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.
Follow QLYS
Qualys, Inc. (QLYS) Beneish M-score
Qualys, Inc.'s Beneish M-score for fiscal 2025 is −2.92; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.92 | (0.53) |
| FY2024 | −2.38 | 0.50 |
| FY2023 | −2.88 | 0.19 |
| FY2022 | −3.07 | 0.16 |
| FY2021 | −3.23 | (0.36) |
| FY2020 | −2.88 | 0.07 |
| FY2019 | −2.94 | (0.15) |
| FY2018 | −2.79 | (0.17) |
| FY2017 | −2.62 | 0.35 |
| FY2016 | −2.97 | 0.05 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.94 | — | 0.87 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 1.03 | — | 0.42 | |
| Sales growth index | 1.10 | — | 0.98 | |
| Depreciation index | 0.87 | — | 0.10 | |
| SG&A index | 0.99 | — | −0.17 | |
| Total accruals to total assets | (0.10) | — | −0.47 | |
| Leverage index | 0.97 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.92 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| S SentinelOne, Inc. compare | −3.3× |
| VRNS Varonis Systems, Inc. compare | −3.1× |
| DBX Dropbox, Inc. compare | −3.1× |
| BOX Box, Inc. compare | −3.0× |
| QLYS Qualys, Inc. | −2.9× |
| DOX Amdocs Limited compare | −2.7× |
| ACIW ACI Worldwide, Inc. compare | −2.5× |
| WEX WEX Inc. compare | −2.5× |
| PATH UiPath, Inc. compare | −2.3× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI