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Side-by-side financial comparison of BLACKLINE, INC. (BL) and Metallus Inc. (MTUS). Click either name above to swap in a different company.
Metallus Inc. is the larger business by last-quarter revenue ($267.3M vs $183.2M, roughly 1.5× BLACKLINE, INC.). BLACKLINE, INC. runs the higher net margin — 2.7% vs 0.5%, a 2.2% gap on every dollar of revenue. On growth, Metallus Inc. posted the faster year-over-year revenue change (11.1% vs 8.1%). BLACKLINE, INC. produced more free cash flow last quarter ($26.1M vs $900.0K). Over the past eight quarters, BLACKLINE, INC.'s revenue compounded faster (7.9% CAGR vs -4.8%).
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.
BL vs MTUS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $267.3M |
| Net Profit | $4.9M | $1.3M |
| Gross Margin | 75.2% | 2.2% |
| Operating Margin | 3.7% | — |
| Net Margin | 2.7% | 0.5% |
| Revenue YoY | 8.1% | 11.1% |
| Net Profit YoY | -91.3% | — |
| EPS (diluted) | $0.07 | $0.03 |
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 | — | $267.3M | ||
| Q4 25 | $183.2M | $267.3M | ||
| Q3 25 | $178.3M | $305.9M | ||
| Q2 25 | $172.0M | $304.6M | ||
| Q1 25 | $166.9M | $280.5M | ||
| Q4 24 | $169.5M | $240.5M | ||
| Q3 24 | $165.9M | $227.2M | ||
| Q2 24 | $160.5M | $294.7M |
| Q1 26 | — | $1.3M | ||
| Q4 25 | $4.9M | $-14.3M | ||
| Q3 25 | $5.3M | $8.1M | ||
| Q2 25 | $8.3M | $3.7M | ||
| Q1 25 | $6.1M | $1.3M | ||
| Q4 24 | $56.4M | $-21.4M | ||
| Q3 24 | $17.2M | $-5.9M | ||
| Q2 24 | $76.7M | $4.6M |
| Q1 26 | — | 2.2% | ||
| Q4 25 | 75.2% | 2.2% | ||
| Q3 25 | 75.1% | 11.4% | ||
| Q2 25 | 75.2% | 10.6% | ||
| Q1 25 | 75.5% | 7.8% | ||
| Q4 24 | 75.6% | 4.5% | ||
| Q3 24 | 75.2% | 5.3% | ||
| Q2 24 | 74.9% | 8.2% |
| Q1 26 | — | — | ||
| Q4 25 | 3.7% | -7.7% | ||
| Q3 25 | 4.3% | 3.6% | ||
| Q2 25 | 4.4% | 2.8% | ||
| Q1 25 | 2.1% | 1.0% | ||
| Q4 24 | 3.7% | -10.1% | ||
| Q3 24 | 5.0% | -3.1% | ||
| Q2 24 | 1.4% | 2.1% |
| Q1 26 | — | 0.5% | ||
| Q4 25 | 2.7% | -5.3% | ||
| Q3 25 | 3.0% | 2.6% | ||
| Q2 25 | 4.8% | 1.2% | ||
| Q1 25 | 3.6% | 0.5% | ||
| Q4 24 | 33.3% | -8.9% | ||
| Q3 24 | 10.4% | -2.6% | ||
| Q2 24 | 47.8% | 1.6% |
| Q1 26 | — | $0.03 | ||
| Q4 25 | $0.07 | $-0.34 | ||
| Q3 25 | $0.09 | $0.19 | ||
| Q2 25 | $0.13 | $0.09 | ||
| Q1 25 | $0.10 | $0.03 | ||
| Q4 24 | $0.79 | $-0.46 | ||
| Q3 24 | $0.27 | $-0.13 | ||
| Q2 24 | $0.22 | $0.10 |
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 | $156.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $332.3M | $686.0M |
| Total Assets | $1.8B | $1.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $156.7M | ||
| Q4 25 | $390.0M | $156.7M | ||
| Q3 25 | $419.9M | $191.5M | ||
| Q2 25 | $459.1M | $190.8M | ||
| Q1 25 | $479.5M | $180.3M | ||
| Q4 24 | $885.9M | $240.7M | ||
| Q3 24 | $725.3M | $254.6M | ||
| Q2 24 | $616.6M | $272.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $0 | ||
| Q2 25 | — | $0 | ||
| Q1 25 | — | $5.4M | ||
| Q4 24 | — | $5.4M | ||
| Q3 24 | — | $13.2M | ||
| Q2 24 | — | $13.2M |
| Q1 26 | — | $686.0M | ||
| Q4 25 | $332.3M | $686.0M | ||
| Q3 25 | $328.3M | $697.7M | ||
| Q2 25 | $414.0M | $690.0M | ||
| Q1 25 | $417.9M | $686.1M | ||
| Q4 24 | $446.7M | $690.5M | ||
| Q3 24 | $367.9M | $712.7M | ||
| Q2 24 | $325.8M | $736.3M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $1.8B | $1.1B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.8B | $1.1B | ||
| Q1 25 | $1.8B | $1.1B | ||
| Q4 24 | $1.8B | $1.1B | ||
| Q3 24 | $1.7B | $1.1B | ||
| Q2 24 | $1.9B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.01× | ||
| Q4 24 | — | 0.01× | ||
| Q3 24 | — | 0.02× | ||
| Q2 24 | — | 0.02× |
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 | — |
| Free Cash FlowOCF − Capex | $26.1M | $900.0K |
| FCF MarginFCF / Revenue | 14.2% | 0.3% |
| Capex IntensityCapex / Revenue | 0.3% | 0.0% |
| Cash ConversionOCF / Net Profit | 5.46× | — |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | $-25.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $26.7M | $-1.9M | ||
| Q3 25 | $63.8M | $22.0M | ||
| Q2 25 | $32.3M | $34.8M | ||
| Q1 25 | $46.7M | $-38.9M | ||
| Q4 24 | $43.8M | $13.9M | ||
| Q3 24 | $55.9M | $-15.3M | ||
| Q2 24 | $40.7M | $8.3M |
| Q1 26 | — | $900.0K | ||
| Q4 25 | $26.1M | $-37.2M | ||
| Q3 25 | $63.3M | $-6.4M | ||
| Q2 25 | $31.4M | $17.0M | ||
| Q1 25 | $40.8M | $-66.4M | ||
| Q4 24 | $43.0M | $-1.3M | ||
| Q3 24 | $55.5M | $-32.9M | ||
| Q2 24 | $40.0M | $-5.8M |
| Q1 26 | — | 0.3% | ||
| Q4 25 | 14.2% | -13.9% | ||
| Q3 25 | 35.5% | -2.1% | ||
| Q2 25 | 18.2% | 5.6% | ||
| Q1 25 | 24.4% | -23.7% | ||
| Q4 24 | 25.4% | -0.5% | ||
| Q3 24 | 33.5% | -14.5% | ||
| Q2 24 | 24.9% | -2.0% |
| Q1 26 | — | 0.0% | ||
| Q4 25 | 0.3% | 13.2% | ||
| Q3 25 | 0.3% | 9.3% | ||
| Q2 25 | 0.6% | 5.8% | ||
| Q1 25 | 3.6% | 9.8% | ||
| Q4 24 | 0.4% | 6.3% | ||
| Q3 24 | 0.2% | 7.7% | ||
| Q2 24 | 0.4% | 4.8% |
| Q1 26 | — | — | ||
| Q4 25 | 5.46× | — | ||
| Q3 25 | 12.07× | 2.72× | ||
| Q2 25 | 3.90× | 9.41× | ||
| Q1 25 | 7.72× | -29.92× | ||
| Q4 24 | 0.78× | — | ||
| Q3 24 | 3.24× | — | ||
| Q2 24 | 0.53× | 1.80× |
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% |
MTUS
Segment breakdown not available.
