Start here if you're new
what it is
It runs online marketplaces where governments and companies sell surplus stuff, returned goods, and heavy equipment.
how it gets paid
Last year Liquidity Services made $477M in revenue. GovDeals was the main engine at $172M, or 36% of sales.
why it's growing
Revenue grew 31.2% last year. The key number was the 1% revenue decline.
what just happened
Latest quarter revenue slipped to $121M, but EPS still rose 28% vs. prior year to $0.23.
At a glance
B+ balance sheet — decent shape, but not bulletproof
30/100 earnings predictability — expect surprises
36.0x trailing p/e — you're paying up for this one
13.2% return on capital — nothing to write home about
$0.87 fy2025 eps est
xvary composite: 63/100 — average
What they do
It runs online marketplaces where governments and companies sell surplus stuff, returned goods, and heavy equipment.
This business wins because sellers need buyers now, not after six months of phone calls. Annual revenue reached $477 million in fiscal 2025, up 31.2% vs. prior year, which tells you the marketplace is attracting enough inventory and bidders to keep deals moving. Marketplace liquidity (lots of buyers and sellers in one place) -> faster sales at clearer prices -> so what: once your auction pipeline is working, switching is a headache.
How they make money
$477M
annual revenue · their business grew +31.2% last year
GovDeals
$172M
Retail Supply Chain Group
$143M
Capital Assets Group
$95M
Machinio marketplace
$67M
The products that matter
government surplus marketplace
GovDeals
$191M · 40% of revenue
it is the largest segment at $191M and grew 8% last year. If you want the stable part of the story, start here.
largest segment
retail liquidation platform
Retail & Consumer Goods
$143M · 30% of revenue
this $143M segment was flat last year and carries the most obvious risk because the Amazon-related dispute could affect $72M–$119M of revenue exposure.
legal overhang
heavy equipment marketplace
Capital Assets & Industrial
$95M · 20% of revenue
this $95M segment grew 15% last year. It is smaller than GovDeals, but it is one of the cleaner signs that marketplace demand is broadening.
fastest large segment
Key numbers
36.0x
trailing p/e
P/E -> price divided by trailing earnings -> so what: you are paying $36 for each $1 of last year's profit for a company that just posted a 1% quarterly revenue decline.
9.8%
operating margin
Operating margin -> money left after running the business -> so what: LQDT kept 9.8 cents of operating profit from each $1 of revenue.
13.2%
return on capital
Return on capital -> profit generated from money tied up in the business -> so what: every $100 invested in operations produced $13.20 in profit.
$9M
long-term debt
Long-term debt equals 1% of capital. Deadpan fact bomb: this $882 million company carries just $9 million of long-term debt.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 2 — safer than 80% of stocks
- price stability 20 / 100
- long-term debt $9M (1% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for LQDT right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Latest quarter revenue slipped to $121M, but EPS still rose 28% vs. prior year to $0.23.
That is the weird setup. Sales fell 1%, yet earnings improved, which tells you cost control did more work than top-line growth in the quarter.
$121M
revenue
$0.23
eps
47.0%
gross margin
the number that mattered
The key number was the 1% revenue decline, because a stock at 36.0x trailing earnings needs growth to look normal.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the top risk here is the Amazon-related dispute inside retail & consumer goods, because it sits over one of the largest segments in the business.
med
retail & consumer goods revenue is the most exposed piece
The Amazon-related issue could put $72M–$119M of revenue at risk. That is a serious range against a $143M segment and a $477M company.
If that relationship weakens, the revenue hit lands exactly where investors are already nervous.
med
the multiple is doing a lot of the work
LQDT trades at 36.0x trailing earnings, about 25% above its industry, while net margin is just 6%.
If the market stops paying up for the marketplace story, the stock can fall even if the business stays merely okay.
med
earnings are not smooth enough to deserve blind trust
Earnings predictability sits at 30/100, and Q2 EPS guidance of $0.29–$0.38 leaves a meaningful gap between the low and high end.
That kind of range is manageable operationally. In a small cap trading at 36x earnings, it becomes a stock risk.
One legal issue alone touches up to $119M of revenue, and the stock already trades at a premium multiple. You do not have much room for sloppiness here.
source: institutional data · regulatory filings · risk analysis
Pay attention to
guidance
q2 2026 eps guidance
Management set a range of $0.29 to $0.38 per share. That next print matters more than usual because predictability is only 30/100.
legal
the Amazon-related dispute
The revenue exposure range of $72M–$119M is too large to treat as a side note.
margin
gross margin versus net margin
47.0% gross margin looks healthy. A 6% net margin says the operating leverage story still needs proof.
street view
analyst targets versus the stock
The median analyst target is $43.00, with a range of $42.00–$44.00. The street sees upside, but the band is narrow enough to say conviction is not euphoric.
Analyst rankings
earnings predictability
30 / 100
Earnings can surprise you here. In human-speak: do not treat this like a steady compounder.
risk rank
2
The balance sheet reads safer than most stocks. In human-speak: debt is not the thing keeping you up at night.
source: institutional data
Institutional activity
institutional ownership data for LQDT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$31
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive