LQDT Stock: Insider Activity, Filings & Research

Liquidity Services, Inc. (LQDT) — Drillr’s hub for LQDT insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, LQDT insiders filed 0 open-market buys and 28 sales (SEC Form 4).

Sentiment

0/100

Buys (3m)

Sells (3m)

Net (3m)

-$5.6M

Insider trades by month Buys Sells

Feb

Mar

Apr

May

Jun

Context3-month price +11.3%Institutions mixed (13F)

Date	Insider	Type	Shares	Price
Jun 3, 2026	Celaya Jorgeofficer: EVP & Chief Financial Officer	Option	25,050	$9.46
Jun 3, 2026	Celaya Jorgeofficer: EVP & Chief Financial Officer	Option	367	$9.46
Jun 3, 2026	Celaya Jorgeofficer: EVP & Chief Financial Officer	Option	3,833	$9.46
Jun 3, 2026	Celaya Jorgeofficer: EVP & Chief Financial Officer	Sell	3,824	$36.74
Jun 3, 2026	Celaya Jorgeofficer: EVP & Chief Financial Officer	Sell	3,833	$36.99
Jun 3, 2026	Celaya Jorgeofficer: EVP & Chief Financial Officer	Option	1,927	$9.46
Jun 3, 2026	Celaya Jorgeofficer: EVP & Chief Financial Officer	Option	964	$9.46
Jun 3, 2026	Celaya Jorgeofficer: EVP & Chief Financial Officer	Option	3,824	$9.46
Jun 3, 2026	Celaya Jorgeofficer: EVP & Chief Financial Officer	Sell	367	$36.55
May 28, 2026	Celaya Jorgeofficer: EVP & Chief Financial Officer	Option	2,205	$17.31
May 28, 2026	Celaya Jorgeofficer: EVP & Chief Financial Officer	Option	3,815	$9.46
May 28, 2026	Celaya Jorgeofficer: EVP & Chief Financial Officer	Sell	3,797	$35.99
May 28, 2026	Celaya Jorgeofficer: EVP & Chief Financial Officer	Option	3,758	$9.46
May 28, 2026	Celaya Jorgeofficer: EVP & Chief Financial Officer	Option	5,033	$14.00
May 28, 2026	Celaya Jorgeofficer: EVP & Chief Financial Officer	Option	46,596	$9.46

Source: LQDT SEC Form 4 filings, latest Jun 3, 2026. For informational purposes only — not investment advice.

Overview

Liquidity Services, Inc. (NASDAQ:LQDT) is a leading operator of online auction marketplaces that connect buyers and sellers of surplus, returned, and end-of-life assets. Founded in 1999 and headquartered in Bethesda, Maryland, the company went public in 2006. Over its 25-year history, Liquidity Services has evolved from a traditional liquidation service provider into a comprehensive e-commerce marketplace platform that facilitates the circular economy by giving assets a second life rather than allowing them to go to waste.

Business

Liquidity Services operates in the reverse logistics and asset recovery industry, which involves helping organizations dispose of surplus, returned, damaged, or end-of-life inventory and equipment through online auction marketplaces. The company's core business is providing digital platforms where sellers can liquidate unwanted assets and buyers can purchase these items at discounted prices. The company operates four main business segments: 1. Retail Supply Chain Group (RSCG) - This segment serves major retailers and manufacturers who need to dispose of returned merchandise, overstock inventory, and seasonal goods. The primary marketplace is Liquidation.com, where corporate clients can sell consumer electronics, apparel, general merchandise, and other retail goods. This segment has shown strong growth, with revenue increasing 49% in recent quarters, representing approximately 30-35% of total company revenue. 2. GovDeals - This marketplace enables local and state government entities, as well as commercial businesses in the United States and Canada, to sell surplus assets including vehicles, equipment, and real estate. Government agencies can list items themselves using self-directed tools or utilize full-service options. This segment generates roughly 25-30% of total revenue and has demonstrated consistent double-digit growth. 3. Capital Assets Group (CAG) - This segment focuses on industrial and manufacturing assets, helping corporations dispose of surplus manufacturing equipment, industrial machinery, energy equipment, aerospace parts, and scrap materials. CAG serves clients across North America, Europe, Australia, Asia, and Africa, typically representing 25-30% of total revenue. 4. Machinio - This segment operates a global search engine and marketplace for used industrial equipment, particularly in construction, machine tools, transportation, printing, and agriculture sectors. While the smallest segment at approximately 10-15% of revenue, it has shown consistent growth and serves as a complementary platform to the company's other marketplaces.

Revenue model

Liquidity Services generates revenue through multiple streams within its marketplace model. The company primarily operates under a consignment model, where it takes possession of assets from sellers and auctions them on behalf of clients, earning a percentage of the final sale price. Approximately 80-89% of the company's Gross Merchandise Value (GMV) operates under this consignment structure, with the remainder being purchase transactions where the company buys assets outright and resells them. The paying customers vary by segment. In the Retail segment, major retailers and manufacturers pay Liquidity Services to handle their returned merchandise and overstock. In GovDeals, government agencies and commercial businesses pay listing fees or commissions. In CAG, Fortune 500 industrial companies pay for asset disposal services. Machinio generates revenue through subscription fees from equipment dealers and transaction-based commissions. Several factors influence the company's margins and profitability. Positive margin drivers include the shift toward higher-margin consignment sales (versus lower-margin purchase transactions), economic uncertainty that drives buyers toward value-priced used goods, increased e-commerce returns creating more supply, and the company's scale advantages in processing and marketing assets. Negative margin pressures come from competitive pricing in certain asset categories, logistics and handling costs for physical goods, technology investments required to maintain platform competitiveness, and economic downturns that can reduce both asset supply from sellers and demand from buyers. The company has maintained relatively stable margins by focusing on higher-value assets and expanding its service offerings beyond basic liquidation to include comprehensive supply chain solutions.

Competitive moat

Liquidity Services possesses a moderate economic moat built primarily on network effects and switching costs, though this moat faces ongoing competitive pressures. The company's primary competitive advantage stems from its large and diverse buyer base of 4.9+ million registered users, which creates a powerful two-sided marketplace dynamic. Sellers are attracted to the platform because of the extensive buyer network that can drive higher recovery values, while buyers are drawn by the consistent supply of diverse assets across multiple categories. The company also benefits from operational scale and expertise in asset valuation, logistics, and remarketing that would be difficult for new entrants to replicate quickly. Its 25-year track record and established relationships with Fortune 500 companies and government agencies create meaningful switching costs, as these clients have integrated Liquidity Services into their reverse logistics operations. However, the moat faces several challenges. The liquidation and surplus asset market is fragmented with numerous regional and specialized competitors. Large e-commerce platforms like Amazon and eBay could potentially expand into B2B liquidation markets, leveraging their massive consumer bases and logistics infrastructure. Additionally, some large retailers and manufacturers could develop in-house capabilities or work directly with other liquidators, bypassing Liquidity Services entirely. The company's investments in AI-driven asset description tools, mobile platforms, and expanded service offerings represent efforts to strengthen its competitive position, but the fundamental nature of the business remains susceptible to competitive pressure and client concentration risk. While the network effects provide some protection, the moat is not insurmountable and requires continuous investment to maintain.

Risks & safety

The company demonstrates a strong financial safety profile with minimal solvency risk and conservative capital structure. • Cash Position: $138.5 million in cash and short-term investments with zero debt, providing substantial financial flexibility • Current Ratio: 1.35x indicates adequate short-term liquidity to meet obligations • Cash Flow: Generated $70+ million in operating cash flow for fiscal 2024, though quarterly volatility exists due to working capital timing • Debt Level: Debt-to-equity ratio of only 0.076, indicating minimal leverage risk • Valuation Metrics: - P/E ratio of 34x appears elevated relative to growth rates - EV/EBITDA of 22x suggests premium valuation - Price-to-book of 4.9x indicates market expects continued growth - Graham number analysis suggests potential overvaluation at current levels • Other Considerations: Strong free cash flow generation, diversified revenue streams across segments, and recession-resistant business model provide additional safety, though client concentration and competitive pressures present ongoing risks.

Recent development

Over the past few years, Liquidity Services has executed several key strategic initiatives to modernize its platform and expand market reach. The company has made significant investments in artificial intelligence and automation tools to improve asset descriptions, buyer matching, and operational efficiency. These include AI-assisted asset description tools and mobile-responsive upload templates that streamline the listing process for sellers. The company has pursued a strategic acquisition strategy to expand its software capabilities and addressable market. Recent acquisitions include Auction Software and Simple Auction Site, which provide SaaS-based auction tools for smaller resellers and expand the company's presence in collectibles and specialty markets. These acquisitions support the company's goal of monetizing its existing buyer base while offering new revenue streams. Platform modernization has been a major focus, with the rollout of updated marketplace interfaces across segments, particularly the modernized GovDeals platform that improved user experience and doubled net promoter scores. The company has also expanded its AllSurplus marketplace to create a centralized destination connecting buyers with assets across all its marketplace networks. Geographic and service expansion continues with the company extending its international presence in Europe, Asia, and Australia while developing new service offerings like "sell-in-place" software for international e-commerce players. The company has also invested in expanding its physical infrastructure, including new distribution centers to support growing transaction volumes. Looking forward, management has set ambitious targets of reaching $2 billion in annual GMV and $100 million in annual EBITDA within the next 2-4 years, representing significant growth from current levels of approximately $1.4 billion GMV and $48.5 million EBITDA.

LQDT company profile · for informational purposes only — not investment advice.

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