Back to Stocks

QLYS

QUALYS, INC.
7 filings tracked
technologycloud computingLARGE ($10B-200B)

Company Intelligence Hub

Filing history, signal momentum, and bull/bear evolution

Chronological Filing Evolution (Click to filter / toggle)

Thesis (Bull Case Evolution)

Qualys is demonstrating the characteristics of a high-quality cybersecurity compounder, leveraging its cloud-native TruRisk platform to drive deep enterprise penetration.…

Bullish Outlook

Antithesis (Bear Case / Structural Risks)

Despite the headline growth, a closer look at the Q1 2026 filing reveals emerging cracks in Qualys' cost structure and revenue quality.…

Risk Factors

Read the full bull/bear analysis

You are reading the free preview. Start a free trial to unlock the complete bull & bear analysis for every QLYS filing.

Start Free Trial

Synthesis (Verdict & Resolution)

The Q1 2026 filing presents a tug-of-war between exceptional unit economics and rising operational frictions. On one hand, Qualys boasts an enviable 104% net dollar expansion rate and a lean operating model that generates significant free cash flow. The ability to grow revenues primarily through existing accounts suggests a powerful competitive moat and a high barrier to entry for competitors attempting to displace the TruRisk platform. However, the shift toward a partner-led sales model and the increase in personnel-related costs introduce new variables into the risk equation. While the aggressive share repurchase program supports the stock price in the short term, the long-term trajectory will depend on whether Qualys can maintain its margin profile while scaling internationally. Investors are left to weigh the certainty of the $466.4 million remaining performance obligations against the risks of partner dependency and macroeconomic volatility in foreign markets.

Selected Quarter

Core Takeaway

Qualys is a highly profitable subscription business with an expanding footprint, but it is becoming increasingly dependent on third-party channels to drive new growth.

Investor Lens

The trade-off is between the predictability of a 104% expansion rate and the unpredictability of a partner-led growth model.

Watch Next

Net dollar expansion rate and the ratio of direct vs. partner revenue in the next quarterly filing.

View Full SEC Report

Signal Momentum Chart

Quarterly net bull/bear signal ratio. Click nodes to select a quarter.

BULLISH (+1.0)NEUTRAL (0.0)BEARISH (-1.0)+0.50Q2 '26 (10-Q)

Signal Timeline

Active Filters:Quarter: Q2 '26 (10-Q)
bullishMay 5

Revenue increased by $15.7 million YoY to $175.6 million.

earnings beat
70%
bullishMay 5

Maintained strong gross margins of 83% and Adjusted EBITDA margin of 47%.

margin expansion
80%
bullishMay 5

Repurchased $53.5 million of common stock in Q1 2026.

buyback
90%
bearishMay 5

Sales and marketing expenses rose 18.7% YoY, impacting operating leverage.

margin compression
40%
bullishMay 5

Revenue increased by $15.7 million YoY to $175.6 million.

earnings beat
70%
bullishMay 5

Maintained strong gross margins of 83% and Adjusted EBITDA margin of 47%.

margin expansion
80%
bullishMay 5

Repurchased $53.5 million of common stock in Q1 2026.

buyback
90%
bearishMay 5

Sales and marketing expenses rose 18.7% YoY, impacting operating leverage.

margin compression
40%
bullishMay 5

Revenue increased by $15.7 million YoY to $175.6 million.

earnings beat
70%
bullishMay 5

Maintained strong gross margins of 83% and Adjusted EBITDA margin of 47%.

margin expansion
80%
bullishMay 5

Repurchased $53.5 million of common stock in Q1 2026.

buyback
90%
bearishMay 5

Sales and marketing expenses rose 18.7% YoY, impacting operating leverage.

margin compression
40%
bullishMay 5

Revenue increased by $15.7 million YoY to $175.6 million.

earnings beat
70%
bullishMay 5

Maintained strong gross margins of 83% and Adjusted EBITDA margin of 47%.

margin expansion
80%
bullishMay 5

Repurchased $53.5 million of common stock in Q1 2026.

buyback
90%
bearishMay 5

Sales and marketing expenses rose 18.7% YoY, impacting operating leverage.

margin compression
40%
bullishMay 5

Revenue increased by $15.7 million YoY to $175.6 million.

earnings beat
70%
bullishMay 5

Maintained strong gross margins of 83% and Adjusted EBITDA margin of 47%.

margin expansion
80%
bullishMay 5

Repurchased $53.5 million of common stock in Q1 2026.

buyback
90%
bearishMay 5

Sales and marketing expenses rose 18.7% YoY, impacting operating leverage.

margin compression
40%
bullishMay 5

Revenue increased by $15.7 million YoY to $175.6 million.

earnings beat
70%
bullishMay 5

Maintained strong gross margins of 83% and Adjusted EBITDA margin of 47%.

margin expansion
80%
bullishMay 5

Repurchased $53.5 million of common stock in Q1 2026.

buyback
90%
bearishMay 5

Sales and marketing expenses rose 18.7% YoY, impacting operating leverage.

margin compression
40%
bullishMay 5

Revenue increased by $15.7 million YoY to $175.6 million.

earnings beat
70%
bullishMay 5

Maintained strong gross margins of 83% and Adjusted EBITDA margin of 47%.

margin expansion
80%
bullishMay 5

Repurchased $53.5 million of common stock in Q1 2026.

buyback
90%
bearishMay 5

Sales and marketing expenses rose 18.7% YoY, impacting operating leverage.

margin compression
40%

Filing History

10-QMay 5, 2026
Expand Sequence

The Q1 2026 filing presents a tug-of-war between exceptional unit economics and rising operational frictions. On one hand, Qualys boasts an enviable 104% net dollar expansion rate and a lean operating model that generates significant free cash flow. The ability to grow revenues primarily through existing accounts suggests a powerful competitive moat and a high barrier to entry for competitors attempting to displace the TruRisk platform. However, the shift toward a partner-led sales model and the increase in personnel-related costs introduce new variables into the risk equation. While the aggressive share repurchase program supports the stock price in the short term, the long-term trajectory will depend on whether Qualys can maintain its margin profile while scaling internationally. Investors are left to weigh the certainty of the $466.4 million remaining performance obligations against the risks of partner dependency and macroeconomic volatility in foreign markets.

Disclaimer: The synthesis provided is generated by AI models and should not be construed as investment advice. Analysis is based solely on regulatory data present at the time of publication. Consult a financial advisor for specific investment strategies.