc. compare | 1.4× |
| WEX WEX Inc. compare | 0.8× |
| DBX Dropbox, Inc. compare | 0.5× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets