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Side-by-side financial comparison of BLACKLINE, INC. (BL) and Clearwater Paper Corp (CLW). Click either name above to swap in a different company.
Clearwater Paper Corp is the larger business by last-quarter revenue ($360.3M vs $183.2M, roughly 2.0× BLACKLINE, INC.). BLACKLINE, INC. runs the higher net margin — 2.7% vs -3.6%, a 6.2% gap on every dollar of revenue. On growth, BLACKLINE, INC. posted the faster year-over-year revenue change (8.1% vs -4.7%). Over the past eight quarters, BLACKLINE, INC.'s revenue compounded faster (7.9% CAGR vs 2.3%).
BlackLine Systems, Inc., is an American enterprise software company that develops cloud-based services designed to automate and manage the entire financial close process as well as consolidation, invoice-to-cash, and intercompany accounting. The Los Angeles–based company has 17 offices worldwide.
Clearwater Paper Corporation is an American pulp and paperboard manufacturer. The company was created on December 9, 2008, via a spin-off from Potlatch Corporation and is headquartered in Spokane, Washington.
BL vs CLW — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $360.3M |
| Net Profit | $4.9M | $-12.8M |
| Gross Margin | 75.2% | -0.2% |
| Operating Margin | 3.7% | — |
| Net Margin | 2.7% | -3.6% |
| Revenue YoY | 8.1% | -4.7% |
| Net Profit YoY | -91.3% | -103.2% |
| EPS (diluted) | $0.07 | — |
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.
| Q1 26 | — | $360.3M | ||
| Q4 25 | $183.2M | $386.4M | ||
| Q3 25 | $178.3M | $399.0M | ||
| Q2 25 | $172.0M | $391.8M | ||
| Q1 25 | $166.9M | $378.2M | ||
| Q4 24 | $169.5M | $387.1M | ||
| Q3 24 | $165.9M | $393.3M | ||
| Q2 24 | $160.5M | $344.4M |
| Q1 26 | — | $-12.8M | ||
| Q4 25 | $4.9M | $38.3M | ||
| Q3 25 | $5.3M | $-53.3M | ||
| Q2 25 | $8.3M | $2.7M | ||
| Q1 25 | $6.1M | $-6.3M | ||
| Q4 24 | $56.4M | $199.1M | ||
| Q3 24 | $17.2M | $5.8M | ||
| Q2 24 | $76.7M | $-25.8M |
| Q1 26 | — | -0.2% | ||
| Q4 25 | 75.2% | 4.5% | ||
| Q3 25 | 75.1% | 4.7% | ||
| Q2 25 | 75.2% | 11.0% | ||
| Q1 25 | 75.5% | 9.7% | ||
| Q4 24 | 75.6% | 3.8% | ||
| Q3 24 | 75.2% | 7.7% | ||
| Q2 24 | 74.9% | -0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 3.7% | 1.9% | ||
| Q3 25 | 4.3% | -13.9% | ||
| Q2 25 | 4.4% | 2.5% | ||
| Q1 25 | 2.1% | -1.1% | ||
| Q4 24 | 3.7% | -4.0% | ||
| Q3 24 | 5.0% | -0.3% | ||
| Q2 24 | 1.4% | -13.6% |
| Q1 26 | — | -3.6% | ||
| Q4 25 | 2.7% | 9.9% | ||
| Q3 25 | 3.0% | -13.4% | ||
| Q2 25 | 4.8% | 0.7% | ||
| Q1 25 | 3.6% | -1.7% | ||
| Q4 24 | 33.3% | 51.4% | ||
| Q3 24 | 10.4% | 1.5% | ||
| Q2 24 | 47.8% | -7.5% |
| Q1 26 | — | — | ||
| Q4 25 | $0.07 | $2.36 | ||
| Q3 25 | $0.09 | $-3.30 | ||
| Q2 25 | $0.13 | $0.17 | ||
| Q1 25 | $0.10 | $-0.38 | ||
| Q4 24 | $0.79 | $11.87 | ||
| Q3 24 | $0.27 | $0.35 | ||
| Q2 24 | $0.22 | $-1.55 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $390.0M | $36.5M |
| Total DebtLower is stronger | — | $361.1M |
| Stockholders' EquityBook value | $332.3M | $813.8M |
| Total Assets | $1.8B | $1.6B |
| Debt / EquityLower = less leverage | — | 0.44× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $36.5M | ||
| Q4 25 | $390.0M | $30.7M | ||
| Q3 25 | $419.9M | $34.4M | ||
| Q2 25 | $459.1M | $46.7M | ||
| Q1 25 | $479.5M | $44.0M | ||
| Q4 24 | $885.9M | $79.6M | ||
| Q3 24 | $725.3M | $35.5M | ||
| Q2 24 | $616.6M | $39.6M |
| Q1 26 | — | $361.1M | ||
| Q4 25 | — | $346.8M | ||
| Q3 25 | — | $337.0M | ||
| Q2 25 | — | $330.1M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $283.4M | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.1B |
| Q1 26 | — | $813.8M | ||
| Q4 25 | $332.3M | $825.3M | ||
| Q3 25 | $328.3M | $783.0M | ||
| Q2 25 | $414.0M | $836.8M | ||
| Q1 25 | $417.9M | $836.6M | ||
| Q4 24 | $446.7M | $854.6M | ||
| Q3 24 | $367.9M | $664.6M | ||
| Q2 24 | $325.8M | $658.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.8B | $1.6B | ||
| Q3 25 | $1.7B | $1.6B | ||
| Q2 25 | $1.8B | $1.6B | ||
| Q1 25 | $1.8B | $1.6B | ||
| Q4 24 | $1.8B | $1.7B | ||
| Q3 24 | $1.7B | $2.5B | ||
| Q2 24 | $1.9B | $2.5B |
| Q1 26 | — | 0.44× | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.39× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.33× | ||
| Q3 24 | — | 1.73× | ||
| Q2 24 | — | 1.74× |
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 | $26.7M | — |
| Free Cash FlowOCF − Capex | $26.1M | — |
| FCF MarginFCF / Revenue | 14.2% | — |
| Capex IntensityCapex / Revenue | 0.3% | — |
| Cash ConversionOCF / Net Profit | 5.46× | — |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $26.7M | $5.0M | ||
| Q3 25 | $63.8M | $34.0M | ||
| Q2 25 | $32.3M | $-28.2M | ||
| Q1 25 | $46.7M | $1.5M | ||
| Q4 24 | $43.8M | $-35.1M | ||
| Q3 24 | $55.9M | $16.2M | ||
| Q2 24 | $40.7M | $21.1M |
| Q1 26 | — | — | ||
| Q4 25 | $26.1M | $-9.9M | ||
| Q3 25 | $63.3M | $15.7M | ||
| Q2 25 | $31.4M | $-51.1M | ||
| Q1 25 | $40.8M | $-31.2M | ||
| Q4 24 | $43.0M | $-68.1M | ||
| Q3 24 | $55.5M | $-30.8M | ||
| Q2 24 | $40.0M | $3.0M |
| Q1 26 | — | — | ||
| Q4 25 | 14.2% | -2.6% | ||
| Q3 25 | 35.5% | 3.9% | ||
| Q2 25 | 18.2% | -13.0% | ||
| Q1 25 | 24.4% | -8.2% | ||
| Q4 24 | 25.4% | -17.6% | ||
| Q3 24 | 33.5% | -7.8% | ||
| Q2 24 | 24.9% | 0.9% |
| Q1 26 | — | — | ||
| Q4 25 | 0.3% | 3.9% | ||
| Q3 25 | 0.3% | 4.6% | ||
| Q2 25 | 0.6% | 5.8% | ||
| Q1 25 | 3.6% | 8.6% | ||
| Q4 24 | 0.4% | 8.5% | ||
| Q3 24 | 0.2% | 12.0% | ||
| Q2 24 | 0.4% | 5.3% |
| Q1 26 | — | — | ||
| Q4 25 | 5.46× | 0.13× | ||
| Q3 25 | 12.07× | — | ||
| Q2 25 | 3.90× | -10.44× | ||
| Q1 25 | 7.72× | — | ||
| Q4 24 | 0.78× | -0.18× | ||
| Q3 24 | 3.24× | 2.79× | ||
| Q2 24 | 0.53× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BL
| Subscription And Circulation | $173.2M | 95% |
| Technology Service | $10.0M | 5% |
CLW
Segment breakdown not available.
