HIGHBuilt-inGeographic
56%
United States
“10-K Item 1: 'In 2025, 2024 and 2023, 56%, 58% and 60%, respectively, of our revenues were derived from customers in the United States based on our customers' billing addresses'”
QLYS · Concentration risk · 10-K extracted
Qualys (QLYS) concentration risks
Updated
The most significant concentration Qualys discloses is United States at 56%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
Show full disclosure ▾Hide full disclosure ▴
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. The TrendMatrix editorial team frequently holds personal long-term positions in securities discussed. We disclose positions held at the time of publication on each piece. We maintain a trading-window policy: we do not initiate or close positions in the same direction as a TrendMatrix publication within 24 hours before or 72 hours after publication.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security. Our sole compensation is subscription revenue.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Source: Qualys’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH1
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCounterparty
third-party channel partners
“10-K Item 1A: 'We rely on third-party channel partners to generate a substantial amount of our revenues'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is defined by two exposures — one geographic and one channel-based — that are complementary rather than compound. The United States is the largest disclosed revenue geography: 56% of revenues in 2025 were derived from customers in the United States based on billing addresses — a high-share structural concentration by disclosed size. This reflects where enterprise and government security spending is most concentrated and where the company has built its deepest relationships, rather than a reliance on any single customer. The structural character means the U.S. tilt is durable and expected to persist; the risk is that a sustained pullback in U.S. enterprise IT budgets or increased domestic competition would affect the majority of the revenue base without an equivalent international offset. On the demand-generation side, the company relies on third-party channel partners to generate a substantial amount of revenues — a moderate-share dependency. Channel partner dependency introduces execution risk that is distinct from product or customer concentration: if key partners reduce their focus on the company's solutions, shift to competitive offerings, or face their own business disruptions, the company's ability to acquire and renew customers efficiently would be affected. Together the profile is relatively compact: a U.S.-weighted revenue base generated substantially through channel partners. The high-share geographic concentration and moderate-share channel dependency are not independent — they likely overlap, with U.S. channel partners driving a meaningful portion of that domestic revenue. Both disclosures are well-understood and typical for a U.S.-headquartered enterprise SaaS security company.
For the engine’s reasoning on QLYS’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Software - Infrastructure
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| APPN | Appian Corporation | 2 | 2 | 0 | 4 |
| QLYS● | Qualys, Inc. | 1 | 1 | 0 | 2 |
| AVPT | AvePoint, Inc. | 1 | 0 | 0 | 1 |
| ATEN | A10 Networks, Inc. | 0 | 2 | 0 | 2 |
| ACIW | ACI Worldwide, Inc. | 0 | 0 | 0 | 0 |
| AKAM | Akamai Technologies, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.