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Provides a cloud-based digital banking platform used by community and regional banks and credit unions.
Provides a cloud-based digital banking platform used by community and regional banks and credit unions.
Is paid mostly through recurring subscription fees on multi-year contracts, usually priced by the number of a bank's registered digital users, so it grows as customers' users grow and as it sells extra modules into the same banks. A smaller part comes from transaction and professional-services fees.
Moat: narrow (switching costs, customer qualification, installed base). Core banking-adjacent software is deeply embedded and costly/risky for banks to replace once implemented.
Headquarters: Austin, Texas, United States · Founded: 2004 · Employees: 2,549
Size Q2 Holdings, Inc. (QTWO) is a United States Information Technology company (Information Technology Services) with a market value of $4.57B, the 1243rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $73.92 on 6 Nov 2026.
Performance Over six months the shares gained 47.5%, against +13.3% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 13.1% over the last twelve months (peer median +7.3%); the operating margin is 12.8% (peer median 9.1%).
Valuation It trades at 22.5× forward earnings against a peer median of 14.9× (6th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 27% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +12 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.9 points above its cost of capital (11.6% WACC).
Backlog Backlog (remaining performance obligations) was $2.77B at 30 Sep 2026, up 10% on a year earlier — 3.2 years of trailing revenue. Backlog detail →
Short interest Short interest is 7.9% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $870M | $795M | $696M | $625M | $566M |
| Revenue growth | — | +14% | +12% | +10% | — |
| Gross profit | $508M | $430M | $338M | $282M | $238M |
| EBITDA | $177M | $115M | $48.2M | $10.0M | -$17.2M |
| Net income | $110M | $52.0M | -$38.5M | -$65.4M | -$109M |
| Free cash flow | $233M | $195M | $128M | $64.6M | $25.4M |
| Capital expenditure | $38.6M | $28.1M | $29.0M | $30.6M | $30.1M |
| Total debt | $38.9M | $346M | $541M | $546M | $731M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Q2 Holdings, Inc. QTWO | $4.57B | +47% | +13% | 13% | 22.5× | 26.6% |
| NCR Voyix VYX | $1.35B | +17% | -5% | 7% | 9.9× | n/a |
| Jack Henry & Associates JKHY | $12.1B | +19% | +6% | 25% | 22.9× | n/a |
| Fiserv FISV | $33.4B | +13% | -2% | 19% | 8.2× | n/a |
| Alkami Technology ALKT | $1.44B | -25% | +24% | -5% | 13.1× | 12.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | QTWO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +25.9% | -1.6% | highest of 21 |
| 6-month return | +47.5% | +13.3% | 6th highest of 21 |
| Distance from 52-week high | -3.2% | -25.5% | 2nd highest of 21 |
| Revenue growth (TTM) | +13.1% | +7.3% | 6th highest of 21 |
| Operating margin | 12.8% | 9.1% | 5th highest of 21 |
| Forward P/E | 22.5× | 14.9× | 6th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 26.6% | 2.9% | 3rd most demanding of 20 |
| Growth delivered (Del g) | +14.6% | +7.2% | 4th highest of 20 |
| Hurdle (Req g minus delivered) | +12.0 pp | -2.6 pp | 3rd most demanding of 20 |
| ROIC minus cost of capital | +3.9 pp | +5.3 pp | 8th lowest of 20 |
| EV / EBITDA | 25.3× | 10.0× | 2nd most expensive of 16 |
| Net debt / EBITDA | -0.5× | 0.5× | 6th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Q2 Holdings, Inc. QTWO | United States | $4.57B | +47% | +13% | 13% | 22.5× | 26.6% | +14.6% |
| Softcat SCT.L | United Kingdom | $4.53B | +14% | +35% | 11% | 17.9× | -4.1% | +20.3% |
| Amdocs DOX | United States | $4.53B | -34% | +4% | 17% | 7.7× | -15.8% | +1.8% |
| Insight Enterprises NSIT | United States | $4.64B | +89% | +3% | 6% | 11.7× | 2.9% | -0.2% |
| KBR KBR | United States | $4.69B | +14% | -3% | 9% | 9.5× | -8.7% | +6.2% |
| NS Solutions 2327.T | Japan | $4.43B | +6% | +12% | 12% | 21.3× | -5.1% | +8.6% |
| Bechtle BC8.DE | Germany | $4.72B | +13% | +8% | 5% | 16.8× | 6.9% | +4.9% |
| Sopra Steria SOP.PA | France | $4.29B | +50% | +2% | 9% | 11.2× | -0.6% | +5.8% |
| Parsons PSN | United States | $5.16B | -1% | -3% | 5% | 14.8× | 8.4% | +10.2% |
| Workiva WK | United States | $3.96B | +42% | +20% | 3% | 23.0× | 33.1% | +20.3% |
| LG Cns 064400.KS | South Korea | $5.29B | +14% | +4% | 9% | 15.5× | 5.6% | +7.2% |
| Pegasystems PEGA | United States | $5.30B | -10% | +1% | 12% | 13.8× | 8.8% | +11.4% |
| Sterlite Technologies STLTECH.NS | India | $3.91B | +101% | +63% | 17% | 28.2× | 22.6% | -0.4% |
| HyundaiAutoever 307950.KS | South Korea | $5.49B | -40% | +16% | 5% | 35.7× | 27.6% | +22.2% |
| TISI 3626.T | Japan | $5.50B | +20% | +5% | 13% | 15.1× | -7.7% | +5.9% |
| Jiangsu Hoperun Software 300339.SZ | China | $3.65B | -31% | +11% | 3% | 141.9× | n/a | n/a |
| Box BOX | United States | $5.76B | +63% | +10% | 9% | 26.0× | 20.3% | +8.8% |
| TravelSky Technology 0696.HK | Hong Kong | $3.59B | -5% | +7% | 28% | 9.8× | -16.5% | +9.0% |
| Ingram Micro INGM | United States | $5.85B | -6% | +15% | 2% | 6.8× | 2.9% | +1.4% |
| NICE Ltd. Sponsored ADR NICE | United States | $5.87B | +4% | +8% | 17% | 7.8× | -0.7% | +12.3% |
| Science Applications International SAIC | United States | $6.13B | +56% | -1% | 8% | 14.3× | -4.6% | +0.6% |
Q2 Holdings, Inc. reported $2.77B of remaining performance obligations at 30 Sep 2026, up 10% from a year earlier and up 0% from the previous quarter. That is 3.2 years of trailing revenue already under contract. Book-to-bill last quarter: 1.04.