BlackLine, Inc. (BL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+60.3%

$54.64

vs $34.09 price

Levered DCF

$64.45

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.9

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	138.23×	23.46×	71.77×	-137.29×	-52.56×	-160.7×	-88.9×	-78.75×
P/B	9.92×	8.45×	14.56×	35.8×	18.59×	17.96×	7.16×	6.87×
P/S	4.71×	5.78×	6.44×	7.66×	14.19×	21.55×	9.87×	9.69×
EV / EBITDA	36.45×	20.71×	42.39×	4,147.84×	-615.2×	1,386.77×	-6,301.72×	-402.97×
Gross margin	75.2%	75.2%	75.1%	75.3%	77.0%	80.4%	79.6%	77.7%
Operating margin	4.8%	2.8%	2.4%	-10.7%	-9.1%	-5.7%	-9.7%	-13.1%
Net margin	3.5%	24.7%	9.0%	-5.6%	-27.1%	-13.3%	-11.3%	-12.2%
Current ratio	1.47×	2.59×	2.19×	3.4×	4.18×	2.78×	3.49×	1.39×
Debt / equity	2.83×	2.05×	5.41×	12.53×	3.49×	0.99×	1×	0×
Interest coverage	3.29×	2.12×	2.43×	-9.61×	-0.61×	-0.85×	-3.23×	-7,459×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.4%	36.1%	20.3%	-26.3%	-35.4%	-11.1%	-8.2%	-8.6%
Return on invested capital	1.5%	1.3%	0.8%	-2.5%	-2.6%	-2.3%	-3.4%	-8.9%
Return on assets	1.4%	8.8%	2.5%	-1.5%	-6.3%	-4.2%	-3.2%	-5.6%
Free cash flow yield	4.9%	5.0%	2.6%	0.6%	0.9%	0.5%	0.7%	0.2%
Earnings yield	0.7%	4.3%	1.4%	-0.7%	-1.9%	-0.6%	-1.1%	-1.3%
Enterprise value	$3.8B	$3.8B	$4.9B	$5.2B	$6.6B	$7.6B	$3.1B	$2.2B
Net debt / EBITDA	5.21×	0.17×	9.78×	956.45×	-55.06×	9.29×	-562.69×	8.61×
Cash conversion cycle (days)	81	80	85	63	79	99	84	95