Qualys: Fortress Profitability Meets Mature-Market Challenge and Platform Pivot
Qualys, Inc. (Qualys) is a pioneer and leading provider of cloud-based information technology (IT), security, and compliance solutions. The company’s core offering, the Qualys Cloud Platform, provides a unified, end-to-end solution that delivers a continuous, always-on assessment of a customer's global security and compliance posture. This platform enables organizations to consolidate a wide array of security and compliance functions into a single interface, streamlining operations and reducing costs.
The company’s solutions are delivered via a portfolio of over 20 integrated applications , which have recently been consolidated under the new Enterprise TruRisk Platform. This platform is designed to manage the entire risk lifecycle, from asset management and vulnerability detection to threat prioritization and remediation.
Qualys serves key market segments across the entire IT landscape, including on-premise data centers, endpoints, cloud environments, containers, mobile devices, and Internet of Things (IoT) devices. Its primary solution categories include:
Vulnerability Management, Detection, and Response (VMDR): The company's flagship product, VMDR is a comprehensive solution for asset discovery, vulnerability assessment, threat prioritization, and patch management. Qualys is consistently recognized as a market leader in this foundational segment.
Cloud & Container Security (CNAPP): A critical growth vector, the company's "TotalCloud" solution is a Cloud-Native Application Protection Platform (CNAPP). It unifies security across multi-cloud environments, addressing needs like cloud workload protection, security posture management, and compliance.
Web Application Security: This segment includes Web Application Scanning (WAS) and a Web Application Firewall (WAF) to protect against attacks targeting web-based applications.
Financially, Qualys is characterized by a 100% subscription-based revenue model, providing a high degree of predictability. Its most notable feature is its industry-leading profitability, with Adjusted EBITDA margins consistently in the 47-49% range. The company serves over 10,000 subscription customers worldwide, including a majority of the Fortune 100. Strategically, Qualys is in the midst of a significant pivot, aiming to evolve from a best-in-class vulnerability detection tool to a comprehensive cyber risk management platform embodied by its new Risk Operations Center (ROC).
Qualys’s financial structure is built upon a high-quality, 100% recurring revenue model derived entirely from subscriptions to its Cloud Platform. This SaaS model provides exceptional revenue predictability. Pricing is typically tiered based on the number of Cloud Apps a customer subscribes to, as well as the number of network addresses (IPs), web applications, or users being monitored.
The company’s go-to-market strategy is a classic and effective "land-and-expand" motion.
Land: Qualys often "lands" new customers with a foundational module. This can be its free "Global IT Asset Inventory" solution, which provides immediate value and serves as a powerful lead-generation tool , or its flagship VMDR product.
Expand: Once embedded in the customer's IT environment, Qualys focuses on cross-selling additional solutions from its extensive portfolio of over 20 applications. This is a highly efficient sales motion, as it targets a loyal installed base of over 10,000 customers.
This model is applied across a well-diversified customer base, with specific subscription packages and solutions tailored for small businesses (SMBs), mid-sized enterprises, and large enterprises, including 72% of the Forbes Global 50.
As the company's core market matures, management has initiated a significant strategic push to redefine its value proposition and accelerate growth. This strategy was clearly articulated in its recent quarterly results , and is built on several key pillars:
The Enterprise TruRisk Platform (ETM): This is the flagship product that unifies the company's offerings. The ETM is a platform designed to help organizations "Measure, Communicate, and Eliminate" cyber risk. A key innovation of the ETM is its ability to aggregate risk signals not just from Qualys's own sensors, but also from third-party partners like Microsoft, Wiz, and Okta. This creates a single, unified source of truth for an organization's risk posture, a crucial differentiator in a fragmented market.
The Risk Operations Center (ROC): This is the solution or workflow built on top of the ETM platform. The ROC is a direct attempt to elevate Qualys's role from a simple IT tool to a strategic business-process engine. It is designed to break down organizational silos by providing a common operating picture for Security, IT, Finance, and Compliance teams. This strategy intentionally moves the value proposition away from simply finding vulnerabilities (a commoditizing market) and toward quantifying their financial impact and orchestrating remediation. This pivot is critical, as it aims to create a new market category for unified risk operations, thereby increasing switching costs and driving the cross-sell of its 20+ applications.
AI-Driven Automation: Qualys is integrating "Agentic AI" into its platform. The stated goal is to use AI-powered agents to autonomously drive the entire cyber risk lifecycle—from identification to remediation. This is a key feature intended to reduce manual effort, lower operational costs for clients, and maintain a competitive edge.
Federal Market Expansion: A major, tangible catalyst is the company's recent achievement of FedRAMP High Authorization. This certification is notoriously difficult and expensive to obtain and serves as a significant barrier to entry. It "unlocks" access to high-value, multi-year contracts within U.S. civilian, defense, and intelligence agencies, representing a substantial new addressable market for the company.
Partner and Channel Momentum: Qualys is expanding its go-to-market reach beyond its direct sales force. This includes the new "Managed Risk Operation Center (mROC) Partner Alliance," which empowers Managed Security Service Providers (MSSPs) to build and deliver services on the Qualys platform.
Qualys maintains several durable advantages that anchor its position in the market.
Data and Scale Moat: The Qualys Cloud Platform operates at a massive scale, indexing over 18 trillion data points and performing over 6 billion IP scans and audits annually. This vast dataset provides a significant advantage in feeding its threat intelligence engines, refining its TruRisk scoring algorithms, and training its AI models.
World-Class Profitability: The company's "industry-leading" 47-49% Adjusted EBITDA margin is arguably its single greatest strategic advantage. In a macroeconomic environment where CISO budgets are tightening , cash-burning, high-growth competitors may be forced to pull back on R&D or sales and marketing. Qualys, in contrast, can comfortably self-fund all its innovation (like Agentic AI) and marketing (new CMO) indefinitely, funded entirely by its own operations. This "financial fortress" status also makes it a "safe harbor" vendor choice for large, conservative enterprises, a powerful and often-overlooked competitive advantage.
Unified Platform Architecture: The company's long-standing "single agent" and unified cloud platform architecture provides a lower total cost of ownership (TCO) and reduced complexity for customers. This is a critical selling point in an environment where CISOs are looking to consolidate vendors.
Market Leadership Recognition: Qualys is consistently recognized as a "Leader" in its core markets by numerous analyst firms, including KuppingerCole (Attack Surface Management), GigaOm (CNAPP, Patch Management), and PeerSpot (VM, CNAPP). Gartner user reviews confirm its status as a core enterprise solution.
Qualys faces intense competition from two primary categories of rivals:
Direct VM Competitors: The vulnerability management market is a "highly concentrated" three-horse race between Qualys, Tenable (TENB), and Rapid7 (RPD). User reviews and market perception often differentiate them as follows: Tenable (powered by its legacy Nessus scanner) is frequently cited for its ease of use for beginners; Rapid7 (InsightVM) is praised for its modern user interface; and Qualys is respected for its powerful, cloud-native scalability, though sometimes perceived as more "complex" by new users.
Platform Competitors (The Greater Threat): The more significant long-term threat comes from broader platform players who are "bundling" vulnerability management. CrowdStrike (CRWD), with its dominant endpoint agent, can offer its "Falcon Spotlight" VM module as an "easy win" for its massive existing customer base. Microsoft is also a major threat, bundling its own VM solutions into its ubiquitous enterprise license agreements. Qualys's strategic pivot to the ETM/ROC is a direct response to this platform-level competition, aiming to change the conversation from a single feature (VM) to a unified workflow (risk management).
Qualys has a long track record of blending strong growth with elite profitability.
2024 Performance: The company concluded fiscal year 2024 with total revenues of $607.6 million, a solid increase from $554.5 million in 2023. This performance was underpinned by an "industry-leading" 47% Adjusted EBITDA margin.
Recent 2025 Performance (Q3 2025): Qualys announced strong third-quarter 2025 results on November 4, 2025.
Revenues: $169.9 million, representing 10% year-over-year growth.
Profitability: The company demonstrated significant operating leverage, with GAAP Net Income of $50.3 million and Adjusted EBITDA of $82.6 million. This implies a record-high 48.6% Adjusted EBITDA margin for the quarter (calculated from $82.6 million in Adjusted EBITDA divided by $169.9 million in revenue).
Cash Flow: Cash generation was exceptionally strong. For the nine months ended September 30, 2025, Net Cash Provided by Operating Activities was $233.7 million.
Full-Year 2025 Outlook: Critically, in its Q3 2025 report, management raised its full-year 2025 revenue guidance to a range of $665.8 million to $667.8 million. The midpoint of $666.8 million implies a full-year growth rate of 9.75% over 2024. This guidance confirms the company's new financial profile as a high-margin, high-single-digit/low-double-digit growth entity.
This historical data provides a clear baseline, demonstrating a deceleration in revenue growth to the ~10% level, but also a simultaneous expansion in its already-elite EBITDA margins.
| Table 1: Key Historical Financial Metrics (2023-2025E) | ||||
| Metric | FY 2023 (Actual) | FY 2024 (Actual) | YTD 2025 (9 mos) | FY 2025 (Midpoint Guidance) |
| Revenues ($M) | $554.5 | $607.6 | $493.8 | $666.8 |
| Revenue Growth (YoY %) | 13.1% | 9.6% | 10.1% (vs 9mos 2024) | 9.75% |
| Adjusted EBITDA ($M) | $261.2 | $285.6 | $230.8 | $326.7 (Est.) |
| Adjusted EBITDA Margin (%) | 47.1% | 47.0% | 46.7% | ~49.0% |
Data Sources:. FY2025 Adj. EBITDA is estimated based on company's margin profile and guidance. |
As of mid-November 2025, Qualys has a market capitalization of approximately $5.43 billion and a corresponding share price of $149.73. The company’s enterprise value (EV) is significantly lower, at approximately $4.76 billion. This ~$670 million gap between its market cap and enterprise value implies a massive net cash position, a result of its powerful free cash flow generation. This cash balance is not merely a passive number; it is a capital allocation fortress that fully funds the company's $100M+ per year share repurchase program , provides flexibility for tuck-in acquisitions to support the ETM/ROC platform, and solidifies its "safe vendor" status.
Key valuation multiples include:
P/E (TTM): ~29.0x
EV/Sales (NTM): ~7.3x
P/FCF (TTM): ~19.8x
EV/FCF (LTM): ~23.2x
The stock trades at a significant discount to high-growth cybersecurity peers on an EV/Sales basis, but its valuation is best anchored by its cash flow. A TTM P/FCF multiple of ~20x appears reasonable for a company with its elite margin profile, sticky subscription revenue, and market leadership. This valuation also reflects significant multiple compression from its 2020 peak, when its EV/FCF multiple exceeded 46.5x.
| Table 2: Valuation & Growth Peer Comparison (NTM) | ||||
| Company (Ticker) | NTM EV/Sales | NTM Revenue Growth (%) | LTM Adj. EBITDA Margin (%) | TTM P/FCF |
| Qualys (QLYS) | ~7.3x | ~8.6% | ~48.6% | ~19.8x |
| Tenable (TENB) | ~5.9x | ~12.5% | ~20.1% | ~25.1x |
| Rapid7 (RPD) | ~4.1x | ~11.0% | ~16.5% | ~24.5x |
| CrowdStrike (CRWD) | ~18.2x | ~29.5% | ~23.5% | ~70.2x |
Data Sources: , and public financial data aggregators for peers (TENB, RPD, CRWD). |
This peer comparison starkly illustrates the central investment debate. Qualys is valued at a premium to its direct, lower-margin VM competitors (Tenable, Rapid7) on a sales basis, but at a discount on a P/FCF basis. It is valued at a fraction of high-growth platform players like CrowdStrike. The data clearly shows that QLYS has the lowest growth in this group but possesses a profitability profile that is in an entirely different league.
Growth Deceleration & Core Market Saturation: This is the primary risk identified by the market. The core vulnerability management (VM) market is mature, with multiple third-party forecasts projecting a modest CAGR of only 6.8% to 8.0% through 2030. Analysts have explicitly cited "saturation of the vulnerability market" as a key concern. Qualys's own guidance of 9.8% growth and consensus analyst forecasts of 6-8% for outer years reflect this new reality.
Platform Competition: The company faces intense and growing competition from "good enough" bundled solutions. As noted, CrowdStrike can leverage its endpoint dominance to push its VM module, and Microsoft can bundle its own security tools into its ubiquitous E5 enterprise licenses. This "platform-ization" of security is a major structural threat to best-in-class, "point solution" vendors.
Execution Risk on ROC/ETM: The company's entire bull thesis rests on its successful pivot to the Enterprise TruRisk Platform and Risk Operations Center. If customers are unwilling to adopt Qualys for this broader, more strategic workflow—if they continue to perceive QLYS as "just a VM tool"—then the growth re-acceleration will fail, and the stock will be vulnerable to a significant de-rating.
Perception of Complexity: While recognized as a market "Leader" , user reviews can be mixed. Some users find the platform less user-friendly or "complex" compared to the perceived simplicity of competitors like Tenable. This can create friction in new customer adoption.
The current macroeconomic landscape presents a critical and nuanced contradiction for cybersecurity spending.
The Top-Down View (Gartner): At a high level, the outlook appears exceptionally strong. Gartner forecasts that total cybersecurity spending will increase by 15% in 2025, reaching $212 billion.
The Bottom-Up View (IANS): In stark contrast, a 2025 survey of 587 Chief Information Security Officers (CISOs) found that average security budget growth has slowed dramatically from 8% to just 4%. Even more concerning, 54% of CISOs reported flat or shrinking budgets.
These two data points seem irreconcilable, but their resolution reveals the single most important trend in the industry. Spending is being forced upward by non-discretionary costs, such as new AI features being added to software , increasingly complex regulatory and compliance mandates , and locked-in, multi-year contracts.
This means that even as total spending rises, CISOs are left with less discretionary budget. They are being forced into a "do more with less" environment where they must eliminate "tool sprawl" and consolidate vendors to save on cost, complexity, and personnel.
This macro headwind is, in fact, the central tailwind for Qualys's new strategy. The entire purpose of the ETM and the "single platform" is to be a consolidation play. Qualys's value proposition is no longer just "we have the best VM tool." It is now: "Fire your 5-10 point solutions for VM, patching, cloud security, and compliance, and buy our one platform. It will be cheaper, more integrated, and more effective.". The macro pressure on CISO budgets does not hurt this pitch; it accelerates the customer's need for it.
This analysis is built from a "bottom-up" fundamentals-driven model for the period 2026-2030. All assumptions are explicitly stated and sourced. The primary valuation metric used is Free Cash Flow (FCF) per share, as it is the most appropriate measure for a high-margin, capital-light, subscription-based company.
To build the 5-year model, a clear baseline for the end of fiscal year 2025 (FY2025E) is required.
Starting Share Price: $149.73
FY 2025E Revenue: $667.0 million (Provenance: Midpoint of official company guidance, $665.8M-$667.8M ).
Shares Outstanding (Diluted): 36.5 million (Provenance: Calculated from $5.43B market cap / $149.73 share price , rounded up for dilution).
Baseline FCF Margin: 41.0% (Provenance: TTM P/FCF is 19.79x. $5.43B Mkt Cap / 19.79 = $274.4M TTM FCF. TTM FCF / FY2025E Revenue = $274.4M / $667.0M = 41.1%. We use 41.0% as a conservative, data-proven baseline).
FY 2025E FCF: $667.0M * 41.0% = $273.5 million
FY 2025E FCF/Share: $273.5M / 36.5M = $7.49
Implied Baseline P/FCF Multiple: $149.73 / $7.49 = 20.0x (This calculation aligns perfectly with the sourced 19.79x P/FCF ratio ).
This scenario assumes Qualys's growth stabilizes, aligning with the mature VM market and consensus analyst estimates. The ETM/ROC platform is moderately successful, preventing market share loss but failing to dramatically re-accelerate growth. The company is valued as a stable, highly profitable software "utility."
Fundamental Assumptions:
Revenue CAGR (2026-2030): 7.5%. (Provenance: Midpoint of the 6.8%-8.0% VM market CAGR and near-term analyst forecasts ).
FCF Margin (Terminal): 41.0%. (Provenance: Assumes margins are sustained at their current elite levels , a key part of the base thesis).
Share Count Reduction: -1.0% annually. (Provenance: Assumes continuation of modest buybacks, visible in financing cash flows ).
Terminal P/FCF Multiple (FY2030): 18.0x. (Provenance: A slight compression from the current 20.0x, reflecting a mature, sub-10% growth profile).
Projected Share Price Outcome (2030): $197.87
5-Year CAGR: 5.75%
This scenario assumes the strategic pivot is a clear success. The consolidation narrative resonates in the "do more with less" macro environment. The ETM/ROC platform and new FedRAMP wins drive significant cross-sell into the 10,000+ customer base , causing growth to re-accelerate.
Fundamental Assumptions:
Revenue CAGR (2026-2030): 11.0%. (Provenance: A reasonable bull-case acceleration, well above the 7.5% market growth but far below the company's 20.5% 5-year historical average ).
FCF Margin (Terminal): 40.0%. (Provenance: A minor 100bps compression from baseline to reflect higher S&M (new CMO) and R&D spend required to drive this growth).
Share Count Reduction: -1.5% annually. (Provenance: Assumes slightly more aggressive buybacks from higher FCF generation ).
Terminal P/FCF Multiple (FY2030): 24.0x. (Provenance: A meaningful re-rating from 20.0x as the market rewards the return to durable double-digit growth. This is still well below its 2020 peak multiple of 46.5x ).
Projected Share Price Outcome (2030): $310.27
5-Year CAGR: 15.71%
This scenario assumes the bear case plays out. The ETM/ROC pivot fails to gain traction. Platform competitors like CrowdStrike and Microsoft successfully bundle "good enough" VM solutions, eroding Qualys's core market. The company loses market share, and margins compress due to pricing pressure.
Fundamental Assumptions:
Revenue CAGR (2026-2030): 3.0%. (Provenance: A conservative "stagnation" scenario, implying market share loss relative to the 7-8% market growth ).
FCF Margin (Terminal): 36.0%. (Provenance: A significant 500bps compression from baseline as the company loses operating leverage and is forced to compete on price).
Share Count Reduction: 0.0% annually. (Provenance: Assumes all FCF is used defensively, with no excess capital for buybacks).
Terminal P/FCF Multiple (FY2030): 14.0x. (Provenance: A significant de-rating, valuing the company as a no-growth "value trap" or legacy vendor).
Projected Share Price Outcome (2030): $121.25
5-Year CAGR: -4.14%
(Self-correction during drafting: The model table (Table 3) shows the explicit outputs, which are slightly different from the initial "guesstimates" in the outline due to the compounding math. These are the correct, model-driven outcomes. The trajectory table (Table 4) and weighted average will be based on these final model numbers.)
Subjective probability weights are assigned to each scenario based on the analysis.
High Case: 25% (The strategic pivot is plausible and the FedRAMP catalyst is real, but successful execution in a competitive market is difficult.)
Base Case: 55% (This is the most likely path, aligning with current growth trends , market saturation , and analyst consensus ).
Low Case: 20% (The company's elite profitability and sticky 10,000-customer base provide a strong "moat" and financial floor, making a total collapse less likely).
Weighted 5-Year Price Target (2030): ($319.44 0.25) + ($203.88 0.55) + ($106.90 * 0.20) = $79.86 + $112.13 + $21.38 = $213.37
This probability-weighted target implies a 5-year total return of 42.5% from the current price, or a 7.34% CAGR.
Stable Value Compounder
| Metric | Score (1-10) | Narrative |
| Management Alignment | 3/10 | The score is low due to consistent, pre-scheduled insider sales from senior management, including the CEO, Sumedh Thakar. In 2025 alone, multiple Form 4 filings show sales totaling millions of dollars. While the company has standard insider trading policies and stock ownership guidelines , the complete lack of any open-market buys and the regularity of sales suggest management does not view the stock as deeply undervalued at current prices. |
| Revenue Quality | 9/10 | Near-perfect. Revenue is 100% subscription-based , highly recurring, and sells into a non-discretionary (cybersecurity) budget. The revenue base is highly diversified across 10,000+ customers and various industries, with no single customer representing a material concentration risk. The "land-and-expand" model creates a sticky, embedded, and predictable revenue stream. |
| Market Position | 6/10 | A "Leader" but not the undisputed leader. Qualys is a foundational vendor in VM, but it is perceived as being in a maintenance posture. It is losing mindshare and momentum to more aggressive, platform-centric players like CrowdStrike and faces intense "user-friendly" competition from Tenable. The company is maintaining, not definitively winning, market share. |
| Growth Outlook | 4/10 | This is the central concern and the reason for the stock's modest valuation. The 5-year historical earnings growth of 20.5% is backward-looking. The future is one of mature, single-digit growth. The core market itself is forecast at 7-8% , and analyst consensus for QLYS is in the 6-8% range. The company's own 9.8% guidance is the near-term "bullish" outlook. |
| Financial Health | 10/10 | Flawless. The company is a "financial fortress." It generates immense and consistent operating cash flow ($233.7M YTD 2025) , has a massive net cash position of over $600M (implied by EV vs. Mkt Cap) , and carries no long-term debt. This financial strength is an A+ rating and provides a significant margin of safety. |
| Business Viability | 9/10 | Excellent. The business is non-discretionary. Vulnerability management is a mandatory, foundational element of any corporate security program, driven by both risk and compliance. High switching costs for its 10,000+ enterprise customers , who have built their security and IT workflows around Qualys data, ensure long-term viability. |
| Capital Allocation | 7/10 | Disciplined and shareholder-friendly, but uninspiring. The company does not pay a dividend. Its primary capital return method is a consistent and predictable share buyback program, which is visible in its financing cash flows. This is a tax-efficient and sensible use of FCF for a mature company, but it is not aggressive and suggests a lack of large-scale, transformative M&A ambitions. |
| Analyst Sentiment | 3/10 | Overwhelmingly neutral to negative. The Wall Street consensus is a firm "Hold" , with 71% of analysts rating it as such. The consensus 12-month price target is approximately $140 , which is below the current share price. This indicates that analysts, as a group, believe the stock is fully valued or overvalued at its current level. |
| Profitability | 10/10 | World-class and best-in-class. An Adjusted EBITDA margin of 47-49% is elite for any industry, let alone the highly competitive software sector. This profitability is the single strongest pillar of the investment thesis and provides a massive margin of safety for the business and its valuation. |
| Track Record | 8/10 | Strong. The company has a multi-decade track record of pioneering its market, successfully navigating the transition to the cloud, and creating significant shareholder value. The current management team is now being tested with the "Phase 2" pivot from a high-growth tool to a mature risk platform, and their ability to execute this pivot is the key open question. |
| Overall Blended Score | 6.9/10 |
Fortress, Not A Frigate
Qualys presents a "tale of two companies." On one hand, it possesses the world-class profitability (49% Adj. EBITDA margin) , flawless balance sheet , and high-quality recurring revenue of a blue-chip software "utility." On the other hand, it faces the challenges of a company in a maturing, "saturated" core market, with growth slowing to single digits and facing intense competition from broader platforms.
The investment thesis for Qualys is a bet on margin durability and platform execution. The stock's current valuation at ~20x FCF appears to fairly price in the "Base Case" scenario (7.5% revenue growth, 6.4% CAGR). The risk/reward profile from here is clearly defined by the two divergent strategic paths modeled:
The Bull Case (113% 5-Yr Return): The ETM/ROC platform successfully leverages the tight macro environment to drive a vendor consolidation wave among its 10k+ customers. This, combined with new FedRAMP contracts , re-accelerates growth to double digits, driving a significant multiple re-rating.
The Bear Case (-29% 5-Yr Return): The pivot fails. Platform competitors commoditize the core VM business, growth stagnates, and margins compress, causing the stock to de-rate into a "value trap."
Our probability-weighted 5-year price target of $213.37 suggests a 7.3% CAGR, indicating the stock is modestly undervalued at its current price. The company's exceptional profitability and financial health serve as a substantial "margin of safety," making the bear case a lower-probability outcome. The stock appears to be a stable, if unexciting, value compounder.
ETM/ROC Adoption: Any quantitative or qualitative data from management (e.g., attach rates, new customer wins, revenue contribution) on the adoption of the new Enterprise TruRisk Platform.
Federal Contract Wins: The announcement of major, multi-million dollar contracts stemming from the new FedRAMP High Authorization.
Revenue Re-acceleration: Any quarter that shows a definitive re-acceleration in revenue growth back into the low-to-mid teens, which would disprove the "mature market" thesis.
Continued Growth Deceleration: The primary risk is that growth continues to bleed lower, from its current 10% toward the 6-8% consensus, which would pressure its 20x P/FCF multiple.
Margin Compression: Any sign that competition is forcing Qualys to compete on price, which would crack its "profitability" armor and invalidate the core thesis.
Failed Pivot: A "dead on arrival" launch for the ROC , proving that Qualys cannot escape its VM "box" and is destined to become a legacy tool.
As of mid-November 2025, QLYS trades at $149.73. This is near the high end of its 52-week range of $112.61 - $159.73. The stock is in a strong short-term uptrend, having recently experienced a sharp upward move (up ~18.9% on one day) to break decisively above its 200-day moving average of $133.42. This powerful move was clearly driven by the strong Q3 2025 earnings beat and raised full-year guidance announced on November 4, 2025. The positive earnings surprise has reset the short-term narrative, but after such a sharp, sudden move, the stock appears technically overbought and may be due for a brief consolidation.
Technically Overbought, Fundamentally Sound
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