QUALYS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data QUALYS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	198	231	279	322	363	411	490	554	608	669
Cost of revenue	43.1	51.6	66.2	69.5	79.2	89.4	103	107	111	115
Gross profit	155	179	213	252	284	322	387	447	496	554
Research and development	36.6	42.8	53.3	68.2	72.5	81.3	101	110	112	117
Selling and marketing	59	63.9	70	70.8	68	76.5	97.2	112	128	144
General and administrative	29.1	35.3	39	40.8	46.6	76.3	58	61.7	68.7	71.6
Operating expenses	125	142	162	180	187	234	256	284	309	332
Operating income	30.1	37.2	50.4	72.3	96.7	87.7	131	163	187	222
Interest expense	0.03	0	0.17	0.11	0.01	0	0
Interest income	1.32	2.67	6.08	8.44	5.39	2.29	5.19	16.9	25.8	25.3
Other non-operating income	0.32	2.14	5.11	7.73	5.38	1.71	3.15	15.6	22.6	24.9
Pre-tax income	30.4	39.4	55.5	80	102	89.4	134	179	210	247
Income tax	11.2	-1.06	-1.84	10.6	10.5	18.4	25.7	27.1	36.1	48.5
Net income	19.2	40.4	57.3	69.3	91.6	71	108	152	174	198
EBITDA	47.1	57.9	79.3	103	129	124	165	190	206	236
EPS, basic	0.55	1.08	1.47	1.77	2.34	1.82	2.81	4.11	4.72	5.49
EPS, diluted	0.50	1.01	1.37	1.68	2.25	1.77	2.74	4.03	4.65	5.44
Shares, basic (weighted)	35.2	37.4	38.9	39.1	39.2	39	38.5	36.9	36.8	36.1
Shares, diluted (weighted)	38.4	40.1	41.9	41.3	40.7	40.1	39.3	37.6	37.4	36.5

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	86.7	86.6	41	87.6	74.1	137	174	204	232	250
Short-term investments	157	202	248	211	282	268	148	222
Receivables	47	64.4	75.8	78	100	109	122	146	165	171
Other current assets	9.81	16.5	14	18.7	19.1	32.1	30.2	26.7	39.7	40.7
Total current assets	301	369	379	396	475	546	473	600	586	658
Property, plant and equipment	39.4	61.4	61.4	60.6	64.9	61.9	47.4	32.6	30.3	23.2
Lease right-of-use assets			0	40.6	44.8	37	33.8	22.4	41	46
Goodwill	0.32	0	7.23	7.45	7.45	7.45	7.45	7.45	7.45	7.45
Intangible assets	0.99	22	22	16.8	12	6.55	12.8	9.72	6.81	4.26
Long-term investments	45.7	0	2.5	120	98.5	111	59.2	56.6
Other non-current assets	2.1	2.18	11.8	15.1	16.9	17.8	18.9	19.9	25.9	30
Total assets	407	538	586	676	737	815	701	813	974	1,095
Accounts payable	2.05	1.14	5.59	0.85	0.73	1.3	2.81	0.99	1.27	1.2
Accrued liabilities	13.3	21.4	26.7	22.8	29.8	32.5	42.6	43.1	45.9	57.7
Deferred revenue	115	143	165	192	214	258	294	333	372	401
Total current liabilities	130	166	197	223	256	304	352	389	428	467
Lease liabilities			0	44	45.7	35.9	29.1	16.9	37.5	45
Other non-current liabilities	2.73	11.1	10.4	0.39	0.37	4.9	7.01	6.68	6.27	5.35
Total liabilities	149	194	228	289	332	378	412	444	496	534
Paid-in capital	267	304	331	362	401	477	512	598	665	732
Retained earnings	-8.26	39.9	28	23.2	3.57	-41.7	-221	-228	-189	-167
Other comprehensive income	-0.16	-0.57	-0.59	1.16	-0.48	1.01	-1.95	-1.7	1.42	-4.01
Shareholders' equity	258	344	358	387	404	437	289	368	477	561
Total equity	258	344	358	387	404	437	289	368	477	561
Total liabilities and equity	407	538	586	676	737	815	701	813	974	1,095
Shares outstanding	35.8	38.6	38.6	39.1	39.3	39.1	37.4	36.9	36.5	35.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	19.2	40.4	57.3	69.3	91.6	71	108	152	174	198
Depreciation and amortization	17	20.6	28.9	31.2	32.8	35.9	34.6	27	18.5	14.5
Stock-based compensation	20.1	27	30.1	34.9	40	67.6	53.4	69.1	77.1	77
Deferred income tax	0.78	-2.58	-3.8	7.09	3.51	-9.72	-20.5	-16.6	-19.6	8.28
Change in receivables	-4.9	-18	-11.5	-2.46	-22.6	-9.22	-13.4	-25	-19.1	-7.67
Change in payables	-1.22	-0.45	3.52	-1.08	-0.39	-0.03	2.11	-1.58	0.22	0.03
Cash from operations	69.3	108	125	161	180	201	199	245	244	309
Capital expenditures	-23.2	-37.8	-22.8	-27.6	-30	-24.4	-15.4	-8.79	-12.3	-4.99
Acquisitions	0	-12.5	-13.6	-4.05	-1.5	-1.23	-8.62	0	0
Purchases of investments		0	-2.5	-0.63	-392	-368	-179	-307	-368	-349
Sales and maturities of investments			285	328	342	364	348	242	309	248
Cash from investing	-96.5	-118	-93.5	-35	-80.9	-29.5	145	-73.2	-71.4	-106
Stock issued	15.2	31.3	24.1	24.8	0	0	4.45	6.08	6.87	6.75
Share buybacks	0	0	-85	-86.4	-127	-130	-317	-171	-140	-183
Cash from financing	23.4	10.4	-77.5	-79	-113	-108	-306	-141	-146	-185
Exchange rate effect	0
Net change in cash	-3.76	-0.15	-45.6	46.5	-13.4	63.2	37.9	29.9	27	18.1
Free cash flow	46.1	69.8	103	133	150	176	183	236	232	304
Interest paid	0.03	0	0.17	0.11	0.01	0	0
Income taxes paid	0.86	1.58	2.69	3.03	8.06	35.1	39.7	34.9	60.6	40.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $172.43 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	83.3%	Gross profit / revenue.
Operating margin	34.4%	Operating income / revenue.
EBITDA margin	36.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	37.2%	Pre-tax income / revenue.
Net margin	29.4%	Net income / revenue.
FCF margin	44.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	45.7%	Cash from operations / revenue.
Effective tax rate	21.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	36.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	19.2%	Net income / average total assets.
Return on invested capital (ROIC)	61.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	16.7%	Research and development expense / revenue.
Stock-based pay / revenue	11.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.0%	Capital expenditures / revenue.
D&A / revenue	1.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	14.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	18.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	19.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	18.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	14.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	12.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	14.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	22.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	16.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	17.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	25.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	19.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	26.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	15.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	31.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	18.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	15.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	17.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	24.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	16.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.38x	Current assets / current liabilities.
Quick ratio	0.87x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.56x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	47.7%	Total liabilities / total assets.
Working capital	$171.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$551.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.65x	Revenue / average total assets.
Fixed asset turnover	31.1x	Revenue / average property, plant and equipment.
Receivables turnover	5.03x	Revenue / average receivables.
Days sales outstanding	73 days	365 x average receivables / revenue.
Days payables	4 days	365 x average accounts payable / cost of revenue.
FCF conversion	152.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.90	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$20.07	Revenue / diluted weighted shares.
FCF per share	$8.96	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.16	Cash from operations / diluted weighted shares.
Book value per share	$16.23	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$15.92	Tangible book value / shares outstanding.
Cash per share	$7.22	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	71.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.97B	Share price x shares outstanding.
Enterprise value	$5.71B	Market cap + total debt - cash - short-term investments.
P/E	28.9x	Market cap / net income. Only when net income is positive.
P/S	8.49x	Market cap / revenue.
P/B	10.6x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	10.8x	Market cap / tangible book value, when positive.
P/FCF	19.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	18.6x	Market cap / cash from operations, when positive.
EV/Sales	8.13x	Enterprise value / revenue.
EV/EBIT	23.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	22.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	18.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.3%	Free cash flow / market cap.
Earnings yield	3.5%	Net income / market cap (the inverse of P/E).
Shareholder yield	3.8%	(Dividends paid + share buybacks) / market cap.
PEG	1.12x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was QUALYS, INC.'s revenue in fiscal 2025?

QUALYS, INC. reported revenue of $669.1M for fiscal 2025, 10.1% higher than the year before.

Was QUALYS, INC. profitable in fiscal 2025?

Yes. Net income was $198.3M, a net margin of 29.6%.

How much free cash flow did QUALYS, INC. generate in fiscal 2025?

Cash from operations of $309.4M minus capital expenditures of $5.0M left free cash flow of $304.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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