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Side-by-side financial comparison of BLACKLINE, INC. (BL) and Emerald Holding, Inc. (EEX). Click either name above to swap in a different company.
BLACKLINE, INC. is the larger business by last-quarter revenue ($183.2M vs $132.7M, roughly 1.4× Emerald Holding, Inc.). BLACKLINE, INC. runs the higher net margin — 2.7% vs -22.8%, a 25.4% gap on every dollar of revenue. On growth, Emerald Holding, Inc. posted the faster year-over-year revenue change (24.3% vs 8.1%). BLACKLINE, INC. produced more free cash flow last quarter ($26.1M vs $11.7M). Over the past eight quarters, BLACKLINE, INC.'s revenue compounded faster (7.9% CAGR vs -0.3%).
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.
TVS Emerald Haven Realty Limited is an Indian real estate development company headquartered in Chennai, Tamil Nadu. A subsidiary of TVS Holdings, it specializes in sustainable residential communities and urban development projects.
BL vs EEX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $132.7M |
| Net Profit | $4.9M | $-30.2M |
| Gross Margin | 75.2% | — |
| Operating Margin | 3.7% | -11.8% |
| Net Margin | 2.7% | -22.8% |
| Revenue YoY | 8.1% | 24.3% |
| Net Profit YoY | -91.3% | -692.2% |
| EPS (diluted) | $0.07 | $-0.15 |
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 | $132.7M | ||
| Q3 25 | $178.3M | $77.5M | ||
| Q2 25 | $172.0M | $105.5M | ||
| Q1 25 | $166.9M | $147.7M | ||
| Q4 24 | $169.5M | $106.8M | ||
| Q3 24 | $165.9M | $72.6M | ||
| Q2 24 | $160.5M | $86.0M | ||
| Q1 24 | $157.5M | $133.4M |
| Q4 25 | $4.9M | $-30.2M | ||
| Q3 25 | $5.3M | $-14.4M | ||
| Q2 25 | $8.3M | $-1.4M | ||
| Q1 25 | $6.1M | $15.3M | ||
| Q4 24 | $56.4M | $5.1M | ||
| Q3 24 | $17.2M | $-11.1M | ||
| Q2 24 | $76.7M | $-2.8M | ||
| Q1 24 | $10.8M | $11.0M |
| Q4 25 | 75.2% | — | ||
| Q3 25 | 75.1% | — | ||
| Q2 25 | 75.2% | — | ||
| Q1 25 | 75.5% | — | ||
| Q4 24 | 75.6% | — | ||
| Q3 24 | 75.2% | — | ||
| Q2 24 | 74.9% | — | ||
| Q1 24 | 75.2% | — |
| Q4 25 | 3.7% | -11.8% | ||
| Q3 25 | 4.3% | -10.1% | ||
| Q2 25 | 4.4% | 9.7% | ||
| Q1 25 | 2.1% | 24.2% | ||
| Q4 24 | 3.7% | 19.5% | ||
| Q3 24 | 5.0% | -6.5% | ||
| Q2 24 | 1.4% | 7.4% | ||
| Q1 24 | 1.1% | 18.2% |
| Q4 25 | 2.7% | -22.8% | ||
| Q3 25 | 3.0% | -18.6% | ||
| Q2 25 | 4.8% | -1.3% | ||
| Q1 25 | 3.6% | 10.4% | ||
| Q4 24 | 33.3% | 4.8% | ||
| Q3 24 | 10.4% | -15.3% | ||
| Q2 24 | 47.8% | -3.3% | ||
| Q1 24 | 6.9% | 8.2% |
| Q4 25 | $0.07 | $-0.15 | ||
| Q3 25 | $0.09 | $-0.07 | ||
| Q2 25 | $0.13 | $-0.01 | ||
| Q1 25 | $0.10 | $0.08 | ||
| Q4 24 | $0.79 | $0.01 | ||
| Q3 24 | $0.27 | $-0.05 | ||
| Q2 24 | $0.22 | $-0.03 | ||
| Q1 24 | $0.17 | $0.00 |
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 | $100.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $332.3M | $338.8M |
| Total Assets | $1.8B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $390.0M | $100.9M | ||
| Q3 25 | $419.9M | $95.4M | ||
| Q2 25 | $459.1M | $156.4M | ||
| Q1 25 | $479.5M | $276.8M | ||
| Q4 24 | $885.9M | $194.8M | ||
| Q3 24 | $725.3M | $188.9M | ||
| Q2 24 | $616.6M | $193.2M | ||
| Q1 24 | $331.4M | $186.8M |
| Q4 25 | $332.3M | $338.8M | ||
| Q3 25 | $328.3M | $369.5M | ||
| Q2 25 | $414.0M | $389.4M | ||
| Q1 25 | $417.9M | $392.1M | ||
| Q4 24 | $446.7M | $385.9M | ||
| Q3 24 | $367.9M | $391.1M | ||
| Q2 24 | $325.8M | $407.6M | ||
| Q1 24 | $279.8M | $-90.7M |
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.8B | $1.2B | ||
| Q4 24 | $1.8B | $1.0B | ||
| Q3 24 | $1.7B | $1.1B | ||
| Q2 24 | $1.9B | $1.1B | ||
| Q1 24 | $2.1B | $1.1B |
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 | $12.3M |
| Free Cash FlowOCF − Capex | $26.1M | $11.7M |
| FCF MarginFCF / Revenue | 14.2% | 8.8% |
| Capex IntensityCapex / Revenue | 0.3% | 0.5% |
| Cash ConversionOCF / Net Profit | 5.46× | — |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | $41.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.7M | $12.3M | ||
| Q3 25 | $63.8M | $1.8M | ||
| Q2 25 | $32.3M | $15.9M | ||
| Q1 25 | $46.7M | $12.6M | ||
| Q4 24 | $43.8M | $20.6M | ||
| Q3 24 | $55.9M | $9.1M | ||
| Q2 24 | $40.7M | $9.8M | ||
| Q1 24 | $50.4M | $7.3M |
| Q4 25 | $26.1M | $11.7M | ||
| Q3 25 | $63.3M | $1.5M | ||
| Q2 25 | $31.4M | $15.8M | ||
| Q1 25 | $40.8M | $12.4M | ||
| Q4 24 | $43.0M | $19.9M | ||
| Q3 24 | $55.5M | $9.0M | ||
| Q2 24 | $40.0M | $9.6M | ||
| Q1 24 | $50.1M | $7.0M |
| Q4 25 | 14.2% | 8.8% | ||
| Q3 25 | 35.5% | 1.9% | ||
| Q2 25 | 18.2% | 15.0% | ||
| Q1 25 | 24.4% | 8.4% | ||
| Q4 24 | 25.4% | 18.6% | ||
| Q3 24 | 33.5% | 12.4% | ||
| Q2 24 | 24.9% | 11.2% | ||
| Q1 24 | 31.8% | 5.2% |
| Q4 25 | 0.3% | 0.5% | ||
| Q3 25 | 0.3% | 0.4% | ||
| Q2 25 | 0.6% | 0.1% | ||
| Q1 25 | 3.6% | 0.1% | ||
| Q4 24 | 0.4% | 0.7% | ||
| Q3 24 | 0.2% | 0.1% | ||
| Q2 24 | 0.4% | 0.2% | ||
| Q1 24 | 0.2% | 0.2% |
| Q4 25 | 5.46× | — | ||
| Q3 25 | 12.07× | — | ||
| Q2 25 | 3.90× | — | ||
| Q1 25 | 7.72× | 0.82× | ||
| Q4 24 | 0.78× | 4.04× | ||
| Q3 24 | 3.24× | — | ||
| Q2 24 | 0.53× | — | ||
| Q1 24 | 4.66× | 0.66× |
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% |
EEX
| Connections Segment | $121.9M | 92% |
| Commerce Segment | $5.5M | 4% |
| Content | $5.3M | 4% |
