Qualys Faces Sell Call as QLYS Drops 38% Amid Slower Billings Growth

Qualys Inc. (QLYS) drew a bearish assessment on May 14, 2026, after its shares fell 38.3% over the past six months to $92.62, with concerns centered on slower billings growth, softer revenue expectations and valuation risk. The cybersecurity company reported first-quarter billings of $167.5 million. Billings growth averaged 9.1% year over year over the past four quarters, a pace the analysis said may reflect pressure from competition and customer retention challenges. Sell-side analysts expect Qualys revenue to rise 7.7% over the next 12 months, below its 12.9% annualized growth rate over the past five years. The company’s trailing 12-month GAAP operating margin stood at 33.7%, up 2.5 percentage points over two years, but the stock’s 4.6 times forward price-to-sales multiple was cited as insufficiently attractive given the growth outlook.