QUALYS, Inc. (QLYS) intrinsic value & 10-year financials
QUALYS, Inc. (QLYS) has a Graham intrinsic value of $180.69 per share. At $181.05 on Oct 17, 2026, the stock trades 0% above that value. Over the last 10 fiscal years revenue grew 14.5% a year to $669.1M, with an average return on invested capital of 41.3%.
- Graham intrinsic value
- $180.69
- Share price (Oct 17, 2026)
- $181.05
- Price vs Graham value
- 0% above
- Market cap
- $6.6B
- Revenue (FY2025)
- $669.1M
- Revenue growth (10-yr CAGR)
- 14.5%
- ROIC (10-yr avg)
- 41.3%
- Free cash flow (FY2025)
- $304.4M
QLYS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $669.1M | $198.3M | $5.44 | $304.4M | 33.2% | 55.9% |
| FY2024 | $607.6M | $173.7M | $4.65 | $231.8M | 30.8% | 66.8% |
| FY2023 | $554.5M | $151.6M | $4.03 | $235.8M | 29.4% | 84.9% |
| FY2022 | $489.7M | $108.0M | $2.74 | $183.5M | 26.7% | 44.0% |
| FY2021 | $411.2M | $71.0M | $1.77 | $176.2M | 21.3% | 19.6% |
| FY2020 | $363.0M | $91.6M | $2.24 | $150.0M | 26.6% | 24.1% |
| FY2019 | $321.6M | $69.3M | $1.68 | $133.0M | 22.5% | 19.0% |
| FY2018 | $278.9M | $57.3M | $1.37 | $102.7M | 18.1% | 15.9% |
| FY2017 | $230.8M | $40.4M | $1.01 | $69.8M | 16.1% | — |
| FY2016 | $197.9M | $19.2M | $0.50 | $44.9M | 15.2% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
QUALYS, INC. is a consistent compounder, expanding top-line revenue at 14.5% annually over the past decade.
QUALYS, INC. has earned high returns on invested capital, averaging 41.3% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
QUALYS, INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, QUALYS, INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $180.69 per share.