# BlackLine, Inc. (BL)

> Source: Nexqual · https://nexqual.com/BL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, BlackLine, Inc. (BL), nexqual.com/BL" · informational, not investment advice.

**Price:** USD 34.37 (+8.90% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 31.56 · day 31.71–34.62 · 52w 24.7–59.57 · market cap $2.00B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $732M, net income $34.8M (4.7% margin), free cash flow $177M (SEC filings).
- Valuation: P/E 57.4x (avg 87.2x at the last 3 fiscal year-ends), EV/EBITDA 29.5x, net debt $140M.
- Earnings quality: non-operating income $15.6M vs operating income $31.7M over the last four quarters; P/E excluding non-operating income ≈81.1x (estimate: non-operating income taxed at the company's 35% effective rate).
- 1 of 80 tracked superinvestors hold BL (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $2.4M; 5 not under a Rule 10b5-1 plan ($2.4M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -34.9% vs S&P 500 +14.9%; 5Y -72.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.63, revenue estimate $194M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $426M | $523M | $590M | $653M | $700M | $732M |
| Gross profit | $328M | $394M | $443M | $491M | $527M | — |
| Operating income | -$38.6M | -$56.2M | $14.3M | $18.5M | $25.6M | $31.7M |
| Net income | -$115M | -$29.4M | $52.8M | $161M | $24.5M | $34.8M |
| EPS (diluted) | -$1.97 | -$0.49 | $0.81 | $1.45 | $0.39 | — |
| Free cash flow | $71.4M | $45.0M | $121M | $189M | $161M | $177M |
| Gross margin | 77.0% | 75.3% | 75.1% | 75.2% | 75.2% | — |
| Operating margin | -9.1% | -10.7% | 2.4% | 2.8% | 3.6% | 4.3% |
| Net margin | -27.1% | -5.6% | 9.0% | 24.7% | 3.5% | 4.7% |
| Revenue growth | +21.0% | +22.8% | +12.8% | +10.7% | +7.2% | — |
| Cash + short-term investments | $1.20B | $1.08B | $1.20B | $886M | $778M | — |
| Total debt | $1.11B | $1.38B | $1.14B | $893M | $666M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 57.4x · P/E ex non-operating (est.) ≈81.1x · P/S 2.7x · EV/EBITDA 29.5x · EV/Sales 2.9x · P/FCF 11.3x · P/B 6.3x · FCF yield 8.84% · Earnings yield 1.74% · Buyback yield (TTM) 11.57% · Net debt $140M · EV $2.14B
P/E at fiscal year-ends: Dec 2025 148.7x, Dec 2024 27.7x, Dec 2023 85.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold BL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Glenn Welling | Engaged Capital | 7.19% | $23.2M | Reduced -39.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-27 | Stalick Michelle D | Chief Accounting Officer | 780 | $26K | 2.2% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-24 | Tucker Therese | Director | 70,000 | $2.2M | 1.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-05 | Yamamoto Mika | Director | 3,000 | $85K | 15.2% | No | Too little history (no open-market trades in 2025) |
| 2026-06-01 | Stalick Michelle D | Chief Accounting Officer | 780 | $24K | 2.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-21 | Hughes Gregory | Director | 1,637 | $50K | 17.4% | Yes (adopted February 19, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-18 | Stalick Michelle D | Chief Accounting Officer | 459 | $14K | 1.2% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-28 | DA Davidson | Downgrade | Neutral → Underperform | $30 → $23 |
| 2026-08-05 | Cantor Fitzgerald | Reiterated | Neutral | $36 |
| 2026-08-05 | Piper Sandler | Target lowered | Neutral | $37 → $35 |
| 2026-07-21 | Morgan Stanley | Downgrade | Overweight → Equal-Weight | $50 → $33 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -34.9% | -72.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -35.0% | -22.8% |
| Volatility (annualized) | 54.1% | 43.3% |
| Max drawdown | -57.1% (Dec 2025→May 2026) | -79.3% (Nov 2021→Jun 2026) |

## Peers (Software - Application)
APPF (AppFolio, Inc.) USD 217.33 +0.06% · DSGX (The Descartes Systems Group Inc) USD 94 +1.74% · TTAN (ServiceTitan, Inc.) USD 85.2 +3.50% · IDCC (InterDigital, Inc.) USD 332.06 -0.78% · YMM (Full Truck Alliance Co. Ltd.) USD 8.35 -1.76% · PCOR (Procore Technologies, Inc.) USD 62.29 +2.27%

## More
Full page: https://nexqual.com/BL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BL's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1666134/000162828026011915/bl-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Microsoft (MSFT) | "We rely on Google Cloud Platform ("GCP"), Microsoft Azure ("Azure"), Amazon Web Services ("AWS"), Snowflake, and third-party data centers (collectively, "public cloud providers") to deliver our cloud-based software solut…" |
| Supplier | Amazon (AMZN) | "We rely on Google Cloud Platform ("GCP"), Microsoft Azure ("Azure"), Amazon Web Services ("AWS"), Snowflake, and third-party data centers (collectively, "public cloud providers") to deliver our cloud-based software solut…" |
| Supplier | Alphabet (Google) (GOOGL) | "We rely on Google Cloud Platform ("GCP"), Microsoft Azure ("Azure"), Amazon Web Services ("AWS"), Snowflake, and third-party data centers (collectively, "public cloud providers") to deliver our cloud-based software solut…" |
| Supplier | Snowflake (SNOW) | "We rely on Google Cloud Platform ("GCP"), Microsoft Azure ("Azure"), Amazon Web Services ("AWS"), Snowflake, and third-party data centers (collectively, "public cloud providers") to deliver our cloud-based software solut…" |
| Customer | SAP (SAP) | "Our direct sales force leverages relationships with technology vendors, such as Workday, SAP, and Microsoft, professional services firms, such as Accenture, Deloitte, and Ernst & Young, and business process outsourcers, …" |
| Customer | Deloitte Touche Tohmatsu | "Our direct sales force leverages relationships with technology vendors, such as Workday, SAP, and Microsoft, professional services firms, such as Accenture, Deloitte, and Ernst & Young, and business process outsourcers, …" |
| Customer | Workday, Inc. (WDAY) | "Our direct sales force leverages relationships with technology vendors, such as Workday, SAP, and Microsoft, professional services firms, such as Accenture, Deloitte, and Ernst & Young, and business process outsourcers, …" |
| Customer | Accenture (ACN) | "Our direct sales force leverages relationships with technology vendors, such as Workday, SAP, and Microsoft, professional services firms, such as Accenture, Deloitte, and Ernst & Young, and business process outsourcers, …" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription and support | $177.9M | 94.7% | +9.1% |
| Professional services | $10.0M | 5.3% | +10.8% |
| Total revenue | $187.8M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $126.4M | 67.3% | +6.0% |
| International | $61.4M | 32.7% | +16.4% |
| Total revenue | $187.8M | 100% | — |

## Company outlook (8-K filed 2026-08-04)

- "Third Quarter 2026 Total GAAP revenue is expected to be in the range of $193 million to $195 million."
- "Non-GAAP operating margin is expected to be in the range of 24.5% to 25.5%."
- "Non-GAAP net income attributable to BlackLine is expected to be in the range of $45 million to $47 million, or $0.62 to $0.65 per share on 74.5 million diluted weighted average shares outstanding."
- "Full Year 2026 Total GAAP revenue is expected to be in the range of $765 million to $769 million."

Analysts expect $194.2M for the current quarter, +0.1% vs the guidance midpoint $194.0M. Source: https://www.sec.gov/Archives/edgar/data/1666134/000117184326005201/exh_991.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.63 | $0.64 | -1.5% | $194.2M | 12 |
| Next quarter (ends 2026-12-31) | $0.69 | $0.71 | -1.7% | $201.8M | 12 |
| Current fiscal year (ends 2026-12-31) | $2.49 | $2.48 | +0.6% | $766.8M | 12 |
| Next fiscal year (ends 2027-12-31) | $2.76 | $2.80 | -1.3% | $846.7M | 12 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±17.0%; last 8 reports averaged ±7.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 75.3% | ±17.0% |
| 2026-12-18 | 56 | 64.7% | ±20.4% |
| 2027-01-15 | 84 | 58.2% | ±22.3% |
| 2027-02-19 | 119 | 60.7% | ±27.6% |
| 2027-03-19 | 147 | 63.1% | ±31.8% |
| 2027-05-21 | 210 | 59.3% | ±35.4% |