BlackLine (BL)


Market Price (11/6/2026): $32.28 | Market Cap: $1.9 BilSector: Information Technology | Industry: Application Software

BlackLine (BL)


Market Price (11/6/2026): $32.28
Market Cap: $1.9 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive cash flow generation
CFO/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%

Attractive yield
FCF Yield is 7.6%

Megatrend and thematic drivers
Megatrends include Cloud Computing, and Automation & Robotics. Themes include Software as a Service (SaaS), and Financial Process Automation.

Weak multi-year price returns
2Y Excs Rtn is -74%, 3Y Excs Rtn is -115%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.9%

Key risks
BL key risks include [1] significant friction and deal delays stemming from its strategic transition to a platform-based pricing model, Show more.

0 Attractive cash flow generation
CFO/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%
1 Attractive yield
FCF Yield is 7.6%
2 Megatrend and thematic drivers
Megatrends include Cloud Computing, and Automation & Robotics. Themes include Software as a Service (SaaS), and Financial Process Automation.
3 Weak multi-year price returns
2Y Excs Rtn is -74%, 3Y Excs Rtn is -115%
4 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14%
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.9%
6 Key risks
BL key risks include [1] significant friction and deal delays stemming from its strategic transition to a platform-based pricing model, Show more.

BL in ETFs

Weight = BL's share of each fund

VTI0.00%
ITOT0.00%
IWM0.05%
IJR0.09%
VB0.02%
IJT0.20%
SLYG0.19%
IWO0.11%
+12 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Stock Movement Drivers

Fundamental Drivers

The 7.2% change in BL stock from 7/31/2026 to 11/5/2026 was primarily driven by a 28.0% change in the company's Net Income Margin (%).
(LTM values as of)731202611052026Change
Stock Price ($)31.4033.677.2%
Change Contribution By: 
Total Revenues ($ Mil)7177322.2%
Net Income Margin (%)3.7%4.7%28.0%
P/E Multiple70.256.7-19.3%
Shares Outstanding (Mil)59591.6%
Cumulative Contribution7.2%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/5/2026
ReturnCorrelation
BL7.2% 
Market (SPY)-1.9%26.2%
Sector (XLK)-7.4%8.3%

Fundamental Drivers

The 7.7% change in BL stock from 4/30/2026 to 11/5/2026 was primarily driven by a 35.6% change in the company's Net Income Margin (%).
(LTM values as of)430202611052026Change
Stock Price ($)31.2533.677.7%
Change Contribution By: 
Total Revenues ($ Mil)7007324.6%
Net Income Margin (%)3.5%4.7%35.6%
P/E Multiple76.056.7-25.4%
Shares Outstanding (Mil)60591.9%
Cumulative Contribution7.7%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/5/2026
ReturnCorrelation
BL7.7% 
Market (SPY)2.3%7.6%
Sector (XLK)1.9%-8.3%

Fundamental Drivers

The -41.2% change in BL stock from 10/31/2025 to 11/5/2026 was primarily driven by a -63.6% change in the company's Net Income Margin (%).
(LTM values as of)1031202511052026Change
Stock Price ($)57.2533.67-41.2%
Change Contribution By: 
Total Revenues ($ Mil)6747328.6%
Net Income Margin (%)13.1%4.7%-63.6%
P/E Multiple40.456.740.2%
Shares Outstanding (Mil)62596.2%
Cumulative Contribution-41.2%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/5/2026
ReturnCorrelation
BL-41.2% 
Market (SPY)8.4%14.2%
Sector (XLK)8.4%4.2%

Fundamental Drivers

The -31.4% change in BL stock from 10/31/2023 to 11/5/2026 was primarily driven by a -80.7% change in the company's P/E Multiple.
(LTM values as of)1031202311052026Change
Stock Price ($)49.1033.67-31.4%
Change Contribution By: 
Total Revenues ($ Mil)55873231.3%
Net Income Margin (%)1.8%4.7%161.6%
P/E Multiple294.356.7-80.7%
Shares Outstanding (Mil)61593.7%
Cumulative Contribution-31.4%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/5/2026
ReturnCorrelation
BL-31.4% 
Market (SPY)81.3%32.4%
Sector (XLK)101.5%22.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
BL Return-22%-35%-7%-3%-9%-39%-75%
Peers Return31%-26%39%20%-7%-16%27%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
BL Win Rate42%25%50%50%50%36% 
Peers Win Rate58%42%69%56%44%39% 
S&P 500 Win Rate75%42%67%75%67%45% 

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 11/5/2026 (YTD)

How Low Can It Go

EventBLS&P 500
2025 US Tariff Shock
  % Loss-15.4%-18.8%
  % Gain to Breakeven18.2%23.1%
  Time to Breakeven29 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-15.4%-9.5%
  % Gain to Breakeven18.3%10.5%
  Time to Breakeven19 days24 days
2020 COVID-19 Crash
  % Loss-38.3%-33.7%
  % Gain to Breakeven62.2%50.9%
  Time to Breakeven66 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-33.7%-19.2%
  % Gain to Breakeven50.8%23.8%
  Time to Breakeven100 days105 days

Compare to WK, ORCL, WDAY

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.

EventBLS&P 500
2020 COVID-19 Crash
  % Loss-38.3%-33.7%
  % Gain to Breakeven62.2%50.9%
  Time to Breakeven66 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-33.7%-19.2%
  % Gain to Breakeven50.8%23.8%
  Time to Breakeven100 days105 days

Compare to WK, ORCL, WDAY

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.

AI Analysis | Feedback

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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.)
```

AI Analysis | Feedback

  • 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.

AI Analysis | Feedback

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

AI Analysis | Feedback

  • Amazon.com, Inc. (AMZN)
  • Microsoft Corporation (MSFT)

AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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AI Analysis | Feedback

BlackLine, Inc. estimates its total addressable market (TAM) to be $45 billion globally. This global market opportunity is segmented into:
  • 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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

AI Analysis | Feedback

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.

Better Bets vs. BlackLine (BL)

Peer Outperformance in Application Software

BL has trailed 68% of its 124 Application Software peers over 5Y. Among the peers that beat it are ACIW, BOX and PTC. Application Software ranks 11th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Application Software constituents that BL has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
34%
of 151 industry peers · -40.8% return
3Y
31%
of 136 industry peers · -37.4% return
5Y
32%
of 124 industry peers · -74.0% return
Application Software peers with revenue growth within 4pp of BL's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
BL BlackLine 9.5% 56.7x -40.8%-37.4%-74.0% —
ACIW ACI Worldwide 9.9% 26.8x 23.4%147.0%84.0% +158pp
BOX Box 6.6% 45.8x 38.8%74.9%63.0% +137pp
PTC PTC 12.9% 18.2x 2.4%30.9%54.5% +128pp
MANH Manhattan Associates 9.3% 69.7x 41.7%22.1%41.7% +116pp
SSNC SS&C Technologies 6.8% 21.6x -7.4%55.1%7.8% +82pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Application Software is BL's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Electronic Manufacturing Services 10 -4.5%87.9%147.0% FLEX 399% · TTMI 335% · JBL 268%
Technology Distributors 9 41.5%40.5%44.9% AVT 115% · SNX 101% · CNXN 68%
Semiconductor Materials & Equipment 28 19.0%38.5%18.3% AXTI 298% · KLAC 227% · LRCX 219%
Communications Equipment 36 -6.2%75.3%17.2% AAOI 700% · LITE 446% · ANET 380%
Electronic Components 24 3.9%54.9%16.5% CLS 1768% · BELFA 923% · APH 268%
Electronic Equipment & Instruments 27 -7.8%26.6%4.8% PI 107% · OSIS 100% · CXT 61%
Semiconductors 55 -6.9%28.4%-15.7% MU 822% · NVDA 513% · AVGO 470%
Technology Hardware, Storage & Peripherals 21 -9.8%50.3%-27.4% WDC 540% · DELL 520% · SMCI 481%
Internet Services & Infrastructure 6 -1.5%35.3%-29.3% GDDY 65% · VRSN 37% · AKAM -27%
IT Consulting & Other Services 30 -22.2%-1.8%-32.0% APLD 222% · IBM 142% · GIB -9%
Application Software ← 125 -11.5%-10.1%-49.9% PLTR 496% · AGYS 140% · FROG 91%
Systems Software 70 -11.3%19.3%-56.2% ZETA 220% · CRWD 218% · CVLT 132%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

BLWKORCLWDAYMedian
NameBlackLineWorkiva Oracle Workday  
Mkt Price32.2879.50118.16198.4798.83
Mkt Cap1.94.4-48.74.4
Rev LTM732966-10,155966
Op Inc LTM4331-1,22043
FCF LTM149200-2,844200
FCF 3Y Avg146122-2,460146
CFO LTM182202-3,081202
CFO 3Y Avg177124-2,687177

Growth & Margins

BLWKORCLWDAYMedian
NameBlackLineWorkiva Oracle Workday  
Rev Chg LTM8.6%19.7%-13.3%13.3%
Rev Chg 3Y Avg9.5%18.4%-14.8%14.8%
Rev Chg Q9.2%18.6%-12.8%12.8%
QoQ Delta Rev Chg LTM2.2%4.3%-3.1%3.1%
Op Inc Chg LTM32.0%138.3%-58.6%58.6%
Op Inc Chg 3Y Avg135.8%52.0%-290.6%135.8%
Op Mgn LTM5.8%3.3%-12.0%5.8%
Op Mgn 3Y Avg5.0%-5.6%-8.4%5.0%
QoQ Delta Op Mgn LTM0.4%3.5%-0.3%0.4%
CFO/Rev LTM24.8%20.9%-30.3%24.8%
CFO/Rev 3Y Avg26.2%14.5%-29.9%26.2%
FCF/Rev LTM20.4%20.7%-28.0%20.7%
FCF/Rev 3Y Avg21.6%14.2%-27.3%21.6%

Valuation

BLWKORCLWDAYMedian
NameBlackLineWorkiva Oracle Workday  
Mkt Cap1.94.4-48.74.4
P/S2.64.6-4.84.6
P/Op Inc44.2140.7-39.944.2
P/EBIT33.068.2-34.934.9
P/E54.394.0-38.954.3
P/CFO10.421.9-15.815.8
Total Yield1.8%1.0%-2.5%1.8%
Dividend Yield0.0%0.0%-0.0%0.0%
FCF Yield 3Y Avg6.1%3.9%-5.6%5.6%
D/E0.40.2-0.10.2
Net D/E0.1-0.0-0.00.0

Returns

BLWKORCLWDAYMedian
NameBlackLineWorkiva Oracle Workday  
1M Rtn14.6%13.3%-18.1%6.4%9.9%
3M Rtn7.6%28.1%-17.3%16.6%12.1%
6M Rtn3.6%52.0%-38.8%51.6%27.6%
12M Rtn-43.3%-3.2%-52.2%-14.5%-28.9%
3Y Rtn-40.0%-10.4%12.2%-9.1%-9.7%
1M Excs Rtn15.3%12.5%-15.9%9.1%10.8%
3M Excs Rtn10.1%22.9%-18.4%11.4%10.7%
6M Excs Rtn-1.0%47.6%-43.8%46.9%22.9%
12M Excs Rtn-55.8%-15.5%-65.6%-28.4%-42.1%
3Y Excs Rtn-114.1%-86.2%-67.1%-88.9%-87.5%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Subscription and support services that consist of a cloud-based platform that drives digital finance700653590523 
Professional services    27
Subscription and support    399
Total700653590523426


Price Behavior

Price Behavior
Market Price$33.67 
Market Cap ($ Bil)2.0 
First Trading Date10/28/2016 
Distance from 52W High-42.8% 
   50 Days200 Days
DMA Price$30.50$32.53
DMA Trendindeterminatedown
Distance from DMA10.4%3.5%
 3M1YR
Volatility50.6%53.7%
Downside Capture144.38144.40
Upside Capture247.8764.26
Correlation (S&P 500)24.1%14.3%
BL Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta-0.340.721.260.210.560.92
Up Beta-6.39-0.730.61-1.08-0.380.81
Down Beta-0.95-1.19-1.97-0.71-0.110.64
Up Capture257%176%275%80%64%83%
Bmk +ve Days12182862130427
Stock +ve Days14213160119376
Down Capture-155%133%195%96%131%108%
Bmk -ve Days10253664121325
Stock -ve Days8223366130372

[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-40.5%53.7%-0.77-
Sector ETF (XLK)11.0%28.3%0.354.0%
Equity (SPY)9.5%13.6%0.4114.1%
Gold (GLD)3.6%28.7%0.11-4.6%
Commodities (DBC)37.7%21.2%1.40-10.2%
Real Estate (VNQ)12.0%14.2%0.5513.0%
Bitcoin (BTCUSD)-20.8%43.3%-0.4217.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BL
BL-23.0%46.5%-0.41-
Sector ETF (XLK)15.9%26.4%0.5540.4%
Equity (SPY)11.3%17.3%0.4847.4%
Gold (GLD)17.5%19.1%0.744.4%
Commodities (DBC)8.0%19.6%0.296.9%
Real Estate (VNQ)1.2%18.9%-0.0543.7%
Bitcoin (BTCUSD)5.9%51.5%0.2927.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BL
BL3.6%45.1%0.24-
Sector ETF (XLK)22.4%25.3%0.8143.3%
Equity (SPY)14.9%18.0%0.7043.9%
Gold (GLD)12.0%16.5%0.595.0%
Commodities (DBC)7.6%18.1%0.3311.8%
Real Estate (VNQ)5.7%20.7%0.2334.4%
Bitcoin (BTCUSD)61.3%66.2%1.0116.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity5.0 Mil
Short Interest: % Change Since 9302026-10.1%
Average Daily Volume0.8 Mil
Days-to-Cover Short Interest5.9 days
Basic Shares Quantity58.5 Mil
Short % of Basic Shares8.5%

Earnings Returns History

Updated 11/5/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D 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%
5/6/20258.6%18.2%24.8%
2/11/2025-18.1%-21.2%-25.1%
11/7/20241.5%1.9%6.7%
...
SUMMARY STATS   
# Positive10711
# Negative131612
Median Positive4.6%4.9%9.7%
Median Negative-5.7%-6.8%-14.7%
Max Positive18.0%26.7%32.9%
Max Negative-18.1%-21.2%-27.8%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D 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%
5/6/20258.6%18.2%24.8%
2/11/2025-18.1%-21.2%-25.1%
11/7/20241.5%1.9%6.7%
8/6/202411.9%18.4%9.7%
5/7/2024-1.5%-4.3%-22.0%
2/13/20240.5%-3.5%14.1%
11/2/20238.5%2.2%17.4%
8/8/2023-6.8%-3.7%7.6%
5/4/20235.4%4.9%8.2%
2/14/20232.0%-1.5%-8.8%
11/3/202218.0%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%
11/4/20210.3%-2.3%-18.2%
8/5/2021-1.2%-3.9%1.6%
5/6/20213.7%-3.4%-0.6%
2/11/2021-11.2%-12.2%-24.3%
SUMMARY STATS   
# Positive10711
# Negative131612
Median Positive4.6%4.9%9.7%
Median Negative-5.7%-6.8%-14.7%
Max Positive18.0%26.7%32.9%
Max Negative-18.1%-21.2%-27.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/07/202610-Q
12/31/202502/26/202610-K
09/30/202511/07/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/21/202510-K
09/30/202411/08/202410-Q
06/30/202408/07/202410-Q
03/31/202405/08/202410-Q
12/31/202302/23/202410-K
09/30/202311/03/202310-Q
06/30/202308/09/202310-Q
03/31/202305/05/202310-Q
12/31/202202/23/202310-K
09/30/202211/04/202210-Q
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Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/07/202610-Q
12/31/202502/26/202610-K
09/30/202511/07/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/21/202510-K
09/30/202411/08/202410-Q
06/30/202408/07/202410-Q
03/31/202405/08/202410-Q
12/31/202302/23/202410-K
09/30/202311/03/202310-Q
06/30/202308/09/202310-Q
03/31/202305/05/202310-Q
12/31/202202/23/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
03/31/202205/10/202210-Q
12/31/202102/25/202210-K
09/30/202111/05/202110-Q
06/30/202108/05/202110-Q
03/31/202105/07/202110-Q
12/31/202002/25/202110-K
09/30/202011/09/202010-Q
06/30/202008/07/202010-Q
03/31/202005/06/202010-Q
12/31/201902/27/202010-K
09/30/201911/07/201910-Q

Recent Forward Guidance

Updated 11/5/2026

Latest: Q3 2026 Earnings Reported 11/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Total GAAP RevenueReported195.00 Mil196.00 Mil197.00 Mil1.0% Higher NewGuidance: 194.00 Mil for Q3 2026
Q4 2026 Non-GAAP Operating MarginReported25.8%26.35%26.9% 1.4%Higher NewGuidance: 25.0% for Q3 2026
Q4 2026 Non-GAAP Net Income Attributable to BlackLineReported47.00 Mil47.50 Mil48.00 Mil3.3% Higher NewGuidance: 46.00 Mil for Q3 2026
Q4 2026 Diluted Non-GAAP Net Income Per ShareReported0.670.680.686.3% Higher NewGuidance: 0.64 for Q3 2026
Q4 2026 Diluted Weighted Average Shares OutstandingReported 72.40 Mil    
2026 Total GAAP RevenueReported759.50 Mil760.50 Mil761.50 Mil-0.8% LoweredGuidance: 767.00 Mil for 2026
2026 Non-GAAP Operating MarginReported24.2%24.35%24.5% 0.0%AffirmedGuidance: 24.35% for 2026
2026 Non-GAAP Net Income Attributable to BlackLineReported174.00 Mil174.50 Mil175.00 Mil-2.8% LoweredGuidance: 179.50 Mil for 2026
2026 Diluted Non-GAAP Net Income Per ShareReported2.482.492.49-0.8% LoweredGuidance: 2.51 for 2026
2026 Diluted Weighted Average Shares OutstandingReported 72.90 Mil    


Prior: Q2 2026 Earnings Reported 8/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 RevenueReported193.00 Mil194.00 Mil195.00 Mil3.7% Higher NewGuidance: 187.00 Mil for Q2 2026
Q3 2026 Operating MarginReported24.5%25.0%25.5% 3.0%Higher NewGuidance: 22.0% for Q2 2026
Q3 2026 Net IncomeReported45.00 Mil46.00 Mil47.00 Mil12.2% Higher NewGuidance: 41.00 Mil for Q2 2026
Q3 2026 EPSReported0.620.640.659.5% Higher NewGuidance: 0.58 for Q2 2026
2026 RevenueReported765.00 Mil767.00 Mil769.00 Mil0 AffirmedGuidance: 767.00 Mil for 2026
2026 Operating MarginReported24.1%24.35%24.6% 0.1%RaisedGuidance: 24.25% for 2026
2026 Net IncomeReported177.00 Mil179.50 Mil182.00 Mil0.8% RaisedGuidance: 178.00 Mil for 2026
2026 EPSReported2.472.512.541.2% RaisedGuidance: 2.48 for 2026

Q1 2026 Earnings Reported 5/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 RevenueReported186.00 Mil187.00 Mil188.00 Mil3.3% Higher NewGuidance: 181.00 Mil for Q1 2026
Q2 2026 Non-GAAP Operating MarginReported21.5%22.0%22.5% 3.0%Higher NewGuidance: 19.0% for Q1 2026
Q2 2026 Non-GAAP Net IncomeReported40.00 Mil41.00 Mil42.00 Mil28.1% Higher NewGuidance: 32.00 Mil for Q1 2026
Q2 2026 Non-GAAP EPSReported0.570.580.5928.9% Higher NewGuidance: 0.45 for Q1 2026
2026 RevenueReported765.00 Mil767.00 Mil769.00 Mil0.1% RaisedGuidance: 766.00 Mil for 2026
2026 Non-GAAP Operating MarginReported24.0%24.25%24.5% 0.2%RaisedGuidance: 24.0% for 2026
2026 Non-GAAP Net IncomeReported174.00 Mil178.00 Mil182.00 Mil1.1% RaisedGuidance: 176.00 Mil for 2026
2026 Non-GAAP EPSReported2.422.482.532.1% RaisedGuidance: 2.43 for 2026

Q4 2025 Earnings Reported 2/10/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 RevenueReported180.00 Mil181.00 Mil182.00 Mil-1.1% Lower NewGuidance: 183.00 Mil for Q4 2025
Q1 2026 Operating MarginReported18.5%19.0%19.5% -5.5%Lower NewGuidance: 24.5% for Q4 2025
Q1 2026 Net IncomeReported31.00 Mil32.00 Mil33.00 Mil-25.6% Lower NewGuidance: 43.00 Mil for Q4 2025
Q1 2026 EPSReported0.440.450.46-24.4% Lower NewGuidance: 0.6 for Q4 2025
2026 RevenueReported764.00 Mil766.00 Mil768.00 Mil9.4% Higher NewGuidance: 700.00 Mil for 2025
2026 Operating MarginReported23.7%24.0%24.3% 1.8%Higher NewGuidance: 22.25% for 2025
2026 Net IncomeReported172.00 Mil176.00 Mil180.00 Mil13.5% Higher NewGuidance: 155.00 Mil for 2025
2026 EPSReported2.372.432.4815.2% Higher NewGuidance: 2.11 for 2025

Insider Activity

Updated 8/28/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Stalick, Michelle DChief Accounting OfficerDirectSell828202633.6578026,2471,168,059Form
2Tucker, Therese DirectSell826202631.9670,0002,236,99012,193,417Form
3Yamamoto, Mika DirectSell608202628.483,00085,426475,308Form
4Stalick, Michelle DChief Accounting OfficerDirectSell602202630.9378024,1251,124,708Form
5Hughes, Gregory DirectSell522202630.251,63749,519234,589Form
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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Stalick, Michelle DChief Accounting OfficerDirectSell828202633.6578026,2471,168,059Form
2Tucker, Therese DirectSell826202631.9670,0002,236,99012,193,417Form
3Yamamoto, Mika DirectSell608202628.483,00085,426475,308Form
4Stalick, Michelle DChief Accounting OfficerDirectSell602202630.9378024,1251,124,708Form
5Hughes, Gregory DirectSell522202630.251,63749,519234,589Form
6Stalick, Michelle DChief Accounting OfficerDirectSell520202630.2545913,8871,150,114Form
7Unterman, Thomas ETU Rustic Canyon TrustSell1028202555.0091050,0502,300,925Form
8Unterman, Thomas ETU Rustic Canyon TrustSell924202555.0091050,0502,350,975Form
9Unterman, Thomas ETU Rustic Canyon TrustSell924202555.0091050,0502,401,025Form
10Unterman, Thomas ETU Rustic Canyon TrustSell924202556.7088550,1802,526,836Form
11Unterman, Thomas ETU Rustic Canyon TrustSell924202555.2391050,2592,510,204Form
12Unterman, Thomas ETU Rustic Canyon TrustSell924202555.0091050,0502,549,800Form
13Unterman, Thomas ETU Rustic Canyon TrustSell924202555.002,730150,1502,599,850Form
14Stalick, Michelle DChief Accounting OfficerDirectSell825202554.0366435,8761,287,535Form
15Henshall, David J DirectBuy811202548.6010,000486,000795,971Form

Investor Activity (13F)

Updated Nov 6, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active 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 ManagerValue% of PortfolioTotal PositionsQoQFiling
Fivespan Partners, LP$111.5 Mil29.6%4ADD +225.5%13F
Engaged Capital LLC$50.6 Mil16.7%8ADD +26.2%13F
Opti Capital Management, LP$85.2 Mil6.1%36ADD +159.0%13F
Tensile Capital Management LP$27.8 Mil4.0%25TRIM -5.1%13F
Westerly Capital Management, LLC$11.5 Mil3.5%36ADD +244.4%13F
Hawk Ridge Capital Management LP$70.0 Mil2.5%48ADD +26.3%13F
Steelhead Partners LLC$26.3 Mil1.9%24TRIM -63.6%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Westerly Capital Management, LLC$11.5 Mil3.5%36ADD +244.4%13F
Fivespan Partners, LP$111.5 Mil29.6%4ADD +225.5%13F
Opti Capital Management, LP$85.2 Mil6.1%36ADD +159.0%13F
Hawk Ridge Capital Management LP$70.0 Mil2.5%48ADD +26.3%13F
Engaged Capital LLC$50.6 Mil16.7%8ADD +26.2%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Topline Capital Management, LLC$13.1 Mil1.2%49ExitedDec 31, 202513F
Steelhead Partners LLC$26.3 Mil1.9%24TRIM -63.6%Mar 31, 202613F
Tensile Capital Management LP$27.8 Mil4.0%25TRIM -5.1%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Fivespan Partners, LP$111.5 Mil29.6%4ADD +225.5%13F
Opti Capital Management, LP$85.2 Mil6.1%36ADD +159.0%13F
Hawk Ridge Capital Management LP$70.0 Mil2.5%48ADD +26.3%13F
Engaged Capital LLC$50.6 Mil16.7%8ADD +26.2%13F
Tensile Capital Management LP$27.8 Mil4.0%25TRIM -5.1%13F
Steelhead Partners LLC$26.3 Mil1.9%24TRIM -63.6%13F
Westerly Capital Management, LLC$11.5 Mil3.5%36ADD +244.4%13F
Core Cache Last Updated: 11/5/2026