Liquidity Services Inc LQDT

IndustrialsSoftware & IT ServicesUnited States of America

Last close 44.64 USD on Nov 2, 2026, +47.3% year to date

Quant rating

Quant rating B Rank 114 of 486 in Industrials

Growth C 293 of 486
Valuation C 197 of 486
Quality B 110 of 486
Revisions C 337 of 486
Momentum A 19 of 486

Wall Street consensus Strong Buy (1.50)Average target 51.00 USD +14.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.4B
Enterprise value: 1.2B
52-week range: 21.72 – 45.80
3-year range: 15.42 – 45.80
Dividend yield: –
Beta (5 years): 1.07
Shares outstanding: 31.3M
Next earnings: Nov 19, 2026

About the company

Liquidity Services, Inc. operates a business-to-business e-commerce marketplace platform for surplus assets with buyers and corporate and government sellers. Its segments include GovDeals, Retail Supply Chain Group (RSCG), Capital Assets Group (CAG), and Machinio. GovDeals segment offers solutions that enable government entities including city, county, state and federal agencies and related commercial businesses to sell surplus property and real estate assets through its GovDeals, Bid4Assets and Sierra marketplaces. RSCG segment includes marketplaces that enable corporations located in the United States and Canada to sell excess, returned, and overstocked consumer goods. CAG segment enables commercial businesses to sell surplus assets on its AllSurplus marketplace. Machinio segment operates a search engine platform for listing equipment for sale in the construction, agriculture and other sectors. Its Auction software specializes in the development of auction and marketplace solutions.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	477	363	314	280	258	–
Revenue growth	31.2%	15.5%	12.3%	8.7%	25.1%	18.3%
EPS (basic, normalized)	1.28	1.03	0.93	0.73	0.95	–
EPS growth	24.3%	10.8%	27.4%	−23.2%	–	–
Gross margin	43.8%	51.0%	54.7%	57.4%	58.2%	53.0%
Net margin	5.9%	5.5%	6.7%	14.4%	19.8%	10.4%
ROE	14.6%	11.6%	13.3%	27.9%	41.3%	21.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	231
Current ratio	1.58x
Long-term debt (mil)	0
Net debt (mil)	−231
Total equity (mil)	236
Net debt / equity	−0.98x
Net debt / EBITDA	−3.80x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	477	+31.2%	2.4x	60.8	+30.5%	19.2x	1.28	+24.3%	34.9x
2026	–	–	–	79.1	+30.0%	14.8x	1.69	+32.0%	26.4x
2027	–	–	–	86.1	+8.8%	13.6x	1.93	+14.2%	23.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	–	–	–	–	1.69	0.0%	+9.7%	+8.3%
2027	–	–	–	–	1.93	0.0%	+7.2%	+6.6%
2028	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	91.5	93.6	107	122	116	120	118	121	121	130
Sales mean (mil)	79.2	88.8	93.0	105	121	120	101	103	–	–
Surprise	+15.5%	+5.4%	+14.9%	+16.1%	−4.1%	−0.4%	+17.1%	+17.7%	–	–
EPS reported	0.27	0.30	0.32	0.28	0.31	0.34	0.37	0.39	0.35	0.45
EPS mean	0.21	0.26	0.28	0.22	0.30	0.30	0.29	0.33	0.32	0.34
Surprise	+28.6%	+15.4%	+14.3%	+27.3%	+3.3%	+13.3%	+27.6%	+18.2%	+9.4%	+30.4%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
LQDT Liquidity Services Inc	1.4B	−3.80x	5.9%	5.93x	26.4x	23.1x	14.8x	13.6x
CPRT Copart Inc	29.6B	−2.37x	31.8%	3.25x	19.6x	18.0x	12.8x	11.8x
AMA Amadeus IT Group, S.A.	28.6B	1.01x	20.5%	5.45x	17.2x	15.3x	10.7x	9.7x
RBA RB Global, Inc (Ontario)	17.3B	2.16x	8.3%	2.86x	21.1x	18.6x	13.3x	12.1x
MANH Manhattan Associates, Inc.	14.7B	−0.51x	20.3%	73.24x	45.4x	41.0x	34.5x	31.5x
IDR Indra Sistemas SA	12.7B	−1.32x	7.9%	5.42x	22.3x	19.1x	10.5x	9.1x
Mean		−0.80x	15.8%	16.03x	25.4x	22.5x	16.1x	14.6x
Median		−0.91x	14.3%	5.44x	21.7x	18.8x	13.1x	12.0x

Technical analysis

1M+3.3%
3M+14.5%
1Y+86.5%
3Y+131.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Liquidity Services Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	477	363	314	280	258	206
Cost of revenue	268	178	142	119	108	96.0
Gross profit	209	185	172	161	150	110
Selling, general & administrative expenses	162	148	135	127	114	107
Research & development	–	–	–	–	–	–
Depreciation/amortization	10.4	12.1	11.3	10.3	7.0	6.3
Interest expense (income), operating	–	0	0	−24.5	–	–
Unusual expense (income)	1.1	2.1	0.3	0.7	1.5	0.6
Other operating expenses	0	−0.6	−0.1	−0.3	0	0
Operating income	35.1	23.4	26.1	47.4	27.2	−3.9
Net interest income (expense)	4.4	3.9	2.9	0.2	0.4	0.9
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	39.4	27.3	29.0	47.7	27.6	−3.0
Provision for taxes	11.3	7.3	8.0	7.3	−23.4	0.8
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	28.1	20.0	21.0	40.3	50.9	−3.8
Extraordinary items	–	–	–	–	–	–
Net income	28.1	20.0	21.0	40.3	50.9	−3.8
EBIT, normalized	36.6	25.5	26.4	23.6	28.6	−3.3
EBITDA, normalized	46.9	37.7	37.6	33.8	35.6	3.0
Basic EPS, normalized	1.28	1.03	0.93	0.73	0.95	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Liquidity Services Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	186	156	118	97.9	106	76.0
Receivables	12.5	13.0	8.7	12.4	6.5	7.4
Total inventory	14.2	17.1	11.1	11.7	12.5	5.6
Prepaid expenses	10.0	11.3	6.0	5.8	5.0	4.9
Other current assets	2.3	2.3	2.2	1.8	1.6	0.7
Total current assets	225	199	146	130	132	94.6
Property, plant & equipment	29.8	30.0	27.0	32.3	31.1	28.4
Goodwill	103	97.8	89.4	88.9	59.9	59.8
Intangibles	13.3	13.9	12.5	16.2	3.5	4.8
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	4.3	6.0	13.8	21.1	29.3	9.1
Total assets	375	347	289	288	256	197
Liabilities
Accounts payable	121	117	88.1	91.2	74.3	48.1
Payable/accrued	–	–	–	–	–	–
Accrued expenses	35.6	33.4	27.9	27.8	30.2	22.9
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	0	0	0	0
Other current liabilities	5.1	4.8	4.7	4.4	4.6	3.3
Total current liabilities	162	155	121	124	109	74.3
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	10.2	9.2	6.7	10.1	11.4	10.5
Total liabilities	172	164	127	134	121	84.8
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	286	276	266	258	252	248
Retained earnings (accumulated deficit)	38.1	10.0	−10.0	−30.9	−71.4	−122
Treasury stock	−110	−93.9	−84.0	−62.6	−36.6	−4.0
Other equity	−10.6	−9.4	−10.5	−10.3	−9.0	−9.8
Total equity	203	183	162	155	135	112
Total liabilities & shareholders' equity	375	347	289	288	256	197

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Liquidity Services Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	28.1	20.0	21.0	40.3	50.9	−3.8
Depreciation, depletion & amortization	10.4	12.1	11.3	10.3	7.0	6.3
Deferred taxes	2.4	5.3	6.6	6.3	−24.5	0.1
Non-cash items	15.9	12.1	10.6	−15.9	8.8	6.3
Changes in working capital	10.0	20.7	−2.4	3.8	23.2	7.5
Cash from operations	66.8	70.2	47.0	44.8	65.4	16.5
Investing activities
Capital expenditures	−7.8	−8.9	−5.4	−8.1	−5.5	−4.2
Other investing cash flows	−15.2	−7.2	−6.0	−13.0	4.4	32.9
Cash from investing	−23.0	−16.1	−11.4	−21.1	−1.0	28.6
Financing activities
Financing cash flow items	−5.7	−2.3	−1.3	−6.4	−3.9	−1.8
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−16.1	−8.9	−20.8	−25.5	−30.7	−3.9
Cash from financing	−21.8	−11.2	−22.1	−31.9	−34.7	−5.7
Foreign exchange effects	−0.6	0	0.6	−2.0	0.5	0.1
Net change in cash	21.4	42.9	14.2	−10.2	30.3	39.5
Free cash flow	59.0	61.3	41.6	36.7	60.0	12.2

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.