QLYS · US
QLYS.US: Vulnerability and cloud-scanning cash compounder
Qualys High-margin VM and cloud scanning: AI expands the attack surface, but this is not model security. 2025 revenue +10% with strong profit/cash—medium theme purity.
Cite a section with a deep link, e.g. /en/r/qlys-us-research#thesis
Snapshot
- Price
- USD 100
- Mkt cap
- USD 3.6B
- Revenue
- USD 669.1M
- Revenue YoY (approx)
- 0.1
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
Qualys High-margin VM and cloud scanning: AI expands the attack surface, but this is not model security. 2025 revenue +10% with strong profit/cash—medium theme purity.
Business
Model: cloud VM/compliance subscriptions. Flagships: vulnerability management; cloud security; compliance. Edge: scan coverage and margins. Strategy: extend VM into broader IT risk.
Value chain
Mid-stack security assessment; upstream inventory/cloud APIs; downstream SecOps. Risks: Tenable/Rapid7 pricing; absorption into platform XDR.
Valuation
Valuation snapshot (multi-lens)
| Metric | Value | Note |
|---|---|---|
| TTM PE | N/A | 未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数 |
| PB | N/A | 待最新净资产与市值核验 |
| 股息率 | N/A | 待分红公告 / IR |
| 现价语境 | 约 100 | QLYS · 以包内 kpi_snapshot 时点为准 |
Valuation & return · ~3y
Interactive chart available in the reader.
Profitable small/mid security; sensitive to a low-growth re-rate.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
Financial health (OCF / debt / liquidity / audit)
| Item | Value | Note |
|---|---|---|
| 财务健康总评 | 稳健偏扩张 | 以最新季报 OCF 与净现金为准 |
| 经营现金流 | 见最新 10-Q | AI 周期龙头通常 OCF 强劲 |
| 净负债 / 现金 | 投资级或净现金 | 详见 table 与 IR |
| 流动性 | 充裕 | Current ratio / cash & equivalents |
| 审计意见 | 无保留（常规预期） | 以最新 10-K 为准 |
Operations
Volume: asset/scan subscriptions; price: modules; cost: cloud. Strong OCF.
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| CY2025 rev | ~$669M | +10% | Steady, not thematic hypergrowth |
| EPS vs guide (FA) | Beat | — | Profit quality |
| OCF | Strong | — | Cash compounder |
| AI purity | Medium | — | Attack-surface, not model security |
Competition
Peer strengths/weaknesses:
Peer map
| Company | Share/role | Margin | Strength | Weakness |
|---|---|---|---|---|
| Qualys (self) | VM / cloud scan | High FCF | Margins | Growth ~10% |
| Tenable | Exposure mgmt | Mid | Nessus brand | Also slowing |
| CrowdStrike | XDR platform | FCF+ | Broader platform | Different job |
| Rapid7 | SecOps | Weaker tape | SIEM attach | Execution issues |
Management
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| CEO | Leadership (see proxy) | ongoing | Verify latest 10-K |
| CFO | CFO office | ongoing | Verify latest proxy |
| Founder history | Long specialist culture | long | VM franchise |
Stability: Operator culture; no disclosed control change; verify names in latest 10-K.
Outlook
Track subscription growth, cloud modules, and whether margins hold in a price fight.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
Tracking
Observable items that would confirm or falsify this note:
- Whether subscription growth breaks below high-single digits
- Cloud-security mix
- Margins and buybacks
References
Issuer / key sources:
- Latest company filings / IR (see issuer website)
- Exchange filings / SEC EDGAR — https://www.sec.gov/edgar
- Related on-site notes via wiki-links in the body
Not investment advice; defer to latest company filings.
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