QLYSQUALYS, INC.

Services-Prepackaged Software

Revenue: $669M; 10% YoY
Operating margin: 33.2%; 7.7% YoY
EBITDA: $236M; 15% YoY
Market cap: $7.8B
Employees: 5,000; $134K revenue each
Net debt / EBITDA: —
AI in 10-K: 6.1; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
156% of net income
Cash flow under 80% of net income
Dilutive SBCYes
12% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
59% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$134K · 7th pct
Bottom quartile of its SIC industry
Quiet on AINo
6.1 per 10K words · 86th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$23M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$411M	$490M	$554M	$608M	$669M	10%
Operating income	$88M	$131M	$163M	$187M	$222M	19%
Net income	$71M	$108M	$152M	$174M	$198M	14%
Operating cash flow	$201M	$199M	$245M	$244M	$309M	27%
Capex	$24M	$15M	$9M	$12M	$5M	60%
Stock-based comp	$68M	$53M	$69M	$77M	$77M	0.2%
Buybacks	$130M	$317M	$171M	$140M	$183M	31%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $23M · 156
Net: −$23M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	109	258
FY2024	—	—	115	201
FY2023	—	—	161	147
FY2022	—	—	92	89
FY2021	—	—	113	138