$QLYS 0.49 Noisy

Notable posts

• @wallstengine mixed 37 eng

  JPMorgan Upgrades $QLYS to Neutral from Underweight, Raises PT to $139 from $87 Analyst comments: "The same vulnerability explosion that lifts the VM category lifts QLYS off the Underweight floor, even with execution lagging. The company is a Project Glasswing and Daybreak participant, runs over 200 million agents worldwide, and has shipped a multi-agent platform with Agent Val generally available for autonomous patch orchestration, Agent Nyra for threat-informed prioritization, Agent Sid for exposure and asset context, Agent Sara for risk elimination, and ROCky as the conversational layer on top of the Risk Operations Center. Agent Grant is emerging as an identity play, with the company citing “over 74% of breaches” involving a compromised identity. The Risk Operations Center has been operational with the customer base for over a year and is the 100% sales focus for 2026. The margin profile offers valuation support: adjusted EBITDA margin of 47% has held flat from 2022 through 1Q26, Rule of 40 is 57%, and FCF margin is 45% against a peer-median EBITDA margin of 26%. However, bookings mix has been a headwind. ETM and CSAM are 11% of LTM bookings, up only 3 points in two years, with VMDR still 50% of mix, and the absence of a multi-year financial framework leaves the platform-value question unanswered. Until that mix shifts and a long-term framework is disclosed, we think QLYS captures less of the vulnerability tailwind than Tenable. We are moving Qualys to Neutral from Underweight and establish a December 2027 price target of $139." Analyst: Brian Essex

  view on X →