BLACKLINE, Inc. (BL) intrinsic value & 10-year financials
BLACKLINE, Inc. (BL) has a Graham intrinsic value of $12.95 per share. At $29.80 on Oct 17, 2026, the stock trades 130% above that value. Over the last 10 fiscal years revenue grew 20.8% a year to $700.4M, with an average return on invested capital of -2.2%.
- Graham intrinsic value
- $12.95
- Share price (Oct 17, 2026)
- $29.80
- Price vs Graham value
- 130% above
- Market cap
- $2.0B
- Revenue (FY2025)
- $700.4M
- Revenue growth (10-yr CAGR)
- 20.8%
- ROIC (10-yr avg)
- -2.2%
- Free cash flow (FY2025)
- $161.5M
BL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $700.4M | $24.5M | $0.39 | $161.5M | 3.6% | -6.0% |
| FY2024 | $653.3M | $161.2M | $1.45 | $188.7M | 2.8% | -9.0% |
| FY2023 | $590.0M | $52.8M | $0.81 | $120.7M | 2.4% | -38.0% |
| FY2022 | $522.9M | -$29.4M | -$0.49 | $45.0M | -10.7% | 27.5% |
| FY2021 | $425.7M | -$115.2M | -$1.97 | $71.4M | -9.1% | 55.7% |
| FY2020 | $351.7M | -$46.9M | -$0.83 | $48.2M | -5.7% | -11.3% |
| FY2019 | $289.0M | -$32.5M | -$0.59 | $25.1M | -9.7% | -9.7% |
| FY2018 | $227.8M | -$27.8M | -$0.52 | $9.9M | -13.1% | -9.7% |
| FY2017 | $175.6M | -$38.1M | -$0.73 | $2.4M | -20.0% | -12.0% |
| FY2016 | $128.0M | -$39.2M | -$0.92 | -$6.5M | -26.5% | -10.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
BLACKLINE, INC. is a consistent compounder, expanding top-line revenue at 20.8% annually over the past decade.
BLACKLINE, INC. has historically struggled to out-earn its cost of capital, averaging just 1.3% ROIC.
BLACKLINE, INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, BLACKLINE, INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $12.95 per share.