Liquidity Services, Inc. (LQDT) 10-Year Financial Performance & Capital Metrics

LQDT • • Industrial / General

Consumer CyclicalSpecialty RetailE-commerce MarketplacesGeneral E-commerce Platforms

AboutLiquidity 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.Show more

Revenue $477M +31.2%
EBITDA $45M +28.0%
Net Income $28M +40.5%
EPS (Diluted) 0.87 +38.1%
Gross Margin 43.81% -14.0%
EBITDA Margin 9.54% -2.4%
Operating Margin 7.36% +14.2%
Net Margin 5.89% +7.1%
ROE 14.56% +25.3%
ROIC 60.79% +83.4%
Debt/Equity 0.07 -12.1%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 18.3%
✓Healthy 5Y average net margin of 10.4%
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.84%

5Y18.28%

3Y19.4%

TTM31.2%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-11.35%

TTM40.53%

EPS CAGR

10Y-

5Y-

3Y-10.16%

TTM38.16%

ROCE

10Y Avg1.59%

5Y Avg18.57%

3Y Avg14.63%

Latest17.31%

Peer Comparison

General E-commerce Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SESea Limited	70.97B	129.86	177.89	28.75%	6.23%	12.35%	4.17%	0.49
AMZNAmazon.com, Inc.	2.59T	242.60	43.87	10.99%	11.06%	20.69%	1.27%	0.46
LQDTLiquidity Services, Inc.	971.59M	31.71	36.45	31.2%	5.89%	13.82%	6.07%	0.07
ETSYEtsy, Inc.	6.08B	61.57	26.20	2.18%	6.38%		12.15%
CARTInstacart (Maplebear Inc.)	10.84B	41.28	26.13	11.05%	14.15%	14.86%	5.75%	0.01
EBAYeBay Inc.	42.66B	94.37	23.95	1.69%	20.37%	46.24%	4.59%	1.52
PDDPDD Holdings Inc.	159.45B	112.32	1.48	59.04%	24.43%	26.13%	75.86%	0.03
VIPSVipshop Holdings Limited	7.71B	18.58	1.29	-3.93%	6.53%	16.84%	72.16%	0.08

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	316.45M	270.01M	224.51M	226.53M	205.94M	257.53M	280.05M	314.46M	363.32M	476.67M
Revenue Growth %	-0.2%	-0.15%	-0.17%	0.01%	-0.09%	0.25%	0.09%	0.12%	0.16%	0.31%
Cost of Goods Sold+	143.13M	126.23M	100.09M	102.41M	96.02M	107.68M	119.41M	142.32M	178.15M	267.85M
COGS % of Revenue	0.45%	0.47%	0.45%	0.45%	0.47%	0.42%	0.43%	0.45%	0.49%	0.56%
Gross Profit+	173.33M	143.79M	124.43M	124.11M	109.92M	149.85M	160.64M	172.14M	185.17M	208.81M
Gross Margin %	0.55%	0.53%	0.55%	0.55%	0.53%	0.58%	0.57%	0.55%	0.51%	0.44%
Gross Profit Growth %	-0.25%	-0.17%	-0.13%	-0%	-0.11%	0.36%	0.07%	0.07%	0.08%	0.13%
Operating Expenses+	207.44M	184.03M	146.16M	143.62M	113.82M	122.69M	113.24M	146.03M	161.76M	173.75M
OpEx % of Revenue	0.66%	0.68%	0.65%	0.63%	0.55%	0.48%	0.4%	0.46%	0.45%	0.36%
Selling, General & Admin	181.91M	173.58M	139.7M	133.38M	64.8M	66.57M	71.51M	77.52M	86.79M	93.74M
SG&A % of Revenue	0.57%	0.64%	0.62%	0.59%	0.31%	0.26%	0.26%	0.25%	0.24%	0.2%
Research & Development	0	0	0	0	42.16M	47.67M	55.52M	0	0	0
R&D % of Revenue	-	-	-	-	0.2%	0.19%	0.2%	-	-	-
Other Operating Expenses	25.54M	10.46M	6.46M	10.24M	6.87M	8.44M	-13.79M	68.52M	74.97M	80.01M
Operating Income+	-34.12M	-40.24M	-21.73M	-19.51M	-3.9M	27.17M	47.41M	26.11M	23.4M	35.07M
Operating Margin %	-0.11%	-0.15%	-0.1%	-0.09%	-0.02%	0.11%	0.17%	0.08%	0.06%	0.07%
Operating Income Growth %	0.76%	-0.18%	0.46%	0.1%	0.8%	7.97%	0.74%	-0.45%	-0.1%	0.5%
EBITDA+	-27.62M	-34.45M	-17.13M	-14.42M	2.39M	34.14M	57.73M	37.36M	35.52M	45.48M
EBITDA Margin %	-0.09%	-0.13%	-0.08%	-0.06%	0.01%	0.13%	0.21%	0.12%	0.1%	0.1%
EBITDA Growth %	0.8%	-0.25%	0.5%	0.16%	1.17%	13.27%	0.69%	-0.35%	-0.05%	0.28%
D&A (Non-Cash Add-back)	6.5M	5.8M	4.6M	5.09M	6.29M	6.97M	10.32M	11.26M	12.12M	10.41M
EBIT	-15.08M	-39.23M	-21.26M	-19.41M	-3.7M	27.17M	22.91M	26.1M	23.4M	35.07M
Net Interest Income+	1.22M	606K	785K	1.45M	924K	411K	248K	2.91M	3.85M	4.38M
Interest Income	0	0	785K	1.45M	924K	411K	248K	2.91M	3.85M	4.38M
Interest Expense	1.22M	0	0	0	0	0	0	0	0	0
Other Income/Expense	1.22M	606K	785K	1.45M	924K	411K	248K	2.91M	3.86M	4.38M
Pretax Income+	-32.9M	-39.64M	-20.94M	-18.06M	-2.97M	27.58M	47.65M	29.02M	27.26M	39.44M
Pretax Margin %	-0.1%	-0.15%	-0.09%	-0.08%	-0.01%	0.11%	0.17%	0.09%	0.08%	0.08%
Income Tax+	27.02M	-451K	-9.33M	1.2M	801K	-23.37M	7.33M	8.04M	7.27M	11.35M
Effective Tax Rate %	1.82%	0.99%	0.55%	1.07%	1.27%	1.85%	0.85%	0.72%	0.73%	0.71%
Net Income+	-59.93M	-39.19M	-11.62M	-19.26M	-3.77M	50.95M	40.32M	20.98M	19.99M	28.09M
Net Margin %	-0.19%	-0.15%	-0.05%	-0.09%	-0.02%	0.2%	0.14%	0.07%	0.06%	0.06%
Net Income Growth %	0.43%	0.35%	0.7%	-0.66%	0.8%	14.5%	-0.21%	-0.48%	-0.05%	0.41%
Net Income (Continuing)	-59.93M	-39.19M	-11.62M	-19.26M	-3.77M	50.95M	40.32M	20.98M	19.99M	28.09M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-1.96	-1.25	-0.36	-0.58	-0.11	1.45	1.20	0.65	0.63	0.87
EPS Growth %	0.44%	0.36%	0.71%	-0.61%	0.81%	14.18%	-0.17%	-0.46%	-0.03%	0.38%
EPS (Basic)	-1.96	-1.25	-0.36	-0.58	-0.11	1.53	1.25	0.68	0.66	0.91
Diluted Shares Outstanding	30.64M	31.4M	32.1M	33.06M	33.61M	35.02M	33.72M	32.07M	31.63M	32.41M
Basic Shares Outstanding	30.57M	31.35M	32.1M	33.06M	33.61M	33.33M	32.29M	31.08M	30.5M	30.93M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	184.91M	138.92M	102.98M	89.92M	94.58M	130.24M	127.79M	144.07M	196.94M	222.49M
Cash & Short-Term Investments	134.51M	94.35M	78.45M	66.5M	76.04M	106.33M	97.94M	118.17M	155.54M	185.82M
Cash Only	134.51M	94.35M	58.45M	36.5M	76.04M	106.33M	96.12M	110.28M	153.23M	174.61M
Short-Term Investments	0	0	20M	30M	0	0	1.82M	7.89M	2.31M	11.21M
Accounts Receivable	11.56M	14.96M	4.87M	9.8M	7.32M	6.47M	12.69M	8.75M	12.97M	12.48M
Days Sales Outstanding	13.33	20.22	7.92	15.8	12.98	9.16	16.54	10.15	13.03	9.55
Inventory	27.61M	20.74M	10.12M	5.84M	5.61M	12.47M	11.68M	11.12M	17.1M	14.18M
Days Inventory Outstanding	70.41	59.96	36.91	20.82	21.31	42.26	35.7	28.51	35.03	19.32
Other Current Assets	11.23M	6.77M	9.54M	7.78M	5.61M	4.97M	5.48M	6.03M	11.33M	10.01M
Total Non-Current Assets+	75.2M	76.31M	98.85M	97.36M	102.06M	125.33M	179.01M	161.96M	149.95M	152.61M
Property, Plant & Equipment	14.38M	16.79M	16.61M	18.85M	28.4M	31.11M	32.3M	27.04M	29.97M	29.76M
Fixed Asset Turnover	22.01x	16.08x	13.52x	12.02x	7.25x	8.28x	8.67x	11.63x	12.12x	16.02x
Goodwill	45.13M	45.39M	59.82M	59.47M	59.84M	59.87M	88.91M	89.39M	97.79M	102.88M
Intangible Assets	2.65M	427K	7.37M	6.04M	4.76M	3.45M	16.23M	12.46M	13.91M	13.34M
Long-Term Investments	0	8.3M	0	5.5M	3.8M	4.6M	0	0	0	0
Other Non-Current Assets	12.02M	4.44M	14.12M	6.64M	4.45M	2.48M	9.24M	8.96M	6.55M	6.07M
Total Assets+	260.11M	215.23M	201.83M	187.28M	196.63M	255.58M	306.81M	306.02M	346.89M	375.1M
Asset Turnover	1.22x	1.25x	1.11x	1.21x	1.05x	1.01x	0.91x	1.03x	1.05x	1.27x
Asset Growth %	-0.1%	-0.17%	-0.06%	-0.07%	0.05%	0.3%	0.2%	-0%	0.13%	0.08%
Total Current Liabilities+	85.49M	70.76M	68.47M	68.82M	74.32M	109.17M	123.5M	120.72M	155.15M	161.63M
Accounts Payable	9.73M	13.1M	13.86M	15.05M	21.96M	40.61M	41.98M	39.12M	58.69M	61.45M
Days Payables Outstanding	24.82	37.88	50.54	53.64	83.47	137.66	128.33	100.31	120.25	83.74
Short-Term Debt	0	0	0	0	3.82M	4.33M	4.66M	4.2M	5.27M	5.19M
Deferred Revenue (Current)	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	75.76M	57.66M	52.47M	50.72M	45.29M	59.61M	72.43M	72.7M	86.4M	89.88M
Current Ratio	2.16x	1.96x	1.50x	1.31x	1.27x	1.19x	1.03x	1.19x	1.27x	1.38x
Quick Ratio	1.84x	1.67x	1.36x	1.22x	1.20x	1.08x	0.94x	1.10x	1.16x	1.29x
Cash Conversion Cycle	58.93	42.3	-5.71	-17.02	-49.18	-86.23	-76.09	-61.65	-72.19	-54.87
Total Non-Current Liabilities+	12.01M	11.84M	3.71M	2.29M	10.49M	11.39M	28.77M	23.77M	9.18M	10.23M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	7.76M	10.27M	9.9M	6.71M	9.17M	8.93M
Deferred Tax Liabilities	0	0	0	0	0	0	18.7M	17.05M	0	0
Other Non-Current Liabilities	12.01M	11.84M	3.71M	2.29M	2.73M	1.12M	169K	10K	9K	1.3M
Total Liabilities	97.5M	82.59M	72.18M	71.11M	84.82M	120.56M	152.27M	144.49M	164.33M	171.86M
Total Debt+	0	0	0	0	11.58M	14.6M	14.55M	10.91M	14.44M	14.12M
Net Debt	-134.51M	-94.35M	-58.45M	-36.5M	-64.45M	-91.74M	-81.57M	-99.38M	-138.79M	-160.48M
Debt / Equity	-	-	-	-	0.10x	0.11x	0.09x	0.07x	0.08x	0.07x
Debt / EBITDA	-	-	-	-	4.84x	0.43x	0.25x	0.29x	0.41x	0.31x
Net Debt / EBITDA	-	-	-	-	-26.93x	-2.69x	-1.41x	-2.66x	-3.91x	-3.53x
Interest Coverage	-28.03x	-	-	-	-	-	-	-	-	-
Total Equity+	162.61M	132.64M	129.65M	116.17M	111.81M	135.01M	154.54M	161.53M	182.56M	203.24M
Equity Growth %	-0.25%	-0.18%	-0.02%	-0.1%	-0.04%	0.21%	0.14%	0.05%	0.13%	0.11%
Book Value per Share	5.31	4.22	4.04	3.51	3.33	3.85	4.58	5.04	5.77	6.27
Total Shareholders' Equity	162.61M	132.64M	129.65M	116.17M	111.81M	135.01M	154.54M	161.53M	182.56M	203.24M
Common Stock	29K	29K	33K	34K	34K	35K	36K	36K	37K	37K
Retained Earnings	-49.04M	-88.23M	-100.05M	-118.57M	-122.35M	-71.4M	-30.94M	-9.96M	10.03M	38.13M
Treasury Stock	0	0	0	0	-3.98M	-36.63M	-62.55M	-84.03M	-93.85M	-110M
Accumulated OCI	-8.57M	-6.43M	-6.45M	-7.97M	-9.78M	-9.01M	-10.29M	-10.46M	-9.43M	-10.64M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	48.39M	-31.65M	619K	-6.24M	16.48M	65.42M	44.83M	47.02M	70.22M	66.76M
Operating CF Margin %	0.15%	-0.12%	0%	-0.03%	0.08%	0.25%	0.16%	0.15%	0.19%	0.14%
Operating CF Growth %	0.11%	-1.65%	1.02%	-11.08%	3.64%	2.97%	-0.31%	0.05%	0.49%	-0.05%
Net Income	-59.93M	-39.19M	-11.62M	-19.26M	-3.77M	50.95M	40.32M	20.98M	19.99M	28.09M
Depreciation & Amortization	6.5M	5.8M	4.6M	5.09M	6.29M	6.97M	10.32M	11.26M	12.12M	10.41M
Stock-Based Compensation	12.25M	7.38M	6.6M	6.51M	5.66M	6.95M	8.48M	8.19M	11.09M	14.49M
Deferred Taxes	26.18M	-620K	-10.95M	136K	106K	-24.51M	6.29M	6.58M	5.32M	2.4M
Other Non-Cash Items	22.15M	12.37M	2.4M	3.99M	671K	1.87M	-24.39M	2.4M	988K	1.39M
Working Capital Changes	41.24M	-17.39M	9.58M	-2.71M	7.53M	23.2M	3.81M	-2.39M	20.71M	9.98M
Change in Receivables	-4.41M	-1.61M	6.58M	-2.01M	1.18M	-843K	-6.29M	2.73M	-4.27M	233K
Change in Inventory	-4.78M	-3.51M	8.12M	3.95M	-64K	-7.04M	441K	-479K	163K	5.24M
Change in Payables	232K	-1.33M	5.26M	-7.53M	12.82M	26.1M	14.55M	-3.47M	8.37M	-68K
Cash from Investing+	-6.15M	-7.92M	-37.05M	-15.71M	28.65M	-1M	-21.08M	-11.43M	-16.11M	-22.98M
Capital Expenditures	-6.15M	-7.92M	-4.21M	-5.96M	-4.25M	-5.45M	-8.12M	-5.39M	-8.91M	-7.8M
CapEx % of Revenue	0.02%	0.03%	0.02%	0.03%	0.02%	0.02%	0.03%	0.02%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-62K	-119K	3.79M	224K	2.89M	4.34M	21K	68K	54K	190K
Cash from Financing+	-220K	-1.11M	404K	546K	-5.7M	-34.66M	-31.94M	-22.07M	-11.17M	-21.81M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-220K	-1.11M	404K	546K	-1.79M	-3.92M	-6.4M	-766K	-1.66M	-5.74M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	42.24M	-39.58M	-3.59M	-12.2M	12.23M	59.97M	36.71M	41.63M	61.31M	58.96M
FCF Margin %	0.13%	-0.15%	-0.02%	-0.05%	0.06%	0.23%	0.13%	0.13%	0.17%	0.12%
FCF Growth %	0.17%	-1.94%	0.91%	-2.4%	2%	3.9%	-0.39%	0.13%	0.47%	-0.04%
FCF per Share	1.38	-1.26	-0.11	-0.37	0.36	1.71	1.09	1.30	1.94	1.82
FCF Conversion (FCF/Net Income)	-0.81x	0.81x	-0.05x	0.32x	-4.37x	1.28x	1.11x	2.24x	3.51x	2.38x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	33.97M	793K	916K	1.01M	0	1.44M	885K	1.59M	1.71M	9.2M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-31.66%	-26.55%	-8.86%	-15.67%	-3.31%	41.28%	27.85%	13.27%	11.62%	14.56%
Return on Invested Capital (ROIC)	-34.43%	-90.93%	-29.77%	-19.39%	-4.6%	44.96%	61.17%	28.98%	33.14%	60.79%
Gross Margin	54.77%	53.25%	55.42%	54.79%	53.38%	58.19%	57.36%	54.74%	50.97%	43.81%
Net Margin	-18.94%	-14.51%	-5.17%	-8.5%	-1.83%	19.78%	14.4%	6.67%	5.5%	5.89%
Debt / Equity	-	-	-	-	0.10x	0.11x	0.09x	0.07x	0.08x	0.07x
Interest Coverage	-28.03x	-	-	-	-	-	-	-	-	-
FCF Conversion	-0.81x	0.81x	-0.05x	0.32x	-4.37x	1.28x	1.11x	2.24x	3.51x	2.38x
Revenue Growth	-20.31%	-14.67%	-16.85%	0.9%	-9.09%	25.05%	8.74%	12.29%	15.54%	31.2%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024	2025
Product	-	-	147.89M	127.58M	146.15M	151.27M	172.09M	209.8M	310.54M
Product Growth	-	-	-	-13.73%	14.56%	3.50%	13.76%	21.91%	48.02%
Service Fee	-	-	-41K	78.36M	111.38M	-	-	-	-
Service Fee Growth	-	-	-	191221.95%	42.14%	-	-	-	-
Machinio Corporation	-	-	-	-	-	-	-	-	-
Machinio Corporation Growth	-	-	-	-	-	-	-	-	-
GovDeals	53.71M	-	-	-	-	-	-	-	-
GovDeals Growth	-	-	-	-	-	-	-	-	-
CAG	290.26M	-	-	-	-	-	-	-	-
CAG Growth	-	-	-	-	-	-	-	-	-
RSCG	190.06M	-	-	-	-	-	-	-	-
RSCG Growth	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	240.1M	193.24M	191.82M	180.89M	214.16M	237.72M	278.73M	323.3M	433.26M
UNITED STATES Growth	-	-19.52%	-0.74%	-5.70%	18.40%	11.00%	17.25%	15.99%	34.01%
Non-US	29.91M	31.27M	34.71M	25.05M	43.37M	42.33M	35.73M	40.02M	43.41M
Non-US Growth	-	4.55%	10.98%	-27.82%	73.11%	-2.40%	-15.59%	12.00%	8.49%

Frequently Asked Questions

Valuation & Price

Liquidity Services, Inc. (LQDT) has a price-to-earnings (P/E) ratio of 36.4x. This suggests investors expect higher future growth.

Growth & Financials

Liquidity Services, Inc. (LQDT) reported $476.7M in revenue for fiscal year 2025. This represents a 0% increase from $475.3M in 2012.

Liquidity Services, Inc. (LQDT) grew revenue by 31.2% over the past year. This is strong growth.

Yes, Liquidity Services, Inc. (LQDT) is profitable, generating $28.1M in net income for fiscal year 2025 (5.9% net margin).

Dividend & Returns

Liquidity Services, Inc. (LQDT) has a return on equity (ROE) of 14.6%. This is reasonable for most industries.

Liquidity Services, Inc. (LQDT) generated $59.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Liquidity Services, Inc. (LQDT) 10-Year Financial Performance & Capital Metrics

LQDT • • Industrial / General

Consumer CyclicalSpecialty RetailE-commerce MarketplacesGeneral E-commerce Platforms

Revenue $477M +31.2%
EBITDA $45M +28.0%
Net Income $28M +40.5%
EPS (Diluted) 0.87 +38.1%
Gross Margin 43.81% -14.0%
EBITDA Margin 9.54% -2.4%
Operating Margin 7.36% +14.2%
Net Margin 5.89% +7.1%
ROE 14.56% +25.3%
ROIC 60.79% +83.4%
Debt/Equity 0.07 -12.1%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 18.3%
✓Healthy 5Y average net margin of 10.4%
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y1.84%

5Y18.28%

3Y19.4%

TTM31.2%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-11.35%

TTM40.53%

EPS CAGR

10Y-

5Y-

3Y-10.16%

TTM38.16%

ROCE

10Y Avg1.59%

5Y Avg18.57%

3Y Avg14.63%

Latest17.31%

Peer Comparison

General E-commerce Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SESea Limited	70.97B	129.86	177.89	28.75%	6.23%	12.35%	4.17%	0.49
AMZNAmazon.com, Inc.	2.59T	242.60	43.87	10.99%	11.06%	20.69%	1.27%	0.46
LQDTLiquidity Services, Inc.	971.59M	31.71	36.45	31.2%	5.89%	13.82%	6.07%	0.07
ETSYEtsy, Inc.	6.08B	61.57	26.20	2.18%	6.38%		12.15%
CARTInstacart (Maplebear Inc.)	10.84B	41.28	26.13	11.05%	14.15%	14.86%	5.75%	0.01
EBAYeBay Inc.	42.66B	94.37	23.95	1.69%	20.37%	46.24%	4.59%	1.52
PDDPDD Holdings Inc.	159.45B	112.32	1.48	59.04%	24.43%	26.13%	75.86%	0.03
VIPSVipshop Holdings Limited	7.71B	18.58	1.29	-3.93%	6.53%	16.84%	72.16%	0.08

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	316.45M	270.01M	224.51M	226.53M	205.94M	257.53M	280.05M	314.46M	363.32M	476.67M
Revenue Growth %	-0.2%	-0.15%	-0.17%	0.01%	-0.09%	0.25%	0.09%	0.12%	0.16%	0.31%
Cost of Goods Sold+	143.13M	126.23M	100.09M	102.41M	96.02M	107.68M	119.41M	142.32M	178.15M	267.85M
COGS % of Revenue	0.45%	0.47%	0.45%	0.45%	0.47%	0.42%	0.43%	0.45%	0.49%	0.56%
Gross Profit+	173.33M	143.79M	124.43M	124.11M	109.92M	149.85M	160.64M	172.14M	185.17M	208.81M
Gross Margin %	0.55%	0.53%	0.55%	0.55%	0.53%	0.58%	0.57%	0.55%	0.51%	0.44%
Gross Profit Growth %	-0.25%	-0.17%	-0.13%	-0%	-0.11%	0.36%	0.07%	0.07%	0.08%	0.13%
Operating Expenses+	207.44M	184.03M	146.16M	143.62M	113.82M	122.69M	113.24M	146.03M	161.76M	173.75M
OpEx % of Revenue	0.66%	0.68%	0.65%	0.63%	0.55%	0.48%	0.4%	0.46%	0.45%	0.36%
Selling, General & Admin	181.91M	173.58M	139.7M	133.38M	64.8M	66.57M	71.51M	77.52M	86.79M	93.74M
SG&A % of Revenue	0.57%	0.64%	0.62%	0.59%	0.31%	0.26%	0.26%	0.25%	0.24%	0.2%
Research & Development	0	0	0	0	42.16M	47.67M	55.52M	0	0	0
R&D % of Revenue	-	-	-	-	0.2%	0.19%	0.2%	-	-	-
Other Operating Expenses	25.54M	10.46M	6.46M	10.24M	6.87M	8.44M	-13.79M	68.52M	74.97M	80.01M
Operating Income+	-34.12M	-40.24M	-21.73M	-19.51M	-3.9M	27.17M	47.41M	26.11M	23.4M	35.07M
Operating Margin %	-0.11%	-0.15%	-0.1%	-0.09%	-0.02%	0.11%	0.17%	0.08%	0.06%	0.07%
Operating Income Growth %	0.76%	-0.18%	0.46%	0.1%	0.8%	7.97%	0.74%	-0.45%	-0.1%	0.5%
EBITDA+	-27.62M	-34.45M	-17.13M	-14.42M	2.39M	34.14M	57.73M	37.36M	35.52M	45.48M
EBITDA Margin %	-0.09%	-0.13%	-0.08%	-0.06%	0.01%	0.13%	0.21%	0.12%	0.1%	0.1%
EBITDA Growth %	0.8%	-0.25%	0.5%	0.16%	1.17%	13.27%	0.69%	-0.35%	-0.05%	0.28%
D&A (Non-Cash Add-back)	6.5M	5.8M	4.6M	5.09M	6.29M	6.97M	10.32M	11.26M	12.12M	10.41M
EBIT	-15.08M	-39.23M	-21.26M	-19.41M	-3.7M	27.17M	22.91M	26.1M	23.4M	35.07M
Net Interest Income+	1.22M	606K	785K	1.45M	924K	411K	248K	2.91M	3.85M	4.38M
Interest Income	0	0	785K	1.45M	924K	411K	248K	2.91M	3.85M	4.38M
Interest Expense	1.22M	0	0	0	0	0	0	0	0	0
Other Income/Expense	1.22M	606K	785K	1.45M	924K	411K	248K	2.91M	3.86M	4.38M
Pretax Income+	-32.9M	-39.64M	-20.94M	-18.06M	-2.97M	27.58M	47.65M	29.02M	27.26M	39.44M
Pretax Margin %	-0.1%	-0.15%	-0.09%	-0.08%	-0.01%	0.11%	0.17%	0.09%	0.08%	0.08%
Income Tax+	27.02M	-451K	-9.33M	1.2M	801K	-23.37M	7.33M	8.04M	7.27M	11.35M
Effective Tax Rate %	1.82%	0.99%	0.55%	1.07%	1.27%	1.85%	0.85%	0.72%	0.73%	0.71%
Net Income+	-59.93M	-39.19M	-11.62M	-19.26M	-3.77M	50.95M	40.32M	20.98M	19.99M	28.09M
Net Margin %	-0.19%	-0.15%	-0.05%	-0.09%	-0.02%	0.2%	0.14%	0.07%	0.06%	0.06%
Net Income Growth %	0.43%	0.35%	0.7%	-0.66%	0.8%	14.5%	-0.21%	-0.48%	-0.05%	0.41%
Net Income (Continuing)	-59.93M	-39.19M	-11.62M	-19.26M	-3.77M	50.95M	40.32M	20.98M	19.99M	28.09M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-1.96	-1.25	-0.36	-0.58	-0.11	1.45	1.20	0.65	0.63	0.87
EPS Growth %	0.44%	0.36%	0.71%	-0.61%	0.81%	14.18%	-0.17%	-0.46%	-0.03%	0.38%
EPS (Basic)	-1.96	-1.25	-0.36	-0.58	-0.11	1.53	1.25	0.68	0.66	0.91
Diluted Shares Outstanding	30.64M	31.4M	32.1M	33.06M	33.61M	35.02M	33.72M	32.07M	31.63M	32.41M
Basic Shares Outstanding	30.57M	31.35M	32.1M	33.06M	33.61M	33.33M	32.29M	31.08M	30.5M	30.93M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	184.91M	138.92M	102.98M	89.92M	94.58M	130.24M	127.79M	144.07M	196.94M	222.49M
Cash & Short-Term Investments	134.51M	94.35M	78.45M	66.5M	76.04M	106.33M	97.94M	118.17M	155.54M	185.82M
Cash Only	134.51M	94.35M	58.45M	36.5M	76.04M	106.33M	96.12M	110.28M	153.23M	174.61M
Short-Term Investments	0	0	20M	30M	0	0	1.82M	7.89M	2.31M	11.21M
Accounts Receivable	11.56M	14.96M	4.87M	9.8M	7.32M	6.47M	12.69M	8.75M	12.97M	12.48M
Days Sales Outstanding	13.33	20.22	7.92	15.8	12.98	9.16	16.54	10.15	13.03	9.55
Inventory	27.61M	20.74M	10.12M	5.84M	5.61M	12.47M	11.68M	11.12M	17.1M	14.18M
Days Inventory Outstanding	70.41	59.96	36.91	20.82	21.31	42.26	35.7	28.51	35.03	19.32
Other Current Assets	11.23M	6.77M	9.54M	7.78M	5.61M	4.97M	5.48M	6.03M	11.33M	10.01M
Total Non-Current Assets+	75.2M	76.31M	98.85M	97.36M	102.06M	125.33M	179.01M	161.96M	149.95M	152.61M
Property, Plant & Equipment	14.38M	16.79M	16.61M	18.85M	28.4M	31.11M	32.3M	27.04M	29.97M	29.76M
Fixed Asset Turnover	22.01x	16.08x	13.52x	12.02x	7.25x	8.28x	8.67x	11.63x	12.12x	16.02x
Goodwill	45.13M	45.39M	59.82M	59.47M	59.84M	59.87M	88.91M	89.39M	97.79M	102.88M
Intangible Assets	2.65M	427K	7.37M	6.04M	4.76M	3.45M	16.23M	12.46M	13.91M	13.34M
Long-Term Investments	0	8.3M	0	5.5M	3.8M	4.6M	0	0	0	0
Other Non-Current Assets	12.02M	4.44M	14.12M	6.64M	4.45M	2.48M	9.24M	8.96M	6.55M	6.07M
Total Assets+	260.11M	215.23M	201.83M	187.28M	196.63M	255.58M	306.81M	306.02M	346.89M	375.1M
Asset Turnover	1.22x	1.25x	1.11x	1.21x	1.05x	1.01x	0.91x	1.03x	1.05x	1.27x
Asset Growth %	-0.1%	-0.17%	-0.06%	-0.07%	0.05%	0.3%	0.2%	-0%	0.13%	0.08%
Total Current Liabilities+	85.49M	70.76M	68.47M	68.82M	74.32M	109.17M	123.5M	120.72M	155.15M	161.63M
Accounts Payable	9.73M	13.1M	13.86M	15.05M	21.96M	40.61M	41.98M	39.12M	58.69M	61.45M
Days Payables Outstanding	24.82	37.88	50.54	53.64	83.47	137.66	128.33	100.31	120.25	83.74
Short-Term Debt	0	0	0	0	3.82M	4.33M	4.66M	4.2M	5.27M	5.19M
Deferred Revenue (Current)	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	75.76M	57.66M	52.47M	50.72M	45.29M	59.61M	72.43M	72.7M	86.4M	89.88M
Current Ratio	2.16x	1.96x	1.50x	1.31x	1.27x	1.19x	1.03x	1.19x	1.27x	1.38x
Quick Ratio	1.84x	1.67x	1.36x	1.22x	1.20x	1.08x	0.94x	1.10x	1.16x	1.29x
Cash Conversion Cycle	58.93	42.3	-5.71	-17.02	-49.18	-86.23	-76.09	-61.65	-72.19	-54.87
Total Non-Current Liabilities+	12.01M	11.84M	3.71M	2.29M	10.49M	11.39M	28.77M	23.77M	9.18M	10.23M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	7.76M	10.27M	9.9M	6.71M	9.17M	8.93M
Deferred Tax Liabilities	0	0	0	0	0	0	18.7M	17.05M	0	0
Other Non-Current Liabilities	12.01M	11.84M	3.71M	2.29M	2.73M	1.12M	169K	10K	9K	1.3M
Total Liabilities	97.5M	82.59M	72.18M	71.11M	84.82M	120.56M	152.27M	144.49M	164.33M	171.86M
Total Debt+	0	0	0	0	11.58M	14.6M	14.55M	10.91M	14.44M	14.12M
Net Debt	-134.51M	-94.35M	-58.45M	-36.5M	-64.45M	-91.74M	-81.57M	-99.38M	-138.79M	-160.48M
Debt / Equity	-	-	-	-	0.10x	0.11x	0.09x	0.07x	0.08x	0.07x
Debt / EBITDA	-	-	-	-	4.84x	0.43x	0.25x	0.29x	0.41x	0.31x
Net Debt / EBITDA	-	-	-	-	-26.93x	-2.69x	-1.41x	-2.66x	-3.91x	-3.53x
Interest Coverage	-28.03x	-	-	-	-	-	-	-	-	-
Total Equity+	162.61M	132.64M	129.65M	116.17M	111.81M	135.01M	154.54M	161.53M	182.56M	203.24M
Equity Growth %	-0.25%	-0.18%	-0.02%	-0.1%	-0.04%	0.21%	0.14%	0.05%	0.13%	0.11%
Book Value per Share	5.31	4.22	4.04	3.51	3.33	3.85	4.58	5.04	5.77	6.27
Total Shareholders' Equity	162.61M	132.64M	129.65M	116.17M	111.81M	135.01M	154.54M	161.53M	182.56M	203.24M
Common Stock	29K	29K	33K	34K	34K	35K	36K	36K	37K	37K
Retained Earnings	-49.04M	-88.23M	-100.05M	-118.57M	-122.35M	-71.4M	-30.94M	-9.96M	10.03M	38.13M
Treasury Stock	0	0	0	0	-3.98M	-36.63M	-62.55M	-84.03M	-93.85M	-110M
Accumulated OCI	-8.57M	-6.43M	-6.45M	-7.97M	-9.78M	-9.01M	-10.29M	-10.46M	-9.43M	-10.64M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	48.39M	-31.65M	619K	-6.24M	16.48M	65.42M	44.83M	47.02M	70.22M	66.76M
Operating CF Margin %	0.15%	-0.12%	0%	-0.03%	0.08%	0.25%	0.16%	0.15%	0.19%	0.14%
Operating CF Growth %	0.11%	-1.65%	1.02%	-11.08%	3.64%	2.97%	-0.31%	0.05%	0.49%	-0.05%
Net Income	-59.93M	-39.19M	-11.62M	-19.26M	-3.77M	50.95M	40.32M	20.98M	19.99M	28.09M
Depreciation & Amortization	6.5M	5.8M	4.6M	5.09M	6.29M	6.97M	10.32M	11.26M	12.12M	10.41M
Stock-Based Compensation	12.25M	7.38M	6.6M	6.51M	5.66M	6.95M	8.48M	8.19M	11.09M	14.49M
Deferred Taxes	26.18M	-620K	-10.95M	136K	106K	-24.51M	6.29M	6.58M	5.32M	2.4M
Other Non-Cash Items	22.15M	12.37M	2.4M	3.99M	671K	1.87M	-24.39M	2.4M	988K	1.39M
Working Capital Changes	41.24M	-17.39M	9.58M	-2.71M	7.53M	23.2M	3.81M	-2.39M	20.71M	9.98M
Change in Receivables	-4.41M	-1.61M	6.58M	-2.01M	1.18M	-843K	-6.29M	2.73M	-4.27M	233K
Change in Inventory	-4.78M	-3.51M	8.12M	3.95M	-64K	-7.04M	441K	-479K	163K	5.24M
Change in Payables	232K	-1.33M	5.26M	-7.53M	12.82M	26.1M	14.55M	-3.47M	8.37M	-68K
Cash from Investing+	-6.15M	-7.92M	-37.05M	-15.71M	28.65M	-1M	-21.08M	-11.43M	-16.11M	-22.98M
Capital Expenditures	-6.15M	-7.92M	-4.21M	-5.96M	-4.25M	-5.45M	-8.12M	-5.39M	-8.91M	-7.8M
CapEx % of Revenue	0.02%	0.03%	0.02%	0.03%	0.02%	0.02%	0.03%	0.02%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-62K	-119K	3.79M	224K	2.89M	4.34M	21K	68K	54K	190K
Cash from Financing+	-220K	-1.11M	404K	546K	-5.7M	-34.66M	-31.94M	-22.07M	-11.17M	-21.81M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-220K	-1.11M	404K	546K	-1.79M	-3.92M	-6.4M	-766K	-1.66M	-5.74M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	42.24M	-39.58M	-3.59M	-12.2M	12.23M	59.97M	36.71M	41.63M	61.31M	58.96M
FCF Margin %	0.13%	-0.15%	-0.02%	-0.05%	0.06%	0.23%	0.13%	0.13%	0.17%	0.12%
FCF Growth %	0.17%	-1.94%	0.91%	-2.4%	2%	3.9%	-0.39%	0.13%	0.47%	-0.04%
FCF per Share	1.38	-1.26	-0.11	-0.37	0.36	1.71	1.09	1.30	1.94	1.82
FCF Conversion (FCF/Net Income)	-0.81x	0.81x	-0.05x	0.32x	-4.37x	1.28x	1.11x	2.24x	3.51x	2.38x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	33.97M	793K	916K	1.01M	0	1.44M	885K	1.59M	1.71M	9.2M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-31.66%	-26.55%	-8.86%	-15.67%	-3.31%	41.28%	27.85%	13.27%	11.62%	14.56%
Return on Invested Capital (ROIC)	-34.43%	-90.93%	-29.77%	-19.39%	-4.6%	44.96%	61.17%	28.98%	33.14%	60.79%
Gross Margin	54.77%	53.25%	55.42%	54.79%	53.38%	58.19%	57.36%	54.74%	50.97%	43.81%
Net Margin	-18.94%	-14.51%	-5.17%	-8.5%	-1.83%	19.78%	14.4%	6.67%	5.5%	5.89%
Debt / Equity	-	-	-	-	0.10x	0.11x	0.09x	0.07x	0.08x	0.07x
Interest Coverage	-28.03x	-	-	-	-	-	-	-	-	-
FCF Conversion	-0.81x	0.81x	-0.05x	0.32x	-4.37x	1.28x	1.11x	2.24x	3.51x	2.38x
Revenue Growth	-20.31%	-14.67%	-16.85%	0.9%	-9.09%	25.05%	8.74%	12.29%	15.54%	31.2%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024	2025
Product	-	-	147.89M	127.58M	146.15M	151.27M	172.09M	209.8M	310.54M
Product Growth	-	-	-	-13.73%	14.56%	3.50%	13.76%	21.91%	48.02%
Service Fee	-	-	-41K	78.36M	111.38M	-	-	-	-
Service Fee Growth	-	-	-	191221.95%	42.14%	-	-	-	-
Machinio Corporation	-	-	-	-	-	-	-	-	-
Machinio Corporation Growth	-	-	-	-	-	-	-	-	-
GovDeals	53.71M	-	-	-	-	-	-	-	-
GovDeals Growth	-	-	-	-	-	-	-	-	-
CAG	290.26M	-	-	-	-	-	-	-	-
CAG Growth	-	-	-	-	-	-	-	-	-
RSCG	190.06M	-	-	-	-	-	-	-	-
RSCG Growth	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	240.1M	193.24M	191.82M	180.89M	214.16M	237.72M	278.73M	323.3M	433.26M
UNITED STATES Growth	-	-19.52%	-0.74%	-5.70%	18.40%	11.00%	17.25%	15.99%	34.01%
Non-US	29.91M	31.27M	34.71M	25.05M	43.37M	42.33M	35.73M	40.02M	43.41M
Non-US Growth	-	4.55%	10.98%	-27.82%	73.11%	-2.40%	-15.59%	12.00%	8.49%

Frequently Asked Questions

Valuation & Price

Liquidity Services, Inc. (LQDT) has a price-to-earnings (P/E) ratio of 36.4x. This suggests investors expect higher future growth.

Growth & Financials

Liquidity Services, Inc. (LQDT) reported $476.7M in revenue for fiscal year 2025. This represents a 0% increase from $475.3M in 2012.

Liquidity Services, Inc. (LQDT) grew revenue by 31.2% over the past year. This is strong growth.

Yes, Liquidity Services, Inc. (LQDT) is profitable, generating $28.1M in net income for fiscal year 2025 (5.9% net margin).

Dividend & Returns

Liquidity Services, Inc. (LQDT) has a return on equity (ROE) of 14.6%. This is reasonable for most industries.

Liquidity Services, Inc. (LQDT) generated $59.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.