Q2 Holdings, Inc. (QTWO) intrinsic value & 10-year financials
Q2 Holdings, Inc. (QTWO) has a Graham intrinsic value of $26.57 per share. At $61.93 on Oct 17, 2026, the stock trades 133% above that value. Over the last 10 fiscal years revenue grew 20.3% a year to $794.8M, with an average return on invested capital of -27.6%.
- Graham intrinsic value
- $26.57
- Share price (Oct 17, 2026)
- $61.93
- Price vs Graham value
- 133% above
- Market cap
- $4.0B
- Revenue (FY2025)
- $794.8M
- Revenue growth (10-yr CAGR)
- 20.3%
- ROIC (10-yr avg)
- -27.6%
- Free cash flow (FY2025)
- $194.7M
QTWO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $794.8M | $52.0M | $0.80 | $194.7M | 5.0% | 14.4% |
| FY2024 | $696.5M | -$38.5M | -$0.64 | $129.1M | -6.1% | -18.3% |
| FY2023 | $624.6M | -$65.4M | -$1.12 | $64.6M | -13.8% | -32.1% |
| FY2022 | $565.7M | -$109.0M | -$1.90 | $25.4M | -18.5% | -36.0% |
| FY2021 | $498.7M | -$112.7M | -$2.00 | $11.2M | -15.6% | -26.8% |
| FY2020 | $402.8M | -$137.6M | -$2.65 | -$26.6M | -24.8% | -34.0% |
| FY2019 | $315.5M | -$70.9M | -$1.53 | -$13.3M | -21.2% | -31.0% |
| FY2018 | $241.1M | -$35.4M | — | -$8.7M | -13.2% | -56.7% |
| FY2017 | $194.0M | -$26.2M | — | -$2.8M | -13.9% | — |
| FY2016 | $150.2M | -$36.4M | — | -$11.0M | -23.8% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Q2 Holdings, Inc. is a consistent compounder, expanding top-line revenue at 20.3% annually over the past decade.
Q2 Holdings, Inc. has historically struggled to out-earn its cost of capital, averaging just -27.6% ROIC.
Q2 Holdings, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Q2 Holdings, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $26.57 per share.