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Side-by-side financial comparison of LIQUIDITY SERVICES INC (LQDT) and XBP Global Holdings, Inc. (XBP). Click either name above to swap in a different company.
XBP Global Holdings, Inc. is the larger business by last-quarter revenue ($152.4M vs $121.2M, roughly 1.3× LIQUIDITY SERVICES INC). LIQUIDITY SERVICES INC runs the higher net margin — 6.2% vs -200.7%, a 206.8% gap on every dollar of revenue. On growth, LIQUIDITY SERVICES INC posted the faster year-over-year revenue change (-0.9% vs -34.7%). XBP Global Holdings, Inc. produced more free cash flow last quarter ($10.5M vs $-2.8M).
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.
LQDT vs XBP — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $121.2M | $152.4M |
| Net Profit | $7.5M | $-305.8M |
| Gross Margin | 47.0% | 21.7% |
| Operating Margin | 7.7% | -191.7% |
| Net Margin | 6.2% | -200.7% |
| Revenue YoY | -0.9% | -34.7% |
| Net Profit YoY | 28.9% | -980.1% |
| EPS (diluted) | $0.23 | $-2.60 |
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 | — | ||
| Q3 25 | $118.1M | $152.4M | ||
| Q2 25 | $119.9M | — | ||
| Q1 25 | $116.4M | — | ||
| Q4 24 | $122.3M | — | ||
| Q3 24 | $106.9M | $233.4M | ||
| Q2 24 | $93.6M | — | ||
| Q1 24 | $91.5M | — |
| Q4 25 | $7.5M | — | ||
| Q3 25 | $7.8M | $-305.8M | ||
| Q2 25 | $7.4M | — | ||
| Q1 25 | $7.1M | — | ||
| Q4 24 | $5.8M | — | ||
| Q3 24 | $6.4M | $-28.3M | ||
| Q2 24 | $6.0M | — | ||
| Q1 24 | $5.7M | — |
| Q4 25 | 47.0% | — | ||
| Q3 25 | 47.8% | 21.7% | ||
| Q2 25 | 45.7% | — | ||
| Q1 25 | 40.8% | — | ||
| Q4 24 | 41.0% | — | ||
| Q3 24 | 45.6% | 18.9% | ||
| Q2 24 | 52.8% | — | ||
| Q1 24 | 51.6% | — |
| Q4 25 | 7.7% | — | ||
| Q3 25 | 9.3% | -191.7% | ||
| Q2 25 | 8.5% | — | ||
| Q1 25 | 5.8% | — | ||
| Q4 24 | 5.8% | — | ||
| Q3 24 | 6.8% | 0.9% | ||
| Q2 24 | 8.4% | — | ||
| Q1 24 | 7.2% | — |
| Q4 25 | 6.2% | — | ||
| Q3 25 | 6.6% | -200.7% | ||
| Q2 25 | 6.2% | — | ||
| Q1 25 | 6.1% | — | ||
| Q4 24 | 4.7% | — | ||
| Q3 24 | 6.0% | -12.1% | ||
| Q2 24 | 6.4% | — | ||
| Q1 24 | 6.2% | — |
| Q4 25 | $0.23 | — | ||
| Q3 25 | $0.24 | $-2.60 | ||
| Q2 25 | $0.23 | — | ||
| Q1 25 | $0.22 | — | ||
| Q4 24 | $0.18 | — | ||
| Q3 24 | $0.20 | $-0.09 | ||
| Q2 24 | $0.19 | — | ||
| Q1 24 | $0.18 | — |
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 | $34.5M |
| Total DebtLower is stronger | — | $381.5M |
| Stockholders' EquityBook value | $215.3M | $130.5M |
| Total Assets | $369.1M | $947.9M |
| Debt / EquityLower = less leverage | — | 2.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.6M | — | ||
| Q3 25 | $11.2M | $34.5M | ||
| Q2 25 | $11.4M | — | ||
| Q1 25 | $10.5M | — | ||
| Q4 24 | $10.4M | — | ||
| Q3 24 | $2.3M | $7.8M | ||
| Q2 24 | $6.5M | — | ||
| Q1 24 | $8.4M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $381.5M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $31.5M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $215.3M | — | ||
| Q3 25 | $203.2M | $130.5M | ||
| Q2 25 | $208.7M | — | ||
| Q1 25 | $196.3M | — | ||
| Q4 24 | $189.2M | — | ||
| Q3 24 | $182.6M | $-1.3B | ||
| Q2 24 | $172.0M | — | ||
| Q1 24 | $163.9M | — |
| Q4 25 | $369.1M | — | ||
| Q3 25 | $375.1M | $947.9M | ||
| Q2 25 | $372.4M | — | ||
| Q1 25 | $358.8M | — | ||
| Q4 24 | $333.2M | — | ||
| Q3 24 | $346.9M | $99.6M | ||
| Q2 24 | $325.5M | — | ||
| Q1 24 | $303.7M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 2.92× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $13.9M |
| Free Cash FlowOCF − Capex | $-2.8M | $10.5M |
| FCF MarginFCF / Revenue | -2.3% | 6.9% |
| Capex IntensityCapex / Revenue | 1.9% | 2.2% |
| Cash ConversionOCF / Net Profit | -0.07× | — |
| TTM Free Cash FlowTrailing 4 quarters | $70.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-526.0K | — | ||
| Q3 25 | $38.0M | $13.9M | ||
| Q2 25 | $19.3M | — | ||
| Q1 25 | $21.6M | — | ||
| Q4 24 | $-12.1M | — | ||
| Q3 24 | $22.0M | $-1.5M | ||
| Q2 24 | $22.2M | — | ||
| Q1 24 | $34.8M | — |
| Q4 25 | $-2.8M | — | ||
| Q3 25 | $36.0M | $10.5M | ||
| Q2 25 | $17.2M | — | ||
| Q1 25 | $19.8M | — | ||
| Q4 24 | $-14.0M | — | ||
| Q3 24 | $19.2M | $-6.1M | ||
| Q2 24 | $20.3M | — | ||
| Q1 24 | $32.5M | — |
| Q4 25 | -2.3% | — | ||
| Q3 25 | 30.5% | 6.9% | ||
| Q2 25 | 14.3% | — | ||
| Q1 25 | 17.0% | — | ||
| Q4 24 | -11.4% | — | ||
| Q3 24 | 17.9% | -2.6% | ||
| Q2 24 | 21.7% | — | ||
| Q1 24 | 35.5% | — |
| Q4 25 | 1.9% | — | ||
| Q3 25 | 1.7% | 2.2% | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | 1.5% | — | ||
| Q3 24 | 2.7% | 2.0% | ||
| Q2 24 | 2.1% | — | ||
| Q1 24 | 2.6% | — |
| Q4 25 | -0.07× | — | ||
| Q3 25 | 4.86× | — | ||
| Q2 25 | 2.60× | — | ||
| Q1 25 | 3.07× | — | ||
| Q4 24 | -2.09× | — | ||
| Q3 24 | 3.45× | — | ||
| Q2 24 | 3.71× | — | ||
| 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% |
XBP
| Related And Non Related Party | $136.5M | 90% |
| Technology | $8.2M | 5% |
| Other | $5.7M | 4% |
| Deferred Revenue As Of July312025 | $1.9M | 1% |
