At a glance
Liquidity Services Inc is worth $1.37B, about 50 times its fiscal 2025 earnings. Revenue grew 31.2% to $476.7M in fiscal 2025, with 5.9% kept as profit; over 5 years it has grown 18.3% a year. It pays no dividend; it spent $103.4M buying back its shares over FY2021–FY2025. The stock returned +81.6% over the past year with dividends reinvested and +15.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 23.8% in the 2020 crash (S&P 500: 33.7%) and 47.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 3 months after the lows.
The business in plain English
Liquidity Services runs online auction marketplaces where businesses and government agencies sell surplus, returned and used goods. Many buyers are professionals, such as discount stores, online resellers, refurbishers, scrap recyclers, import and export firms and small businesses. In the fiscal year ended September 30, 2025, its sites handled $1.6 billion of gross merchandise volume (GMV, the total value of goods sold), and registered buyers grew to 6.0 million from 5.5 million.
The company earns money in two ways. Sometimes it purchases goods outright and resells them, taking the risk that they fetch less than expected. This product revenue made up 65.1% of the roughly $477 million of revenue in fiscal 2025. Otherwise it sells items on the owner's behalf (consignment) and collects fees from sellers and buyers, plus charges for services such as valuation and logistics. That made up 34.9%.
The Retail Supply Chain Group, 69.3% of fiscal 2025 revenue, sells excess, returned and overstocked consumer goods for US and Canadian companies through sites such as Liquidation.com. GovDeals, 18.3%, lets city, county, state and federal agencies sell surplus property and real estate. The Capital Assets Group, 8.2%, handles heavy equipment and industrial assets for businesses. Machinio and Software Solutions, 4.1%, runs an equipment search engine and offers auction software to other businesses. About 90.9% of revenue came from the US.
Price history
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LQDT +81.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product | $310.5M | 65.1% |
| Consignment And Other Fee Revenues | $166.1M | 34.9% |
By business segment
| RSCG | $330.3M | 69.3% |
| Gov Deals | $87.4M | 18.3% |
| CAG | $39.3M | 8.2% |
| Machinio And Software Solutions Corporation | $19.7M | 4.1% |
By geography
| US | $433.3M | 90.9% |
| Non Us | $43.4M | 9.1% |
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $129.6M, up 8.1% from a year earlier, and net income was $10.4M (+40.7%).
- For fiscal 2025, revenue was $476.7M (+31.2% year over year; +18.3% a year from FY2020 to FY2025) with a 5.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +18.3% good |
|---|---|
| Operating margin | 7.4% watch |
| Free cash flow margin | 12.4% good |
| Return on equity (FY2025) | 13.8% watch |
| Return on assets (FY2025) | 7.5% watch |
| Cash and investments | $231.1M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $205.9M | $-3.8M | $12.3M |
| FY2021 | $257.5M | $50.9M | $60.0M |
| FY2022 | $280.1M | $40.3M | $36.7M |
| FY2023 | $314.5M | $21.0M | $41.6M |
| FY2024 | $363.3M | $20.0M | $61.3M |
| FY2025 | $476.7M | $28.1M | $59.0M |
Valuation snapshot
| Market value | $1.37B |
|---|---|
| P/E ratio | 50.4 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Liquidity Services’s market value went from $305.1M at the end of 2016 to $1.37B on Oct 28, 2026, about 4.5 times as much; since the end of 2025 it is up 48%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.37B | +47.9% |
| 2025 | $928.7M | -6.4% |
| 2024 | $992.6M | +87.5% |
| 2023 | $529.3M | +5.2% |
| 2022 | $503.3M | -35.8% |
| 2021 | $783.6M | +44.2% |
| 2020 | $543.3M | +169.0% |
| 2019 | $202.0M | -1.0% |
| 2018 | $204.1M | +32.0% |
| 2017 | $154.7M | -49.3% |
| 2016 | $305.1M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| LQDT price data to Oct 28, 2026 | +44.6% | +81.6% | +32.7% | +15.4% | +17.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +44.6% |
| 2025 | -6.1% |
| 2024 | +87.6% |
| 2023 | +22.4% |
| 2022 | -36.3% |
| 2021 | +38.8% |
| 2020 | +166.9% |
| 2019 | -3.4% |
| 2018 | +27.2% |
| 2017 | -50.3% |
| 2016 | +50.0% |
| 2015 | -20.4% |
| 2014 | -64.0% |
| 2013 | -44.5% |
| 2012 | +10.7% |
| 2011 | +162.6% |
| 2010 | +39.5% |
| 2009 | +20.9% |
| 2008 | -35.4% |
| 2007 | -25.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 57.8% over that stretch · deepest drop along the way 67.3%, back to its old high 18.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 19.7% over that stretch · deepest drop along the way 23.8%, back to its old high 1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.6% over that stretch · deepest drop along the way 47.8%, back to its old high 2.7 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 40 sales ($7.3M), 16 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 22, 2026 | Mark A Shaffer VP, Gen. Counsel & Secretary | sell | $1.5M |
| Jun 23, 2026 | Jaime Mateus-Tique Director | sell (plan) | $1.5M |
| Jun 16, 2026 | Jaime Mateus-Tique Director | sell (plan) | $1.3M |
| Jun 18, 2026 | Jaime Mateus-Tique Director | sell (plan) | $372K |
| May 22, 2026 | Steven Weiskircher SVP & Chief Technology Officer | sell | $365K |
Who owns it
Large shareholders (13G filings)
| Renaissance Technologies LLC | 3.96% | Mar 31, 2026 |
| FORUM CAPITAL PARTNERS | 1.1% | Jun 30, 2026 |
| STALEY CAPITAL ADVISERS INC | 1.1% | Jun 30, 2026 |
ETFs with the most weight in LQDT
| IBUY Amplify Online Retail ETF | 3.66% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 2.83% |
| GRPZ Invesco S&P SmallCap 600 GARP ETF | 1.74% |
| FDM First Trust Dow Jones Select MicroCap Index Fund | 1.4% |
| DWAS Invesco Dorsey Wright SmallCap Momentum ETF | 0.4% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.39% |
| PSCI Invesco S&P SmallCap Industrials ETF | 0.32% |
| AFSM First Trust Active Factor Small Cap ETF | 0.28% |
What could go wrong
- Heavy reliance on Amazon for inventory. Its Retail Supply Chain Group, 69.3% of fiscal 2025 revenue, purchases a significant portion of its inventory from Amazon. If Amazon changed terms or the goods it offers, replacement supply could be hard to find.
- Marketplace needs both sellers and buyers. The model works only if enough sellers supply goods to keep professional buyers active, and those buyers draw more sellers. If either side shrinks, the cycle can run in reverse.
- Losses on goods it owns outright. Most revenue comes from goods the company purchases and resells, so it carries inventory and credit risk. If it misjudges what those goods will fetch, profit margins may decline.
- Swings in surplus supply and prices. Revenue could fall if fewer surplus goods come to market, buyer demand weakens, or prices drop for used vehicles, real estate and other assets sold on its sites.
- Acquisition and goodwill risk. The company has made acquisitions such as Sierra and Auction Software. Deals that integrate poorly could hurt results, and its significant goodwill balance (the premium paid in deals) could be written down.
- Uneven results and a volatile stock. Quarterly results have swung in the past, and busy seasons strain operations. The share price has been volatile too: its worst fall over its history was 95.3%, as of October 28, 2026.
Recent events
- Major agreement signed; Acquisition or sale of assets completed; Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Major agreement signed
- Other company announcement
- Quarterly results released
- Shareholder vote results
- Executive or board change
- Other company announcement
- Quarterly results released
For income and retirement investors
Liquidity Services pays no dividend and paid none in fiscal years 2021 through 2025, so the stock offers no regular income. A retiree would need to sell shares to turn it into cash. The company has instead returned money through buybacks (repurchases of its own stock), spending about $103.4 million on its shares over those five years. Shares outstanding fell 11.7%, from about 35.5 million on December 6, 2021, to about 31.3 million on August 3, 2026.
The share price has fallen hard in downturns. It dropped 67.3% in the 2008 financial crisis and took 18.4 months from its low to recover. It fell 23.8% in the 2020 COVID crash but recovered within about a month. In the 2022 bear market it lost 47.8%, then recovered by August 1, 2022. Its worst drop over its full price history was 95.3%. Like any single stock, LQDT carries more risk than a diversified fund.
Questions investors ask
How does Liquidity Services make money?
Mostly by reselling surplus goods it purchases. In the fiscal year ended September 30, 2025, 65.1% of its roughly $477 million in revenue came from goods it bought from sellers and resold. The other 34.9% came from consignment and other fees, where it sells items for their owners and charges fees to sellers and buyers. Its marketplaces handled $1.6 billion of goods in that fiscal year.
Does Liquidity Services pay a dividend?
No. Liquidity Services paid no dividends in fiscal years 2021 through 2025. It returned cash through share buybacks instead, spending about $103.4 million on its own stock over those five years. The number of shares outstanding fell 11.7% between December 6, 2021, and August 3, 2026. Investors who rely on regular income would get none from this stock and would need to sell shares to raise cash.
How much does Liquidity Services depend on Amazon?
Significantly, through its largest segment. The company's 10-K annual report, filed November 20, 2025, says its Retail Supply Chain Group, which produced 69.3% of revenue in the fiscal year ended September 30, 2025, acquires a significant portion of its purchased inventory from Amazon under vendor contracts. The company warns that if Amazon stopped selling to it on acceptable terms or changed the mix of goods, it likely could not find replacement inventory quickly.
Does Liquidity Services have any debt?
It appears to have little or no debt. Its financial statements as of June 30, 2026 show no borrowings. On that date the company held about $231.1 million in cash and investments, with total assets of $420.1 million and shareholders' equity of $235.9 million. Little debt lowers the risk of financial strain in a slowdown, though the company says it may need extra financing in the future, which may not be available on favorable terms.
How has LQDT stock performed over the long term?
Well over longer periods, with deep drops along the way. As of October 28, 2026, the share price was up 81.6% over one year and had gained about 15.4% a year over five years and 17.5% a year over ten years. It fell 6.13% in calendar 2025, and its worst decline over its history was 95.3%. On that date it traded at about 50.4 times fiscal 2025 earnings, meaning investors paid about $50 for each $1 of annual profit.