QTWO // Q2 Holdings Inc.

DES <GO> NYSE CIK 0001410384 ↗

Technology • Computer Software: Prepackaged Software

$65.28 ▼ -2.63 (-3.87%)

MKT CAP: $4.03B • VOL: 1.16M

52W L $41 52W H $76

ALTMAN Z

4.00 SAFE

PIOTROSKI

9 / 9

QTWO // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 65/100 [C] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE C

RQD CONFIDENCE

65 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Fair / Balanced Risk-Reward

01 MASSIVE / SEC XBRL

Forensic Fundamentals

14 / 20

SOLID

FCF +50.8% vs NI +200% • ROIC-WACC -3.6% • Z 4

02 OPRA GEX + SEC 13F

Whale & Options Flow

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

13 / 20

SOLID

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

16 / 20

STRONG

20 BASE - 4 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON QTWO)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 85/100 Z-SCORE: +2.60σ

QTWO Accounting Gap: Net Income (+220%) Outpaced OCF (+48.4%) With +-20% Working-Capital Build

CASH CONVERSION GAP

+171.6% (NI vs OCF)

RECEIVABLES / WC BLOAT

-20.0% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Q2 Holdings Inc. (QTWO) exposes a +171.6% Cash Conversion Gap as YoY Net Income growth (+220.0%) diverged from Operating Cash Flow growth (+48.4%). Non-cash current assets and receivables expanded -20.0% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

QTWO // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +32.18%▲ ASCENDING CHANNEL

2026-10-30O $66.24H $67.30L $65.05C $67.08VOL 651.9K

RES: $70.52SUP: $59.35SMA50: $61.45SMA200: $54.59

QTWO // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

UNDERWEIGHT CONVICTION: 35/100

BEAR 0

100 BULL

Q2 Holdings Inc. (QTWO) exhibits 54.1% gross margins and 5.7% return on invested capital within Technology (Computer Software: Prepackaged Software), balanced against a 85.9x enterprise multiple and 7.5% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 54.1% gross profitability converts into 5.0% operating margin and 5.7% ROIC, outpacing sector cost of capital.

ROIC: 5.7% // GM: 54.1%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +14.1% paired with 4.83% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +14.1% // FCF YLD: 4.83%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 4.00 and Piotroski F-Score of 9/9 indicate low near-term refinancing stress.

ALTMAN Z: 4.00 // F-SCORE: 9/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 77.6x trailing P/E (65.2x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 77.6x // EV/EBITDA: 85.9x

02. Options Skew & Event Volatility Risk

Options market prices a ±7.5% implied move with a 0.91 put/call ratio around $64.00 max pain.

IMPL MOVE: ±7.5% // P/C: 0.91

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Computer Software: Prepackaged Software require continuous execution to defend 6.5% net margins.

NET MARGIN: 6.5% // D/E: 0.39x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 65.2x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.19).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 77.6x

FORWARD P/E 65.2x

EV / EBITDA 85.9x

FCF YIELD 4.83%

GROSS MARGIN 54.1%

OPERATING MARGIN 5.0%

NET MARGIN 6.5%

ROIC % 5.7%

REV GROWTH YOY +14.1%

DILUTED EPS TTM $0.84

DEBT / EQUITY 0.39x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 62.8

5Y EQUITY BETA 1.19

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // QTWOPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $59.73

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for QTWO & activate live FRED threshold breach alerts.

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