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Side-by-side financial comparison of DESCARTES SYSTEMS GROUP INC (DSGX) and QUALYS, INC. (QLYS). Click either name above to swap in a different company.
DESCARTES SYSTEMS GROUP INC is the larger business by last-quarter revenue ($179.8M vs $175.3M, roughly 1.0× QUALYS, INC.). QUALYS, INC. runs the higher net margin — 30.3% vs 21.1%, a 9.2% gap on every dollar of revenue. QUALYS, INC. produced more free cash flow last quarter ($74.9M vs $62.1M).
The Descartes Systems Group Inc. is a Canadian multinational technology company specializing in logistics software, supply chain management software, and cloud-based services for logistics businesses.
Qualys, Inc. is an American technology firm based in Foster City, California, specializing in cloud security, compliance and related services.
DSGX vs QLYS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $179.8M | $175.3M |
| Net Profit | $38.0M | $53.1M |
| Gross Margin | 76.9% | 83.4% |
| Operating Margin | 26.8% | 33.6% |
| Net Margin | 21.1% | 30.3% |
| Revenue YoY | — | 10.1% |
| Net Profit YoY | — | 20.9% |
| EPS (diluted) | $0.43 | $1.47 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $175.3M | ||
| Q3 25 | $179.8M | $169.9M | ||
| Q2 25 | — | $164.1M | ||
| Q1 25 | — | $159.9M | ||
| Q4 24 | — | $159.2M | ||
| Q3 24 | $163.4M | $153.9M | ||
| Q2 24 | — | $148.7M | ||
| Q1 24 | — | $145.8M |
| Q4 25 | — | $53.1M | ||
| Q3 25 | $38.0M | $50.3M | ||
| Q2 25 | — | $47.3M | ||
| Q1 25 | — | $47.5M | ||
| Q4 24 | — | $44.0M | ||
| Q3 24 | $34.7M | $46.2M | ||
| Q2 24 | — | $43.8M | ||
| Q1 24 | — | $39.7M |
| Q4 25 | — | 83.4% | ||
| Q3 25 | 76.9% | 83.6% | ||
| Q2 25 | — | 82.4% | ||
| Q1 25 | — | 81.9% | ||
| Q4 24 | — | 81.8% | ||
| Q3 24 | 75.2% | 81.3% | ||
| Q2 24 | — | 82.2% | ||
| Q1 24 | — | 81.3% |
| Q4 25 | — | 33.6% | ||
| Q3 25 | 26.8% | 35.3% | ||
| Q2 25 | — | 31.3% | ||
| Q1 25 | — | 32.4% | ||
| Q4 24 | — | 31.0% | ||
| Q3 24 | 28.1% | 29.2% | ||
| Q2 24 | — | 32.3% | ||
| Q1 24 | — | 30.7% |
| Q4 25 | — | 30.3% | ||
| Q3 25 | 21.1% | 29.6% | ||
| Q2 25 | — | 28.8% | ||
| Q1 25 | — | 29.7% | ||
| Q4 24 | — | 27.6% | ||
| Q3 24 | 21.2% | 30.0% | ||
| Q2 24 | — | 29.4% | ||
| Q1 24 | — | 27.2% |
| Q4 25 | — | $1.47 | ||
| Q3 25 | $0.43 | $1.39 | ||
| Q2 25 | — | $1.29 | ||
| Q1 25 | — | $1.29 | ||
| Q4 24 | — | $1.19 | ||
| Q3 24 | $0.40 | $1.24 | ||
| Q2 24 | — | $1.17 | ||
| Q1 24 | — | $1.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $240.6M | $250.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $561.2M |
| Total Assets | $1.8B | $1.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $250.3M | ||
| Q3 25 | $240.6M | $225.3M | ||
| Q2 25 | — | $194.0M | ||
| Q1 25 | — | $290.7M | ||
| Q4 24 | — | $232.2M | ||
| Q3 24 | $252.7M | $235.4M | ||
| Q2 24 | — | $281.2M | ||
| Q1 24 | — | $273.8M |
| Q4 25 | — | $561.2M | ||
| Q3 25 | $1.5B | $529.4M | ||
| Q2 25 | — | $508.2M | ||
| Q1 25 | — | $498.0M | ||
| Q4 24 | — | $477.1M | ||
| Q3 24 | $1.3B | $449.6M | ||
| Q2 24 | — | $427.8M | ||
| Q1 24 | — | $404.2M |
| Q4 25 | — | $1.1B | ||
| Q3 25 | $1.8B | $1.0B | ||
| Q2 25 | — | $999.5M | ||
| Q1 25 | — | $996.5M | ||
| Q4 24 | — | $973.5M | ||
| Q3 24 | $1.6B | $908.3M | ||
| Q2 24 | — | $876.6M | ||
| Q1 24 | — | $861.8M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $63.3M | $75.7M |
| Free Cash FlowOCF − Capex | $62.1M | $74.9M |
| FCF MarginFCF / Revenue | 34.5% | 42.8% |
| Capex IntensityCapex / Revenue | 0.7% | 0.4% |
| Cash ConversionOCF / Net Profit | 1.67× | 1.42× |
| TTM Free Cash FlowTrailing 4 quarters | $189.6M | $304.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $75.7M | ||
| Q3 25 | $63.3M | $90.4M | ||
| Q2 25 | — | $33.8M | ||
| Q1 25 | — | $109.6M | ||
| Q4 24 | — | $47.7M | ||
| Q3 24 | $34.7M | $61.0M | ||
| Q2 24 | — | $49.8M | ||
| Q1 24 | — | $85.5M |
| Q4 25 | — | $74.9M | ||
| Q3 25 | $62.1M | $89.5M | ||
| Q2 25 | — | $32.4M | ||
| Q1 25 | — | $107.5M | ||
| Q4 24 | — | $41.9M | ||
| Q3 24 | $33.1M | $57.6M | ||
| Q2 24 | — | $48.8M | ||
| Q1 24 | — | $83.5M |
| Q4 25 | — | 42.8% | ||
| Q3 25 | 34.5% | 52.7% | ||
| Q2 25 | — | 19.8% | ||
| Q1 25 | — | 67.3% | ||
| Q4 24 | — | 26.3% | ||
| Q3 24 | 20.2% | 37.4% | ||
| Q2 24 | — | 32.8% | ||
| Q1 24 | — | 57.2% |
| Q4 25 | — | 0.4% | ||
| Q3 25 | 0.7% | 0.5% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | 1.0% | 2.2% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.4% |
| Q4 25 | — | 1.42× | ||
| Q3 25 | 1.67× | 1.80× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 2.31× | ||
| Q4 24 | — | 1.09× | ||
| Q3 24 | 1.00× | 1.32× | ||
| Q2 24 | — | 1.14× | ||
| Q1 24 | — | 2.15× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DSGX
Segment breakdown not available.
QLYS
| Sales Channel Through Intermediary | $88.6M | 51% |
| Sales Channel Directly To Consumer | $86.7M | 49% |
