Backblaze, Inc. (BLZE) vs Tuya Inc. Sponsored ADR (TUYA)

Backblaze, Inc. and Tuya Inc. Sponsored ADR are both Software Infrastructure companies. Tuya Inc. Sponsored ADR is the larger, with a market value of $950.2M against $836.0M — 1.1× the size. Backblaze, Inc. has negative trailing earnings, so its P/E is not meaningful; Tuya Inc. Sponsored ADR trades at 15.4×. Backblaze, Inc. grew revenue faster over the last twelve months: 13.9% against 7.00%. Tuya Inc. Sponsored ADR has the higher net margin (20.2% vs −13.1%) and the higher return on invested capital (33.5% vs −16.5%). Across the 20 metrics below, Tuya Inc. Sponsored ADR leads on 17 and Backblaze, Inc. on 3.

Valuation

Metric BLZE TUYA Software Infrastructure median
P/E n/m 15.36 28.02
P/S 5.13 3.05 3.07
P/B 9.06 1.01 3.36
Price to free cash flow 76.92 20.37 17.12
EV/EBITDA 98.88 3.24 14.91
EV/Sales 5.04 0.19 3.03
Earnings yield (2.58%) 6.51% 0.13%
Free cash flow yield 1.30% 4.91% 1.15%

Profitability

Metric BLZE TUYA Software Infrastructure median
Gross margin 61.97% 47.24% 61.23%
Operating margin (11.61%) 8.40% 0.00%
Net margin (13.07%) 20.16% 0.00%
Free cash flow margin 9.98% 19.39% 1.67%
Return on equity (24.29%) 6.74% 0.59%
Return on assets (9.97%) 6.05% 0.00%
Return on invested capital (16.49%) 33.49% 0.00%

Growth

Metric BLZE TUYA Software Infrastructure median
Revenue growth (TTM) 13.85% 7.00% 13.41%
EPS growth (last fiscal year) 58.56% 800.00% —
Revenue growth, 5-year CAGR 22.08% 12.34% 15.81%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BLZE TUYA Software Infrastructure median
Debt to equity 0.34 0.01 0.06
Current ratio 1.00 8.74 1.55
Net debt to EBITDA (15.29) (74.76) 0.08

Dividend

Metric BLZE TUYA Software Infrastructure median
Dividend yield — — 1.53%
Payout ratio 0.00 0.00 0.00

Size

Metric BLZE TUYA Software Infrastructure median
Market cap 835.96m 950.18m 835.96m

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