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Backblaze, Inc.

BLZE

$7.58 ▼ -0.83 (-9.81%) at close

7 Visible periods

28 Metrics

Peer-ranked Benchmarks

Price Chart

Health

Poor

Bearish

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Analytical Summary

Backblaze, Inc. faces fundamental challenges with weakness in Return on Common Equity (%) and Profit Margin (%). The fundamentals warrant careful consideration of downside risks.

Market Cap $426.1M

Dividend Yield —

Revenue Growth 14.3% ↘

Op. Margin -16.2% ↗

ROIC -28.5% ↗

FCF / Share $0.34 ↗

Trailing P/E —

Price / Book 5.1x

FCF Yield 4.4%

Debt / Equity —

info Valuation on last close. End-of-day price, Nov 5, 2026.

7-Year Financial Trajectory

Annual

Metric Value Trend Year over Year Percentile

Revenue Total top-line sales

$145.84M

↑ +14.3% —

Net Income Profit after all expenses

$-25.61M

↑ +47.2% —

Operating Margin Operating profit as % of sales

-16.2%

↑ +55.3% 11th

FCF / Share Free cash flow per share

$0.34

↑ +35.3% —

trending_up

Bullish Indicators

No bullish signals detected.

warning

Bearish Risks

Operating Margin (%)Operating Margin (%) is in the bottom quartile
Profit Margin (%)Profit Margin (%) is in the bottom quartile
Return on Common Equity (%)Return on Common Equity (%) is in the bottom quartile

Health Breakdown

Profitability ↑

Returns ↓

Financial Health ↓

Cash Quality

Financial view

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📈 Is growth accelerating? 6 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗
Revenue Growth YoY (%)	14.3% Good ↓ Good Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+19%)	25.1% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+109%)	19.8% Good ↓ Good Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+65%)	26.2% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+118%)	25.5% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+112%)	—	—
EPS Growth YoY (%)	58.6% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	33.1% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-2.5% Weak ↑ Weak Improving Year-over-year change in earnings per share Optimal: > 10%	-51.4% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	-197.2% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	—	—
Net Income Growth YoY (%)	47.2% Excellent ↑ Excellent Improving Year-over-year change in net income	18.7% Good ↑ Good Improving Year-over-year change in net income	-16.2% Weak ↑ Weak Improving Year-over-year change in net income	-136.8% Weak Weak Year-over-year change in net income	-227.7% Weak Weak Year-over-year change in net income	—	—
FCF Growth YoY (%)	35.3% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	N/M	46.5% Excellent Excellent Year-over-year change in free cash flow	-235.9% Weak Weak Year-over-year change in free cash flow	N/M	—	—
Revenue CAGR 3Y (%)	19.6% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	23.7% Excellent Excellent Compound annual revenue growth over 3 years	23.8% Excellent Excellent Compound annual revenue growth over 3 years	—	—	—	—
Revenue CAGR 5Y (%)	22.1% Excellent Excellent Compound annual revenue growth over 5 years	—	—	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗
Operating Margin (%) (%)	-16.2% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-181%)	-36.3% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-281%)	-56.8% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-384%)	-56.5% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-383%)	-27.9% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-239%)	-6.9% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-135%)	—
Effective Tax Rate (%) (%)	-0.3% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	-0.0% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	0.0% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	0.1% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	-0.4% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	-0.1% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	—
Profit Margin (%) (%)	-17.6% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-217%)	-38.0% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-354%)	-58.5% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-490%)	-60.4% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-502%)	-32.2% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-314%)	-12.3% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-182%)	—
FCF Margin (%) (%)	12.9% Fair ↑ Fair Improving Free cash flow as a percentage of revenue Optimal: > 10%	8.5% Caution ↑ Caution Improving Free cash flow as a percentage of revenue Optimal: > 10%	-12.6% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	-24.8% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	-6.0% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	19.9% Good Good Free cash flow as a percentage of revenue Optimal: > 10%	—
FCF / Net Income (x)	-0.74x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	-0.22x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.22x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	0.41x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	0.19x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	-1.61x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	—

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗
Return on Invested Capital (%)	-28.5% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-59.6% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-128.9% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-69.9% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-19.8% Weak Weak Return earned on debt + equity capital invested Optimal: > 10%	54.6% Excellent Excellent Return earned on debt + equity capital invested Optimal: > 10%	—
Return on Capital (%) (%)	-12.3% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-27.5% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-44.0% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-31.6% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-11.5% Weak Weak Operating profit relative to total assets Optimal: > 10%	-6.9% Weak Weak Operating profit relative to total assets Optimal: > 10%	—
Return on Common Equity (%) (%)	-30.8% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-266%)	-62.5% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-438%)	-132.9% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-818%)	-74.8% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-504%)	-22.7% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-223%)	96.8% Excellent Excellent Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+423%)	—

⚖️ Is the balance sheet risky? 2 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗
Interest Coverage (x)	-6.32x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-12.93x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-15.27x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-11.22x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-5.11x Weak Weak Operating income divided by interest expense Optimal: > 5x	-1.29x Weak Weak Operating income divided by interest expense Optimal: > 5x	—
Net Debt (USD)	$-29.18M	$-45.78M	$-12.50M	$-6.69M	$-104.84M	$-6.08M	—

📊 What does each share earn? 6 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗
Revenue per Share (USD)	$2.59	$2.93	$2.83	$2.69	$3.32	$2.89	—
Basic EPS, GAAP (USD)	$-0.46	$-1.11	$-1.66	$-1.62	$-1.07	$-0.36	—
Free Cash Flow per Share (USD)	$0.34	$0.25	$-0.36	$-0.67	$-0.20	$0.57	—
Book Value per Share (USD)	$1.48	$1.78	$1.25	$2.17	$4.69	$-0.37	—
Tangible Book Value per Share (USD)	$1.48	$1.78	$1.25	$2.17	$4.69	$-0.37	—
Basic Weighted Avg Shares (shares)	56.21M	43.54M	36.01M	31.66M	20.35M	18.61M	—

🏦 How resilient is the balance sheet? 2 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗
Working Capital (USD)	$4.07M	$5.95M	$-18.57M	$18.12M	$66.02M	$-27.14M	—
Total Equity (USD)	$83.22M	$77.62M	$44.94M	$68.75M	$95.49M	$-6.84M	$-2.59M

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗
Sales/Revenue/Turnover (USD)	$145.84M	$127.63M	$102.02M	$85.16M	$67.48M	$53.78M	—
Depreciation Expense (USD)	$25.59M	$28.33M	$24.91M	$20.15M	$16.32M	$12.95M	—
Net Income, GAAP (USD)	$-25.61M	$-48.53M	$-59.71M	$-51.40M	$-21.70M	$-6.62M	—
Operating Cash Flow (USD)	$23.54M	$12.51M	$-7.35M	$-13.78M	$3.52M	$12.82M	—

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bar_chart Data from SEC EDGAR XBRL filings

Synced 4 days ago 7 years · 27 quarters

Backblaze, Inc.

Analytical Summary

7-Year Financial Trajectory

Bullish Indicators

Bearish Risks

Health Breakdown

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