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. In the quarter to June 2026, revenue grew 17.7%, EPS grew 38.5%, free cash flow grew 819.1% and total debt rose 56.9%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
Follow BLZE
Backblaze, Inc. (BLZE) Piotroski F-score
Backblaze, Inc.'s Piotroski F-score for fiscal 2025 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed, down from 7 in fiscal 2024.
Piotroski F-score, annual
Embed this chart
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 4 | (3.00) |
| FY2024 | 7 | 4.00 |
| FY2023 | 3 | 0.00 |
| FY2022 | 3 | (1.00) |
| FY2021 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (14.21%) | (32.33%) | Fail | 0 |
| Positive operating cash flow | 23.54m | 12.51m | Pass | 1 |
| Rising return on assets | (14.21%) | (32.33%) | Pass | 1 |
| Cash flow above net income | 49.16m | 61.04m | Pass | 1 |
| Falling long-term leverage | 0.12 | 0.09 | Fail | 0 |
| Rising current ratio | 1.07 | 1.10 | Fail | 0 |
| No new shares issued | 56,210,000 | 43,543,000 | Fail | 0 |
| Rising gross margin | 60.89% | 54.33% | Pass | 1 |
| Rising asset turnover | 0.81 | 0.85 | Fail | 0 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| PRTH Priority Technology Holdings, Inc. compare | 7 |
| CGNT Cognyte Software Ltd. compare | 7 |
| CCSI Consensus Cloud Solutions, Inc. compare | 6 |
| YEXT Yext compare | 6 |
| SABR Sabre Corporation compare | 6 |
| OSPN ONESPAN INC compare | 6 |
| AEVA Aeva Technologies, Inc. compare | 4 |
| BLZE Backblaze, Inc. | 4 |
| HQ Horizon Quantum Holdings Ltd. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover