BL Technology

BlackLine, Inc.

$33.34-2.20%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Technology
Industry: Software - Application
Country: United States
Market cap: 1.9B USD
Enterprise value: 2.1B USD
Full-time employees: 1,850

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: higher risk than most peers: more debt relative to equity (2.03× vs a peer median of 0.25×)higher risk: more debt vs equity (2.03× vs peers 0.25×)
About average: valuation

Ranks #1,114 of 1,612 technology companies (bottom 31%)

See how it ranks against its peers

Worth knowing

Much more borrowing than peers. Debt is 2.0× equity vs a peer median of 0.2×.Debt is 2.0× equity vs peers 0.2×.
Debt is 2.0× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 2.0× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.
Stock-based pay is a large cost. Stock pay was 13% of revenue in 2025.
BlackLine paid employees $93M in stock in 2025, 13% of its $700M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Valuation signals disagree. Cheaper than 86% of peers on free cash flow, but only 40% on operating cash profit (EBITDA).Cheaper than 86% of peers on free cash flow, but only 40% on operating cash profit.
Relative to its free cash flow, BlackLine looks cheaper than 86% of peers; relative to its operating cash profit (EBITDA), cheaper than only 40%. The valuation score blends the two, so look at which measure fits this business best.Relative to its free cash flow, BlackLine looks cheaper than 86% of peers; relative to its operating cash profit, cheaper than only 40%. The valuation score blends the two, so look at which measure fits this business best.
Cash flow well above reported profit. Free cash flow is 5.1× reported profit.
Free cash flow is 5.1× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

StockQuotient Score

41/ 100▼ 1 since Oct 27 close

Oct 5 44 → Nov 4 41 (-3)

Valuation

Is the price right?

54/100

Moderate▼ 2 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 56 → 54

Share price -2.2%+1
Peer companies moved-3

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Helped by:

▲ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield1.8%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.20Sector median: 0.0225 · MAD: 0.0225

EBITDA yield3.0%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score -0.33Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield9.1%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 2.32Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield16.3%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

32/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.2%

Why

Weaker than most peers on:

▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-57.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.26Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth9.5%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.59Sector median: 0.0483 · MAD: 0.0793

Revenue growth8.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.01Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

70/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin4.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.28Sector median: 0.0631 · MAD: 0.0710

Return on assets2.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.16Sector median: 0.0293 · MAD: 0.0362

Return on invested capital34.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 3.19Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin75.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity11.0%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.74

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.35Sector median: 0.8710 · MAD: 0.3700

Current ratio1.72×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.16Sector median: 1.8295 · MAD: 0.6848

Debt / equity2.03×

Yahoo Finance fallback · no standard SEC debt tagOutlier capped at sector 5th/95th percentile33% base weight · Z-score -7.82Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about BlackLine

Is BlackLine getting weaker?: Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is 41/100, down 1 since Oct 28, 2026.
How is BlackLine valued vs its peers?: Priced about in line with its peers. Valuation scores 54/100 against 1,711 technology peers. Free cash flow yield 9.1% vs a peer median of 2.7% (stronger than 86% of peers).Free cash flow yield 9.1% vs peers 2.7% (stronger than 86% of peers).
Is BlackLine growing?: More slowly than most of its peers. Growth scores 32/100 against 1,711 technology peers. 3-year revenue growth 9.5% vs a peer median of 4.8% (stronger than 64% of peers).3-year revenue growth 9.5% vs peers 4.8% (stronger than 64% of peers). Earnings per share growth -57.9% vs a peer median of 11.1% (weaker than 94% of peers).Earnings per share growth -57.9% vs peers 11.1% (weaker than 94% of peers).
How profitable is BlackLine?: More profitable than most of its peers. Profitability scores 70/100 against 1,711 technology peers. Return on invested capital 34.1% vs a peer median of 6.8% (stronger than 90% of peers).Return on invested capital 34.1% vs peers 6.8% (stronger than 90% of peers).
How risky is BlackLine?: Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 2.03× vs a peer median of 0.25× (weaker than 100% of peers).Debt / equity 2.03× vs peers 0.25× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	716.7M USD	732.4M USD	+2.2%
Net income (12 months)	26.6M USD	34.8M USD	+30.8%
Operating margin	3.9%	4.3%	+0.4 pts
Free cash flow (12 months)	164.9M USD	176.6M USD	+7.1%
Cash	242.0M USD	242.9M USD	+0.4%
Shares outstanding	58.7M	58.1M	−0.9%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Software - Application · 81 companies

Valuations in Software - Application are near the bottom of their range since 2016.

6% of months since 2016 were valued lower than now.
8% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −16% and earnings +31% (medians): earnings grew faster than prices.
Median price-to-sales is +85% vs the whole market, against a usual +235%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	77.0%	75.3%	75.1%	75.2%	75.2%	▲ 0.0 pts
Operating margin	-9.1%	-10.7%	2.4%	2.8%	3.6%	▲ 0.8 pts
Net margin	-27.1%	-5.6%	9.0%	24.7%	3.5%	▼ 21 pts
Return on assets (ROA)	-6.3%	-1.5%	2.5%	8.8%	1.4%	▼ 7.4 pts
Return on equity (ROE)	-35.4%	-26.3%	20.3%	36.1%	7.4%	▼ 29 pts
Free cash flow margin	16.8%	8.6%	20.5%	28.9%	23.1%	▼ 5.8 pts
Current ratio	4.18×	3.40×	2.19×	2.59×	1.47×	▼ 43%
Interest coverage	-0.61×	-9.61×	2.43×	2.12×	2.52×	▲ 19%

BL price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: higher risk than most peers: more debt relative to equity (2.03× vs a peer median of 0.25×)higher risk: more debt vs equity (2.03× vs peers 0.25×)

About average: valuation

Ranks #1,114 of 1,612 technology companies (bottom 31%)

See how it ranks against its peers

Worth knowing

Much more borrowing than peers. Debt is 2.0× equity vs a peer median of 0.2×.Debt is 2.0× equity vs peers 0.2×.

Debt is 2.0× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 2.0× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.

Stock-based pay is a large cost. Stock pay was 13% of revenue in 2025.

BlackLine paid employees $93M in stock in 2025, 13% of its $700M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Valuation signals disagree. Cheaper than 86% of peers on free cash flow, but only 40% on operating cash profit (EBITDA).Cheaper than 86% of peers on free cash flow, but only 40% on operating cash profit.

Relative to its free cash flow, BlackLine looks cheaper than 86% of peers; relative to its operating cash profit (EBITDA), cheaper than only 40%. The valuation score blends the two, so look at which measure fits this business best.Relative to its free cash flow, BlackLine looks cheaper than 86% of peers; relative to its operating cash profit, cheaper than only 40%. The valuation score blends the two, so look at which measure fits this business best.

Cash flow well above reported profit. Free cash flow is 5.1× reported profit.

Free cash flow is 5.1× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

Questions investors ask about BlackLine

Is BlackLine getting weaker?

Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is 41/100, down 1 since Oct 28, 2026.

How is BlackLine valued vs its peers?

Priced about in line with its peers. Valuation scores 54/100 against 1,711 technology peers. Free cash flow yield 9.1% vs a peer median of 2.7% (stronger than 86% of peers).Free cash flow yield 9.1% vs peers 2.7% (stronger than 86% of peers).

Is BlackLine growing?

More slowly than most of its peers. Growth scores 32/100 against 1,711 technology peers. 3-year revenue growth 9.5% vs a peer median of 4.8% (stronger than 64% of peers).3-year revenue growth 9.5% vs peers 4.8% (stronger than 64% of peers). Earnings per share growth -57.9% vs a peer median of 11.1% (weaker than 94% of peers).Earnings per share growth -57.9% vs peers 11.1% (weaker than 94% of peers).

How profitable is BlackLine?

More profitable than most of its peers. Profitability scores 70/100 against 1,711 technology peers. Return on invested capital 34.1% vs a peer median of 6.8% (stronger than 90% of peers).Return on invested capital 34.1% vs peers 6.8% (stronger than 90% of peers).

How risky is BlackLine?

Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 2.03× vs a peer median of 0.25× (weaker than 100% of peers).Debt / equity 2.03× vs peers 0.25× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

716.7M USD

732.4M USD

+2.2%

Net income (12 months)

26.6M USD

34.8M USD

+30.8%

Operating margin

3.9%

4.3%

+0.4 pts

Free cash flow (12 months)

164.9M USD

176.6M USD

+7.1%

Cash

242.0M USD

242.9M USD

+0.4%

Shares outstanding

58.7M

58.1M

−0.9%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

77.0%

75.3%

75.1%

75.2%

▲ 0.0 pts

Operating margin

-9.1%

-10.7%

2.4%

2.8%

3.6%

▲ 0.8 pts

Net margin

-27.1%

-5.6%

9.0%

24.7%

3.5%

▼ 21 pts

Return on assets (ROA)

-6.3%

-1.5%

2.5%

8.8%

1.4%

▼ 7.4 pts

Return on equity (ROE)

-35.4%

-26.3%

20.3%

36.1%

7.4%

▼ 29 pts

Free cash flow margin

16.8%

8.6%

20.5%

28.9%

23.1%

▼ 5.8 pts

Current ratio

4.18×

3.40×

2.19×

2.59×

1.47×

▼ 43%

Interest coverage

-0.61×

-9.61×

2.43×

2.12×

2.52×

▲ 19%