Latest Ratios: P/E Ratio 29.1x · EV/EBITDA 22.9x · 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 | $5.6B | $4.8B | $5.2B | $7.4B | $4.4B | $5.5B | $5.0B | $3.4B | $3.1B | $2.4B | $1.2B |
| Enterprise Value | $5.4B | $4.7B | $5.1B | $7.2B | $4.3B | $5.4B | $5.0B | $3.4B | $3.1B | $2.3B | $1.1B |
| P/E Ratio → | 29.09 | 24.43 | 30.15 | 48.70 | 40.96 | 77.53 | 54.41 | 49.63 | 54.55 | 58.76 | 63.30 |
| P/S Ratio | 8.33 | 7.24 | 8.62 | 13.31 | 9.02 | 13.39 | 13.71 | 10.72 | 11.23 | 10.30 | 6.14 |
| P/B Ratio | 10.28 | 8.63 | 10.98 | 20.05 | 15.27 | 12.61 | 12.30 | 8.91 | 8.75 | 6.92 | 4.70 |
| P/FCF | 18.31 | 15.91 | 22.60 | 31.30 | 25.25 | 31.46 | 33.16 | 26.72 | 30.49 | 34.06 | 27.07 |
| P/OCF | 18.01 | 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 | 22.92 | 19.84 | 24.56 | 37.91 | 25.94 | 43.83 | 38.29 | 32.97 | 39.01 | 39.59 | 23.94 |
| EV / EBIT | 24.42 | 19.01 | 26.99 | 44.19 | 32.82 | 61.77 | 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 | 3.4% | 4.1% | 3.3% | 2.1% | 2.4% | 1.3% | 1.8% | 2.0% | 1.8% | 1.7% | 1.6% |
| FCF Yield | 5.5% | 6.3% | 4.4% | 3.2% | 4.0% | 3.2% | 3.0% | 3.7% | 3.3% | 2.9% | 3.7% |
| Buyback Yield | 3.3% | 3.8% | 2.7% | 2.3% | 7.2% | 2.4% | 2.5% | 2.5% | 2.7% | 0.9% | 0.0% |
| Total Shareholder Yield | 3.3% | 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 |
Competitive commoditization of VM
According to recent market data, Qualys trades at a forward P/E of 16.21, which appears to discount the company as a mature cash cow rather than a high-growth SaaS entity, contrasting sharply with the premium multiples often assigned to less profitable, faster-growing security platform peers.
The current valuation suggests investors are pricing in limited growth acceleration, likely due to concerns regarding the commoditization of vulnerability management. This multiple compression relative to the broader software sector warrants investigation into whether the market is underestimating the long-term durability of the company's recurring revenue base.
As reported in financial statements, Qualys has maintained a double-digit ROIC, peaking at 19.7% in 2024Q2, which indicates that the company is effectively compounding capital despite the competitive pressures inherent in the infrastructure security space and the ongoing shift toward cloud-native, agentless scanning alternatives.
The ability to sustain high returns on invested capital without significant debt leverage highlights the inherent efficiency of the company's multi-tenant cloud architecture. Investors should monitor whether these returns can be maintained as the company potentially increases R&D spending to defend its market position against emerging platform competitors.
Based on reported figures, Qualys exhibits a DSO fluctuating between 67 and 82 days, suggesting that while the company maintains a strong subscription model, the timing of large enterprise renewals creates lumpy cash inflows that can temporarily obscure the underlying efficiency of the firm's working capital cycle.
The relatively high DSO compared to pure-play SaaS peers reflects the enterprise-heavy nature of the customer base and the complexity of multi-year contract billing. This variability in cash collection cycles requires careful monitoring to ensure that operational liquidity remains sufficient to support ongoing share repurchase programs.
As indicated by recent SEC filings, Qualys maintains a negligible debt-to-equity ratio of 0.09, which provides a significant buffer against macroeconomic volatility and allows the company to navigate competitive pricing pressures without the burden of interest coverage constraints that plague more leveraged industry participants.
This conservative capital structure is a distinct competitive advantage, enabling the firm to prioritize internal innovation and shareholder returns over debt service. The lack of meaningful leverage suggests that the company is well-positioned to weather potential industry downturns or prolonged periods of aggressive competitive discounting.
Based on an analysis of the company's business model, the P/E ratio is frequently misapplied to Qualys, as it fails to account for the significant non-cash deferred revenue and the company's aggressive share repurchase strategy, which together distort the perceived earnings power of the underlying security platform.
Investors should instead focus on free cash flow yield and EV/EBITDA, as these metrics better capture the company's ability to generate cash from its subscription base while adjusting for the accounting nuances of multi-year contracts. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation relative to its actual cash-generating capacity.
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 29.1x. The historical average is 62.5x. This places it at the 8th percentile of its historical range.
Qualys, Inc.'s current EV/EBITDA is 22.9x. 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 29.1x. This is at the 8th 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.