LQDTLIQUIDITY SERVICES INC

Services-Business Services, NEC

Revenue: $477M; 31% YoY
Operating margin: 7.4%; 14% YoY
EBITDA: $45M; 28% YoY
Market cap: $1.7B
Employees: —
Net debt / EBITDA: —
AI in 10-K: 3.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 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
238% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
24% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
24% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
3.4 per 10K words · 74th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$14M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$258M	$280M	$314M	$363M	$477M	31%
Operating income	$27M	$47M	$26M	$23M	$35M	50%
Net income	$51M	$40M	$21M	$20M	$28M	41%
Operating cash flow	$65M	$45M	$47M	$70M	$67M	4.9%
Capex	$5M	$8M	$5M	$9M	$8M	12%
Stock-based comp	$7M	$8M	$8M	$11M	$14M	31%
Buybacks	$31M	$25M	$21M	$9M	$16M	72%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 2, 2020	Roumell Asset Management, LLC	SC 13D/A	0.9%	Passive
Mar 11, 2020	Roumell Asset Management, LLC	SC 13D	3.3%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $14M · 82
Net: −$14M

Pay vs performance

No pay-versus-performance disclosure yet.