At a glance
Blackline Inc is worth $1.96B, about 87 times its fiscal 2025 earnings. Revenue grew 7.2% to $700.4M in fiscal 2025, with 3.5% kept as profit; over 5 years it has grown 14.8% a year. It pays no dividend; it spent $235.5M buying back its shares over FY2021–FY2025. The stock returned −38.7% over the past year with dividends reinvested and −23.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 38.3% in the 2020 crash (S&P 500: 33.7%) and 49.7% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
BlackLine sells cloud-based accounting software to finance teams at mid-size and large organizations across all industries. One product family handles "record-to-report," the work of recording, reconciling, consolidating and reporting a company's numbers at the end of each period. Tools such as Account Reconciliations, Transaction Matching and Journal Entry automate steps often done in error-prone spreadsheets. A second group of "invoice-to-cash" products, such as Cash Application and Collections Management, helps companies collect payments from their customers. BlackLine also charges for implementation services.
The software works alongside enterprise resource planning (ERP) systems, the main accounting software many companies run, from SAP, Oracle, Workday, Microsoft Dynamics, Sage Intacct and NetSuite. Customers pay by subscription, so BlackLine depends heavily on renewals and on selling more products to existing clients. It works with consulting partners such as Deloitte, KPMG and Accenture, and customers can also purchase through the Amazon, Google and Microsoft cloud marketplaces. In September 2025 it launched Verity, a set of AI tools, and in December 2025 it acquired WiseLayer, which builds AI agents for accounting work.
Revenue grew 7.2% to $700.4 million in fiscal 2025, which ended December 31, 2025. The United States supplied $482.5 million, or 68.9%, and international customers $217.9 million, or 31.1%. BlackLine says nearly all its revenue comes from a limited number of software products.
Price history
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BL -38.7% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| United States | $482.5M | 68.9% |
| International | $217.9M | 31.1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $187.8M, up 9.2% from a year earlier, and net income was $16.5M (+98.8%).
- For fiscal 2025, revenue was $700.4M (+7.2% year over year; +14.8% a year from FY2020 to FY2025) with a 3.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +14.8% good |
|---|---|
| Operating margin | 3.6% weak |
| Free cash flow margin | 23.1% good |
| Return on equity (FY2025) | 7.4% weak |
| Return on assets (FY2025) | 1.4% weak |
| Net cash (cash minus debt) | $-139.6M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $351.7M | $-46.9M | $48.2M |
| FY2021 | $425.7M | $-115.2M | $71.4M |
| FY2022 | $522.9M | $-29.4M | $45.0M |
| FY2023 | $590.0M | $52.8M | $120.7M |
| FY2024 | $653.3M | $161.2M | $188.7M |
| FY2025 | $700.4M | $24.5M | $161.5M |
Valuation snapshot
| Market value | $1.96B |
|---|---|
| P/E ratio | 86.6 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Blackline’s market value went from $1.42B at the end of 2016 to $1.96B on Oct 28, 2026, up 39%; since the end of 2025 it is down 40%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.96B | -40.3% |
| 2025 | $3.29B | -13.4% |
| 2024 | $3.80B | -0.8% |
| 2023 | $3.83B | -4.9% |
| 2022 | $4.02B | -33.8% |
| 2021 | $6.07B | -20.5% |
| 2020 | $7.64B | +166.2% |
| 2019 | $2.87B | +28.2% |
| 2018 | $2.24B | +29.1% |
| 2017 | $1.73B | +22.4% |
| 2016 | $1.42B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BL price data to Oct 28, 2026 | -38.9% | -38.7% | -11.7% | -23.0% | +3.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -38.9% |
| 2025 | -9.0% |
| 2024 | -2.7% |
| 2023 | -7.2% |
| 2022 | -35.0% |
| 2021 | -22.4% |
| 2020 | +158.7% |
| 2019 | +25.9% |
| 2018 | +24.9% |
| 2017 | +18.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 27.9% over that stretch · deepest drop along the way 38.3%, back to its old high 2.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 42.3% over that stretch · deepest drop along the way 49.7%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 6 sales ($2.4M), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 24, 2026 | Therese Tucker Director | sell | $2.2M |
| Jun 5, 2026 | Mika Yamamoto Director | sell | $85K |
| May 21, 2026 | Gregory Hughes Director | sell (plan) | $50K |
| Aug 27, 2026 | Michelle D Stalick Chief Accounting Officer | sell | $26K |
| Jun 1, 2026 | Michelle D Stalick Chief Accounting Officer | sell | $24K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12.6% | Jun 30, 2025 |
| Vanguard Portfolio Management | 6.88% | Mar 31, 2026 |
| FMR LLC | 4.3% | Jun 30, 2025 |
ETFs with the most weight in BL
| WCLD WisdomTree Cloud Computing Fund | 1.64% |
| FSGS First Trust SMID Growth Strength ETF | 0.89% |
| GSC Goldman Sachs Small Cap Core Equity ETF | 0.8% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 0.79% |
| SKYY First Trust Cloud Computing ETF | 0.76% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.43% |
| SLYG SPDR S&P 600 Small Cap Growth ETF | 0.39% |
| IJT iShares S&P Small-Cap 600 Growth ETF | 0.39% |
What could go wrong
- Slowing growth and a shrinking customer count. Revenue growth slowed to 7.2% in fiscal 2025. Customer and user counts have fallen, partly because a focus on larger clients raised churn (cancellations) among smaller ones. Growth hinges on renewals and add-on sales.
- Growing reliance on AI features. BlackLine launched its Verity AI tools in September 2025 and acquired WiseLayer in December 2025. If the AI errs, fails to win customers, or WiseLayer integrates poorly, reputation and sales could suffer.
- Few products in a crowded market. Nearly all revenue comes from a limited set of products in an intensely competitive market. BlackLine says the market for its book-closing software is maturing, and some buyers stick with cheap, widely available tools.
- Thin and uneven profits. BlackLine lost money every year from 2020 through 2022. Profit fell 84.8% to $24.5 million in fiscal 2025, a 3.5% margin, and the company warns it may not sustain profitability.
- Debt exceeds cash on hand. As of June 30, 2026, BlackLine had $667.3 million of debt, including convertible notes (bonds that can turn into shares), versus $527.8 million of cash and investments. Settling them could require significant cash.
- Data breaches or cloud outages. BlackLine holds confidential customer data and delivers its software through Google, Microsoft, Amazon and Snowflake clouds. A security breach or service outage could drive customers away and bring significant liabilities.
Recent events
- Other company announcement
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Other company announcement
- Major agreement signed; Executive or board change; Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Executive or board change
For income and retirement investors
BlackLine pays no dividend, and its 10-K says it does not intend to, so any return comes only from changes in the share price. It may not suit investors who need regular cash income. The company has repurchased stock, spending $235.5 million on buybacks in fiscal 2025 after none in fiscal 2024. Even so, the share count fell only 0.9%, from 58.7 million on October 29, 2021, to 58.1 million on July 31, 2026.
The stock has fallen hard in downturns. In the 2020 COVID crash it dropped 38.3% from February 19 to March 17, 2020, and recovered by May 22, 2020. In the 2022 bear market it lost 49.7% from January 3 to May 11, 2022, and had not regained that high as of October 28, 2026. Its trading history does not reach back to the 2008 financial crisis. A single stock like BlackLine carries more risk than a diversified fund that spreads money across many companies.
Questions investors ask
How does BlackLine make money?
BlackLine sells cloud-based accounting software on subscription, plus implementation services. Its tools help finance teams close the books each period, reconcile accounts, match transactions and collect payments from their own customers. The software connects to enterprise resource planning (ERP) systems, the core accounting software many companies run, from vendors such as SAP, Oracle and Workday. Revenue was $700.4 million in fiscal 2025, which ended December 31, 2025, with 68.9% from the United States and 31.1% from international customers.
Does BlackLine pay a dividend?
No. BlackLine paid no dividends from fiscal 2021 through fiscal 2025, and its 10-K says it does not intend to pay them, so shareholder returns depend only on the share price. It has used buybacks instead, spending $235.5 million to repurchase stock in fiscal 2025, though the share count fell just 0.9% between October 29, 2021, and July 31, 2026. The stock may not suit investors who need steady income.
Is BlackLine profitable?
Yes, but thinly. BlackLine lost money every year from 2020 through 2022, turned a profit in 2023, and earned $24.5 million in fiscal 2025 on $700.4 million of revenue. That is a 3.5% net margin, or 3.5 cents of profit per dollar of sales, and was down 84.8% from fiscal 2024. Free cash flow, the cash left after running the business and paying for equipment, was higher at $161.5 million. As of October 28, 2026, the shares traded at 86.6 times fiscal 2025 earnings.
How has BlackLine stock performed?
BlackLine shares have fallen sharply over the past five years. As of October 28, 2026, they were down 38.7% over one year and 73% over five years, about 23% a year. Over 10 years they gained 43% in total, about 3.6% a year. The stock lost money in every calendar year from 2021 through 2025 and was down 38.9% for 2026 through October 28. Within the year to October 28, 2026, it fell as much as 57.1% from a peak.
How much debt does BlackLine have?
BlackLine had $667.3 million of total debt as of June 30, 2026, against $527.8 million of cash and investments, leaving net debt of about $139.6 million. The debt includes convertible notes, which are bonds that holders can convert into shares under certain conditions. The company warns it may not have enough cash to settle conversions or repay the notes at maturity, and that its debt could limit its operating flexibility.