QUALYS, INC.

QLYS

Qualys, Inc. provides cloud-based platform delivering information technology (IT), security, and compliance solutions in the United States and internationally. The company provides Qualys Cloud Apps, which include cybersecurity asset management; enterprise TruRisk management; vulnerability management, detection, and response; total application security; patch management; custom assessment and...

Country: United StatesPrice: $186.05Market Cap: $6.6B

Company Profile

Industry: Business Services
Size: Mid Cap($6.6B)
Revenue: $669.1M+10.1% YoY
Net Income: $198.3M+14.2% YoY

Financial Snapshot

Operating Margin33.2%
Return on Equity35.3%
Debt / Equity--
Current Ratio1.41
EPS (Diluted)$5.44+17.0%
Buybacks (1y)$183.4M
Buybacks (2y)$323.3M
Shares Retired2.1% / 3.2% 2y

Similar Companies

UBERUber Technologies, Inc
$155.1B
INTUINTUIT INC.
$94.6B
MCOMOODYS CORP /DE/
$84.0B
NBISNebius Group N.V.
$70.5B

Shareholder Return

Fiscal 2025

Retired 2.1% of shares last year, 3.2% over two.

Buybacks
$183.4M
Dividends
—

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22
54.8% = 52.2% + 1.7%
FY23
47.1% = 40.4% + 4.8%
FY24
15.4% = 14.6% + 0.7%
FY25
17.0% = 14.2% + 2.5%
Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Annual data (10-K) · Last 5 years

MetricFY 2025FY 2024FY 2023FY 2022FY 2021
Market Cap$6.6B$5.1Best.$7.0Best.$4.3Best.$5.0Best.
Revenue$669.1M↑10%$607.6M↑10%$554.5M↑13%$489.7M↑19%$411.2M
Operating Income$222.0M↑19%$187.2M↑15%$163.1M↑25%$130.5M↑49%$87.7M
Net Income$198.3M↑14%$173.7M↑15%$151.6M↑40%$108.0M↑52%$71.0M
EPS (Diluted)$5.44↑17%$4.65↑15%$4.03↑47%$2.74↑55%$1.77
Gross Margin82.8%↑1%81.7%↑1%80.6%↑2%79.0%↑1%78.2%
Operating Margin33.2%↑8%30.8%↑5%29.4%↑10%26.7%↑25%21.3%
ROE35.3%↓3%36.4%↓12%41.2%↑10%37.4%↑130%16.2%
Total Debt----------
Shareholders' Equity$561.2M↑18%$477.1M↑30%$368.2M↑27%$289.1M↓34%$436.7M
Current Ratio1.41↑3%1.37↓11%1.54↑15%1.34↓25%1.80
Debt / Equity—————
Operating Cash Flow$309.4M↑27%$244.1M$244.6M↑23%$198.9M↓1%$200.6M
Free Cash Flow$304.4M↑31%$231.8M↓2%$235.8M↑29%$183.5M↑4%$176.2M
Scored from 10-K1d ago
MetricMarks

Risk-Aware Value

Akre

Three-Legged Stool

Druckenmiller

Macro-Enhanced Growth

Spier

Value Checklist

Pabrai

Dhandho Framework

Munger

Quality Focus

Ackman

Activist Value

Piotroski

F-Score

Greenblatt

Magic Formula

Lynch

GARP

Buffett

Quality Compounder

Graham

Defensive Value

VerdictHOLDPASSBUYBUYHOLDHOLDBUYBUYNot rankedHOLDFAILFAIL
Score
Analysis
Intrinsic Value
Margin of Safety-387.6%-153.8%-47.2%-76.9%-107.9%-28.0%+12.5%-1084.3%-341.2%-77.1%-29.4%-324.4%
Data As Of10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)

Where They Agree

  • Growth

    All 5 investors pass QLYS's growth

    Positive Net Income Frequency16/16 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    EPS Growth AccelerationLatest: 17.0%, Prior: 15.4%
    ✓DruckenmillerAccelerating EPS growth
    Revenue Growth RateLatest: 10.1%, Prior: 9.6%
    ✓DruckenmillerRevenue growth accelerating
    3yr Median Revenue Growth10.1%
    ✓Ackman>= 5%
    Show 5 more metrics ▾
    Positive EPS Growth Frequency4/5 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    P/E / EPS Growth Rate0.88
    ✓Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR19.3%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth (3-yr avg, 10-yr window)7744.4%
    ✓Graham>= 33% growth

Where They Disagree

  • Profitability

    5 of 11 pass — Marks, Spier, Pabrai +3 more object

    Discount to Intrinsic Value-31.0% (IV=$70.60 vs Price=$92.47)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency16/16 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Return on Equity37.6% (3-yr avg)
    ✓AkreROE > 20% (3-year avg)
    EPS Growth AccelerationLatest: 17.0%, Prior: 15.4%
    ✓DruckenmillerAccelerating EPS growth
    Show 19 more metrics ▾
    Margin of SafetyP/E=17.0x, P/B=5.9x
    ✗SpierP/E < 15 AND P/B < 2.0✗PabraiP/B < 1.5 or P/E < 15
    Operating Income / Revenue33.2%
    ✓Ackman>= 15%
    Net Income / Shareholders Equity35.3%
    ✓Ackman>= 15%
    Net Income / Total Assets18.11%
    ✓PiotroskiROA > 0
    ROA Change YoY17.84% -> 18.11% (delta: +0.27%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=28.25%, ROA=18.11%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY81.7% -> 82.8%
    ✓PiotroskiImproved YoY
    EBIT / Enterprise Value7.3%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=7.3%, ROC=N/A (invested capital <= 0)
    ✗GreenblattBoth EY > 10% and ROC > 25%
    3-5 Year EPS CAGR19.3%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    ROE35.3%
    ✓Lynch> 15%
    Net Income Positive (10+ years)16/17 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (5-yr avg)33.3%
    ✓Buffett> 15% (5-yr avg)
    Operating Margin (10-yr trend)33.2% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy$207.8M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)0.99
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness-2.86x
    ✗Buffett$1 retained -> > $1 market value created
    Positive EPS (10 years)16/17 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)7744.4%
    ✓Graham>= 33% growth
  • Debt & Leverage

    1 of 8 pass — Marks, Akre, Munger +4 more object

    Interest Coverage & Debt/EBITDA
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Debt Levels
    ✗AkreDebt/Equity < 0.3✗MungerDebt/Equity < 0.5
    Total Debt / Shareholders Equity
    ✗Ackman<= 1.0
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Show 4 more metrics ▾
    Total Debt / Equity
    ✗Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    Debt/Equity & Interest Coverage
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
  • Valuation

    4 of 9 pass — Marks, Spier, Pabrai +2 more object

    P/B or P/E vs. Historical AverageP/E=17.0x, P/B=5.9x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value-31.0% (IV=$70.60 vs Price=$92.47)
    ✗Marks>= 20% below intrinsic value
    Price vs. 200-day MAQualitative
    ✓DruckenmillerPrice above 200-day moving average
    Margin of SafetyP/E=17.0x, P/B=5.9x
    ✗SpierP/E < 15 AND P/B < 2.0
    Show 9 more metrics ▾
    P/E or FCF YieldP/E=17.0x, FCF Yield=9.2%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    Valuation ReasonablenessP/E=17.0x, OE Yield=6.3%
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    Price / FCF per Share10.9x
    ✓Ackman<= 25
    EBIT / Enterprise Value7.3%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=7.3%, ROC=N/A (invested capital <= 0)
    ✗GreenblattBoth EY > 10% and ROC > 25%
    P/E / EPS Growth Rate0.88
    ✓Lynch< 1.0 (ideally < 0.5)
    Price / 3-yr avg EPS19.6x
    ✗Graham<= 15x
    Price-to-Book Ratio5.9x
    ✗Graham<= 1.5x
    P/E x P/B115.70
    ✗Graham<= 22.5
  • Cash Flow

    5 of 6 pass — Pabrai objects

    FCF Positive16/16 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    P/E or FCF YieldP/E=17.0x, FCF Yield=9.2%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    (OCF - CapEx) / Market Cap9.2%
    ✓Ackman>= 4%
    Price / FCF per Share10.9x
    ✓Ackman<= 25
    Show 4 more metrics ▾
    Operating Cash Flow$309.4M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=28.25%, ROA=18.11%
    ✓PiotroskiCFO/Assets > ROA
    FCF Positive and Growing$304.4M
    ✓LynchPositive and growing
    Free Cash Flow Proxy$207.8M
    ✓BuffettPositive and growing
  • Efficiency

    No clean pass — all 6 investors flag at least one efficiency criterion

    ROIC (high and growing)
    ✗AkreROIC > 15% for 3+ years
    Reinvestment Rate x ROIC
    ✗AkreReinvestment Rate * ROIC > 10%
    Return on Invested Capital
    ✗Munger> 15%
    Current Ratio Change YoY1.37 -> 1.41
    ✓PiotroskiIncreased YoY
    Show 5 more metrics ▾
    Revenue / Total Assets Change YoY0.62x -> 0.61x
    ✗PiotroskiImproved YoY
    EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)
    ✗Greenblatt> 25%
    ROIC (3-5 yr avg)
    ✗Buffett> 10%
    ROIC - WACC
    ✗BuffettPositive (WACC = 10%)
    Current Ratio1.41
    ✗Graham>= 2.0
  • Verdicts

    Split decision: 4 HOLD · 4 BUY · 2 FAIL · 1 PASS

    Overall verdict
    •MarksHOLD (5/8)✓AkrePASS (3/7)✓DruckenmillerBUY (7/7)✓SpierBUY (7/8)•PabraiHOLD (5/8)•MungerHOLD (5/7)✓AckmanBUY (8/9)✓PiotroskiBUY (F-Score 8)•GreenblattNot ranked•LynchHOLD (PEG 0.88)✗BuffettFAIL (3/9)✗GrahamFAIL (2/9)
  • Valuation models

    Models split on QLYS at $186.05 — fair values range $15.71–$212.62

    Marks fair value$38.16
    ✗Marks-387.6% margin vs $186.05
    Akre fair value$73.31
    ✗Akre-153.8% margin vs $186.05
    Druckenmiller fair value$126.41
    ✗Druckenmiller-47.2% margin vs $186.05
    Spier fair value$105.16
    ✗Spier-76.9% margin vs $186.05
    Show 8 more metrics ▾
    Pabrai fair value$89.51
    ✗Pabrai-107.9% margin vs $186.05
    Munger fair value$145.37
    ✗Munger-28.0% margin vs $186.05
    Ackman fair value$212.62
    ✓Ackman+12.5% margin vs $186.05
    Piotroski fair value$15.71
    ✗Piotroski-1084.3% margin vs $186.05
    Greenblatt fair value$42.17
    ✗Greenblatt-341.2% margin vs $186.05
    Lynch fair value$105.06
    ✗Lynch-77.1% margin vs $186.05
    Buffett fair value$143.75
    ✗Buffett-29.4% margin vs $186.05
    Graham fair value$43.84
    ✗Graham-324.4% margin vs $186.05

Historical Score Timeline

Industry Peers

Similar companies in Business Services

QLYS vs Peers — Financial Grading

Revenue$669.1MMedian
Net Income$198.3MMedian
ROE35.3%Top 25%
D/E—
Op. Margin33.2%Top 25%
Curr. Ratio1.41Median
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroski
Uber Technologies, IncUBER$155.1B$75.95$52.0B$10.1B37.2%0.3910.7%1.141/94/93/70/3F-Score 6
INTUIT INC.INTU$94.6B$345.66$18.8B$3.9B19.6%0.3026.1%1.362/97/95/71/3F-Score 8
MOODYS CORP /DE/MCO$84.0B$484.96$7.7B$2.5B60.7%1.7343.4%1.742/96/94/71/3F-Score 8
Nebius Group N.V.NBIS$70.5B$277.68$529.8M$82.5M1.8%0.90-115.5%3.082/92/91/70/3F-Score 6
ACI WORLDWIDE, INC.ACIW$5.4B$53.44$1.8B$226.7M14.9%0.5718.7%1.541/91/93/71/3F-Score 7
Flywire CorpFLYW$2.3B$18.81$623.0M$13.5M1.6%—1.8%1.501/92/92/70/3F-Score 7
INNODATA INCINOD$2.1B$63.85$251.7M$32.2M30.0%—15.8%2.683/93/95/71/3F-Score 6
INSPERITY, INC.NSP$2.0B$52.20$6.8B$7.0M-15.2%8.02-0.1%1.063/94/92/70/3F-Score 1