Comprehensive Stock Comparison
Compare Backblaze, Inc. (BLZE) vs Nutanix, Inc. (NTNX) 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 | NTNX | 18.1% revenue growth vs BLZE's 14.3% |
| Value | NTNX | Lower P/E (21.1x vs 313.3x) |
| Quality / Margins | NTNX | 9.9% net margin vs BLZE's -17.6% |
| Stability / Safety | NTNX | Beta 1.25 vs BLZE's 1.52 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | BLZE | -42.5% vs NTNX's -50.2% |
| Efficiency (ROA) | NTNX | 8.2% ROA vs BLZE's -13.4%, ROIC 6.9% 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.
Nutanix provides a hyperconverged infrastructure platform that combines computing, storage, and virtualization into a single software solution. It generates revenue primarily through subscription software licenses — about 90% of total revenue — with the remainder from hardware sales and support services. The company's key advantage is its software-defined architecture that simplifies data center management and enables seamless hybrid cloud operations.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
NTNX leads in 4 of 6 categories (Financial Metrics, Profitability & Efficiency). BLZE leads in 1 (Valuation Metrics).
Financial Metrics (TTM)
NTNX is the larger business by revenue, generating $2.7B annually — 18.4x BLZE's $146M. NTNX is the more profitable business, keeping 9.9% of every revenue dollar as net income compared to BLZE's -17.6%.
| Metric | BLZEBackblaze, Inc. | NTNXNutanix, Inc. |
|---|---|---|
| RevenueTrailing 12 months | $146M | $2.7B |
| EBITDAEarnings before interest/tax | $2M | $288M |
| Net IncomeAfter-tax profit | -$26M | $267M |
| Free Cash FlowCash after capex | $17M | $777M |
| Gross MarginGross profit ÷ Revenue | +60.9% | +87.1% |
| Operating MarginEBIT ÷ Revenue | -16.2% | +8.0% |
| Net MarginNet income ÷ Revenue | -17.6% | +9.9% |
| FCF MarginFCF ÷ Revenue | +11.9% | +28.9% |
| Rev. Growth (YoY)Latest quarter vs prior year | +11.8% | +10.4% |
| EPS Growth (YoY)Latest quarter vs prior year | +68.8% | +89.5% |
Valuation Metrics
On an enterprise value basis, NTNX's 45.2x EV/EBITDA is more attractive than BLZE's 50.5x.
| Metric | BLZEBackblaze, Inc. | NTNXNutanix, Inc. |
|---|---|---|
| Market CapShares × price | $217M | $10.4B |
| Enterprise ValueMkt cap + debt − cash | $269M | $11.1B |
| Trailing P/EPrice ÷ TTM EPS | -8.17x | 58.89x |
| Forward P/EPrice ÷ next-FY EPS est. | 313.33x | 21.13x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 50.47x | 45.16x |
| Price / SalesMarket cap ÷ Revenue | 1.49x | 4.08x |
| Price / BookPrice ÷ Book value/share | 2.54x | — |
| Price / FCFMarket cap ÷ FCF | 11.51x | 13.81x |
Profitability & Efficiency
On the Piotroski fundamental quality scale (0–9), NTNX scores 6/9 vs BLZE's 5/9, reflecting solid financial health.
| Metric | BLZEBackblaze, Inc. | NTNXNutanix, Inc. |
|---|---|---|
| ROE (TTM)Return on equity | -30.8% | — |
| ROA (TTM)Return on assets | -13.4% | +8.2% |
| ROICReturn on invested capital | -14.1% | +6.9% |
| ROCEReturn on capital employed | -16.9% | +12.5% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 6 |
| Debt / EquityFinancial leverage | 0.98x | — |
| Net DebtTotal debt minus cash | $53M | $713M |
| Cash & Equiv.Liquid assets | $29M | $770M |
| Total DebtShort + long-term debt | $82M | $1.5B |
| Interest CoverageEBIT ÷ Interest expense | -5.60x | 12.48x |
Total Returns (with DRIP)
A $10,000 investment in NTNX five years ago would be worth $12,465 today (with dividends reinvested), compared to $1,889 for BLZE. Over the past 12 months, BLZE leads with a -42.5% total return vs NTNX's -50.2%. The 3-year compound annual growth rate (CAGR) favors NTNX at 10.7% vs BLZE's -12.4% — a key indicator of consistent wealth creation.
| Metric | BLZEBackblaze, Inc. | NTNXNutanix, Inc. |
|---|---|---|
| YTD ReturnYear-to-date | -20.7% | -24.3% |
| 1-Year ReturnPast 12 months | -42.5% | -50.2% |
| 3-Year ReturnCumulative with dividends | -32.9% | +35.5% |
| 5-Year ReturnCumulative with dividends | -81.1% | +24.6% |
| 10-Year ReturnCumulative with dividends | -81.1% | +3.5% |
| CAGR (3Y)Annualised 3-year return | -12.4% | +10.7% |
Risk & Volatility
NTNX is the less volatile stock with a 1.25 beta — it tends to amplify market swings less than BLZE's 1.52 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. NTNX currently trades 45.9% 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. | NTNXNutanix, Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.52x | 1.25x |
| 52-Week HighHighest price in past year | $10.86 | $83.36 |
| 52-Week LowLowest price in past year | $3.67 | $35.39 |
| % of 52W HighCurrent price vs 52-week peak | +34.6% | +45.9% |
| RSI (14)Momentum oscillator 0–100 | 35.4 | 43.7 |
| Avg Volume (50D)Average daily shares traded | 545K | 3.5M |
Analyst Outlook
Wall Street rates BLZE as "Buy" and NTNX as "Buy". Consensus price targets imply 86.2% upside for BLZE (target: $7) vs 58.2% for NTNX (target: $61).
| Metric | BLZEBackblaze, Inc. | NTNXNutanix, Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $7.00 | $60.55 |
| # AnalystsCovering analysts | 8 | 31 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | — | — |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | +0.9% | +3.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Nov 21 | Feb 26 | Change |
|---|---|---|---|
| Backblaze, Inc. (BLZE) | 100 | 22.56 | -77.4% |
| Nutanix, Inc. (NTNX) | 100 | 125.16 | +25.2% |
Nutanix, Inc. (NTNX) returned +25% over 5 years vs Backblaze, Inc. (BLZE)'s -81%. A $10,000 investment in NTNX 5 years ago would be worth $12,465 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Backblaze, Inc. (BLZE) | $41M | $146M | +257.9% |
| Nutanix, Inc. (NTNX) | $503M | $2.5B | +404.1% |
Nutanix, Inc.'s revenue grew from $503M (2016) to $2.5B (2025) — a 19.7% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Backblaze, Inc. (BLZE) | -2.4% | -17.6% | -618.5% |
| Nutanix, Inc. (NTNX) | -21.5% | 7.4% | +134.5% |
Nutanix, Inc.'s net margin went from -22% (2016) to 7% (2025).
Chart 4EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Backblaze, Inc. (BLZE) | -0.05 | -0.46 | -759.8% |
| Nutanix, Inc. (NTNX) | -0.79 | 0.65 | +182.3% |
Nutanix, Inc.'s EPS grew from $-0.79 (2016) to $0.65 (2025).
Chart 5Free Cash Flow — 5 Years
Backblaze, Inc. generated $19M FCF in 2025 (+346% vs 2021). Nutanix, Inc. generated $750M FCF in 2025 (+573% vs 2021).
BLZE vs NTNX: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is BLZE or NTNX a better buy right now?
Nutanix, Inc. (NTNX) offers the better valuation at 58.9x trailing P/E (21.1x forward), making it the more compelling value choice. 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 has the better valuation — BLZE or NTNX?
On forward P/E, Nutanix, Inc. is actually cheaper at 21.1x.
03Which is the better long-term investment — BLZE or NTNX?
Over the past 5 years, Nutanix, Inc. (NTNX) delivered a total return of +24.6%, compared to -81.1% for Backblaze, Inc. (BLZE). A $10,000 investment in NTNX five years ago would be worth approximately $12K today (assuming dividends reinvested). Over 10 years, the gap is even starker: NTNX returned +3.5% 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.
04Which is safer — BLZE or NTNX?
By beta (market sensitivity over 5 years), Nutanix, Inc. (NTNX) is the lower-risk stock at 1.25β versus Backblaze, Inc.'s 1.52β — meaning BLZE is approximately 22% more volatile than NTNX relative to the S&P 500.
05Which has better profit margins — BLZE or NTNX?
Nutanix, Inc. (NTNX) is the more profitable company, earning 7.4% net margin versus -17.6% for Backblaze, Inc. — meaning it keeps 7.4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NTNX leads at 6.8% versus -13.8% for BLZE. At the gross margin level — before operating expenses — NTNX leads at 86.8%, 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.
06Is BLZE or NTNX more undervalued right now?
On forward earnings alone, Nutanix, Inc. (NTNX) trades at 21.1x forward P/E versus 313.3x for Backblaze, Inc. — 292.2x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for BLZE: 86.2% to $7.00.
07Which pays a better dividend — BLZE or NTNX?
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.
08Is BLZE or NTNX better for a retirement portfolio?
For long-horizon retirement investors, Nutanix, Inc. (NTNX) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1.25)). Backblaze, Inc. (BLZE) carries a higher beta of 1.52 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (NTNX: +3.5%, BLZE: -81.1%), 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.
09What are the main differences between BLZE and NTNX?
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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