Comprehensive Stock Comparison
Compare Backblaze, Inc. (BLZE) vs CoreWeave, Inc. Class A Common Stock (CRWV) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | CRWV | 167.9% revenue growth vs BLZE's 14.3% |
| Quality / Margins | BLZE | -17.6% net margin vs CRWV's -22.7% |
| Stability / Safety | BLZE | Beta 1.52 vs CRWV's 2.33, lower leverage |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | CRWV | +98.9% vs BLZE's -42.5% |
| Efficiency (ROA) | CRWV | -2.4% ROA vs BLZE's -13.4%, ROIC -0.3% vs -14.1% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Backblaze is a cloud storage platform that provides businesses and consumers with affordable data backup and storage solutions. It generates revenue primarily through two subscription services: B2 Cloud Storage for developers and businesses (consumption-based IaaS) and Computer Backup for individual users (flat-rate SaaS), with B2 representing its fastest-growing segment. The company's key advantage is its cost-efficient architecture built on commodity hardware, which allows it to offer cloud storage at roughly one-fifth the price of major hyperscalers.
CoreWeave operates a specialized cloud computing platform focused on GPU-accelerated workloads for artificial intelligence and high-performance computing. It generates revenue primarily through its cloud infrastructure services — including GPU compute, storage, and managed services — with GPU compute being its largest segment. The company's competitive advantage lies in its specialized infrastructure optimized for AI workloads and its early access to scarce high-end NVIDIA GPUs.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
BLZE leads in 1 of 6 categories (Valuation Metrics). CRWV leads in 1 (Total Returns). 3 tied.
Financial Metrics (TTM)
CRWV is the larger business by revenue, generating $5.1B annually — 35.2x BLZE's $146M. BLZE is the more profitable business, keeping -17.6% of every revenue dollar as net income compared to CRWV's -22.7%. On growth, CRWV holds the edge at +110.3% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | BLZEBackblaze, Inc. | CRWVCoreWeave, Inc. C… |
|---|---|---|
| RevenueTrailing 12 months | $146M | $5.1B |
| EBITDAEarnings before interest/tax | $2M | $1.6B |
| Net IncomeAfter-tax profit | -$26M | -$1.2B |
| Free Cash FlowCash after capex | $17M | -$7.3B |
| Gross MarginGross profit ÷ Revenue | +60.9% | +71.7% |
| Operating MarginEBIT ÷ Revenue | -16.2% | -0.9% |
| Net MarginNet income ÷ Revenue | -17.6% | -22.7% |
| FCF MarginFCF ÷ Revenue | +11.9% | -141.3% |
| Rev. Growth (YoY)Latest quarter vs prior year | +11.8% | +110.3% |
| EPS Growth (YoY)Latest quarter vs prior year | +68.8% | -6.1% |
Valuation Metrics
| Metric | BLZEBackblaze, Inc. | CRWVCoreWeave, Inc. C… |
|---|---|---|
| Market CapShares × price | $217M | $32.6B |
| Enterprise ValueMkt cap + debt − cash | $269M | $43.8B |
| Trailing P/EPrice ÷ TTM EPS | -8.17x | -28.31x |
| Forward P/EPrice ÷ next-FY EPS est. | 313.33x | — |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 50.47x | — |
| Price / SalesMarket cap ÷ Revenue | 1.49x | 6.35x |
| Price / BookPrice ÷ Book value/share | 2.54x | 10.40x |
| Price / FCFMarket cap ÷ FCF | 11.51x | — |
Profitability & Efficiency
BLZE delivers a -30.8% return on equity — every $100 of shareholder capital generates $-31 in annual profit, vs $-35 for CRWV. BLZE carries lower financial leverage with a 0.98x debt-to-equity ratio, signaling a more conservative balance sheet compared to CRWV's 4.54x.
| Metric | BLZEBackblaze, Inc. | CRWVCoreWeave, Inc. C… |
|---|---|---|
| ROE (TTM)Return on equity | -30.8% | -35.0% |
| ROA (TTM)Return on assets | -13.4% | -2.4% |
| ROICReturn on invested capital | -14.1% | -0.3% |
| ROCEReturn on capital employed | -16.9% | -0.2% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 |
| Debt / EquityFinancial leverage | 0.98x | 4.54x |
| Net DebtTotal debt minus cash | $53M | $11.2B |
| Cash & Equiv.Liquid assets | $29M | $3.9B |
| Total DebtShort + long-term debt | $82M | $15.2B |
| Interest CoverageEBIT ÷ Interest expense | -5.60x | 0.21x |
Total Returns (with DRIP)
A $10,000 investment in CRWV five years ago would be worth $19,890 today (with dividends reinvested), compared to $1,889 for BLZE. Over the past 12 months, CRWV leads with a +98.9% total return vs BLZE's -42.5%. The 3-year compound annual growth rate (CAGR) favors CRWV at 25.8% vs BLZE's -12.4% — a key indicator of consistent wealth creation.
| Metric | BLZEBackblaze, Inc. | CRWVCoreWeave, Inc. C… |
|---|---|---|
| YTD ReturnYear-to-date | -20.7% | +0.3% |
| 1-Year ReturnPast 12 months | -42.5% | +98.9% |
| 3-Year ReturnCumulative with dividends | -32.9% | +98.9% |
| 5-Year ReturnCumulative with dividends | -81.1% | +98.9% |
| 10-Year ReturnCumulative with dividends | -81.1% | +98.9% |
| CAGR (3Y)Annualised 3-year return | -12.4% | +25.8% |
Risk & Volatility
BLZE is the less volatile stock with a 1.52 beta — it tends to amplify market swings less than CRWV's 2.33 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. CRWV currently trades 42.5% from its 52-week high vs BLZE's 34.6% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | BLZEBackblaze, Inc. | CRWVCoreWeave, Inc. C… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.52x | 2.33x |
| 52-Week HighHighest price in past year | $10.86 | $187.00 |
| 52-Week LowLowest price in past year | $3.67 | $33.51 |
| % of 52W HighCurrent price vs 52-week peak | +34.6% | +42.5% |
| RSI (14)Momentum oscillator 0–100 | 35.4 | 54.7 |
| Avg Volume (50D)Average daily shares traded | 545K | 21.2M |
Analyst Outlook
Wall Street rates BLZE as "Buy" and CRWV as "Buy". Consensus price targets imply 86.2% upside for BLZE (target: $7) vs 52.2% for CRWV (target: $121).
| Metric | BLZEBackblaze, Inc. | CRWVCoreWeave, Inc. C… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $7.00 | $121.07 |
| # AnalystsCovering analysts | 8 | 25 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | — | 1 |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | +0.9% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Apr 25 | Feb 26 | Change |
|---|---|---|---|
| Backblaze, Inc. (BLZE) | 100 | 91.08 | -8.9% |
| CoreWeave, Inc. Cla… (CRWV) | 131.42 | 222.35 | +69.2% |
CoreWeave, Inc. Cla… (CRWV) returned +99% over 5 years vs Backblaze, Inc. (BLZE)'s -81%. A $10,000 investment in CRWV 5 years ago would be worth $19,890 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2019 | 2025 | Change |
|---|---|---|---|
| Backblaze, Inc. (BLZE) | $41M | $146M | +257.9% |
| CoreWeave, Inc. Cla… (CRWV) | $229M | $5.1B | +2141.2% |
Backblaze, Inc.'s revenue grew from $41M (2019) to $146M (2025) — a 23.7% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2019 | 2025 | Change |
|---|---|---|---|
| Backblaze, Inc. (BLZE) | -2.4% | -17.6% | -618.5% |
| CoreWeave, Inc. Cla… (CRWV) | -2.6% | -22.7% | -777.0% |
Backblaze, Inc.'s net margin went from -2% (2019) to -18% (2025).
Chart 4EPS Growth — 10 Years
| Stock | 2019 | 2025 | Change |
|---|---|---|---|
| Backblaze, Inc. (BLZE) | -0.05 | -0.46 | -759.8% |
| CoreWeave, Inc. Cla… (CRWV) | -1.47 | -2.81 | -91.2% |
Backblaze, Inc.'s EPS grew from $-0.05 (2019) to $-0.46 (2025).
Chart 5Free Cash Flow — 5 Years
Backblaze, Inc. generated $19M FCF in 2025 (+346% vs 2021). CoreWeave, Inc. Class A Common Stock generated $-7B FCF in 2025 (-553% vs 2023).
BLZE vs CRWV: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is BLZE or CRWV a better buy right now?
Analysts rate Backblaze, Inc. (BLZE) a "Buy" — based on 8 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — BLZE or CRWV?
Over the past 5 years, CoreWeave, Inc. Class A Common Stock (CRWV) delivered a total return of +98.9%, compared to -81.1% for Backblaze, Inc. (BLZE). A $10,000 investment in CRWV five years ago would be worth approximately $20K today (assuming dividends reinvested). Over 10 years, the gap is even starker: CRWV returned +98.9% versus BLZE's -81.1%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — BLZE or CRWV?
By beta (market sensitivity over 5 years), Backblaze, Inc. (BLZE) is the lower-risk stock at 1.52β versus CoreWeave, Inc. Class A Common Stock's 2.33β — meaning CRWV is approximately 53% more volatile than BLZE relative to the S&P 500. On balance sheet safety, Backblaze, Inc. (BLZE) carries a lower debt/equity ratio of 98% versus 5% for CoreWeave, Inc. Class A Common Stock — giving it more financial flexibility in a downturn.
04Which has better profit margins — BLZE or CRWV?
Backblaze, Inc. (BLZE) is the more profitable company, earning -17.6% net margin versus -22.7% for CoreWeave, Inc. Class A Common Stock — meaning it keeps -17.6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: CRWV leads at -0.9% versus -13.8% for BLZE. At the gross margin level — before operating expenses — CRWV leads at 71.7%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
05Is BLZE or CRWV more undervalued right now?
Analyst consensus price targets imply the most upside for BLZE: 86.2% to $7.00.
06Which pays a better dividend — BLZE or CRWV?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
07Is BLZE or CRWV better for a retirement portfolio?
For long-horizon retirement investors, Backblaze, Inc. (BLZE) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding. CoreWeave, Inc. Class A Common Stock (CRWV) carries a higher beta of 2.33 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (BLZE: -81.1%, CRWV: +98.9%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
08What are the main differences between BLZE and CRWV?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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