Detailed financial statements for Qualys, Inc. (QLYS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Qualys, Inc., founded in 1999 and headquartered in Foster City, California, specializes in delivering cloud-based solutions for information technology (IT) management, cybersecurity, and regulatory compliance to organizations globally.
Analysis Summary
Qualys, Inc. reported revenue of $669.1M in the most recent fiscal year, growing at a 5-year CAGR of 13.0%. Net income reached $198.3M, with a 16.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 83.5%, operating margin 34.6%, net margin 29.3%. Free cash flow grew at 15.2% CAGR over 5 years.
At $224.12 (closing price, October 30, 2026), QLYS trades at a P/E of 38.78 and an ROE of 37.17%. Market capitalisation stands at $7.8B.
Balance sheet quality for QLYS: current ratio of 1.4, net cash position of $348.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $304.4M represents 153% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $197.9M | $230.8M | $278.9M | $321.6M | $363.0M | $411.2M | $489.7M | $554.5M | $607.6M | $669.1M |
| Cost of Revenue | $42.5M | $51.6M | $66.2M | $69.5M | $79.2M | $89.4M | $102.8M | $107.5M | $111.5M | $114.8M |
| Gross Profit | $155.5M | $179.2M | $212.7M | $252.1M | $283.7M | $321.7M | $386.9M | $447.0M | $496.1M | $554.4M |
| Research & Development | $35.3M | $42.8M | $53.3M | $68.2M | $72.5M | $81.3M | $101.2M | $110.5M | $111.9M | $117.3M |
| Selling, General & Admin | $90.1M | $99.2M | $109.1M | $111.6M | $114.5M | $152.8M | $155.2M | $173.4M | $197.0M | $215.1M |
| Operating Expenses | $125.3M | $142.0M | $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 | $222.0M |
| EBITDA | $47.1M | $57.9M | $79.3M | $111.3M | $134.9M | $125.3M | $168.3M | $205.6M | $228.3M | $261.3M |
| Interest Expense | $26,000 | $3,000 | $172,000 | $106,000 | $9,000 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $30.4M | $39.4M | $55.5M | $80.0M | $102.0M | $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 | $71.0M | $108.0M | $151.6M | $173.7M | $198.3M |
| EPS | $0.55 | $1.08 | $1.37 | $1.77 | $2.34 | $1.82 | $2.81 | $4.11 | $4.72 | $5.49 |
| EPS (Diluted) | $0.50 | $1.01 | $1.37 | $1.68 | $2.24 | $1.77 | $2.74 | $4.03 | $4.65 | $5.44 |
| Shares Outstanding (Diluted) | 38.4 M | 40.1 M | 41.9 M | 41.3 M | 40.8 M | 40.1 M | 39.3 M | 37.6 M | 37.4 M | 36.5 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $169.9M | $175.3M | $176.6M | $182.2M |
| Gross Profit | $142.1M | $146.1M | $147.4M | $151.9M |
| Operating Income | $60.0M | $58.8M | $62.9M | $61.9M |
| EBITDA | $68.5M | $67.6M | $68.0M | $70.1M |
| Net Income | $50.3M | $53.1M | $50.6M | $52.4M |
| EPS | $1.40 | $1.48 | $1.42 | $1.50 |
| EPS (Diluted) | $1.39 | $1.47 | $1.42 | $1.50 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $86.7M | $86.6M | $41.0M | $87.6M | $74.1M | $137.3M | $173.7M | $203.7M | $232.2M | $250.3M |
| Short-term Investments | $157.1M | $201.8M | $248.1M | $211.3M | $281.9M | $268.0M | $147.6M | $221.9M | $149.2M | $195.7M |
| Receivables | $47.0M | $64.4M | $75.8M | $78.0M | $100.2M | $109.0M | $121.8M | $146.2M | $164.6M | $171.0M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $300.7M | $369.4M | $379.0M | $395.6M | $475.3M | $546.4M | $473.3M | $600.0M | $585.7M | $657.6M |
| Property, Plant & Equipment | $39.4M | $58.6M | $61.4M | $101.1M | $109.7M | $98.9M | $81.2M | $55.0M | $71.3M | $69.2M |
| Goodwill | $317,000 | $1.5M | $7.2M | $7.4M | $7.4M | $7.4M | $7.4M | $7.4M | $7.4M | $7.4M |
| Intangible Assets | $987,000 | $12.4M | $22.0M | $16.8M | $12.0M | $6.5M | $12.8M | $9.7M | $6.8M | $4.3M |
| Total Assets | $407.0M | $537.5M | $585.7M | $675.6M | $736.8M | $814.6M | $700.9M | $812.6M | $973.5M | $1.10B |
| Accounts Payable | $2.1M | $1.1M | $5.6M | $848,000 | $731,000 | $1.3M | $2.8M | $988,000 | $1.3M | $1.2M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $45.0M |
| Total Liabilities | $148.6M | $194.0M | $227.7M | $288.8M | $332.3M | $377.8M | $411.8M | $444.4M | $496.4M | $533.9M |
| Retained Earnings | -$8.3M | $39.9M | $28.0M | $23.2M | $3.6M | -$41.7M | -$221.4M | -$228.1M | -$189.2M | -$166.7M |
| Total Equity | $258.4M | $343.5M | $358.0M | $386.8M | $404.5M | $436.7M | $289.1M | $368.2M | $477.1M | $561.2M |
| Total Debt | 0 | 0 | $1.6M | $51.7M | $57.4M | $48.5M | $42.2M | $28.7M | $47.2M | $97.2M |
| Net Debt | -$243.9M | -$288.4M | -$287.6M | -$247.2M | -$298.7M | -$356.8M | -$279.1M | -$396.8M | -$334.2M | -$348.7M |
| Working Capital | $170.4M | $203.6M | $182.1M | $172.1M | $219.6M | $242.1M | $121.2M | $210.8M | $157.3M | $190.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $225.3M | $250.3M | $279.5M | $250.3M |
| Total Assets | $1.03B | $1.10B | $1.09B | $1.07B |
| Total Liabilities | $502.6M | $533.9M | $524.8M | $511.9M |
| Total Equity | $529.4M | $561.2M | $569.9M | $562.2M |
| Total Debt | $54.6M | $97.2M | $52.2M | $53.4M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $19.2M | $40.4M | $57.3M | $69.3M | $91.6M | $71.0M | $108.0M | $151.6M | $173.7M | $198.3M |
| Depreciation & Amortization | $17.0M | $20.6M | $28.9M | $31.2M | $32.8M | $35.9M | $34.6M | $27.0M | $18.5M | $14.5M |
| Stock-based Compensation | $20.1M | $27.0M | $30.1M | $34.9M | $40.0M | $67.6M | $53.4M | $69.1M | $77.1M | $77.0M |
| Change in Working Capital | $19.6M | $20.2M | $16.7M | $19.2M | $10.7M | $31.0M | $21.7M | $18.2M | $204,000 | $13.4M |
| Operating Cash Flow | $68.1M | $107.6M | $127.8M | $160.6M | $180.1M | $200.6M | $198.9M | $244.6M | $244.1M | $309.4M |
| Capital Expenditure | -$23.2M | -$37.8M | -$25.1M | -$31.6M | -$30.0M | -$25.7M | -$24.0M | -$8.8M | -$12.3M | -$5.0M |
| Acquisitions | 0 | -$12.5M | -$13.6M | -$4.0M | -$1.5M | -$1.2M | -$145.1M | 0 | 0 | 0 |
| Stock Repurchased | -$438,000 | -$20.9M | -$85.0M | -$86.4M | -$126.7M | -$130.0M | -$317.3M | -$170.8M | -$139.9M | -$183.4M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $44.9M | $69.8M | $102.7M | $129.0M | $150.0M | $175.0M | $174.9M | $235.8M | $231.8M | $304.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $90.4M | $75.7M | $95.3M | $59.6M |
| Capital Expenditure | -$901,000 | -$724,000 | -$1.7M | -$3.7M |
| Free Cash Flow | $89.5M | $74.9M | $93.6M | $55.9M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $19.4M | $20.7M | $19.3M | $18.8M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +16.6% | +20.8% | +15.3% | +12.9% | +13.3% | +19.1% | +13.2% | +9.6% | +10.1% | |
| Net Income Growth (YoY) | +110.4% | +41.7% | +21.0% | +32.1% | -22.5% | +52.2% | +40.4% | +14.6% | +14.2% | |
| EPS Growth (YoY) | +96.4% | +26.9% | +29.2% | +32.2% | -22.2% | +54.4% | +46.3% | +14.8% | +16.3% | |
| Shares Change (YoY) | +4.4% | +4.6% | -1.3% | -1.3% | -1.7% | -1.9% | -4.4% | -0.7% | -2.4% | |
| FCF Growth (YoY) | +55.6% | +47.1% | +25.6% | +16.3% | +16.6% | -0.1% | +34.9% | -1.7% | +31.3% | |
| Gross Margin | 78.5% | 77.7% | 76.3% | 78.4% | 78.2% | 78.2% | 79.0% | 80.6% | 81.7% | 82.8% |
| Operating Margin | 15.2% | 16.1% | 18.1% | 22.5% | 26.6% | 21.3% | 26.7% | 29.4% | 30.8% | 33.2% |
| EBITDA Margin | 23.8% | 25.1% | 28.4% | 34.6% | 37.2% | 30.5% | 34.4% | 37.1% | 37.6% | 39.1% |
| Net Margin | 9.7% | 17.5% | 20.5% | 21.6% | 25.2% | 17.3% | 22.1% | 27.3% | 28.6% | 29.6% |
| FCF Margin | 22.7% | 30.3% | 36.8% | 40.1% | 41.3% | 42.6% | 35.7% | 42.5% | 38.1% | 45.5% |
| Effective Tax Rate | 36.8% | -2.7% | -3.3% | 13.3% | 10.3% | 20.6% | 19.2% | 15.1% | 17.2% | 19.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.17 | $1.74 | $2.45 | $3.12 | $3.68 | $4.36 | $4.44 | $6.27 | $6.20 | $8.35 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 35.2 M | 37.4 M | 41.8 M | 39.1 M | 39.2 M | 39.0 M | 38.5 M | 36.9 M | 36.8 M | 36.1 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 37.17% |
| Return on Invested Capital | 30.24% |
| Return on Assets | 19.23% |
| Gross Margin | 83.45% |
| Operating Margin | 34.61% |
| Net Margin | 29.34% |
Financial Health
| Debt / Equity | 0.09 |
| Current Ratio | 1.38 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 6.67 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 57.55 | 54.95 | 54.55 | 47.10 | 52.08 | 75.40 | 39.94 | 47.76 | 29.71 | 24.21 |
| P/B | 4.32 | 6.47 | 8.73 | 8.42 | 11.80 | 12.26 | 14.93 | 19.66 | 10.81 | 8.56 |
| P/S | 5.64 | 9.63 | 11.21 | 10.13 | 13.15 | 13.03 | 8.81 | 13.06 | 8.49 | 7.18 |
| Gross Margin | 78.5% | 77.7% | 76.3% | 78.4% | 78.2% | 78.2% | 79.0% | 80.6% | 81.7% | 82.8% |
| Operating Margin | 15.2% | 16.1% | 18.1% | 22.5% | 26.6% | 21.3% | 26.7% | 29.4% | 30.8% | 33.2% |
| Net Margin | 9.7% | 17.5% | 20.5% | 21.6% | 25.2% | 17.3% | 22.1% | 27.3% | 28.6% | 29.6% |
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