Qualys vs SentinelOne: Revenue, Profit and Business Model
Qualys had $590M of annual revenue in FY2024 and $175M of net income. SentinelOne had $621.1M of annual revenue in FY2024 and a net loss of $338.7M.
Latest financial snapshot
Qualys
- Latest annual revenue
- $590M (FY2024)
- Net income
- $175M
- Net margin
- 29.7%
- Revenue growth
- +15.2% a year, FY2015–FY2024
SentinelOne
- Latest annual revenue
- $621.1M (FY2024)
- Net income
- -$338.7M
- Net margin
- -54.5%
- Revenue growth
- +109.5% a year, FY2015–FY2024
Financial summary
Qualys
Qualys's financial performance represents the pinnacle of SaaS profitability and operational efficiency in the cybersecurity industry. In fiscal year 2024, Qualys generated consolidated net revenue of $590.0 million, representing a 13% year-over-year increase compared to $522.3 million in FY2023. Annual recurring revenue (ARR) was propelled by widespread customer adoption of VMDR with TruRisk and Patch Management. GAAP gross profit reached $475 million, resulting in an industry-leading gross margin of 80.5%. GAAP net income reached $160.0 million, delivering an extraordinary net profit margin of 27.12% and diluted earnings per share (EPS) exceeding $4.10. Operating cash flow stood at $245 million, representing a cash flow conversion rate of over 150% of net income. Supported by $455 million in cash, cash equivalents, and marketable securities, zero long-term debt, and consistent double-digit return on invested capital (ROIC), Qualys maintains one of the cleanest and most resilient balance sheets in technology.
SentinelOne
SentinelOne's financial profile is characterized by rapid top-line revenue expansion, expanding gross margins, and a clear trajectory toward GAAP profitability. In fiscal year 2024, SentinelOne reported consolidated net revenue of $621.15 million, representing a robust 47% year-over-year increase compared to $422.2 million in FY2023. Annualized Recurring Revenue (ARR) surged 39% to $724.4 million, driven by balanced enterprise new-customer acquisition and net expansion. GAAP gross margins expanded to 73%, while Non-GAAP gross margins reached an impressive 77%, reflecting strong cloud hosting infrastructure optimization. The company maintained exceptional balance sheet liquidity, closing the fiscal year with over $1.1 billion in cash, cash equivalents, and short-term investments, and zero funded corporate debt. With operating cash flow turning positive in late FY2024, SentinelOne is fully funded to execute its long-term AI-driven security expansion without external equity dilution.
Revenue and profit by year
Qualys
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | $590M | $175M | 29.7% | +6.4% | |
| FY2023 | $554.5M | $151.6M | 27.3% | +13.2% | |
| FY2022 | $489.7M | $107.9M | 22.0% | +19.1% | |
| FY2021 | $411.2M | $71.4M | 17.4% | +13.3% | |
| FY2020 | $363M | $92.1M | 25.4% | +12.9% | |
| FY2019 | $321.6M | $69.4M | 21.6% | +15.3% | |
| FY2018 | $278.9M | $57M | 20.4% | +20.8% | |
| FY2017 | $230.8M | $35.9M | 15.6% | +16.6% | |
| FY2016 | $197.9M | $21.1M | 10.7% | +19.4% | |
| FY2015 | $165.7M | $12.7M | 7.7% | — |
SentinelOne
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | $621.1M | -$338.7M | -54.5% | +47.1% | Source |
| FY2023 | $422.2M | -$378.7M | -89.7% | +106.1% | Source |
| FY2022 | $204.8M | -$271.1M | -132.4% | +120.0% | Source |
| FY2021 | $93.1M | -$117.6M | -126.4% | +100.2% | Source |
| FY2020 | $46.5M | -$76M | -163.4% | +87.5% | Source |
| FY2019 | $24.8M | -$35M | -141.1% | +98.4% | Source |
| FY2018 | $12.5M | -$19M | -152.0% | +108.3% | Source |
| FY2017 | $6M | -$10M | -166.7% | +140.0% | Source |
| FY2016 | $2.5M | -$5M | -200.0% | +212.5% | Source |
| FY2015 | $800,000 | -$2M | -250.0% | — | Source |
Where the revenue comes from
Qualys
- Vulnerability Management, Detection & Response (VMDR)56.0%
Flagship unified application for continuous asset discovery, vulnerability scoring with TruRisk, risk-based prioritization, and remediation orchestration across global IT environments.
- Cybersecurity Asset Management & Patching20.0%
CyberSecurity Asset Management (CSAM) with external attack surface management (EASM) and integrated, automated patch management across hybrid enterprise endpoints.
- Policy Compliance & File Integrity14.0%
Cloud-based CIS and DISA benchmark compliance, PCI DSS validation, regulatory posture assessment, and real-time file integrity monitoring (FIM).
- Cloud Security & Container Runtime Protection10.0%
TotalCloud Cloud-Native Application Protection Platform (CNAPP), infrastructure-as-code scanning, and containerized workload defense across multi-cloud environments.
SentinelOne
- Singularity Endpoint Protection & EDR62.0%
Autonomous AI-driven endpoint detection and response, Storyline automated telemetry, and device control.
- Singularity Cloud Security18.0%
Cloud workload protection, Kubernetes runtime agent security, and containerized infrastructure threat mitigation.
- Singularity Identity & Credential Defense12.0%
Active Directory deception, credential protection, and lateral movement defense.
- Singularity Data Lake & Security Operations8.0%
Scalable high-speed log ingestion, automated incident response orchestration, and threat hunting analytics.
Business model and strategy
Qualys
How it makes money
Qualys operates a pure-play multi-tenant cloud Software-as-a-Service (SaaS) subscription business model characterized by exceptional software gross margins, high operating profitability, and predictable annual recurring revenue: (1) Qualys Cloud Platform Subscriptions (~95% of revenue), billed annually in advance based on the number of monitored IT assets, IP addresses, web applications, and cloud workloads.
Growth strategy
Under CEO Sumedh Thakar, Qualys is pursuing four clear corporate growth pillars: (1) Scaling Qualys TruRisk Risk Quantification: Expanding TruRisk adoption to translate technical vulnerabilities into quantified monetary risk scores that corporate boards and CISOs can understand and prioritize;
Competitive advantage
Qualys' sustained competitive advantage stems from four structural pillars: its pure multi-tenant cloud architecture, its lightweight unified Cloud Agent, the TruRisk prioritization algorithm, and unmatched corporate operating profitability. 1.
SentinelOne
How it makes money
SentinelOne operates a pure-play cloud Software-as-a-Service (SaaS) subscription business model with high gross margins and predictable annual recurring revenue: (1) Singularity Core, Control, and Complete Subscriptions (~85% of revenue), billed annually on a per-endpoint or per-workload basis, providing multi-tiered endpoint protection, automated EDR investigation, and autonomous ransomware rollback;
Growth strategy
Under CEO Tomer Weingarten, SentinelOne is pursuing four strategic growth imperatives: (1) Scaling Purple AI Adoption: Driving enterprise monetization of Purple AI as an automated security analyst, empowering tier-1 SOC analysts to perform advanced threat hunting and cutting mean time to detect (MTTD) by over 80%;
Competitive advantage
SentinelOne's foundational architectural advantage is its autonomous on-device behavioral AI execution. Unlike traditional cloud-dependent architectures that require constant streaming of raw telemetry to remote data centers for analysis, SentinelOne embeds static and behavioral machine-learning models directly within its local endpoint agent.
Questions about Qualys vs SentinelOne
Which company has higher revenue — Qualys or SentinelOne?
Qualys had $590.0M (FY2024), while SentinelOne had $621.1M (FY2024). By latest annual revenue, SentinelOne is the larger business, with Qualys showing a smaller revenue base.
What is the market cap of Qualys vs SentinelOne?
Qualys's market capitalisation stands at $5.6B, while SentinelOne's is $7.5B. SentinelOne carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Qualys.
How does revenue per employee compare for Qualys and SentinelOne?
Qualys has $268k / employee in revenue per employee, while SentinelOne has $259k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Qualys and SentinelOne make money?
Qualys and SentinelOne generate revenue in fundamentally different ways. Qualys: Qualys operates a pure-play multi-tenant cloud Software-as-a-Service (SaaS) subscription business model characterized by exceptional software gross margins, high operating profitability, and predictable annual recurring revenue: (1) Qualys Cloud Platform Subscriptions (~95% of revenue), billed annually in advance based on the number of monitored IT assets, IP addresses, web applications, and cloud workloads. SentinelOne: SentinelOne operates a pure-play cloud Software-as-a-Service (SaaS) subscription business model with high gross margins and predictable annual recurring revenue: (1) Singularity Core, Control, and Complete Subscriptions (~85% of revenue), billed annually on a per-endpoint or per-workload basis, providing multi-tiered endpoint protection, automated EDR investigation, and autonomous ransomware rollback; (2) Cloud Security and Identity Threat Defense (~10% of revenue), securing containerized Kubernetes workloads, public cloud infrastructure (AWS, Azure, GCP), and enterprise Active Directory credentials via Attivo technology; and (3) Singularity Data Lake and Purple AI (~5% of revenue), which monetizes high-throughput security log ingestion, extended data retention, and generative AI copilot natural language querying for Security Operations Center (SOC) analysts.
Which company is valued higher relative to revenue — Qualys or SentinelOne?
On a price-to-sales (P/S) basis, Qualys trades at 9.5x P/S and SentinelOne at 12.1x P/S. SentinelOne commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Qualys. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Qualys bigger than SentinelOne?
By last reported revenue, SentinelOne ($621.1M (FY2024)) is the larger company compared to Qualys ($590.0M (FY2024)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Qualys vs SentinelOne overview