Is BlackLine, Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for BlackLine, Inc. moved from expensive to fair. The company appears fairly valued based on its current metrics. The P/E ratio stands at 36, while the EV to EBITDA ratio is significantly higher at 47.36, and the Price to Book Value is 8.55. In comparison, its peer Paycor HCM, Inc. has a P/E ratio of approximately 35.70, and Flywire Corp., which is rated very attractive, has a P/E of 114.41.
Despite the fair valuation, BlackLine 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 continues over longer periods, with a 5-year return of -50.67% versus the S&P 500's 91.29%, indicating potential concerns regarding its growth prospects despite its current valuation status.