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Side-by-side financial comparison of BLACKLINE, INC. (BL) and Safehold Inc. (SAFE). Click either name above to swap in a different company.
BLACKLINE, INC. is the larger business by last-quarter revenue ($183.2M vs $97.9M, roughly 1.9× Safehold Inc.). Safehold Inc. runs the higher net margin — 28.5% vs 2.7%, a 25.8% gap on every dollar of revenue. On growth, BLACKLINE, INC. posted the faster year-over-year revenue change (8.1% vs 6.5%). Over the past eight quarters, BLACKLINE, INC.'s revenue compounded faster (7.9% CAGR vs 2.5%).
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.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
BL vs SAFE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $97.9M |
| Net Profit | $4.9M | $27.9M |
| Gross Margin | 75.2% | 98.6% |
| Operating Margin | 3.7% | 27.4% |
| Net Margin | 2.7% | 28.5% |
| Revenue YoY | 8.1% | 6.5% |
| Net Profit YoY | -91.3% | 7.1% |
| EPS (diluted) | $0.07 | $0.38 |
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 | $97.9M | ||
| Q3 25 | $178.3M | $96.2M | ||
| Q2 25 | $172.0M | $93.8M | ||
| Q1 25 | $166.9M | $97.7M | ||
| Q4 24 | $169.5M | $91.9M | ||
| Q3 24 | $165.9M | $90.7M | ||
| Q2 24 | $160.5M | $89.9M | ||
| Q1 24 | $157.5M | $93.2M |
| Q4 25 | $4.9M | $27.9M | ||
| Q3 25 | $5.3M | $29.3M | ||
| Q2 25 | $8.3M | $27.9M | ||
| Q1 25 | $6.1M | $29.4M | ||
| Q4 24 | $56.4M | $26.0M | ||
| Q3 24 | $17.2M | $19.3M | ||
| Q2 24 | $76.7M | $29.7M | ||
| Q1 24 | $10.8M | $30.7M |
| Q4 25 | 75.2% | 98.6% | ||
| Q3 25 | 75.1% | 98.5% | ||
| Q2 25 | 75.2% | 99.1% | ||
| Q1 25 | 75.5% | 98.8% | ||
| Q4 24 | 75.6% | 98.8% | ||
| Q3 24 | 75.2% | 98.8% | ||
| Q2 24 | 74.9% | 98.8% | ||
| Q1 24 | 75.2% | 98.8% |
| Q4 25 | 3.7% | 27.4% | ||
| Q3 25 | 4.3% | 25.9% | ||
| Q2 25 | 4.4% | 25.5% | ||
| Q1 25 | 2.1% | 25.9% | ||
| Q4 24 | 3.7% | 24.6% | ||
| Q3 24 | 5.0% | 17.5% | ||
| Q2 24 | 1.4% | 26.7% | ||
| Q1 24 | 1.1% | 26.4% |
| Q4 25 | 2.7% | 28.5% | ||
| Q3 25 | 3.0% | 30.5% | ||
| Q2 25 | 4.8% | 29.8% | ||
| Q1 25 | 3.6% | 30.1% | ||
| Q4 24 | 33.3% | 28.3% | ||
| Q3 24 | 10.4% | 21.3% | ||
| Q2 24 | 47.8% | 33.0% | ||
| Q1 24 | 6.9% | 33.0% |
| Q4 25 | $0.07 | $0.38 | ||
| Q3 25 | $0.09 | $0.41 | ||
| Q2 25 | $0.13 | $0.39 | ||
| Q1 25 | $0.10 | $0.41 | ||
| Q4 24 | $0.79 | $0.36 | ||
| Q3 24 | $0.27 | $0.27 | ||
| Q2 24 | $0.22 | $0.42 | ||
| Q1 24 | $0.17 | $0.43 |
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 | $21.7M |
| Total DebtLower is stronger | — | $4.6B |
| Stockholders' EquityBook value | $332.3M | $2.4B |
| Total Assets | $1.8B | $7.2B |
| Debt / EquityLower = less leverage | — | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $390.0M | $21.7M | ||
| Q3 25 | $419.9M | $12.1M | ||
| Q2 25 | $459.1M | $13.9M | ||
| Q1 25 | $479.5M | $17.3M | ||
| Q4 24 | $885.9M | $8.3M | ||
| Q3 24 | $725.3M | $15.6M | ||
| Q2 24 | $616.6M | $13.4M | ||
| Q1 24 | $331.4M | $11.3M |
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | — | $4.1B |
| Q4 25 | $332.3M | $2.4B | ||
| Q3 25 | $328.3M | $2.4B | ||
| Q2 25 | $414.0M | $2.4B | ||
| Q1 25 | $417.9M | $2.4B | ||
| Q4 24 | $446.7M | $2.3B | ||
| Q3 24 | $367.9M | $2.3B | ||
| Q2 24 | $325.8M | $2.3B | ||
| Q1 24 | $279.8M | $2.3B |
| Q4 25 | $1.8B | $7.2B | ||
| Q3 25 | $1.7B | $7.1B | ||
| Q2 25 | $1.8B | $7.1B | ||
| Q1 25 | $1.8B | $6.9B | ||
| Q4 24 | $1.8B | $6.9B | ||
| Q3 24 | $1.7B | $6.8B | ||
| Q2 24 | $1.9B | $6.8B | ||
| Q1 24 | $2.1B | $6.7B |
| Q4 25 | — | 1.90× | ||
| Q3 25 | — | 1.89× | ||
| Q2 25 | — | 1.87× | ||
| Q1 25 | — | 1.85× | ||
| Q4 24 | — | 1.84× | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 1.81× | ||
| Q1 24 | — | 1.81× |
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 | $47.8M |
| Free Cash FlowOCF − Capex | $26.1M | — |
| FCF MarginFCF / Revenue | 14.2% | — |
| Capex IntensityCapex / Revenue | 0.3% | — |
| Cash ConversionOCF / Net Profit | 5.46× | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.7M | $47.8M | ||
| Q3 25 | $63.8M | $-1.4M | ||
| Q2 25 | $32.3M | $28.0M | ||
| Q1 25 | $46.7M | $8.9M | ||
| Q4 24 | $43.8M | $37.9M | ||
| Q3 24 | $55.9M | $8.3M | ||
| Q2 24 | $40.7M | $24.8M | ||
| Q1 24 | $50.4M | $-3.1M |
| Q4 25 | $26.1M | — | ||
| Q3 25 | $63.3M | — | ||
| Q2 25 | $31.4M | — | ||
| Q1 25 | $40.8M | — | ||
| Q4 24 | $43.0M | — | ||
| Q3 24 | $55.5M | — | ||
| Q2 24 | $40.0M | — | ||
| Q1 24 | $50.1M | — |
| Q4 25 | 14.2% | — | ||
| Q3 25 | 35.5% | — | ||
| Q2 25 | 18.2% | — | ||
| Q1 25 | 24.4% | — | ||
| Q4 24 | 25.4% | — | ||
| Q3 24 | 33.5% | — | ||
| Q2 24 | 24.9% | — | ||
| Q1 24 | 31.8% | — |
| Q4 25 | 0.3% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.6% | — | ||
| Q1 25 | 3.6% | — | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 0.2% | — | ||
| Q2 24 | 0.4% | — | ||
| Q1 24 | 0.2% | — |
| Q4 25 | 5.46× | 1.72× | ||
| Q3 25 | 12.07× | -0.05× | ||
| Q2 25 | 3.90× | 1.00× | ||
| Q1 25 | 7.72× | 0.30× | ||
| Q4 24 | 0.78× | 1.45× | ||
| Q3 24 | 3.24× | 0.43× | ||
| Q2 24 | 0.53× | 0.83× | ||
| Q1 24 | 4.66× | -0.10× |
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% |
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
