Q2 Holdings, Inc. (QTWO) 10-Year Financial Performance & Capital Metrics

QTWO •

TechnologyApplication SoftwareFinancial services and insurance software

AboutQ2 Holdings, Inc. provides cloud-based digital banking solutions to regional and community financial institutions (RCFIs) in the United States. The company offers Q2 Consumer Banking, a browser-based digital banking solution and comprehensive financial institution branded digital banking capabilities; Q2 Small Business and Commercial, a mobile and tablet digital banking solution; Q2mobile Remote Deposit Capture, a partnered solution that allows remote check deposit capture. It also provides Q2 Sentinel, a security analytics solution; Q2 Patrol, an event-driven validation product; Q2 SMART, a targeting and messaging platform; and Q2 CardSwap that allows account holders receiving newly issued cards to automatically change their payment information. In addition, the company offers Q2 Gro, a digital account opening, and digital sales and marketing platform; Q2 Biller Direct, a bill payment solution; ClickSWITCH allows financial institutions to direct deposits to the end user. Centrix Dispute Tracking System, an electronic transaction dispute management solution; Centrix Payments I.Q. System, an ACH file monitoring and risk reporting solution; Centrix Exact/Transaction Management System, a fraud prevention tool; and Q2 Caliper Software Development Kit. Futher, it provides Q2 Contextual PFM, which allows end users to add external accounts and view them together with internal accounts on digital banking home page; Q2 Goals that enables end users to establish and save towards specific savings goals; Q2 Cloud Lending, a digital lending and leasing platform; PrecisionLender platform, a cloud-based, data-driven sales enablement, pricing, and portfolio management solution; and Q2 BaaS, a portfolio of open API financial services. The company was formerly known as CBG Holdings, Inc. and changed its name to Q2 Holdings, Inc. in March 2013. Q2 Holdings, Inc. was founded in 2004 and is headquartered in Austin, Texas.Show more

Revenue $795M +14.1%
EBITDA $40M +50.3%
Net Income $52M +235.0%
EPS (Diluted) 0.80 +225.0%
Gross Margin 54.06% +6.2%
EBITDA Margin 5.02% +31.7%
Operating Margin 5.02% +182.7%
Net Margin 6.54% +218.3%
ROE 8.82% +210.6%
ROIC 4.46% +203.4%
Debt/Equity 0.52 -50.1%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FCF machine: 24.5% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.6%

✗Weaknesses

✗Weak momentum: RS Rating 12 (bottom 12%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y21.99%

5Y14.56%

3Y12%

TTM13.93%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM155.88%

EPS CAGR

10Y-

5Y-

3Y-

TTM156.39%

ROCE

10Y Avg-9.43%

5Y Avg-4.51%

3Y Avg-2.49%

Latest4.9%

Peer Comparison

Financial services and insurance software

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GWREGuidewire Software, Inc.	12.28B	145.32	179.41	22.64%	7.23%	6%	2.4%	0.49
QTWOQ2 Holdings, Inc.	3.01B	48.12	60.15	14.12%	4.12%	5.09%	6.47%	0.52
FICOFair Isaac Corporation	33.49B	1409.36	53.10	15.91%	31.89%		2.3%
SPNSSapiens International Corporation N.V.	2.43B	43.45	33.68	5.4%	11.4%	12.2%	2.97%	0.13
INTUIntuit Inc.	114.17B	409.03	29.92	15.63%	21.57%	22.78%	5.33%	0.34
OPFIOppFi Inc.	589.26M	9.18	25.50	3.34%	0.68%	1.4%	52.74%	1.42
BLBlackLine, Inc.	2.21B	35.25	24.31	10.74%	3.5%	6.6%	8.52%	1.90
SSNCSS&C Technologies Holdings, Inc.	18.33B	75.29	23.90	6.63%	13.86%	12.2%	9.08%	0.03

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	150.22M	193.98M	241.1M	315.48M	402.75M	498.72M	565.67M	624.62M	696.46M	794.81M
Revenue Growth %	37.99%	29.13%	24.29%	30.85%	27.66%	23.83%	13.43%	10.42%	11.5%	14.12%
Cost of Goods Sold+	77.43M	99.48M	121.86M	162.49M	228.15M	273.69M	309.33M	321.97M	341.98M	365.13M
COGS % of Revenue	51.54%	51.29%	50.54%	51.5%	56.65%	54.88%	54.68%	51.55%	49.1%	45.94%
Gross Profit+	72.8M	94.49M	119.25M	153M	174.6M	225.03M	256.35M	302.65M	354.48M	429.68M
Gross Margin %	48.46%	48.71%	49.46%	48.5%	43.35%	45.12%	45.32%	48.45%	50.9%	54.06%
Gross Profit Growth %	46.35%	29.81%	26.19%	28.31%	14.12%	28.89%	13.91%	18.06%	17.13%	21.21%
Operating Expenses+	102.21M	120.17M	146.95M	203.72M	274.43M	303.03M	361.11M	388.71M	396.74M	385.7M
OpEx % of Revenue	68.04%	61.95%	60.95%	64.57%	68.14%	60.76%	63.84%	62.23%	56.97%	48.53%
Selling, General & Admin	68.28M	78.35M	93.77M	121.11M	145.44M	163.48M	198.38M	219.71M	228.89M	231.37M
SG&A % of Revenue	45.45%	40.39%	38.89%	38.39%	36.11%	32.78%	35.07%	35.17%	32.87%	29.11%
Research & Development	32.46M	40.34M	51.33M	76.27M	97.38M	116.95M	130.1M	137.33M	143.24M	154.33M
R&D % of Revenue	21.61%	20.8%	21.29%	24.18%	24.18%	23.45%	23%	21.99%	20.57%	19.42%
Other Operating Expenses	-209K	429K	-7.35M	6.34M	31.61M	22.6M	32.63M	31.67M	24.61M	0
Operating Income+	-35.72M	-26.91M	-31.85M	-50.72M	-99.83M	-78M	-104.76M	-86.06M	-42.26M	39.9M
Operating Margin %	-23.78%	-13.87%	-13.21%	-16.08%	-24.79%	-15.64%	-18.52%	-13.78%	-6.07%	5.02%
Operating Income Growth %	-43.79%	24.67%	-18.37%	-59.24%	-96.84%	21.87%	-34.32%	17.85%	50.89%	194.4%
EBITDA+	-23.52M	-12.63M	-11.11M	-14.56M	-47.99M	-23.16M	-43.1M	-950K	26.55M	39.9M
EBITDA Margin %	-15.66%	-6.51%	-4.61%	-4.62%	-11.92%	-4.64%	-7.62%	-0.15%	3.81%	5.02%
EBITDA Growth %	-30.71%	46.32%	12.04%	-31.12%	-229.58%	51.74%	-86.09%	97.8%	2894.32%	50.29%
D&A (Non-Cash Add-back)	12.2M	14.28M	20.74M	36.16M	51.84M	54.83M	61.66M	85.11M	68.81M	0
EBIT	-35.36M	-26.35M	-29.04M	-63.07M	-107.56M	-78.03M	-99.4M	-56.09M	-25.92M	0
Net Interest Income+	-209K	429K	-7.35M	-16.62M	-27.44M	-31.59M	-1.31M	4.37M	11.4M	0
Interest Income	358K	553K	2.81M	3.67M	1.21M	1.48M	5.36M	10.1M	16.34M	0
Interest Expense	567K	124K	10.16M	20.29M	28.65M	33.07M	6.68M	5.73M	4.94M	-5.41M
Other Income/Expense	-209K	429K	-7.35M	-32.65M	-36.37M	-33.11M	-1.31M	24.23M	11.4M	14.83M
Pretax Income+	-35.93M	-26.48M	-39.2M	-83.36M	-136.2M	-111.1M	-106.08M	-61.82M	-30.86M	54.73M
Pretax Margin %	-23.92%	-13.65%	-16.26%	-26.42%	-33.82%	-22.28%	-18.75%	-9.9%	-4.43%	6.89%
Income Tax+	427K	-314K	-3.8M	-12.49M	1.42M	1.64M	2.91M	3.56M	7.68M	-2.72M
Effective Tax Rate %	101.19%	98.81%	90.3%	85.02%	101.04%	101.48%	102.74%	105.76%	124.87%	95.04%
Net Income+	-36.35M	-26.16M	-35.4M	-70.88M	-137.62M	-112.75M	-108.98M	-65.38M	-38.54M	52.01M
Net Margin %	-24.2%	-13.49%	-14.68%	-22.47%	-34.17%	-22.61%	-19.27%	-10.47%	-5.53%	6.54%
Net Income Growth %	-45.05%	28.03%	-35.29%	-100.23%	-94.17%	18.07%	3.34%	40.01%	41.06%	234.96%
Net Income (Continuing)	-36.35M	-26.16M	-35.4M	-70.88M	-137.62M	-112.75M	-108.98M	-65.38M	-38.54M	0
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.92	-0.63	-0.83	-1.53	-2.65	-2.00	-1.90	-1.12	-0.64	0.80
EPS Growth %	-37.31%	31.52%	-31.75%	-84.34%	-73.2%	24.53%	5%	41.05%	42.86%	225%
EPS (Basic)	-0.92	-0.63	-0.83	-1.53	-2.65	-2.00	-1.90	-1.12	-0.64	0.84
Diluted Shares Outstanding	39.65M	41.22M	42.8M	46.2M	52.02M	56.39M	57.3M	58.35M	60.1M	65.12M
Basic Shares Outstanding	39.65M	41.22M	42.8M	46.2M	52.02M	56.39M	57.3M	58.35M	60.1M	62.16M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	125.67M	131.09M	218.31M	186.34M	616.22M	522.45M	531.08M	427.96M	558.66M	556.05M
Cash & Short-Term Investments	97.12M	99.65M	177.32M	132.42M	539.05M	427.73M	433.35M	324.01M	446.63M	367.63M
Cash Only	54.87M	57.96M	108.34M	100.09M	407.7M	322.85M	199.6M	229.66M	358.56M	367.63M
Short-Term Investments	42.25M	41.69M	68.98M	32.33M	131.35M	104.88M	233.75M	94.35M	88.07M	0
Accounts Receivable	12.24M	13.2M	20.27M	23.31M	37.52M	48.82M	55.64M	52.09M	49.97M	74.42M
Days Sales Outstanding	29.74	24.84	30.68	26.97	34	35.73	35.9	30.44	26.19	34.17
Inventory	13.09M	15.12M	16.74M	0	0	0	0	0	0	0
Days Inventory Outstanding	61.72	55.48	50.15	-	-	-	-	-	-	-
Other Current Assets	13.09M	15.12M	16.74M	24.25M	30.78M	35.37M	42.08M	51.86M	62.06M	114.01M
Total Non-Current Assets+	75.31M	81.73M	245.41M	823.1M	800.49M	862.6M	818.65M	773.46M	736.13M	720.23M
Property, Plant & Equipment	27.48M	34.54M	34.99M	74.64M	84.27M	118.89M	96.53M	76.63M	61.93M	54.97M
Fixed Asset Turnover	5.47x	5.62x	6.89x	4.23x	4.78x	4.19x	5.86x	8.15x	11.25x	14.46x
Goodwill	12.88M	12.88M	107.91M	462.02M	462.27M	512.87M	512.87M	512.87M	512.87M	512.87M
Intangible Assets	15.21M	12.03M	63.3M	223.86M	184.86M	162.46M	145.68M	121.57M	94.63M	78.38M
Long-Term Investments	0	0	10.27M	0	0	0	0	0	0	0
Other Non-Current Assets	19.75M	22.27M	39.21M	62.58M	69.09M	68.38M	63.57M	62.39M	66.7M	74.01M
Total Assets+	200.98M	212.81M	463.72M	1.01B	1.42B	1.39B	1.35B	1.2B	1.29B	1.28B
Asset Turnover	0.75x	0.91x	0.52x	0.31x	0.28x	0.36x	0.42x	0.52x	0.54x	0.62x
Asset Growth %	-1.71%	5.89%	117.9%	117.68%	40.35%	-2.23%	-2.55%	-10.99%	7.77%	-1.43%
Total Current Liabilities+	59.21M	68.07M	73.68M	132.97M	145.83M	168.36M	192.04M	191.56M	398.9M	544.09M
Accounts Payable	4.23M	7.62M	9.17M	10.97M	7.89M	10.6M	10.05M	19.35M	9.35M	20.47M
Days Payables Outstanding	19.94	27.96	27.46	24.64	12.62	14.13	11.86	21.94	9.98	20.47
Short-Term Debt	0	0	0	0	0	0	10.9M	0	190.33M	312.28M
Deferred Revenue (Current)	30.12M	38.38M	42.53M	57.85M	81.94M	98.69M	117.47M	118.72M	137.7M	155M
Other Current Liabilities	7.3M	9.14M	7.95M	38.67M	26.72M	31.73M	23.46M	26.58M	32.95M	76.8M
Current Ratio	2.12x	1.93x	2.96x	1.40x	4.23x	3.10x	2.77x	2.23x	1.40x	1.02x
Quick Ratio	1.90x	1.70x	2.74x	1.40x	4.23x	3.10x	2.77x	2.23x	1.40x	1.02x
Cash Conversion Cycle	71.51	52.37	53.37	-	-	-	-	-	-	-
Total Non-Current Liabilities+	41.53M	38.12M	231.14M	497.06M	627.51M	646.39M	738.66M	561.38M	378.1M	70.38M
Long-Term Debt	0	0	182.72M	424.78M	557.47M	551.6M	657.79M	490.46M	302.12M	33.83M
Capital Lease Obligations	0	0	0	36.08M	36.74M	61.37M	52.99M	45.59M	38.35M	0
Deferred Tax Liabilities	0	0	8.15M	0	0	0	0	0	0	0
Other Non-Current Liabilities	9.83M	9.83M	25.35M	3.24M	4.1M	4.25M	6.19M	7.98M	10.36M	36.55M
Total Liabilities	100.75M	106.19M	304.82M	630.02M	773.34M	814.75M	930.7M	752.95M	777M	614.47M
Total Debt+	0	0	182.72M	470M	601.05M	621.97M	733.34M	548.92M	542.99M	346.12M
Net Debt	-54.87M	-57.96M	74.38M	369.91M	193.35M	299.13M	533.74M	319.26M	184.43M	-21.52M
Debt / Equity	-	-	1.15x	1.24x	0.93x	1.09x	1.75x	1.22x	1.05x	0.52x
Debt / EBITDA	-	-	-	-	-	-	-	-	20.45x	8.68x
Net Debt / EBITDA	-	-	-	-	-	-	-	-	6.95x	-0.54x
Interest Coverage	-62.99x	-216.99x	-3.13x	-2.50x	-3.49x	-2.36x	-15.69x	-15.01x	-8.56x	-
Total Equity+	100.23M	106.62M	158.9M	379.41M	643.36M	570.3M	419.02M	448.48M	517.8M	661.81M
Equity Growth %	-15.04%	6.37%	49.03%	138.77%	69.57%	-11.36%	-26.53%	7.03%	15.46%	27.81%
Book Value per Share	2.53	2.59	3.71	8.21	12.37	10.11	7.31	7.69	8.61	10.16
Total Shareholders' Equity	100.23M	106.62M	158.9M	379.41M	643.36M	570.3M	419.02M	448.48M	517.8M	661.81M
Common Stock	4K	4K	4K	5K	6K	6K	6K	6K	6K	6K
Retained Earnings	-125.78M	-152.11M	-172.42M	-243.3M	-381.19M	-493.93M	-560.31M	-625.69M	-664.23M	-612.22M
Treasury Stock	-417K	-855K	0	0	0	0	0	0	0	0
Accumulated OCI	-54K	-139K	-37K	14K	-32K	-135K	-2.97M	-1.11M	-1.87M	-1.95M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	3.39M	9.47M	4.59M	567K	-2.89M	31.09M	36.56M	70.29M	135.75M	201.46M
Operating CF Margin %	2.26%	4.88%	1.91%	0.18%	-0.72%	6.23%	6.46%	11.25%	19.49%	25.35%
Operating CF Growth %	-37.14%	179.08%	-51.49%	-87.66%	-609.7%	1175.85%	17.57%	92.29%	93.12%	48.4%
Net Income	-36.35M	-26.16M	-35.4M	-70.88M	-137.62M	-112.75M	-108.98M	-65.38M	-38.54M	52.01M
Depreciation & Amortization	12.2M	14.95M	16.8M	28.46M	51.84M	54.83M	61.66M	71.71M	68.81M	28.99M
Stock-Based Compensation	12.64M	20.94M	29.55M	40.51M	50.68M	55.9M	65.16M	79.19M	89.22M	86.95M
Deferred Taxes	281K	-350K	-2.05M	-12.77M	946K	180K	1.61M	636K	2.11M	1.24M
Other Non-Cash Items	7.55M	7.83M	17.47M	31.37M	58.15M	57.4M	37.61M	9.83M	29M	32.28M
Working Capital Changes	7.08M	-7.73M	-21.78M	-16.11M	-26.89M	-24.48M	-20.49M	-25.69M	-14.85M	0
Change in Receivables	-3.25M	-961K	-4.68M	-4.82M	-18.28M	-14.24M	-815K	7.78M	4.94M	-9.94M
Change in Inventory	10.45M	-4.37M	-4.38M	0	0	0	0	0	0	0
Change in Payables	426K	3.37M	-263K	1.13M	-2.3M	1.76M	-548K	9.35M	-9.79M	8.58M
Cash from Investing+	-16.51M	-17.94M	-171.29M	-483.25M	-124.16M	-65.13M	-165.56M	113.27M	-21.08M	-4.03M
Capital Expenditures	-17.36M	-13.29M	-13.33M	-13.86M	-23.71M	-19.75M	-11.14M	-5.67M	-6.69M	-6.81M
CapEx % of Revenue	11.56%	6.85%	5.53%	4.39%	5.89%	3.96%	1.97%	0.91%	0.96%	0.86%
Acquisitions	-95K	-3.82M	-130.69M	-505.58M	0	-64.65M	-5.04M	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2.07M	-1M	-27.31M	-465K	-952K	-5.87M	-18.91M	-24.97M	-22.34M	-21.28M
Cash from Financing+	944K	11.56M	216.58M	476.09M	434.68M	-51.16M	5.88M	-152.01M	13.32M	-188.97M
Debt Issued (Net)	-5.05M	0	223.17M	307.02M	132.59M	-63.69M	0	-160.55M	0	0
Equity Issued (Net)	0	0	0	1000K	1000K	0	0	1000K	1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-384K	0	0	0	0	0	0	0	0	-5M
Other Financing	6M	11.56M	-6.59M	-221.5M	-320.56M	12.53M	5.88M	139K	-942K	-188.97M
Net Change in Cash	-12.18M	3.09M	49.88M	-6.59M	307.62M	-85.36M	-123.92M	31.73M	127.16M	8.51M
Free Cash Flow+	-13.97M	-3.81M	-8.74M	-13.76M	-27.56M	5.47M	6.5M	39.65M	129.06M	194.65M
FCF Margin %	-9.3%	-1.97%	-3.62%	-4.36%	-6.84%	1.1%	1.15%	6.35%	18.53%	24.49%
FCF Growth %	-584.13%	72.71%	-129.11%	-57.49%	-100.3%	119.86%	18.84%	509.61%	225.5%	50.82%
FCF per Share	-0.35	-0.09	-0.20	-0.30	-0.53	0.10	0.11	0.68	2.15	2.99
FCF Conversion (FCF/Net Income)	-0.09x	-0.36x	-0.13x	-0.01x	0.02x	-0.28x	-0.34x	-1.08x	-3.52x	3.87x
Interest Paid	217K	68K	810K	2.85M	4.1M	3.1M	2.89M	0	2.68M	0
Taxes Paid	120K	128K	250K	322K	566K	1.03M	875K	2.62M	5.88M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-33.32%	-25.3%	-26.66%	-26.33%	-26.91%	-18.58%	-22.03%	-15.07%	-7.98%	8.82%
Return on Invested Capital (ROIC)	-55.55%	-42.93%	-16.94%	-7.74%	-9.44%	-6.86%	-8.62%	-7.5%	-4.31%	4.46%
Gross Margin	48.46%	48.71%	49.46%	48.5%	43.35%	45.12%	45.32%	48.45%	50.9%	54.06%
Net Margin	-24.2%	-13.49%	-14.68%	-22.47%	-34.17%	-22.61%	-19.27%	-10.47%	-5.53%	6.54%
Debt / Equity	-	-	1.15x	1.24x	0.93x	1.09x	1.75x	1.22x	1.05x	0.52x
Interest Coverage	-62.99x	-216.99x	-3.13x	-2.50x	-3.49x	-2.36x	-15.69x	-15.01x	-8.56x	-
FCF Conversion	-0.09x	-0.36x	-0.13x	-0.01x	0.02x	-0.28x	-0.34x	-1.08x	-3.52x	3.87x
Revenue Growth	37.99%	29.13%	24.29%	30.85%	27.66%	23.83%	13.43%	10.42%	11.5%	14.12%

US Stock Screener

...

Q2 Holdings, Inc. (QTWO) 10-Year Financial Performance & Capital Metrics

QTWO •

TechnologyApplication SoftwareFinancial services and insurance software

Revenue $795M +14.1%
EBITDA $40M +50.3%
Net Income $52M +235.0%
EPS (Diluted) 0.80 +225.0%
Gross Margin 54.06% +6.2%
EBITDA Margin 5.02% +31.7%
Operating Margin 5.02% +182.7%
Net Margin 6.54% +218.3%
ROE 8.82% +210.6%
ROIC 4.46% +203.4%
Debt/Equity 0.52 -50.1%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FCF machine: 24.5% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.6%

✗Weaknesses

✗Weak momentum: RS Rating 12 (bottom 12%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y21.99%

5Y14.56%

3Y12%

TTM13.93%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM155.88%

EPS CAGR

10Y-

5Y-

3Y-

TTM156.39%

ROCE

10Y Avg-9.43%

5Y Avg-4.51%

3Y Avg-2.49%

Latest4.9%

Peer Comparison

Financial services and insurance software

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GWREGuidewire Software, Inc.	12.28B	145.32	179.41	22.64%	7.23%	6%	2.4%	0.49
QTWOQ2 Holdings, Inc.	3.01B	48.12	60.15	14.12%	4.12%	5.09%	6.47%	0.52
FICOFair Isaac Corporation	33.49B	1409.36	53.10	15.91%	31.89%		2.3%
SPNSSapiens International Corporation N.V.	2.43B	43.45	33.68	5.4%	11.4%	12.2%	2.97%	0.13
INTUIntuit Inc.	114.17B	409.03	29.92	15.63%	21.57%	22.78%	5.33%	0.34
OPFIOppFi Inc.	589.26M	9.18	25.50	3.34%	0.68%	1.4%	52.74%	1.42
BLBlackLine, Inc.	2.21B	35.25	24.31	10.74%	3.5%	6.6%	8.52%	1.90
SSNCSS&C Technologies Holdings, Inc.	18.33B	75.29	23.90	6.63%	13.86%	12.2%	9.08%	0.03

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	150.22M	193.98M	241.1M	315.48M	402.75M	498.72M	565.67M	624.62M	696.46M	794.81M
Revenue Growth %	37.99%	29.13%	24.29%	30.85%	27.66%	23.83%	13.43%	10.42%	11.5%	14.12%
Cost of Goods Sold+	77.43M	99.48M	121.86M	162.49M	228.15M	273.69M	309.33M	321.97M	341.98M	365.13M
COGS % of Revenue	51.54%	51.29%	50.54%	51.5%	56.65%	54.88%	54.68%	51.55%	49.1%	45.94%
Gross Profit+	72.8M	94.49M	119.25M	153M	174.6M	225.03M	256.35M	302.65M	354.48M	429.68M
Gross Margin %	48.46%	48.71%	49.46%	48.5%	43.35%	45.12%	45.32%	48.45%	50.9%	54.06%
Gross Profit Growth %	46.35%	29.81%	26.19%	28.31%	14.12%	28.89%	13.91%	18.06%	17.13%	21.21%
Operating Expenses+	102.21M	120.17M	146.95M	203.72M	274.43M	303.03M	361.11M	388.71M	396.74M	385.7M
OpEx % of Revenue	68.04%	61.95%	60.95%	64.57%	68.14%	60.76%	63.84%	62.23%	56.97%	48.53%
Selling, General & Admin	68.28M	78.35M	93.77M	121.11M	145.44M	163.48M	198.38M	219.71M	228.89M	231.37M
SG&A % of Revenue	45.45%	40.39%	38.89%	38.39%	36.11%	32.78%	35.07%	35.17%	32.87%	29.11%
Research & Development	32.46M	40.34M	51.33M	76.27M	97.38M	116.95M	130.1M	137.33M	143.24M	154.33M
R&D % of Revenue	21.61%	20.8%	21.29%	24.18%	24.18%	23.45%	23%	21.99%	20.57%	19.42%
Other Operating Expenses	-209K	429K	-7.35M	6.34M	31.61M	22.6M	32.63M	31.67M	24.61M	0
Operating Income+	-35.72M	-26.91M	-31.85M	-50.72M	-99.83M	-78M	-104.76M	-86.06M	-42.26M	39.9M
Operating Margin %	-23.78%	-13.87%	-13.21%	-16.08%	-24.79%	-15.64%	-18.52%	-13.78%	-6.07%	5.02%
Operating Income Growth %	-43.79%	24.67%	-18.37%	-59.24%	-96.84%	21.87%	-34.32%	17.85%	50.89%	194.4%
EBITDA+	-23.52M	-12.63M	-11.11M	-14.56M	-47.99M	-23.16M	-43.1M	-950K	26.55M	39.9M
EBITDA Margin %	-15.66%	-6.51%	-4.61%	-4.62%	-11.92%	-4.64%	-7.62%	-0.15%	3.81%	5.02%
EBITDA Growth %	-30.71%	46.32%	12.04%	-31.12%	-229.58%	51.74%	-86.09%	97.8%	2894.32%	50.29%
D&A (Non-Cash Add-back)	12.2M	14.28M	20.74M	36.16M	51.84M	54.83M	61.66M	85.11M	68.81M	0
EBIT	-35.36M	-26.35M	-29.04M	-63.07M	-107.56M	-78.03M	-99.4M	-56.09M	-25.92M	0
Net Interest Income+	-209K	429K	-7.35M	-16.62M	-27.44M	-31.59M	-1.31M	4.37M	11.4M	0
Interest Income	358K	553K	2.81M	3.67M	1.21M	1.48M	5.36M	10.1M	16.34M	0
Interest Expense	567K	124K	10.16M	20.29M	28.65M	33.07M	6.68M	5.73M	4.94M	-5.41M
Other Income/Expense	-209K	429K	-7.35M	-32.65M	-36.37M	-33.11M	-1.31M	24.23M	11.4M	14.83M
Pretax Income+	-35.93M	-26.48M	-39.2M	-83.36M	-136.2M	-111.1M	-106.08M	-61.82M	-30.86M	54.73M
Pretax Margin %	-23.92%	-13.65%	-16.26%	-26.42%	-33.82%	-22.28%	-18.75%	-9.9%	-4.43%	6.89%
Income Tax+	427K	-314K	-3.8M	-12.49M	1.42M	1.64M	2.91M	3.56M	7.68M	-2.72M
Effective Tax Rate %	101.19%	98.81%	90.3%	85.02%	101.04%	101.48%	102.74%	105.76%	124.87%	95.04%
Net Income+	-36.35M	-26.16M	-35.4M	-70.88M	-137.62M	-112.75M	-108.98M	-65.38M	-38.54M	52.01M
Net Margin %	-24.2%	-13.49%	-14.68%	-22.47%	-34.17%	-22.61%	-19.27%	-10.47%	-5.53%	6.54%
Net Income Growth %	-45.05%	28.03%	-35.29%	-100.23%	-94.17%	18.07%	3.34%	40.01%	41.06%	234.96%
Net Income (Continuing)	-36.35M	-26.16M	-35.4M	-70.88M	-137.62M	-112.75M	-108.98M	-65.38M	-38.54M	0
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.92	-0.63	-0.83	-1.53	-2.65	-2.00	-1.90	-1.12	-0.64	0.80
EPS Growth %	-37.31%	31.52%	-31.75%	-84.34%	-73.2%	24.53%	5%	41.05%	42.86%	225%
EPS (Basic)	-0.92	-0.63	-0.83	-1.53	-2.65	-2.00	-1.90	-1.12	-0.64	0.84
Diluted Shares Outstanding	39.65M	41.22M	42.8M	46.2M	52.02M	56.39M	57.3M	58.35M	60.1M	65.12M
Basic Shares Outstanding	39.65M	41.22M	42.8M	46.2M	52.02M	56.39M	57.3M	58.35M	60.1M	62.16M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	125.67M	131.09M	218.31M	186.34M	616.22M	522.45M	531.08M	427.96M	558.66M	556.05M
Cash & Short-Term Investments	97.12M	99.65M	177.32M	132.42M	539.05M	427.73M	433.35M	324.01M	446.63M	367.63M
Cash Only	54.87M	57.96M	108.34M	100.09M	407.7M	322.85M	199.6M	229.66M	358.56M	367.63M
Short-Term Investments	42.25M	41.69M	68.98M	32.33M	131.35M	104.88M	233.75M	94.35M	88.07M	0
Accounts Receivable	12.24M	13.2M	20.27M	23.31M	37.52M	48.82M	55.64M	52.09M	49.97M	74.42M
Days Sales Outstanding	29.74	24.84	30.68	26.97	34	35.73	35.9	30.44	26.19	34.17
Inventory	13.09M	15.12M	16.74M	0	0	0	0	0	0	0
Days Inventory Outstanding	61.72	55.48	50.15	-	-	-	-	-	-	-
Other Current Assets	13.09M	15.12M	16.74M	24.25M	30.78M	35.37M	42.08M	51.86M	62.06M	114.01M
Total Non-Current Assets+	75.31M	81.73M	245.41M	823.1M	800.49M	862.6M	818.65M	773.46M	736.13M	720.23M
Property, Plant & Equipment	27.48M	34.54M	34.99M	74.64M	84.27M	118.89M	96.53M	76.63M	61.93M	54.97M
Fixed Asset Turnover	5.47x	5.62x	6.89x	4.23x	4.78x	4.19x	5.86x	8.15x	11.25x	14.46x
Goodwill	12.88M	12.88M	107.91M	462.02M	462.27M	512.87M	512.87M	512.87M	512.87M	512.87M
Intangible Assets	15.21M	12.03M	63.3M	223.86M	184.86M	162.46M	145.68M	121.57M	94.63M	78.38M
Long-Term Investments	0	0	10.27M	0	0	0	0	0	0	0
Other Non-Current Assets	19.75M	22.27M	39.21M	62.58M	69.09M	68.38M	63.57M	62.39M	66.7M	74.01M
Total Assets+	200.98M	212.81M	463.72M	1.01B	1.42B	1.39B	1.35B	1.2B	1.29B	1.28B
Asset Turnover	0.75x	0.91x	0.52x	0.31x	0.28x	0.36x	0.42x	0.52x	0.54x	0.62x
Asset Growth %	-1.71%	5.89%	117.9%	117.68%	40.35%	-2.23%	-2.55%	-10.99%	7.77%	-1.43%
Total Current Liabilities+	59.21M	68.07M	73.68M	132.97M	145.83M	168.36M	192.04M	191.56M	398.9M	544.09M
Accounts Payable	4.23M	7.62M	9.17M	10.97M	7.89M	10.6M	10.05M	19.35M	9.35M	20.47M
Days Payables Outstanding	19.94	27.96	27.46	24.64	12.62	14.13	11.86	21.94	9.98	20.47
Short-Term Debt	0	0	0	0	0	0	10.9M	0	190.33M	312.28M
Deferred Revenue (Current)	30.12M	38.38M	42.53M	57.85M	81.94M	98.69M	117.47M	118.72M	137.7M	155M
Other Current Liabilities	7.3M	9.14M	7.95M	38.67M	26.72M	31.73M	23.46M	26.58M	32.95M	76.8M
Current Ratio	2.12x	1.93x	2.96x	1.40x	4.23x	3.10x	2.77x	2.23x	1.40x	1.02x
Quick Ratio	1.90x	1.70x	2.74x	1.40x	4.23x	3.10x	2.77x	2.23x	1.40x	1.02x
Cash Conversion Cycle	71.51	52.37	53.37	-	-	-	-	-	-	-
Total Non-Current Liabilities+	41.53M	38.12M	231.14M	497.06M	627.51M	646.39M	738.66M	561.38M	378.1M	70.38M
Long-Term Debt	0	0	182.72M	424.78M	557.47M	551.6M	657.79M	490.46M	302.12M	33.83M
Capital Lease Obligations	0	0	0	36.08M	36.74M	61.37M	52.99M	45.59M	38.35M	0
Deferred Tax Liabilities	0	0	8.15M	0	0	0	0	0	0	0
Other Non-Current Liabilities	9.83M	9.83M	25.35M	3.24M	4.1M	4.25M	6.19M	7.98M	10.36M	36.55M
Total Liabilities	100.75M	106.19M	304.82M	630.02M	773.34M	814.75M	930.7M	752.95M	777M	614.47M
Total Debt+	0	0	182.72M	470M	601.05M	621.97M	733.34M	548.92M	542.99M	346.12M
Net Debt	-54.87M	-57.96M	74.38M	369.91M	193.35M	299.13M	533.74M	319.26M	184.43M	-21.52M
Debt / Equity	-	-	1.15x	1.24x	0.93x	1.09x	1.75x	1.22x	1.05x	0.52x
Debt / EBITDA	-	-	-	-	-	-	-	-	20.45x	8.68x
Net Debt / EBITDA	-	-	-	-	-	-	-	-	6.95x	-0.54x
Interest Coverage	-62.99x	-216.99x	-3.13x	-2.50x	-3.49x	-2.36x	-15.69x	-15.01x	-8.56x	-
Total Equity+	100.23M	106.62M	158.9M	379.41M	643.36M	570.3M	419.02M	448.48M	517.8M	661.81M
Equity Growth %	-15.04%	6.37%	49.03%	138.77%	69.57%	-11.36%	-26.53%	7.03%	15.46%	27.81%
Book Value per Share	2.53	2.59	3.71	8.21	12.37	10.11	7.31	7.69	8.61	10.16
Total Shareholders' Equity	100.23M	106.62M	158.9M	379.41M	643.36M	570.3M	419.02M	448.48M	517.8M	661.81M
Common Stock	4K	4K	4K	5K	6K	6K	6K	6K	6K	6K
Retained Earnings	-125.78M	-152.11M	-172.42M	-243.3M	-381.19M	-493.93M	-560.31M	-625.69M	-664.23M	-612.22M
Treasury Stock	-417K	-855K	0	0	0	0	0	0	0	0
Accumulated OCI	-54K	-139K	-37K	14K	-32K	-135K	-2.97M	-1.11M	-1.87M	-1.95M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	3.39M	9.47M	4.59M	567K	-2.89M	31.09M	36.56M	70.29M	135.75M	201.46M
Operating CF Margin %	2.26%	4.88%	1.91%	0.18%	-0.72%	6.23%	6.46%	11.25%	19.49%	25.35%
Operating CF Growth %	-37.14%	179.08%	-51.49%	-87.66%	-609.7%	1175.85%	17.57%	92.29%	93.12%	48.4%
Net Income	-36.35M	-26.16M	-35.4M	-70.88M	-137.62M	-112.75M	-108.98M	-65.38M	-38.54M	52.01M
Depreciation & Amortization	12.2M	14.95M	16.8M	28.46M	51.84M	54.83M	61.66M	71.71M	68.81M	28.99M
Stock-Based Compensation	12.64M	20.94M	29.55M	40.51M	50.68M	55.9M	65.16M	79.19M	89.22M	86.95M
Deferred Taxes	281K	-350K	-2.05M	-12.77M	946K	180K	1.61M	636K	2.11M	1.24M
Other Non-Cash Items	7.55M	7.83M	17.47M	31.37M	58.15M	57.4M	37.61M	9.83M	29M	32.28M
Working Capital Changes	7.08M	-7.73M	-21.78M	-16.11M	-26.89M	-24.48M	-20.49M	-25.69M	-14.85M	0
Change in Receivables	-3.25M	-961K	-4.68M	-4.82M	-18.28M	-14.24M	-815K	7.78M	4.94M	-9.94M
Change in Inventory	10.45M	-4.37M	-4.38M	0	0	0	0	0	0	0
Change in Payables	426K	3.37M	-263K	1.13M	-2.3M	1.76M	-548K	9.35M	-9.79M	8.58M
Cash from Investing+	-16.51M	-17.94M	-171.29M	-483.25M	-124.16M	-65.13M	-165.56M	113.27M	-21.08M	-4.03M
Capital Expenditures	-17.36M	-13.29M	-13.33M	-13.86M	-23.71M	-19.75M	-11.14M	-5.67M	-6.69M	-6.81M
CapEx % of Revenue	11.56%	6.85%	5.53%	4.39%	5.89%	3.96%	1.97%	0.91%	0.96%	0.86%
Acquisitions	-95K	-3.82M	-130.69M	-505.58M	0	-64.65M	-5.04M	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2.07M	-1M	-27.31M	-465K	-952K	-5.87M	-18.91M	-24.97M	-22.34M	-21.28M
Cash from Financing+	944K	11.56M	216.58M	476.09M	434.68M	-51.16M	5.88M	-152.01M	13.32M	-188.97M
Debt Issued (Net)	-5.05M	0	223.17M	307.02M	132.59M	-63.69M	0	-160.55M	0	0
Equity Issued (Net)	0	0	0	1000K	1000K	0	0	1000K	1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-384K	0	0	0	0	0	0	0	0	-5M
Other Financing	6M	11.56M	-6.59M	-221.5M	-320.56M	12.53M	5.88M	139K	-942K	-188.97M
Net Change in Cash	-12.18M	3.09M	49.88M	-6.59M	307.62M	-85.36M	-123.92M	31.73M	127.16M	8.51M
Free Cash Flow+	-13.97M	-3.81M	-8.74M	-13.76M	-27.56M	5.47M	6.5M	39.65M	129.06M	194.65M
FCF Margin %	-9.3%	-1.97%	-3.62%	-4.36%	-6.84%	1.1%	1.15%	6.35%	18.53%	24.49%
FCF Growth %	-584.13%	72.71%	-129.11%	-57.49%	-100.3%	119.86%	18.84%	509.61%	225.5%	50.82%
FCF per Share	-0.35	-0.09	-0.20	-0.30	-0.53	0.10	0.11	0.68	2.15	2.99
FCF Conversion (FCF/Net Income)	-0.09x	-0.36x	-0.13x	-0.01x	0.02x	-0.28x	-0.34x	-1.08x	-3.52x	3.87x
Interest Paid	217K	68K	810K	2.85M	4.1M	3.1M	2.89M	0	2.68M	0
Taxes Paid	120K	128K	250K	322K	566K	1.03M	875K	2.62M	5.88M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-33.32%	-25.3%	-26.66%	-26.33%	-26.91%	-18.58%	-22.03%	-15.07%	-7.98%	8.82%
Return on Invested Capital (ROIC)	-55.55%	-42.93%	-16.94%	-7.74%	-9.44%	-6.86%	-8.62%	-7.5%	-4.31%	4.46%
Gross Margin	48.46%	48.71%	49.46%	48.5%	43.35%	45.12%	45.32%	48.45%	50.9%	54.06%
Net Margin	-24.2%	-13.49%	-14.68%	-22.47%	-34.17%	-22.61%	-19.27%	-10.47%	-5.53%	6.54%
Debt / Equity	-	-	1.15x	1.24x	0.93x	1.09x	1.75x	1.22x	1.05x	0.52x
Interest Coverage	-62.99x	-216.99x	-3.13x	-2.50x	-3.49x	-2.36x	-15.69x	-15.01x	-8.56x	-
FCF Conversion	-0.09x	-0.36x	-0.13x	-0.01x	0.02x	-0.28x	-0.34x	-1.08x	-3.52x	3.87x
Revenue Growth	37.99%	29.13%	24.29%	30.85%	27.66%	23.83%	13.43%	10.42%	11.5%	14.12%

Q2 Holdings, Inc. (QTWO) 10-Year Financial Performance & Capital Metrics

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Growth Metrics

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Revenue History

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Q2 Holdings, Inc. (QTWO) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare QTWO vs Peers

vs INTU

vs FICO

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios