vs
Side-by-side financial comparison of BLACKLINE, INC. (BL) and Flywire Corp (FLYW). Click either name above to swap in a different company.
BLACKLINE, INC. is the larger business by last-quarter revenue ($183.2M vs $157.5M, roughly 1.2× Flywire Corp). BLACKLINE, INC. runs the higher net margin — 2.7% vs 0.0%, a 2.6% gap on every dollar of revenue. On growth, Flywire Corp posted the faster year-over-year revenue change (34.0% vs 8.1%). BLACKLINE, INC. produced more free cash flow last quarter ($26.1M vs $4.5M). Over the past eight quarters, Flywire Corp's revenue compounded faster (17.5% CAGR vs 7.9%).
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.
Flywire Corp is a global payment and receivables solutions provider serving core verticals including education, healthcare, travel, and B2B commerce. It offers secure cross-border payment processing, currency conversion, and workflow tools for organizations and payers worldwide.
BL vs FLYW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $157.5M |
| Net Profit | $4.9M | $33.0K |
| Gross Margin | 75.2% | — |
| Operating Margin | 3.7% | -0.6% |
| Net Margin | 2.7% | 0.0% |
| Revenue YoY | 8.1% | 34.0% |
| Net Profit YoY | -91.3% | 100.2% |
| EPS (diluted) | $0.07 | $0.01 |
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 | $157.5M | ||
| Q3 25 | $178.3M | $200.1M | ||
| Q2 25 | $172.0M | $131.9M | ||
| Q1 25 | $166.9M | $133.5M | ||
| Q4 24 | $169.5M | $117.5M | ||
| Q3 24 | $165.9M | $156.8M | ||
| Q2 24 | $160.5M | $103.7M | ||
| Q1 24 | $157.5M | $114.1M |
| Q4 25 | $4.9M | $33.0K | ||
| Q3 25 | $5.3M | $29.6M | ||
| Q2 25 | $8.3M | $-12.0M | ||
| Q1 25 | $6.1M | $-4.2M | ||
| Q4 24 | $56.4M | $-15.9M | ||
| Q3 24 | $17.2M | $38.9M | ||
| Q2 24 | $76.7M | $-13.9M | ||
| Q1 24 | $10.8M | $-6.2M |
| 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% | -0.6% | ||
| Q3 25 | 4.3% | 16.1% | ||
| Q2 25 | 4.4% | -6.8% | ||
| Q1 25 | 2.1% | -8.2% | ||
| Q4 24 | 3.7% | -4.9% | ||
| Q3 24 | 5.0% | 12.9% | ||
| Q2 24 | 1.4% | -15.2% | ||
| Q1 24 | 1.1% | -5.2% |
| Q4 25 | 2.7% | 0.0% | ||
| Q3 25 | 3.0% | 14.8% | ||
| Q2 25 | 4.8% | -9.1% | ||
| Q1 25 | 3.6% | -3.1% | ||
| Q4 24 | 33.3% | -13.5% | ||
| Q3 24 | 10.4% | 24.8% | ||
| Q2 24 | 47.8% | -13.4% | ||
| Q1 24 | 6.9% | -5.4% |
| Q4 25 | $0.07 | $0.01 | ||
| Q3 25 | $0.09 | $0.23 | ||
| Q2 25 | $0.13 | $-0.10 | ||
| Q1 25 | $0.10 | $-0.03 | ||
| Q4 24 | $0.79 | $-0.12 | ||
| Q3 24 | $0.27 | $0.30 | ||
| Q2 24 | $0.22 | $-0.11 | ||
| Q1 24 | $0.17 | $-0.05 |
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 | $355.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $332.3M | $835.2M |
| Total Assets | $1.8B | $1.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $390.0M | $355.0M | ||
| Q3 25 | $419.9M | $377.3M | ||
| Q2 25 | $459.1M | $274.2M | ||
| Q1 25 | $479.5M | $255.3M | ||
| Q4 24 | $885.9M | $611.1M | ||
| Q3 24 | $725.3M | $681.1M | ||
| Q2 24 | $616.6M | $571.0M | ||
| Q1 24 | $331.4M | $619.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | $15.0M | ||
| Q2 25 | — | $60.0M | ||
| Q1 25 | — | $60.0M | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $332.3M | $835.2M | ||
| Q3 25 | $328.3M | $829.1M | ||
| Q2 25 | $414.0M | $792.4M | ||
| Q1 25 | $417.9M | $784.3M | ||
| Q4 24 | $446.7M | $814.8M | ||
| Q3 24 | $367.9M | $843.2M | ||
| Q2 24 | $325.8M | $802.6M | ||
| Q1 24 | $279.8M | $-797.0M |
| Q4 25 | $1.8B | $1.3B | ||
| Q3 25 | $1.7B | $1.3B | ||
| Q2 25 | $1.8B | $1.1B | ||
| Q1 25 | $1.8B | $1.1B | ||
| Q4 24 | $1.8B | $1.1B | ||
| Q3 24 | $1.7B | $1.2B | ||
| Q2 24 | $1.9B | $998.7M | ||
| Q1 24 | $2.1B | $998.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.02× | ||
| Q2 25 | — | 0.08× | ||
| Q1 25 | — | 0.08× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $4.9M |
| Free Cash FlowOCF − Capex | $26.1M | $4.5M |
| FCF MarginFCF / Revenue | 14.2% | 2.9% |
| Capex IntensityCapex / Revenue | 0.3% | 0.2% |
| Cash ConversionOCF / Net Profit | 5.46× | 148.06× |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | $98.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.7M | $4.9M | ||
| Q3 25 | $63.8M | $150.1M | ||
| Q2 25 | $32.3M | $24.1M | ||
| Q1 25 | $46.7M | $-78.9M | ||
| Q4 24 | $43.8M | $-28.6M | ||
| Q3 24 | $55.9M | $184.6M | ||
| Q2 24 | $40.7M | $-19.3M | ||
| Q1 24 | $50.4M | $-38.1M |
| Q4 25 | $26.1M | $4.5M | ||
| Q3 25 | $63.3M | $149.9M | ||
| Q2 25 | $31.4M | $23.5M | ||
| Q1 25 | $40.8M | $-79.1M | ||
| Q4 24 | $43.0M | $-28.7M | ||
| Q3 24 | $55.5M | $184.4M | ||
| Q2 24 | $40.0M | $-19.7M | ||
| Q1 24 | $50.1M | $-38.3M |
| Q4 25 | 14.2% | 2.9% | ||
| Q3 25 | 35.5% | 74.9% | ||
| Q2 25 | 18.2% | 17.8% | ||
| Q1 25 | 24.4% | -59.3% | ||
| Q4 24 | 25.4% | -24.4% | ||
| Q3 24 | 33.5% | 117.6% | ||
| Q2 24 | 24.9% | -19.0% | ||
| Q1 24 | 31.8% | -33.6% |
| Q4 25 | 0.3% | 0.2% | ||
| Q3 25 | 0.3% | 0.1% | ||
| Q2 25 | 0.6% | 0.4% | ||
| Q1 25 | 3.6% | 0.1% | ||
| Q4 24 | 0.4% | 0.1% | ||
| Q3 24 | 0.2% | 0.1% | ||
| Q2 24 | 0.4% | 0.3% | ||
| Q1 24 | 0.2% | 0.2% |
| Q4 25 | 5.46× | 148.06× | ||
| Q3 25 | 12.07× | 5.07× | ||
| Q2 25 | 3.90× | — | ||
| Q1 25 | 7.72× | — | ||
| Q4 24 | 0.78× | — | ||
| Q3 24 | 3.24× | 4.75× | ||
| Q2 24 | 0.53× | — | ||
| Q1 24 | 4.66× | — |
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% |
FLYW
| Transactions | $126.4M | 80% |
| Platform And Other Revenues | $31.1M | 20% |
