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Blackline

BL on Nasdaq. BlackLine sells software that finance and accounting teams use to manage their work. Market value $1.6bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Technology stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
9.1%high

For every $100 of what the whole company costs, it produced $9.11 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 63 of 100. Price score: 61 of 100. Our list needs 70 on quality and 60 on price.

$28.17 a share, 14% above its 1-year low

Over the past year the price has ranged from $24.70 to $59.57.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.1
0.0
0.1
0.2
0.1
0.1
2021202220232024202512 monthsto Jun '26
Revenue
$426m$523m$590m$653m$700m
Operating margin
-9.1%-10.7%2.4%2.8%3.6%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.06bn0.06bn0.06bn0.06bn0.06bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)7 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • DebtUnknown
  • Revenue growth, five yearsStrong, 14.8% a year
  • Buying back its own sharesYes, 3% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $188 million last quarter, up 9% on a year ago.
  • Profit: $16 million, up 99% on a year ago.
  • It keeps 4 cents of each $1 of sales as operating profit, about the same as a year earlier.
  • Spare cash over the past 12 months: $149 million, up from $144 million.
  • 7% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$166m
December 2024$169m
March 2025$167m
June 2025$172m
September 2025$178m
December 2025$183m
March 2026$183m
June 2026$188m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$17m
December 2024$56m
March 2025$6m
June 2025$8m
September 2025$5m
December 2025$5m
March 2026$8m
June 2026$16m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

3 long-term investors we follow own it, down from 4 last quarter. 246 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

  • BlackRock, Inc.
    Passive investor
    12.6%
    Since 30 June 2025
  • 6.9%
    Since 31 March 2026
  • Fivespan Partners, LP
    Passive investor
    at least 5.1%
    (filed with 1 related holder)
    Since 11 March 2026
    What they said

    The Reporting Persons acquired the securities of the Issuer reported herein based on their belief that the securities were undervalued and represented an attractive investment opportunity. The Reporting Persons from time to time expect to enter into discussions with directors…

    Read the filing
  • FMR LLC
    Passive investor
    at least 4.3%−1.8 pts
    (filed with 1 related holder)
    Since 30 June 2025
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 5 sold $2m, $99,569 of it under preset trading plans.

  • Stalick Michelle D
    Chief Accounting Officer
    Sold
    Date
    27 August 2026
    Shares
    780
    Price
    $33.65
    Value
    $26,247
  • Tucker Therese
    Director
    Sold
    Date
    24 August 2026
    Shares
    70,000
    Price
    $31.96
    Value
    $2m
  • Yamamoto Mika
    Director
    Sold
    Date
    5 June 2026
    Shares
    3,000
    Price
    $28.48
    Value
    $85,440
  • Stalick Michelle D
    Chief Accounting Officer
    Sold
    Date
    1 June 2026
    Shares
    780
    Price
    $30.93
    Value
    $24,125
  • HUGHES GREGORY
    Director
    Sold
    under a preset trading plan
    Date
    21 May 2026
    Shares
    1,637
    Price
    $30.25
    Value
    $49,519
  • Stalick Michelle D
    Chief Accounting Officer
    Sold
    Date
    18 May 2026
    Shares
    459
    Price
    $30.26
    Value
    $13,889
  • Unterman Thomas
    Director
    Sold
    under a preset trading plan
    Date
    27 October 2025
    Shares
    910
    Price
    $55.00
    Value
    $50,050

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 7 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.