BlackLine - Public Comps and Valuation Multiples

BlackLine Overview

About BlackLine

BlackLine Inc is engaged in providing financial accounting close solutions delivered as Software as a Service (SaaS). The Company’s solutions enable its customers to address various aspects of their critical processes, including financial close & consolidation, intercompany accounting, and invoice-to-cash. The majority of the revenue of the company is earned in the United States.

Founded

2001

HQ

Employees

1.8K+

Website

blackline.com

Sectors

Financial Management Software
FinTech
B2B SaaS
Horizontal SaaS

Financials

LTM Revenue $691M

LTM EBITDA $183M

EV

$3.1B

Valuation Multiples

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BlackLine Financials

As of September 2025, BlackLine reported last 12-month revenue of $691M and EBITDA of $183M.

In the same period, BlackLine generated $551M in LTM gross profit and $163M in net income.

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BlackLine P&L

In the most recent fiscal year, BlackLine reported revenue of $653M and EBITDA of $184M.

BlackLine expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$691M	XXX	$653M	XXX	XXX	XXX
Gross Profit	$551M	XXX	$491M	XXX	XXX	XXX
Gross Margin	80%	XXX	75%	XXX	XXX	XXX
EBITDA	$183M	XXX	$184M	XXX	XXX	XXX
EBITDA Margin	26%	XXX	28%	XXX	XXX	XXX
EBIT	$149M	XXX	$20.3M	XXX	XXX	XXX
EBIT Margin	22%	XXX	3%	XXX	XXX	XXX
Net Profit	$163M	XXX	$161M	XXX	XXX	XXX
Net Margin	24%	XXX	25%	XXX	XXX	XXX
Net Debt	XXX	XXX	$6.8M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for BlackLine including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $691M. EBITDA for the last twelve months was $183M. In the most recent fiscal year, BlackLine achieved $653M in revenue and $184M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$691M	Analyst estimates available to subscribers	$653M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$551M	Analyst estimates available to subscribers	$491M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	79.7% gross margin	Analyst estimates available to subscribers	75.2% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$183M	Analyst estimates available to subscribers	$184M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	26.4% EBITDA margin	Analyst estimates available to subscribers	28.1% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$149M	Analyst estimates available to subscribers	$20.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	21.6% EBIT margin	Analyst estimates available to subscribers	3.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$163M	Analyst estimates available to subscribers	$161M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	23.6% net profit margin	Analyst estimates available to subscribers	24.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$6.8M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for BlackLine

This financial data table provides comprehensive performance metrics for BlackLine, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

BlackLine generated $691M in revenue over the last twelve months.
The company achieved $183M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $551M.
Net income over the last twelve months reached $163M.

Fiscal Year Performance

In the most recent fiscal year, BlackLine reported $653M in total revenue.
Fiscal year EBITDA was $184M.
The company maintained a gross profit margin of 75.2% in the most recent fiscal year.
EBITDA margin for the fiscal year was 28.1%.
Net profit margin reached 24.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for BlackLine. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

BlackLine Stock Performance

BlackLine has current market cap of $3.1B, and EV of $3.1B.

Market Cap Evolution

BlackLine Stock Data

As of October 17, 2025, BlackLine's stock price is $50.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$3.1B	$3.1B	XXX	XXX	XXX	XXX	$2.15

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BlackLine Valuation Multiples

BlackLine's trades at 4.8x EV/Revenue multiple, and 17.1x EV/EBITDA.

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BlackLine Financial Valuation Multiples

As of October 17, 2025, BlackLine has market cap of $3.1B and EV of $3.1B.

Equity research analysts estimate BlackLine's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

BlackLine has a P/E ratio of 18.9x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$3.1B	XXX	$3.1B	XXX	XXX	XXX
EV (current)	$3.1B	XXX	$3.1B	XXX	XXX	XXX
EV/Revenue	4.6x	XXX	4.8x	XXX	XXX	XXX
EV/EBITDA	17.2x	XXX	17.1x	XXX	XXX	XXX
EV/EBIT	21.1x	XXX	155.4x	XXX	XXX	XXX
EV/Gross Profit	5.7x	XXX	n/a	XXX	XXX	XXX
P/E	18.9x	XXX	19.1x	XXX	XXX	XXX
EV/FCF	18.2x	XXX	19.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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BlackLine Margins & Growth Rates

BlackLine's last 12 month revenue growth is 8%

BlackLine's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.3M for the same period.

BlackLine's rule of 40 is 28% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

BlackLine's rule of X is 48% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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BlackLine Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	8%	XXX	8%	XXX	XXX	XXX
EBITDA Margin	26%	XXX	28%	XXX	XXX	XXX
EBITDA Growth	13%	XXX	27%	XXX	XXX	XXX
Rule of 40	28%	XXX	37%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	48%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	38%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	15%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	72%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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