15 years of historical data (2011–2025) · Technology · Software - Application
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Q2 Holdings, Inc. trades at 60.1x earnings, 33% below its 5-year average of 90.2x, sitting at the 0th percentile of its historical range. Compared to the Technology sector median P/E of 25.2x, the stock trades at a premium of 138%. On a free-cash-flow basis, the stock trades at 15.5x P/FCF, 94% below the 5-year average of 238.0x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.0B | $4.7B | $6.0B | $2.5B | $1.5B | $4.5B | $6.6B | $3.7B | $2.1B | $1.5B | $1.1B |
| Enterprise Value | $3.0B | $4.7B | $6.2B | $2.9B | $2.1B | $4.8B | $6.8B | $4.1B | $2.2B | $1.5B | $1.1B |
| P/E Ratio → | 60.15 | 90.20 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 3.78 | 5.91 | 8.69 | 4.06 | 2.72 | 8.98 | 16.34 | 11.87 | 8.80 | 7.83 | 7.61 |
| P/B Ratio | 4.73 | 7.10 | 11.68 | 5.65 | 3.67 | 7.86 | 10.23 | 9.87 | 13.35 | 14.25 | 11.41 |
| P/FCF | 15.45 | 24.14 | 46.87 | 63.89 | 236.72 | 818.55 | — | — | — | — | — |
| P/OCF | 14.93 | 23.32 | 44.56 | 36.04 | 42.12 | 144.09 | — | 6606.23 | 461.50 | 160.36 | 337.03 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Q2 Holdings, Inc.'s enterprise value stands at 74.9x EBITDA, 57% below its 5-year average of 176.0x. The Technology sector median is 15.7x, placing the stock at a 376% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.88 | 8.95 | 4.57 | 3.67 | 9.58 | 16.82 | 13.05 | 9.10 | 7.53 | 7.25 |
| EV / EBITDA | 74.85 | 117.24 | 234.84 | — | — | — | — | — | — | — | — |
| EV / EBIT | 74.85 | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 24.03 | 48.30 | 71.94 | 318.79 | 873.21 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Q2 Holdings, Inc. earns an operating margin of 5.0%. Operating margins have expanded from -13.8% to 5.0% over the past 3 years, signaling improving operational efficiency. ROE of 8.8% is modest. ROIC of 4.5% represents below-average returns on invested capital.
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 | 54.1% | 54.1% | 50.9% | 48.5% | 45.3% | 45.1% | 43.4% | 48.5% | 49.5% | 48.7% | 48.5% |
| Operating Margin | 5.0% | 5.0% | -6.1% | -13.8% | -18.5% | -15.6% | -24.8% | -16.1% | -13.2% | -13.9% | -23.8% |
| Net Profit Margin | 6.5% | 6.5% | -5.5% | -10.5% | -19.3% | -22.6% | -34.2% | -22.5% | -14.7% | -13.5% | -24.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.8% | 8.8% | -8.0% | -15.1% | -22.0% | -18.6% | -26.9% | -26.3% | -26.7% | -25.3% | -33.3% |
| ROA | 4.0% | 4.0% | -3.1% | -5.1% | -8.0% | -8.0% | -11.3% | -9.6% | -10.5% | -12.6% | -17.9% |
| ROIC | 4.5% | 4.5% | -4.3% | -7.5% | -8.6% | -6.9% | -9.4% | -7.7% | -16.9% | -42.9% | -55.6% |
| ROCE | 4.9% | 4.9% | -4.4% | -7.9% | -8.8% | -6.3% | -9.3% | -8.0% | -11.9% | -18.8% | -23.8% |
Solvency and debt-coverage ratios — lower is generally safer
Q2 Holdings, Inc. carries a Debt/EBITDA ratio of 8.7x, which is highly leveraged (193% above the sector average of 3.0x). The company holds a net cash position — cash of $368M exceeds total debt of $346M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.52 | 0.52 | 1.05 | 1.22 | 1.75 | 1.09 | 0.93 | 1.24 | 1.15 | — | — |
| Debt / EBITDA | 8.68 | 8.68 | 20.45 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.03 | 0.36 | 0.71 | 1.27 | 0.52 | 0.30 | 0.97 | 0.47 | -0.54 | -0.55 |
| Net Debt / EBITDA | -0.54 | -0.54 | 6.95 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -0.11 | 1.43 | 8.05 | 82.06 | 54.65 | — | — | — | — | — |
| Interest Coverage | — | — | -8.56 | -15.01 | -15.69 | -2.36 | -3.49 | -2.50 | -3.13 | -216.99 | -62.99 |
Net cash position: cash ($368M) exceeds total debt ($346M)
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.02x means Q2 Holdings, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 2.23x to 1.02x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.02 | 1.02 | 1.40 | 2.23 | 2.77 | 3.10 | 4.23 | 1.40 | 2.96 | 1.93 | 2.12 |
| Quick Ratio | 1.02 | 1.02 | 1.40 | 2.23 | 2.77 | 3.10 | 4.23 | 1.40 | 2.74 | 1.70 | 1.90 |
| Cash Ratio | 0.68 | 0.68 | 1.12 | 1.69 | 2.26 | 2.54 | 3.70 | 1.00 | 2.41 | 1.46 | 1.64 |
| Asset Turnover | — | 0.62 | 0.54 | 0.52 | 0.42 | 0.36 | 0.28 | 0.31 | 0.52 | 0.91 | 0.75 |
| Inventory Turnover | 7.28 | — | — | — | — | — | — | — | 7.28 | 6.58 | 5.91 |
| Days Sales Outstanding | — | 34.17 | 26.19 | 30.44 | 35.90 | 35.73 | 34.00 | 26.97 | 30.68 | 24.84 | 29.74 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Q2 Holdings, Inc. returns 0.2% to shareholders annually primarily through share buybacks. The earnings yield of 1.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
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 | 1.7% | 1.1% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 6.5% | 4.1% | 2.1% | 1.6% | 0.4% | 0.1% | — | — | — | — | — |
| Buyback Yield | 0.2% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.2% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $65M | $60M | $58M | $57M | $56M | $52M | $46M | $43M | $41M | $40M |
Compare QTWO with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| QTWOYou | $3B | 60.1 | 74.9 | 15.5 | 54.1% | 5.0% | 8.8% | 4.5% | 8.7 |
| INTU | $114B | 29.9 | 20.6 | 18.8 | 80.8% | 26.1% | 20.3% | 16.5% | 1.2 |
| FICO | $33B | 53.1 | 38.8 | 43.5 | 82.2% | 46.5% | — | 59.7% | 3.3 |
| SSNC | $18B | 23.9 | 12.6 | 11.0 | 48.2% | 22.9% | 11.8% | 10.8% | 0.2 |
| GWRE | $12B | 179.4 | 189.7 | 41.6 | 62.5% | 3.4% | 5.0% | 2.3% | 11.0 |
| FRGE | $8B | -8.3 | — | — | -43.3% | -103.7% | -26.8% | -45.6% | — |
| SPNS | $2B | 33.7 | 22.1 | 33.6 | 45.0% | 16.8% | 15.5% | 17.4% | 0.6 |
| BL | $2B | 24.3 | 32.6 | 11.7 | 75.2% | 2.8% | 41.6% | 1.4% | 13.3 |
| NCNO | $2B | -48.9 | 111.3 | 35.8 | 60.1% | -3.4% | -3.5% | -1.2% | 13.0 |
| ALKT | $2B | -36.0 | — | 42.4 | 57.8% | -12.1% | -13.3% | -8.6% | — |
| UPBD | $1B | 9.7 | 8.1 | 25.6 | 48.1% | 6.7% | 20.8% | 10.4% | 4.6 |
| Technology Median | — | 25.2 | 15.7 | 17.3 | 49.8% | -0.9% | 1.1% | 2.9% | 3.0 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 15 years · Updated daily
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Start ComparisonQ2 Holdings, Inc.'s current P/E ratio is 60.1x. The historical average is 90.2x.
Q2 Holdings, Inc.'s current EV/EBITDA is 74.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Q2 Holdings, Inc.'s return on equity (ROE) is 8.8%. The historical average is -44.4%.
Based on historical data, Q2 Holdings, Inc. is trading at a P/E of 60.1x. Compare with industry peers and growth rates for a complete picture.
Q2 Holdings, Inc. has 54.1% gross margin and 5.0% operating margin.
Q2 Holdings, Inc.'s Debt/EBITDA ratio is 8.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.