This is a preference, not a verdict. Flyway is excellent and I have shipped plenty with it. But on the enterprise schemas I usually work on, Liquibase wins by a small margin for two reasons.

First, the changelog is database-agnostic when I want it to be. Describing a change once and letting Liquibase generate the dialect matters when the same product ships against PostgreSQL for one client and Oracle for another.

Second, the rollback story is first-class rather than bolted on. For regulated clients, being able to describe how a change unwinds, not just how it applies, has saved me more than once.

Use whichever your team already trusts. The best migration tool is the one nobody is afraid to run on a Friday.