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Friday 6 November 2026
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Backblaze, Inc.
BLZE Technology Software Infrastructure
Backblaze, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $145.8 million, up 14.3% from fiscal 2024.
- Revenue
- +25.5%
- EPS
- +46.0%
- Free cash flow
- +229.3%
- Total debt
- +1,030.7%
Quarter to September 2026, against a year earlier
7.64
0.76
−9.05%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | 41 | 54 | 67 | 85 | 102 | 128 | 146 | 166 | +23.7% | 173 | 218 | 265 | +22.0% | |
| Gross margin, % | — | — | — | 50.61 | 52.03 | 50.89 | 51.51 | 48.87 | 54.33 | 60.89 | 62.50 | +10.3 pt | ||||||
| EBT | — | — | — | (1) | (7) | (22) | (51) | (60) | (49) | (26) | (19) | +72.2% | ||||||
| EBT margin, % | — | — | — | (2.41) | (12.30) | (32.02) | (60.40) | (58.53) | (38.02) | (17.50) | (11.39) | (15.1) pt | ||||||
| Net income | — | 0 | — | (1) | (7) | (22) | (51) | (60) | (49) | (26) | (19) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | 2.19 | 2.89 | 3.32 | 2.69 | 2.83 | 2.93 | 2.59 | 2.65 | +2.9% | |||||
| Earnings | — | — | — | (0.05) | (0.36) | (1.07) | (1.63) | (1.63) | (1.11) | (0.46) | (0.31) | +43.1% | ||||||
| Cash flow | — | — | — | 0.71 | 0.69 | 0.17 | (0.44) | (0.20) | 0.29 | 0.42 | 0.51 | (8.4%) | ||||||
| Capex | — | — | — | (0.17) | (0.27) | (0.55) | (0.50) | (0.55) | (0.32) | (0.22) | (0.23) | +3.6% | ||||||
| Free cash flow | — | — | — | 0.54 | 0.42 | (0.38) | (0.94) | (0.76) | (0.03) | 0.20 | 0.29 | (14.9%) | ||||||
| Book value | — | — | — | 0.01 | (0.22) | 4.69 | 2.17 | 1.25 | 1.78 | 1.48 | 1.30 | +129.2% | ||||||
| Shares, m | — | — | — | 19 | 19 | 20 | 32 | 36 | 44 | 56 | 60 | +20.2% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | 5.95 | 5.95 | 5.09 | 2.28 | 2.61 | 2.05 | 1.80 | 2.88 | 3.7 | ||||||
| P/B | — | — | — | 0.00 | 0.00 | 3.60 | 2.83 | 5.91 | 3.38 | 3.15 | 5.88 | 2.7 | ||||||
| EV/Sales | — | — | — | 6.33 | 6.33 | 4.03 | 2.01 | 2.55 | 1.77 | 1.63 | 2.91 | 3.5 | ||||||
| EV/FCF | — | — | — | (99.55) | (99.55) | (21.18) | (4.89) | (8.03) | (35.39) | 37.90 | 37.82 | (33.0) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | 13 | 13 | 4 | (14) | (7) | 13 | 24 | 32 | +10.1% | |||||
| Capex | — | — | — | (3) | (5) | (11) | (16) | (20) | (14) | (12) | (14) | +24.6% | ||||||
| Free cash flow | — | — | — | 10 | 8 | (8) | (30) | (27) | (1) | 11 | 18 | +2.3% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | (19) | (27) | 66 | 18 | (19) | 6 | 4 | 171 | n/m | |||||
| Net debt | — | — | — | 10 | 14 | (85) | (46) | (12) | (42) | (30) | (1) | n/m | ||||||
| Shareholders’ equity | — | — | — | 0 | (4) | 95 | 69 | 45 | 78 | 83 | 81 | +175.6% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | (5.16) | (14.23) | (19.91) | (32.53) | (42.03) | (32.33) | (14.21) | (6.14) | (9.0) pt | |||||
| ROIC | — | — | — | 5.95 | (23.26) | (114.64) | (130.07) | (109.42) | (80.70) | (27.79) | (12.52) | (33.7) pt | ||||||
| ROE | — | — | — | 21.12 | 140.41 | (48.97) | (62.59) | (105.05) | (79.20) | (31.85) | (23.17) | (53.0) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 188 | 270 | 393 | 381 | 346 | 320 | — | +11.2% | |||||
| Revenue/emp, $m | — | — | — | 0.00 | 0.29 | 0.25 | 0.22 | 0.27 | 0.37 | 0.46 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Backblaze, Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| PRTH Priority Technology Holdings, Inc. | $649.1M | 15.7× | 15.6× | +11.26% (above 0%: growing) | −55.88% (below 0%: shrinking) | +309.22% (above 0%: growing) | 38.24% | 13.36% | Compare |
| AEVA Aeva Technologies, Inc. | $640.6M | — (loss-making) | — (loss-making) | +11.34% (above 0%: growing) | n/m | −0.52% (below 0%: shrinking) | 35.67% | (563.23%) | Compare |
| CGNT Cognyte Software Ltd. | $597.4M | — (loss-making) | 59.4× | +12.02% (above 0%: growing) | +200.00% (above 0%: growing) | +83.55% (above 0%: growing) | 72.90% | 4.27% | Compare |
| IIIV i3 Verticals, Inc. | $509.6M | 48.3× | 73.3× | +2.25% (above 0%: growing) | −66.04% (below 0%: shrinking) | +129.93% (above 0%: growing) | 100.00% | (1.68%) | Compare |
| RZLV Rezolve AI PLC | $508.6M | — (loss-making) | — | — | n/m | −81,583.43% (below 0%: shrinking) | — | 0.00% | Compare |
| BLZE Backblaze, Inc. | $479.7M | — (loss-making) | — (loss-making) | +25.54% (above 0%: growing) | n/m | +229.34% (above 0%: growing) | 63.96% | (3.02%) | |
| BRUN Boost Run Inc. | $466.2M | — | — | — | — | — | — | — | Compare |
| ALLT Allot Ltd. | $403.3M | 37.3× | 54.3× | +15.33% (above 0%: growing) | n/m | +122.93% (above 0%: growing) | 71.27% | 3.96% | Compare |
| RPAY Repay Holdings Corporation | $402.1M | — (loss-making) | — (loss-making) | +33.16% (above 0%: growing) | n/m | +21.11% (above 0%: growing) | 70.13% | (3.23%) | Compare |
| Median of peers | $509.1M | 37.3× | 56.8× | +11.68% | −55.88% | +83.55% | 70.70% | 0.00% |
Pay and ownership Proxy statement filed 15 April 2026
Ownership
Directors and executive officers, together
4.20% of the votes
The Vanguard Group
5.20% of the votes
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement