BLBLACKLINE, INC.

Services-Prepackaged Software

Revenue: $700M; 7.2% YoY
Operating margin: 3.6%; 29% YoY
EBITDA: $72M; 4.7% YoY
Market cap: $2.0B
Employees: 1,850; $379K revenue each
Net debt / EBITDA: —
AI in 10-K: 11.4; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 3 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
692% of net income
Cash flow under 80% of net income
Dilutive SBCYes
13% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
139% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
32% of assets
Over 40% of assets
Shareholder dissentYes
62% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$379K · 38th pct
Bottom quartile of its SIC industry
Quiet on AINo
11.4 per 10K words · 94th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$426M	$523M	$590M	$653M	$700M	7.2%
Operating income	−$39M	−$56M	$14M	$19M	$26M	38%
Net income	−$115M	−$29M	$53M	$161M	$25M	85%
Operating cash flow	$80M	$56M	$127M	$191M	$170M	11%
Capex	$9M	$11M	$6M	$2M	$8M	280%
Stock-based comp	$66M	$76M	$78M	$83M	$93M	11%
Buybacks	—	—	—	$0	$236M

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 12, 2026	Fivespan Partners, LP	SCHEDULE 13D	5.1%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 6
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.