# Qualys, Inc. (QLYS)

> Source: Nexqual · https://nexqual.com/QLYS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Qualys, Inc. (QLYS), nexqual.com/QLYS" · informational, not investment advice.

**Price:** USD 208.2 (+5.85% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 196.7 · day 197.06–210.1 · 52w 74.51–210.1 · market cap $7.20B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $703M, net income $207M (29.4% margin), free cash flow $314M (SEC filings).
- Valuation: P/E 34.9x (avg 34.4x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold QLYS (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 28 Form 4 filings, $13.3M; 0 not under a Rule 10b5-1 plan ($0K); 4 by opportunistic insiders (0 outside 10b5-1 plans), 22 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.82 on a 1–5 scale) (22 analysts), mean target USD 181.03 (range 130–220).
- Total return with dividends: 1Y +62.8% vs S&P 500 +14.9%; 5Y +77.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 1.96, revenue estimate $187M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $411M | $490M | $554M | $608M | $669M | $703M |
| Gross profit | $322M | $387M | $447M | $496M | $554M | — |
| Operating income | $87.7M | $131M | $163M | $187M | $222M | $242M |
| Net income | $71.0M | $108M | $152M | $174M | $198M | $207M |
| EPS (diluted) | $1.77 | $2.74 | $4.03 | $4.65 | $5.44 | — |
| Free cash flow | $176M | $183M | $236M | $232M | $304M | $314M |
| Gross margin | 78.2% | 79.0% | 80.6% | 81.7% | 82.8% | — |
| Operating margin | 21.3% | 26.7% | 29.4% | 30.8% | 33.2% | 34.4% |
| Net margin | 17.3% | 22.1% | 27.3% | 28.6% | 29.6% | 29.4% |
| Revenue growth | +13.3% | +19.1% | +13.2% | +9.6% | +10.1% | — |
| Cash + short-term investments | $405M | $321M | $426M | $381M | $446M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 34.9x · P/S 10.3x · P/FCF 22.9x · P/B 12.8x · FCF yield 4.36% · Earnings yield 2.87% · Buyback yield (TTM) 3.13%
P/E at fiscal year-ends: Dec 2025 24.4x, Dec 2024 30.2x, Dec 2023 48.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold QLYS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Third Avenue Management |  | 0.86% | $5.4M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
28 of 28 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-20 | Posey Bruce K | CHIEF LEGAL OFFICER | 881 | $167K | 1.5% | Yes (adopted August 21, 2025) | Routine (sold in Feb & Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Dec each year 2023–2025) |
| 2026-10-14 | Thakar Sumedh S | CEO & PRESIDENT | 3,200 | $609K | 1.8% | Yes (adopted February 27, 2026) | Routine (sold in Jan & Feb & Mar & Apr & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-09-21 | Posey Bruce K | CHIEF LEGAL OFFICER | 866 | $155K | 1.5% | Yes (adopted August 21, 2025) | Routine (sold in Feb & Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Dec each year 2023–2025) |
| 2026-09-14 | Thakar Sumedh S | CEO & PRESIDENT | 3,200 | $544K | 1.7% | Yes (adopted February 27, 2026) | Routine (sold in Jan & Feb & Mar & Apr & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-09-02 | Berquist Thomas | Director | 511 | $90K | 7.5% | Yes (adopted February 27, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-02 | Kim Joo Mi | CHIEF FINANCIAL OFFICER | 1,030 | $175K | 1.4% | Yes (adopted August 12, 2025) | Routine (sold in Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-08-20 | Posey Bruce K | CHIEF LEGAL OFFICER | 866 | $160K | 1.4% | Yes (adopted August 21, 2025) | Routine (sold in Feb & Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Dec each year 2023–2025) |
| 2026-08-20 | Pfeiffer Wendy | Director | 500 | $93K | 4.1% | Yes (adopted February 20, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-14 | Thakar Sumedh S | CEO & PRESIDENT | 3,200 | $605K | 1.7% | Yes (adopted February 27, 2026) | Routine (sold in Jan & Feb & Mar & Apr & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-08-03 | Kim Joo Mi | CHIEF FINANCIAL OFFICER | 1,627 | $249K | 2.1% | Yes (adopted August 12, 2025) | Routine (sold in Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-07-20 | Posey Bruce K | CHIEF LEGAL OFFICER | 882 | $140K | 1.4% | Yes (adopted August 21, 2025) | Routine (sold in Feb & Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Dec each year 2023–2025) |
| 2026-07-20 | Pfeiffer Wendy | Director | 500 | $79K | 3.9% | Yes (adopted February 20, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-14 | Thakar Sumedh S | CEO & PRESIDENT | 3,200 | $514K | 1.6% | Yes (adopted February 27, 2026) | Routine (sold in Jan & Feb & Mar & Apr & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-07-06 | Posey Bruce K | CHIEF LEGAL OFFICER | 1,000 | $155K | 1.5% | Yes (adopted August 21, 2025) | Routine (sold in Feb & Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Dec each year 2023–2025) |
| 2026-07-02 | Kim Joo Mi | CHIEF FINANCIAL OFFICER | 965 | $138K | 1.2% | Yes (adopted August 12, 2025) | Routine (sold in Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-30 | Thakar Sumedh S | CEO & PRESIDENT | 30,000 | $4.0M | 13.2% | Yes (adopted February 27, 2026) | Routine (sold in Jan & Feb & Mar & Apr & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-06-29 | Thakar Sumedh S | CEO & PRESIDENT | 10,000 | $1.3M | 4.2% | Yes (adopted February 27, 2026) | Routine (sold in Jan & Feb & Mar & Apr & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-06-26 | Thakar Sumedh S | CEO & PRESIDENT | 10,000 | $1.2M | 4.1% | Yes (adopted February 27, 2026) | Routine (sold in Jan & Feb & Mar & Apr & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-06-22 | Posey Bruce K | CHIEF LEGAL OFFICER | 865 | $95K | 1.3% | Yes (adopted August 21, 2025) | Routine (sold in Feb & Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Dec each year 2023–2025) |
| 2026-06-22 | Pfeiffer Wendy | Director | 500 | $55K | 3.8% | Yes (adopted February 20, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.82 on a 1–5 scale), 22 analysts; mean target USD 181.03 (low 130, high 220).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | TD Cowen | Target raised | Hold | $170 → $200 |
| 2026-08-05 | DA Davidson | Target raised | Neutral | $135 → $165 |
| 2026-08-05 | TD Cowen | Target raised | Hold | $145 → $170 |
| 2026-08-05 | Morgan Stanley | Target raised | Underweight | $115 → $130 |
| 2026-08-05 | Truist Securities | Target raised | Hold | $160 → $185 |
| 2026-08-05 | RBC Capital | Target raised | Sector Perform | $145 → $180 |
| 2026-08-05 | Scotiabank | Target raised | Sector Outperform | $190 → $220 |
| 2026-08-05 | Piper Sandler | Target raised | Neutral | $100 → $175 |
| 2026-08-05 | Jefferies | Target raised | Hold | $150 → $185 |
| 2026-07-27 | JP Morgan | Target raised | Neutral | $139 → $150 |
| 2026-07-21 | Truist Securities | Target raised | Hold | $85 → $160 |
| 2026-07-13 | TD Cowen | Target raised | Hold | $90 → $145 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +62.8% | +77.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +63.1% | +12.1% |
| Volatility (annualized) | 57.2% | 43.5% |
| Max drawdown | -50.5% (Nov 2025→Apr 2026) | -62.7% (Dec 2023→Apr 2026) |

## Peers (Software - Infrastructure)
PATH (UiPath, Inc.) USD 13.94 +1.68% · WEX (WEX Inc.) USD 198.14 +5.65% · DOX (Amdocs Limited) USD 63.57 +3.20% · S (SentinelOne, Inc.) USD 22.5 -1.19% · DBX (Dropbox, Inc.) USD 37.48 +2.43% · ZETA (Zeta Global Holdings Corp.) USD 33.52 -1.73%

## More
Full page: https://nexqual.com/QLYS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in QLYS's own 10-K filed 2026-02-20 (https://www.sec.gov/Archives/edgar/data/1107843/000110784326000008/qlys-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | Alphabet (Google) (GOOGL) | "We compete with large and small public companies, such as CrowdStrike, Palo Alto Networks, Rapid7, and Tenable Holdings, as well as privately held security providers including Invicti, Tanium, and Wiz (which has announce…" |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $100.3M | 55.0% | +8.1% |
| Foreign | $81.9M | 45.0% | +14.9% |
| Total revenue | $182.2M | 100% | — |

## Company outlook (8-K filed 2026-08-04)

- "Guidance to $732.0-$738.0 million FOSTER CITY, Calif., – August 4, 2026 – Qualys, Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.96 | $1.90 | +2.7% | $186.6M | 20 |
| Next quarter (ends 2026-12-31) | $1.95 | $1.96 | -0.1% | $190.9M | 20 |
| Current fiscal year (ends 2026-12-31) | $7.81 | $7.58 | +3.1% | $735.1M | 22 |
| Next fiscal year (ends 2027-12-31) | $8.45 | $8.27 | +2.2% | $795.5M | 22 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±15.4%; last 8 reports averaged ±11.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 68.6% | ±15.4% |
| 2026-12-18 | 56 | 59.4% | ±18.7% |
| 2027-03-19 | 147 | 55.5% | ±28.0% |
| 2027-06-17 | 237 | 55.0% | ±35.0% |