Qualys, Inc. (QLYS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.78	$1.98	+11.2%	—	$182.2M	—
Q1 26	$1.8	$1.95	+8.3%	—	$175.6M	—
Q3 25	$1.56	$1.86	+19.2%	—	$169.9M	—
Q2 25	$1.48	$1.68	+13.5%	—	$164.1M	—
Q1 25	$1.47	$1.67	+13.6%	—	$159.9M	—
Q4 24	$1.37	$1.6	+16.8%	—	$159.2M	—
Q3 24	$1.34	$1.56	+16.4%	—	$153.9M	—
Q2 24	$1.32	$1.52	+15.2%	—	$148.7M	—
Q1 24	$1.31	$1.45	+10.7%	—	$145.8M	—
Q4 23	$1.24	$1.4	+12.9%	—	$144.6M	—
Q3 23	$1.14	$1.51	+32.5%	—	$142M	—
Q2 23	$1.01	$1.27	+25.7%	—	$137.2M	—
Q1 23	$0.96	$1.09	+13.5%	—	$130.7M	—
Q4 22	$0.9	$1.01	+12.2%	—	$130.8M	—
Q3 22	$0.86	$0.94	+9.3%	—	$125.6M	—
Q2 22	$0.79	$0.89	+12.7%	—	$119.9M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.49	—	—	$669.1M	—
FY24	—	$4.72	—	—	$607.6M	—
FY23	—	$4.11	—	—	$554.5M	—
FY22	—	$2.81	—	—	$489.7M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$197.9M	$230.8M	$278.9M	$321.6M	$363M	$411.2M	$489.7M	$554.5M	$607.6M	$669.1M
YoY change	+20.5%	+16.6%	+20.8%	+15.3%	+12.9%	+13.3%	+19.1%	+13.2%	+9.58%	+10.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	197.9M	230.8M	278.9M	321.6M	363M	411.2M	489.7M	554.5M	607.6M	669.1M
Cost of revenue	43.1M	51.6M	66.2M	69.5M	79.2M	89.4M	102.8M	107.5M	111.5M	114.8M
Gross profit	154.8M	179.2M	212.7M	252.1M	283.7M	321.7M	386.9M	447M	496.1M	554.4M
Gross margin	78.2%	77.7%	76.3%	78.4%	78.2%	78.2%	79%	80.6%	81.7%	82.8%
Research & development	36.6M	42.8M	53.3M	68.2M	72.5M	81.3M	101.2M	110.5M	111.9M	117.3M
Selling, general & administrative	88.1M	99.2M	109.1M	111.6M	114.5M	152.8M	155.2M	173.4M	197M	215.1M
Operating expenses	124.7M	142M	162.3M	179.8M	187.1M	234.1M	256.4M	283.9M	308.9M	332.4M
Operating income	30.1M	37.2M	50.4M	72.3M	96.7M	87.7M	130.5M	163.1M	187.2M	222M
Operating margin	15.2%	16.1%	18.1%	22.5%	26.6%	21.3%	26.7%	29.4%	30.8%	33.2%
Non-operating income, net	-972K	-536K	-801K	-607K	7K	-573K	-2M	-1.3M	-3.2M	-375K
Pretax income	30.4M	39.4M	55.5M	80M	102M	89.4M	133.7M	178.7M	209.8M	246.8M
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	71M	108M	151.6M	173.7M	198.3M
Net margin	9.71%	17.5%	20.5%	21.6%	25.2%	17.3%	22.1%	27.3%	28.6%	29.6%
EBITDA	48.2M	60.4M	85.1M	111.6M	134.6M	123.9M	166.9M	190.8M	208.9M	236.9M
EPS	0.55	1.08	1.47	1.77	2.34	1.82	2.81	4.11	4.72	5.49
Diluted EPS	0.5	1.01	1.37	1.68	2.24	1.77	2.74	4.03	4.65	5.44

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	142M	144.6M	145.8M	148.7M	153.9M	159.2M	159.9M	164.1M	169.9M	175.3M	175.6M	182.2M
Cost of revenue	26.7M	27.1M	27.2M	26.4M	28.8M	29M	28.9M	28.9M	27.8M	29.2M	30M	30.2M
Gross profit	115.3M	117.4M	118.6M	122.3M	125M	130.2M	131M	135.2M	142.1M	146.1M	145.6M	151.9M
Gross margin	81.2%	81.2%	81.3%	82.2%	81.3%	81.8%	81.9%	82.4%	83.6%	83.4%	82.9%	83.4%
Research & development	27.8M	27.5M	27.5M	27.1M	28.9M	28.3M	29.2M	30.2M	28.9M	29M	29M	30.7M
Selling, general & administrative	43.9M	48.5M	46.3M	47.1M	51.2M	52.4M	50.1M	53.5M	53.2M	58.3M	55.7M	59.3M
Operating expenses	71.7M	76M	73.8M	74.2M	80.1M	80.7M	79.2M	83.8M	82.1M	87.3M	84.8M	90M
Operating income	43.6M	41.5M	44.8M	48.1M	45M	49.4M	51.8M	51.4M	60M	58.8M	60.9M	61.9M
Operating margin	30.7%	28.7%	30.7%	32.3%	29.2%	31%	32.4%	31.3%	35.3%	33.6%	34.7%	34%
Non-operating income, net	-708K	560K	-1.4M	-587K	605K	-1.8M	317K	999K	-937K	-754K	-2.1M	-1.1M
Pretax income	48M	47.6M	49.5M	54.2M	52.3M	53.8M	58.3M	58.8M	65.3M	64.4M	65M	67.1M
Income tax	1.5M	7M	9.8M	10.4M	6.1M	9.9M	10.8M	11.5M	14.9M	11.3M	14.3M	14.7M
Net income	46.5M	40.6M	39.7M	43.8M	46.2M	44M	47.5M	47.3M	50.3M	53.1M	50.6M	52.4M
Net margin	32.8%	28.1%	27.2%	29.4%	30%	27.6%	29.7%	28.8%	29.6%	30.3%	28.8%	28.8%
EBITDA	51M	46.7M	50M	53.4M	48.7M	55.3M	55.7M	55.4M	64.1M	62.7M	64.1M	66.1M
EPS	1.27	1.1	1.08	1.19	1.26	1.2	1.3	1.3	1.4	1.48	1.42	1.5
Diluted EPS	1.24	1.08	1.05	1.17	1.24	1.19	1.29	1.29	1.39	1.47	1.42	1.5

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.1B	2.2B	2.9B	3.3B	4.8B	5.4B	4.3B	7.2B	5.2B	4.8B	6.1B
Enterprise value	871.7M	1.9B	2.6B	3B	4.5B	5B	4B	6.8B	4.8B	4.4B	5.6B
Shares outstanding	35.2M	37.4M	38.9M	39.1M	39.2M	39M	38.5M	36.9M	36.8M	36.1M	36.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	58	55	50.7	47	52.1	75.5	40	47.7	29.7	24.2	29.9
P/S	5.64	9.63	10.4	10.1	13.2	13	8.81	13.1	8.49	7.18	8.64
P/B	4.32	6.47	8.12	8.42	11.8	12.3	14.9	19.7	10.8	8.56	10.6
EV/EBITDA	18.1	32	30.8	27	33.2	40.4	24.2	35.9	23.1	18.6	22
EV/Sales	4.4	8.38	9.39	9.36	12.3	12.2	8.24	12.3	7.94	6.59	7.96
Earnings yield	1.72%	1.82%	1.97%	2.13%	1.92%	1.32%	2.5%	2.09%	3.37%	4.13%	3.34%
FCF yield	4.13%	3.14%	3.53%	3.96%	3.11%	3.27%	4.05%	3.26%	4.49%	6.34%	3.99%
PEG	—	—	—	—	—	—	—	—	—	—	1.95

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	78.2%	77.7%	76.3%	78.4%	78.2%	78.2%	79%	80.6%	81.7%	82.8%	83.4%
Operating margin	15.2%	16.1%	18.1%	22.5%	26.6%	21.3%	26.7%	29.4%	30.8%	33.2%	34%
Net margin	9.71%	17.5%	20.5%	21.6%	25.2%	17.3%	22.1%	27.3%	28.6%	29.6%	29.4%
ROE	7.44%	11.8%	16%	17.9%	22.6%	16.2%	37.4%	41.2%	36.4%	35.3%	38.6%
ROA	4.72%	7.52%	9.78%	10.3%	12.4%	8.71%	15.4%	18.7%	17.8%	18.1%	14.6%
ROIC	130.7%	67.6%	71.5%	44.9%	82%	87.1%	1.1K%	-483.1%	108.4%	106.5%	100.7%
Return on tangible assets	4.75%	7.94%	10.9%	11.1%	13.1%	9.02%	16.4%	19.5%	18.4%	18.5%	19.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.31	2.23	1.92	1.77	1.86	1.8	1.34	1.54	1.37	1.41	1.38
Quick ratio	2.31	2.23	1.92	1.77	1.86	1.8	1.34	1.54	1.37	1.41	1.38
Debt / equity	—	—	0	0.13	0.14	0.11	0.15	0.08	0.1	0.09	0.09
Debt / assets	—	—	0	0.08	0.08	0.06	0.06	0.04	0.05	0.05	0.05
Net debt / EBITDA	—	—	-3.38	-2.21	-2.22	-2.88	-1.67	-2.08	-1.6	-1.66	-1.45
Interest coverage	1.2K	13.1K	323.5	755.6	11.3K	—	—	—	—	—	—
Effective tax rate	36.8%	0%	0%	13.3%	10.3%	20.6%	19.2%	15.1%	17.2%	19.7%	21.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	5.62	6.16	7.17	8.23	9.27	10.5	12.7	15	16.5	18.5	19.7
EPS (basic)	0.55	1.08	1.47	1.77	2.34	1.82	2.81	4.11	4.72	5.49	5.49
EPS (diluted)	0.5	1.01	1.37	1.68	2.24	1.77	2.74	4.03	4.65	5.44	5.76
Book value per share	7.33	9.18	9.21	9.9	10.3	11.2	7.52	9.98	13	15.5	16.2
FCF per share	1.31	1.86	2.64	3.3	3.79	4.48	4.55	6.39	6.3	8.42	8.96
Cash per share	6.92	7.7	7.44	7.65	9.09	10.4	8.36	11.5	10.4	12.3	12.3
Capex per share	0.66	1.01	0.59	0.71	0.76	0.63	0.4	0.24	0.34	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	11.7%	16.4%	8.17%	8.57%	8.16%	5.94%	3.14%	1.58%	2.03%	—	—
Capex / operating cash flow	33.6%	36.3%	17.5%	16.5%	16.8%	12.1%	8.1%	3.48%	4.71%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$142M	$144.6M	$145.8M	$148.7M	$153.9M	$159.2M	$159.9M	$164.1M	$169.9M	$175.3M	$175.6M	$182.2M
YoY change	+13.1%	+10.5%	+11.6%	+8.38%	+8.36%	+10.1%	+9.67%	+10.3%	+10.4%	+10.1%	+9.84%	+11%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	243.9M	288.4M	289.2M	298.9M	356M	405.3M	321.3M	425.6M	381.4M	445.9M
Receivables	47M	64.4M	75.8M	78M	100.2M	109M	121.8M	146.2M	164.6M	171M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	300.7M	369.4M	379M	395.6M	475.3M	546.4M	473.3M	600M	585.7M	657.6M
Property, plant & equipment	39.4M	58.6M	61.4M	101.1M	109.7M	98.9M	81.2M	55M	71.3M	69.2M
Goodwill & intangibles	2.6M	27.9M	58.4M	48.5M	38.9M	28M	40.5M	34.3M	28.5M	23.4M
Total assets	407M	537.5M	585.7M	675.6M	736.8M	814.6M	700.9M	812.6M	973.5M	1.1B
Accounts payable	2.1M	1.1M	5.6M	848K	731K	1.3M	2.8M	988K	1.3M	1.2M
Short-term debt	—	—	1.6M	7.7M	11.7M	12.6M	13.1M	11.9M	9.7M	7.3M
Total current liabilities	130.3M	165.8M	196.9M	223.5M	255.7M	304.3M	352.2M	389.2M	428.4M	467.3M
Long-term debt	—	—	0	44M	45.7M	35.9M	29.1M	16.9M	37.5M	45M
Total liabilities	148.6M	194M	227.7M	288.8M	332.3M	377.8M	411.8M	444.4M	496.4M	533.9M
Shareholders' equity	258.4M	343.5M	358M	386.8M	404.5M	436.7M	289.1M	368.2M	477.1M	561.2M
Total debt	—	—	1.6M	51.7M	57.4M	48.5M	42.2M	28.7M	47.2M	52.3M
Net debt	—	—	-39.5M	-35.9M	-16.8M	-88.8M	-131.5M	-174.9M	-185M	-198M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	427.4M	425.6M	453.7M	393.2M	386.3M	381.4M	440.9M	370M	418.6M	445.9M	471.3M	426.3M
Receivables	103.4M	146.2M	115.6M	109.6M	115M	164.6M	121.6M	128.7M	128.4M	171M	134.9M	139.8M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	562.2M	600M	605.4M	534.1M	536.6M	585.7M	601.9M	543M	596.7M	657.6M	656.6M	618.7M
Property, plant & equipment	61.4M	55M	61.6M	71.9M	68.6M	71.3M	69.6M	74.8M	72.8M	69.2M	68.6M	70.8M
Goodwill & intangibles	35.9M	34.3M	32.8M	31.2M	29.8M	28.5M	27.2M	26M	24.7M	23.4M	22.1M	20.8M
Total assets	751.9M	812.6M	861.8M	876.6M	908.3M	973.5M	996.5M	999.5M	1B	1.1B	1.1B	1.1B
Accounts payable	1.2M	988K	645K	1.3M	1.4M	1.3M	1.3M	2M	1.8M	1.2M	2.3M	1.2M
Short-term debt	12.3M	11.9M	10M	10.1M	9.3M	9.7M	11M	7.1M	7.3M	7.3M	7.6M	8.6M
Total current liabilities	370.5M	389.2M	391.1M	371.8M	388.5M	428.4M	432M	416.8M	431.8M	467.3M	459.2M	447M
Long-term debt	19.7M	16.9M	27.8M	40.4M	38.3M	37.5M	37.7M	48.2M	47.3M	45M	44.6M	44.8M
Total liabilities	428.9M	444.4M	457.6M	448.8M	458.7M	496.4M	498.4M	491.3M	502.6M	533.9M	524.8M	511.9M
Shareholders' equity	322.9M	368.2M	404.2M	427.8M	449.6M	477.1M	498M	508.2M	529.4M	561.2M	569.9M	562.2M
Total debt	32M	28.7M	37.8M	50.6M	47.6M	47.2M	48.6M	55.3M	54.6M	52.3M	52.2M	53.4M
Net debt	-176.8M	-174.9M	-236M	-230.6M	-187.8M	-185M	-242M	-138.6M	-170.6M	-198M	-227.2M	-196.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	19.2M	40.4M	57.3M	69.3M	91.6M	71M	108M	151.6M	173.7M	198.3M
Depreciation & amortization	17M	20.6M	28.9M	31.2M	32.8M	35.9M	34.6M	27M	18.5M	14.5M
Stock-based compensation	20.1M	27M	30.1M	34.9M	40M	67.6M	53.4M	69.1M	77.1M	77M
Change in working capital	13.2M	18.8M	16.3M	24.5M	7.9M	37.3M	13.9M	21.2M	11.9M	14.1M
Operating cash flow	69.2M	104.1M	130M	167.1M	175.9M	202.1M	189.7M	252.2M	261.8M	309.4M
Capital expenditure	-23.2M	-37.8M	-22.8M	-27.6M	-29.6M	-24.4M	-15.4M	-8.8M	-12.3M	—
Investing cash flow	-96.5M	-118.2M	-93.5M	-35M	-80.9M	-28.3M	153.7M	-73.2M	-71.4M	-100.9M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	-85M	-86.4M	-126.7M	-130M	-317.3M	-170.8M	-139.9M	-183.4M
Financing cash flow	8.3M	-20.9M	-101.5M	-103.9M	-147M	-157.9M	-335M	-193.1M	-169.8M	-208.4M
Net change in cash	-19.1M	-35M	-65M	28.1M	-52.1M	15.9M	8.4M	-14.1M	20.6M	21K
Free cash flow	46.1M	69.8M	102.7M	129M	148.5M	175M	174.9M	235.8M	231.8M	304.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	46.5M	40.6M	39.7M	43.8M	46.2M	44M	47.5M	47.3M	50.3M	53.1M	50.6M	52.4M
Depreciation & amortization	6.7M	5.9M	5.2M	4.8M	4.4M	4.1M	4.2M	4M	3.2M	3.1M	3M	3.1M
Stock-based compensation	18.5M	18.5M	19M	17.1M	20.3M	20.7M	18.8M	18M	19.4M	20.7M	19.3M	18.8M
Change in working capital	23M	-17.8M	28.6M	-3.8M	2.4M	-15.3M	35.9M	-21.7M	13.5M	-13.7M	28.6M	-12.9M
Operating cash flow	92.3M	42.1M	88.5M	57.8M	66.2M	49.3M	102.1M	33.8M	90.4M	75.7M	95.3M	59.6M
Capital expenditure	-1.8M	-1.5M	-2.1M	-1M	-3.4M	-5.8M	-2M	—	—	—	—	—
Investing cash flow	-49.8M	-25.7M	8.1M	-4.7M	-62.9M	-11.9M	-7M	-77.8M	-10.3M	-7.9M	-4.7M	-4.3M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-38.9M	-23.1M	-18M	-35M	-44.2M	-42.7M	-39.7M	-49.9M	-49.2M	-44.7M	-53.5M	-77.9M
Financing cash flow	-44.4M	-30.4M	-31.3M	-40.9M	-49.6M	-48M	-50.5M	-54.3M	-54.1M	-49.5M	-63.9M	-81.4M
Net change in cash	-1.8M	-14M	65.2M	12.2M	-46.3M	-10.6M	44.5M	-98.3M	26M	18.3M	26.7M	-26.1M
Free cash flow	90.6M	32.3M	83.5M	48.8M	57.6M	41.9M	107.5M	32.4M	89.5M	74.9M	93.6M	55.9M

Qualys, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

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Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

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Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement