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Side-by-side financial comparison of BLACKLINE, INC. (BL) and CSW INDUSTRIALS, INC. (CSW). Click either name above to swap in a different company.
CSW INDUSTRIALS, INC. is the larger business by last-quarter revenue ($233.0M vs $183.2M, roughly 1.3× BLACKLINE, INC.). CSW INDUSTRIALS, INC. runs the higher net margin — 4.4% vs 2.7%, a 1.7% gap on every dollar of revenue. On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs 8.1%). BLACKLINE, INC. produced more free cash flow last quarter ($26.1M vs $22.7M). Over the past eight quarters, BLACKLINE, INC.'s revenue compounded faster (7.9% CAGR vs 5.1%).
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.
BL vs CSW — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $233.0M |
| Net Profit | $4.9M | $10.3M |
| Gross Margin | 75.2% | 39.7% |
| Operating Margin | 3.7% | 7.4% |
| Net Margin | 2.7% | 4.4% |
| Revenue YoY | 8.1% | 20.3% |
| Net Profit YoY | -91.3% | -61.9% |
| EPS (diluted) | $0.07 | $0.62 |
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 | $183.2M | $233.0M | ||
| Q3 25 | $178.3M | $277.0M | ||
| Q2 25 | $172.0M | $263.6M | ||
| Q1 25 | $166.9M | $230.5M | ||
| Q4 24 | $169.5M | $193.6M | ||
| Q3 24 | $165.9M | $227.9M | ||
| Q2 24 | $160.5M | $226.2M | ||
| Q1 24 | $157.5M | $210.9M |
| Q4 25 | $4.9M | $10.3M | ||
| Q3 25 | $5.3M | $40.7M | ||
| Q2 25 | $8.3M | $40.9M | ||
| Q1 25 | $6.1M | $35.1M | ||
| Q4 24 | $56.4M | $26.9M | ||
| Q3 24 | $17.2M | $36.1M | ||
| Q2 24 | $76.7M | $38.6M | ||
| Q1 24 | $10.8M | $31.8M |
| Q4 25 | 75.2% | 39.7% | ||
| Q3 25 | 75.1% | 43.0% | ||
| Q2 25 | 75.2% | 43.8% | ||
| Q1 25 | 75.5% | 44.2% | ||
| Q4 24 | 75.6% | 41.4% | ||
| Q3 24 | 75.2% | 45.6% | ||
| Q2 24 | 74.9% | 47.5% | ||
| Q1 24 | 75.2% | 44.4% |
| Q4 25 | 3.7% | 7.4% | ||
| Q3 25 | 4.3% | 20.5% | ||
| Q2 25 | 4.4% | 20.8% | ||
| Q1 25 | 2.1% | 19.5% | ||
| Q4 24 | 3.7% | 15.3% | ||
| Q3 24 | 5.0% | 22.6% | ||
| Q2 24 | 1.4% | 24.3% | ||
| Q1 24 | 1.1% | 21.0% |
| Q4 25 | 2.7% | 4.4% | ||
| Q3 25 | 3.0% | 14.7% | ||
| Q2 25 | 4.8% | 15.5% | ||
| Q1 25 | 3.6% | 15.2% | ||
| Q4 24 | 33.3% | 13.9% | ||
| Q3 24 | 10.4% | 15.8% | ||
| Q2 24 | 47.8% | 17.1% | ||
| Q1 24 | 6.9% | 15.1% |
| Q4 25 | $0.07 | $0.62 | ||
| Q3 25 | $0.09 | $2.41 | ||
| Q2 25 | $0.13 | $2.43 | ||
| Q1 25 | $0.10 | $2.05 | ||
| Q4 24 | $0.79 | $1.60 | ||
| Q3 24 | $0.27 | $2.26 | ||
| Q2 24 | $0.22 | $2.47 | ||
| Q1 24 | $0.17 | $2.03 |
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 | $40.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $332.3M | $1.1B |
| Total Assets | $1.8B | $2.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $390.0M | $40.2M | ||
| Q3 25 | $419.9M | $31.5M | ||
| Q2 25 | $459.1M | $38.0M | ||
| Q1 25 | $479.5M | $225.8M | ||
| Q4 24 | $885.9M | $213.8M | ||
| Q3 24 | $725.3M | $273.2M | ||
| Q2 24 | $616.6M | $18.9M | ||
| Q1 24 | $331.4M | $22.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $800.1M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $166.0M |
| Q4 25 | $332.3M | $1.1B | ||
| Q3 25 | $328.3M | $1.1B | ||
| Q2 25 | $414.0M | $1.1B | ||
| Q1 25 | $417.9M | $1.1B | ||
| Q4 24 | $446.7M | $1.0B | ||
| Q3 24 | $367.9M | $1.0B | ||
| Q2 24 | $325.8M | $650.2M | ||
| Q1 24 | $279.8M | $615.7M |
| Q4 25 | $1.8B | $2.3B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | $1.8B | $1.5B | ||
| Q1 25 | $1.8B | $1.4B | ||
| Q4 24 | $1.8B | $1.4B | ||
| Q3 24 | $1.7B | $1.4B | ||
| Q2 24 | $1.9B | $1.1B | ||
| Q1 24 | $2.1B | $1.0B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.27× |
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 | $28.9M |
| Free Cash FlowOCF − Capex | $26.1M | $22.7M |
| FCF MarginFCF / Revenue | 14.2% | 9.8% |
| Capex IntensityCapex / Revenue | 0.3% | 2.6% |
| Cash ConversionOCF / Net Profit | 5.46× | 2.81× |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | $162.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.7M | $28.9M | ||
| Q3 25 | $63.8M | $61.8M | ||
| Q2 25 | $32.3M | $60.6M | ||
| Q1 25 | $46.7M | $27.3M | ||
| Q4 24 | $43.8M | $11.6M | ||
| Q3 24 | $55.9M | $66.8M | ||
| Q2 24 | $40.7M | $62.7M | ||
| Q1 24 | $50.4M | $22.4M |
| Q4 25 | $26.1M | $22.7M | ||
| Q3 25 | $63.3M | $58.7M | ||
| Q2 25 | $31.4M | $57.7M | ||
| Q1 25 | $40.8M | $22.8M | ||
| Q4 24 | $43.0M | $8.5M | ||
| Q3 24 | $55.5M | $61.3M | ||
| Q2 24 | $40.0M | $59.6M | ||
| Q1 24 | $50.1M | $17.5M |
| Q4 25 | 14.2% | 9.8% | ||
| Q3 25 | 35.5% | 21.2% | ||
| Q2 25 | 18.2% | 21.9% | ||
| Q1 25 | 24.4% | 9.9% | ||
| Q4 24 | 25.4% | 4.4% | ||
| Q3 24 | 33.5% | 26.9% | ||
| Q2 24 | 24.9% | 26.3% | ||
| Q1 24 | 31.8% | 8.3% |
| Q4 25 | 0.3% | 2.6% | ||
| Q3 25 | 0.3% | 1.1% | ||
| Q2 25 | 0.6% | 1.1% | ||
| Q1 25 | 3.6% | 2.0% | ||
| Q4 24 | 0.4% | 1.6% | ||
| Q3 24 | 0.2% | 2.4% | ||
| Q2 24 | 0.4% | 1.4% | ||
| Q1 24 | 0.2% | 2.3% |
| Q4 25 | 5.46× | 2.81× | ||
| Q3 25 | 12.07× | 1.52× | ||
| Q2 25 | 3.90× | 1.48× | ||
| Q1 25 | 7.72× | 0.78× | ||
| Q4 24 | 0.78× | 0.43× | ||
| Q3 24 | 3.24× | 1.85× | ||
| Q2 24 | 0.53× | 1.62× | ||
| Q1 24 | 4.66× | 0.71× |
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% |
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
