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LQDT

Liquidity Services, Inc.

LQDT

Liquidity Services, Inc. • NASDAQ
$30.04 ▼ -0.56% (-0.17)
Market Cap $929.21 M
52w High $39.72
52w Low $21.67
Dividend Yield 0%
P/E 34.53
Volume 84.00K
Outstanding Shares 30.93M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $118.088M ▼ $45.496M ▲ $7.822M ▲ 6.624% ▲ $0.25 ▲ $13.626M ▲
Q3-2025 $119.875M ▲ $44.547M ▲ $7.41M ▲ 6.181% ▲ $0.24 ▲ $12.875M ▲
Q2-2025 $116.375M ▼ $40.626M ▼ $7.051M ▲ 6.059% ▲ $0.23 ▲ $9.371M ▼
Q1-2025 $122.331M ▲ $43.08M ▲ $5.81M ▼ 4.749% ▼ $0.19 ▼ $9.603M ▼
Q4-2024 $106.927M $41.469M $6.375M 5.962% $0.2 $10.089M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $185.819M ▲ $375.101M ▲ $171.859M ▲ $203.242M ▼
Q3-2025 $166.958M ▲ $372.435M ▲ $163.785M ▲ $208.65M ▲
Q2-2025 $149.025M ▲ $358.795M ▲ $162.47M ▲ $196.325M ▲
Q1-2025 $139.145M ▼ $333.206M ▼ $144.045M ▼ $189.161M ▲
Q4-2024 $155.536M $346.888M $164.328M $182.56M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $7.41M ▲ $19.264M ▼ $-2.321M ▲ $-291K ▲ $17.119M ▲ $17.163M ▼
Q2-2025 $7.051M ▲ $21.644M ▲ $-8.152M ▲ $-3.905M ▼ $9.786M ▲ $19.779M ▲
Q1-2025 $5.81M ▼ $-12.14M ▼ $-10.408M ▼ $-872K ▼ $-24.526M ▼ $-13.958M ▼
Q4-2024 $6.375M ▲ $22.006M ▼ $1.533M ▲ $-346K ▲ $22.914M ▲ $19.164M ▼
Q3-2024 $6M $22.242M $-55K $-483K $21.678M $20.285M

Revenue by Products

Product Q4-2024Q2-2025Q3-2025Q4-2025
Product
Product
 $120.00M ▲$80.00M ▼$80.00M ▲$160.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been on a steady upward path over the last several years, and gross profit has risen alongside it, which suggests the core business is scaling. At the same time, operating profit and net income have been positive but somewhat choppy, with earnings per share coming down from earlier peaks. That pattern points to a company that is growing but investing more, facing some margin pressure, or dealing with mix and cost changes. Overall profitability is intact, but not on a straight-line improvement, which introduces some uncertainty around future earnings strength.

Balance Sheet

Balance Sheet The balance sheet looks conservative and resilient. Total assets and shareholders’ equity have both grown, and the company holds a meaningful cash cushion relative to its size. Debt is very small, which limits financial risk and gives management flexibility to pursue growth initiatives, acquisitions, or weather downturns. This is the profile of a business that has been funded largely through its own operations rather than heavy borrowing.

Cash Flow

Cash Flow Cash generation has been consistently positive, with the business regularly producing more cash than it spends on capital investments. Free cash flow has been healthy and stable, which supports ongoing technology development, selective acquisitions, and potential returns to shareholders if management chooses. Capital spending needs are modest relative to operating cash flow, suggesting an asset-light, platform-oriented model rather than a highly capital-intensive one. The main watchpoint is whether future growth investments or working capital swings could make cash flows more volatile.

Competitive Edge

Competitive Edge Liquidity Services operates in a specialized niche: managing surplus, returned, and secondhand assets for retailers, manufacturers, and government entities. Its strength comes from a large network of buyers and sellers, long-term government relationships, and multiple targeted marketplaces that cover both consumer and industrial categories. This creates network effects and switching costs—clients benefit from liquidity, specialized expertise, and integrated services that would be hard for a new entrant to replicate quickly. At the same time, the company remains exposed to broader e-commerce, consumer, and government spending cycles, and must keep innovating to stay ahead of traditional liquidators and large online platforms.

Innovation and R&D

Innovation and R&D The company’s strategy leans heavily on technology and data. Platforms like LiquidityOne and AssetZone, plus tools such as mobile listing apps and automated receiving systems, aim to simplify complex reverse supply chain workflows for large clients. The focus on artificial intelligence and machine learning for search, recommendations, pricing, and cataloging shows a push to deepen its data advantage and improve marketplace efficiency. Expanding services around Machinio and broader returns management also indicates an effort to move from simple auctions into a full-service, software- and data-driven ecosystem. The key execution risk is delivering these innovations at scale while maintaining service quality for a wide range of asset types and customer groups.

Summary

Liquidity Services combines a growing, asset-light marketplace model with a relatively strong financial foundation. Revenue and gross profit have been rising, cash flows are solid, and the balance sheet is cash-rich with minimal debt, giving it room to invest and adapt. Its competitive edge comes from scale in a niche market, government and enterprise relationships, and integrated technology that lowers friction in the reverse supply chain. The trade-off is some earnings volatility, pressure on margins compared with prior peaks, and dependence on continued innovation to defend and expand its moat. Overall, it appears to be a specialized platform business with clear strengths and opportunities, but also normal execution and cycle-related risks that warrant ongoing monitoring.

NEWS

November 25, 2025 · 8:30 AM UTC

Palm Beach County Hosts Online Auction for 2 TigerShark UAS Drones on GovDeals

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November 20, 2025 · 6:45 AM UTC

Liquidity Services Announces Fourth Quarter Fiscal Year 2025 Financial Results

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October 28, 2025 · 9:00 AM UTC

Sierra Auction and GovDeals Expand to Southern California with New Montclair Location

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October 22, 2025 · 9:00 AM UTC

Machinio Expands Platform to Support Service Providers

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October 20, 2025 · 6:55 AM UTC

Liquidity Services Announces Fourth Quarter Fiscal Year 2025 Earnings Conference Call

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