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LIQUIDITY SERVICES, INC

LQDT · Technology · $1.4B mkt cap · FY2025 filings · · not refreshed in 35 days · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

60

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $258M to $477M, increasing; diluted EPS 1.45 to 0.87, decreasing.

80

Median gross margin 51.1% over 10y, stable.

57

Median ROIC 14.1%, above the 12% hurdle in 50% of years.

100

Net cash position — no leverage risk.

0

Owner earnings changed -12.6%/yr over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
311% above value if growth stopped today
$30.7M
$9.14
$9.14
$37.56
311% above value if growth stopped today

What today’s price assumes: owner earnings growing ~33%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

18 years of fundamentals

The business, in plain English

LIQUIDITY SERVICES, INC booked $477M of revenue in FY2025 in the Technology sector and kept 43.8% of it as gross profit — a solid-margin business by that measure. After every other cost, 5.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $219M (FY2009) to $477M (FY2025) — about 5.0% a year compounded over 16 years.

It earned 87.2% on invested capital in the latest filed year, FY2025. Across the full 17-year measurable filed record, median ROIC was 20.1%. Over the v3 recent window (10 measurable filed years), median ROIC was 14.1%. The Returns on Capital filter above scores it 57/100.

LQDT's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

Put together: Balance-Sheet Safety is the strongest of the five filters (100/100) and Capital Allocation the weakest (0/100), which is how LQDT lands at 59/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2008–FY2025 · 18 fiscal years, normalized from LQDT’s SEC filings

Sales, as filed$477M FY2025
$0$200M$400M2008201420202025
Revenue kept after cost of goods43.8% FY2025
0%25%50%2008201420202025
Standard ROIC or separately labeled Operating ROICROIC 87.2% FY2025
−100%0%100%2008201420202025
Cash an owner could take out$30.7M FY2025
$0$20M$40M2008201420202025

Gaps in a line mean that item isn’t in LQDT’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How LIQUIDITY SERVICES, INC makes its money

LIQUIDITY SERVICES, INC's filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$477M100%
$209M44%
$35.1M7%
Income before tax$39.4M8%
Income tax$11.3M2%
$28.1M6%
Source: · event Sep 30, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What LIQUIDITY SERVICES, INC owns — and owes

LIQUIDITY SERVICES, INC's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$375M100%
Cash and equivalents$175M47%
Stockholders’ equity$203M54%
Source: · event Sep 30, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives LIQUIDITY SERVICES, INC’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity15%Tax burden71%net income ÷ pretax incomeInterest burden112%pretax ÷ operating incomeOperating margin7%operating income ÷ revenueAsset turnover1.32×revenue ÷ average assetsEquity multiplier1.87×average assets ÷ average equityAs of 2025-09-30 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$28.1MFY2025
Income before tax$39.4MFY2025
Operating income$35.1MFY2025
$477MFY2025
Ending assets$375MFY2025
Beginning assets$347MFY2024
$203MFY2025
$183MFY2024
Source:
  • SEC filingFiling detailsAccession 0001193125-25-289159
· event Sep 30, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where LIQUIDITY SERVICES, INC's cash went

LIQUIDITY SERVICES, INC’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$66.8M100%
Depreciation and amortization$10.4M16%
Source: · event Sep 30, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding LIQUIDITY SERVICES, INC

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited1 not holding1/19 resolved18 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Markel / Markel-GaynerNo position reportedNo position reported
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What LIQUIDITY SERVICES, INC insiders reported

We could not retrieve insider activity for this rendering; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

16 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale59.3 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for LQDT.

Technology context

#200 of 744 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #198VERX Vertex, Inc.59.6Shallow moat
  2. #199HQY HEALTHEQUITY, INC.59.4Shallow moat
  3. #201DOCU DOCUSIGN, INC.59.2Shallow moat
  4. #202VRT Vertiv Holdings Co59.2Shallow moat

Compare LQDT with its nearest peers →All Technology companies on the Index →

Common questions about LQDT

Does LIQUIDITY SERVICES, INC have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores LIQUIDITY SERVICES, INC (LQDT) 59.3 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 60, pricing power 80, returns on capital 57, balance-sheet safety 100, capital allocation 0.
Is LQDT trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $9.14 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $37.56, that is 311% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has LQDT's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 59.3 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell LQDT. See the disclaimer.