QLYS

MKT CAP:$3B

Qualys, Inc.

Market Cap

$3B

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$87.39-$43.62 (-33.30%)

Apr 22, 2026

Company Details

Qualys, Inc. provides cloud-based information technology (IT), security, and compliance solutions in the United States and internationally. The company offers Qualys Cloud Apps, which includes Vulnerability Management; Vulnerability Managem...

CEO

Sumedh S. Thakar

IPO Date

Sep 28, 2012

Website

www.qualys.com

Key Metrics TTM

Revenue

$669M

+10.1% YoY

Net Income

$198M

EPS (Diluted)

$5.44

Free Cash Flow

$304M

Revenue / Share

$18.51

Gross Margin

82.8%

Operating Margin

33.2%

Net Margin

29.6%

FCF Margin

45.5%

P/S

4.5x

P/E

15.2x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 20, 2026

$669M+10.1%EPS $5.44

Q4 2025

Feb 20, 2026

$175M+10.1%EPS $1.47

Q3 2025

Nov 4, 2025

$170M+10.4%EPS $1.39

Q2 2025

Aug 5, 2025

$164M+10.3%EPS $1.29

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$113M	$89M	$34M
Q2 22	$120M	$95M	$33M
Q3 22	$126M	$100M	$33M
Q4 22	$131M	$103M	$31M
Q1 23	$131M	$104M	$35M
Q2 23	$137M	$111M	$43M
Q3 23	$142M	$115M	$44M
Q4 23	$145M	$117M	$41M
Q1 24	$146M	$119M	$45M
Q2 24	$149M	$122M	$48M
Q3 24	$154M	$125M	$45M
Q4 24	$159M	$130M	$49M
Q1 25	$160M	$131M	$52M
Q2 25	$164M	$135M	$51M
Q3 25	$170M	$142M	$60M
Q4 25	$175M	$146M	$59M

Valuation

Quarter	P/S	P/E
Q1 22	7.1x	31.4x
Q2 22	6.7x	29.8x
Q3 22	6.4x	29.8x
Q4 22	6.2x	28.0x
Q1 23	6.0x	27.1x
Q2 23	5.8x	25.1x
Q3 23	5.6x	21.7x
Q4 23	5.5x	19.9x
Q1 24	5.3x	18.6x
Q2 24	5.2x	17.7x
Q3 24	5.1x	17.7x
Q4 24	5.0x	17.4x
Q1 25	4.9x	16.7x
Q2 25	4.7x	16.3x
Q3 25	4.6x	16.0x
Q4 25	4.5x	15.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$79M	$71M
Q2 22	$34M	$30M
Q3 22	$42M	$41M
Q4 22	$44M	$32M
Q1 23	$67M	$63M
Q2 23	$52M	$50M
Q3 23	$92M	$91M
Q4 23	$34M	$32M
Q1 24	$86M	$83M
Q2 24	$50M	$49M
Q3 24	$61M	$58M
Q4 24	$48M	$42M
Q1 25	$110M	$108M
Q2 25	$34M	$32M
Q3 25	$90M	$89M
Q4 25	$76M	$75M

Capital Expenditures

Quarter	CapEx
Q1 22	$8M
Q2 22	$4M
Q3 22	$1M
Q4 22	$11M
Q1 23	$4M
Q2 23	$1M
Q3 23	$2M
Q4 23	$2M
Q1 24	$2M
Q2 24	$1M
Q3 24	$3M
Q4 24	$6M
Q1 25	$2M
Q2 25	$1M
Q3 25	$901.0K
Q4 25	$724.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+17.2%	-19.7%
Q2 22	+20.3%	+23.5%
Q3 22	+19.7%	+26.4%
Q4 22	+19.2%	+24.1%
Q1 23	+15.2%	+19.6%
Q2 23	+14.4%	+8.6%
Q3 23	+13.1%	+6.7%
Q4 23	+10.5%	+2.9%
Q1 24	+11.6%	+5.8%
Q2 24	+8.4%	+6.6%
Q3 24	+8.4%	+10.7%
Q4 24	+10.1%	+6.5%
Q1 25	+9.7%	+7.0%
Q2 25	+10.3%	+11.9%
Q3 25	+10.4%	+0.9%
Q4 25	+10.1%	+6.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$12M	10.4%
Q2 22	$13M	10.7%
Q3 22	$13M	10.6%
Q4 22	$16M	11.9%
Q1 23	$16M	12.3%
Q2 23	$16M	11.7%
Q3 23	$19M	13.0%
Q4 23	$19M	12.8%
Q1 24	$19M	13.1%
Q2 24	$17M	11.5%
Q3 24	$20M	13.2%
Q4 24	$21M	13.0%
Q1 25	$19M	11.8%
Q2 25	$18M	11.0%
Q3 25	$19M	11.4%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$23M	$13M	$20M
Q2 22	$25M	$13M	$24M
Q3 22	$25M	$16M	$25M
Q4 22	$28M	$16M	$28M
Q1 23	$28M	$15M	$26M
Q2 23	$27M	$14M	$26M
Q3 23	$28M	$16M	$28M
Q4 23	$27M	$17M	$32M
Q1 24	$28M	$17M	$29M
Q2 24	$27M	$15M	$32M
Q3 24	$29M	$18M	$33M
Q4 24	$28M	$18M	$34M
Q1 25	$29M	$17M	$33M
Q2 25	$30M	$18M	$36M
Q3 25	$29M	$18M	$35M
Q4 25	$29M	$19M	$40M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	17.2%	37.5%	54.7
Q2 22	20.3%	34.7%	54.9
Q3 22	19.7%	33.1%	52.8
Q4 22	19.2%	30.2%	49.4
Q1 23	15.2%	32.6%	47.8
Q2 23	14.4%	36.3%	50.8
Q3 23	13.1%	35.4%	48.5
Q4 23	10.5%	32.7%	43.2
Q1 24	11.6%	34.3%	45.9
Q2 24	8.4%	35.5%	43.9
Q3 24	8.4%	32.1%	40.4
Q4 24	10.1%	33.6%	43.7
Q1 25	9.7%	35.0%	44.6
Q2 25	10.3%	33.8%	44.1
Q3 25	10.4%	40.3%	50.7
Q4 25	10.1%	38.5%	48.7

Rule of 40

Revenue Segments

Quarter	Reportable Segment
Q1 25	$160M
Q2 25	$164M
Q3 25	$170M
Q4 25	$175M

Revenue by Geography

Quarter	Non-US	United States
Q1 22	$46M	$67M
Q2 22	$48M	$72M
Q3 22	$50M	$75M
Q4 22	$53M	$78M
Q1 23	$53M	$78M
Q2 23	$54M	$83M
Q3 23	$57M	$85M
Q4 23	$59M	$86M
Q1 24	$59M	$86M
Q2 24	$62M	$87M
Q3 24	$65M	$89M
Q4 24	$67M	$92M
Q1 25	$69M	$91M
Q2 25	$71M	$93M
Q3 25	$74M	$96M
Q4 25	$77M	$98M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$166M	$291M	$457M
Q2 22	$121M	$298M	$419M
Q3 22	$194M	$191M	$385M
Q4 22	$174M	$148M	$321M
Q1 23	$194M	$140M	$334M
Q2 23	$186M	$163M	$349M
Q3 23	$209M	$219M	$427M
Q4 23	$204M	$222M	$426M
Q1 24	$274M	$180M	$454M
Q2 24	$281M	$112M	$393M
Q3 24	$235M	$151M	$386M
Q4 24	$232M	$149M	$381M
Q1 25	$291M	$150M	$441M
Q2 25	$194M	$176M	$370M
Q3 25	$225M	$193M	$419M
Q4 25	$250M	$196M	$446M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	40M	-0.1%	-1.1%
Q2 22	40M	-0.8%	-1.0%
Q3 22	39M	-1.2%	-1.8%
Q4 22	38M	-1.9%	-3.9%
Q1 23	38M	-2.1%	-5.8%
Q2 23	37M	-0.6%	-5.7%
Q3 23	37M	+0.0%	-4.5%
Q4 23	38M	+0.8%	-1.9%
Q1 24	38M	-0.1%	+0.1%
Q2 24	37M	-0.7%	+0.1%
Q3 24	37M	-0.9%	-0.8%
Q4 24	37M	-0.4%	-2.0%
Q1 25	37M	-0.6%	-2.5%
Q2 25	37M	-0.7%	-2.5%
Q3 25	36M	-0.6%	-2.3%
Q4 25	36M	-0.4%	-2.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$62.2K	2K
Q2 22	$65.8K	2K
Q3 22	$68.9K	2K
Q4 22	$61.1K	2K
Q1 23	$61.0K	2K
Q2 23	$64.0K	2K
Q3 23	$66.3K	2K
Q4 23	$66.1K	2K
Q1 24	$66.6K	2K
Q2 24	$68.0K	2K
Q3 24	$70.3K	2K
Q4 24	$31.8K	5K
Q1 25	$32.0K	5K
Q2 25	$32.8K	5K
Q3 25	$34.0K	5K
Q4 25	$35.1K	5K

Revenue / Employee