BlackLine (BL)
Market Price (9/21/2026): $28.15 | Market Cap: $1.6 BilSector: Information Technology | Industry: Application Software
BlackLine (BL)
Market Price (9/21/2026): $28.15Market Cap: $1.6 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27% Attractive yieldFCF Yield is 9.1% Megatrend and thematic driversMegatrends include Cloud Computing, and Automation & Robotics. Themes include Software as a Service (SaaS), and Financial Process Automation. | Weak multi-year price returns2Y Excs Rtn is -80%, 3Y Excs Rtn is -121% | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.0% Key risksBL key risks include [1] significant friction and deal delays stemming from its strategic transition to a platform-based pricing model, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27% |
| Attractive yieldFCF Yield is 9.1% |
| Megatrend and thematic driversMegatrends include Cloud Computing, and Automation & Robotics. Themes include Software as a Service (SaaS), and Financial Process Automation. |
| Weak multi-year price returns2Y Excs Rtn is -80%, 3Y Excs Rtn is -121% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.0% |
| Key risksBL key risks include [1] significant friction and deal delays stemming from its strategic transition to a platform-based pricing model, Show more. |
Qualitative Assessment
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BlackLine (BL) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Weaker-than-expected fiscal Q3 2026 guidance and declining net revenue retention overshadowed strong fiscal Q2 2026 results.
Despite BlackLine reporting fiscal Q2 2026 earnings per share (EPS) of $0.61, beating analyst estimates of $0.57, and revenue of $187.82 million, exceeding estimates by $0.83 million with a 9.1% year-over-year increase, the stock experienced a significant decline following its August 4, 2026, earnings report. Investors focused on the company's Q3 2026 revenue guidance of $193-$195 million, which was slightly below expectations, and a drop in net revenue retention to 102% from 105% in the prior quarter. This led to an 8.00% stock price drop on August 4, 2026.
2. Analysts issued price target cuts and maintained a "Hold" consensus, reflecting cautious sentiment.
Following the fiscal Q2 2026 earnings release, several brokerage firms adjusted their outlook for BlackLine, contributing to negative investor sentiment. Morgan Stanley, for instance, cut its price target to $33 (from $50), while Piper Sandler lowered its target to $35. Scotiabank also downgraded the stock to an "outperform" rating. The overall consensus among analysts remained a "Hold" with an average 12-month price target around $40.08, but the downward revisions indicated increased caution.
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BlackLine (BL) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Weaker-than-expected fiscal Q3 2026 guidance and declining net revenue retention overshadowed strong fiscal Q2 2026 results.
Despite BlackLine reporting fiscal Q2 2026 earnings per share (EPS) of $0.61, beating analyst estimates of $0.57, and revenue of $187.82 million, exceeding estimates by $0.83 million with a 9.1% year-over-year increase, the stock experienced a significant decline following its August 4, 2026, earnings report. Investors focused on the company's Q3 2026 revenue guidance of $193-$195 million, which was slightly below expectations, and a drop in net revenue retention to 102% from 105% in the prior quarter. This led to an 8.00% stock price drop on August 4, 2026.
2. Analysts issued price target cuts and maintained a "Hold" consensus, reflecting cautious sentiment.
Following the fiscal Q2 2026 earnings release, several brokerage firms adjusted their outlook for BlackLine, contributing to negative investor sentiment. Morgan Stanley, for instance, cut its price target to $33 (from $50), while Piper Sandler lowered its target to $35. Scotiabank also downgraded the stock to an "outperform" rating. The overall consensus among analysts remained a "Hold" with an average 12-month price target around $40.08, but the downward revisions indicated increased caution.
3. Valuation concerns, particularly regarding its price-to-earnings (P/E) ratio amidst broader macroeconomic headwinds, pressured the stock.
Analysts highlighted concerns about BlackLine's valuation, noting its P/E ratio of 49.3x was considered "richer" compared to the US Software group's average of 29.8x and its direct peers at 28x. These valuation concerns, coupled with broader macroeconomic challenges and increased competition, contributed to the stock's downward trend as investors questioned the sustainability of its growth trajectory in a challenging market.
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Stock Movement Drivers
Fundamental Drivers
The -4.3% change in BL stock from 5/31/2026 to 9/20/2026 was primarily driven by a -27.9% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.40 | 28.14 | -4.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 717 | 732 | 2.2% |
| Net Income Margin (%) | 3.7% | 4.7% | 28.0% |
| P/E Multiple | 65.7 | 47.4 | -27.9% |
| Shares Outstanding (Mil) | 59 | 59 | 1.6% |
| Cumulative Contribution | -4.3% |
Market Drivers
5/31/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| BL | -4.3% | |
| Market (SPY) | 0.9% | 13.2% |
| Sector (XLK) | -0.7% | -14.4% |
Fundamental Drivers
The -20.2% change in BL stock from 2/28/2026 to 9/20/2026 was primarily driven by a -44.7% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.25 | 28.14 | -20.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 700 | 732 | 4.6% |
| Net Income Margin (%) | 3.5% | 4.7% | 35.6% |
| P/E Multiple | 85.7 | 47.4 | -44.7% |
| Shares Outstanding (Mil) | 60 | 59 | 1.9% |
| Cumulative Contribution | -20.2% |
Market Drivers
2/28/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| BL | -20.2% | |
| Market (SPY) | 11.6% | 3.3% |
| Sector (XLK) | 36.8% | -6.5% |
Fundamental Drivers
The -48.2% change in BL stock from 8/31/2025 to 9/20/2026 was primarily driven by a -63.6% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 54.37 | 28.14 | -48.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 674 | 732 | 8.6% |
| Net Income Margin (%) | 13.1% | 4.7% | -63.6% |
| P/E Multiple | 38.4 | 47.4 | 23.3% |
| Shares Outstanding (Mil) | 62 | 59 | 6.2% |
| Cumulative Contribution | -48.2% |
Market Drivers
8/31/2025 to 9/20/2026| Return | Correlation | |
|---|---|---|
| BL | -48.2% | |
| Market (SPY) | 19.4% | 16.8% |
| Sector (XLK) | 45.1% | 7.8% |
Fundamental Drivers
The -53.1% change in BL stock from 8/31/2023 to 9/20/2026 was primarily driven by a -86.8% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 60.06 | 28.14 | -53.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 558 | 732 | 31.3% |
| Net Income Margin (%) | 1.8% | 4.7% | 161.6% |
| P/E Multiple | 360.0 | 47.4 | -86.8% |
| Shares Outstanding (Mil) | 61 | 59 | 3.7% |
| Cumulative Contribution | -53.1% |
Market Drivers
8/31/2023 to 9/20/2026| Return | Correlation | |
|---|---|---|
| BL | -53.1% | |
| Market (SPY) | 75.6% | 34.5% |
| Sector (XLK) | 119.9% | 25.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BL Return | -22% | -35% | -7% | -3% | -9% | -48% | -79% |
| Peers Return | 31% | -26% | 39% | 20% | -7% | -15% | 29% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| BL Win Rate | 42% | 25% | 50% | 50% | 50% | 33% | |
| Peers Win Rate | 58% | 42% | 69% | 56% | 44% | 41% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| BL Max Drawdown | -34% | -53% | -38% | -36% | -36% | -56% | |
| Peers Max Drawdown | -22% | -46% | -21% | -26% | -39% | -51% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WK, ORCL, WDAY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)
How Low Can It Go
| Event | BL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.4% | -18.8% |
| % Gain to Breakeven | 18.2% | 23.1% |
| Time to Breakeven | 29 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.4% | -9.5% |
| % Gain to Breakeven | 18.3% | 10.5% |
| Time to Breakeven | 19 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.3% | -33.7% |
| % Gain to Breakeven | 62.2% | 50.9% |
| Time to Breakeven | 66 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -33.7% | -19.2% |
| % Gain to Breakeven | 50.8% | 23.8% |
| Time to Breakeven | 100 days | 105 days |
In The Past
BlackLine's stock fell -15.4% during the 2025 US Tariff Shock. Such a loss loss requires a 18.2% gain to breakeven.
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| Event | BL | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -38.3% | -33.7% |
| % Gain to Breakeven | 62.2% | 50.9% |
| Time to Breakeven | 66 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -33.7% | -19.2% |
| % Gain to Breakeven | 50.8% | 23.8% |
| Time to Breakeven | 100 days | 105 days |
In The Past
BlackLine's stock fell -15.4% during the 2025 US Tariff Shock. Such a loss loss requires a 18.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About BlackLine (BL)
BlackLine, Inc. (BL) offers cloud-based software solutions designed to automate and streamline critical accounting and finance operations for businesses globally. The company's core mission is to enhance the efficiency, accuracy, and control over financial processes, particularly those involved in the financial close, accounts receivable, and intercompany transactions.
Its primary product offerings fall into three main categories. Financial Close Management solutions provide tools for account reconciliations, transaction matching, task management, journal entries, and variance analysis, all aimed at accelerating and ensuring the integrity of the month-end close process. Additionally, BlackLine offers Accounts Receivable Automation solutions covering cash application, credit and risk management, collections, and dispute resolution. The company also provides Intercompany solutions that manage workflows, processing, and netting and settlement of transactions between related entities.
BlackLine primarily serves multinational corporations, large domestic enterprises, and mid-market companies across a wide range of industries. The company distributes its comprehensive suite of solutions through a direct sales force, catering to organizations looking to improve the effectiveness and compliance of their complex financial operations.
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Here are 1-2 brief analogies to describe BlackLine:
- ServiceNow for finance operations. (BlackLine provides cloud-based solutions to automate and streamline a company's finance and accounting workflows, much like ServiceNow does for IT and other enterprise processes.)
- Salesforce for a company's accounting department. (Just as Salesforce provides a cloud platform to manage customer relationships, BlackLine offers a cloud platform to manage and automate critical financial processes for businesses.)
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- Financial Close Management Solutions: A suite of cloud-based tools designed to automate and streamline the financial close process, encompassing account reconciliations, transaction matching, task management, journal entry, variance analysis, consolidation integrity, and compliance.
- Accounts Receivable Automation Solutions: Cloud-based solutions that automate various aspects of accounts receivable, including cash application, credit and risk management, collections management, disputes and deductions, and AR intelligence.
- Intercompany Workflow Solutions: Tools that manage the entire lifecycle of intercompany transactions, including establishing workflows, processing transactions, and generating netting and settlement matrices.
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Based on the provided information, BlackLine (BL) sells its cloud-based solutions primarily to other companies rather than individuals. The description does not list specific customer company names or their symbols. Instead, it categorizes its major customers as:
- Multinational corporations
- Large domestic enterprises
- Mid-market companies across various industries
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- Amazon.com, Inc. (AMZN)
- Microsoft Corporation (MSFT)
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Owen Ryan, Chief Executive Officer and Chairman of the Board
Owen Ryan was appointed Chief Executive Officer of BlackLine in October 2025, having previously served as Co-Chief Executive Officer and Chairman of the Board since March 2023, and a director since 2018. He is a CPA with extensive leadership experience in risk advisory and operating roles. Prior to BlackLine, he served as the CEO and Managing Partner of Deloitte Advisory from 2008 to 2016. From 2016 to 2017, he was the President and Chief Executive Officer of AEGIS Insurance. He also held roles as CEO of Geller Advisors and Chief Strategy Officer and Managing Principal at Geller & Company from 2018 to 2022. Mr. Ryan holds an MBA from Columbia University and a B.S. from New Jersey City University.
Patrick Villanova, Chief Financial Officer
Patrick Villanova officially took on the role of Chief Financial Officer for BlackLine on March 1, 2025, succeeding Mark Partin.
Therese Tucker, Founder and Executive Chairman of the Board
Therese Tucker founded BlackLine in 2001 and served as CEO until Marc Huffman's appointment in 2021, and later as Co-CEO until October 1, 2025, when she transitioned to focus on her role as Founder. She designed the company's initial product offerings, spearheaded its transition to a cloud-based model in 2007, and led the company through its IPO in 2016. Before founding BlackLine, Ms. Tucker was the Chief Technology Officer for SunGard Treasury Systems.
Karole Morgan-Prager, Chief Legal and Administrative Officer
Karole Morgan-Prager serves as BlackLine's Chief Legal and Administrative Officer.
Jimmy Duan, Chief Customer Officer
Jimmy Duan holds the position of Chief Customer Officer at BlackLine.
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The key risks to BlackLine, Inc.'s business include intensifying competition and market disruption, slowing revenue growth coupled with financial headwinds, and ongoing cybersecurity threats alongside the need for robust internal financial controls.
The most significant risk for BlackLine is the intensifying competition and potential market disruption. The company faces accelerating competition from both established Enterprise Resource Planning (ERP) vendors who are embedding similar financial close functionalities into their platforms, and from emerging AI-native startups offering advanced or lower-cost solutions. There is also a risk that the rapid advancement of AI and automation could lead large enterprises to develop custom or deeply integrated accounting workflows, potentially bypassing third-party platforms like BlackLine, which could impact customer acquisition and lead to bookings stagnation over the long term. BlackLine's reliance on a limited number of software solutions and third-party SaaS applications further heightens this competitive landscape.
Another key risk is slowing revenue growth and significant financial headwinds. BlackLine has been experiencing a slowing top-line revenue growth rate and increasing selling, general, and administrative (SG&A) costs. The company is also navigating a strategic shift to a platform-based pricing model, which, while intended for long-term value, is causing short-term friction and financial challenges. This, combined with partner changes, initiatives that are slow to materialize, and foreign exchange headwinds, is impacting revenue and operational efficiency. The company has also historically faced financial losses, challenging its path to sustained profitability.
Finally, cybersecurity risks and maintaining effective internal control over financial reporting present ongoing challenges. As a company that handles sensitive financial data, BlackLine is exposed to persistent cybersecurity threats. Any breaches could undermine customer trust and disrupt business operations. Furthermore, as a public company, BlackLine must continuously maintain effective internal controls over financial reporting, a process that is both time-consuming and costly. The identification of any material weaknesses in these controls could negatively impact investor confidence and the company's stock price.
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- Record-to-Report: $34 billion
- Invoice-to-Cash: $11 billion
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BlackLine (BL) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Adoption of Platform Pricing Model: BlackLine is transitioning to a platform pricing model, moving away from per-seat subscriptions towards value-based partnerships. This shift is anticipated to be accretive to revenue over the next three to four years, with early adoption exceeding initial targets. The company aims for 25% to 35% of its customers to adopt this model by the end of 2026.
- AI-Powered Innovation and Verity AI Agents: The expansion of BlackLine's AI capabilities, particularly through its Verity AI agents, is a significant growth driver. The company is focused on delivering autonomous finance capabilities, with BlackLine Verity experiencing a 50% increase in customer adoption between Q3 and Q4 2025. This AI-driven strategy is expected to boost bookings growth.
- Customer Growth and Expansion: BlackLine is concentrating on acquiring new, larger enterprise customers and expanding its footprint within its existing customer base. This involves winning strategic platform deals, with new customer deal sizes increasing by 35% due to enterprise wins. The company serves a substantial number of global customers, including over 60% of the Fortune 100, and is focused on deepening relationships and increasing average contract value through cross-selling.
- Deepening SAP Partnership: BlackLine's strategic partnership with SAP, as an SAP Solution Extension partner, is crucial for driving enterprise deals through embedded integrations. This collaboration is also a key factor in BlackLine's regional expansion efforts and aligns with SAP's own commitment to various regions, leveraging S/4HANA migration to capture ongoing ERP modernization spending through 2027–2030.
- Product Category Expansion: BlackLine is broadening its solution portfolio beyond core financial close processes to include end-to-end intercompany financial management and accounts receivable automation. This expansion, which includes capabilities from its 2023 acquisition of Data Interconnect, aims to raise the average contract value by offering a more comprehensive platform for the Office of the CFO.
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Share Repurchases
- In November 2024, BlackLine's board authorized a new stock repurchase program of up to $200 million, set to begin in the first quarter of fiscal year 2025 and conclude by the end of the first quarter of fiscal year 2027.
- On September 4, 2025, the board increased the stock buyback program by $200 million, raising the total authorization to $400 million, and removed the expiration date.
- For the full year 2025, BlackLine repurchased approximately 4.5 million shares of common stock for $235.5 million. As of December 31, 2025, approximately $164.5 million of buyback capacity remained under the program.
Share Issuance
- In 2025, BlackLine issued $662 million in convertible senior notes due in 2029.
- The number of outstanding shares was 61,157,000 at the end of 2025 and as of March 2026.
- The number of outstanding shares was 62,814,333 as of February 14, 2025, and 61,520,108 as of February 15, 2024.
Outbound Investments
- On December 15, 2025, BlackLine acquired WiseLayer, a company specializing in AI-powered agents for automating complex finance and accounting processes, to accelerate its AI roadmap.
- The company's focus on AI integration also includes the acquisition of Verity Accruals.
Capital Expenditures
- BlackLine's capital expenditures were $23 million in 2021, $30 million in 2022, $28 million in 2023, $27 million in 2024, and $35 million in 2025.
Peer Outperformance in Application Software
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 54.5% | 185.9% | 278.9% | TTMI 845% · FLEX 734% · SANM 435% |
| Technology Distributors | 9 | 30.1% | 72.9% | 99.7% | CLMB 337% · AVT 199% · SNX 156% |
| Semiconductor Materials & Equipment | 26 | 90.9% | 83.7% | 97.5% | AXTI 792% · AEHR 738% · KLAC 421% |
| Communications Equipment | 36 | 16.3% | 86.8% | 75.8% | AAOI 1451% · FEIM 1030% · LITE 1005% |
| Electronic Components | 26 | 31.5% | 70.6% | 70.4% | CLS 4032% · BELFA 1349% · COHR 435% |
| Technology Hardware, Storage & Peripherals | 20 | 31.9% | 90.0% | 47.2% | DELL 1150% · STX 1112% · WDC 969% |
| Semiconductors | 55 | 23.7% | 33.9% | 40.8% | POET 1815% · MU 1344% · NVDA 951% |
| Internet Services & Infrastructure | 6 | 7.5% | 49.3% | 33.5% | DOCN 64% · VRSN 44% · GDDY 38% |
| Electronic Equipment & Instruments | 26 | -16.0% | 9.2% | -10.0% | PI 225% · OSIS 117% · ACFN 108% |
| IT Consulting & Other Services | 28 | -24.6% | -9.9% | -29.0% | CHRN 537268% · APLD 1265% · TSSI 669% |
| Application Software ← | 123 | -30.5% | -13.3% | -45.3% | VIDA 176264% · INLX 5435% · PLTR 567% |
| Systems Software | 68 | -19.6% | 12.4% | -54.0% | QNC 478% · ZETA 406% · PANW 361% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 110.40 |
| Mkt Cap | 4.1 |
| Rev LTM | 966 |
| Op Inc LTM | 43 |
| FCF LTM | 200 |
| FCF 3Y Avg | 146 |
| CFO LTM | 202 |
| CFO 3Y Avg | 177 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.3% |
| Rev Chg 3Y Avg | 14.8% |
| Rev Chg Q | 12.8% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Inc Chg LTM | 58.6% |
| Op Inc Chg 3Y Avg | 135.8% |
| Op Mgn LTM | 5.8% |
| Op Mgn 3Y Avg | 5.0% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 24.8% |
| CFO/Rev 3Y Avg | 26.2% |
| FCF/Rev LTM | 20.7% |
| FCF/Rev 3Y Avg | 21.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.1 |
| P/S | 4.2 |
| P/Op Inc | 39.0 |
| P/EBIT | 34.1 |
| P/E | 47.4 |
| P/CFO | 15.4 |
| Total Yield | 2.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 5.6% |
| D/E | 0.2 |
| Net D/E | 0.0 |
Price Behavior
| Market Price | $28.14 | |
| Market Cap ($ Bil) | 1.6 | |
| First Trading Date | 10/28/2016 | |
| Distance from 52W High | -52.2% | |
| 50 Days | 200 Days | |
| DMA Price | $30.47 | $37.09 |
| DMA Trend | down | up |
| Distance from DMA | -7.6% | -24.1% |
| 3M | 1YR | |
| Volatility | 57.3% | 53.0% |
| Downside Capture | 148.10 | 173.77 |
| Upside Capture | 159.48 | 69.84 |
| Correlation (SPY) | 7.2% | 16.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.54 | 0.41 | 0.35 | 0.00 | 0.63 | 0.97 |
| Up Beta | 1.51 | -1.76 | -1.19 | -1.24 | -0.14 | 0.85 |
| Down Beta | -6.36 | -2.88 | -0.55 | -0.63 | 0.20 | 0.73 |
| Up Capture | 405% | 256% | 158% | 48% | 53% | 81% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 22 | 31 | 60 | 126 | 371 |
| Down Capture | 451% | 173% | 99% | 89% | 131% | 108% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 20 | 33 | 66 | 123 | 375 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BL | |
|---|---|---|---|---|
| BL | -48.8% | 52.9% | -1.08 | - |
| Sector ETF (XLK) | 40.5% | 26.4% | 1.25 | 8.0% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 16.7% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | -5.6% |
| Commodities (DBC) | 46.3% | 20.6% | 1.73 | -8.8% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 9.3% |
| Bitcoin (BTCUSD) | -30.6% | 44.3% | -0.70 | 18.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BL | |
|---|---|---|---|---|
| BL | -25.3% | 46.2% | -0.48 | - |
| Sector ETF (XLK) | 20.2% | 25.9% | 0.69 | 42.1% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 48.3% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | 4.1% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | 7.4% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 43.9% |
| Bitcoin (BTCUSD) | 12.5% | 52.5% | 0.42 | 27.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BL | |
|---|---|---|---|---|
| BL | 1.7% | 45.2% | 0.20 | - |
| Sector ETF (XLK) | 24.4% | 25.0% | 0.88 | 44.1% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 44.2% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 4.9% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 12.0% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 34.4% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 16.3% |
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Returns Analyses
Earnings Returns History
Updated 9/4/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -8.0% | -15.1% | -2.8% |
| 5/5/2026 | -8.6% | -19.0% | -11.2% |
| 2/10/2026 | -5.5% | -16.2% | -19.8% |
| 11/6/2025 | -5.7% | -2.4% | 2.7% |
| 8/5/2025 | -4.5% | -9.4% | -2.5% |
| 5/6/2025 | 8.6% | 18.2% | 24.8% |
| 2/11/2025 | -18.1% | -21.2% | -25.1% |
| 11/7/2024 | 1.5% | 1.9% | 6.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 8 | 12 |
| # Negative | 13 | 16 | 12 |
| Median Positive | 5.4% | 11.6% | 11.9% |
| Median Negative | -5.7% | -6.8% | -14.7% |
| Max Positive | 18.0% | 26.7% | 33.2% |
| Max Negative | -18.1% | -21.2% | -27.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -8.0% | -15.1% | -2.8% |
| 5/5/2026 | -8.6% | -19.0% | -11.2% |
| 2/10/2026 | -5.5% | -16.2% | -19.8% |
| 11/6/2025 | -5.7% | -2.4% | 2.7% |
| 8/5/2025 | -4.5% | -9.4% | -2.5% |
| 5/6/2025 | 8.6% | 18.2% | 24.8% |
| 2/11/2025 | -18.1% | -21.2% | -25.1% |
| 11/7/2024 | 1.5% | 1.9% | 6.7% |
| 8/6/2024 | 11.9% | 18.4% | 9.7% |
| 5/7/2024 | -1.5% | -4.3% | -22.0% |
| 2/13/2024 | 0.5% | -3.5% | 14.1% |
| 11/2/2023 | 8.5% | 2.2% | 17.4% |
| 8/8/2023 | -6.8% | -3.7% | 7.6% |
| 5/4/2023 | 5.4% | 4.9% | 8.2% |
| 2/14/2023 | 2.0% | -1.5% | -8.8% |
| 11/3/2022 | 18.0% | 26.7% | 32.9% |
| 8/4/2022 | -0.5% | 0.4% | -2.9% |
| 5/5/2022 | -1.7% | -12.3% | 22.7% |
| 2/10/2022 | -15.8% | -17.8% | -27.8% |
| 11/4/2021 | 0.3% | -2.3% | -18.2% |
| 8/5/2021 | -1.2% | -3.9% | 1.6% |
| 5/6/2021 | 3.7% | -3.4% | -0.6% |
| 2/11/2021 | -11.2% | -12.2% | -24.3% |
| 10/29/2020 | 5.8% | 23.2% | 33.2% |
| SUMMARY STATS | |||
| # Positive | 11 | 8 | 12 |
| # Negative | 13 | 16 | 12 |
| Median Positive | 5.4% | 11.6% | 11.9% |
| Median Negative | -5.7% | -6.8% | -14.7% |
| Max Positive | 18.0% | 26.7% | 33.2% |
| Max Negative | -18.1% | -21.2% | -27.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/07/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Recent Forward Guidance
Updated 8/5/2026Latest: Q2 2026 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 193.00 Mil | 194.00 Mil | 195.00 Mil | 3.7% | Higher New | Guidance: 187.00 Mil for Q2 2026 | |
| Q3 2026 Operating Margin | Reported | 24.5% | 25.0% | 25.5% | 3.0% | Higher New | Guidance: 22.0% for Q2 2026 | |
| Q3 2026 Net Income | Reported | 45.00 Mil | 46.00 Mil | 47.00 Mil | 12.2% | Higher New | Guidance: 41.00 Mil for Q2 2026 | |
| Q3 2026 EPS | Reported | 0.62 | 0.64 | 0.65 | 9.5% | Higher New | Guidance: 0.58 for Q2 2026 | |
| 2026 Revenue | Reported | 765.00 Mil | 767.00 Mil | 769.00 Mil | 0 | Affirmed | Guidance: 767.00 Mil for 2026 | |
| 2026 Operating Margin | Reported | 24.1% | 24.35% | 24.6% | 0.1% | Raised | Guidance: 24.25% for 2026 | |
| 2026 Net Income | Reported | 177.00 Mil | 179.50 Mil | 182.00 Mil | 0.8% | Raised | Guidance: 178.00 Mil for 2026 | |
| 2026 EPS | Reported | 2.47 | 2.5 | 2.54 | 1.2% | Raised | Guidance: 2.48 for 2026 | |
Prior: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 186.00 Mil | 187.00 Mil | 188.00 Mil | 3.3% | Higher New | Guidance: 181.00 Mil for Q1 2026 | |
| Q2 2026 Non-GAAP Operating Margin | Reported | 21.5% | 22.0% | 22.5% | 3.0% | Higher New | Guidance: 19.0% for Q1 2026 | |
| Q2 2026 Non-GAAP Net Income | Reported | 40.00 Mil | 41.00 Mil | 42.00 Mil | 28.1% | Higher New | Guidance: 32.00 Mil for Q1 2026 | |
| Q2 2026 Non-GAAP EPS | Reported | 0.57 | 0.58 | 0.59 | 28.9% | Higher New | Guidance: 0.45 for Q1 2026 | |
| 2026 Revenue | Reported | 765.00 Mil | 767.00 Mil | 769.00 Mil | 0.1% | Raised | Guidance: 766.00 Mil for 2026 | |
| 2026 Non-GAAP Operating Margin | Reported | 24.0% | 24.25% | 24.5% | 0.2% | Raised | Guidance: 24.0% for 2026 | |
| 2026 Non-GAAP Net Income | Reported | 174.00 Mil | 178.00 Mil | 182.00 Mil | 1.1% | Raised | Guidance: 176.00 Mil for 2026 | |
| 2026 Non-GAAP EPS | Reported | 2.42 | 2.48 | 2.53 | 2.1% | Raised | Guidance: 2.42 for 2026 | |
Q4 2025 Earnings Reported 2/10/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 180.00 Mil | 181.00 Mil | 182.00 Mil | -1.1% | Lower New | Guidance: 183.00 Mil for Q4 2025 | |
| Q1 2026 Operating Margin | Reported | 18.5% | 19.0% | 19.5% | -5.5% | Lower New | Guidance: 24.5% for Q4 2025 | |
| Q1 2026 Net Income | Reported | 31.00 Mil | 32.00 Mil | 33.00 Mil | -25.6% | Lower New | Guidance: 43.00 Mil for Q4 2025 | |
| Q1 2026 EPS | Reported | 0.44 | 0.45 | 0.46 | -24.4% | Lower New | Guidance: 0.59 for Q4 2025 | |
| 2026 Revenue | Reported | 764.00 Mil | 766.00 Mil | 768.00 Mil | 9.4% | Higher New | Guidance: 700.00 Mil for 2025 | |
| 2026 Operating Margin | Reported | 23.7% | 24.0% | 24.3% | 1.8% | Higher New | Guidance: 22.25% for 2025 | |
| 2026 Net Income | Reported | 172.00 Mil | 176.00 Mil | 180.00 Mil | 13.5% | Higher New | Guidance: 155.00 Mil for 2025 | |
| 2026 EPS | Reported | 2.37 | 2.42 | 2.48 | 15.2% | Higher New | Guidance: 2.1 for 2025 | |
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | Reported | 182.00 Mil | 183.00 Mil | 184.00 Mil | 2.8% | Higher New | Guidance: 178.00 Mil for Q3 2025 | |
| Q4 2025 Non-GAAP Operating Margin | Reported | 24.0% | 24.5% | 25.0% | 4.0% | Higher New | Guidance: 20.5% for Q3 2025 | |
| Q4 2025 Non-GAAP Net Income | Reported | 42.00 Mil | 43.00 Mil | 44.00 Mil | 16.2% | Higher New | Guidance: 37.00 Mil for Q3 2025 | |
| Q4 2025 EPS | Reported | 0.58 | 0.59 | 0.61 | 20.2% | Higher New | Guidance: 0.49 for Q3 2025 | |
| 2025 Revenue | Reported | 699.00 Mil | 700.00 Mil | 701.00 Mil | -0.1% | Lowered | Guidance: 700.50 Mil for 2025 | |
| 2025 Non-GAAP Operating Margin | Reported | 22.0% | 22.25% | 22.5% | 0.2% | Raised | Guidance: 22.0% for 2025 | |
| 2025 Non-GAAP Net Income | Reported | 153.00 Mil | 155.00 Mil | 157.00 Mil | -4.9% | Lowered | Guidance: 163.00 Mil for 2025 | |
| 2025 EPS | Reported | 2.08 | 2.1 | 2.13 | -3.7% | Lowered | Guidance: 2.19 for 2025 | |
Insider Activity
Updated 8/28/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Stalick, Michelle D | Chief Accounting Officer | Direct | Sell | 8282026 | 33.65 | 780 | 26,247 | 1,168,059 | Form |
| 2 | Tucker, Therese | Direct | Sell | 8262026 | 31.96 | 70,000 | 2,236,990 | 12,193,417 | Form | |
| 3 | Yamamoto, Mika | Direct | Sell | 6082026 | 28.48 | 3,000 | 85,426 | 475,308 | Form | |
| 4 | Stalick, Michelle D | Chief Accounting Officer | Direct | Sell | 6022026 | 30.93 | 780 | 24,125 | 1,124,708 | Form |
| 5 | Hughes, Gregory | Direct | Sell | 5222026 | 30.25 | 1,637 | 49,519 | 234,589 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Stalick, Michelle D | Chief Accounting Officer | Direct | Sell | 8282026 | 33.65 | 780 | 26,247 | 1,168,059 | Form |
| 2 | Tucker, Therese | Direct | Sell | 8262026 | 31.96 | 70,000 | 2,236,990 | 12,193,417 | Form | |
| 3 | Yamamoto, Mika | Direct | Sell | 6082026 | 28.48 | 3,000 | 85,426 | 475,308 | Form | |
| 4 | Stalick, Michelle D | Chief Accounting Officer | Direct | Sell | 6022026 | 30.93 | 780 | 24,125 | 1,124,708 | Form |
| 5 | Hughes, Gregory | Direct | Sell | 5222026 | 30.25 | 1,637 | 49,519 | 234,589 | Form | |
| 6 | Stalick, Michelle D | Chief Accounting Officer | Direct | Sell | 5202026 | 30.25 | 459 | 13,887 | 1,150,114 | Form |
| 7 | Unterman, Thomas | ETU Rustic Canyon Trust | Sell | 10282025 | 55.00 | 910 | 50,050 | 2,300,925 | Form | |
| 8 | Unterman, Thomas | ETU Rustic Canyon Trust | Sell | 9242025 | 55.00 | 910 | 50,050 | 2,350,975 | Form | |
| 9 | Unterman, Thomas | ETU Rustic Canyon Trust | Sell | 9242025 | 55.00 | 910 | 50,050 | 2,401,025 | Form | |
| 10 | Unterman, Thomas | ETU Rustic Canyon Trust | Sell | 9242025 | 56.70 | 885 | 50,180 | 2,526,836 | Form | |
| 11 | Unterman, Thomas | ETU Rustic Canyon Trust | Sell | 9242025 | 55.23 | 910 | 50,259 | 2,510,204 | Form | |
| 12 | Unterman, Thomas | ETU Rustic Canyon Trust | Sell | 9242025 | 55.00 | 910 | 50,050 | 2,549,800 | Form | |
| 13 | Unterman, Thomas | ETU Rustic Canyon Trust | Sell | 9242025 | 55.00 | 2,730 | 150,150 | 2,599,850 | Form | |
| 14 | Stalick, Michelle D | Chief Accounting Officer | Direct | Sell | 8252025 | 54.03 | 664 | 35,876 | 1,287,535 | Form |
| 15 | Henshall, David J | Direct | Buy | 8112025 | 48.60 | 10,000 | 486,000 | 795,971 | Form |
Investor Activity (13F)
Updated Sep 21, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Fivespan Partners, LP | $111.5 Mil | 29.6% | 4 | ADD +225.5% | 13F |
| Engaged Capital LLC | $50.6 Mil | 16.7% | 8 | ADD +26.2% | 13F |
| Opti Capital Management, LP | $85.2 Mil | 6.1% | 36 | ADD +159.0% | 13F |
| Tensile Capital Management LP | $27.8 Mil | 4.0% | 25 | TRIM -5.1% | 13F |
| Westerly Capital Management, LLC | $11.5 Mil | 3.5% | 36 | ADD +244.4% | 13F |
| Hawk Ridge Capital Management LP | $70.0 Mil | 2.5% | 48 | ADD +26.3% | 13F |
| Steelhead Partners LLC | $26.3 Mil | 1.9% | 24 | TRIM -63.6% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Westerly Capital Management, LLC | $11.5 Mil | 3.5% | 36 | ADD +244.4% | 13F |
| Fivespan Partners, LP | $111.5 Mil | 29.6% | 4 | ADD +225.5% | 13F |
| Opti Capital Management, LP | $85.2 Mil | 6.1% | 36 | ADD +159.0% | 13F |
| Hawk Ridge Capital Management LP | $70.0 Mil | 2.5% | 48 | ADD +26.3% | 13F |
| Engaged Capital LLC | $50.6 Mil | 16.7% | 8 | ADD +26.2% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Fivespan Partners, LP | $111.5 Mil | 29.6% | 4 | ADD +225.5% | 13F |
| Opti Capital Management, LP | $85.2 Mil | 6.1% | 36 | ADD +159.0% | 13F |
| Hawk Ridge Capital Management LP | $70.0 Mil | 2.5% | 48 | ADD +26.3% | 13F |
| Engaged Capital LLC | $50.6 Mil | 16.7% | 8 | ADD +26.2% | 13F |
| Tensile Capital Management LP | $27.8 Mil | 4.0% | 25 | TRIM -5.1% | 13F |
| Steelhead Partners LLC | $26.3 Mil | 1.9% | 24 | TRIM -63.6% | 13F |
| Westerly Capital Management, LLC | $11.5 Mil | 3.5% | 36 | ADD +244.4% | 13F |
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Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Application Software Resources |
| Capterra |
| Software Advice |
| InfoWorld |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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