COMPARE · Reviewed August 3, 2026
QLYS vs TENB
Verdict: Side-by-side breakdown using the Bull Rankings model. QLYS scored 72.0, TENB scored 64.7 — QLYS leads.
Compare another set
QLYS
Qualys, Inc.
72
$154.89 · $5.5B
fundamentals as of
Score gap
7.3
QLYS leads
TENB
Tenable Holdings, Inc.
64.7
$34.97 · $3.9B
fundamentals as of
The model, pillar by pillar (0–100 each)
QLYS
stronger →← stronger
TENB
94
Qualityreturns · margins · balance sheet
50
85
Growthrevenue & earnings expansion
81
47
Valuevaluation vs sector peers
67
QLYS is stronger on 2 of 3 pillars.
Fundamentals, head-to-head
QLYS
TENB
$290mC
FCF
$259mC
+10.2%B
Rev
+10.7%B
0.09B+
D/E
2.11D
27.8xB
P/E
—
5.68D
PEG
0.99B+
—
P/S
3.8xB
Winner per row is the stronger grade in our model; a tie or a missing value shows no highlight.
Valuation · DCF cross-check
QLYS
TENB
26% below
Price vs fair valuelower is cheaper
18% below
~-1%/yr
Growth the price implies10-yr FCF · lower = less priced in
~2%/yr
+24%
1-yr DCF upside
+11%
+34%
5-yr DCF upside
+22%
+52%
10-yr DCF upside
+39%
The DCF is a cross-check on intrinsic value, separate from the quality-growth score above.
Model signals
QLYS
Why this score
- Buying back stock
- Durable high returns
TENB
Why this score
- Buying back stock
The companies
QLYSQualys, Inc.
Why now
Software - Infrastructure · market cap $5.5b. 8% off the 52-week high of $167.86. Revenue growing +10%, comfortably above the S&P median. 18 sell-side analysts rate this a Hold with a mean 1-yr target of $131.13 (implying -15% upside).
Moat
Net margin 29% sits well above the S&P median (~11%) — suggests structural pricing advantage or cost discipline competitors can't quickly close. ROE 35% — top-decile capital efficiency. Either pricing leverage, low capital intensity, or aggressive buybacks; the durability story depends on which. FCF converts 144% of net income — earnings translate cleanly into cash, a sign that working capital and capex are well-disciplined.
Risk
Software — competitive moat is durable until it isn't; watch net revenue retention, gross margin trends, and any new market entrant with a fundamentally lower price point.
TENBTenable Holdings, Inc.
Why now
Software - Infrastructure · market cap $3.9b. 20% off the 52-week high of $43.67. Revenue growing +11%, comfortably above the S&P median. PEG 0.99 — paying under fair value for the growth rate. 20 sell-side analysts rate this a Buy with a mean 1-yr target of $35.35 (implying +1% upside).
Moat
Software economics — recurring revenue, embedded customer workflows, and high gross margin all compound the moat once a base account is won. Switching costs are the lever.
Risk
D/E 2.11 is elevated — limits strategic flexibility and raises refinancing exposure if rates stay higher for longer. Currently unprofitable (margin -1.2%) — path to GAAP profitability is the core thesis risk. ROE -5% is below the long-run sustainable threshold of ~10% — capital efficiency would need to improve for the equity base to compound at the market rate.
Verdict — model-derived comparison
Generating verdict… typically 5–10 seconds
Not investment advice. The Bull Rankings publishes a quantitative ranking model and accompanying analysis for general informational purposes only. Nothing on this page is a recommendation to buy, sell, or hold any security; nothing is personalized to your circumstances, risk tolerance, or tax situation. Investing carries the risk of loss — invest at your own risk and consider consulting a licensed financial professional before acting on anything you read here. See terms and methodology for full disclosures.