BLBLACKLINE, INC.

Services-Prepackaged Software · $2.0B market cap · 1,850 employees

4.8×

More likely than average to be taken private

Top 1% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

Dilutive SBCYes
13% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
139% of cash flow
Buybacks + dividends over cash flow
Shareholder dissentYes
62% lowest support
Any vote under 80% support
Buyout-sizedYes
$2.0B market cap
Market cap $500M–$5B
Recurring revenueYes
9 of 10
10-K business scored 7+ of 10 for recurring revenue
Active 13DYes
1 filing
Active-intent 13D in 18 months

9 other checks

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
Goodwill-heavyNo
32% of assets
Over 40% of assets
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
AI-rollup shapedNo
1 of 10
10-K business scored 5+ of 10 as an AI-rollup target
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY
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

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

−$2Mnet selling by insiders, open market, last 12 months

Bought $0 · 0 tradesSold $2M · 6 trades

No pay-versus-performance disclosure yet.