Liquidity Services, Inc. (LQDT) 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

-7.4%

$41.36

vs $44.64 price

Levered DCF

$69.67

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

6.6

Safe zone

Rating

A-

Overall 4 / 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	30.14×	34.55×	25.91×	13.01×	14.12×	-67.82×	-12.76×	-16.44×
P/B	4.17×	3.81×	3.39×	3.4×	5.34×	2.24×	2.11×	1.47×
P/S	1.78×	1.91×	1.74×	1.87×	2.8×	1.22×	1.08×	0.85×
EV / EBITDA	13.8×	14.13×	12×	13.35×	18.2×	71.85×	-14.54×	-7.9×
Gross margin	43.8%	51.0%	54.7%	57.4%	58.2%	53.4%	54.8%	55.4%
Operating margin	7.4%	6.4%	8.3%	16.9%	10.5%	-1.9%	-8.6%	-9.7%
Net margin	5.9%	5.5%	6.7%	14.4%	19.8%	-1.8%	-8.5%	-5.2%
Current ratio	1.38×	1.27×	1.19×	1.03×	1.19×	1.27×	1.31×	1.5×
Debt / equity	0.07×	0.08×	0.07×	0.09×	0.11×	0.1×	0×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
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	13.8%	11.0%	13.0%	26.1%	37.7%	-3.4%	-16.6%	-9.0%
Return on invested capital	11.4%	8.7%	10.0%	21.3%	18.0%	-3.1%	-16.5%	-9.0%
Return on assets	7.5%	5.8%	6.9%	13.1%	19.9%	-1.9%	-10.3%	-5.8%
Free cash flow yield	6.9%	8.8%	7.6%	7.0%	8.3%	4.9%	-5.0%	-1.9%
Earnings yield	3.3%	2.9%	3.8%	7.7%	7.1%	-1.5%	-7.9%	-6.1%
Enterprise value	$688M	$556.5M	$448.2M	$443.5M	$628.6M	$186.3M	$208.2M	$131.6M
Net debt / EBITDA	-3.22×	-3.52×	-2.66×	-2.45×	-2.66×	-24.86×	2.55×	3.51×
Cash conversion cycle (days)	-55	-72	-62	-76	-86	-49	-17	-6