Is BlackLine, Inc. overvalued or undervalued?

As of 17 October 2025, BlackLine, Inc. has moved from an expensive to a fair valuation grade. The company appears fairly valued based on its current metrics, with a P/E ratio of 36, a Price to Book Value of 8.55, and an EV to EBITDA of 47.36. In comparison to its peers, BlackLine's P/E ratio is slightly lower than Paycor HCM, Inc., which has a P/E of approximately 35.70, while Flywire Corp. is notably more attractive with a P/E of 114.41.
Despite the fair valuation, BlackLine's stock has underperformed relative to the S&P 500, with a year-to-date return of -18.01% compared to the index's 13.30%. This trend of underperformance continues over longer periods, indicating potential concerns about the company's growth prospects in the competitive software products industry.