Backblaze, Inc. (BLZE) vs Katapult Holdings, Inc. (KPLT)

Backblaze, Inc. and Katapult Holdings, Inc. are both Software Infrastructure companies. Backblaze, Inc. is the larger, with a market value of $613.4M against $490.4M — 1.3× the size. Backblaze, Inc. has negative trailing earnings, so its P/E is not meaningful; Katapult Holdings, Inc. trades at 4.7×. Backblaze, Inc. grew revenue faster over the last twelve months: 13.9% against 13.0%. Katapult Holdings, Inc. has the higher net margin (1.86% vs −13.1%) and the higher return on invested capital (17.2% vs −16.5%). Across the 18 metrics below, Katapult Holdings, Inc. leads on 11 and Backblaze, Inc. on 7.

Valuation

Metric BLZE KPLT Software Infrastructure median
P/E n/m 4.69 28.38
P/S 3.34 0.12 2.98
P/B 5.89 n/m 2.93
Price to free cash flow 50.03 n/m 16.28
EV/EBITDA 63.72 1.03 13.92
EV/Sales 3.25 0.59 2.90
Earnings yield (3.96%) 21.34% 0.14%
Free cash flow yield 2.00% (11.00%) 1.24%

Profitability

Metric BLZE KPLT Software Infrastructure median
Gross margin 61.97% 18.49% 61.00%
Operating margin (11.61%) 1.27% 0.00%
Net margin (13.07%) 1.86% 0.00%
Free cash flow margin 9.98% (1.29%) 1.67%
Return on equity (24.29%) (12.44%) 0.60%
Return on assets (9.97%) 5.82% 0.00%
Return on invested capital (16.49%) 17.21% 0.00%

Growth

Metric BLZE KPLT Software Infrastructure median
Revenue growth (TTM) 13.85% 12.96% 13.41%
EPS growth (last fiscal year) 58.56% 98.15% 27.10%
Revenue growth, 5-year CAGR 22.08% 3.37% 15.57%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BLZE KPLT Software Infrastructure median
Debt to equity 0.34 (2.06) 0.05
Current ratio 1.00 0.90 1.55
Net debt to EBITDA (15.29) 0.33 0.08

Dividend

Metric BLZE KPLT Software Infrastructure median
Dividend yield — — 1.20%
Payout ratio — — 0.29

Size

Metric BLZE KPLT Software Infrastructure median
Market cap 613.43m 490.43m 752.37m

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