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Side-by-side financial comparison of BLACKLINE, INC. (BL) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
BLACKLINE, INC. is the larger business by last-quarter revenue ($183.2M vs $100.0M, roughly 1.8× Latham Group, Inc.). BLACKLINE, INC. runs the higher net margin — 2.7% vs -7.0%, a 9.7% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs 8.1%). BLACKLINE, INC. produced more free cash flow last quarter ($26.1M vs $14.1M). Over the past eight quarters, BLACKLINE, INC.'s revenue compounded faster (7.9% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
BL vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $100.0M |
| Net Profit | $4.9M | $-7.0M |
| Gross Margin | 75.2% | 28.0% |
| Operating Margin | 3.7% | -10.7% |
| Net Margin | 2.7% | -7.0% |
| Revenue YoY | 8.1% | 14.5% |
| Net Profit YoY | -91.3% | 76.0% |
| EPS (diluted) | $0.07 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $178.3M | $161.9M | ||
| Q2 25 | $172.0M | $172.6M | ||
| Q1 25 | $166.9M | $111.4M | ||
| Q4 24 | $169.5M | $87.3M | ||
| Q3 24 | $165.9M | $150.5M | ||
| Q2 24 | $160.5M | $160.1M | ||
| Q1 24 | $157.5M | $110.6M |
| Q4 25 | $4.9M | $-7.0M | ||
| Q3 25 | $5.3M | $8.1M | ||
| Q2 25 | $8.3M | $16.0M | ||
| Q1 25 | $6.1M | $-6.0M | ||
| Q4 24 | $56.4M | $-29.2M | ||
| Q3 24 | $17.2M | $5.9M | ||
| Q2 24 | $76.7M | $13.3M | ||
| Q1 24 | $10.8M | $-7.9M |
| Q4 25 | 75.2% | 28.0% | ||
| Q3 25 | 75.1% | 35.4% | ||
| Q2 25 | 75.2% | 37.1% | ||
| Q1 25 | 75.5% | 29.5% | ||
| Q4 24 | 75.6% | 24.6% | ||
| Q3 24 | 75.2% | 32.4% | ||
| Q2 24 | 74.9% | 33.1% | ||
| Q1 24 | 75.2% | 27.7% |
| Q4 25 | 3.7% | -10.7% | ||
| Q3 25 | 4.3% | 13.3% | ||
| Q2 25 | 4.4% | 14.3% | ||
| Q1 25 | 2.1% | -4.4% | ||
| Q4 24 | 3.7% | -14.9% | ||
| Q3 24 | 5.0% | 8.9% | ||
| Q2 24 | 1.4% | 12.5% | ||
| Q1 24 | 1.1% | -1.9% |
| Q4 25 | 2.7% | -7.0% | ||
| Q3 25 | 3.0% | 5.0% | ||
| Q2 25 | 4.8% | 9.3% | ||
| Q1 25 | 3.6% | -5.4% | ||
| Q4 24 | 33.3% | -33.4% | ||
| Q3 24 | 10.4% | 3.9% | ||
| Q2 24 | 47.8% | 8.3% | ||
| Q1 24 | 6.9% | -7.1% |
| Q4 25 | $0.07 | $-0.06 | ||
| Q3 25 | $0.09 | $0.07 | ||
| Q2 25 | $0.13 | $0.13 | ||
| Q1 25 | $0.10 | $-0.05 | ||
| Q4 24 | $0.79 | $-0.24 | ||
| Q3 24 | $0.27 | $0.05 | ||
| Q2 24 | $0.22 | $0.11 | ||
| Q1 24 | $0.17 | $-0.07 |
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 | — |
| Total DebtLower is stronger | — | $279.8M |
| Stockholders' EquityBook value | $332.3M | $405.9M |
| Total Assets | $1.8B | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $390.0M | — | ||
| Q3 25 | $419.9M | — | ||
| Q2 25 | $459.1M | — | ||
| Q1 25 | $479.5M | — | ||
| Q4 24 | $885.9M | — | ||
| Q3 24 | $725.3M | — | ||
| Q2 24 | $616.6M | — | ||
| Q1 24 | $331.4M | — |
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $332.3M | $405.9M | ||
| Q3 25 | $328.3M | $408.4M | ||
| Q2 25 | $414.0M | $398.4M | ||
| Q1 25 | $417.9M | $381.1M | ||
| Q4 24 | $446.7M | $387.2M | ||
| Q3 24 | $367.9M | $416.6M | ||
| Q2 24 | $325.8M | $408.1M | ||
| Q1 24 | $279.8M | $391.8M |
| Q4 25 | $1.8B | $823.2M | ||
| Q3 25 | $1.7B | $844.4M | ||
| Q2 25 | $1.8B | $822.1M | ||
| Q1 25 | $1.8B | $824.6M | ||
| Q4 24 | $1.8B | $794.2M | ||
| Q3 24 | $1.7B | $853.4M | ||
| Q2 24 | $1.9B | $830.0M | ||
| Q1 24 | $2.1B | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $26.1M | $14.1M |
| FCF MarginFCF / Revenue | 14.2% | 14.1% |
| Capex IntensityCapex / Revenue | 0.3% | 9.2% |
| Cash ConversionOCF / Net Profit | 5.46× | — |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.7M | $23.3M | ||
| Q3 25 | $63.8M | $51.0M | ||
| Q2 25 | $32.3M | $36.0M | ||
| Q1 25 | $46.7M | $-46.9M | ||
| Q4 24 | $43.8M | $6.2M | ||
| Q3 24 | $55.9M | $37.2M | ||
| Q2 24 | $40.7M | $52.4M | ||
| Q1 24 | $50.4M | $-34.5M |
| Q4 25 | $26.1M | $14.1M | ||
| Q3 25 | $63.3M | $45.2M | ||
| Q2 25 | $31.4M | $29.1M | ||
| Q1 25 | $40.8M | $-50.3M | ||
| Q4 24 | $43.0M | $-98.0K | ||
| Q3 24 | $55.5M | $33.2M | ||
| Q2 24 | $40.0M | $47.9M | ||
| Q1 24 | $50.1M | $-39.9M |
| Q4 25 | 14.2% | 14.1% | ||
| Q3 25 | 35.5% | 27.9% | ||
| Q2 25 | 18.2% | 16.8% | ||
| Q1 25 | 24.4% | -45.2% | ||
| Q4 24 | 25.4% | -0.1% | ||
| Q3 24 | 33.5% | 22.1% | ||
| Q2 24 | 24.9% | 29.9% | ||
| Q1 24 | 31.8% | -36.0% |
| Q4 25 | 0.3% | 9.2% | ||
| Q3 25 | 0.3% | 3.6% | ||
| Q2 25 | 0.6% | 4.0% | ||
| Q1 25 | 3.6% | 3.1% | ||
| Q4 24 | 0.4% | 7.2% | ||
| Q3 24 | 0.2% | 2.7% | ||
| Q2 24 | 0.4% | 2.8% | ||
| Q1 24 | 0.2% | 4.8% |
| Q4 25 | 5.46× | — | ||
| Q3 25 | 12.07× | 6.29× | ||
| Q2 25 | 3.90× | 2.25× | ||
| Q1 25 | 7.72× | — | ||
| Q4 24 | 0.78× | — | ||
| Q3 24 | 3.24× | 6.32× | ||
| Q2 24 | 0.53× | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
