# Liquidity Services, Inc. (LQDT)

> Source: Nexqual · https://nexqual.com/LQDT · data as of 2026-10-23 17:26 UTC · cite as "Nexqual, Liquidity Services, Inc. (LQDT), nexqual.com/LQDT" · informational, not investment advice.

**Price:** USD 44.79 (+1.11% today) · US market open, as of October 23, 2026 at 17:26 UTC; quotes may be delayed. Prev close 44.3 · day 43.57–44.93 · 52w 21.67–45 · market cap $1.40B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $490M, net income $33.3M (6.8% margin), free cash flow $90.0M (SEC filings).
- Valuation: P/E 42.2x (avg 31.5x at the last 3 fiscal year-ends).
- Analysts: Buy (mean 1.50 on a 1–5 scale) (2 analysts), mean target USD 51 (range 50–52).
- Total return with dividends: 1Y +82.4% vs S&P 500 +14.4%; 5Y +102.8% vs S&P 500 +77.0%.
- Next earnings: 2026-11-19, EPS estimate USD 0.45, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $258M | $280M | $314M | $363M | $477M | $490M |
| Gross profit | $150M | $161M | $172M | $185M | $209M | — |
| Operating income | $27.2M | $47.4M | $26.1M | $23.4M | $35.1M | $44.1M |
| Net income | $50.9M | $40.3M | $21.0M | $20.0M | $28.1M | $33.3M |
| EPS (diluted) | $1.45 | $1.20 | $0.65 | $0.63 | $0.87 | — |
| Free cash flow | $60.0M | $36.7M | $41.6M | $61.3M | $59.0M | $90.0M |
| Gross margin | 58.2% | 57.4% | 54.7% | 51.0% | 43.8% | — |
| Operating margin | 10.5% | 16.9% | 8.3% | 6.4% | 7.4% | 9.0% |
| Net margin | 19.8% | 14.4% | 6.7% | 5.5% | 5.9% | 6.8% |
| Revenue growth | +25.1% | +8.7% | +12.3% | +15.5% | +31.2% | — |
| Cash + short-term investments | $106M | $97.9M | $118M | $156M | $186M | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 42.2x · P/S 2.9x · P/FCF 15.6x · P/B 6.0x · FCF yield 6.41% · Earnings yield 2.37% · Buyback yield (TTM) 1.26%
P/E at fiscal year-ends: Sep 2025 31.6x, Sep 2024 36.1x, Sep 2023 26.9x.

## Analysts
Consensus Buy (mean 1.50 on a 1–5 scale), 2 analysts; mean target USD 51 (low 50, high 52).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +82.4% | +102.8% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | +82.4% | +15.2% |
| Volatility (annualized) | 34.6% | 44.1% |
| Max drawdown | -15.4% (Feb 2026→Mar 2026) | -53.3% (Nov 2021→Mar 2023) |

## Peers (Internet Retail)
RVLV (Revolve Group, Inc.) USD 22.44 -1.10% · HEPS (D-Market Electronic Services & ) USD 2.78 -0.54% · RERE (ATRenew Inc.) USD 3.87 +2.52% · JMIA (Jumia Technologies AG) USD 5.78 -2.20% · PTRN (Pattern Group Inc. - Series A) USD 16.47 -0.36% · VIPS (Vipshop Holdings Limited) USD 12.47 -2.35%

## More
Full page: https://nexqual.com/LQDT · 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 LQDT's own 10-K filed 2025-11-20 (https://www.sec.gov/Archives/edgar/data/1235468/000119312525289159/lqdt-20250930.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Apple (AAPL) | "Like many other e-commerce marketplaces, Apple's recent upgrades to provide greater transparency as to Identifier for Advertisers (IDFA) has, with respect to some categories of assets, made it harder and more expensive f…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| RSCG | $87.8M | 67.8% | +7.7% |
| Gov Deals | $25.5M | 19.7% | +6.5% |
| CAG | $10.8M | 8.3% | +17.8% |
| Machinio & Software Solutions Corporation | $5.4M | 4.2% | +4.2% |
| Total revenue | $129.6M | 100% | — |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $81.8M | 63.2% | +7.0% |
| Consignment & Other Fee Revenues | $47.7M | 36.8% | +10.1% |
| Total revenue | $129.6M | 100% | — |

## Revenue by region (fiscal year ended 2025-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $433.3M | 90.9% | +34.0% |
| Non Us | $43.4M | 9.1% | +8.5% |
| Total revenue | $476.7M | 100% | — |

## Company outlook (8-K filed 2026-08-06)

- "For the fiscal fourth quarter of 2026 we expect continued strong profitability, led by our Retail Supply Chain Group (RSCG) and GovDeals."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.45 | $0.40 | +11.3% | $0 | 2 |
| Next quarter (ends 2026-12-31) | $0.43 | $0.42 | +2.4% | $0 | 2 |
| Current fiscal year (ends 2026-09-30) | $1.65 | $1.48 | +11.5% | $0 | 2 |
| Next fiscal year (ends 2027-09-30) | $1.84 | $1.67 | +10.5% | $0 | 2 |

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

Expected move by 2026-11-20 (includes earnings 2026-11-19): ±11.9%; last 8 reports averaged ±13.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 52.4% | ±11.9% |
| 2026-12-18 | 56 | 37.1% | ±11.8% |
| 2027-03-19 | 147 | 37.7% | ±19.1% |
| 2027-06-17 | 237 | 37.5% | ±24.0% |