olivLaw · US equity research
Liquidity Services, Inc. LQDT
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
Liquidity Services runs online marketplaces and software that recover value from surplus assets sold by businesses and government bodies, positioning it within the circular economy. As retail returns grow and public budgets come under pressure, its model draws attention, and its latest fiscal quarter shows growth in both volume and profitability.
At the close of 04 Nov 2026, Liquidity Services, Inc. (LQDT) stock was 46.76 USD (+5.36% on the day), with market capitalisation 1.5 bn USD, P/E 45.8 on diluted EPS of 1.02 USD over the last 12 months, beta 0.72, 52-week range 22.16–46.76 USD. Latest reported quarter (Q3 2026): revenue of 129.6 m USD (+8.1% YoY), net income of 10.4 m USD (+40.7% YoY), diluted EPS 0.32 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 65.6
- strong (55–70)
- Bollinger (20, 2)
- 42.19 – 46.13
- above the upper band · %B 1.16 · band width 8.9%
- SMA 50 / 200
- 43.04 / 37.18
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.67 / 0.54
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.2% | −1.1% | +9.3 pp | — |
| 3 months | +24.6% | −0.5% | +25.0 pp | — |
| 6 months | +25.6% | +4.4% | +21.2 pp | — |
| Year to date | +54.3% | +12.3% | +42.0 pp | — |
| 1 year | +102.3% | +13.5% | +88.8 pp | −4.0% |
| 3 years | +141.2% | +76.4% | +64.7 pp | +2.0% |
| 5 years | +97.8% | +63.7% | +34.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 106.9 m | 122.3 m | 116.4 m | 119.9 m | 118.1 m | 121.2 m | 120.7 m | 129.6 m |
| Cost of revenue | 58.2 m | 72.2 m | 68.9 m | 65.1 m | 61.6 m | 64.2 m | 64.9 m | 65.7 m |
| Gross profit | 48.7 m | 50.2 m | 47.4 m | 54.8 m | 56.5 m | 57.0 m | 55.9 m | 63.8 m |
| Operating income | 7.3 m | 7.1 m | 6.8 m | 10.2 m | 11.0 m | 9.4 m | 9.6 m | 14.1 m |
| Depreciation & amortisation | 2.8 m | 2.5 m | 2.6 m | 2.7 m | 2.7 m | 2.6 m | 2.6 m | 2.7 m |
| Pre-tax income | 8.6 m | 8.2 m | 7.7 m | 11.3 m | 12.3 m | 10.5 m | 10.7 m | 15.5 m |
| Income tax | 2.2 m | 2.4 m | 655.0 k | 3.9 m | 4.4 m | 3.0 m | 3.2 m | 5.1 m |
| Net income | 6.4 m | 5.8 m | 7.1 m | 7.4 m | 7.8 m | 7.5 m | 7.5 m | 10.4 m |
| Diluted EPS | 0.20 ≈ | 0.18 | 0.22 | 0.23 | 0.24 ≈ | 0.23 | 0.23 | 0.32 |
| Operating cash flow | 22.0 m | -12.1 m | 21.6 m ≈ | 19.3 m ≈ | 38.0 m | -526.0 k | 29.5 m ≈ | 31.2 m ≈ |
| Capex | 2.8 m | 1.8 m | 1.9 m ≈ | 2.1 m ≈ | 2.0 m | 2.3 m | 2.1 m ≈ | 1.8 m ≈ |
| Share repurchases | 0 | 79.0 k | 0 ≈ | 0 ≈ | 16.1 m | 1.5 m | 40.0 k ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 96 percentile of its own 23-quarter history (min 7.1, median 28.8, max 93.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 224.5 m | 226.5 m | 205.9 m | 257.5 m | 280.1 m | 314.5 m | 363.3 m | 476.7 m |
| Revenue YoY | −16.9% | +0.9% | −9.1% | +25.1% | +8.7% | +12.3% | +15.5% | +31.2% |
| Net income | unavailable | unavailable | unavailable | 50.9 m | 40.3 m | 21.0 m | 20.0 m | 28.1 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | −20.9% | −48.0% | −4.7% | +40.5% |
| Diluted EPS | unavailable | -0.58 | -0.11 | 1.45 | 1.20 | 0.65 | 0.63 | 0.87 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | −17.2% | −45.8% | −3.1% | +38.1% |
| net % | unavailable | unavailable | unavailable | 19.8% | 14.4% | 6.7% | 5.5% | 5.9% |
| Free cash flow | -3.6 m | -12.2 m | 12.3 m | 60.0 m | 36.7 m | 41.6 m | 61.3 m | 59.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 174.6 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 203.2 m USD
- Total assets
- 375.1 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.39x
- ROE
- 14.6%
- ROA
- 7.8%
- FCF margin
- 12.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 205.9 m | 257.5 m | 280.1 m | 314.5 m | 363.3 m | 476.7 m | SEC (XBRL)· 20 Nov 2025verified |
| Cost of revenue | 96.0 m | 107.7 m | 119.4 m | 142.3 m | 178.2 m | 267.9 m | SEC (XBRL)· 20 Nov 2025verified |
| Gross profit | 109.9 m | 149.9 m | 160.6 m | 172.1 m | 185.2 m | 208.8 m | SEC (XBRL)· 20 Nov 2025verified |
| Operating income | -3.9 m | 27.2 m | 47.4 m | 26.1 m | 23.4 m | 35.1 m | SEC (XBRL)· 20 Nov 2025verified |
| Depreciation & amortisation | 6.3 m | 7.0 m | 10.3 m | 11.3 m | 12.1 m | 10.4 m | SEC (XBRL)· 20 Nov 2025verified |
| EBITDA | 2.4 m ≈ | 34.1 m ≈ | 57.7 m ≈ | 37.4 m ≈ | 35.5 m ≈ | 45.5 m ≈ | SEC (XBRL)· 20 Nov 2025derived |
| Pre-tax income | -3.0 m | 27.6 m | 47.7 m | 29.0 m | 27.3 m | 39.4 m | SEC (XBRL)· 20 Nov 2025verified |
| Income tax | 801.0 k | -23.4 m | 7.3 m | 8.0 m | 7.3 m | 11.3 m | SEC (XBRL)· 20 Nov 2025verified |
| Net income | — | 50.9 m | 40.3 m | 21.0 m | 20.0 m | 28.1 m | SEC (XBRL)· 20 Nov 2025verified |
| Diluted EPS | -0.11 | 1.45 | 1.20 | 0.65 | 0.63 | 0.87 | SEC (XBRL)· 20 Nov 2025verified |
| Weighted average diluted shares | 33.6 m | 35.0 m | 33.7 m | 32.1 m | 31.6 m | 32.4 m | SEC (XBRL)· 20 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 76.0 m | 106.3 m | 96.1 m | 110.3 m | 153.2 m | 174.6 m | SEC (XBRL)· 20 Nov 2025verified |
| Receivables | 5.3 m | 5.9 m | 11.8 m | 7.8 m | 11.5 m | 11.2 m | SEC (XBRL)· 20 Nov 2025verified |
| Inventories | 5.6 m | 12.5 m | 11.7 m | 11.1 m | 17.1 m | 14.2 m | SEC (XBRL)· 20 Nov 2025verified |
| Current assets | 94.6 m | 131.8 m | 129.6 m | 146.3 m | 199.2 m | 224.8 m | SEC (XBRL)· 20 Nov 2025verified |
| Property, plant & equipment, net | 17.8 m | 17.6 m | 19.1 m | 17.2 m | 18.0 m | 18.3 m | SEC (XBRL)· 20 Nov 2025verified |
| Goodwill | 59.8 m | 59.9 m | 88.9 m | 89.4 m | 97.8 m | 102.9 m | SEC (XBRL)· 20 Nov 2025verified |
| Intangibles (excl. goodwill) | 4.8 m | 3.5 m | 16.2 m | 12.5 m | 13.9 m | 13.3 m | SEC (XBRL)· 20 Nov 2025verified |
| Total assets | 196.6 m | 255.6 m | 288.1 m | 289.0 m | 346.9 m | 375.1 m | SEC (XBRL)· 20 Nov 2025verified |
| Accounts payable | 22.0 m | 40.6 m | 42.0 m | 39.1 m | 58.7 m | 61.5 m | SEC (XBRL)· 20 Nov 2025verified |
| Current liabilities | 74.3 m | 109.2 m | 123.5 m | 120.7 m | 155.2 m | 161.6 m | SEC (XBRL)· 20 Nov 2025verified |
| Total liabilities | 84.8 m | 120.6 m | 133.6 m | 127.4 m | 164.3 m | 171.9 m | SEC (XBRL)· 20 Nov 2025verified |
| Equity | 111.8 m † | 135.0 m † | 154.5 m † | 161.5 m † | 182.6 m † | 203.2 m † | SEC (XBRL)· 20 Nov 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 16.5 m | 65.4 m | 44.8 m | 47.0 m | 70.2 m | 66.8 m | SEC (XBRL)· 20 Nov 2025verified |
| Capex | 4.2 m | 5.4 m | 8.1 m | 5.4 m | 8.9 m | 7.8 m | SEC (XBRL)· 20 Nov 2025verified |
| Free cash flow | 12.3 m ≈ | 60.0 m ≈ | 36.7 m ≈ | 41.6 m ≈ | 61.3 m ≈ | 59.0 m ≈ | SEC (XBRL)· 20 Nov 2025derived |
| Investing cash flow | 28.6 m | -1.0 m | -21.1 m | -11.4 m | -16.1 m | -23.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Financing cash flow | -5.7 m | -34.7 m | -31.9 m | -22.1 m | -11.2 m | -21.8 m | SEC (XBRL)· 20 Nov 2025verified |
| Share repurchases | 4.0 m | 31.1 m | 25.4 m | 21.2 m | 9.4 m | 16.2 m | SEC (XBRL)· 20 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.5 bn USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 20.49 – 40.33 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E20.49 – 40.33 (Mid 27.04)20 companies used · median multiple 26.5x · quartiles 20.1x – 39.5xACN, BR, CASS, CBZ, CPAY, EBAY, FICO, FIS, FLYW, GRAB, HQY, MA, MELI, MSCI, PAYS, PYPL, RBA, RSSS, UBER, WEX
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.8% | 54 (vs peers) | 11% |
| FCF conversion · Quality | 270.6% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 19.4% | 100 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | -10.2% | 0 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.6x | 65 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 45.8x | 29 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.1% | 77 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 1.2% | 17 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial65/100 · 1/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality77/100 · 2/3 factors with a value
- Returns· partial17/100 · 1/2 factors with a value
- Valuation50/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
LIQUIDITY SERVICES, INC (LQDT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 476.7 m USD in 2025; YoY growth 31.2%; net margin 6.8%; ROE 15.0%.
The estimated value range is 20.49–40.33 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 27.04 USD, the price of 46.76 USD leaves a potential of -42.2% (value / price − 1) and a margin of safety of -72.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 270.6%
- Revenue CAGR 3Y: 19.4%
- FCF yield: 6.1%
What contradicts it
- EPS CAGR 3Y: -10.2%
- P/E (TTM): 45.8x
- Shareholder yield (distributions): 1.2%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BABAAlibaba Group Holding Ltd | 195.6 bn | 131.6 | 10.3% | 10.1% | +8.1% | −33% / +41% |
| UBERUber Technologies, Inc. | 142.7 bn | 41.3 | 12.4% | 6.1% | +18.3% | −20% / +24% |
| MELIMercadoLibre, Inc. | 88.2 bn | 47.3 | 27.5% | 5.3% | +39.1% | −16% / +7% |
| EBAYeBay Inc. | 54.9 bn | 27.2 | 46.6% | 16.9% | +7.9% | +51% / +205% |
| PYPLPayPal Holdings, Inc. | 50.0 bn | 11.5 | 23.8% | 13.8% | +4.3% | −4% / +4% |
| MSCIMsci Inc. | 48.2 bn | 35.7 | — | 40.3% | +9.7% | +20% / +29% |
| FISVFiserv, Inc. | 33.0 bn | — | -17.0% | -18.9% | +3.6% | +1% / −52% |
| CPAYCorpay, Inc | 27.5 bn | 25.4 | 30.5% | 22.7% | +13.9% | +42% / +74% |
| GPNGlobal Payments Inc. | 25.4 bn | — | -4.1% | -9.1% | −0.4% | +27% / −17% |
| BRBroadridge Financial Solutions, Inc. | 21.4 bn | 20.9 | 40.2% | 13.9% | +8.5% | −17% / −2% |
| RBARB Global, Inc | 17.6 bn | 39.9 | 8.8% | 10.0% | +7.2% | −3% / +49% |
| FISFidelity National Information Services, Inc. | 15.3 bn | 4.4 | 23.0% | 26.8% | +5.4% | −55% / −49% |
| FICOFair Isaac Corp | 15.1 bn | 20.3 | — | 34.1% | +15.9% | −61% / −36% |
| CSGPCoStar Group, Inc. | 13.1 bn | 74.3 | 2.2% | 4.9% | +18.7% | −53% / −61% |
| HQYHealthequity, Inc. | 9.0 bn | 39.4 | 11.4% | 17.4% | +9.5% | +3% / +62% |
| WEXWEX Inc. | 5.9 bn | 15.5 | 35.6% | 14.0% | +1.2% | +21% / +2% |
| ALITAlight, Inc. | 5.7 bn | — | -67.9% | -46.0% | −3.0% | −72% / −92% |
| XMTRXometry, Inc. | 5.2 bn | — | -3.9% | -2.0% | +25.9% | +94% / +364% |
| CBZCBIZ, Inc. | 3.0 bn | 25.8 | 6.8% | 4.6% | +52.1% | −0% / +6% |
| FLYWFlywire Corporation | 2.7 bn | 36.3 | 9.1% | 10.3% | +26.6% | +56% / −6% |
| AHGAkso Health Group | 2.2 bn | 133.0 | -9.8% | -135.0% | −6.4% | −11% / +56% |
| LQDTLiquidity Services, Inc | 1.5 bn | 45.8 | 15.0% | 6.8% | +31.2% | +102% / +141% |
| PAYSPaysign, Inc. | 863.9 m | 58.4 | 30.8% | 15.7% | +40.5% | +194% / +551% |
| PHRPhreesia, Inc. | 818.1 m | 77.1 | 3.1% | 2.1% | +14.5% | −36% / −14% |
| CASSCass Information Systems, Inc. | 704.1 m | 18.9 | 16.3% | 18.9% | +5.3% | +31% / +33% |
1- and 3-year price returns: for LQDT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 31.76 Total return -32% · Per year -32% | 55.90 Total return 20% · Per year 20% | 83.85 Total return 79% · Per year 79% |
| 3 years | 37.68 Total return -19% · Per year -7% | 73.92 Total return 58% · Per year 16% | 120.74 Total return 158% · Per year 37% |
| 5 years | 44.69 Total return -4% · Per year -1% | 97.77 Total return 109% · Per year 16% | 173.86 Total return 272% · Per year 30% |
- Exit P/E± 18.48
- Net margin± 12.94
- Annual revenue growth± 9.65
- Annual dilution± 1.09
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Liquidity Services runs online marketplaces and software that recover value from surplus assets sold by businesses and government bodies, positioning it within the circular economy. As retail returns grow and public budgets come under pressure, its model draws attention, and its latest fiscal quarter shows growth in both volume and profitability 13.
SWOT
Strengths
- The marketplace has a network effect in which more buyers attract more sellers and vice versa, and the base of registered buyers has grown steadily 13.
- The company has no financial debt and holds a significant cash position, giving it flexibility through economic cycles 3.
- Experience of more than two decades and coverage of hundreds of asset categories give it a scale advantage that is hard to replicate quickly 1.
Weaknesses
- The purchase model carries inventory and credit risk, and margins could fall if sales are not predicted accurately 1.
- Revenue is sensitive to the mix between consignment and purchase transactions, so shifts in the mix can change per-transaction margins 13.
- The CAG segment shows high project variability, which makes quarterly results harder to anticipate 3.
Opportunities
- Rising retail returns and the expansion of direct-to-consumer channels could open new sources of goods and revenue 13.
- Integrating machine learning, artificial intelligence and software could improve recovery and sales volume, according to management 3.
- Budget pressure on public administrations could expand demand for disposing of surplus assets through the company's platforms 1.
Threats
Risks
- Dependence on a supply of assetshigh
Success depends on obtaining enough assets from sellers and attracting active buyers, and external factors can limit these flows 1.
- Dependence on Amazonhigh
If the contractual relationship with a major supplier changed, the company could struggle to source alternative inventory in a timely way 1.
- Technology and investment riskmedium
The platform must be continuously upgraded, and initiatives that are not implemented successfully or on time may fail to deliver the expected benefits 1.
- Macroeconomic and trade riskmedium
Tariffs, inflation, interest rates and geopolitical conflicts can affect demand, asset volumes and transaction timing 2.
- Variability of quarterly resultslow
Quarterly results have fluctuated in the past and may do so again, which could cause volatility in the share price 13.
Investment thesis
What would need to be true (bull case)
- If the growth in GMV and profitability seen in the third quarter of fiscal 2026 holds, the company could move closer to its annual volume target 3.
- A debt-free cash position gives flexibility to invest in technology and in direct-to-consumer channels 3.
- Rising online returns and circular-economy regulation could support long-term demand for the company's services 1.
What would break the thesis
- If tariffs and trade tensions intensify, cross-border volume and asset availability could decline 2.
- The fall in GMV in the CAG segment could signal a slowdown in industrial project activity 3.
- Competition from general digital platforms and traditional liquidators could limit margin expansion over the long term 1.
What to watch
- Results for the fourth quarter of fiscal 2026 against guidance for GMV and adjusted EBITDAQ4 2026
- Changes in the consignment and purchase mix and their effect on RSCG direct profit marginQ4 2026
- Trends in registered buyers and auction participants, which declined in auction participants in the third quarter of fiscal 2026next 10-K
- Effects of tariffs and inflation on transaction volume in the GovDeals and CAG segments2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Liquidity Services, Inc. is a global provider of e-commerce marketplaces and software solutions for the circular economy, connecting business and government sellers with professional buyers. The company was incorporated in Delaware as Liquidation.com and has more than 25 years of industry experience 1. In fiscal 2025 it generated GMV of $1.6 billion and revenue of $477.7 million 1.
The revenue model combines consignment transactions, where the company earns a commission on goods owned by sellers, and purchase transactions, where it buys inventory and resells it, recognising the full sale price as revenue 1. Consignment makes up most of GMV, while purchase transactions account for most of revenue, so the mix between the two matters for margins 13.
The company acquired Sierra Auction Management in January 2024 and formed its Software Solutions segment in January 2025, extending its offer toward auction services and SaaS software 1. In the third quarter of fiscal 2026 it reported zero financial debt and a substantial cash position, giving it flexibility for investment 3.
Segments
GovDeals
The GovDeals segment lets government agencies in the United States and Canada sell surplus property and real estate through the GovDeals, Bid4Assets and Sierra marketplaces. In the third quarter of fiscal 2026 segment GMV rose 9% to a quarterly record, and segment direct profit rose 9% 3.
RSCG
The Retail Supply Chain Group sells excess, returned and overstocked consumer goods for US and Canadian corporations through Liquidation.com, AllSurplus Deals and direct-to-consumer channels. In the third quarter of fiscal 2026 segment GMV rose 19% and direct profit rose 30% 3.
CAG
The Capital Assets Group sells heavy equipment and industrial assets for commercial businesses, including international project work. In the third quarter of fiscal 2026 segment revenue rose 18% while GMV fell 1%, reflecting variable project timing 3.
Market context
The logistics market, including reverse logistics, was valued at $10.2 trillion in 2023 and is projected to reach $20.1 trillion by 2033, according to Allied Market Research as cited by the company 1. Online return rates of around 20%, compared with 8–10% in stores, create a steady flow of goods that must be redistributed 1.
The company estimates that over $100 billion in returned merchandise is processed through secondary markets each year, and demand for responsible disposal of surplus assets is rising alongside verifiable recycling rules 1. The market remains fragmented, with local auctioneers and brokers, which leaves room for centralised digital platforms 1.
Trends
- Rising online returnstailwind
High return rates in e-commerce generate a steady supply of surplus goods that need redistribution, and the company directly links its growth to this trend 1.
- Recycling and verifiable remarketing rulestailwind
A stricter regulatory environment requires verifiable recycling and remarketing of surplus assets, which could increase demand for disposition services such as those the company offers 1.
- Tariffs and cross-border tradeheadwind
Tariff measures and retaliatory trade actions can affect both buyers and the availability of assets on marketplaces, and their evolution remains hard to predict 2.
- Inflation and higher interest ratesmixed
Higher costs for energy, shipping and labour, along with higher borrowing costs, affect buyer qualification and transaction timelines, although the company says it cannot predict the magnitude of this impact 12.
Competitive position
The company faces intense competition from fragmented traditional liquidators and auctioneers, direct negotiated sales, and general e-commerce or retail channels, which the filings describe as highly competitive markets 1. Its stated advantage lies in aggregating supply and demand and in the scale of its buyer network 1.
The company also flags reliance on large suppliers, including contracts with Amazon.com, Inc., which it could not quickly replace with alternative sources if those terms changed 1. Competition in its Machinio equipment search business is another front on which it must defend its position 1.
- Traditional liquidators and regional auctioneers
Local auction companies and asset brokers, described in the filings as fragmented and geographically dispersed, compete with the company's digital platforms 1.
- General e-commerce marketplaces
Online selling platforms that could take surplus goods sellers or retail buyers are named as alternative channels in the filings 12.
- Direct negotiated sales and brokers
Negotiated direct sales and ad-hoc sales are traditional alternatives for disposing of surplus assets, as the company describes them 1.
- Amazon.com, Inc.AMZN
The filings present Amazon mainly as an inventory supplier under vendor contracts rather than a direct competitor, but dependence on this relationship is a stated risk factor 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Liquidity Services Targets $2B GMV Through GovDeals, Machinio ExpansionYahoo Finance — News · 28 Aug 2026 · EN
The latest news item in our archive is from 28 Aug 2026; the newest SEC filing is from 01 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report01 Oct 2026Material agreement · Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
- Current report07 Aug 2026Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report07 Jul 2026Other events · Financial statements and exhibits
- Current report26 Jun 2026Material agreement
- Current report07 May 2026Other events
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Current report26 Feb 2026Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / Liquidity Services, Inc. · 20 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Liquidity Services, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Liquidity Services, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.