Qualys, Inc. (QLYS) stock analysis
Close on Nov 12, 2026Market cap $5.99BP/E 28.8Yield –
StockData Score
Prices as of Nov 12, 2026How the score works
Solid19 of 30 checks passed
Qualys passes 19 of the 30 checks behind our score; 5 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 2/6
- Growth
- 5/6
- Past performance
- 6/6
- Financial health
- 6/6
- Dividend
- 0/6
What stands out
Return on equity over 15%
Return on equity was 36.3% over the last twelve months and averaged 34.4% over five years.
Return on capital over 10%
Return on invested capital was 66.2%, above the 10% that usually covers the cost of capital.
No debt
Qualys has no borrowings on its latest balance sheet.
Earnings grew over 5 years
Net income grew 16.7% a year on average over the last five fiscal years.
What to watch
Margin of safety under 20%
The price is 4.5% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $173.09 is above our fair value estimate of $165.61.
Earnings growth not accelerating
Net income grew 12.8% over the last twelve months, against a 5-year average of 16.7% a year.
P/E above the industry
Qualys's P/E of 28.8 is above the Computer Programming, Data Processing, and Other Computer Related Services median of 27.3.
Valuation2/6
P/E below its 5-year median
Qualys's P/E of 28.8 is below its own 5-year median of 37.5.
P/E above the industry
Qualys's P/E of 28.8 is above the Computer Programming, Data Processing, and Other Computer Related Services median of 27.3.
EV/EBITDA below its 5-year median
Qualys's EV/EBITDA of 21.6 is below its 5-year median of 25.0.
P/B above the industry
Qualys's price-to-book of 9.26 is above the Computer Programming, Data Processing, and Other Computer Related Services median of 3.20.
Trading above fair value
The share price of $173.09 is above our fair value estimate of $165.61.
Margin of safety under 20%
The price is 4.5% above fair value, so there is no margin of safety.
Growth5/6
Revenue growing 10%+ a year
Revenue grew 11.0% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 25.7% a year over the last three fiscal years.
Earnings growth not accelerating
Net income grew 12.8% over the last twelve months, against a 5-year average of 16.7% a year.
Growing faster than the industry
Revenue grew 10.4% over the last twelve months; the Computer Programming, Data Processing, and Other Computer Related Services median is 9.6%.
Guidance raised
Qualys raised its full year of 2026 revenues outlook on Aug 4, 2026.
Gross margin improving
Gross margin was 83.3% over the last twelve months, against 82.4% a year earlier.
Past performance6/6
Return on equity over 15%
Return on equity was 36.3% over the last twelve months and averaged 34.4% over five years.
Return on capital over 10%
Return on invested capital was 66.2%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
Qualys's return on equity of 36.3% is above the Computer Programming, Data Processing, and Other Computer Related Services median of -1.1%.
Earnings grew over 5 years
Net income grew 16.7% a year on average over the last five fiscal years.
Net margin above its 5-year average
Net margin was 29.6% over the last twelve months, against a 5-year average of 25.0%.
Net margin above the industry
Qualys's net margin of 29.6% is above the Computer Programming, Data Processing, and Other Computer Related Services median of -4.7%.
Financial health6/6
No debt
Qualys has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term assets cover short-term debts
Current assets are 1.53 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 8.04; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Qualys has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$165.61
The share price is 5% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 32.4× | 37.5× | 27.3× | $194.81 | 44% |
| EV/EBITDA | 21.7× | 25.0× | 18.5× | $174.01 | 39% |
| Earnings power | 10.9% cost of equity | – | – | $68.17 | 17% |
| Fair value | $165.61 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 37.5
- Computer Programming, Data Processing, and Other Computer Related Services median 27.3
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $168.47M
- Value traded per 1% price move
- $46.04M
Downside
High risk
- Typical loss in a bad month
- 28.4%
- Volatility (annualized)
- 58%
- Sharpe ratio, 1 year
- 0.14
- Beta to the S&P 500 (5Y)
- 1.19
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +10.1% | +11.0% | +13.0% | +13.0% | |
| Gross profit | +11.7% | +12.7% | +14.3% | +15.6% | |
| Operating income | +18.6% | +19.4% | +18.1% | +24.5% | |
| Net income | +14.2% | +22.5% | +16.7% | +26.3% | |
| EPS, diluted | +17.0% | +25.7% | +19.3% | +27.0% | |
| Free cash flow | +31.3% | +18.4% | +15.2% | +20.8% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 8.5% | 23.1% | 38.2% | |
| Return on assets | 5.3% | 13.0% | 19.2% | |
| Current ratio | 2.31 | 1.86 | 1.41 | |
| Interest coverage | 1158.0× | 10739.3× | – | |
| Capex to revenue | 11.7% | 8.3% | 0.7% | |
| Diluted shares | 38M | 41M | 36M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Qualys generated $1.20B from operations and spent $1.01B on capital expenditure, dividends and share buybacks. 7% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 29.6% | 0.65× | 1.99× | 38.2% |
| FY2024 | 28.6% | 0.68× | 2.11× | 41.1% |
| FY2023 | 27.3% | 0.73× | 2.30× | 46.1% |
| FY2022 | 22.1% | 0.65× | 2.09× | 29.8% |
| FY2021 | 17.3% | 0.53× | 1.84× | 16.9% |
| FY2020 | 25.2% | 0.51× | 1.78× | 23.1% |
| FY2019 | 21.6% | 0.51× | 1.69× | 18.6% |
| FY2018 | 20.5% | 0.50× | 1.60× | 16.3% |
| FY2017 | 17.5% | 0.49× | 1.57× | 13.4% |
| FY2016 | 9.7% | 0.54× | 1.61× | 8.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$198.32M
- Cash generatingOperating cash flow above zero$309.40M
- Return on assets improvedROA up on the prior year21.4% → 20.4%
- Earnings backed by cashOperating cash flow above net income$309.40M vs $198.32M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.37 → 1.41
- No dilutionShare count did not rise37M → 36M
- Gross margin improvedGross margin up on the prior year81.65% → 82.85%
- More efficientAsset turnover rose0.75 → 0.69
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