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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. 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.

8.58 1.33 −13.42%
Market cap
$613.4M
P/E
0.0×
Fwd P/E
−20.8×
Dividend yield
—
F-score
4/9
Altman Z
0.21
Beneish M
−2.92
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.24
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — 2 — —
Insider Ownership 3.66%

Capital & Financial Ratios $m

Market Cap 613.43
Revenue 156.30
Net Income (20.43)
Free Cash Flow 15.60
Net Debt (19.79)
Current Ratio 1.00 (below 1: weak)
Debt/Equity 0.34 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (20.80) (negative: loss-making)
P/S ratio 3.34
P/B ratio 5.89
Past 5Y EPS Growth —
This Y EPS Growth 185.71% (at or above 15%: strong)
Next Y EPS Growth 8.57%
Next Y revenue growth 18.63% (at or above 10%: strong)
Next 5Y EPS Growth 1.20%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.2×, against a ten-year median of 2.2×; over the ten years it ranged from 1.3× in 2026 to 6.8× in 2021.
P/S against its own 10 years 76.39%
10-year low 10-year high
P/B against its own 10 years 73.65%
10-year low 10-year high
EV/Sales against its own 10 years 79.63%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2020 Powerpack
2019 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 29 55 51 50
Receivables 1 2 3 5
Inventory — — — —
Other — 6 7 9
39 66 66 69
2023 2024 2025 Q'26
Payables 2 1 2 —
ST’ Debt — — — —
Other — — — —
57 60 62 69

Compound Annual Growth %

10y 5y 3y
Sales — 22.08% 19.64%
Cash Flow — 12.93% 0.00%
Earnings — 0.00% 0.00%
Book Value — 0.00% 6.58%

Revenue $m

Mar Jun Sep Dec Year
’26 39 43 — — —
’25 35 36 37 38 146
’24 30 31 33 34 128
’23 23 25 25 29 102
’22 19 21 22 23 85
’21 15 16 17 19 67
’20 — 13 14 15 54
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 3 10 — — —
’25 5 4 6 9 24
’24 3 2 5 2 13
’23 (5) (5) 0 3 (7)
’22 (1) (7) (2) (3) (14)
’21 3 0 3 (2) 4
’20 — 7 3 3 13
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1 7 — — —
’25 2 1 1 7 11
’24 0 (1) 1 (1) (1)
’23 (12) (11) (4) (1) (27)
’22 (3) (10) (8) (9) (30)
’21 (1) (3) 0 (4) (8)
’20 — 5 1 5 8
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 (0.10) (0.08) — — —
’25 (0.17) (0.13) (0.07) (0.09) (0.46)
’24 (0.27) (0.25) (0.29) (0.30) (1.11)
’23 (0.50) (0.41) (0.44) (0.30) (1.63)
’22 (0.41) (0.37) (0.40) (0.45) (1.63)
’21 (0.20) (0.13) (0.32) (0.38) (1.07)
’20 — (0.04) (0.10) (0.11) (0.36)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — — — — 16.50 3.82 3.50 4.91 3.94

Analyst estimates 2026–2028

Powerpack
High — — — — — 36.50 18.16 8.49 12.65 10.86
People
People Employees — — — — 188 270 393 381 346 320
Revenue/emp, $m — — — 0.00 0.29 0.25 0.22 0.27 0.37 0.46
Income, $m
Income, $m Revenue — — — 41 54 67 85 102 128 146
Gross margin, % — — — 50.61 52.03 50.89 51.51 48.87 54.33 60.89
EBT — — — (1) (7) (22) (51) (60) (49) (26)
EBT margin, % — — — (2.41) (12.30) (32.02) (60.40) (58.53) (38.02) (17.50)
Net income — 0 — (1) (7) (22) (51) (60) (49) (26)
Depreciation — — — 9 14 16 20 25 28 26
Per share, $
Per share, $ Revenue — — — 2.19 2.89 3.32 2.69 2.83 2.93 2.59
Earnings — — — (0.05) (0.36) (1.07) (1.63) (1.63) (1.11) (0.46)
Cash flow — — — 0.71 0.69 0.17 (0.44) (0.20) 0.29 0.42
Capex — — — (0.17) (0.27) (0.55) (0.50) (0.55) (0.32) (0.22)
Free cash flow — — — 0.54 0.42 (0.38) (0.94) (0.76) (0.03) 0.20
Book value — — — 0.01 (0.22) 4.69 2.17 1.25 1.78 1.48
Shares, m — — — 19 19 20 32 36 44 56
Valuation, ×
Valuation, × P/E — — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00
P/S — — — 5.95 5.95 5.09 2.28 2.61 2.05 1.80
P/B — — — 0.00 0.00 3.60 2.83 5.91 3.38 3.15
EV/Sales — — — 6.33 6.33 4.03 2.01 2.55 1.77 1.63
EV/FCF — — — (99.55) (99.55) (21.18) (4.89) (8.03) (35.39) 37.90
Cash, $m
Cash, $m Operating cash flow — — — 13 13 4 (14) (7) 13 24
Capex — — — (3) (5) (11) (16) (20) (14) (12)
Free cash flow — — — 10 8 (8) (30) (27) (1) 11
Balance, $m
Balance, $m Working capital — — — (19) (27) 66 18 (19) 6 4
Total debt — — — 17 20 20 20 17 13 21
Net debt — — — 10 14 (85) (46) (12) (42) (30)
Shareholders’ equity — — — 0 (4) 95 69 45 78 83
Returns, %
Returns, % ROA — — — (5.16) (14.23) (19.91) (32.53) (42.03) (32.33) (14.21)
ROIC — — — 5.95 (23.26) (114.64) (130.07) (109.42) (80.70) (27.79)
ROE — — — 21.12 140.41 (48.97) (62.59) (105.05) (79.20) (31.85)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
AEVA Aeva Technologies, Inc. $766.4M — (loss-making) — (loss-making) +11.34% (above 0%: growing) n/m −0.52% (below 0%: shrinking) 35.67% (563.23%) Compare
HQ Horizon Quantum Holdings Ltd. $752.4M — (loss-making) — — n/m −372.27% (below 0%: shrinking) 100.00% 0.00% Compare
SABR Sabre Corporation $722.4M 0.9× — (loss-making) +3.61% (above 0%: growing) n/m +104.05% (above 0%: growing) 32.37% 13.03% Compare
YEXT Yext $705.7M 30.1× 11.1× −1.76% (below 0%: shrinking) −40.91% (below 0%: shrinking) −1.86% (below 0%: shrinking) 75.46% 15.81% Compare
CCSI Consensus Cloud Solutions, Inc. $679.1M 7.0× 6.6× +4.15% (above 0%: growing) +39.25% (above 0%: growing) +25.12% (above 0%: growing) 79.98% 40.31% Compare
OSPN ONESPAN INC $658.6M 9.7× 14.7× +1.04% (above 0%: growing) −18.18% (below 0%: shrinking) −175.97% (below 0%: shrinking) 73.57% 14.46% Compare
CGNT Cognyte Software Ltd. $651.3M — (loss-making) 56.2× +12.02% (above 0%: growing) +200.00% (above 0%: growing) +83.55% (above 0%: growing) 72.90% 4.27% Compare
PRTH Priority Technology Holdings, Inc. $644.9M 11.3× 9.9× +9.36% (above 0%: growing) −14.29% (below 0%: shrinking) +164.51% (above 0%: growing) 38.09% 12.60% Compare
BLZE Backblaze, Inc. $613.4M — (loss-making) — (loss-making) +17.67% (above 0%: growing) n/m +819.13% (above 0%: growing) 62.82% (9.77%)
Median of peers $692.4M 9.7× 11.1× +4.15% −14.29% +12.30% 73.24% 12.82%

All 173 Software Infrastructure stocks →

Backblaze, Inc. (BLZE) key facts

  • Concern: Backblaze, Inc. reported a net loss of $25.6 million, or a loss of $0.46 per share, for fiscal 2025.
  • Strength: Backblaze, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $145.8 million, up 14.3% from fiscal 2024.
  • Backblaze, Inc. (BLZE) is a Software Infrastructure company in the Technology sector, listed on Nasdaq.
  • As of October 16, 2026, BLZE traded at $8.58, a market capitalization of $613.4 million.
  • Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 3.3× sales.
  • Return on equity was −31.9% and debt-to-equity 0.34.
  • Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 0.21 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Backblaze, Inc. (BLZE) Latest News

4 Aug

Impact 5 ·

8 Jul

Impact 5 ·

10 May

Impact 5 ·
stockrow.com/BLZE · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com