BlackLine

Software - Application · Technology

Price

$31.83

-0.09 (-0.28%)

Market Cap

$1.87B

Exchange

NASDAQ

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Exceptional

Stability

Mixed

Valuation

Good

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Share count rising — dilution

+22.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 58.4M (2021) → 71.6M (2025)

Winston Score History

The full picture

BlackLine makes software that helps companies manage their accounting and financial close processes. Instead of using spreadsheets to reconcile accounts and close the books at the end of each month or quarter, finance teams use BlackLine's tools to automate and track that work. Its main customers are medium and large businesses across many industries that need to speed up and improve the accuracy of their accounting.

BlackLine earns money through software subscriptions, meaning customers pay a recurring fee each year to use its platform. The company operates globally, with a strong presence in North America and growing customers in Europe and Asia-Pacific, and reported roughly $670 million in annual revenue in its most recent fiscal year. Its moat comes from how deeply its software gets embedded into a company's core accounting workflows, making it costly and disruptive to switch. The key risk is competition from larger software vendors like SAP and Oracle, which offer similar financial close tools bundled into broader enterprise platforms.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+115.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$112M/ year

↑ Rising (+11% vs prior year)

16.1% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

20.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$528M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

BlackLine is putting 16% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

76.0%

Premium pricing power — 76.0% gross margin

Profit after running costs

Operating Margin

5.9%

Thin — 5.9% operating margin

Return on the money invested

ROCE

4.2%

Weak — 4.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+8.6%

Steady sales growth (+8.6% YoY)

Profit growth

EPS YoY

-59.3%

Earnings shrinking (-59.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

523%

Turns 523% of profit into real cash

Spare cash per sale

FCF Margin

23.3%

Converts sales into free cash efficiently (23.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

2.11

Heavy debt load (2.11)

Covers its interest

Interest Cover

4.14x

Adequate interest coverage (4.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

54.1x

Expensive — P/E 54.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+42.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (54.1 → 11.9)

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Dividends

Not applicable for this business.

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