Latest Ratios: P/E Ratio 74.4x · EV/EBITDA 28.5x · ROE 5.7%. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.7B | $4.0B | $4.5B | $4.5B | $4.0B | $6.0B | $7.6B | $2.9B | $2.2B | $1.7B | $1.2B |
| Enterprise Value | $2.3B | $4.5B | $4.5B | $5.6B | $5.2B | $6.6B | $7.6B | $3.1B | $2.2B | $1.7B | $1.2B |
| P/E Ratio → | 74.41 | 141.77 | 41.90 | 85.53 | — | — | — | — | — | — | — |
| P/S Ratio | 2.47 | 5.65 | 6.84 | 7.62 | 7.66 | 14.19 | 21.55 | 9.87 | 9.69 | 9.66 | 9.54 |
| P/B Ratio | 5.59 | 10.66 | 9.24 | 15.46 | 29.50 | 17.08 | 17.44 | 7.07 | 6.77 | 5.81 | 4.03 |
| P/FCF | 10.70 | 24.51 | 23.67 | 45.43 | 155.05 | 106.31 | 214.67 | 142.39 | 528.03 | — | — |
| P/OCF | 10.19 | 23.35 | 23.40 | 35.53 | 71.50 | 75.43 | 138.49 | 95.96 | 136.78 | 266.33 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.44 | 6.88 | 9.56 | 9.95 | 15.59 | 21.70 | 10.84 | 9.49 | 9.49 | 9.37 |
| EV / EBITDA | 28.51 | 56.42 | 65.28 | 87.48 | — | — | 7623.75 | — | — | — | — |
| EV / EBIT | 68.25 | 76.38 | 33.69 | 84.90 | — | — | — | — | — | — | — |
| EV / FCF | — | 27.92 | 23.83 | 56.94 | 201.52 | 116.77 | 216.12 | 156.35 | 516.99 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.2% | 75.2% | 75.2% | 75.1% | 75.3% | 77.0% | 80.4% | 79.6% | 77.7% | 76.6% | 75.5% |
| Operating Margin | 4.8% | 4.8% | 2.8% | 2.4% | -10.7% | -9.1% | -5.7% | -9.7% | -13.1% | -19.8% | -27.6% |
| Net Profit Margin | 3.5% | 3.5% | 24.7% | 9.0% | -5.6% | -27.1% | -13.3% | -11.3% | -12.2% | -21.5% | -31.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.7% | 5.7% | 41.6% | 24.8% | -12.0% | -29.2% | -11.2% | -8.9% | -9.0% | -13.0% | -17.1% |
| ROA | 1.4% | 1.4% | 8.2% | 2.6% | -1.6% | -7.9% | -4.4% | -4.3% | -5.9% | -8.8% | -11.1% |
| ROIC | 3.5% | 3.5% | 1.4% | 0.8% | -3.7% | -4.0% | -2.6% | -4.3% | -8.2% | -9.8% | -11.3% |
| ROCE | 2.7% | 2.7% | 1.3% | 0.9% | -3.7% | -3.3% | -2.4% | -4.9% | -9.3% | -11.4% | -12.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.53 | 2.53 | 1.90 | 4.85 | 10.32 | 3.20 | 0.96 | 0.99 | — | 0.00 | 0.00 |
| Debt / EBITDA | 11.76 | 11.76 | 13.31 | 21.89 | — | — | 418.12 | — | — | — | — |
| Net Debt / Equity | — | 1.48 | 0.06 | 3.92 | 8.84 | 1.68 | 0.12 | 0.69 | -0.14 | -0.10 | -0.07 |
| Net Debt / EBITDA | 6.88 | 6.88 | 0.45 | 17.68 | — | — | 51.07 | — | — | — | — |
| Debt / FCF | — | 3.41 | 0.16 | 11.51 | 46.47 | 10.45 | 1.45 | 13.96 | -11.05 | — | — |
| Interest Coverage | 5.82 | 5.82 | 15.24 | 11.26 | -7.10 | -0.60 | -0.66 | -2.52 | -6925.00 | -2525.38 | -4.90 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.47 | 1.47 | 2.59 | 2.19 | 3.40 | 4.18 | 2.78 | 3.49 | 1.39 | 1.42 | 1.51 |
| Quick Ratio | 1.47 | 1.47 | 2.59 | 2.19 | 3.40 | 4.18 | 2.78 | 3.49 | 1.39 | 1.42 | 1.51 |
| Cash Ratio | 1.12 | 1.12 | 2.10 | 1.87 | 2.92 | 3.72 | 2.24 | 2.94 | 0.83 | 0.82 | 0.97 |
| Asset Turnover | — | 0.40 | 0.36 | 0.28 | 0.27 | 0.23 | 0.32 | 0.28 | 0.46 | 0.40 | 0.29 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 113.65 | 99.52 | 106.17 | 105.30 | 107.29 | 115.47 | 129.88 | 120.02 | 127.66 | 125.38 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.3% | 0.7% | 2.4% | 1.2% | — | — | — | — | — | — | — |
| FCF Yield | 9.3% | 4.1% | 4.2% | 2.2% | 0.6% | 0.9% | 0.5% | 0.7% | 0.2% | — | — |
| Buyback Yield | 13.6% | 5.9% | 0.4% | 0.3% | 0.2% | 0.3% | 0.1% | 0.1% | 0.2% | 0.0% | 0.0% |
| Total Shareholder Yield | 13.6% | 5.9% | 0.4% | 0.3% | 0.2% | 0.3% | 0.1% | 0.1% | 0.2% | 0.0% | 0.0% |
| Shares Outstanding | — | $72M | $74M | $72M | $60M | $58M | $57M | $55M | $54M | $52M | $42M |
SAP partnership dependency risk
Based on current market data, BlackLine trades at a TTM P/E of 72.67, which appears elevated relative to its 7.21% revenue growth, suggesting that investors are pricing in a recovery in operating leverage that has yet to materialize in recent quarterly financial disclosures.
The forward P/E of 11.46 implies a significant expectation of earnings expansion, yet this valuation remains sensitive to the company's ability to transition from high-cost customer acquisition to sustainable margin growth. Investors should monitor whether the current P/S of 2.41 provides a sufficient margin of safety given the slowing momentum in the core financial close market.
As reported in financial statements, BlackLine's ROIC has struggled to exceed 1.2% over the last ten quarters, indicating that the company is currently failing to generate returns on invested capital that meaningfully exceed the cost of capital required to maintain its enterprise software infrastructure.
The persistent gap between gross margins and ROIC suggests that heavy reinvestment in sales and marketing, combined with historical acquisition costs, continues to dilute the efficiency of capital deployment. This trend warrants further investigation into whether the company's current product attach strategy can eventually drive the margin expansion necessary to improve long-term compounding.
According to quarterly data, BlackLine's DSO has fluctuated between 75 and 97 days, reflecting the inherent challenges of managing long-term enterprise contracts and the billing milestones associated with its complex, auditor-approved financial close workflows across diverse global client environments.
The variability in the cash conversion cycle suggests that while the subscription model provides revenue visibility, the operational reality of collecting on large-scale enterprise deals remains lumpy. This inconsistency in working capital management may continue to create periodic liquidity fluctuations that require careful monitoring by analysts.
Based on reported figures, BlackLine has successfully reduced its debt-to-equity ratio from 4.85 in 2023Q4 to 2.04 in 2026Q1, demonstrating a disciplined approach to capital structure management that provides the company with increased optionality during this period of decelerating top-line growth.
The improvement in interest coverage ratios, which have stabilized in the 4x to 6x range, suggests that debt service is becoming more comfortable despite the company's ongoing investment needs. This deleveraging trend appears to be a strategic priority, likely intended to insulate the business from macro-economic volatility while it pivots toward new growth modules.
The most commonly misapplied metric for BlackLine is the GAAP net margin, which, at 4.77%, obscures the company's true cash-generative capacity by failing to account for the significant non-cash impact of stock-based compensation and the timing of enterprise-level commission payments to key partners.
Analysts should instead focus on free cash flow margins, which have shown resilience in the 14% to 35% range, as this provides a more accurate reflection of the business's ability to fund its own operations. Relying solely on GAAP profitability metrics may lead to an overly pessimistic view of the company's underlying financial health and its ability to sustain its competitive moat.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying BL stock.
BlackLine, Inc.'s current P/E ratio is 74.4x. The historical average is 89.7x. This places it at the 33th percentile of its historical range.
BlackLine, Inc.'s current EV/EBITDA is 28.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 69.7x.
BlackLine, Inc.'s return on equity (ROE) is 5.7%. The historical average is -4.6%.
Based on historical data, BlackLine, Inc. is trading at a P/E of 74.4x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
BlackLine, Inc. has 75.2% gross margin and 4.8% operating margin.
BlackLine, Inc.'s Debt/EBITDA ratio is 11.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.