Liquidity Services Inc. (LQDT) intrinsic value & 10-year financials
Liquidity Services Inc. (LQDT) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 4.7% a year to $476.7M, with an average return on invested capital of 19.1%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $43.86
- Market cap
- $1.4B
- Revenue (FY2025)
- $476.7M
- Revenue growth (10-yr CAGR)
- 4.7%
- ROIC (10-yr avg)
- 19.1%
- Free cash flow (FY2025)
- $59.0M
LQDT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $476.7M | $28.1M | $0.87 | $59.0M | 7.4% | 65.9% |
| FY2024 | $363.3M | $20.0M | $0.63 | $61.3M | 6.4% | 35.7% |
| FY2023 | $314.5M | $21.0M | $0.65 | $41.6M | 8.3% | 30.0% |
| FY2022 | $280.1M | $40.3M | $1.20 | $36.7M | 16.9% | 75.1% |
| FY2021 | $257.5M | $50.9M | $1.45 | $60.0M | 10.5% | 66.2% |
| FY2020 | $205.9M | -$3.8M | -$0.11 | $12.3M | -1.9% | -9.0% |
| FY2019 | $226.5M | -$19.3M | -$0.58 | -$12.2M | -8.6% | -15.9% |
| FY2018 | $224.5M | -$11.6M | — | -$3.6M | -9.5% | -9.0% |
| FY2017 | $270.0M | -$39.2M | — | -$39.5M | -14.8% | -26.8% |
| FY2016 | $316.5M | -$59.9M | -$1.96 | $39.7M | -10.8% | -21.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
LIQUIDITY SERVICES INC has demonstrated mature, steady growth, with revenue compounding at 4.7% annually over the past decade.
LIQUIDITY SERVICES INC has earned high returns on invested capital, averaging 19.1% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
LIQUIDITY SERVICES 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, LIQUIDITY SERVICES INC is modeled at -12.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-11.62 per share.