BLZE Technology

Backblaze, Inc.

$8.38+13.24%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Technology
Industry: Software - Infrastructure
Country: United States
Market cap: 518.7M USD
Enterprise value: 551.3M USD
Full-time employees: 320

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.57 vs a peer median of 0.87), less short-term liquidity (current ratio 1.00 vs a peer median of 1.83) and more debt relative to equity (0.93× vs a peer median of 0.25×)higher risk: bigger price swings (beta 1.57 vs peers 0.87), less liquidity (current ratio 1.00 vs peers 1.83) and more debt vs equity (0.93× vs peers 0.25×)

Ranks #1,387 of 1,612 technology companies (bottom 15%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $80M vs $2M spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years Backblaze recorded $80M of stock-based pay expense and spent $2M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Backblaze recorded $80M of stock-based pay expense and spent $2M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Stock-based pay is a large cost. Stock pay was 18% of revenue in 2025.
Backblaze paid employees $26M in stock in 2025, 18% of its $146M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Valuation signals disagree. Cheaper than 63% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Backblaze looks cheaper than 63% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Backblaze reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

StockQuotient Score

29/ 100

Oct 5 29 → Nov 4 29

Valuation

Is the price right?

26/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Share count up 3.2% (existing holders diluted)

Valuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-3.9%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield0.6%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score -1.02Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield4.6%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.68Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield17.1%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

71/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 4.3%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.30Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth18.9%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.78Sector median: 0.0483 · MAD: 0.0793

Revenue growth13.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.52Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA
▼ ROIC
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-11.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.52Sector median: 0.0631 · MAD: 0.0710

Return on assets-9.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.33Sector median: 0.0293 · MAD: 0.0362

Return on invested capital-25.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.77Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin62.0%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-23.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Current ratio
▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.57

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.88Sector median: 0.8710 · MAD: 0.3700

Current ratio1.00×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.21Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.93×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score -3.00Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Backblaze

Is Backblaze getting weaker?: Its latest SEC filing (Aug 3, 2026) got weaker in some ways: share count up 3.2%. Its overall score is unchanged at 29/100 since Oct 28, 2026.
How is Backblaze valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 26/100 against 1,711 technology peers. Free cash flow yield 4.6% vs a peer median of 2.7% (stronger than 63% of peers).Free cash flow yield 4.6% vs peers 2.7% (stronger than 63% of peers). Earnings yield -3.9% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -3.9% vs peers 2.2% (weaker than 100% of peers).
Is Backblaze growing?: Yes, faster than most of its peers. Growth scores 71/100 against 1,711 technology peers. 3-year revenue growth 18.9% vs a peer median of 4.8% (stronger than 85% of peers).3-year revenue growth 18.9% vs peers 4.8% (stronger than 85% of peers).
How profitable is Backblaze?: Less profitable than most of its peers. Profitability scores 8/100 against 1,711 technology peers. Return on assets -9.1% vs a peer median of 2.9% (weaker than 94% of peers).Return on assets -9.1% vs peers 2.9% (weaker than 94% of peers).
How risky is Backblaze?: Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 1.00× vs a peer median of 1.83× (weaker than 89% of peers).Current ratio 1.00× vs peers 1.83× (weaker than 89% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 3, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Share count up 3.2% (existing holders diluted)

Worth watching: Backblaze is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	149.9M USD	156.3M USD	+4.3%
Net income (12 months)	−22.4M USD	−20.4M USD	−9.0%
Operating margin	-13.5%	-11.6%	+1.9 pts
Free cash flow (12 months)	17.1M USD	24.0M USD	+40.1%
Cash	26.3M USD	32.4M USD	+23.4%
Shares outstanding	60.0M	61.9M	+3.2%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Software - Infrastructure · 71 companies

Valuations in Software - Infrastructure are above their usual range since 2016.

61% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +19% and earnings +22% (medians): prices and earnings moved broadly together.
Median price-to-sales is +97% vs the whole market, against a usual +103%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	50.9%	51.5%	48.9%	54.3%	60.9%	▲ 6.6 pts
Operating margin	-27.9%	-56.5%	-56.8%	-36.3%	-16.2%	▲ 20 pts
Net margin	-32.2%	-60.4%	-58.5%	-38.0%	-17.6%	▲ 20 pts
Return on assets (ROA)	-13.3%	-33.7%	-45.3%	-28.8%	-13.4%	▲ 15 pts
Return on equity (ROE)	-22.7%	-74.8%	-132.9%	-62.5%	-30.8%	▲ 32 pts
Free cash flow margin	-6.0%	-24.8%	-12.6%	8.5%	12.9%	▲ 4.5 pts
Current ratio	2.47×	1.32×	0.67×	1.10×	1.07×	▼ 3.0%
Debt to equity	0.00×	—	—	—	—	—
Interest coverage	-5.11×	-11.22×	-15.27×	-12.65×	-6.11×	▲ 52%

BLZE price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.57 vs a peer median of 0.87), less short-term liquidity (current ratio 1.00 vs a peer median of 1.83) and more debt relative to equity (0.93× vs a peer median of 0.25×)higher risk: bigger price swings (beta 1.57 vs peers 0.87), less liquidity (current ratio 1.00 vs peers 1.83) and more debt vs equity (0.93× vs peers 0.25×)

Ranks #1,387 of 1,612 technology companies (bottom 15%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $80M vs $2M spent repurchasing shares over the 3 fiscal years to 2025.

Over three fiscal years Backblaze recorded $80M of stock-based pay expense and spent $2M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Backblaze recorded $80M of stock-based pay expense and spent $2M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Stock-based pay is a large cost. Stock pay was 18% of revenue in 2025.

Backblaze paid employees $26M in stock in 2025, 18% of its $146M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Valuation signals disagree. Cheaper than 63% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Backblaze looks cheaper than 63% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Not profitable yet. Reported a loss in the 12 months to June 2026.

Backblaze reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Questions investors ask about Backblaze

Is Backblaze getting weaker?

Its latest SEC filing (Aug 3, 2026) got weaker in some ways: share count up 3.2%. Its overall score is unchanged at 29/100 since Oct 28, 2026.

How is Backblaze valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 26/100 against 1,711 technology peers. Free cash flow yield 4.6% vs a peer median of 2.7% (stronger than 63% of peers).Free cash flow yield 4.6% vs peers 2.7% (stronger than 63% of peers). Earnings yield -3.9% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -3.9% vs peers 2.2% (weaker than 100% of peers).

Is Backblaze growing?

Yes, faster than most of its peers. Growth scores 71/100 against 1,711 technology peers. 3-year revenue growth 18.9% vs a peer median of 4.8% (stronger than 85% of peers).3-year revenue growth 18.9% vs peers 4.8% (stronger than 85% of peers).

How profitable is Backblaze?

Less profitable than most of its peers. Profitability scores 8/100 against 1,711 technology peers. Return on assets -9.1% vs a peer median of 2.9% (weaker than 94% of peers).Return on assets -9.1% vs peers 2.9% (weaker than 94% of peers).

How risky is Backblaze?

Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 1.00× vs a peer median of 1.83× (weaker than 89% of peers).Current ratio 1.00× vs peers 1.83× (weaker than 89% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

149.9M USD

156.3M USD

+4.3%

Net income (12 months)

−22.4M USD

−20.4M USD

−9.0%

Operating margin

-13.5%

-11.6%

+1.9 pts

Free cash flow (12 months)

17.1M USD

24.0M USD

+40.1%

Cash

26.3M USD

32.4M USD

+23.4%

Shares outstanding

60.0M

61.9M

+3.2%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

50.9%

51.5%

48.9%

54.3%

60.9%

▲ 6.6 pts

Operating margin

-27.9%

-56.5%

-56.8%

-36.3%

-16.2%

▲ 20 pts

Net margin

-32.2%

-60.4%

-58.5%

-38.0%

-17.6%

▲ 20 pts

Return on assets (ROA)

-13.3%

-33.7%

-45.3%

-28.8%

-13.4%

▲ 15 pts

Return on equity (ROE)

-22.7%

-74.8%

-132.9%

-62.5%

-30.8%

▲ 32 pts

Free cash flow margin

-6.0%

-24.8%

-12.6%

8.5%

12.9%

▲ 4.5 pts

Current ratio

2.47×

1.32×

0.67×

1.10×

1.07×

▼ 3.0%

Debt to equity

0.00×

—

Interest coverage

-5.11×

-11.22×

-15.27×

-12.65×

-6.11×

▲ 52%