Latest Ratios: P/E Ratio 33.7x · EV/EBITDA 26.7x · ROE 38.2%. (2010–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.5B | $4.8B | $5.2B | $7.4B | $4.4B | $5.5B | $5.0B | $3.4B | $3.1B | $2.4B | $1.2B |
| Enterprise Value | $6.3B | $4.7B | $5.1B | $7.2B | $4.3B | $5.4B | $5.0B | $3.4B | $3.1B | $2.3B | $1.1B |
| P/E Ratio → | 33.70 | 24.43 | 30.15 | 48.70 | 40.96 | 77.53 | 54.41 | 49.63 | 54.55 | 58.76 | 63.30 |
| P/S Ratio | 9.65 | 7.24 | 8.62 | 13.31 | 9.02 | 13.39 | 13.71 | 10.72 | 11.23 | 10.30 | 6.14 |
| P/B Ratio | 11.91 | 8.63 | 10.98 | 20.05 | 15.27 | 12.61 | 12.30 | 8.91 | 8.75 | 6.92 | 4.70 |
| P/FCF | 21.21 | 15.91 | 22.60 | 31.30 | 25.25 | 31.46 | 33.16 | 26.72 | 30.49 | 34.06 | 27.07 |
| P/OCF | 20.87 | 15.66 | 21.46 | 30.17 | 22.21 | 27.44 | 27.63 | 21.46 | 24.50 | 22.09 | 17.83 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.01 | 8.32 | 13.00 | 8.75 | 13.17 | 13.66 | 10.61 | 11.09 | 9.93 | 5.70 |
| EV / EBITDA | 26.66 | 19.84 | 24.56 | 37.91 | 25.94 | 43.83 | 38.29 | 32.97 | 39.01 | 39.59 | 23.94 |
| EV / EBIT | 28.40 | 19.01 | 24.08 | 40.33 | 32.04 | 60.59 | 48.59 | 42.59 | 61.40 | 58.19 | 37.03 |
| EV / FCF | — | 15.41 | 21.80 | 30.56 | 24.50 | 30.96 | 33.04 | 26.45 | 30.11 | 32.82 | 25.13 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 82.8% | 82.8% | 81.7% | 80.6% | 79.0% | 78.2% | 78.2% | 78.4% | 76.3% | 77.7% | 78.5% |
| Operating Margin | 33.2% | 33.2% | 30.8% | 29.4% | 26.7% | 21.3% | 26.6% | 22.5% | 18.1% | 16.1% | 15.2% |
| Net Profit Margin | 29.6% | 29.6% | 28.6% | 27.3% | 22.1% | 17.3% | 25.2% | 21.6% | 20.5% | 17.5% | 9.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 38.2% | 38.2% | 41.1% | 46.1% | 29.8% | 16.9% | 23.1% | 18.6% | 16.3% | 13.4% | 8.5% |
| ROA | 19.2% | 19.2% | 19.4% | 20.0% | 14.3% | 9.1% | 13.0% | 11.0% | 10.2% | 8.6% | 5.3% |
| ROIC | 47.5% | 47.5% | 57.8% | 69.7% | 38.7% | 17.9% | 19.6% | 16.2% | 13.1% | 13.0% | 16.4% |
| ROCE | 37.8% | 37.8% | 38.7% | 42.2% | 30.4% | 17.7% | 20.7% | 17.2% | 13.2% | 11.5% | 12.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.17 | 0.17 | 0.10 | 0.08 | 0.15 | 0.11 | 0.14 | 0.13 | 0.00 | — | — |
| Debt / EBITDA | 0.41 | 0.41 | 0.23 | 0.15 | 0.26 | 0.39 | 0.44 | 0.50 | 0.02 | — | — |
| Net Debt / Equity | — | -0.27 | -0.39 | -0.48 | -0.45 | -0.20 | -0.04 | -0.09 | -0.11 | -0.25 | -0.34 |
| Net Debt / EBITDA | -0.65 | -0.65 | -0.90 | -0.92 | -0.80 | -0.72 | -0.13 | -0.35 | -0.50 | -1.50 | -1.84 |
| Debt / FCF | — | -0.50 | -0.80 | -0.74 | -0.75 | -0.51 | -0.11 | -0.28 | -0.38 | -1.24 | -1.93 |
| Interest Coverage | — | — | — | — | — | — | 11338.44 | 755.56 | 292.80 | 13127.00 | 1171.35 |
Net cash position: cash ($250M) exceeds total debt ($97M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.41 | 1.41 | 1.37 | 1.54 | 1.34 | 1.80 | 1.86 | 1.77 | 1.92 | 2.23 | 2.31 |
| Quick Ratio | 1.41 | 1.41 | 1.37 | 1.54 | 1.34 | 1.80 | 1.86 | 1.77 | 1.92 | 2.23 | 2.31 |
| Cash Ratio | 0.95 | 0.95 | 0.89 | 1.09 | 0.91 | 1.33 | 1.39 | 1.34 | 1.47 | 1.74 | 1.87 |
| Asset Turnover | — | 0.61 | 0.62 | 0.68 | 0.70 | 0.50 | 0.49 | 0.48 | 0.48 | 0.43 | 0.49 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 93.27 | 98.85 | 96.26 | 90.78 | 96.76 | 100.74 | 88.56 | 99.24 | 101.85 | 86.72 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.0% | 4.1% | 3.3% | 2.1% | 2.4% | 1.3% | 1.8% | 2.0% | 1.8% | 1.7% | 1.6% |
| FCF Yield | 4.7% | 6.3% | 4.4% | 3.2% | 4.0% | 3.2% | 3.0% | 3.7% | 3.3% | 2.9% | 3.7% |
| Buyback Yield | 2.8% | 3.8% | 2.7% | 2.3% | 7.2% | 2.4% | 2.5% | 2.5% | 2.7% | 0.9% | 0.0% |
| Total Shareholder Yield | 2.8% | 3.8% | 2.7% | 2.3% | 7.2% | 2.4% | 2.5% | 2.5% | 2.7% | 0.9% | 0.0% |
| Shares Outstanding | — | $36M | $37M | $38M | $39M | $40M | $41M | $41M | $42M | $40M | $38M |
Includes 30+ ratios · 16 years · Updated daily
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Quick answers to the most common questions about buying QLYS stock.
Qualys, Inc.'s current P/E ratio is 33.7x. The historical average is 62.5x. This places it at the 15th percentile of its historical range.
Qualys, Inc.'s current EV/EBITDA is 26.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 37.3x.
Qualys, Inc.'s return on equity (ROE) is 38.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 21.7%.
Based on historical data, Qualys, Inc. is trading at a P/E of 33.7x. This is at the 15th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Qualys, Inc. has 82.8% gross margin and 33.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Qualys, Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Microsoft Defender bundling threat
Metrics are mathematically derived from official filings.
Elite Margins with Operating Leverage
Gross margin expanded to 83.4% in Q2 2026, while operating margin reached 34.0%, reflecting disciplined cost management and scalable cloud delivery, as per recent financial statements.
The 200 basis point gross margin expansion since 2024Q1, coupled with a 300 basis point operating margin improvement, indicates that Qualys is capturing operating leverage as revenue scales. The stability of these margins, despite competitive pressures, suggests that the company's pricing power remains intact, though investors should monitor whether the shift toward platform pricing could compress margins over time.
ROIC Normalizing from Peak Levels
ROIC declined from 19.7% in 2024Q2 to 13.1% in 2026Q2, as reported in financial statements, suggesting a normalization toward a sustainable mid-teens level.
The decline in ROIC is not due to margin deterioration but rather a growing capital base, as equity expanded 39% over the period. This indicates that Qualys is reinvesting in growth initiatives, which may dilute near-term returns but could support long-term compounding. The current ROIC remains well above the cost of capital, implying value creation, though the trend warrants monitoring for continued efficiency.
Working Capital Efficiency with DSO Volatility
DSO fluctuated between 67 and 82 days over the past ten quarters, with Q2 2026 at 69 days, as per reported figures, indicating stable collection patterns despite quarterly variability.
The absence of inventory and minimal DPO (around 5 days) reflects a subscription model with limited supplier leverage. The DSO range suggests that while collections are generally efficient, the timing of large enterprise deals can cause swings. The negative cash conversion cycle, driven by upfront billings, is a key strength, but investors should note that DSO trends can be influenced by contract duration and payment terms.
Minimal Leverage with Strategic Flexibility
Debt-to-equity stood at 0.09x in Q2 2026, with D/EBITDA at 0.80x, as reported in financial statements, indicating a fortress balance sheet with ample capacity for capital returns.
The reduction in total debt from $97.2M in 2025Q4 to $53.4M in 2026Q2, combined with strong cash generation, suggests that Qualys has significant financial flexibility. The low leverage and high interest coverage (though not explicitly disclosed) imply that debt service is not a concern. This positioning allows management to pursue buybacks or strategic investments without straining the balance sheet.
Adequate Liquidity with Cash Buffer
Current ratio improved to 1.38 in Q2 2026, with cash at $250.3M, as per balance sheet data, providing a solid cushion against short-term obligations.
The current ratio, though slightly below the 1.55 peak in 2024Q1, remains adequate for a SaaS business with predictable recurring revenue. The quick ratio equals the current ratio, indicating no inventory dependence. Under a severe stress scenario, the combination of cash, minimal debt, and strong FCF generation suggests that Qualys could sustain operations without external financing, though the lumpy cash flow from billings could create temporary tightness.
P/E Misleads on True Value
The trailing P/E of 33.7x appears rich, but forward P/E of 24.1x and EV/EBITDA of 26.65x, as per current multiples, better reflect Qualys' earnings growth and cash generation.
The P/E ratio is often misapplied to Qualys because it fails to account for the company's high FCF conversion and minimal capex. A more appropriate metric is EV/EBITDA, which normalizes for capital structure and non-cash charges, or P/FCF, which at 21.2x highlights the company's cash-generative nature. Investors should focus on forward multiples, which incorporate expected growth, rather than trailing P/E, which may overstate valuation due to one-time items or SBC adjustments.