Latest Ratios: P/E Ratio 43.7x · EV/EBITDA 22.5x · ROE 14.6%. (2004–2025 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 | $1.2B | $889M | $721M | $565M | $548M | $757M | $251M | $245M | $204M | $185M | $344M |
| Enterprise Value | $1.0B | $729M | $582M | $466M | $467M | $665M | $186M | $208M | $145M | $91M | $210M |
| P/E Ratio → | 43.71 | 31.53 | 36.19 | 27.11 | 13.55 | 14.90 | — | — | — | — | — |
| P/S Ratio | 2.49 | 1.87 | 1.99 | 1.80 | 1.96 | 2.94 | 1.22 | 1.08 | 0.91 | 0.69 | 1.09 |
| P/B Ratio | 6.06 | 4.37 | 3.95 | 3.50 | 3.55 | 5.61 | 2.24 | 2.11 | 1.57 | 1.40 | 2.12 |
| P/FCF | 20.11 | 15.08 | 11.76 | 13.58 | 14.93 | 12.62 | 20.50 | — | — | — | 8.15 |
| P/OCF | 17.76 | 13.32 | 10.27 | 12.02 | 12.23 | 11.57 | 15.22 | — | 329.25 | — | 7.12 |
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 | — | 1.53 | 1.60 | 1.48 | 1.67 | 2.58 | 0.90 | 0.92 | 0.65 | 0.34 | 0.66 |
| EV / EBITDA | 22.55 | 16.02 | 16.40 | 12.47 | 8.08 | 19.48 | 77.85 | — | — | — | — |
| EV / EBIT | 29.24 | 20.78 | 24.89 | 17.84 | 20.38 | 24.48 | — | — | — | — | — |
| EV / FCF | — | 12.36 | 9.50 | 11.19 | 12.71 | 11.09 | 15.23 | — | — | — | 4.97 |
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 | 43.8% | 43.8% | 51.0% | 54.7% | 57.4% | 58.2% | 53.4% | 54.8% | 55.4% | 53.3% | 54.8% |
| Operating Margin | 7.4% | 7.4% | 6.4% | 8.3% | 16.9% | 10.5% | -1.9% | -8.6% | -9.7% | -14.9% | -10.8% |
| Net Profit Margin | 5.9% | 5.9% | 5.5% | 6.7% | 14.4% | 19.8% | -1.8% | -8.5% | -5.2% | -14.5% | -18.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.6% | 14.6% | 11.6% | 13.3% | 27.9% | 41.3% | -3.3% | -15.7% | -8.9% | -26.5% | -31.7% |
| ROA | 7.8% | 7.8% | 6.1% | 6.8% | 14.3% | 22.5% | -2.0% | -9.9% | -5.6% | -16.5% | -21.8% |
| ROIC | 60.8% | 60.8% | 33.1% | 29.0% | 61.2% | 45.0% | -4.6% | -19.4% | -29.8% | -90.9% | -34.4% |
| ROCE | 17.3% | 17.3% | 12.4% | 14.2% | 28.8% | 20.2% | -3.2% | -15.5% | -15.6% | -25.2% | -17.3% |
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 | 0.07 | 0.07 | 0.08 | 0.07 | 0.09 | 0.11 | 0.10 | — | — | — | — |
| Debt / EBITDA | 0.31 | 0.31 | 0.41 | 0.29 | 0.25 | 0.43 | 4.84 | — | — | — | — |
| Net Debt / Equity | — | -0.79 | -0.76 | -0.62 | -0.53 | -0.68 | -0.58 | -0.31 | -0.45 | -0.71 | -0.83 |
| Net Debt / EBITDA | -3.53 | -3.53 | -3.91 | -2.66 | -1.41 | -2.69 | -26.93 | — | — | — | — |
| Debt / FCF | — | -2.72 | -2.26 | -2.39 | -2.22 | -1.53 | -5.27 | — | — | — | -3.18 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | -12.39 |
Net cash position: cash ($175M) exceeds total debt ($14M)
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 | 1.38 | 1.38 | 1.27 | 1.19 | 1.03 | 1.19 | 1.27 | 1.31 | 1.50 | 1.96 | 2.16 |
| Quick Ratio | 1.29 | 1.29 | 1.16 | 1.10 | 0.94 | 1.08 | 1.20 | 1.22 | 1.36 | 1.67 | 1.84 |
| Cash Ratio | 1.15 | 1.15 | 1.00 | 0.98 | 0.79 | 0.97 | 1.02 | 0.97 | 1.15 | 1.33 | 1.57 |
| Asset Turnover | — | 1.27 | 1.05 | 1.03 | 0.91 | 1.01 | 1.05 | 1.21 | 1.11 | 1.25 | 1.22 |
| Inventory Turnover | 18.89 | 18.89 | 10.42 | 12.80 | 10.22 | 8.64 | 17.12 | 17.53 | 9.89 | 6.09 | 5.18 |
| Days Sales Outstanding | — | 9.55 | 13.03 | 10.15 | 16.54 | 9.16 | 12.98 | 15.80 | 7.92 | 20.22 | 13.33 |
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 | 2.3% | 3.2% | 2.8% | 3.7% | 7.4% | 6.7% | — | — | — | — | — |
| FCF Yield | 5.0% | 6.6% | 8.5% | 7.4% | 6.7% | 7.9% | 4.9% | — | — | — | 12.3% |
| Buyback Yield | 1.4% | 1.8% | 1.3% | 3.8% | 4.6% | 4.1% | 1.6% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.4% | 1.8% | 1.3% | 3.8% | 4.6% | 4.1% | 1.6% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $32M | $32M | $32M | $34M | $35M | $34M | $33M | $32M | $31M | $31M |
Operational margin sensitivity
Based on current market data, LQDT trades at a forward P/E of 25.97, which appears elevated relative to its historical volatility and suggests that investors are pricing in significant future margin expansion that has yet to materialize in the company's reported quarterly operating income figures.
The current valuation multiples, particularly the 23.27x EV/EBITDA, imply a growth-oriented expectation that may be disconnected from the company's recent operational performance. Investors should monitor whether the market is misinterpreting the company's cyclical liquidation revenue as a stable, high-growth SaaS-like stream, which could lead to multiple compression if growth fails to accelerate.
As reported in financial statements, the company's ROIC has fluctuated between 1.8% and 14.9% over the last ten quarters, indicating that while the core marketplace model is capable of generating returns, the overall efficiency is frequently diluted by the accumulation of non-productive cash on the balance sheet.
The inconsistency in ROIC suggests that the company struggles to deploy capital effectively into its core business segments. The drag created by the $174.6 million cash position warrants further investigation into whether management lacks high-return internal investment opportunities or is intentionally maintaining a defensive posture at the expense of shareholder returns.
According to quarterly data, the company maintains a negative cash conversion cycle, averaging -36 days in 2026Q2, which demonstrates a structural advantage in collecting cash from buyers well before paying suppliers, effectively utilizing the marketplace model to fund its own working capital requirements without external debt.
This negative CCC is a hallmark of a strong marketplace business, yet the volatility in DSO and DIO suggests that the company's ability to manage these cycles is sensitive to the specific mix of consignment versus purchase transactions. Investors should monitor whether shifts toward purchase-heavy contracts begin to erode this efficiency advantage.
Based on recent SEC filings, the company's current ratio of 1.51 and minimal debt-to-equity ratio of 0.07 provide a substantial liquidity buffer, which appears sufficient to withstand significant downturns in the secondary market or potential disruptions in the retail inventory supply chain that the company serves.
The liquidity position is clearly robust, offering the firm significant optionality during periods of market distress. However, the lack of debt service obligations also means the company is not utilizing financial leverage to amplify returns, which may be a strategic choice to preserve flexibility in a highly cyclical industry.
As disclosed in financial statements, the market frequently misapplies the P/S ratio to LQDT, failing to account for the accounting shift between consignment and purchase models, which can artificially inflate top-line revenue without reflecting actual growth in the underlying platform's commission-based earning power.
Analysts should prioritize GMV and Gross Profit over headline revenue to avoid being misled by accounting nuances. Relying on P/S ratios obscures the true quality of earnings, as a shift toward lower-margin purchase transactions can make the company appear to be growing faster than it actually is in terms of sustainable profitability.
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying LQDT stock.
Liquidity Services, Inc.'s current P/E ratio is 43.7x. The historical average is 35.7x. This places it at the 79th percentile of its historical range.
Liquidity Services, Inc.'s current EV/EBITDA is 22.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.7x.
Liquidity Services, Inc.'s return on equity (ROE) is 14.6%. The historical average is 8.1%.
Based on historical data, Liquidity Services, Inc. is trading at a P/E of 43.7x. This is at the 79th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Liquidity Services, Inc. has 43.8% gross margin and 7.4% operating margin.
Liquidity Services, Inc.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.