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Side-by-side financial comparison of BLACKLINE, INC. (BL) and LIQUIDITY SERVICES INC (LQDT). Click either name above to swap in a different company.
BLACKLINE, INC. is the larger business by last-quarter revenue ($183.2M vs $120.7M, roughly 1.5× LIQUIDITY SERVICES INC). LIQUIDITY SERVICES INC runs the higher net margin — 6.2% vs 2.7%, a 3.6% gap on every dollar of revenue. On growth, BLACKLINE, INC. posted the faster year-over-year revenue change (8.1% vs 3.7%). Over the past eight quarters, LIQUIDITY SERVICES INC's revenue compounded faster (13.6% 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.
Liquidity Services, Inc. is an American e-commerce company providing surplus asset management services through a network of online marketplaces. It serves businesses and government agencies by facilitating the resale of surplus, returned, and end-of-life goods. Founded in 1999 and headquartered in Bethesda, Maryland, United States.
BL vs LQDT — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $120.7M |
| Net Profit | $4.9M | $7.5M |
| Gross Margin | 75.2% | — |
| Operating Margin | 3.7% | 8.0% |
| Net Margin | 2.7% | 6.2% |
| Revenue YoY | 8.1% | 3.7% |
| Net Profit YoY | -91.3% | 6.7% |
| EPS (diluted) | $0.07 | $0.23 |
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 | — | $120.7M | ||
| Q4 25 | $183.2M | $121.2M | ||
| Q3 25 | $178.3M | $118.1M | ||
| Q2 25 | $172.0M | $119.9M | ||
| Q1 25 | $166.9M | $116.4M | ||
| Q4 24 | $169.5M | $122.3M | ||
| Q3 24 | $165.9M | $106.9M | ||
| Q2 24 | $160.5M | $93.6M |
| Q1 26 | — | $7.5M | ||
| Q4 25 | $4.9M | $7.5M | ||
| Q3 25 | $5.3M | $7.8M | ||
| Q2 25 | $8.3M | $7.4M | ||
| Q1 25 | $6.1M | $7.1M | ||
| Q4 24 | $56.4M | $5.8M | ||
| Q3 24 | $17.2M | $6.4M | ||
| Q2 24 | $76.7M | $6.0M |
| Q1 26 | — | — | ||
| Q4 25 | 75.2% | 47.0% | ||
| Q3 25 | 75.1% | 47.8% | ||
| Q2 25 | 75.2% | 45.7% | ||
| Q1 25 | 75.5% | 40.8% | ||
| Q4 24 | 75.6% | 41.0% | ||
| Q3 24 | 75.2% | 45.6% | ||
| Q2 24 | 74.9% | 52.8% |
| Q1 26 | — | 8.0% | ||
| Q4 25 | 3.7% | 7.7% | ||
| Q3 25 | 4.3% | 9.3% | ||
| Q2 25 | 4.4% | 8.5% | ||
| Q1 25 | 2.1% | 5.8% | ||
| Q4 24 | 3.7% | 5.8% | ||
| Q3 24 | 5.0% | 6.8% | ||
| Q2 24 | 1.4% | 8.4% |
| Q1 26 | — | 6.2% | ||
| Q4 25 | 2.7% | 6.2% | ||
| Q3 25 | 3.0% | 6.6% | ||
| Q2 25 | 4.8% | 6.2% | ||
| Q1 25 | 3.6% | 6.1% | ||
| Q4 24 | 33.3% | 4.7% | ||
| Q3 24 | 10.4% | 6.0% | ||
| Q2 24 | 47.8% | 6.4% |
| Q1 26 | — | $0.23 | ||
| Q4 25 | $0.07 | $0.23 | ||
| Q3 25 | $0.09 | $0.24 | ||
| Q2 25 | $0.13 | $0.23 | ||
| Q1 25 | $0.10 | $0.22 | ||
| Q4 24 | $0.79 | $0.18 | ||
| Q3 24 | $0.27 | $0.20 | ||
| Q2 24 | $0.22 | $0.19 |
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 | $204.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $332.3M | — |
| Total Assets | $1.8B | $400.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $204.0M | ||
| Q4 25 | $390.0M | $11.6M | ||
| Q3 25 | $419.9M | $11.2M | ||
| Q2 25 | $459.1M | $11.4M | ||
| Q1 25 | $479.5M | $10.5M | ||
| Q4 24 | $885.9M | $10.4M | ||
| Q3 24 | $725.3M | $2.3M | ||
| Q2 24 | $616.6M | $6.5M |
| Q1 26 | — | — | ||
| Q4 25 | $332.3M | $215.3M | ||
| Q3 25 | $328.3M | $203.2M | ||
| Q2 25 | $414.0M | $208.7M | ||
| Q1 25 | $417.9M | $196.3M | ||
| Q4 24 | $446.7M | $189.2M | ||
| Q3 24 | $367.9M | $182.6M | ||
| Q2 24 | $325.8M | $172.0M |
| Q1 26 | — | $400.4M | ||
| Q4 25 | $1.8B | $369.1M | ||
| Q3 25 | $1.7B | $375.1M | ||
| Q2 25 | $1.8B | $372.4M | ||
| Q1 25 | $1.8B | $358.8M | ||
| Q4 24 | $1.8B | $333.2M | ||
| Q3 24 | $1.7B | $346.9M | ||
| Q2 24 | $1.9B | $325.5M |
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 | $29.0M |
| Free Cash FlowOCF − Capex | $26.1M | — |
| FCF MarginFCF / Revenue | 14.2% | — |
| Capex IntensityCapex / Revenue | 0.3% | — |
| Cash ConversionOCF / Net Profit | 5.46× | 3.86× |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $29.0M | ||
| Q4 25 | $26.7M | $-526.0K | ||
| Q3 25 | $63.8M | $38.0M | ||
| Q2 25 | $32.3M | $19.3M | ||
| Q1 25 | $46.7M | $21.6M | ||
| Q4 24 | $43.8M | $-12.1M | ||
| Q3 24 | $55.9M | $22.0M | ||
| Q2 24 | $40.7M | $22.2M |
| Q1 26 | — | — | ||
| Q4 25 | $26.1M | $-2.8M | ||
| Q3 25 | $63.3M | $36.0M | ||
| Q2 25 | $31.4M | $17.2M | ||
| Q1 25 | $40.8M | $19.8M | ||
| Q4 24 | $43.0M | $-14.0M | ||
| Q3 24 | $55.5M | $19.2M | ||
| Q2 24 | $40.0M | $20.3M |
| Q1 26 | — | — | ||
| Q4 25 | 14.2% | -2.3% | ||
| Q3 25 | 35.5% | 30.5% | ||
| Q2 25 | 18.2% | 14.3% | ||
| Q1 25 | 24.4% | 17.0% | ||
| Q4 24 | 25.4% | -11.4% | ||
| Q3 24 | 33.5% | 17.9% | ||
| Q2 24 | 24.9% | 21.7% |
| Q1 26 | — | — | ||
| Q4 25 | 0.3% | 1.9% | ||
| Q3 25 | 0.3% | 1.7% | ||
| Q2 25 | 0.6% | 1.8% | ||
| Q1 25 | 3.6% | 1.6% | ||
| Q4 24 | 0.4% | 1.5% | ||
| Q3 24 | 0.2% | 2.7% | ||
| Q2 24 | 0.4% | 2.1% |
| Q1 26 | — | 3.86× | ||
| Q4 25 | 5.46× | -0.07× | ||
| Q3 25 | 12.07× | 4.86× | ||
| Q2 25 | 3.90× | 2.60× | ||
| Q1 25 | 7.72× | 3.07× | ||
| Q4 24 | 0.78× | -2.09× | ||
| Q3 24 | 3.24× | 3.45× | ||
| Q2 24 | 0.53× | 3.71× |
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% |
LQDT
| Purchase revenues | $77.9M | 64% |
| Consignment and other fee revenues | $42.9M | 36% |
