Tearsheet

Liquidity Services (LQDT)

Market Price (4/14/2026): $32.55 | Market Cap: $997.2 Mil
Sector: Industrials | Industry: Diversified Support Services

Liquidity Services (LQDT)

Market Price (4/14/2026): $32.55
Market Cap: $997.2 Mil
Sector: Industrials
Industry: Diversified Support Services

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

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -17%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 15%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%

Attractive yield
FCF Yield is 7.0%

Low stock price volatility
Vol 12M is 38%

Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, and Circular Economy & Recycling. Themes include Online Marketplaces, and Asset Remarketing & Reuse.

Trading close to highs
Dist 52W High is -1.8%

Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -0.9%

Key risks
LQDT key risks include [1] a significant dependence on key vendor contracts, Show more.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -17%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 15%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%
3	Attractive yield FCF Yield is 7.0%
4	Low stock price volatility Vol 12M is 38%
5	Megatrend and thematic drivers Megatrends include E-commerce & Digital Retail, and Circular Economy & Recycling. Themes include Online Marketplaces, and Asset Remarketing & Reuse.
6	Trading close to highs Dist 52W High is -1.8%
7	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -0.9%
8	Key risks LQDT key risks include [1] a significant dependence on key vendor contracts, Show more.

Valuation, Metrics & Events

	4/14/26	2025	2024	2023	2022
Share Price CYE	$32.55	$31.01	$18.60	$13.17	$17.12
Market Cap CYE ($ Mil)	997.2	961.7	567.3	412.3	557.5
Total Debt ($ Mil)	13.5	14.8	10.8	12.3	15.1
Total Cash ($ Mil)	181.4	149.0	117.0	101.2	84.3
Enterprise Value ($ Mil)	829.3	976.5	578.1	424.6	572.6
Valuation Ratios
P/S TTM	2.1	2.2	1.8	1.4	2.0
P/EBIT TTM	26.7	33.1	23.3	17.2	21.5
P/E TTM	33.5	38.1	27.8	12.5	9.8
P/FCF TTM	14.2	21.2	12.9	9.1	13.2
Sector Ratios
P/S TTM (Sector)	1.7	1.4	1.6	1.3	1.6
P/EBIT TTM (Sector)	11.7	9.7	11.8	9.3	10.5
P/E TTM (Sector)	15.7	14.0	16.2	13.1	14.0
P/FCF TTM (Sector)	12.1	11.3	13.6	7.8	10.4

	4/14/26	2025	2024
Share Price CYE	$32.55	$31.01	$18.60
Market Cap CYE ($ Mil)	997.2	961.7	567.3
Total Debt ($ Mil)	13.5	14.8	10.8
Total Cash ($ Mil)	181.4	149.0	117.0
Enterprise Value ($ Mil)	829.3	976.5	578.1
Valuation Ratios
P/S TTM	2.1	2.2	1.8
P/EBIT TTM	26.7	33.1	23.3
P/E TTM	33.5	38.1	27.8
P/FCF TTM	14.2	21.2	12.9
Sector Ratios
P/S TTM (Sector)	1.7	1.4	1.6
P/EBIT TTM (Sector)	11.7	9.7	11.8
P/E TTM (Sector)	15.7	14.0	16.2
P/FCF TTM (Sector)	12.1	11.3	13.6

	LQDT	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	0.5
Rev Chg Q	-0.9%	7.5%
Rev Chg LTM	14.8%	6.8%
Rev Chg 3Y Avg	18.9%	5.7%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.0
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	7.9%	18.6%
CFO/Rev LTM	16.5%	20.6%
Net Inc Mgn	6.3%	12.8%
VALUATION	MODERATE
P/S	2.1	3.2
P/CFO	12.7	15.4
P/FCF	14.2	19.8
P/E	33.5	24.1
STABILITY	VERY GOOD
Debt/Equity	0.01	0.21
Cash/Assets	0.49	0.07

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Metric	Value	Date	Source
Gross Merchandise Volume (GMV)	413,000,000	6302025	Link
Registered Buyers	5,900,000	6302025	Link
Auction Participants	1,016,000	9302024	Link
Completed Transactions	279,000	9302024	Link
Number of Sellers	15,000+	8072025	Link

Upcoming
5/14/2026	Earnings Release	Rev: $52 Mil (E) EPS: $0.28 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Liquidity Services (LQDT) stock has gained about 10% since 12/31/2025 because of the following key factors:

1. Strong Q1 FY2026 Earnings Beat: Liquidity Services significantly surpassed analyst expectations for its first fiscal quarter ended December 31, 2025, with results announced on February 5, 2026. The company reported an Adjusted EPS of $0.39, outperforming the forecast of $0.31 by 25.81%. Revenue also substantially exceeded predictions, reaching $121.2 million against a forecast of $77.36 million, a 56.7% surprise. This strong performance led to an immediate stock price increase of 6.45% in pre-market trading following the announcement.

2. Enhanced Profitability and Operational Efficiencies: Despite a modest 1% year-over-year decline in consolidated revenue to $121.2 million, Liquidity Services demonstrated improved profitability. The company achieved a 29% increase in GAAP net income per share to $0.23 and a 38% rise in Non-GAAP Adjusted EBITDA to $18.1 million year-over-year. This was driven by effective cost management, strategic deployment of AI and automation to improve efficiency, and leveraging its technology platform to expand seller market share and deepen multi-channel buyer participation. The Retail Supply Chain Group (RSCG) segment, in particular, set a new quarterly record with a 16% increase in direct profit, reaching $21.5 million.

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Stock Movement Drivers

Fundamental Drivers

The 7.6% change in LQDT stock from 12/31/2025 to 4/13/2026 was primarily driven by a 6.2% change in the company's Net Income Margin (%).

(LTM values as of)	12312025	4132026	Change
Stock Price ($)	30.31	32.60	7.6%
Change Contribution By:
Total Revenues ($ Mil)	477	476	-0.2%
Net Income Margin (%)	5.9%	6.3%	6.2%
P/E Multiple	33.4	33.5	0.6%
Shares Outstanding (Mil)	31	31	0.9%
Cumulative Contribution			7.6%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/13/2026

	Return	Correlation
LQDT	7.6%
Market (SPY)	-5.4%	39.6%
Sector (XLI)	11.4%	32.9%

Fundamental Drivers

The 18.8% change in LQDT stock from 9/30/2025 to 4/13/2026 was primarily driven by a 9.4% change in the company's Net Income Margin (%).

(LTM values as of)	9302025	4132026	Change
Stock Price ($)	27.43	32.60	18.8%
Change Contribution By:
Total Revenues ($ Mil)	466	476	2.2%
Net Income Margin (%)	5.7%	6.3%	9.4%
P/E Multiple	32.1	33.5	4.6%
Shares Outstanding (Mil)	31	31	1.7%
Cumulative Contribution			18.8%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/13/2026

	Return	Correlation
LQDT	18.8%
Market (SPY)	-2.9%	29.0%
Sector (XLI)	12.4%	24.7%

Fundamental Drivers

The 5.1% change in LQDT stock from 3/31/2025 to 4/13/2026 was primarily driven by a 14.8% change in the company's Total Revenues ($ Mil).

(LTM values as of)	3312025	4132026	Change
Stock Price ($)	31.01	32.60	5.1%
Change Contribution By:
Total Revenues ($ Mil)	414	476	14.8%
Net Income Margin (%)	5.8%	6.3%	8.6%
P/E Multiple	39.8	33.5	-15.6%
Shares Outstanding (Mil)	31	31	0.0%
Cumulative Contribution			5.1%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/13/2026

	Return	Correlation
LQDT	5.1%
Market (SPY)	16.3%	31.9%
Sector (XLI)	33.2%	29.7%

Fundamental Drivers

The 147.5% change in LQDT stock from 3/31/2023 to 4/13/2026 was primarily driven by a 225.8% change in the company's P/E Multiple.

(LTM values as of)	3312023	4132026	Change
Stock Price ($)	13.17	32.60	147.5%
Change Contribution By:
Total Revenues ($ Mil)	286	476	66.5%
Net Income Margin (%)	14.2%	6.3%	-56.1%
P/E Multiple	10.3	33.5	225.8%
Shares Outstanding (Mil)	32	31	3.8%
Cumulative Contribution			147.5%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/13/2026

	Return	Correlation
LQDT	147.5%
Market (SPY)	63.3%	28.1%
Sector (XLI)	78.0%	28.1%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
LQDT Return	39%	-36%	22%	88%	-6%	7%	104%
Peers Return	-10%	-27%	55%	32%	-26%	-21%	-21%
S&P 500 Return	27%	-19%	24%	23%	16%	-0%	81%
Monthly Win Rates [3]
LQDT Win Rate	58%	17%	58%	75%	67%	50%
Peers Win Rate	41%	42%	69%	56%	42%	33%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
LQDT Max Drawdown	-2%	-47%	-12%	-10%	-31%	-7%
Peers Max Drawdown	-30%	-39%	-4%	-9%	-37%	-24%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: RBA, CPRT, ACVA.
[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 4/13/2026 (YTD)

How Low Can It Go

Unique Key	Event	LQDT	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-58.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	141.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	946 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-49.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	99.7%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	70 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-57.7%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	136.4%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	1,036 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-79.7%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	392.2%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	847 days	1,480 days

Compare to RBA, CPRT, ACVA

In The Past

Liquidity Services's stock fell -58.6% during the 2022 Inflation Shock from a high on 5/17/2021. A -58.6% loss requires a 141.5% gain to breakeven.

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About Liquidity Services (LQDT)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Liquidity Services, Inc. provides e-commerce marketplaces, self-directed auction listing tools, and value-added services. It operates through four segments: Retail Supply Chain Group, Capital Assets Group, GovDeals, and Machinio. The company's marketplaces include liquidation.com that enable corporations to sell surplus and salvage consumer goods and retail capital assets; GovDeals marketplace, which provides self-directed service solutions in which sellers list their own assets that enables local and state government entities, and commercial businesses located in the United States and Canada to sell surplus and salvage assets; and AllSurplus, a centralized marketplace that connects global buyer base with assets from across the network of marketplaces in a single destination. It also provides marketplace for corporations located in the North America, Europe, Australia, Asia, and Africa to sell manufacturing surplus, salvage capital assets, and scrap material, as well as offers a suite of services, including surplus management, asset valuation, asset sales, marketing, returns management, asset recovery, and ecommerce services. In addition, the company operates a global search engine platform for listing used equipment for sale in the construction, machine tool, transportation, printing, and agriculture sectors. It offers products from industry verticals, such as consumer electronics, general merchandise, apparel, scientific equipment, aerospace parts and equipment, technology hardware, real estate, energy equipment, industrial capital assets, heavy equipment, fleet and transportation equipment, and specialty equipment. Liquidity Services, Inc. was incorporated in 1999 and is headquartered in Bethesda, Maryland.

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1. eBay for corporate and government surplus.

2. A specialized Amazon marketplace for business and government liquidations.

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Online Marketplace Platforms: E-commerce platforms facilitating the sale of surplus and salvage assets.
- liquidation.com: A marketplace for corporations to sell surplus consumer goods and retail capital assets.
- GovDeals: A self-directed marketplace for local/state government entities and commercial businesses to sell surplus assets.
- AllSurplus: A centralized global marketplace connecting buyers with assets from across Liquidity Services' network.
- Industrial & Capital Assets Marketplace: A global marketplace for corporations to sell manufacturing surplus, salvage capital assets, and scrap material.
Surplus Management Services: A suite of value-added services including surplus management, asset valuation, marketing, returns management, asset recovery, and general e-commerce support.
Machinio Global Search Engine: A specialized search engine platform for listing and finding used equipment in construction, machine tool, transportation, printing, and agriculture sectors.

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Liquidity Services (LQDT) primarily provides e-commerce marketplaces and value-added services to other companies and government entities, enabling them to sell their surplus and salvage assets. Therefore, its major customers are organizations that utilize LQDT's platforms and services for asset disposition. Based on the provided background information, these customers fall into the following categories:

Corporations: LQDT enables corporations across various industries (such as retail, manufacturing, consumer electronics, general merchandise, apparel, scientific equipment, aerospace, technology hardware, real estate, energy, industrial capital assets, heavy equipment, fleet and transportation equipment, and specialty equipment) to sell their surplus consumer goods, retail capital assets, manufacturing surplus, salvage capital assets, and scrap material through marketplaces like liquidation.com and AllSurplus.
Local and state government entities: Through its GovDeals marketplace, LQDT provides self-directed service solutions that enable local and state government entities in the United States and Canada to sell their surplus and salvage assets.
Commercial businesses: Similar to government entities, commercial businesses located in the United States and Canada also utilize the GovDeals marketplace to sell their surplus and salvage assets.

The provided background information does not list specific names of these customer companies or government entities.

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William P. Angrick, III, Chief Executive Officer and Chairman of the Board of Directors

Mr. Angrick co-founded Liquidity Services in 1999. He dedicated himself to creating an e-commerce company to provide improved service, scale, and results for customers within the circular economy.

Jorge A. Celaya, Chief Financial Officer

Mr. Celaya possesses over 30 years of experience in strategic transformation, capital markets, financial accounting, operations, and complex public company matters across a diverse range of industry sectors globally. He plays a key role in Liquidity Services' business transformation and growth initiatives through his expertise in technology-enabled business services. Prior to joining Liquidity Services, Mr. Celaya was a co-founder of Avanz Capital, an independent investment firm with a focus on private equity investing in emerging markets. He also served as Executive Vice President and Chief Financial Officer of FTI Consulting from 2007 to 2010, and Executive Vice President and Chief Financial Officer of Sitel Corporation from 2003 to 2007. Additionally, he held various U.S. and international positions at Schlumberger from 1990 to 2003, spanning sectors such as energy and technology.

John Daunt, Chief Commercial Officer

Mr. Daunt is an e-commerce industry veteran with over 20 years of success in building innovative, high-growth, omni-channel e-commerce companies and service providers. He is responsible for revenue growth and profitability across all of Liquidity Services' marketplaces.

Steven J. Weiskircher, Chief Technology Officer

Mr. Weiskircher is an expert in leveraging technology to achieve tactical and strategic business goals. His expertise includes e-commerce and omni-channel operations, information security, mobile commerce, logistics, and Agile application development.

Mark Shaffer, Chief Legal Officer and Corporate Secretary

Mr. Shaffer is responsible for all legal functions, commercial contracts, compliance, and corporate secretary duties. He also works to enhance the legal, compliance, and risk management processes essential for business growth.

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The key risks to Liquidity Services (LQDT) are primarily tied to its e-commerce marketplace business model and its sensitivity to external economic and operational factors.

Dependence on Global and Regional Economic Conditions: Liquidity Services' performance is significantly influenced by global and regional economic health. Economic downturns, such as recessions, can lead to a decrease in the demand for surplus goods, even if the supply of excess inventory from businesses seeking to liquidate assets increases. This imbalance can result in lower prices for liquidated goods and a subsequent decline in Liquidity Services' revenue. Factors like reduced cross-border trade, increasing tariffs, or trade wars can also negatively impact its global operations.
Data Security and Privacy Risks: As a company operating e-commerce marketplaces, Liquidity Services handles a substantial amount of personal and business information. A failure to maintain the privacy and security of this data could have severe consequences, including adverse impacts on its business operations, damage to its reputation, exposure to litigation and regulatory actions, and substantial additional costs.
Intense Competition: Liquidity Services operates in a competitive landscape within the internet software and services industry. The presence of numerous competitors vying for both sellers and buyers of surplus assets poses a continuous risk. Competition can affect the company's ability to attract and retain clients, potentially impacting its market share, pricing power, and overall profitability.

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Liquidity Services, Inc. (LQDT) participates in several distinct addressable markets for its e-commerce marketplaces and services.

For its marketplaces that facilitate the sale of surplus and salvage consumer goods, retail capital assets, manufacturing surplus, and scrap material (including liquidation.com and AllSurplus), the relevant addressable market can be broadly categorized under the global reverse logistics market. This market was estimated at approximately USD 823.2 billion in 2024 and is projected to reach USD 3.18 trillion by 2033, growing at a compound annual growth rate (CAGR) of 17.4% from 2025 to 2033. Specifically for North America, the reverse logistics market was valued at USD 186.6 billion in 2025 and is anticipated to grow at a CAGR of 7.1% from 2026 to 2035. More narrowly, the global liquidation service for consumer goods market was valued at approximately USD 132.7 billion in 2024 and is anticipated to reach around USD 298.5 billion by 2033, reflecting a CAGR of 9.4% from 2025 to 2033. North America accounted for approximately 38% of the total market value for liquidation services for consumer goods in 2024.

For its GovDeals marketplace, which enables local and state government entities in the United States and Canada to sell surplus and salvage assets, a specific addressable market size for "government surplus assets" is not readily available in the provided information. Therefore, the addressable market for GovDeals cannot be definitively sized from these sources.

Machinio, Liquidity Services' global search engine platform for listing used equipment, operates within several used equipment markets:

Used Construction Equipment Market: The global market for used construction equipment was valued at approximately USD 99.2 billion in 2024 and is projected to reach USD 122 billion by 2030, growing at a CAGR of 3.5% from 2024 to 2030. Another estimate places the global pre-owned construction equipment market size at USD 165.16 billion in 2021, projected to reach USD 484.31 billion by 2031. North America is identified as the largest market for used construction equipment, holding approximately 40% of the global market share.
Used Agricultural Equipment Market: The global used agricultural equipment market size is predicted to grow from USD 59.4 million in 2025 to USD 70.6 million in 2031, at a CAGR of 2.9% from 2025 to 2031.
Used Machine Tool, Transportation, and Printing Equipment Markets: Specific addressable market sizes for used machine tool, used transportation equipment, or used printing equipment were not identified in the provided information. Therefore, these markets cannot be definitively sized from these sources.

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For Liquidity Services (NASDAQ: LQDT), the following are expected drivers of future revenue growth over the next 2-3 years:

Continued Organic Growth in Gross Merchandise Volume (GMV): Liquidity Services anticipates sustained organic growth in its Gross Merchandise Volume, particularly driven by its GovDeals segment. The company's modernized govdeals.com marketplace platform has demonstrated strong bidder engagement, contributing significantly to consolidated GMV expansion.
Strategic Investments in Technology and New Business Models: The company is making strategic investments in technology, including AI, data analytics, and the deployment of new consumer-facing auction software. These initiatives are expected to enhance operational efficiency, improve the buyer/seller experience, and enable new business models such as scalable B2C and affiliate licensing, which should contribute to long-term profitability and revenue growth.
Expansion and Diversification of Service Offerings: Liquidity Services aims to solidify its position as a leading marketplace for surplus assets by expanding its suite of services for corporate and government sellers. This includes a comprehensive range of solutions from surplus management and asset valuation to asset sales, marketing, and recovery, attracting more clients and a broader array of assets.
Growth in Subscription-Based Services: The Machinio segment is a key contributor to revenue growth through its increasing subscription base. This model provides a recurring revenue stream and is expected to continue its upward trend.
Strategic Acquisitions: With a strong cash position and zero debt, Liquidity Services has the financial flexibility to pursue strategic acquisitions. The acquisition of companies like Sierra Auction demonstrates the company's approach to expanding its market presence and capabilities, thereby contributing to inorganic revenue growth.

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Share Repurchases

Liquidity Services repurchased $1.5 million in shares during the first quarter of fiscal year 2026.
As of Q1 2026, the company has $15 million remaining under its share repurchase authorization.
A new share repurchase program was announced on November 20, 2025, authorizing repurchases of up to $15 million worth of common stock, expiring on December 31, 2027.

Share Issuance

On March 1, 2026, a director of Liquidity Services, Paul J. Hennessy, received a grant of 5,694 restricted stock units set to vest on March 1, 2027.

Outbound Investments

In February 2025, Liquidity Services acquired Auction Software/Simple Auction Site to form Liquidity Services Software Solutions, Inc., a new private-label and software-as-a-service (SaaS) arm.
The company acquired Sierra Auction in January 2024.
Liquidity Services acquired Bid4Assets in November 2021.

Capital Expenditures

Capital expenditures were approximately $8-9 million in fiscal year 2025.
Expected capital expenditures are around $2 million per quarter for fiscal year 2026.
The primary focus of capital expenditures includes investments in technology, AI automation, and machine-driven systems to enhance operational efficiency and expand its marketplace platforms like GovDeals and retail consignment.

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Interactive Breakdown

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BE (19.7%)

Bloom Energy

Higher Op Mgn LTM (Value for LQDT: 7.9%)

ETN (19.0%)

Eaton

GE (18.9%)

GE Aerospace

DE (18.0%)

Deere

CAT (16.5%)

Caterpillar

RTX (10.5%)

RTX

Higher CFO/Rev LTM (Value for LQDT: 16.5%)

UNP (37.9%)

Union Pacific

UBER (19.4%)

Uber Technologies

GE (18.6%)

GE Aerospace

CAT (17.4%)

Caterpillar

DE (16.8%)

Deere

Higher FCF/Rev LTM (Value for LQDT: 14.7%)

UNP (22.4%)

Union Pacific

UBER (18.8%)

Uber Technologies

VRT (18.4%)

Vertiv

PH (16.3%)

Parker Hannifin

GE (15.8%)

GE Aerospace

Higher Total Yield (Value for LQDT: 3.0%)

UNP (7.0%)

Union Pacific

UBER (6.7%)

Uber Technologies

DE (4.0%)

Deere

RTX (3.8%)

RTX

CAT (3.2%)

Caterpillar

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for LQDT: 18.9% | 2.1x)

PGR (21.0% | 1.3x)

Progressive

APO (66.8% | 2.0x)

Apollo Global Management

MFC (33.3% | 1.2x)

Manulife Financial

CCL (23.1% | 1.4x)

Carnival

SLF (322.2% | 1.0x)

Sun Life Financial

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LQDT: 18.9% | 26.7x)

META (19.9% | 19.2x)

Meta Platforms

MU (45.3% | 17.1x)

Micron Technology

NEM (26.2% | 11.5x)

Newmont

AEM (28.1% | 17.3x)

Agnico Eagle Mines

RCL (28.2% | 15.6x)

Royal Caribbean

Higher Rev Chg LTM (Value for LQDT: 14.8%)

NVDA (65.5%)

NVIDIA

AVGO (25.2%)

Broadcom

META (22.2%)

Meta Platforms

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

Higher Rev Chg 3Y Avg (Value for LQDT: 18.9%)

NVDA (101.8%)

NVIDIA

LLY (32.1%)

Eli Lilly

BRK-B (27.0%)

Berkshire Hathaway

AVGO (26.2%)

Broadcom

META (19.9%)

Meta Platforms

Higher Op Mgn LTM (Value for LQDT: 7.9%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

AMZN (11.2%)

Amazon.com

Higher CFO/Rev LTM (Value for LQDT: 16.5%)

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

GOOGL (40.9%)

Alphabet

AAPL (31.1%)

Apple

AMZN (19.5%)

Amazon.com

Higher FCF/Rev LTM (Value for LQDT: 14.7%)

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

GOOGL (18.2%)

Alphabet

Higher Total Yield (Value for LQDT: 3.0%)

MSFT (5.1%)

Microsoft

META (4.1%)

Meta Platforms

GOOGL (3.7%)

Alphabet

AAPL (3.5%)

Apple

AMZN (3.0%)

Amazon.com

Best Bets in Industrials

What You Pay

P/EBIT (Value for LQDT: 26.7x)

GATX (10.3x)

GATX

PAYX (13.3x)

Paychex

AGX (61.7x)

Argan

TDG (16.9x)

TransDigm

PCTY (15.9x)

Paylocity

SNA (14.2x)

Snap-on

ADP (13.3x)

Automatic Data Processing

STRL (32.9x)

Sterling Infrastructure

PAYC (10.5x)

Paycom Software

WOR (17.8x)

Worthington Enterprises

P/E (Value for LQDT: 33.5x)

GATX (20.7x)

GATX

PAYX (19.6x)

Paychex

AGX (60.4x)

Argan

TDG (35.4x)

TransDigm

PCTY (22.6x)

Paylocity

SNA (19.4x)

Snap-on

ADP (18.6x)

Automatic Data Processing

STRL (48.6x)

Sterling Infrastructure

PAYC (14.5x)

Paycom Software

WOR (24.3x)

Worthington Enterprises

What You Get

Rev Chg 3Y Avg (Value for LQDT: 18.9%)

GATX (11.0%)

GATX

PAYX (8.9%)

Paychex

AGX (28.8%)

Argan

TDG (17.5%)

TransDigm

PCTY (19.0%)

Paylocity

SNA (2.1%)

Snap-on

ADP (7.1%)

Automatic Data Processing

STRL (12.1%)

Sterling Infrastructure

PAYC (14.4%)

Paycom Software

WOR (51.4%)

Worthington Enterprises

Rev Chg LTM (Value for LQDT: 14.8%)

GATX (9.8%)

GATX

PAYX (16.4%)

Paychex

AGX (8.1%)

Argan

TDG (11.7%)

TransDigm

PCTY (12.1%)

Paylocity

SNA (0.9%)

Snap-on

ADP (6.6%)

Automatic Data Processing

STRL (17.7%)

Sterling Infrastructure

PAYC (8.9%)

Paycom Software

WOR (15.0%)

Worthington Enterprises

Rev Chg Q (Value for LQDT: -0.9%)

GATX (8.6%)

GATX

PAYX (19.9%)

Paychex

AGX (12.7%)

Argan

TDG (13.9%)

TransDigm

PCTY (10.4%)

Paylocity

SNA (3.1%)

Snap-on

ADP (6.2%)

Automatic Data Processing

STRL (51.5%)

Sterling Infrastructure

PAYC (10.2%)

Paycom Software

WOR (24.4%)

Worthington Enterprises

FCF/Rev 3Y Avg (Value for LQDT: 14.1%)

GATX (37.4%)

GATX

PAYX (33.2%)

Paychex

AGX (27.3%)

Argan

TDG (22.1%)

TransDigm

PCTY (21.7%)

Paylocity

SNA (20.8%)

Snap-on

ADP (19.7%)

Automatic Data Processing

STRL (18.4%)

Sterling Infrastructure

PAYC (18.2%)

Paycom Software

WOR (18.2%)

Worthington Enterprises

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Liquidity Services Earnings Notes	12/16/2025
2	Would You Still Hold Liquidity Services Stock If It Fell 30%?	10/17/2025
3	Why Liquidity Services Stock Moved: LQDT Stock Has Gained 124% Since 2022 Fiscal End, Primarily Due To Favorable Change In Revenues	08/08/2025
4	LQDT Dip Buy Analysis	07/10/2025
5	Liquidity Services Stock Leaps 39% In One Month, Time To Buy The Stock?	05/16/2025
6	Liquidity Services (LQDT) Valuation Ratios Comparison	05/15/2025
7	Liquidity Services Total Shareholder Return (TSR): 29.4% in 2024 and ...% 3-yr compounded annual returns (below peer average)	03/07/2025
8	Liquidity Services (LQDT) Operating Cash Flow Comparison	02/17/2025
9	Liquidity Services (LQDT) Net Income Comparison	02/15/2025
10	Liquidity Services (LQDT) Operating Income Comparison	02/15/2025

	Title
0	ARTICLES

Trade Ideas

Select ideas related to LQDT.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
NSP_3312026_Insider_Buying_45D_2Buy_200K	03312026	NSP	Insperity	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
TNC_3312026_Insider_Buying_45D_2Buy_200K	03312026	TNC	Tennant	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
ADP_3272026_Dip_Buyer_FCFYield	03272026	ADP	Automatic Data Processing	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.0%	1.0%	0.0%
HURN_3272026_Dip_Buyer_FCFYield	03272026	HURN	Huron Consulting	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.0%	4.0%	0.0%
TRU_3272026_Dip_Buyer_FCFYield	03272026	TRU	TransUnion	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.2%	5.2%	0.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
RVMD	Revolution Medicines	26.5	41.3%	71.1%
CAR	Avis Budget	13.1	23.7%	189.1%
SYRE	Spyre Therapeutics	4.7	23.4%	93.1%
SGML	Sigma Lithium	1.9	17.1%	31.8%
QURE	uniQure	1.1	16.5%	-25.1%
PAR	PAR Technology	0.6	16.2%	-62.2%
QDEL	QuidelOrtho	1.1	16.1%	-43.7%
BTGO	BitGo	1.1	14.4%	-47.2%
ANRO	Alto Neuroscience	0.9	13.0%	44.7%
ORCL	Oracle	447.3	12.7%	-19.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
REPL	Replimune	0.2	-64.3%	-82.5%
MSEX	Middlesex Water	1.0	-7.0%	3.7%
FAST	Fastenal	52.6	-6.9%	14.8%
SG	Sweetgreen	0.7	-6.8%	-15.1%
IOVA	Iovance Biotherapeutics	1.4	-6.5%	26.7%
AMRC	Ameresco	1.3	-6.0%	-15.3%
URGN	UroGen Pharma	1.0	-6.0%	-13.4%
SAM	Boston Beer	2.6	-5.5%	24.6%
NXT	Nextpower	16.6	-5.4%	28.1%
BROS	Dutch Bros	6.7	-5.4%	-13.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
CAR	Avis Budget	13.1	74.5%	189.1%
AXTI	AXT	3.0	58.2%	306.4%
LWLG	Lightwave Logic	1.5	44.7%	251.5%
RVMD	Revolution Medicines	26.5	42.9%	71.1%
AAOI	Applied Optoelectronics	10.8	42.6%	339.4%
ALAB	Astera Labs	28.3	41.4%	0.3%
OGN	Organon	2.2	41.2%	19.4%
HUT	Hut 8	7.6	40.7%	51.9%
AEHR	Aehr Test Systems	2.2	37.4%	254.9%
CRWV	CoreWeave	55.9	36.2%	54.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
REPL	Replimune	0.2	-80.1%	-82.5%
KRUS	Kura Sushi USA	0.7	-23.3%	6.4%
FSLY	Fastly	3.7	-22.7%	139.4%
SMPL	Simply Good Foods	1.1	-21.9%	-44.7%
VG	Venture Global	31.2	-20.0%	87.2%
OKTA	Okta	11.6	-18.7%	-24.3%
PLSE	Pulse Biosciences	1.3	-17.5%	37.8%
AKAM	Akamai Technologies	13.7	-17.2%	8.8%
HUBS	HubSpot	10.8	-16.3%	-48.8%
GWRE	Guidewire Software	10.5	-16.0%	-38.2%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
XLO	Xilio Therapeutics	0.6	1554.6%	-5.6%
CAR	Avis Budget	13.1	272.6%	189.1%
SATL	Satellogic	1.0	151.7%	303.7%
APLS	Apellis Pharmaceuticals	5.2	122.1%	62.6%
ORKA	Oruka Therapeutics	3.3	91.9%	102.5%
AEHR	Aehr Test Systems	2.2	90.3%	254.9%
FBYD	Falcons Beyond Global	0.5	85.0%	-15.5%
KOD	Kodiak Sciences	2.2	76.3%	50.0%
KODK	Eastman Kodak	1.2	73.4%	41.3%
HTZ	Hertz Global	2.1	69.9%	28.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
REPL	Replimune	0.2	-77.6%	-82.5%
VRDN	Viridian Therapeutics	1.4	-47.9%	-52.4%
MAZE	Maze Therapeutics	1.3	-47.1%	-33.8%
WVE	WAVE Life Sciences	1.3	-45.6%	-57.3%
BUR	Burford Capital	1.0	-42.4%	-49.7%
FRMI	Fermi	3.0	-36.8%	-36.0%
TE	T1 Energy	0.8	-34.0%	-23.5%
BOBS	Bobs Discount Furniture	1.5	-32.0%	-34.1%
ADMA	ADMA Biologics	2.5	-30.8%	-43.1%
CSIQ	Canadian Solar	0.9	-29.5%	-46.5%

Peer Comparisons

Peers to compare with:

Financials

	LQDT	RBA	CPRT	ACVA	Median
Name	Liquidit.	RB Global	Copart	ACV Auct.
Mkt Price	32.60	103.02	33.25	4.52	32.92
Mkt Cap	1.0	19.1	32.2	0.8	10.1
Rev LTM	476	4,591	4,614	760	2,675
Op Inc LTM	37	740	1,684	-63	389
FCF LTM	70	603	1,409	34	336
FCF 3Y Avg	57	485	1,094	6	271
CFO LTM	78	978	1,802	78	528
CFO 3Y Avg	65	818	1,600	42	441

Growth & Margins

	LQDT	RBA	CPRT	ACVA	Median
Name	Liquidit.	RB Global	Copart	ACV Auct.
Rev Chg LTM	14.8%	7.2%	2.4%	19.2%	11.0%
Rev Chg 3Y Avg	18.9%	45.3%	8.0%	21.9%	20.4%
Rev Chg Q	-0.9%	5.4%	-3.6%	15.1%	2.3%
QoQ Delta Rev Chg LTM	-0.2%	1.4%	-0.9%	3.3%	0.6%
Op Mgn LTM	7.9%	16.1%	36.5%	-8.3%	12.0%
Op Mgn 3Y Avg	7.4%	17.7%	37.2%	-13.4%	12.5%
QoQ Delta Op Mgn LTM	0.5%	-0.9%	-0.5%	1.4%	0.0%
CFO/Rev LTM	16.5%	21.3%	39.1%	10.3%	18.9%
CFO/Rev 3Y Avg	16.1%	19.3%	36.3%	5.6%	17.7%
FCF/Rev LTM	14.7%	13.1%	30.5%	4.4%	13.9%
FCF/Rev 3Y Avg	14.1%	11.3%	24.7%	-0.1%	12.7%

Valuation

	LQDT	RBA	CPRT	ACVA	Median
Name	Liquidit.	RB Global	Copart	ACV Auct.
Mkt Cap	1.0	19.1	32.2	0.8	10.1
P/S	2.1	4.2	7.0	1.0	3.1
P/EBIT	26.7	26.3	19.1	-14.1	22.7
P/E	33.5	44.7	20.6	-11.8	27.1
P/CFO	12.7	19.6	17.8	9.9	15.3
Total Yield	3.0%	3.6%	4.8%	-8.5%	3.3%
Dividend Yield	0.0%	1.3%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	7.2%	2.9%	2.5%	0.5%	2.7%
D/E	0.0	0.2	0.0	0.2	0.1
Net D/E	-0.2	0.2	-0.2	-0.1	-0.1

Returns

	LQDT	RBA	CPRT	ACVA	Median
Name	Liquidit.	RB Global	Copart	ACV Auct.
1M Rtn	14.6%	4.4%	-2.5%	-6.6%	1.0%
3M Rtn	3.1%	-7.0%	-16.7%	-48.5%	-11.8%
6M Rtn	34.2%	-1.4%	-24.6%	-46.8%	-13.0%
12M Rtn	10.1%	7.3%	-44.4%	-68.3%	-18.6%
3Y Rtn	149.8%	82.7%	-13.8%	-62.3%	34.5%
1M Excs Rtn	8.4%	2.0%	-5.3%	-10.2%	-1.7%
3M Excs Rtn	5.3%	-4.3%	-15.4%	-47.4%	-9.8%
6M Excs Rtn	35.7%	-2.4%	-26.7%	-52.4%	-14.6%
12M Excs Rtn	-19.4%	-17.8%	-69.4%	-95.0%	-44.4%
3Y Excs Rtn	84.4%	23.3%	-79.3%	-131.3%	-28.0%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 9/30	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	9/30/2025	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020
Filing Date	2/5/2026	11/20/2025	12/12/2024	12/7/2023	12/8/2022	12/9/2021	12/8/2020
Key Financials
Total Revenue	476	477	363	314	280	258	206
EBITDA	48	45	36	37	33	34	3
Operating Income	37	35	23	26	23	27	-4
Net Income	30	28	20	21	40	51	-4
EPS	0.96	0.91	0.66	0.68	1.25	1.53	-0.11
Growth Rates
Total Revenue Growth	14.8%	31.2%	15.5%	12.3%	8.7%	25.1%	-9.1%
EBITDA Growth	17.9%	28.0%	-4.9%	12.4%	-2.7%	1216.5%	118.1%
Operating Income Growth	29.5%	49.8%	-10.3%	14.0%	-15.7%	834.9%	80.9%
Net Income Growth	24.6%	40.5%	-4.7%	-48.0%	-20.9%	1450.0%	80.4%
Margins
EBITDA Margin	10.1%	9.5%	9.8%	11.9%	11.9%	13.3%	1.3%
Operating Income Margin	7.9%	7.4%	6.4%	8.3%	8.2%	10.5%	-1.8%
Net Income Margin	6.3%	5.9%	5.5%	6.7%	14.4%	19.8%	-1.8%
Cash & Debt
Total Cash	181	186	156	118	98	106	76
Total Debt	14	14	14	11	14	14	11
Net Debt / (Cash)	-168	-172	-141	-107	-84	-92	-65
Cash Flows
Net Cash from Operations	78	67	70	47	45	65	16
Free Cash from Operations	70	59	61	42	37	60	12
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	18	16	9	21	25	31	4

$ Mil \| FY: 9/30	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	2/5/2026	11/20/2025	8/7/2025	5/8/2025	2/6/2025	12/12/2024	8/8/2024	5/9/2024	2/8/2024	12/7/2023	8/3/2023	5/4/2023
Key Financials Quarterly
Total Revenue	121	118	120	116	122	107	94	91	71	80	81	81
Ebitda	12	14	13	9	10	10	11	10	5	11	11	8
Operating Income	9	11	10	7	7	7	8	7	2	8	8	5
Net Income	7	8	7	7	6	6	6	6	2	6	6	4
EPS	0.24	0.25	0.24	0.23	0.19	0.21	0.20	0.19	0.06	0.21	0.21	0.14
Key Financials TTM
Total Revenue TTM	476	477	466	439	414	363	336	324	314	314	310	299
Ebitda TTM	48	45	42	40	41	36	36	36	34	37	36	35
Operating Income TTM	37	35	31	29	29	23	24	24	23	26	25	24
Net Income TTM	30	28	27	25	24	20	20	20	19	21	23	33
Growth Rates Quarterly
Total Revenue Growth	-0.9%	10.4%	28.1%	27.3%	71.5%	33.7%	15.9%	12.3%	-1.3%	6.3%	15.6%	19.3%
EBITDA Growth	24.5%	35.1%	16.1%	-4.3%	111.0%	-5.7%	-0.2%	21.6%	-39.2%	12.4%	13.1%	13.6%
Operating Income Growth	32.2%	50.8%	29.4%	3.2%	330.3%	-7.8%	-4.4%	25.7%	-65.2%	16.8%	14.7%	17.0%
Net Income Growth	28.9%	22.7%	23.5%	23.5%	204.7%	1.5%	-7.5%	34.5%	-51.9%	-24.7%	-60.5%	-64.5%
Margins Quarterly
EBITDA Margin	9.9%	11.5%	10.7%	8.1%	7.9%	9.4%	11.9%	10.7%	6.4%	13.4%	13.8%	9.9%
Operating Income Margin	7.7%	9.3%	8.5%	5.8%	5.8%	6.8%	8.4%	7.2%	2.3%	9.9%	10.2%	6.4%
Net Income Margin	6.2%	6.6%	6.2%	6.1%	4.7%	6.0%	6.4%	6.2%	2.7%	7.9%	8.0%	5.2%
Cash & Debt
Total Cash	181	186	167	149	139	156	137	117	107	118	106	101
Total Debt	14	14	14	15	13	14	15	11	10	11	11	12
Net Debt / (Cash)	-168	-172	-153	-134	-126	-141	-121	-106	-97	-107	-95	-89
Cash Flows Quarterly
FCF from Operations	-1	38	19	22	-12	22	22	35	-9	15	10	33
Cash Flows TTM
FCF from Operations TTM	78	67	51	54	67	70	63	51	49	47	46	53
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	1	16	-0	-0	0	-0	0	8	1	-0	4	10
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	289.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	363.5%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Retail Supply Chain Group (RSCG)	233	200	166	159	136
GovDeals	77	62	59	50	33
Capital Assets Group (CAG)	38	38	43	40	29
Machinio & Software Solutions	16	14	12	10	7
Corporate, including elimination adjustments	-0	-0	-0	-0	-0
Total	363	314	280	258	206

Assets by Segment

$ Mil	2025	2024	2023	2022	2021
GovDeals	324	256	238	148	102
Retail Supply Chain Group (RSCG)	138	111	99	85	51
Capital Assets Group (CAG)	99	97	96	95	108
Machinio & Software Solutions	42	36	33	30	27
Corporate, including elimination adjustments	-256	-211	-178	-102	-91
Total	347	289	288	256	197

Price Behavior

Price Behavior

Market Price	$32.60
Market Cap ($ Bil)	1.0
First Trading Date	02/27/2006
Distance from 52W High	-1.8%
	50 Days	200 Days
DMA Price	$31.09	$27.94
DMA Trend	up	down
Distance from DMA	4.8%	16.7%
	3M	1YR
Volatility	31.1%	38.3%
Downside Capture	0.45	0.48
Upside Capture	159.44	80.54
Correlation (SPY)	38.4%	21.6%

LQDT Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.42	1.07	1.05	0.93	0.66	0.75
Up Beta	0.76	-0.97	0.08	1.60	0.62	0.83
Down Beta	0.91	0.54	0.55	0.31	0.46	0.80
Up Capture	202%	182%	165%	128%	67%	53%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	13	24	35	69	134	396
Down Capture	136%	140%	134%	95%	98%	81%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	9	18	28	56	116	345

[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 LQDT
LQDT	6.7%	38.3%	0.25	-
Sector ETF (XLI)	37.9%	15.6%	1.86	20.1%
Equity (SPY)	18.7%	13.7%	1.06	22.4%
Gold (GLD)	53.7%	27.6%	1.55	-0.1%
Commodities (DBC)	25.2%	16.2%	1.37	-3.2%
Real Estate (VNQ)	14.8%	14.0%	0.76	19.1%
Bitcoin (BTCUSD)	-11.7%	43.0%	-0.17	3.2%

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 LQDT
LQDT	10.8%	48.9%	0.38	-
Sector ETF (XLI)	13.3%	17.3%	0.60	33.1%
Equity (SPY)	11.1%	17.0%	0.50	34.1%
Gold (GLD)	21.8%	17.8%	1.01	2.4%
Commodities (DBC)	11.7%	18.8%	0.51	9.9%
Real Estate (VNQ)	3.7%	18.8%	0.10	25.0%
Bitcoin (BTCUSD)	4.6%	56.6%	0.30	12.7%

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 LQDT
LQDT	20.1%	53.3%	0.55	-
Sector ETF (XLI)	14.1%	19.9%	0.62	26.6%
Equity (SPY)	13.9%	17.9%	0.67	28.8%
Gold (GLD)	14.2%	15.9%	0.74	0.9%
Commodities (DBC)	8.8%	17.6%	0.42	10.2%
Real Estate (VNQ)	5.2%	20.7%	0.22	20.4%
Bitcoin (BTCUSD)	67.5%	66.9%	1.07	7.1%

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

Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	0.8 Mil
Short Interest: % Change Since 3152026	-29.7%
Average Daily Volume	0.2 Mil
Days-to-Cover Short Interest	3.9 days
Basic Shares Quantity	30.6 Mil
Short % of Basic Shares	2.5%

Returns Analyses

	Title
0	Would You Still Hold Liquidity Services Stock If It Fell 30%?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/5/2026	4.7%	-0.1%	1.6%
11/20/2025	13.4%	33.2%	36.0%
8/7/2025	-4.7%	5.2%	7.7%
5/8/2025	-10.2%	-19.9%	-21.2%
12/12/2024	30.7%	20.8%	34.2%
8/8/2024	4.7%	9.9%	5.0%
5/9/2024	-2.8%	1.9%	-0.3%
12/7/2023	-13.9%	-11.4%	-14.9%
...
SUMMARY STATS
# Positive	10	13	12
# Negative	9	6	7
Median Positive	10.8%	15.9%	26.1%
Median Negative	-4.7%	-14.0%	-7.4%
Max Positive	41.5%	53.8%	55.0%
Max Negative	-18.9%	-21.2%	-23.7%

	Forward Returns
2/5/2026	4.7%	-0.1%	1.6%
11/20/2025	13.4%	33.2%	36.0%
8/7/2025	-4.7%	5.2%	7.7%
5/8/2025	-10.2%	-19.9%	-21.2%
12/12/2024	30.7%	20.8%	34.2%
8/8/2024	4.7%	9.9%	5.0%
5/9/2024	-2.8%	1.9%	-0.3%
12/7/2023	-13.9%	-11.4%	-14.9%
8/3/2023	9.8%	11.5%	9.6%
5/4/2023	3.8%	15.9%	21.5%
12/8/2022	-4.4%	-10.8%	-5.6%
8/4/2022	-18.9%	-16.7%	-23.7%
5/5/2022	-2.3%	-21.2%	-7.4%
12/9/2021	-5.0%	1.4%	-2.5%
8/5/2021	0.0%	19.8%	26.7%
5/6/2021	37.7%	48.2%	30.4%
12/8/2020	41.5%	53.8%	55.0%
8/6/2020	11.8%	31.3%	31.1%
5/7/2020	-3.5%	5.3%	25.5%
SUMMARY STATS
# Positive	10	13	12
# Negative	9	6	7
Median Positive	10.8%	15.9%	26.1%
Median Negative	-4.7%	-14.0%	-7.4%
Max Positive	41.5%	53.8%	55.0%
Max Negative	-18.9%	-21.2%	-23.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/05/2026	10-Q
09/30/2025	11/20/2025	10-K
06/30/2025	08/07/2025	10-Q
03/31/2025	05/08/2025	10-Q
12/31/2024	02/06/2025	10-Q
09/30/2024	12/12/2024	10-K
06/30/2024	08/08/2024	10-Q
03/31/2024	05/09/2024	10-Q
12/31/2023	02/08/2024	10-Q
09/30/2023	12/07/2023	10-K
06/30/2023	08/03/2023	10-Q
03/31/2023	05/04/2023	10-Q
12/31/2022	02/02/2023	10-Q
09/30/2022	12/08/2022	10-K
06/30/2022	08/04/2022	10-Q
03/31/2022	05/05/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q1 2026 Earnings Reported 2/5/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q2 2026 GMV	375.00 Mil	395.00 Mil	415.00 Mil	1.9%		Raised	Guidance: 387.50 Mil for Q1 2026
Q2 2026 GAAP Net Income	6.50 Mil	8.00 Mil	9.50 Mil	23.1%		Raised	Guidance: 6.50 Mil for Q1 2026
Q2 2026 Non-GAAP Adjusted EBITDA	14.00 Mil	15.50 Mil	17.00 Mil	3.3%		Raised	Guidance: 15.00 Mil for Q1 2026
Q2 2026 GAAP Diluted EPS	0.2	0.24	0.29	22.5%		Raised	Guidance: 0.2 for Q1 2026
Q2 2026 Non-GAAP Adjusted Diluted EPS	0.29	0.34	0.38	11.7%		Raised	Guidance: 0.3 for Q1 2026
2026 Annual Effective Tax Rate	28.0%	31.0%	34.0%	0.0%		Affirmed	Guidance: 31.0% for 2026
2026 Diluted weighted average number of shares outstanding	32.50 Mil	32.75 Mil	33.00 Mil

Prior: Q4 2025 Earnings Reported 11/20/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q1 2026 GMV	370.00 Mil	387.50 Mil	405.00 Mil	4.0%		Raised	Guidance: 372.50 Mil for Q4 2025
Q1 2026 GAAP Net Income	5.00 Mil	6.50 Mil	8.00 Mil	0		Affirmed	Guidance: 6.50 Mil for Q4 2025
Q1 2026 Non-GAAP Adjusted EBITDA	13.50 Mil	15.00 Mil	16.50 Mil	3.4%		Raised	Guidance: 14.50 Mil for Q4 2025
Q1 2026 GAAP Diluted EPS	0.15	0.2	0.25	0		Affirmed	Guidance: 0.2 for Q4 2025
Q1 2026 Non-GAAP Adjusted Diluted EPS	0.25	0.3	0.35	3.4%		Raised	Guidance: 0.29 for Q4 2025
2026 Annual Effective Tax Rate	28.0%	31.0%	34.0%	10.7%	3.0%	Higher New	Actual: 28.0% for 2025

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Dyer, Katharin S		Direct	Sell	12122025	31.62	8,196	259,158	1,150,810	Form
2	Weiskircher, Steven	SVP & Chief Technology Officer	Direct	Sell	12122025	31.45	1,209	38,023	1,528,313	Form
3	Celaya, Jorge	EVP & Chief Financial Officer	the Jorge Celaya Revocable Trust	Sell	12012025	30.24	15,114	457,047	992,356	Form
4	Celaya, Jorge	EVP & Chief Financial Officer	the Jorge Celaya Revocable Trust	Sell	12012025	30.01	2,451	73,555	1,029,583	Form
5	Ellis, George H		Direct	Sell	11262025	28.67	4,500	129,015	321,333	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Dyer, Katharin S		Direct	Sell	12122025	31.62	8,196	259,158	1,150,810	Form
2	Weiskircher, Steven	SVP & Chief Technology Officer	Direct	Sell	12122025	31.45	1,209	38,023	1,528,313	Form
3	Celaya, Jorge	EVP & Chief Financial Officer	the Jorge Celaya Revocable Trust	Sell	12012025	30.24	15,114	457,047	992,356	Form
4	Celaya, Jorge	EVP & Chief Financial Officer	the Jorge Celaya Revocable Trust	Sell	12012025	30.01	2,451	73,555	1,029,583	Form
5	Ellis, George H		Direct	Sell	11262025	28.67	4,500	129,015	321,333	Form
6	Weiskircher, Steven	SVP & Chief Technology Officer	Direct	Sell	11262025	28.03	10,507	294,544	1,285,822	Form
7	Weiskircher, Steven	SVP & Chief Technology Officer	Direct	Sell	11262025	28.26	946	26,734	1,435,721	Form
8	Shaffer, Mark A	VP, Gen. Counsel & Secretary	The Mark A. Shaffer Revocable Trust	Sell	11262025	28.54	1,719	49,060	1,360,530	Form
9	Mateus-Tique, Jaime		the Em El 2007 Irrevocable Trust	Sell	9162025	27.44	4,597	126,142	4,663,840	Form
10	Mateus-Tique, Jaime		the Em El 2007 Irrevocable Trust	Sell	9162025	27.45	5,403	148,312	4,517,227	Form
11	Mateus-Tique, Jaime		the Em El 2007 Irrevocable Trust	Sell	8262025	27.44	10,000	274,400	4,789,981	Form
12	Ellis, George H		Direct	Sell	8142025	25.35	7,500	190,125	398,198	Form
13	Mateus-Tique, Jaime		the Em El 2007 Irrevocable Trust	Sell	5072025	31.55	10,000	315,500	5,822,931	Form
14	Mateus-Tique, Jaime		the Em El 2007 Irrevocable Trust	Sell	4302025	31.56	10,000	315,600	6,140,377	Form
15	Mateus-Tique, Jaime		the Em El 2007 Irrevocable Trust	Sell	4232025	30.25	10,000	302,500	6,188,000	Form
16	Mateus-Tique, Jaime		the Em El 2007 Irrevocable Trust	Sell	4162025	29.72	10,000	297,200	6,376,783	Form
17	Mateus-Tique, Jaime		the Em El 2007 Irrevocable Trust	Sell	4092025	29.06	29,169	847,651	6,695,221	Form
18	Mateus-Tique, Jaime		the Em El 2007 Irrevocable Trust	Sell	4092025	29.46	4,900	144,354	6,643,024	Form
19	Mateus-Tique, Jaime		the Em El 2007 Irrevocable Trust	Sell	4092025	29.43	931	27,399	6,608,860	Form
20	Mateus-Tique, Jaime		the Em El 2007 Irrevocable Trust	Sell	4022025	30.71	35,000	1,074,850	7,971,149	Form
21	Mateus-Tique, Jaime		the Em El 2007 Irrevocable Trust	Sell	3262025	31.93	35,000	1,117,550	9,523,506	Form
22	Mateus-Tique, Jaime		the Em El 2007 Irrevocable Trust	Sell	3262025	33.19	3,700	122,803	9,776,513	Form
23	Mateus-Tique, Jaime		the Em El 2007 Irrevocable Trust	Sell	3192025	29.45	35,000	1,030,750	9,814,566	Form
24	Angrick, William P Iii	Chairman of the Board and CEO	the William P. Angrick III Revocable Trust	Sell	3042025	33.50	39,350	1,318,225	168,992,894	Form
25	Mateus-Tique, Jaime		the Em El 2007 Irrevocable Trust	Sell	2092026	33.20	12,290	408,028	5,055,430	Form
26	Mateus-Tique, Jaime		the Em El 2007 Irrevocable Trust	Sell	2092026	33.19	1,100	36,509	5,017,399	Form
27	Mateus-Tique, Jaime		the Em El 2007 Irrevocable Trust	Sell	2092026	33.20	52,061	1,728,425	3,290,485	Form
28	Weiskircher, Steven	SVP & Chief Technology Officer	Direct	Sell	3102026	32.07	4,967	159,284	2,100,326	Form
29	Angrick, William P Iii	Chairman of the Board and CEO	the William P. Angrick III Revocable Trust	Sell	3102026	32.05	5,885	188,614	168,597,358	Form
30	Angrick, William P Iii	Chairman of the Board and CEO	the William P. Angrick III Revocable Trust	Sell	3102026	32.00	44,115	1,411,680	166,922,656	Form
31	Daunt, John	EVP, Chief Commercial Officer	The Daunt Family Trust	Sell	3132026	31.67	2,600	82,342	1,439,465	Form
32	Murray, Novelette	Chief Human Resources Officer	Direct	Sell	3132026	31.50	1,826	57,519	792,918	Form

LQDT Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing LQDT?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What LQDT Makes & Who Pays

TTM figures based on

LQDT Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
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4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Liquidity Services (LQDT)

Market Price (4/14/2026): $32.55 | Market Cap: $997.2 MilSector: Industrials | Industry: Diversified Support Services

Liquidity Services (LQDT)

Market Price (4/14/2026): $32.55Market Cap: $997.2 MilSector: IndustrialsIndustry: Diversified Support Services

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

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Liquidity Services (LQDT)

Interactive Breakdown

Better Bets vs. Liquidity Services (LQDT)

INDUSTRY: Diversified Support Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for LQDT: 18.9% | 2.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LQDT: 18.9% | 26.7x)

Higher Rev Chg LTM (Value for LQDT: 14.8%)

Higher Rev Chg 3Y Avg (Value for LQDT: 18.9%)

Higher Op Mgn LTM (Value for LQDT: 7.9%)

Higher CFO/Rev LTM (Value for LQDT: 16.5%)

Higher FCF/Rev LTM (Value for LQDT: 14.7%)

Higher Total Yield (Value for LQDT: 3.0%)

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for LQDT: 18.9% | 2.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LQDT: 18.9% | 26.7x)

Higher Rev Chg LTM (Value for LQDT: 14.8%)

Higher Rev Chg 3Y Avg (Value for LQDT: 18.9%)

Higher Op Mgn LTM (Value for LQDT: 7.9%)

Higher CFO/Rev LTM (Value for LQDT: 16.5%)

Higher FCF/Rev LTM (Value for LQDT: 14.7%)

Higher Total Yield (Value for LQDT: 3.0%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for LQDT: 18.9% | 2.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LQDT: 18.9% | 26.7x)

Higher Rev Chg LTM (Value for LQDT: 14.8%)

Higher Rev Chg 3Y Avg (Value for LQDT: 18.9%)

Higher Op Mgn LTM (Value for LQDT: 7.9%)

Higher CFO/Rev LTM (Value for LQDT: 16.5%)

Higher FCF/Rev LTM (Value for LQDT: 14.7%)

Higher Total Yield (Value for LQDT: 3.0%)

Best Bets in Industrials

P/EBIT (Value for LQDT: 26.7x)

P/E (Value for LQDT: 33.5x)

Rev Chg 3Y Avg (Value for LQDT: 18.9%)

Rev Chg LTM (Value for LQDT: 14.8%)

Rev Chg Q (Value for LQDT: -0.9%)

FCF/Rev 3Y Avg (Value for LQDT: 14.1%)

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Market Price (4/14/2026): $32.55 | Market Cap: $997.2 Mil
Sector: Industrials | Industry: Diversified Support Services

Market Price (4/14/2026): $32.55
Market Cap: $997.2 Mil
Sector: Industrials
Industry: Diversified Support Services