Qualys Inc：2Q26业绩 – 利用竞争弱点？

研报英文原文证据摘录

M

Idea

August 5, 2026 02:39 AM GMT

Morgan Stanley & Co. LLC

Qualys Inc | North America

Meta A Marshall

Equity Analyst

2Q26 Results – Exploiting

Competitive Vulnerabilities?

Abhishek S Murli

Research Associate

Qualys Inc (QLYS.O, QLYS US)

What’s Changed

Software | United States of America

Qualys Inc (QLYS.O)

From

To

Price Target

$115.00

$130.00

AlphaSignals Earnings Reaction

Weakens our thesis

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

QLYS's Q2 was better than expected, showing acceleration,

notable given competitive results. Co saw better attach of

platform (ETM / PM) in deals, pointing to some emerging

competitive differentiation on PM. Would like to see more to

move away from UW, but walked away surprised positively.

Key Takeaways

QLYS' upside to Q2 was counter to checks, as company did a better job upselling

customers than expected.

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Fiscal Year Ending

Underweight

Attractive

$130.00

$161.06

$5,642

$167.86-74.51

12/25 12/26e 12/27e 12/28e

EPS ($)**

Prior EPS ($)**

P/E

EPS ($)§

Div yld (%)

7.08

24.1

6.98

7.76

7.56

27.3

7.57

8.56

8.36

24.7

8.24

8.82

8.73

24.3

8.65

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

Quarterly EPS ($)

Quarter

2025

Q1

Q2

Q3

Q4

1.67

1.68

1.86

1.87

2026e 2026e

Prior Current

1.96

1.88

1.95a

1.98a

1.94

1.89

2027e 2027e

Prior Current

1.96

2.06

2.15

2.20

2.00

2.12

2.21

2.24

e = Morgan Stanley Research estimates, a = Actual Company reported data

Remain reserved on the category, and 49% of revenue still attributed to a

category that is not growing, but need to do more work on competitive

landscape.

Patch management offering emerging differentiation? QLYS' Q2 revenue

reaccelerated to 11% Y/Y growth, the fastest growth rate since Q1'24. with

calculated current billings growing 16% (from 8% last year). Growth reacceleration

…