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Software - Infrastructure · Technology · Fiscal year ends Dec 31
Qualys reported revenue of $669M in the fiscal year ended Dec 2025, up 10.1% from the year before. Operating income was $222M, an operating margin of 33.2%, and net income was $198M. Operating cash flow of $309M less capital expenditure of $5M left free cash flow of $304M.
Ranks among the 30 software - infrastructure companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 411 | 490 | 554 | 608 | 669 |
| Cost of revenue | 89.4 | 103 | 107 | 111 | 115 |
| Gross profit | 322 | 387 | 447 | 496 | 554 |
| Research & development | 81.3 | 101 | 110 | 112 | 117 |
| Selling, general & admin | 153 | 155 | 173 | 197 | 215 |
| Operating income | 87.7 | 131 | 163 | 187 | 222 |
| Interest expense | 0.0 | 0.0 | – | – | – |
| Pre-tax income | 89.4 | 134 | 179 | 210 | 247 |
| Income tax | 18.4 | 25.7 | 27.1 | 36.1 | 48.5 |
| Net income | 71.0 | 108 | 152 | 174 | 198 |
| Diluted EPS | 1.77 | 2.74 | 4.03 | 4.65 | 5.44 |
| Diluted shares | 40.1 | 39.3 | 37.6 | 37.4 | 36.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 137 | 174 | 204 | 232 | 250 |
| Receivables | 109 | 122 | 146 | 165 | 171 |
| Current assets | 546 | 473 | 600 | 586 | 658 |
| Net PP&E | 61.9 | 47.4 | 32.6 | 30.3 | 23.2 |
| Goodwill | 7.4 | 7.4 | 7.4 | 7.4 | 7.4 |
| Total assets | 815 | 701 | 813 | 974 | 1,095 |
| Payables | 1.3 | 2.8 | 1.0 | 1.3 | 1.2 |
| Deferred revenue | 258 | 294 | 333 | 372 | 401 |
| Current liabilities | 304 | 352 | 389 | 428 | 467 |
| Total liabilities | 378 | 412 | 444 | 496 | 534 |
| Shareholders' equity | 437 | 289 | 368 | 477 | 561 |
| Backlog (remaining obligations) | 284 | 272 | 374 | 435 | 518 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 201 | 199 | 245 | 244 | 309 |
| Capital expenditure | 24.4 | 15.4 | 8.8 | 12.3 | 5.0 |
| Free cash flow | 176 | 183 | 236 | 232 | 304 |
| Depreciation & amortisation | 35.9 | 34.6 | 27.0 | 18.5 | 14.5 |
| Stock-based compensation | 67.6 | 53.4 | 69.1 | 77.1 | 77.0 |
| Share buybacks | 130 | 317 | 171 | 140 | 183 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 19.1% | 13.2% | 9.6% | 10.1% |
| Operating income growth (YoY) | – | 48.9% | 24.9% | 14.8% | 18.6% |
| EPS growth (YoY) | – | 54.8% | 47.1% | 15.4% | 17.0% |
| Gross margin | 78.2% | 79.0% | 80.6% | 81.7% | 82.8% |
| Operating margin | 21.3% | 26.7% | 29.4% | 30.8% | 33.2% |
| Net margin | 17.3% | 22.1% | 27.3% | 28.6% | 29.6% |
| Return on equityBlank when equity is negative | 16.2% | 37.4% | 41.2% | 36.4% | 35.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 17.2% | 37.4% | 38.5% | 34.3% | 35.4% |
| Free cash flow margin | 42.9% | 37.5% | 42.5% | 38.1% | 45.5% |
| Cash conversion (CFO ÷ net income) | 2.83x | 1.84x | 1.61x | 1.41x | 1.56x |
| Receivable days | 97 | 91 | 96 | 99 | 93 |
| Payable days | 5 | 10 | 3 | 4 | 4 |
| Current ratio | 1.80x | 1.34x | 1.54x | 1.37x | 1.41x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.