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Liquidity Services Inc

LQDT

Services-Business Services, NEC

Mkt Cap

$548.1M

PE

28.97

Debt

-

Cash

$98.56M

EV

-

FCF

$42.9M

Market Cap

$548.1M

P/E Ratio

28.97

Debt

-

Cash

$98.56M

EV

-

FCF

$42.9M
Charts data: {"Earnings":[{"time":"2014-09-29","value":30390000},{"time":"2015-09-29","value":-104815000},{"time":"2016-09-29","value":-59926000},{"time":"2017-09-29","value":-39187000},{"time":"2018-09-29","value":-11615000},{"time":"2019-09-29","value":-19260000},{"time":"2020-09-29","value":-3774000},{"time":"2021-09-29","value":50949000},{"time":"2022-09-29","value":40324000},{"time":"2023-09-29","value":20978000}],"Sales":[{"time":"2014-09-29","value":495661000},{"time":"2015-09-29","value":397125000},{"time":"2016-09-29","value":316454000},{"time":"2017-09-29","value":270015000},{"time":"2018-09-29","value":224514000},{"time":"2019-09-29","value":226525000},{"time":"2020-09-29","value":205940000},{"time":"2021-09-29","value":257531000},{"time":"2022-09-29","value":280050000},{"time":"2023-09-29","value":314462000}],"Net Margins":[{"time":"2014-09-29","value":0.06131206610969998},{"time":"2015-09-29","value":-0.2639345294302801},{"time":"2016-09-29","value":-0.18936717500805805},{"time":"2017-09-29","value":-0.1451289743162417},{"time":"2018-09-29","value":-0.05173396759222142},{"time":"2019-09-29","value":-0.08502372806533495},{"time":"2020-09-29","value":-0.018325725939594056},{"time":"2021-09-29","value":0.19783637697985873},{"time":"2022-09-29","value":0.14398857346902338},{"time":"2023-09-29","value":0.06671076314467249}],"Assets":[{"time":"2014-09-29","value":431718000},{"time":"2015-09-29","value":288488000},{"time":"2016-09-29","value":260109000},{"time":"2017-09-29","value":215229000},{"time":"2018-09-29","value":201832000},{"time":"2019-09-29","value":187283000},{"time":"2020-09-29","value":196634000},{"time":"2021-09-29","value":255576000},{"time":"2022-09-29","value":288104000},{"time":"2023-09-29","value":288970000}],"Stockholders Equity":[{"time":"2014-09-29","value":316983000},{"time":"2015-09-29","value":216002000},{"time":"2016-09-29","value":162611000},{"time":"2017-09-29","value":132636000},{"time":"2018-09-29","value":129654000},{"time":"2019-09-29","value":116175000},{"time":"2020-09-29","value":111815000},{"time":"2021-09-29","value":135015000},{"time":"2022-09-29","value":154536000},{"time":"2023-09-29","value":161533000}],"ROE":[{"time":"2014-09-29","value":0.09587264932188792},{"time":"2015-09-29","value":-0.4852501365728095},{"time":"2016-09-29","value":-0.36852365461131165},{"time":"2017-09-29","value":-0.2954476914261588},{"time":"2018-09-29","value":-0.08958458666913477},{"time":"2019-09-29","value":-0.1657843770174306},{"time":"2020-09-29","value":-0.0337521799400796},{"time":"2021-09-29","value":0.3773580713254083},{"time":"2022-09-29","value":0.26093596314127454},{"time":"2023-09-29","value":0.12986820030581986}],"ROA":[{"time":"2014-09-29","value":0.11678225137705632},{"time":"2015-09-29","value":-0.49989947588807854},{"time":"2016-09-29","value":-0.13116808722497106},{"time":"2017-09-29","value":-0.18584856129982483},{"time":"2018-09-29","value":-0.10599409409806175},{"time":"2019-09-29","value":-0.0964316035091279},{"time":"2020-09-29","value":-0.015119460520561042},{"time":"2021-09-29","value":0.10790919335148841},{"time":"2022-09-29","value":0.16540207702773999},{"time":"2023-09-29","value":0.10041180745406098}]}

Liquidity Services, Inc. provides e-commerce marketplaces, self-directed auction listing tools, and value-added services in the United States and internationally. It operates through four segments: GovDeals, Retail Supply Chain Group (RSCG), Capital Assets Group (CAG), and Machinio. The company's marketplaces include liquidation.com that enable corporations to sell surplus and salvage consumer goods and retail capital assets; GovDeals marketplace, which provides self-directed service solutions in which sellers list their own assets that enables local and state government entities, and commercial businesses located in the United States and Canada to sell surplus and salvage assets; and AllSurplus, a centralized marketplace that connects global buyer base with assets from across the network of marketplaces in a single destination. It also provides marketplace for corporations located in the Americas, Europe, Australia, Asia, and Africa to sell manufacturing surplus, salvage capital assets, and scrap material, as well as offers a suite of services, including surplus management, asset valuation, asset sales, marketing, returns management, asset recovery, and ecommerce services. In addition, the company operates a global search engine platform for listing used equipment for sale in the construction, machine tool, transportation, printing, and agriculture sectors. It offers products from industry verticals, such as consumer electronics, general merchandise, apparel, scientific equipment, aerospace parts and equipment, technology hardware, real estate, energy equipment, industrial capital assets, heavy equipment, fleet and transportation equipment, and specialty equipment. The company was incorporated in 1999 and is headquartered in Bethesda, Maryland.

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Growth

%

%

Discount

%

%

Multiple

g\r+10%+11%+12%+13%+14%
0%109887
+1%1110988
+2%13111098
+3%141311109
+4%1714121110
Years012345678910TV
FCF$42.9M$44.19M$45.51M$46.88M$48.29M$49.74M$51.24M$52.78M$54.36M$56M$57.68M$576.8M
DCF$38.42M$34.41M$30.83M$27.61M$24.73M$22.15M$19.84M$17.77M$15.92M$14.26M$142.6M
Value$388.5M

In the chart Earnings are multiplied by this value.

Earnings Growth 15%
Earnings Stability -80%


Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years09-201509-201609-201709-201809-201909-202009-202109-202209-2023TTM
Net Margin-26%-19%-15%-5.2%-8.5%-1.8%20%14%6.7%6%
ROA-50%-13%-19%-11%-9.6%-1.5%11%17%10%9.6%
ROE-49%-37%-30%-9%-17%-3.4%38%26%13%11%

What is the average Net Margin?

The average Net Margin over the past 5 years is +4.22%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +4.27%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +2.6%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is +5.54%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +7.98%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +7.97%.


Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years09-201509-201609-201709-201809-201909-202009-202109-202209-2023TTM
Debt FCF----------
Debt Equity----------
MIN
Graham Stability-------100%72%72%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is -.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -.

What is the Graham’s Stability?

Graham’s Stability measure stands at 0.72.


Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years09-201609-201809-202009-2022Trend
Revenue-0.09%7%15%12%5.1%
Net Income----48%-27%
Stockholders Equity-0.095%4.5%13%4.5%5.7%
FCF0.66%-50%13%-51%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +6.97%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is +5.05%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is -.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -27.12%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +4.49%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is +5.67%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is -.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -50.99%.