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Side-by-side financial comparison of LIQUIDITY SERVICES INC (LQDT) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
LIQUIDITY SERVICES INC is the larger business by last-quarter revenue ($121.2M vs $100.0M, roughly 1.2× Latham Group, Inc.). LIQUIDITY SERVICES INC runs the higher net margin — 6.2% vs -7.0%, a 13.2% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs -0.9%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $-2.8M). Over the past eight quarters, LIQUIDITY SERVICES INC's revenue compounded faster (15.1% CAGR vs -4.9%).
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.
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.
LQDT vs SWIM — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $121.2M | $100.0M |
| Net Profit | $7.5M | $-7.0M |
| Gross Margin | 47.0% | 28.0% |
| Operating Margin | 7.7% | -10.7% |
| Net Margin | 6.2% | -7.0% |
| Revenue YoY | -0.9% | 14.5% |
| Net Profit YoY | 28.9% | 76.0% |
| EPS (diluted) | $0.23 | $-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 | $121.2M | $100.0M | ||
| Q3 25 | $118.1M | $161.9M | ||
| Q2 25 | $119.9M | $172.6M | ||
| Q1 25 | $116.4M | $111.4M | ||
| Q4 24 | $122.3M | $87.3M | ||
| Q3 24 | $106.9M | $150.5M | ||
| Q2 24 | $93.6M | $160.1M | ||
| Q1 24 | $91.5M | $110.6M |
| Q4 25 | $7.5M | $-7.0M | ||
| Q3 25 | $7.8M | $8.1M | ||
| Q2 25 | $7.4M | $16.0M | ||
| Q1 25 | $7.1M | $-6.0M | ||
| Q4 24 | $5.8M | $-29.2M | ||
| Q3 24 | $6.4M | $5.9M | ||
| Q2 24 | $6.0M | $13.3M | ||
| Q1 24 | $5.7M | $-7.9M |
| Q4 25 | 47.0% | 28.0% | ||
| Q3 25 | 47.8% | 35.4% | ||
| Q2 25 | 45.7% | 37.1% | ||
| Q1 25 | 40.8% | 29.5% | ||
| Q4 24 | 41.0% | 24.6% | ||
| Q3 24 | 45.6% | 32.4% | ||
| Q2 24 | 52.8% | 33.1% | ||
| Q1 24 | 51.6% | 27.7% |
| Q4 25 | 7.7% | -10.7% | ||
| Q3 25 | 9.3% | 13.3% | ||
| Q2 25 | 8.5% | 14.3% | ||
| Q1 25 | 5.8% | -4.4% | ||
| Q4 24 | 5.8% | -14.9% | ||
| Q3 24 | 6.8% | 8.9% | ||
| Q2 24 | 8.4% | 12.5% | ||
| Q1 24 | 7.2% | -1.9% |
| Q4 25 | 6.2% | -7.0% | ||
| Q3 25 | 6.6% | 5.0% | ||
| Q2 25 | 6.2% | 9.3% | ||
| Q1 25 | 6.1% | -5.4% | ||
| Q4 24 | 4.7% | -33.4% | ||
| Q3 24 | 6.0% | 3.9% | ||
| Q2 24 | 6.4% | 8.3% | ||
| Q1 24 | 6.2% | -7.1% |
| Q4 25 | $0.23 | $-0.06 | ||
| Q3 25 | $0.24 | $0.07 | ||
| Q2 25 | $0.23 | $0.13 | ||
| Q1 25 | $0.22 | $-0.05 | ||
| Q4 24 | $0.18 | $-0.24 | ||
| Q3 24 | $0.20 | $0.05 | ||
| Q2 24 | $0.19 | $0.11 | ||
| Q1 24 | $0.18 | $-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 | $11.6M | — |
| Total DebtLower is stronger | — | $279.8M |
| Stockholders' EquityBook value | $215.3M | $405.9M |
| Total Assets | $369.1M | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.6M | — | ||
| Q3 25 | $11.2M | — | ||
| Q2 25 | $11.4M | — | ||
| Q1 25 | $10.5M | — | ||
| Q4 24 | $10.4M | — | ||
| Q3 24 | $2.3M | — | ||
| Q2 24 | $6.5M | — | ||
| Q1 24 | $8.4M | — |
| 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 | $215.3M | $405.9M | ||
| Q3 25 | $203.2M | $408.4M | ||
| Q2 25 | $208.7M | $398.4M | ||
| Q1 25 | $196.3M | $381.1M | ||
| Q4 24 | $189.2M | $387.2M | ||
| Q3 24 | $182.6M | $416.6M | ||
| Q2 24 | $172.0M | $408.1M | ||
| Q1 24 | $163.9M | $391.8M |
| Q4 25 | $369.1M | $823.2M | ||
| Q3 25 | $375.1M | $844.4M | ||
| Q2 25 | $372.4M | $822.1M | ||
| Q1 25 | $358.8M | $824.6M | ||
| Q4 24 | $333.2M | $794.2M | ||
| Q3 24 | $346.9M | $853.4M | ||
| Q2 24 | $325.5M | $830.0M | ||
| Q1 24 | $303.7M | $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 | $-526.0K | $23.3M |
| Free Cash FlowOCF − Capex | $-2.8M | $14.1M |
| FCF MarginFCF / Revenue | -2.3% | 14.1% |
| Capex IntensityCapex / Revenue | 1.9% | 9.2% |
| Cash ConversionOCF / Net Profit | -0.07× | — |
| TTM Free Cash FlowTrailing 4 quarters | $70.1M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-526.0K | $23.3M | ||
| Q3 25 | $38.0M | $51.0M | ||
| Q2 25 | $19.3M | $36.0M | ||
| Q1 25 | $21.6M | $-46.9M | ||
| Q4 24 | $-12.1M | $6.2M | ||
| Q3 24 | $22.0M | $37.2M | ||
| Q2 24 | $22.2M | $52.4M | ||
| Q1 24 | $34.8M | $-34.5M |
| Q4 25 | $-2.8M | $14.1M | ||
| Q3 25 | $36.0M | $45.2M | ||
| Q2 25 | $17.2M | $29.1M | ||
| Q1 25 | $19.8M | $-50.3M | ||
| Q4 24 | $-14.0M | $-98.0K | ||
| Q3 24 | $19.2M | $33.2M | ||
| Q2 24 | $20.3M | $47.9M | ||
| Q1 24 | $32.5M | $-39.9M |
| Q4 25 | -2.3% | 14.1% | ||
| Q3 25 | 30.5% | 27.9% | ||
| Q2 25 | 14.3% | 16.8% | ||
| Q1 25 | 17.0% | -45.2% | ||
| Q4 24 | -11.4% | -0.1% | ||
| Q3 24 | 17.9% | 22.1% | ||
| Q2 24 | 21.7% | 29.9% | ||
| Q1 24 | 35.5% | -36.0% |
| Q4 25 | 1.9% | 9.2% | ||
| Q3 25 | 1.7% | 3.6% | ||
| Q2 25 | 1.8% | 4.0% | ||
| Q1 25 | 1.6% | 3.1% | ||
| Q4 24 | 1.5% | 7.2% | ||
| Q3 24 | 2.7% | 2.7% | ||
| Q2 24 | 2.1% | 2.8% | ||
| Q1 24 | 2.6% | 4.8% |
| Q4 25 | -0.07× | — | ||
| Q3 25 | 4.86× | 6.29× | ||
| Q2 25 | 2.60× | 2.25× | ||
| Q1 25 | 3.07× | — | ||
| Q4 24 | -2.09× | — | ||
| Q3 24 | 3.45× | 6.32× | ||
| Q2 24 | 3.71× | 3.95× | ||
| Q1 24 | 6.10× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LQDT
| RSCG | $82.0M | 68% |
| Gov Deals | $22.3M | 18% |
| CAG | $11.5M | 9% |
| Machinio And Software Solutions Corporation | $5.5M | 5% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
