Backblaze, Inc.

Services-Prepackaged Software

BLZEStrained3 of 9 basics passed

$12.76

-1.77%

Market cap $790M

$12.76

-1.77%

Market cap $790M

Backblaze Inc offers a cloud storage platform designed to help businesses and consumers store, use, and protect their data. The company delivers its services through the Backblaze Storage Cloud platform, a purpose-built, web-scale software architecture operating on commodity hardware.

It is a $790M technology company. Revenue grew 13.9% over the last year, and it currently loses money.

Website: backblaze.com
Location: San Francisco, CA
Employees: 320
Sector: Technology
Founded: 2007

Share price · 3 years

$5.35 → $12.76+138.5%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $156M
Loss: spends more than it earns; -$20.4M
Free cash flow: cash left after running the business; $24.0M
Shares: up 176% since 2021 — dilution; 56.2M
Volatility: beta vs the market — under 1 swings less; 1.55

Revenue, last 5 years

52-week range

Low $3.31$12.76High $20.43

Today's price is 55% of the way from the year's low to its high.

Valuation vs own history

P/S

5.0×

P/B

8.9×

FCF yield

3.1%

26%

Share of the last ~5 years that was pricier than today (unusually expensive vs its own history). Based on the daily valuation record.

Insider activity · 90 days

-$237Knet selling

Purchases$0

Sales$237K

Insiders trading, last 14d0 buy · 0 sell

Standing in Technology

Size$790Mtop 99%
Revenue growth+20%top 26%
Net margin-13%top 92%
Return on equity-24%top 95%

Ranked against 220 Technology companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation, Growth, Profitability, Health, Quality and Moat lag behind.

Valuation44

P/E vs own historyn/a · 10/25
FCF yield3.0% · 12/25
P/S5.0x · 12/25
EV/EBITDAn/a · 10/25

Growth25

Revenue CAGR21.2% · 25/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growthn/a · 0/25

Profitability0

ROIC-80.4% · 0/25
ROE-24.1% · 0/25
Net margin-13.1% · 0/25
Operating margin-11.2% · 0/25

Health6

Altman Zn/a · 0/25
Current ratio1.00 · 6/25
Interest coverage-9.8x · 0/25
Net cash / debtn/a · 0/25

Quality46

Piotroski F5/9 · 15/25
Beneish M-3.67 · 25/25
FCF conversionn/a · 0/25
Margin stabilityσ 19.0% · 6/25

Moat25

ROIC >12% years0/4 yrs · 0/25
Median gross margin51.5% · 20/25
FCF-positive years2/5 yrs · 5/25
Worst-year net marginworst -60.4% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

2022Product
Backblaze released its cloud replication services
2020Product
Backblaze released an Amazon S3-compatible API, allowing customers to use existing tools and…
2015Product
Backblaze launched a new product, B2 Cloud Storage
2008Product
The company released online backup services to support PCs running Apple's macOS and Microsoft's Windows
2007Founded
Backblaze was established in 2007 in San Mateo, California

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$6 412 today — price return only

$145.8M revenue in FY2025

Revenue up 13.9% year over year

320 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (62.2%)
Revenue growing 13.9% year over year
Strong cash conversion — FCF is 15.3% of revenue

Watch-outs

Not profitable — 13.1% net margin
Thin interest coverage (-9.8×)
Loss-making in 5 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

3 of 9 checks passed

Revenue growing — the company sells more than a year ago+13.9% YoY
Profitable — makes more than it spends-$20.4M TTM
Profit growing — earnings are higher than last year+47.2% YoY
Generates cash — cash left after running and investing$24.0M TTM
Debt under control — could handle its obligationscurrent ratio 1.00
Established company — not a micro-cap — lower blow-up risk$790M market cap
Not printing shares — share count not ballooning — you keep your slice+176.3% shares over ~5y
Proven track record — years of profitability behind it0/5 profitable years
Financially stable — balance sheet not near distresshealth score 6/100
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsno data

Peer comparisonBackblaze, Inc. vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
BLZE this company	$790M	—	+13.9%	-13.1%	Strained
NVDA Nvidia Corp	$5.5T	28.6	+83.4%	63.7%	Mixed
AAPL Apple Inc.	$4.9T	38.1	+14.2%	27.6%	Strong
GOOGL Alphabet Inc.	$4.3T	17.6	+20.1%	54.8%	Mixed
MSFT Microsoft Corp	$4.0T	29.7	+17.8%	40.3%	Strong
SPCX Space Exploration Technologies Corp.	$2.1T	—	+33.2%	-34.0%	Strained
META Meta Platforms, Inc.	$1.8T	26.9	+27.7%	29.8%	Mixed

Head-to-head: BLZE vs NVDA · BLZE vs AAPL · BLZE vs GOOGL

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 8Hold 2

Appendix · Financial records

The full statements behind this CV, FY2021–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $156M · net income -$20.4M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$156M

YoY 13.9%

Net income (TTM)

-$20.4M

Margin -13.1%

Gross margin

62.2%

Operating margin

-11.2%

Income statement — full detail

Figures in USD billions · EPS in USD

	2021	2022	2023	2024	2025
Revenue	0.1	0.1	0.1	0.1	0.1
Gross profit	0.0	0.0	0.0	0.1	0.1
Operating income (EBIT)	-0.0	-0.0	-0.1	-0.0	-0.0
Net income	-0.0	-0.1	-0.1	-0.0	-0.0
EPS (diluted)	-1.07	-1.62	-1.66	-1.11	-0.46

Cash flowFree cash flow $24.0M · operating cash flow $28.8M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$24.0M

Margin 15.3%

Operating cash flow (TTM)

$28.8M

FCF margin

15.3%

Cash flow statement — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Operating cash flow	0.0	-0.0	-0.0	0.0	0.0
Capital expenditure	-0.0	-0.0	-0.0	-0.0	-0.0
Free cash flow	-0.0	-0.0	-0.0	0.0	0.0
FCF margin	-6.0%	-24.8%	-12.6%	8.5%	12.9%

Balance sheetAssets $192M · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $192M of assets is financed

57%

43%

Liabilities $109M — borrowed moneyEquity $83.2M — owners' stake

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

-9.8x

EBIT ÷ interest expense

ROE

-24.1%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Cash & equivalents	0.1	0.1	0.0	0.1	0.1
Total assets	0.2	0.2	0.1	0.2	0.2
Total liabilities	0.1	0.1	0.1	0.1	0.1
Total debt	—	—	—	—	—
Equity	0.1	0.1	0.0	0.1	0.1
Net debt	—	—	—	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of BLZE on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $12.76 · market cap $790M.