BlackLine (BL)
NASDAQ:BL
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BlackLine
(NASDAQ:BL)
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Rating:54Neutral
Price Target:
$34.00
▲(2.29% Upside)
Action:ReiteratedDate:03/18/26
The score is held back mainly by balance-sheet leverage and still-uncertain earnings durability, plus weak technical trend and a very high P/E with no dividend support. These are partially offset by strong cash generation and constructive earnings-call signals (bookings/RPO strength, platform adoption, and margin/FCF growth guidance).
Positive Factors
Cash generation
Consistently strong operating and free cash flow—with FCF roughly 90% of net income—gives BlackLine durable internal funding for product investment, buybacks and debt paydown. This cash conversion supports strategic flexibility even if revenue growth moderates.
Negative Factors
High leverage
Debt at nearly 2.8x equity is aggressive for a software firm and constrains capital allocation. Near-term note retirement reduces risk if executed, but leverage raises refinancing and interest risks and limits M&A or aggressive R&D spending until stronger deleveraging is realized.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Consistently strong operating and free cash flow—with FCF roughly 90% of net income—gives BlackLine durable internal funding for product investment, buybacks and debt paydown. This cash conversion supports strategic flexibility even if revenue growth moderates.
Read all positive factors
BlackLine (BL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.98B
Dividend YieldN/A
Average Volume (3M)1.14M
Price to Earnings (P/E)134.5
Beta (1Y)0.93
Revenue Growth7.36%
EPS Growth-40.62%
CountryUS
Employees1,830
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.63
Shares Outstanding59,542,336
10 Day Avg. Volume942,487
30 Day Avg. Volume1,136,708
Financial Highlights & Ratios
PEG Ratio-1.59
Price to Book (P/B)9.92
Price to Sales (P/S)4.71
P/FCF Ratio20.42
Enterprise Value/Market Cap1.24
Enterprise Value/Revenue3.51
Enterprise Value/Gross Profit4.67
Enterprise Value/Ebitda23.28
Forecast
1Y Price Target
$57.67Price Target Upside73.50% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)2.4
Revenue Forecast (FY)$765.83M
BlackLine Business Overview & Revenue Model
Company Description
BlackLine, Inc. provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users ...
How the Company Makes Money
BlackLine primarily makes money by selling its software as a subscription (SaaS) to business customers. Revenue is largely generated from recurring subscription fees paid by organizations that license access to BlackLine’s cloud platform and speci...
BlackLine Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyBlackLine Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call outlined strong operational progress: record bookings, RPO growth, margin expansion, improving sales productivity, enterprise NRR strength, accelerating platform adoption and AI-enabled product momentum. Key challenges remain centered on lower-mid-market churn/headcount transition effects, a near-term debt maturity, and the fact that platform/AI consumption monetization will be modest in 2026. Management provided measured guidance that embeds platform adoption and margin expansion but implies growth just below double digits.Positive Updates
Record Bookings and Strong Bookings Growth
Full-year bookings grew 22%, with management calling Q4 the strongest booking quarter and year in company history; nearly 75% of Q4 new bookings leveraged the platform.
Negative Updates
Lower-Mid Market Churn / Retention Pressure
Management said Q4 was the peak of churn and attrition driven largely by strategic choices in the lower middle market; overall revenue renewal rate was 92% (impacted ~2 points by M&A) despite enterprise strength.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Bookings and Strong Bookings Growth
Full-year bookings grew 22%, with management calling Q4 the strongest booking quarter and year in company history; nearly 75% of Q4 new bookings leveraged the platform.
Read all positive updates
Company Guidance
BlackLine guided Q1 2026 GAAP revenue of $180–182M (≈8–9% y/y), non‑GAAP operating margin of 18.5–19.5%, and non‑GAAP net income of $31–33M (EPS $0.44–0.46) on ~74.5M diluted shares; for full‑year 2026 it expects GAAP revenue of $764–768M (≈9.1–9.6% growth), non‑GAAP operating margin of 23.7–24.3%, and non‑GAAP net income of $172–180M (EPS $2.37–2.48) on ~75M diluted shares. Management also expects free cash flow growth in the mid‑teens and free cash flow per share growth in the high‑teens, plans to retire its 2026 notes (reducing fully diluted shares by ~1M), has embedded platform‑pricing adoption of roughly 25–35% of customers by year‑end in the guide, and said AI/agent consumption revenue will be immaterial in 2026 while platform uplift from agents is included.BlackLine Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
45
Neutral
Cash Flow
71
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 700.43M | 653.34M | 590.00M | 522.94M | 425.71M |
| Gross Profit | 526.78M | 491.37M | 443.20M | 393.55M | 327.83M |
| EBITDA | 105.57M | 183.80M | 116.51M | 1.25M | -10.79M |
| Net Income | 24.52M | 161.17M | 52.83M | -29.39M | -115.16M |
Balance Sheet | |||||
| Total Assets | 1.76B | 1.83B | 2.10B | 1.94B | 1.82B |
| Cash, Cash Equivalents and Short-Term Investments | 778.21M | 885.91M | 1.20B | 1.08B | 1.20B |
| Total Debt | 940.26M | 916.60M | 1.41B | 1.40B | 1.13B |
| Total Liabilities | 1.39B | 1.34B | 1.81B | 1.81B | 1.46B |
| Stockholders Equity | 332.33M | 446.67M | 260.88M | 111.87M | 325.04M |
Cash Flow | |||||
| Free Cash Flow | 161.49M | 188.71M | 99.02M | 25.83M | 56.83M |
| Operating Cash Flow | 169.57M | 190.84M | 126.61M | 56.01M | 80.09M |
| Investing Cash Flow | -425.29M | 924.44M | -62.48M | -395.62M | -506.94M |
| Financing Cash Flow | -240.11M | -500.14M | 6.15M | 1.44M | 599.24M |
BlackLine Technical Analysis
Negative
33.24
Price Trends
38.76
Negative
47.38
Negative
50.63
Negative
Market Momentum
-1.05
Positive
32.53
Neutral
13.32
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BL, the sentiment is Negative. The current price of 33.24 is below the 20-day moving average (MA) of 36.88, below the 50-day MA of 38.76, and below the 200-day MA of 50.63, indicating a bearish trend. The MACD of -1.05 indicates Positive momentum. The RSI at 32.53 is Neutral, neither overbought nor oversold. The STOCH value of 13.32 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BL.
BlackLine Risk Analysis
BlackLine disclosed 55 risk factors in its most recent earnings report. BlackLine reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
BlackLine Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $2.03B | 465.26 | 0.49% | ― | 12.14% | -19.29% | |
66 Neutral | $1.72B | 26.41 | 7.96% | ― | 1.47% | 1077.70% | |
66 Neutral | $1.80B | -156.46 | -5.49% | ― | 17.11% | -19.12% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | $1.44B | -12.84 | -94.12% | ― | 9.47% | 16.97% | |
54 Neutral | $1.98B | 134.48 | 6.57% | ― | 7.36% | -40.62% | |
47 Neutral | $262.01M | -0.33 | -119.20% | 8.12% | -12.37% | -754.18% |
* Technology Sector Average
BL
BlackLine
33.24
-12.01
-26.54%
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BlackLine Corporate Events
Business Operations and StrategyStock Buyback
BlackLine Expands Share Repurchase Authorization, Emphasizing Capital Returns
Positive
Mar 17, 2026
On March 13, 2026, BlackLine, Inc.’s board of directors approved a $100 million increase to the company’s stock buyback program, lifting total authorization to repurchase up to $500 million of its common stock. To date, BlackLine has r...
Business Operations and StrategyExecutive/Board Changes
BlackLine Adds New Directors Under Activist Cooperation Pact
Positive
Mar 11, 2026
On March 9, 2026, BlackLine entered into a cooperation agreement with activist investor Engaged Capital that expands the board to 14 members and adds two independent directors, Uber executive Megan Prichard and MA specialist Storm Duncan, both eff...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
BlackLine Faces Activist Board Challenge from Engaged Capital
Negative
Feb 2, 2026
On February 2, 2026, BlackLine confirmed that activist investor Engaged Capital has nominated three director candidates for election to the company’s board at its yet-to-be-scheduled 2026 annual meeting, triggering a review by the board̵...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.