Liquidity Services (LQDT) Financials

$34.33 -1.86 (-5.14%)

Closing price 04:00 PM Eastern

Extended Trading

$34.39 +0.06 (+0.17%)

As of 06:47 PM Eastern

Annual Income Statements for Liquidity Services

This table shows Liquidity Services' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-105	-60	-39	-12	-19	-3.77	51	40	21	20	28
Consolidated Net Income / (Loss)	-105	-60	-39	-12	-19	-3.77	51	40	21	20	28
Net Income / (Loss) Continuing Operations	-105	-60	-39	-12	-19	-3.77	51	40	21	20	28
Total Pre-Tax Income	-144	-33	-40	-21	-18	-2.97	28	48	29	27	39
Total Operating Income	-144	-34	-40	-22	-20	-3.90	27	47	26	23	35
Total Gross Profit	231	173	144	124	-102	110	150	161	172	185	209
Total Revenue	397	316	270	225	0.00	206	258	280	314	363	477
Operating Revenue	397	316	270	225	-	206	258	280	314	363	477
Total Cost of Revenue	166	143	126	100	102	96	108	119	142	178	268
Operating Cost of Revenue	166	143	126	100	102	96	108	119	142	178	268
Total Operating Expenses	375	207	184	146	-83	114	123	113	146	162	174
Selling, General & Admin Expense	42	40	36	30	34	29	29	28	28	32	33
Marketing Expense	41	38	35	34	37	36	38	43	49	55	61
Depreciation Expense	9.24	6.50	5.80	4.60	5.09	6.29	6.97	10	11	12	10
Other Operating Expenses / (Income)	128	105	106	77	-159	43	49	56	57	63	70
Total Other Income / (Expense), net	-0.17	1.22	0.61	0.79	1.45	0.92	0.41	0.25	2.91	3.85	4.38
Interest Expense	0.17	-1.22	-0.61	-0.79	-1.45	-0.92	-0.41	-0.25	-2.91	-3.85	-4.38
Income Tax Expense	-40	27	-0.45	-9.33	1.20	0.80	-23	7.33	8.04	7.27	11
Basic Earnings per Share	($3.50)	($1.96)	($1.25)	($0.36)	($0.58)	($0.11)	$1.53	$1.25	$0.68	$0.66	$0.91
Weighted Average Basic Shares Outstanding	30.55M	30.64M	31.40M	32.10M	33.06M	33.61M	33.33M	32.29M	31.08M	30.50M	30.93M
Diluted Earnings per Share	($3.50)	($1.96)	($1.25)	($0.36)	($0.58)	($0.11)	$1.45	$1.20	$0.65	$0.63	$0.87
Weighted Average Diluted Shares Outstanding	30.55M	30.64M	31.40M	32.10M	33.06M	33.61M	35.02M	33.72M	32.07M	31.63M	32.41M
Weighted Average Basic & Diluted Shares Outstanding	30.55M	30.64M	31.40M	32.10M	33.06M	33.61M	35.49M	35.80M	30.76M	30.74M	30.64M

This table shows Liquidity Services' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	6.49	6.28	1.91	5.71	6.00	6.38	5.81	7.05	7.41	7.82	7.49
Consolidated Net Income / (Loss)	6.49	6.28	1.91	5.71	6.00	6.38	5.81	7.05	7.41	7.82	7.49
Net Income / (Loss) Continuing Operations	6.49	6.28	1.91	5.71	6.00	6.38	5.81	7.05	7.41	7.82	7.49
Total Pre-Tax Income	9.03	9.05	2.79	7.20	8.70	8.57	8.19	7.71	11	12	11
Total Operating Income	8.26	7.88	1.65	6.60	7.90	7.27	7.09	6.80	10	11	9.37
Total Gross Profit	46	45	40	47	49	49	50	47	55	56	57
Total Revenue	81	80	71	91	94	107	122	116	120	118	121
Operating Revenue	81	80	71	91	94	107	122	116	120	118	121
Total Cost of Revenue	35	35	32	44	44	58	72	69	65	62	64
Operating Cost of Revenue	35	35	32	44	44	58	72	69	65	62	64
Total Operating Expenses	37	37	38	41	42	41	43	41	45	45	48
Selling, General & Admin Expense	7.45	6.83	7.59	7.66	8.60	8.12	8.27	7.11	8.22	9.18	9.77
Marketing Expense	13	14	13	14	14	14	15	14	16	17	17
Depreciation Expense	2.87	2.82	2.90	3.20	3.20	2.82	2.52	2.57	2.66	2.67	2.58
Other Operating Expenses / (Income)	14	14	15	16	16	17	18	17	18	17	18
Total Other Income / (Expense), net	0.78	1.18	1.14	0.60	0.81	1.31	1.10	0.90	1.08	1.29	1.15
Interest Expense	-0.78	-1.18	-1.14	-0.60	-0.81	-1.31	-1.10	-0.90	-1.08	-1.29	-1.15
Income Tax Expense	2.54	2.77	0.88	1.49	2.70	2.20	2.38	0.66	3.89	4.43	3.03
Basic Earnings per Share	$0.21	$0.21	$0.06	$0.19	$0.20	$0.21	$0.19	$0.23	$0.24	$0.25	$0.24
Weighted Average Basic Shares Outstanding	30.61M	31.08M	30.61M	30.50M	30.39M	30.50M	30.64M	31.01M	31.16M	30.93M	30.64M
Diluted Earnings per Share	$0.21	$0.19	$0.06	$0.18	$0.19	$0.20	$0.18	$0.22	$0.23	$0.24	$0.23
Weighted Average Diluted Shares Outstanding	31.51M	32.07M	31.94M	31.46M	31.46M	31.63M	32.20M	32.52M	32.50M	32.41M	32.30M
Weighted Average Basic & Diluted Shares Outstanding	30.69M	30.76M	30.72M	30.48M	30.53M	30.74M	31.04M	31.22M	31.24M	30.64M	31.01M

This table details how cash moves in and out of Liquidity Services' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Net Change in Cash & Equivalents	33	39	-40	-36	-21	40	30	-10	14	43	21
Net Cash From Operating Activities	43	46	-32	0.62	-6.24	16	65	45	47	70	67
Net Cash From Continuing Operating Activities	43	46	-32	0.62	-6.24	16	65	45	47	70	67
Net Income / (Loss) Continuing Operations	-105	-60	-39	-12	-19	-3.77	51	40	21	20	28
Consolidated Net Income / (Loss)	-105	-60	-39	-12	-19	-3.77	51	40	21	20	28
Depreciation Expense	9.24	6.50	5.80	4.60	5.09	6.29	6.97	10	11	12	10
Non-Cash Adjustments To Reconcile Net Income	154	33	18	13	-1.26	10	16	22	10	21	17
Changes in Operating Assets and Liabilities, net	-15	67	-16	-5.00	9.19	3.59	-8.86	-27	4.77	17	11
Net Cash From Investing Activities	-9.82	-6.15	-7.92	-37	-16	29	-1.00	-21	-11	-16	-23
Net Cash From Continuing Investing Activities	-9.82	-6.15	-7.92	-37	-16	29	-1.00	-21	-11	-16	-23
Purchase of Property, Plant & Equipment	-7.31	-6.09	-7.81	-4.17	-5.94	-4.19	-5.42	-8.12	-5.39	-8.91	-7.80
Acquisitions	-2.37	0.00	0.00	-17	-	0.00	0.00	-11	0.00	-13	-6.50
Purchase of Investments	-0.14	-0.06	-0.12	-20	-70	-25	0.00	-1.82	-8.04	-2.26	-19
Sale and/or Maturity of Investments	-	-	0.00	0.00	60	55	0.00	0.00	1.92	8.16	10
Other Investing Activities, net	-	-	-	-0.04	-	0.01	0.07	0.02	0.07	0.05	0.19
Net Cash From Financing Activities	0.07	-0.22	-1.11	0.40	0.55	-5.70	-35	-32	-22	-11	-22
Net Cash From Continuing Financing Activities	0.07	-0.22	-1.11	0.40	0.55	-5.70	-35	-32	-22	-11	-22
Repayment of Debt	-	-	0.00	-	-	0.00	0.00	-0.09	0.00	0.00	0.00
Repurchase of Common Equity	-	-	-	0.00	0.00	-3.98	-31	-25	-21	-9.43	-16
Other Financing Activities, net	0.07	-0.22	-1.11	0.40	0.55	-1.72	-3.51	-6.41	-0.87	-1.75	-5.63
Effect of Exchange Rate Changes	-0.87	-0.42	-	-	-	0.11	0.54	-2.02	0.64	0.01	-0.58
Cash Income Taxes Paid	5.68	-34	-0.79	0.92	1.01	-1.52	1.44	0.89	1.59	1.71	9.20

This table details how cash moves in and out of Liquidity Services' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	2.56	12	-12	10	22	23	-25	9.79	17	19	-3.17
Net Cash From Operating Activities	10	15	-8.87	35	22	22	-12	22	19	38	-0.53
Net Cash From Continuing Operating Activities	10	15	-8.87	35	22	22	-12	22	19	38	1.21
Net Income / (Loss) Continuing Operations	6.49	6.28	1.91	5.71	6.00	6.38	5.81	7.05	7.41	7.82	7.49
Consolidated Net Income / (Loss)	6.49	6.28	1.91	5.71	6.00	6.38	5.81	7.05	7.41	7.82	7.49
Depreciation Expense	2.87	2.82	2.90	3.19	3.20	2.82	2.52	2.57	2.66	2.67	2.58
Non-Cash Adjustments To Reconcile Net Income	1.13	6.32	1.91	6.46	16	-3.95	3.09	7.05	0.81	6.28	4.69
Changes in Operating Assets and Liabilities, net	-0.47	-0.77	-16	19	-3.29	17	-24	4.98	8.39	21	-14
Net Cash From Investing Activities	-3.09	-1.98	-2.08	-16	-0.06	1.53	-10	-8.15	-2.32	-2.10	-2.45
Net Cash From Continuing Investing Activities	-3.09	-1.98	-2.08	-16	-0.06	1.53	-10	-8.15	-2.32	-2.10	-2.45
Purchase of Property, Plant & Equipment	-1.19	-1.48	-1.73	-2.38	-1.96	-2.84	-1.82	-1.87	-2.10	-2.02	-2.27
Acquisitions	-	-	0.00	-13	-	0.11	0.00	-6.29	-0.21	0.00	0.00
Purchase of Investments	-1.91	-2.43	-2.37	0.11	-	-	-11	-2.63	-2.92	-2.80	-2.97
Sale and/or Maturity of Investments	-	1.92	1.99	-	1.90	4.27	2.09	2.60	2.74	2.73	2.72
Other Investing Activities, net	0.01	0.01	0.03	0.03	-	-0.01	-0.01	0.03	0.18	-0.01	0.07
Net Cash From Financing Activities	-4.58	-0.23	-1.29	-9.05	-0.48	-0.35	-0.87	-3.91	-0.29	-17	-1.93
Net Cash From Continuing Financing Activities	-4.58	-0.23	-1.29	-9.05	-0.48	-0.35	-0.87	-3.91	-0.29	-17	-1.93
Repayment of Debt	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Repurchase of Common Equity	-4.24	-	-1.17	-7.88	-0.38	-	-0.08	-	-	-16	-1.47
Other Financing Activities, net	-0.35	-0.23	-0.12	-1.17	-0.10	-0.35	-0.79	-3.91	-0.29	-0.64	-0.46
Cash Income Taxes Paid	0.44	0.62	-0.12	0.59	0.34	0.90	0.69	4.45	1.81	2.24	2.96

This table presents Liquidity Services' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Total Assets	288	260	215	202	187	197	256	288	289	347	375
Total Current Assets	188	185	139	103	90	95	132	130	146	199	225
Cash & Equivalents	95	135	94	58	36	76	106	96	110	153	175
Short-Term Investments	-	-	0.00	20	30	-	0.00	1.82	7.89	2.31	11
Accounts Receivable	6.19	10	12	4.87	6.70	5.32	5.87	12	7.85	11	11
Inventories, net	26	28	21	10	5.84	5.61	12	12	11	17	14
Prepaid Expenses	28	9.06	9.77	7.82	8.35	5.96	5.46	6.55	7.35	14	12
Current Deferred & Refundable Income Taxes	33	3.37	2.47	1.73	2.53	1.65	1.71	1.63	1.78	1.52	1.76
Plant, Property, & Equipment, net	13	14	17	17	19	18	18	19	17	18	18
Total Noncurrent Assets	87	61	60	82	79	84	106	139	126	130	132
Goodwill	64	45	45	60	59	60	60	89	89	98	103
Intangible Assets	4.05	2.65	0.43	7.37	6.04	4.76	3.45	16	12	14	13
Noncurrent Deferred & Refundable Income Taxes	5.87	1.02	0.96	0.93	0.87	0.81	24	14	7.05	1.73	0.57
Other Noncurrent Operating Assets	13	12	13	14	12	19	19	21	17	16	15
Total Liabilities & Shareholders' Equity	288	260	215	202	187	197	256	288	289	347	375
Total Liabilities	72	97	83	72	71	85	121	134	127	164	172
Total Current Liabilities	69	85	71	68	69	74	109	124	121	155	162
Accounts Payable	9.50	9.73	13	14	15	22	41	42	39	59	61
Accrued Expenses	27	45	30	21	29	19	26	23	24	28	31
Dividends Payable	-	-	-	-	-	-	-	-	-	-	0.00
Current Deferred Revenue	-	-	0.00	2.14	3.05	3.26	4.62	4.44	4.70	4.79	5.09
Other Current Liabilities	32	31	27	31	22	30	38	54	53	63	65
Total Noncurrent Liabilities	3.32	12	12	3.71	2.29	10	11	10	6.72	9.18	10
Other Noncurrent Operating Liabilities	-	-	-	-	0.00	7.50	11	10	6.72	9.18	10
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	216	163	133	130	116	112	135	155	162	183	203
Total Preferred & Common Equity	216	163	133	130	116	112	135	155	162	183	203
Total Common Equity	216	163	133	130	116	112	135	155	162	183	203
Common Stock	211	220	227	236	243	248	252	258	266	276	286
Retained Earnings	11	-49	-88	-100	-119	-122	-71	-31	-9.96	10	38
Treasury Stock	-	-	-	-	0.00	-3.98	-37	-63	-84	-94	-110
Accumulated Other Comprehensive Income / (Loss)	-5.63	-8.57	-6.43	-6.45	-7.97	-9.78	-9.01	-10	-10	-9.43	-11

This table presents Liquidity Services' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2022	12/31/2022	3/31/2023	6/30/2023	12/31/2023	3/31/2024	6/30/2024	12/31/2024	3/31/2025	6/30/2025	12/31/2025
Total Assets	283	269	283	283	278	304	326	333	359	372	369
Total Current Assets	120	114	131	135	138	151	173	189	205	220	219
Cash & Equivalents	88	76	96	98	99	109	130	129	138	156	170
Short-Term Investments	-	3.72	5.62	7.72	8.48	8.40	6.49	10	11	11	12
Accounts Receivable	8.13	7.97	5.96	6.26	7.75	9.55	8.82	23	21	20	11
Inventories, net	14	16	15	13	14	15	13	14	20	17	14
Prepaid Expenses	8.08	7.59	6.14	8.48	7.29	7.97	13	11	10	13	9.91
Current Deferred & Refundable Income Taxes	1.49	1.83	1.99	1.77	1.43	1.49	1.65	1.67	4.80	3.40	2.24
Plant, Property, & Equipment, net	19	19	18	18	17	17	17	18	18	18	19
Total Noncurrent Assets	143	137	134	131	124	135	135	126	136	134	131
Goodwill	89	89	89	90	90	98	98	97	102	103	103
Intangible Assets	17	15	14	13	12	16	15	13	15	14	13
Noncurrent Deferred & Refundable Income Taxes	17	12	11	9.07	6.44	5.27	2.73	0.23	0.71	0.58	0.57
Other Noncurrent Operating Assets	20	20	19	19	16	16	20	16	17	17	15
Total Liabilities & Shareholders' Equity	283	269	283	283	278	304	326	333	359	372	369
Total Liabilities	138	114	132	127	113	140	154	144	162	164	154
Total Current Liabilities	127	105	124	120	107	133	143	136	152	154	143
Accounts Payable	47	32	43	45	32	48	41	46	56	59	52
Accrued Expenses	25	22	25	21	17	24	28	23	24	25	23
Dividends Payable	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Current Deferred Revenue	4.92	4.02	4.53	4.70	4.47	4.87	4.91	4.44	5.36	5.23	4.86
Other Current Liabilities	50	48	52	50	53	56	70	63	67	65	63
Total Noncurrent Liabilities	11	8.81	7.98	7.02	5.95	6.56	10	8.55	10	9.89	11
Other Noncurrent Operating Liabilities	11	8.81	7.98	7.02	5.95	6.56	10	8.55	10	9.89	11
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	145	155	151	156	165	164	172	189	196	209	215
Total Preferred & Common Equity	145	155	151	156	165	164	172	189	196	209	215
Total Common Equity	145	155	151	156	165	164	172	189	196	209	215
Common Stock	257	261	262	264	268	269	272	278	278	281	292
Retained Earnings	-39	-27	-23	-16	-8.05	-2.34	3.66	16	23	30	46
Treasury Stock	-62	-70	-80	-84	-85	-93	-93	-94	-94	-94	-112
Accumulated Other Comprehensive Income / (Loss)	-10	-9.01	-8.77	-8.12	-9.50	-9.96	-10	-11	-11	-9.16	-10

This table displays calculated financial ratios and metrics derived from Liquidity Services' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-19.88%	-20.31%	-14.67%	-16.85%	-100.00%	0.00%	25.05%	8.74%	12.29%	15.54%	31.20%
EBITDA Growth	-302.54%	79.54%	-24.74%	50.28%	15.83%	116.60%	1,326.54%	69.10%	-35.28%	-4.91%	28.01%
EBIT Growth	-388.16%	76.34%	-17.96%	46.01%	10.22%	80.02%	797.15%	74.49%	-44.93%	-10.35%	49.83%
NOPAT Growth	-429.75%	76.34%	-17.96%	46.01%	10.22%	80.02%	1,939.87%	-20.08%	-52.95%	-9.06%	45.53%
Net Income Growth	-444.90%	42.83%	34.61%	70.36%	-65.82%	80.41%	1,450.00%	-20.85%	-47.98%	-4.70%	40.53%
EPS Growth	-460.82%	44.00%	36.22%	71.20%	-61.11%	81.03%	1,418.18%	-17.24%	-45.83%	-3.08%	38.10%
Operating Cash Flow Growth	266.83%	5.40%	-169.05%	101.96%	-1,108.40%	363.99%	297.00%	-31.47%	4.87%	49.36%	-4.93%
Free Cash Flow Firm Growth	922.37%	108.39%	-155.96%	26.68%	56.88%	192.11%	412.83%	-78.71%	163.19%	4.34%	3.22%
Invested Capital Growth	-52.62%	-76.69%	36.27%	33.74%	-2.98%	-27.98%	-19.84%	97.33%	-23.38%	-37.68%	-35.53%
Revenue Q/Q Growth	-8.97%	-0.25%	-5.97%	-3.71%	-100.00%	1,264.49%	5.94%	1.77%	1.54%	8.02%	2.40%
EBITDA Q/Q Growth	-93.04%	57.47%	23.28%	32.35%	7.67%	128.49%	10.03%	7.42%	-8.16%	-1.69%	8.43%
EBIT Q/Q Growth	-78.43%	52.53%	20.60%	28.20%	4.43%	73.36%	12.24%	6.60%	-11.42%	-2.54%	11.76%
NOPAT Q/Q Growth	-78.78%	52.53%	20.60%	28.20%	4.43%	73.36%	118.09%	-38.01%	-12.79%	-0.35%	6.85%
Net Income Q/Q Growth	-47.04%	-20.17%	50.41%	52.58%	-27.75%	73.88%	115.52%	-37.71%	-8.96%	0.48%	5.43%
EPS Q/Q Growth	-70.73%	-18.07%	51.17%	54.43%	-31.82%	74.42%	113.24%	-36.17%	-8.45%	1.61%	4.82%
Operating Cash Flow Q/Q Growth	-6.08%	7.65%	-348.09%	103.92%	23.86%	61.80%	6.29%	6.03%	2.09%	11.68%	31.48%
Free Cash Flow Firm Q/Q Growth	-16.15%	153.15%	-265.93%	-19.82%	67.29%	60.77%	1.17%	-0.21%	14.36%	4.69%	105.14%
Invested Capital Q/Q Growth	-27.22%	-68.15%	29.27%	60.47%	-9.18%	-4.61%	636.33%	0.38%	-13.19%	-23.17%	-58.21%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.20%	54.77%	53.25%	55.42%	0.00%	53.38%	58.19%	57.36%	54.74%	50.97%	43.81%
EBITDA Margin	-33.99%	-8.73%	-12.76%	-7.63%	0.00%	1.16%	13.26%	20.61%	11.88%	9.78%	9.54%
Operating Margin	-36.31%	-10.78%	-14.90%	-9.68%	0.00%	-1.89%	10.55%	16.93%	8.30%	6.44%	7.36%
EBIT Margin	-36.31%	-10.78%	-14.90%	-9.68%	0.00%	-1.89%	10.55%	16.93%	8.30%	6.44%	7.36%
Profit (Net Income) Margin	-26.39%	-18.94%	-14.51%	-5.17%	0.00%	-1.83%	19.78%	14.40%	6.67%	5.50%	5.89%
Tax Burden Percent	72.59%	182.14%	98.86%	55.46%	106.64%	126.94%	184.74%	84.62%	72.30%	73.33%	71.23%
Interest Burden Percent	100.12%	96.43%	98.49%	96.39%	92.58%	76.29%	101.51%	100.52%	111.15%	116.48%	112.48%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-84.74%	15.38%	27.71%	26.67%	28.77%
Return on Invested Capital (ROIC)	-53.85%	-32.14%	-84.87%	-33.99%	0.00%	-6.38%	155.73%	94.08%	37.76%	48.77%	112.39%
ROIC Less NNEP Spread (ROIC-NNEP)	-48.96%	-0.79%	-75.24%	-38.15%	0.00%	-4.92%	154.89%	93.88%	35.81%	46.70%	110.56%
Return on Net Nonoperating Assets (RNNOA)	14.52%	0.48%	58.32%	25.13%	0.00%	3.07%	-114.44%	-66.23%	-24.49%	-37.15%	-97.83%
Return on Equity (ROE)	-39.33%	-31.66%	-26.55%	-8.86%	-15.67%	-3.31%	41.28%	27.85%	13.27%	11.62%	14.56%
Cash Return on Invested Capital (CROIC)	17.55%	92.25%	-115.57%	-62.86%	-24.04%	26.14%	177.75%	28.61%	64.24%	95.19%	155.59%
Operating Return on Assets (OROA)	-40.05%	-12.44%	-16.93%	-10.42%	0.00%	-2.03%	12.02%	17.44%	9.05%	7.36%	9.71%
Return on Assets (ROA)	-29.11%	-21.85%	-16.49%	-5.57%	0.00%	-1.97%	22.53%	14.83%	7.27%	6.29%	7.78%
Return on Common Equity (ROCE)	-39.33%	-31.66%	-26.55%	-8.86%	-15.67%	-3.31%	41.28%	27.85%	13.27%	11.62%	14.56%
Return on Equity Simple (ROE_SIMPLE)	-48.53%	-36.85%	-29.54%	-8.96%	-16.58%	-3.38%	37.74%	26.09%	12.99%	10.95%	0.00%
Net Operating Profit after Tax (NOPAT)	-101	-24	-28	-15	-14	-2.73	50	40	19	17	25
NOPAT Margin	-25.42%	-7.55%	-10.43%	-6.77%	0.00%	-1.32%	19.49%	14.32%	6.00%	4.72%	5.24%
Net Nonoperating Expense Percent (NNEP)	-4.89%	-31.35%	-9.63%	4.16%	-7.73%	-1.47%	0.83%	0.21%	1.95%	2.07%	1.83%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	25.96%	11.68%	9.40%	12.29%
Cost of Revenue to Revenue	41.80%	45.23%	46.75%	44.58%	0.00%	46.62%	41.81%	42.64%	45.26%	49.03%	56.19%
SG&A Expenses to Revenue	10.48%	12.55%	13.36%	13.58%	0.00%	14.16%	11.24%	10.10%	8.93%	8.80%	6.88%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	94.51%	65.55%	68.16%	65.10%	0.00%	55.27%	47.64%	40.43%	46.44%	44.52%	36.45%
Earnings before Interest and Taxes (EBIT)	-144	-34	-40	-22	-20	-3.90	27	47	26	23	35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-135	-28	-34	-17	-14	2.39	34	58	37	36	45
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.03	2.12	1.40	1.57	2.14	2.27	5.67	3.74	3.35	3.81	4.22
Price to Tangible Book Value (P/TBV)	1.50	3.01	2.14	3.27	4.92	5.38	10.68	11.71	9.06	9.82	9.85
Price to Revenue (P/Rev)	0.56	1.09	0.69	0.91	0.00	1.23	2.97	2.07	1.72	1.92	1.80
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	15.03	14.35	25.78	34.82	30.50
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.65%	6.97%	3.88%	2.87%	3.28%
Enterprise Value to Invested Capital (EV/IC)	1.05	7.51	2.39	2.45	3.67	4.97	23.00	8.49	9.75	20.00	38.51
Enterprise Value to Revenue (EV/Rev)	0.32	0.67	0.34	0.56	0.00	0.86	2.56	1.72	1.34	1.49	1.41
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	74.36	19.32	8.33	11.31	15.22	14.76
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	24.28	10.14	16.19	23.10	19.14
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	13.14	11.98	22.39	31.50	26.87
Enterprise Value to Operating Cash Flow (EV/OCF)	2.91	4.60	0.00	202.80	0.00	10.80	10.08	10.72	8.99	7.70	10.05
Enterprise Value to Free Cash Flow (EV/FCFF)	3.84	3.08	0.00	0.00	0.00	15.93	11.51	39.40	13.16	16.14	19.41
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.30	-0.61	-0.78	-0.66	-0.59	-0.63	-0.74	-0.71	-0.68	-0.80	-0.88
Leverage Ratio	1.35	1.45	1.61	1.59	1.58	1.68	1.83	1.88	1.83	1.85	1.87
Compound Leverage Factor	1.35	1.40	1.59	1.53	1.47	1.28	1.86	1.89	2.03	2.15	2.10
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	2.11	3.10	1.79	1.96	1.01	2.03	4.89	3.99	3.99	4.00	4.92
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.72	2.16	1.96	1.50	1.31	1.27	1.21	1.05	1.21	1.28	1.39
Quick Ratio	1.47	1.69	1.50	1.22	1.06	1.09	1.03	0.89	1.04	1.08	1.22
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	33	69	-38	-28	-12	11	57	12	32	34	35
Operating Cash Flow to CapEx	594.79%	752.68%	-405.55%	178.90%	-109.68%	1,209.84%	6,079.65%	552.06%	872.93%	788.38%	855.87%
Free Cash Flow to Firm to Interest Expense	192.38	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	254.33	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	211.57	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.10	1.15	1.14	1.08	0.00	1.07	1.14	1.03	1.09	1.14	1.32
Accounts Receivable Turnover	28.49	38.24	24.60	27.27	0.00	34.25	46.04	31.72	32.02	37.62	42.10
Inventory Turnover	3.19	5.39	5.22	6.49	12.83	16.77	11.91	9.89	12.49	12.63	17.13
Fixed Asset Turnover	30.98	22.82	17.33	13.44	0.00	11.23	14.52	15.25	17.35	20.69	26.32
Accounts Payable Turnover	13.02	14.88	11.06	7.43	7.09	5.19	3.44	2.89	3.51	3.64	4.46
Days Sales Outstanding (DSO)	12.81	9.54	14.84	13.39	0.00	10.66	7.93	11.51	11.40	9.70	8.67
Days Inventory Outstanding (DIO)	114.32	67.73	69.90	56.27	28.45	21.76	30.63	36.91	29.23	28.90	21.31
Days Payable Outstanding (DPO)	28.03	24.52	33.01	49.16	51.52	70.34	106.04	126.23	103.99	100.20	81.86
Cash Conversion Cycle (CCC)	99.10	52.75	51.73	20.50	0.00	-37.92	-67.48	-77.82	-63.36	-61.59	-51.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	121	28	38	51	50	36	29	57	43	27	17
Invested Capital Turnover	2.12	4.26	8.13	5.02	0.00	4.82	7.99	6.57	6.29	10.32	21.45
Increase / (Decrease) in Invested Capital	-134	-92	10	13	-1.53	-14	-7.10	28	-13	-16	-9.60
Enterprise Value (EV)	126	211	92	126	183	178	660	481	423	541	671
Market Capitalization	222	346	186	204	249	254	766	579	541	696	857
Book Value per Share	$7.19	$5.29	$4.21	$4.04	$3.45	$3.28	$3.81	$4.34	$5.26	$5.98	$6.51
Tangible Book Value per Share	$4.93	$3.74	$2.76	$1.94	$1.51	$1.39	$2.02	$1.39	$1.94	$2.32	$2.79
Total Capital	216	163	133	130	116	112	135	155	162	183	203
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-95	-135	-94	-78	-66	-76	-106	-98	-118	-156	-186
Capital Expenditures (CapEx)	7.31	6.09	7.81	0.35	5.69	1.36	1.08	8.12	5.39	8.91	7.80
Debt-free, Cash-free Net Working Capital (DFCFNWC)	24	-35	-26	-44	-45	-56	-84	-92	-93	-111	-123
Debt-free Net Working Capital (DFNWC)	119	99	68	35	21	20	23	6.09	26	44	63
Net Working Capital (NWC)	119	99	68	35	21	20	23	6.09	26	44	63
Net Nonoperating Expense (NNE)	3.86	36	11	-3.59	5.60	1.05	-0.76	-0.21	-2.11	-2.83	-3.12
Net Nonoperating Obligations (NNO)	-95	-135	-94	-78	-66	-76	-106	-98	-118	-156	-186
Total Depreciation and Amortization (D&A)	9.24	6.50	5.80	4.60	5.09	6.29	6.97	10	11	12	10
Debt-free, Cash-free Net Working Capital to Revenue	5.98%	-11.09%	-9.70%	-19.57%	0.00%	-27.09%	-32.49%	-32.80%	-29.45%	-30.68%	-25.73%
Debt-free Net Working Capital to Revenue	30.02%	31.42%	25.25%	15.37%	0.00%	9.84%	8.80%	2.18%	8.13%	12.13%	13.25%
Net Working Capital to Revenue	30.02%	31.42%	25.25%	15.37%	0.00%	9.84%	8.80%	2.18%	8.13%	12.13%	13.25%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($3.50)	($1.96)	($1.25)	($0.36)	($0.58)	($0.11)	$1.53	$1.25	$0.68	$0.66	$0.91
Adjusted Weighted Average Basic Shares Outstanding	29.99M	30.64M	31.89M	33.08M	33.89M	34.15M	33.33M	32.29M	31.08M	30.50M	30.93M
Adjusted Diluted Earnings per Share	($3.50)	($1.96)	($1.25)	($0.36)	($0.58)	($0.11)	$1.45	$1.20	$0.65	$0.63	$0.87
Adjusted Weighted Average Diluted Shares Outstanding	29.99M	30.64M	31.89M	33.08M	33.89M	34.15M	35.02M	33.72M	32.07M	31.63M	32.41M
Adjusted Basic & Diluted Earnings per Share	$0.00	($1.96)	($1.25)	($0.36)	($0.58)	($0.11)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	30.55M	31.29M	31.89M	32.10M	33.06M	33.61M	35.49M	35.80M	30.76M	30.74M	30.64M
Normalized Net Operating Profit after Tax (NOPAT)	7.81	-11	-27	-15	-14	-2.59	19	19	19	17	25
Normalized NOPAT Margin	1.97%	-3.34%	-10.17%	-6.63%	0.00%	-1.26%	7.38%	6.92%	6.00%	4.72%	5.24%
Pre Tax Income Margin	-36.36%	-10.40%	-14.68%	-9.33%	0.00%	-1.44%	10.71%	17.02%	9.23%	7.50%	8.27%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-843.36	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-590.35	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-886.12	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-633.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-105.54%	61.13%	63.11%	101.05%	47.15%	57.59%

This table displays calculated financial ratios and metrics derived from Liquidity Services' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.61%	6.32%	-1.32%	12.28%	15.90%	33.73%	71.51%	27.25%	28.05%	10.44%	-0.91%
EBITDA Growth	-47.87%	-23.69%	-39.25%	21.62%	-0.24%	-5.69%	111.01%	-4.27%	16.05%	35.04%	24.48%
EBIT Growth	-55.84%	-29.94%	-65.16%	25.71%	-4.36%	-7.74%	330.30%	3.15%	29.42%	50.79%	32.23%
NOPAT Growth	-64.06%	-33.51%	-69.26%	36.69%	-8.21%	-1.10%	346.28%	18.97%	23.14%	29.50%	32.73%
Net Income Growth	-60.46%	-24.75%	-51.93%	34.49%	-7.51%	1.53%	204.67%	23.51%	23.50%	22.70%	28.90%
EPS Growth	-58.00%	-24.00%	-50.00%	38.46%	-9.52%	5.26%	200.00%	22.22%	21.05%	20.00%	27.78%
Operating Cash Flow Growth	-39.30%	7.04%	16.76%	5.61%	121.95%	50.11%	-36.82%	-37.89%	-13.39%	72.63%	95.67%
Free Cash Flow Firm Growth	134.36%	194.91%	169.62%	207.00%	63.50%	16.28%	-25.21%	-29.22%	-99.09%	-23.65%	71.08%
Invested Capital Growth	-11.41%	-23.38%	-22.28%	-5.98%	-29.58%	-37.68%	-14.27%	0.87%	18.54%	-35.53%	-32.33%
Revenue Q/Q Growth	-0.84%	-1.01%	-10.80%	28.22%	2.36%	14.22%	14.41%	-4.87%	3.01%	-1.49%	2.65%
EBITDA Q/Q Growth	38.17%	-3.79%	-57.46%	115.10%	13.33%	-9.05%	-4.83%	-2.42%	37.39%	5.83%	-12.27%
EBIT Q/Q Growth	57.36%	-4.58%	-79.09%	300.43%	19.71%	-7.95%	-2.48%	-4.01%	50.20%	7.24%	-14.48%
NOPAT Q/Q Growth	54.93%	-7.88%	-79.38%	364.44%	4.04%	-0.74%	-6.95%	23.81%	7.69%	4.38%	-4.63%
Net Income Q/Q Growth	52.82%	-3.21%	-69.63%	199.37%	5.10%	6.25%	-8.86%	21.36%	5.09%	5.56%	-4.26%
EPS Q/Q Growth	61.54%	-9.52%	-68.42%	200.00%	5.56%	5.26%	-10.00%	22.22%	4.55%	4.35%	-4.17%
Operating Cash Flow Q/Q Growth	-69.63%	46.29%	-160.53%	492.72%	-36.17%	-1.06%	-155.17%	278.29%	-11.00%	97.21%	-101.38%
Free Cash Flow Firm Q/Q Growth	362.00%	51.19%	-4.51%	-53.98%	146.05%	7.53%	-38.58%	-56.45%	-96.85%	8,948.09%	37.64%
Invested Capital Q/Q Growth	0.14%	-13.19%	34.55%	-19.63%	-24.99%	-23.17%	85.08%	-5.43%	-11.86%	-58.21%	94.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.42%	56.25%	55.80%	51.65%	52.77%	45.58%	41.01%	40.76%	45.69%	47.81%	47.05%
EBITDA Margin	13.77%	13.38%	6.38%	10.70%	11.85%	9.44%	7.85%	8.05%	10.74%	11.54%	9.86%
Operating Margin	10.22%	9.85%	2.31%	7.21%	8.43%	6.80%	5.79%	5.85%	8.52%	9.28%	7.73%
EBIT Margin	10.22%	9.85%	2.31%	7.21%	8.43%	6.80%	5.79%	5.85%	8.52%	9.28%	7.73%
Profit (Net Income) Margin	8.03%	7.85%	2.67%	6.24%	6.41%	5.96%	4.75%	6.06%	6.18%	6.62%	6.18%
Tax Burden Percent	71.84%	69.37%	68.40%	79.34%	68.95%	74.35%	70.94%	91.50%	65.60%	63.85%	71.21%
Interest Burden Percent	109.39%	114.92%	169.28%	109.11%	110.22%	117.99%	115.56%	113.27%	110.54%	111.79%	112.23%
Effective Tax Rate	28.16%	30.65%	31.60%	20.66%	31.05%	25.65%	29.06%	8.50%	34.40%	36.15%	28.79%
Return on Invested Capital (ROIC)	42.77%	42.99%	7.42%	38.25%	45.96%	52.17%	31.43%	49.89%	67.73%	127.09%	62.43%
ROIC Less NNEP Spread (ROIC-NNEP)	42.20%	42.24%	6.59%	37.82%	45.50%	51.46%	30.79%	49.27%	67.27%	126.61%	61.93%
Return on Net Nonoperating Assets (RNNOA)	-27.27%	-28.88%	-3.84%	-26.20%	-33.68%	-40.93%	-21.38%	-36.39%	-53.68%	-112.02%	-49.08%
Return on Equity (ROE)	15.51%	14.11%	3.58%	12.05%	12.27%	11.24%	10.05%	13.50%	14.05%	15.07%	13.35%
Cash Return on Invested Capital (CROIC)	52.81%	64.24%	49.54%	42.75%	75.18%	95.19%	54.31%	46.06%	43.86%	155.59%	102.06%
Operating Return on Assets (OROA)	11.19%	10.74%	2.64%	7.95%	9.32%	7.77%	7.85%	7.75%	11.37%	12.25%	10.47%
Return on Assets (ROA)	8.79%	8.56%	3.06%	6.88%	7.08%	6.81%	6.43%	8.03%	8.25%	8.75%	8.37%
Return on Common Equity (ROCE)	15.51%	14.11%	3.58%	12.05%	12.27%	11.24%	10.05%	13.50%	14.05%	15.07%	13.35%
Return on Equity Simple (ROE_SIMPLE)	14.79%	0.00%	11.44%	12.43%	11.57%	0.00%	12.63%	12.85%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	5.93	5.46	1.13	5.23	5.44	5.40	5.03	6.22	6.70	7.00	6.67
NOPAT Margin	7.34%	6.83%	1.58%	5.72%	5.82%	5.05%	4.11%	5.35%	5.59%	5.93%	5.50%
Net Nonoperating Expense Percent (NNEP)	0.57%	0.76%	0.84%	0.44%	0.46%	0.71%	0.64%	0.62%	0.47%	0.48%	0.51%
Return On Investment Capital (ROIC_SIMPLE)	-	3.38%	0.68%	-	-	2.96%	2.66%	3.17%	3.21%	3.44%	3.10%
Cost of Revenue to Revenue	43.58%	43.75%	44.20%	48.35%	47.23%	54.42%	58.99%	59.24%	54.31%	52.19%	52.95%
SG&A Expenses to Revenue	9.23%	8.54%	10.63%	8.37%	9.19%	7.59%	6.76%	6.11%	6.86%	7.77%	8.06%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	46.20%	46.40%	53.49%	44.43%	44.34%	38.78%	35.22%	34.91%	37.16%	38.53%	39.32%
Earnings before Interest and Taxes (EBIT)	8.26	7.88	1.65	6.60	7.90	7.27	7.09	6.80	10	11	9.37
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	11	11	4.55	9.79	11	10	9.60	9.37	13	14	12
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.25	3.35	3.19	3.49	3.54	3.81	5.25	4.90	3.53	4.22	4.31
Price to Tangible Book Value (P/TBV)	9.57	9.06	8.24	11.33	10.23	9.82	12.62	12.22	8.05	9.85	9.30
Price to Revenue (P/Rev)	1.63	1.72	1.68	1.77	1.81	1.92	2.40	2.19	1.58	1.80	1.95
Price to Earnings (P/E)	21.97	25.78	27.92	28.03	30.61	34.82	41.54	38.14	27.64	30.50	31.19
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	4.55%	3.88%	3.58%	3.57%	3.27%	2.87%	2.41%	2.62%	3.62%	3.28%	3.21%
Enterprise Value to Invested Capital (EV/IC)	8.02	9.75	7.22	9.69	13.43	20.00	17.06	17.20	13.66	38.51	22.08
Enterprise Value to Revenue (EV/Rev)	1.29	1.34	1.34	1.40	1.40	1.49	2.06	1.85	1.22	1.41	1.57
Enterprise Value to EBITDA (EV/EBITDA)	9.84	11.31	12.24	12.56	13.07	15.22	21.03	20.26	13.58	14.76	15.62
Enterprise Value to EBIT (EV/EBIT)	13.58	16.19	18.29	18.64	19.67	23.10	29.59	28.00	18.15	19.14	20.01
Enterprise Value to NOPAT (EV/NOPAT)	18.50	22.39	25.81	25.67	27.42	31.50	40.45	36.81	24.37	26.87	28.07
Enterprise Value to Operating Cash Flow (EV/OCF)	8.69	8.99	8.63	8.97	7.51	7.70	12.75	15.13	11.22	10.05	9.53
Enterprise Value to Free Cash Flow (EV/FCFF)	14.26	13.16	12.74	21.97	14.76	16.14	29.00	37.50	33.79	19.41	17.46
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.65	-0.68	-0.58	-0.69	-0.74	-0.80	-0.69	-0.74	-0.80	-0.88	-0.79
Leverage Ratio	1.88	1.83	1.71	1.86	1.86	1.85	1.73	1.84	1.83	1.87	1.74
Compound Leverage Factor	2.06	2.10	2.89	2.03	2.05	2.18	1.99	2.08	2.03	2.09	1.95
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	3.56	3.78	4.04	3.65	3.62	3.85	5.71	5.11	4.37	4.70	5.41
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.12	1.21	1.29	1.14	1.21	1.28	1.39	1.35	1.43	1.39	1.53
Quick Ratio	0.93	1.04	1.07	0.95	1.02	1.08	1.20	1.12	1.22	1.22	1.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	12	19	18	8.22	20	22	13	5.82	0.18	17	23
Operating Cash Flow to CapEx	839.28%	989.87%	-512.59%	1,465.97%	1,136.54%	774.31%	-667.77%	1,160.54%	916.90%	1,884.42%	-23.18%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.09	1.09	1.15	1.10	1.11	1.14	1.35	1.33	1.33	1.32	1.35
Accounts Receivable Turnover	43.06	32.02	39.90	41.71	44.61	37.62	26.89	29.00	32.13	42.10	27.69
Inventory Turnover	10.49	12.49	9.22	9.51	12.00	12.63	15.51	13.74	17.55	17.13	18.46
Fixed Asset Turnover	16.93	17.35	17.75	18.33	19.43	20.69	23.83	24.96	26.42	26.32	25.88
Accounts Payable Turnover	3.07	3.51	4.44	3.20	3.63	3.64	5.61	4.67	5.31	4.46	5.31
Days Sales Outstanding (DSO)	8.48	11.40	9.15	8.75	8.18	9.70	13.57	12.59	11.36	8.67	13.18
Days Inventory Outstanding (DIO)	34.79	29.23	39.61	38.38	30.41	28.90	23.53	26.57	20.79	21.31	19.77
Days Payable Outstanding (DPO)	118.76	103.99	82.19	114.21	100.69	100.20	65.03	78.17	68.80	81.86	68.68
Cash Conversion Cycle (CCC)	-75.50	-63.36	-33.43	-67.08	-62.10	-61.59	-27.93	-39.02	-36.64	-51.88	-35.72
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	50	43	58	47	35	27	50	47	42	17	34
Invested Capital Turnover	5.83	6.29	4.70	6.69	7.90	10.32	7.65	9.33	12.11	21.45	11.34
Increase / (Decrease) in Invested Capital	-6.44	-13	-17	-2.99	-15	-16	-8.33	0.41	6.52	-9.60	-16
Enterprise Value (EV)	400	423	421	454	472	541	853	814	570	671	747
Market Capitalization	506	541	528	571	609	696	993	963	736	857	929
Book Value per Share	$5.08	$5.26	$5.40	$5.34	$5.64	$5.98	$6.15	$6.33	$6.68	$6.51	$7.03
Tangible Book Value per Share	$1.72	$1.94	$2.10	$1.64	$1.95	$2.32	$2.56	$2.54	$2.93	$2.79	$3.26
Total Capital	156	162	165	164	172	183	189	196	209	203	215
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-106	-118	-107	-117	-137	-156	-139	-149	-167	-186	-181
Capital Expenditures (CapEx)	1.19	1.48	1.73	2.38	1.96	2.84	1.82	1.87	2.10	2.02	2.27
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-91	-93	-76	-99	-107	-111	-86	-96	-101	-123	-105
Debt-free Net Working Capital (DFNWC)	15	26	31	18	30	44	53	53	66	63	76
Net Working Capital (NWC)	15	26	31	18	30	44	53	53	66	63	76
Net Nonoperating Expense (NNE)	-0.56	-0.82	-0.78	-0.48	-0.56	-0.97	-0.78	-0.83	-0.71	-0.82	-0.82
Net Nonoperating Obligations (NNO)	-106	-118	-107	-117	-137	-156	-139	-149	-167	-186	-181
Total Depreciation and Amortization (D&A)	2.87	2.82	2.90	3.19	3.20	2.82	2.52	2.57	2.66	2.67	2.58
Debt-free, Cash-free Net Working Capital to Revenue	-29.43%	-29.45%	-24.30%	-30.53%	-31.76%	-30.68%	-20.73%	-21.90%	-21.66%	-25.73%	-22.16%
Debt-free Net Working Capital to Revenue	4.75%	8.13%	9.85%	5.65%	8.91%	12.13%	12.85%	12.02%	14.20%	13.25%	15.99%
Net Working Capital to Revenue	4.75%	8.13%	9.85%	5.65%	8.91%	12.13%	12.85%	12.02%	14.20%	13.25%	15.99%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.21	$0.21	$0.06	$0.19	$0.20	$0.21	$0.19	$0.23	$0.24	$0.25	$0.24
Adjusted Weighted Average Basic Shares Outstanding	30.61M	31.08M	30.61M	30.50M	30.39M	30.50M	30.64M	31.01M	31.16M	30.93M	30.64M
Adjusted Diluted Earnings per Share	$0.21	$0.19	$0.06	$0.18	$0.19	$0.20	$0.18	$0.22	$0.23	$0.24	$0.23
Adjusted Weighted Average Diluted Shares Outstanding	31.51M	32.07M	31.94M	31.46M	31.46M	31.63M	32.20M	32.52M	32.50M	32.41M	32.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	30.69M	30.76M	30.72M	30.48M	30.53M	30.74M	31.04M	31.22M	31.24M	30.64M	31.01M
Normalized Net Operating Profit after Tax (NOPAT)	5.93	5.46	1.13	5.23	5.44	5.40	5.03	6.22	6.70	7.00	6.67
Normalized NOPAT Margin	7.34%	6.83%	1.58%	5.72%	5.82%	5.05%	4.11%	5.35%	5.59%	5.93%	5.50%
Pre Tax Income Margin	11.18%	11.32%	3.91%	7.87%	9.30%	8.02%	6.70%	6.62%	9.42%	10.37%	8.68%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	91.99%	101.05%	80.17%	65.17%	47.38%	47.15%	34.89%	1.81%	0.30%	57.59%	59.03%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, four-year trend snapshot for Liquidity Services (LQDT) based on the quarterly statements you provided. The bullets highlight the main takeaways for retail investors, focusing on how the company has performed recently and what that might mean for future results.

Robust liquidity and cash position: Cash & equivalents were about $169.8 million in Q1 2026, giving the company a strong liquidity cushion to weather slower periods or pursue opportunities.
Stable to growing revenue trend: Operating revenue/Total revenue has commonly run in the high $110s to low $120s millions in 2024–2026 quarters (example: Q1 2026 revenue of $121.2 million; Q4 2025 revenue of $118.1 million; Q2 2025 revenue of $116.4 million; Q1 2025 revenue of $122.3 million).
Healthy net income and earnings per share: Net income attributable to common shareholders was about $7.49 million in Q1 2026, with diluted EPS of $0.23; Q4 2025 diluted EPS was $0.24, indicating consistent profitability at the quarterly level.
Operating cash flow generally positive and improving: Net cash from continuing operating activities has been robust in recent quarters (Q4 2025 about $37.99 million; Q3 2025 about $19.26 million; Q2 2025 about $21.64 million), signaling healthy cash generation from core operations.
Stable gross margins: Gross margin has remained in the mid-40% range (for example, gross profit around $57.0 million on $121.2 million revenue in Q1 2026, roughly 47%), suggesting ongoing profitability of core activities.
Active capital allocation signals confidence: The company has engaged in share repurchases in multiple periods, which can support per-share metrics and demonstrate management confidence in the business and its prospects.
Share count shows modest dilution: Weighted-average basic shares were around 30.6 million in some recent quarters, with diluted shares around 32.3 million, indicating modest dilution that could impact per-share measures over time.
Working capital dynamics present ongoing watchpoints: Changes in operating assets and liabilities (working capital movements) have been cash outflows in several quarters, which can temper cash generation if revenue growth slows.
Financing cash outflows due to buybacks and other financing activity: Net cash from financing activities has been negative in multiple periods (e.g., Q4 2025: -$16.75 million; Q3 2025: -$2.91 million; Q2 2025: -$3.90 million; Q1 2026: -$1.93 million). While stock repurchases can boost per-share metrics, they reduce cash and may raise questions about capital allocation priorities.
Operating expense level remains meaningful vs. revenue growth: Selling, general & admin expenses and marketing expenses remain a sizable part of the cost structure (for example, SGA around $9.8–$10.0 million and marketing around $13.5–$17.0 million in recent quarters), which can pressure margins if revenue growth stalls.

05/11/26 07:30 PM ETAI Generated. May Contain Errors.

Liquidity Services Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Liquidity Services' fiscal year ends in September. Their fiscal year 2025 ended on September 30, 2025.

Liquidity Services' net income appears to be on a downward trend, with a most recent value of $28.09 million in 2025, falling from -$104.82 million in 2015. The previous period was $19.99 million in 2024. See where experts think Liquidity Services is headed by visiting Liquidity Services' forecast page.

Liquidity Services' total operating income in 2025 was $35.07 million, based on the following breakdown:

Total Gross Profit: $208.82 million
Total Operating Expenses: $173.75 million

Over the last 10 years, Liquidity Services' total revenue changed from $397.13 million in 2015 to $476.67 million in 2025, a change of 20.0%.

Liquidity Services' total liabilities were at $171.86 million at the end of 2025, a 4.6% increase from 2024, and a 137.1% increase since 2015.

In the past 10 years, Liquidity Services' cash and equivalents has ranged from $36.50 million in 2019 to $174.61 million in 2025, and is currently $174.61 million as of their latest financial filing in 2025.

Over the last 10 years, Liquidity Services' book value per share changed from 7.19 in 2015 to 6.51 in 2025, a change of -9.6%.

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Financial statements for NASDAQ:LQDT last updated on 2/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Liquidity Services (LQDT) Financials

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