BRZE Technology

Braze, Inc.

$45.79+0.26%

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

Basics

Sector: Technology
Industry: Software - Application
Country: United States
Market cap: 5.2B USD
Enterprise value: 4.9B USD
Full-time employees: 1,988

Overall health

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: less short-term liquidity (current ratio 1.27 vs a peer median of 1.83)less liquidity (current ratio 1.27 vs peers 1.83)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,141 of 1,612 technology companies (bottom 30%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 19% of revenue in FY Jan 2026.
Braze paid employees $144M in stock in FY Jan 2026, 19% of its $738M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Growing fast, still losing money. Revenue grew faster than 85% of peers, at an operating loss.
Revenue grew faster than 85% of peers, but the business runs at an operating loss (margin -13%).
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $150M in FY Jan 2021 to $738M in FY Jan 2026.
Braze's fiscal-year revenue rose in each of the five years to FY Jan 2026, from $150M to $738M.

StockQuotient Score

40/ 100

Oct 5 42 → Nov 4 40 (-2)

Valuation

Is the price right?

18/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

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

Earnings yield-2.2%

SEC filings · 12 months to Jul 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 yield-1.8%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.17Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield1.6%

SEC filings · 12 months to Jul 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.41Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield11.5%

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

Growth

Is it growing?

89/100

Strong

2/3 inputs reported · Partial data

Since last quarter: ▲ Stronger

12-month revenue up 6.0%

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

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.1108 · MAD: 0.3050

3-year revenue growth26.9%

SEC filings · 3 years to Jul 2026Reported value33% base weight · Z-score 2.78Sector median: 0.0483 · MAD: 0.0793

Revenue growth27.4%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score 1.86Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 3.4 points to -13.4%

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-13.4%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score -2.77Sector median: 0.0631 · MAD: 0.0710

Return on assets-10.0%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score -3.57Sector median: 0.0293 · MAD: 0.0362

Return on invested capital-20.3%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score -3.16Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin66.3%

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

Return on equity-18.8%

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

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Held back by:

▼ Current ratio

Compare with peers

Behind the score

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

Beta0.91

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.11Sector median: 0.8710 · MAD: 0.3700

Current ratio1.27×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.82Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.16×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.39Sector 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 Braze

Is Braze getting weaker?: Its latest SEC filing (Sep 9, 2026) got stronger: operating margin rose 3.4 points to -13.4%. Its overall score is unchanged at 40/100 since Oct 28, 2026.
How is Braze valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 18/100 against 1,711 technology peers. Earnings yield -2.2% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -2.2% vs peers 2.2% (weaker than 100% of peers).
Is Braze growing?: Yes, faster than most of its peers. Growth scores 89/100 against 1,711 technology peers. 3-year revenue growth 26.9% vs a peer median of 4.8% (stronger than 91% of peers).3-year revenue growth 26.9% vs peers 4.8% (stronger than 91% of peers).
How profitable is Braze?: Less profitable than most of its peers. Profitability scores 8/100 against 1,711 technology peers. Return on assets -10.0% vs a peer median of 2.9% (weaker than 94% of peers).Return on assets -10.0% vs peers 2.9% (weaker than 94% of peers).
How risky is Braze?: Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 1.27× vs a peer median of 1.83× (weaker than 75% of peers).Current ratio 1.27× vs peers 1.83× (weaker than 75% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jul 31, 2026 · filed Sep 9, 2026 · compared with the quarter ended Apr 30, 2026

Got stronger

Operating margin rose 3.4 points to -13.4%

Worth watching: Braze 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)	787.1M USD	834.2M USD	+6.0%
Net income (12 months)	−122.1M USD	−113.0M USD	−7.4%
Operating margin	-16.8%	-13.4%	+3.4 pts
Free cash flow (12 months)	65.9M USD	84.6M USD	+28.4%
Cash	145.3M USD	166.8M USD	+14.8%
Shares outstanding	112.6M	113.6M	+0.8%

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

Industry valuation context

Industry: Software - Application · 81 companies

Valuations in Software - Application are near the bottom of their range since 2016.

6% of months since 2016 were valued lower than now.
8% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −16% and earnings +31% (medians): earnings grew faster than prices.
Median price-to-sales is +85% vs the whole market, against a usual +235%.

2016Shaded: most expensive fifth of its range2026

Financials

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

Key ratios	FY Jan 2022	FY Jan 2023	FY Jan 2024	FY Jan 2025	FY Jan 2026	Change
Gross margin	67.0%	67.4%	68.7%	69.1%	67.1%	▼ 2.0 pts
Operating margin	-32.9%	-41.7%	-30.7%	-20.6%	-19.6%	▲ 1.0 pts
Net margin	-32.2%	-39.1%	-27.4%	-17.5%	-17.8%	▼ 0.3 pts
Return on assets (ROA)	-11.5%	-19.7%	-15.9%	-11.9%	-11.8%	▲ 0.1 pts
Return on equity (ROE)	-15.3%	-31.2%	-29.1%	-21.8%	-21.0%	▲ 0.8 pts
Free cash flow margin	-15.8%	-10.6%	-0.6%	4.0%	8.4%	▲ 4.4 pts
Current ratio	3.80×	2.68×	2.08×	1.98×	1.35×	▼ 32%

BRZE 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

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: less short-term liquidity (current ratio 1.27 vs a peer median of 1.83)less liquidity (current ratio 1.27 vs peers 1.83)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,141 of 1,612 technology companies (bottom 30%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 19% of revenue in FY Jan 2026.

Braze paid employees $144M in stock in FY Jan 2026, 19% of its $738M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Growing fast, still losing money. Revenue grew faster than 85% of peers, at an operating loss.

Revenue grew faster than 85% of peers, but the business runs at an operating loss (margin -13%).

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $150M in FY Jan 2021 to $738M in FY Jan 2026.

Braze's fiscal-year revenue rose in each of the five years to FY Jan 2026, from $150M to $738M.

Questions investors ask about Braze

Is Braze getting weaker?

Its latest SEC filing (Sep 9, 2026) got stronger: operating margin rose 3.4 points to -13.4%. Its overall score is unchanged at 40/100 since Oct 28, 2026.

How is Braze valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 18/100 against 1,711 technology peers. Earnings yield -2.2% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -2.2% vs peers 2.2% (weaker than 100% of peers).

Is Braze growing?

Yes, faster than most of its peers. Growth scores 89/100 against 1,711 technology peers. 3-year revenue growth 26.9% vs a peer median of 4.8% (stronger than 91% of peers).3-year revenue growth 26.9% vs peers 4.8% (stronger than 91% of peers).

How profitable is Braze?

Less profitable than most of its peers. Profitability scores 8/100 against 1,711 technology peers. Return on assets -10.0% vs a peer median of 2.9% (weaker than 94% of peers).Return on assets -10.0% vs peers 2.9% (weaker than 94% of peers).

How risky is Braze?

Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 1.27× vs a peer median of 1.83× (weaker than 75% of peers).Current ratio 1.27× vs peers 1.83× (weaker than 75% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

787.1M USD

834.2M USD

+6.0%

Net income (12 months)

−122.1M USD

−113.0M USD

−7.4%

Operating margin

-16.8%

-13.4%

+3.4 pts

Free cash flow (12 months)

65.9M USD

84.6M USD

+28.4%

Cash

145.3M USD

166.8M USD

+14.8%

Shares outstanding

112.6M

113.6M

+0.8%

Key ratios

FY Jan 2022

FY Jan 2023

FY Jan 2024

FY Jan 2025

FY Jan 2026

Change

Gross margin

67.0%

67.4%

68.7%

69.1%

67.1%

▼ 2.0 pts

Operating margin

-32.9%

-41.7%

-30.7%

-20.6%

-19.6%

▲ 1.0 pts

Net margin

-32.2%

-39.1%

-27.4%

-17.5%

-17.8%

▼ 0.3 pts

Return on assets (ROA)

-11.5%

-19.7%

-15.9%

-11.9%

-11.8%

▲ 0.1 pts

Return on equity (ROE)

-15.3%

-31.2%

-29.1%

-21.8%

-21.0%

▲ 0.8 pts

Free cash flow margin

-15.8%

-10.6%

-0.6%

4.0%

8.4%

▲ 4.4 pts

Current ratio

3.80×

2.68×

2.08×

1.98×

1.35×

▼ 32%