Is Qualys now more expensive?
In the last 10 years Qualys $Qualys(QLYS)$ has seen its share price grow from $26 to $168.
That means Qualys is now more expensive, right?
Actually, during that time its FCF yield also grew, from 1.43% to 3.85%.
If you only consider multiples and not future growth, then you wouldn’t have invested because it appeared too expensive.
HERE’S THE POINT: A low yield today doesn’t mean a higher yield and a higher share price in the future.
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