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Side-by-side financial comparison of BLACKLINE, INC. (BL) and Mistras Group, Inc. (MG). Click either name above to swap in a different company.
BLACKLINE, INC. is the larger business by last-quarter revenue ($183.2M vs $181.5M, roughly 1.0× Mistras Group, Inc.). BLACKLINE, INC. runs the higher net margin — 2.7% vs 2.1%, a 0.6% gap on every dollar of revenue. On growth, BLACKLINE, INC. posted the faster year-over-year revenue change (8.1% vs 5.1%). BLACKLINE, INC. produced more free cash flow last quarter ($26.1M vs $26.0M). Over the past eight quarters, BLACKLINE, INC.'s revenue compounded faster (7.9% CAGR vs -0.8%).
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.
Mistras Group, Inc. is a global provider of asset integrity and protection solutions, offering non-destructive testing, inspection, real-time monitoring, and engineering consulting services. Its key client segments include oil and gas, aerospace, power generation, and manufacturing industries, with operations spanning North America, Europe, and Asia-Pacific, helping clients enhance operational safety, extend asset lifespans, and minimize unplanned downtime.
BL vs MG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $181.5M |
| Net Profit | $4.9M | $3.8M |
| Gross Margin | 75.2% | 28.4% |
| Operating Margin | 3.7% | 7.0% |
| Net Margin | 2.7% | 2.1% |
| Revenue YoY | 8.1% | 5.1% |
| Net Profit YoY | -91.3% | -27.4% |
| EPS (diluted) | $0.07 | $0.12 |
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 | $181.5M | ||
| Q3 25 | $178.3M | $195.5M | ||
| Q2 25 | $172.0M | $185.4M | ||
| Q1 25 | $166.9M | $161.6M | ||
| Q4 24 | $169.5M | $172.7M | ||
| Q3 24 | $165.9M | $182.7M | ||
| Q2 24 | $160.5M | $189.8M | ||
| Q1 24 | $157.5M | $184.4M |
| Q4 25 | $4.9M | $3.8M | ||
| Q3 25 | $5.3M | $13.1M | ||
| Q2 25 | $8.3M | $3.0M | ||
| Q1 25 | $6.1M | $-3.2M | ||
| Q4 24 | $56.4M | $5.2M | ||
| Q3 24 | $17.2M | $6.4M | ||
| Q2 24 | $76.7M | $6.4M | ||
| Q1 24 | $10.8M | $995.0K |
| Q4 25 | 75.2% | 28.4% | ||
| Q3 25 | 75.1% | 29.8% | ||
| Q2 25 | 75.2% | 29.1% | ||
| Q1 25 | 75.5% | 25.3% | ||
| Q4 24 | 75.6% | 26.5% | ||
| Q3 24 | 75.2% | 26.8% | ||
| Q2 24 | 74.9% | 27.1% | ||
| Q1 24 | 75.2% | 25.0% |
| Q4 25 | 3.7% | 7.0% | ||
| Q3 25 | 4.3% | 10.4% | ||
| Q2 25 | 4.4% | 4.5% | ||
| Q1 25 | 2.1% | -0.6% | ||
| Q4 24 | 3.7% | 6.1% | ||
| Q3 24 | 5.0% | 6.5% | ||
| Q2 24 | 1.4% | 6.3% | ||
| Q1 24 | 1.1% | 3.0% |
| Q4 25 | 2.7% | 2.1% | ||
| Q3 25 | 3.0% | 6.7% | ||
| Q2 25 | 4.8% | 1.6% | ||
| Q1 25 | 3.6% | -2.0% | ||
| Q4 24 | 33.3% | 3.0% | ||
| Q3 24 | 10.4% | 3.5% | ||
| Q2 24 | 47.8% | 3.4% | ||
| Q1 24 | 6.9% | 0.5% |
| Q4 25 | $0.07 | $0.12 | ||
| Q3 25 | $0.09 | $0.41 | ||
| Q2 25 | $0.13 | $0.10 | ||
| Q1 25 | $0.10 | $-0.10 | ||
| Q4 24 | $0.79 | $0.17 | ||
| Q3 24 | $0.27 | $0.20 | ||
| Q2 24 | $0.22 | $0.20 | ||
| Q1 24 | $0.17 | $0.03 |
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 | $28.0M |
| Total DebtLower is stronger | — | $178.0M |
| Stockholders' EquityBook value | $332.3M | $235.1M |
| Total Assets | $1.8B | $578.8M |
| Debt / EquityLower = less leverage | — | 0.76× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $390.0M | $28.0M | ||
| Q3 25 | $419.9M | $27.8M | ||
| Q2 25 | $459.1M | $20.0M | ||
| Q1 25 | $479.5M | $18.5M | ||
| Q4 24 | $885.9M | $18.3M | ||
| Q3 24 | $725.3M | $20.4M | ||
| Q2 24 | $616.6M | $17.2M | ||
| Q1 24 | $331.4M | $16.9M |
| Q4 25 | — | $178.0M | ||
| Q3 25 | — | $202.3M | ||
| Q2 25 | — | $189.4M | ||
| Q1 25 | — | $171.9M | ||
| Q4 24 | — | $169.6M | ||
| Q3 24 | — | $189.7M | ||
| Q2 24 | — | $199.7M | ||
| Q1 24 | — | $198.4M |
| Q4 25 | $332.3M | $235.1M | ||
| Q3 25 | $328.3M | $227.4M | ||
| Q2 25 | $414.0M | $215.8M | ||
| Q1 25 | $417.9M | $198.7M | ||
| Q4 24 | $446.7M | $198.6M | ||
| Q3 24 | $367.9M | $205.2M | ||
| Q2 24 | $325.8M | $193.2M | ||
| Q1 24 | $279.8M | $187.1M |
| Q4 25 | $1.8B | $578.8M | ||
| Q3 25 | $1.7B | $596.3M | ||
| Q2 25 | $1.8B | $571.0M | ||
| Q1 25 | $1.8B | $526.8M | ||
| Q4 24 | $1.8B | $523.0M | ||
| Q3 24 | $1.7B | $551.7M | ||
| Q2 24 | $1.9B | $548.1M | ||
| Q1 24 | $2.1B | $542.1M |
| Q4 25 | — | 0.76× | ||
| Q3 25 | — | 0.89× | ||
| Q2 25 | — | 0.88× | ||
| Q1 25 | — | 0.87× | ||
| Q4 24 | — | 0.85× | ||
| Q3 24 | — | 0.92× | ||
| Q2 24 | — | 1.03× | ||
| Q1 24 | — | 1.06× |
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 | $32.1M |
| Free Cash FlowOCF − Capex | $26.1M | $26.0M |
| FCF MarginFCF / Revenue | 14.2% | 14.3% |
| Capex IntensityCapex / Revenue | 0.3% | 3.4% |
| Cash ConversionOCF / Net Profit | 5.46× | 8.55× |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | $8.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.7M | $32.1M | ||
| Q3 25 | $63.8M | $4.5M | ||
| Q2 25 | $32.3M | $-9.3M | ||
| Q1 25 | $46.7M | $5.6M | ||
| Q4 24 | $43.8M | $25.7M | ||
| Q3 24 | $55.9M | $19.4M | ||
| Q2 24 | $40.7M | $4.5M | ||
| Q1 24 | $50.4M | $604.0K |
| Q4 25 | $26.1M | $26.0M | ||
| Q3 25 | $63.3M | $-4.1M | ||
| Q2 25 | $31.4M | $-14.7M | ||
| Q1 25 | $40.8M | $1.1M | ||
| Q4 24 | $43.0M | $22.1M | ||
| Q3 24 | $55.5M | $14.6M | ||
| Q2 24 | $40.0M | $-284.0K | ||
| Q1 24 | $50.1M | $-4.2M |
| Q4 25 | 14.2% | 14.3% | ||
| Q3 25 | 35.5% | -2.1% | ||
| Q2 25 | 18.2% | -7.9% | ||
| Q1 25 | 24.4% | 0.7% | ||
| Q4 24 | 25.4% | 12.8% | ||
| Q3 24 | 33.5% | 8.0% | ||
| Q2 24 | 24.9% | -0.1% | ||
| Q1 24 | 31.8% | -2.3% |
| Q4 25 | 0.3% | 3.4% | ||
| Q3 25 | 0.3% | 4.4% | ||
| Q2 25 | 0.6% | 2.9% | ||
| Q1 25 | 3.6% | 2.8% | ||
| Q4 24 | 0.4% | 2.1% | ||
| Q3 24 | 0.2% | 2.6% | ||
| Q2 24 | 0.4% | 2.5% | ||
| Q1 24 | 0.2% | 2.6% |
| Q4 25 | 5.46× | 8.55× | ||
| Q3 25 | 12.07× | 0.34× | ||
| Q2 25 | 3.90× | -3.07× | ||
| Q1 25 | 7.72× | — | ||
| Q4 24 | 0.78× | 4.96× | ||
| Q3 24 | 3.24× | 3.02× | ||
| Q2 24 | 0.53× | 0.71× | ||
| Q1 24 | 4.66× | 0.61× |
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% |
MG
Segment breakdown not available.
