Backblaze, Inc. (BLZE) 10-Year Financial Performance & Capital Metrics

BLZE •

TechnologyInfrastructure SoftwareCloud infrastructure and hosting

AboutBackblaze, Inc., a storage cloud platform, provides businesses and consumers cloud services to store, use, and protect data in the United States and internationally. The company offers cloud services through a web-scale software infrastructure built on commodity hardware. It also provides Backblaze B2 Cloud Storage, which enables customers to store data, developers to build applications, and partners to expand their use cases. This service is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases, such as backups, multi-cloud, application development, and ransomware protection. In addition, the company offers Backblaze Computer Backup that automatically backs up data from laptops and desktops for businesses and individuals, which provides a subscription-based Software-as-a-Service and serves use cases, including computer backup, ransomware protection, theft and loss protection, and remote access. It serves the public cloud IaaS storage and Data-Protection-as-a-Service markets. The company was incorporated in 2007 and is headquartered in San Mateo, California.Show more

Revenue $146M +14.3%
EBITDA $5M +129.7%
Net Income -$26M +47.2%
EPS (Diluted) -0.46 +58.6%
Gross Margin 60.89% +12.1%
EBITDA Margin 3.66% +126.0%
Operating Margin -13.82% +61.9%
Net Margin -17.56% +53.8%
ROE -31.85% +59.8%
ROIC -14.13% +68.1%
Debt/Equity 0.98 +64.5%
Interest Coverage -5.21 +58.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 22.1%

✗Weaknesses

✗Weak momentum: RS Rating 11 (bottom 11%)
✗Shares diluted 29.1% in last year
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y22.08%

3Y19.64%

TTM14.27%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM47.23%

EPS CAGR

10Y-

5Y-

3Y-

TTM58.56%

ROCE

10Y Avg-32.08%

5Y Avg-41.5%

3Y Avg-45.06%

Latest-16.87%

Peer Comparison

Cloud infrastructure and hosting

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TUYATuya Inc.	179.02M	2.55	300	29.84%	9.12%	2.88%	37.57%	0.00
NTNXNutanix, Inc.	10.36B	38.28	58.89	18.11%	9.95%		7.24%
ORCLOracle Corporation	408.14B	145.40	33.50	8.38%	25.28%	50.65%		4.96
MSFTMicrosoft Corporation	2.92T	392.74	28.79	14.93%	39.04%	30.51%	2.45%	0.18
DOCNDigitalOcean Holdings, Inc.	5.15B	56.06	22.25	15.48%	28.76%		6.01%
CORZCore Scientific, Inc.	5.23B	16.97	-3.30	1.65%	-229.91%
BLZEBackblaze, Inc.	216.87M	3.76	-8.17	14.27%	-17.56%	-30.78%	8.69%	0.98
DGXXDigi Power X Inc.	180.26M	2.76	-12.55	41.7%	-39.25%	-27.71%		0.01

Profit & Loss

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	40.75M	53.78M	67.48M	85.16M	102.02M	127.63M	145.84M
Revenue Growth %	-	31.99%	25.46%	26.19%	19.8%	25.1%	14.27%
Cost of Goods Sold+	20.13M	25.8M	33.14M	41.29M	52.16M	58.28M	57.04M
COGS % of Revenue	49.39%	47.97%	49.11%	48.49%	51.13%	45.67%	39.11%
Gross Profit+	20.62M	27.98M	34.34M	43.86M	49.86M	69.34M	88.79M
Gross Margin %	50.61%	52.03%	50.89%	51.51%	48.87%	54.33%	60.89%
Gross Profit Growth %	-	35.7%	22.72%	27.73%	13.67%	39.08%	28.05%
Operating Expenses+	19.67M	31.71M	53.13M	91.98M	107.76M	115.63M	108.95M
OpEx % of Revenue	48.28%	58.97%	78.74%	108.01%	105.63%	90.6%	74.71%
Selling, General & Admin	11.24M	18.65M	32.6M	58.87M	68.23M	73.53M	66.31M
SG&A % of Revenue	27.57%	34.67%	48.31%	69.13%	66.88%	57.62%	45.47%
Research & Development	8.44M	13.07M	20.54M	33.11M	39.53M	42.1M	46.11M
R&D % of Revenue	20.7%	24.3%	30.43%	38.88%	38.74%	32.98%	31.62%
Other Operating Expenses	0	0	0	0	0	0	-3.47M
Operating Income+	949K	-3.73M	-18.79M	-48.11M	-57.91M	-46.29M	-20.15M
Operating Margin %	2.33%	-6.94%	-27.85%	-56.5%	-56.76%	-36.27%	-13.82%
Operating Income Growth %	-	-493.26%	-403.59%	-156%	-20.35%	20.06%	56.46%
EBITDA+	10.27M	9.22M	-2.47M	-27.96M	-32.99M	-17.96M	5.34M
EBITDA Margin %	25.2%	17.14%	-3.66%	-32.84%	-32.34%	-14.07%	3.66%
EBITDA Growth %	-	-10.21%	-126.81%	-1031.15%	-17.99%	45.56%	129.73%
D&A (Non-Cash Add-back)	9.32M	12.95M	16.32M	20.15M	24.91M	28.33M	25.49M
EBIT	949K	-3.73M	-17.93M	-47.15M	-55.92M	-44.87M	-21.66M
Net Interest Income+	-1.93M	-2.89M	-3.68M	-4.29M	-3.79M	-3.66M	-1.91M
Interest Income	0	0	0	0	0	0	1.96M
Interest Expense	1.93M	2.89M	3.68M	4.29M	3.79M	3.66M	3.87M
Other Income/Expense	-1.93M	-2.89M	-2.81M	-3.32M	-1.81M	-2.24M	-5.37M
Pretax Income+	-980K	-6.62M	-21.61M	-51.44M	-59.71M	-48.52M	-25.53M
Pretax Margin %	-2.4%	-12.3%	-32.02%	-60.4%	-58.53%	-38.02%	-17.5%
Income Tax+	16K	5K	96K	-39K	0	6K	84K
Effective Tax Rate %	101.63%	100.08%	100.44%	99.92%	100%	100.01%	100.33%
Net Income+	-996K	-6.62M	-21.7M	-51.4M	-59.71M	-48.53M	-25.61M
Net Margin %	-2.44%	-12.31%	-32.16%	-60.36%	-58.53%	-38.03%	-17.56%
Net Income Growth %	-	-564.96%	-227.71%	-136.81%	-16.18%	18.73%	47.23%
Net Income (Continuing)	-996K	-6.62M	-21.7M	-51.4M	-59.71M	-48.53M	-25.61M
Discontinued Operations	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0
EPS (Diluted)+	-0.05	-0.22	-0.71	-1.63	-1.66	-1.11	-0.46
EPS Growth %	-	-311.22%	-222.73%	-129.58%	-1.84%	33.13%	58.56%
EPS (Basic)	-0.05	-0.22	-0.71	-1.63	-1.66	-1.11	-0.46
Diluted Shares Outstanding	18.6M	30.3M	30.38M	31.66M	36.01M	43.54M	56.21M
Basic Shares Outstanding	18.6M	30.3M	30.38M	31.66M	36.01M	43.54M	56.21M
Dividend Payout Ratio	-	-	-	-	-	-	-

Balance Sheet

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	9.08M	9.23M	111.08M	74.4M	38.51M	65.75M	65.69M
Cash & Short-Term Investments	6.98M	6.08M	104.84M	65.42M	29.3M	54.91M	51.38M
Cash Only	6.98M	6.08M	104.84M	6.69M	12.5M	45.78M	29.18M
Short-Term Investments	0	0	0	58.73M	16.8M	9.14M	22.2M
Accounts Receivable	1.11M	1.32M	1.82M	3.14M	4.45M	6.04M	3.48M
Days Sales Outstanding	9.92	8.94	9.83	13.45	15.92	17.28	8.71
Inventory	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-
Other Current Assets	3K	848K	910K	1.69M	1.45M	1.53M	10.82M
Total Non-Current Assets+	29.54M	45.24M	52.5M	78.06M	93.17M	102.81M	126.14M
Property, Plant & Equipment	24.83M	38.75M	43.07M	56.26M	55.58M	58.82M	80.02M
Fixed Asset Turnover	1.64x	1.39x	1.57x	1.51x	1.84x	2.17x	1.82x
Goodwill	0	0	0	0	0	0	0
Intangible Assets	3.88M	5.68M	7.64M	16.7M	32.52M	41.8M	0
Long-Term Investments	0	0	0	0	0	0	0
Other Non-Current Assets	835K	809K	1.79M	5.1M	5.07M	2.19M	46.12M
Total Assets+	38.63M	54.47M	163.58M	152.46M	131.69M	168.56M	191.83M
Asset Turnover	1.05x	0.99x	0.41x	0.56x	0.77x	0.76x	0.76x
Asset Growth %	-	41.02%	200.32%	-6.8%	-13.62%	28%	13.8%
Total Current Liabilities+	28.24M	36.37M	45.06M	56.27M	57.09M	59.8M	61.62M
Accounts Payable	1.55M	1.71M	2.08M	3.28M	1.97M	1.46M	1.59M
Days Payables Outstanding	28.16	24.19	22.86	29.02	13.81	9.14	10.16
Short-Term Debt	0	628K	0	0	0	0	20.13M
Deferred Revenue (Current)	15.77M	17.59M	21.72M	22.91M	25.98M	30.41M	30.5M
Other Current Liabilities	456K	1.71M	2.25M	3.77M	5.33M	4.99M	9.41M
Current Ratio	0.32x	0.25x	2.47x	1.32x	0.67x	1.10x	1.07x
Quick Ratio	0.32x	0.25x	2.47x	1.32x	0.67x	1.10x	1.07x
Cash Conversion Cycle	-	-	-	-	-	-	-
Total Non-Current Liabilities+	12.98M	24.93M	23.03M	27.44M	29.66M	31.13M	46.99M
Long-Term Debt	0	1.64M	0	4.31M	4.13M	0	20.17M
Capital Lease Obligations	8.53M	17.89M	19.6M	20.52M	21.46M	25.99M	41.46M
Deferred Tax Liabilities	0	0	0	0	0	0	0
Other Non-Current Liabilities	2.78M	3.6M	298K	0	0	0	-14.64M
Total Liabilities	41.22M	61.31M	68.09M	83.71M	86.75M	90.94M	108.61M
Total Debt+	16.76M	31.48M	33.25M	45.49M	45.96M	46.34M	81.75M
Net Debt	9.78M	25.4M	-71.59M	38.8M	33.46M	563K	52.57M
Debt / Equity	-	-	0.35x	0.66x	1.02x	0.60x	0.98x
Debt / EBITDA	1.63x	3.41x	-	-	-	-	15.31x
Net Debt / EBITDA	0.95x	2.76x	-	-	-	-	9.85x
Interest Coverage	0.49x	-1.29x	-5.11x	-11.22x	-15.27x	-12.65x	-5.21x
Total Equity+	-2.59M	-6.84M	95.49M	68.75M	44.94M	77.62M	83.22M
Equity Growth %	-	-163.69%	1495.99%	-28%	-34.63%	72.73%	7.21%
Book Value per Share	-0.14	-0.23	3.14	2.17	1.25	1.78	1.48
Total Shareholders' Equity	-2.59M	-6.84M	95.49M	68.75M	44.94M	77.62M	83.22M
Common Stock	5K	5K	3K	4K	4K	5K	6K
Retained Earnings	-8.28M	-14.64M	-36.34M	-87.74M	-147.45M	-195.99M	-221.6M
Treasury Stock	0	0	0	0	0	0	-1.98M
Accumulated OCI	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0

Cash Flow

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	13.2M	12.82M	3.52M	-13.78M	-7.35M	12.51M	23.54M
Operating CF Margin %	32.4%	23.83%	5.22%	-16.18%	-7.2%	9.8%	16.14%
Operating CF Growth %	-	-2.91%	-72.54%	-491.51%	46.67%	270.14%	88.28%
Net Income	-996K	-6.62M	-21.7M	-51.4M	-59.71M	-48.53M	-25.61M
Depreciation & Amortization	9.32M	12.95M	16.32M	20.15M	24.91M	28.33M	25.59M
Stock-Based Compensation	1.39M	1.88M	5.63M	17.05M	25.18M	28.63M	26.44M
Deferred Taxes	0	0	0	0	0	0	0
Other Non-Cash Items	-184K	706K	-737K	1.63M	2.71M	3.88M	6.44M
Working Capital Changes	3.68M	3.91M	4.01M	-1.21M	-433K	200K	-9.31M
Change in Receivables	-20K	-128K	-100K	-547K	56K	-1.03M	-1.65M
Change in Inventory	0	0	0	0	0	0	0
Change in Payables	482K	143K	502K	1.63M	-295K	-547K	402K
Cash from Investing+	-3.23M	-4.97M	-11.19M	-73.85M	21.66M	-6.13M	-25.34M
Capital Expenditures	-1.57M	-2.13M	-7.56M	-7.35M	-5.51M	-1.71M	-4.69M
CapEx % of Revenue	3.86%	3.95%	11.21%	8.63%	5.4%	1.34%	3.22%
Acquisitions	0	0	0	0	0	0	0
Investments	-	-	-	-	-	-	-
Other Investing	-1.66M	-2.85M	-3.63M	-8.63M	-14.35M	-12.02M	-7.4M
Cash from Financing+	-7.73M	-8.75M	106.61M	-6.21M	-8.84M	22.77M	-14.8M
Debt Issued (Net)	-7.73M	-8.59M	2.15M	-12.19M	-15.24M	-23.63M	-18.77M
Equity Issued (Net)	0	0	1000K	0	0	1000K	1000K
Dividends Paid	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	-1.98M
Other Financing	0	-157K	-2.5M	5.97M	6.39M	8.97M	-1.92M
Net Change in Cash	2.24M	-902K	98.94M	-93.85M	5.46M	29.15M	-16.59M
Free Cash Flow+	9.63M	7.84M	-7.67M	-29.76M	-27.58M	10.79M	18.85M
FCF Margin %	23.62%	14.58%	-11.37%	-34.95%	-27.03%	8.46%	12.93%
FCF Growth %	-	-18.5%	-197.78%	-288.06%	7.34%	139.14%	74.63%
FCF per Share	0.52	0.26	-0.25	-0.94	-0.77	0.25	0.34
FCF Conversion (FCF/Net Income)	-13.26x	-1.94x	-0.16x	0.27x	0.12x	-0.26x	-0.92x
Interest Paid	1.96M	2.88M	3.53M	3.78M	3.73M	3.58M	0
Taxes Paid	4K	11K	14K	31K	59K	54K	0

Key Ratios

Metric	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	-	-48.97%	-62.59%	-105.05%	-79.2%	-31.85%
Return on Invested Capital (ROIC)	9.9%	-21.74%	-66.41%	-54.91%	-46.71%	-44.34%	-14.13%
Gross Margin	50.61%	52.03%	50.89%	51.51%	48.87%	54.33%	60.89%
Net Margin	-2.44%	-12.31%	-32.16%	-60.36%	-58.53%	-38.03%	-17.56%
Debt / Equity	-	-	0.35x	0.66x	1.02x	0.60x	0.98x
Interest Coverage	0.49x	-1.29x	-5.11x	-11.22x	-15.27x	-12.65x	-5.21x
FCF Conversion	-13.26x	-1.94x	-0.16x	0.27x	0.12x	-0.26x	-0.92x
Revenue Growth	-	31.99%	25.46%	26.19%	19.8%	25.1%	14.27%

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Backblaze, Inc. (BLZE) 10-Year Financial Performance & Capital Metrics

BLZE •

TechnologyInfrastructure SoftwareCloud infrastructure and hosting

Revenue $146M +14.3%
EBITDA $5M +129.7%
Net Income -$26M +47.2%
EPS (Diluted) -0.46 +58.6%
Gross Margin 60.89% +12.1%
EBITDA Margin 3.66% +126.0%
Operating Margin -13.82% +61.9%
Net Margin -17.56% +53.8%
ROE -31.85% +59.8%
ROIC -14.13% +68.1%
Debt/Equity 0.98 +64.5%
Interest Coverage -5.21 +58.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 22.1%

✗Weaknesses

✗Weak momentum: RS Rating 11 (bottom 11%)
✗Shares diluted 29.1% in last year
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y22.08%

3Y19.64%

TTM14.27%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM47.23%

EPS CAGR

10Y-

5Y-

3Y-

TTM58.56%

ROCE

10Y Avg-32.08%

5Y Avg-41.5%

3Y Avg-45.06%

Latest-16.87%

Peer Comparison

Cloud infrastructure and hosting

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TUYATuya Inc.	179.02M	2.55	300	29.84%	9.12%	2.88%	37.57%	0.00
NTNXNutanix, Inc.	10.36B	38.28	58.89	18.11%	9.95%		7.24%
ORCLOracle Corporation	408.14B	145.40	33.50	8.38%	25.28%	50.65%		4.96
MSFTMicrosoft Corporation	2.92T	392.74	28.79	14.93%	39.04%	30.51%	2.45%	0.18
DOCNDigitalOcean Holdings, Inc.	5.15B	56.06	22.25	15.48%	28.76%		6.01%
CORZCore Scientific, Inc.	5.23B	16.97	-3.30	1.65%	-229.91%
BLZEBackblaze, Inc.	216.87M	3.76	-8.17	14.27%	-17.56%	-30.78%	8.69%	0.98
DGXXDigi Power X Inc.	180.26M	2.76	-12.55	41.7%	-39.25%	-27.71%		0.01

Profit & Loss

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	40.75M	53.78M	67.48M	85.16M	102.02M	127.63M	145.84M
Revenue Growth %	-	31.99%	25.46%	26.19%	19.8%	25.1%	14.27%
Cost of Goods Sold+	20.13M	25.8M	33.14M	41.29M	52.16M	58.28M	57.04M
COGS % of Revenue	49.39%	47.97%	49.11%	48.49%	51.13%	45.67%	39.11%
Gross Profit+	20.62M	27.98M	34.34M	43.86M	49.86M	69.34M	88.79M
Gross Margin %	50.61%	52.03%	50.89%	51.51%	48.87%	54.33%	60.89%
Gross Profit Growth %	-	35.7%	22.72%	27.73%	13.67%	39.08%	28.05%
Operating Expenses+	19.67M	31.71M	53.13M	91.98M	107.76M	115.63M	108.95M
OpEx % of Revenue	48.28%	58.97%	78.74%	108.01%	105.63%	90.6%	74.71%
Selling, General & Admin	11.24M	18.65M	32.6M	58.87M	68.23M	73.53M	66.31M
SG&A % of Revenue	27.57%	34.67%	48.31%	69.13%	66.88%	57.62%	45.47%
Research & Development	8.44M	13.07M	20.54M	33.11M	39.53M	42.1M	46.11M
R&D % of Revenue	20.7%	24.3%	30.43%	38.88%	38.74%	32.98%	31.62%
Other Operating Expenses	0	0	0	0	0	0	-3.47M
Operating Income+	949K	-3.73M	-18.79M	-48.11M	-57.91M	-46.29M	-20.15M
Operating Margin %	2.33%	-6.94%	-27.85%	-56.5%	-56.76%	-36.27%	-13.82%
Operating Income Growth %	-	-493.26%	-403.59%	-156%	-20.35%	20.06%	56.46%
EBITDA+	10.27M	9.22M	-2.47M	-27.96M	-32.99M	-17.96M	5.34M
EBITDA Margin %	25.2%	17.14%	-3.66%	-32.84%	-32.34%	-14.07%	3.66%
EBITDA Growth %	-	-10.21%	-126.81%	-1031.15%	-17.99%	45.56%	129.73%
D&A (Non-Cash Add-back)	9.32M	12.95M	16.32M	20.15M	24.91M	28.33M	25.49M
EBIT	949K	-3.73M	-17.93M	-47.15M	-55.92M	-44.87M	-21.66M
Net Interest Income+	-1.93M	-2.89M	-3.68M	-4.29M	-3.79M	-3.66M	-1.91M
Interest Income	0	0	0	0	0	0	1.96M
Interest Expense	1.93M	2.89M	3.68M	4.29M	3.79M	3.66M	3.87M
Other Income/Expense	-1.93M	-2.89M	-2.81M	-3.32M	-1.81M	-2.24M	-5.37M
Pretax Income+	-980K	-6.62M	-21.61M	-51.44M	-59.71M	-48.52M	-25.53M
Pretax Margin %	-2.4%	-12.3%	-32.02%	-60.4%	-58.53%	-38.02%	-17.5%
Income Tax+	16K	5K	96K	-39K	0	6K	84K
Effective Tax Rate %	101.63%	100.08%	100.44%	99.92%	100%	100.01%	100.33%
Net Income+	-996K	-6.62M	-21.7M	-51.4M	-59.71M	-48.53M	-25.61M
Net Margin %	-2.44%	-12.31%	-32.16%	-60.36%	-58.53%	-38.03%	-17.56%
Net Income Growth %	-	-564.96%	-227.71%	-136.81%	-16.18%	18.73%	47.23%
Net Income (Continuing)	-996K	-6.62M	-21.7M	-51.4M	-59.71M	-48.53M	-25.61M
Discontinued Operations	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0
EPS (Diluted)+	-0.05	-0.22	-0.71	-1.63	-1.66	-1.11	-0.46
EPS Growth %	-	-311.22%	-222.73%	-129.58%	-1.84%	33.13%	58.56%
EPS (Basic)	-0.05	-0.22	-0.71	-1.63	-1.66	-1.11	-0.46
Diluted Shares Outstanding	18.6M	30.3M	30.38M	31.66M	36.01M	43.54M	56.21M
Basic Shares Outstanding	18.6M	30.3M	30.38M	31.66M	36.01M	43.54M	56.21M
Dividend Payout Ratio	-	-	-	-	-	-	-

Balance Sheet

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	9.08M	9.23M	111.08M	74.4M	38.51M	65.75M	65.69M
Cash & Short-Term Investments	6.98M	6.08M	104.84M	65.42M	29.3M	54.91M	51.38M
Cash Only	6.98M	6.08M	104.84M	6.69M	12.5M	45.78M	29.18M
Short-Term Investments	0	0	0	58.73M	16.8M	9.14M	22.2M
Accounts Receivable	1.11M	1.32M	1.82M	3.14M	4.45M	6.04M	3.48M
Days Sales Outstanding	9.92	8.94	9.83	13.45	15.92	17.28	8.71
Inventory	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-
Other Current Assets	3K	848K	910K	1.69M	1.45M	1.53M	10.82M
Total Non-Current Assets+	29.54M	45.24M	52.5M	78.06M	93.17M	102.81M	126.14M
Property, Plant & Equipment	24.83M	38.75M	43.07M	56.26M	55.58M	58.82M	80.02M
Fixed Asset Turnover	1.64x	1.39x	1.57x	1.51x	1.84x	2.17x	1.82x
Goodwill	0	0	0	0	0	0	0
Intangible Assets	3.88M	5.68M	7.64M	16.7M	32.52M	41.8M	0
Long-Term Investments	0	0	0	0	0	0	0
Other Non-Current Assets	835K	809K	1.79M	5.1M	5.07M	2.19M	46.12M
Total Assets+	38.63M	54.47M	163.58M	152.46M	131.69M	168.56M	191.83M
Asset Turnover	1.05x	0.99x	0.41x	0.56x	0.77x	0.76x	0.76x
Asset Growth %	-	41.02%	200.32%	-6.8%	-13.62%	28%	13.8%
Total Current Liabilities+	28.24M	36.37M	45.06M	56.27M	57.09M	59.8M	61.62M
Accounts Payable	1.55M	1.71M	2.08M	3.28M	1.97M	1.46M	1.59M
Days Payables Outstanding	28.16	24.19	22.86	29.02	13.81	9.14	10.16
Short-Term Debt	0	628K	0	0	0	0	20.13M
Deferred Revenue (Current)	15.77M	17.59M	21.72M	22.91M	25.98M	30.41M	30.5M
Other Current Liabilities	456K	1.71M	2.25M	3.77M	5.33M	4.99M	9.41M
Current Ratio	0.32x	0.25x	2.47x	1.32x	0.67x	1.10x	1.07x
Quick Ratio	0.32x	0.25x	2.47x	1.32x	0.67x	1.10x	1.07x
Cash Conversion Cycle	-	-	-	-	-	-	-
Total Non-Current Liabilities+	12.98M	24.93M	23.03M	27.44M	29.66M	31.13M	46.99M
Long-Term Debt	0	1.64M	0	4.31M	4.13M	0	20.17M
Capital Lease Obligations	8.53M	17.89M	19.6M	20.52M	21.46M	25.99M	41.46M
Deferred Tax Liabilities	0	0	0	0	0	0	0
Other Non-Current Liabilities	2.78M	3.6M	298K	0	0	0	-14.64M
Total Liabilities	41.22M	61.31M	68.09M	83.71M	86.75M	90.94M	108.61M
Total Debt+	16.76M	31.48M	33.25M	45.49M	45.96M	46.34M	81.75M
Net Debt	9.78M	25.4M	-71.59M	38.8M	33.46M	563K	52.57M
Debt / Equity	-	-	0.35x	0.66x	1.02x	0.60x	0.98x
Debt / EBITDA	1.63x	3.41x	-	-	-	-	15.31x
Net Debt / EBITDA	0.95x	2.76x	-	-	-	-	9.85x
Interest Coverage	0.49x	-1.29x	-5.11x	-11.22x	-15.27x	-12.65x	-5.21x
Total Equity+	-2.59M	-6.84M	95.49M	68.75M	44.94M	77.62M	83.22M
Equity Growth %	-	-163.69%	1495.99%	-28%	-34.63%	72.73%	7.21%
Book Value per Share	-0.14	-0.23	3.14	2.17	1.25	1.78	1.48
Total Shareholders' Equity	-2.59M	-6.84M	95.49M	68.75M	44.94M	77.62M	83.22M
Common Stock	5K	5K	3K	4K	4K	5K	6K
Retained Earnings	-8.28M	-14.64M	-36.34M	-87.74M	-147.45M	-195.99M	-221.6M
Treasury Stock	0	0	0	0	0	0	-1.98M
Accumulated OCI	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0

Cash Flow

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	13.2M	12.82M	3.52M	-13.78M	-7.35M	12.51M	23.54M
Operating CF Margin %	32.4%	23.83%	5.22%	-16.18%	-7.2%	9.8%	16.14%
Operating CF Growth %	-	-2.91%	-72.54%	-491.51%	46.67%	270.14%	88.28%
Net Income	-996K	-6.62M	-21.7M	-51.4M	-59.71M	-48.53M	-25.61M
Depreciation & Amortization	9.32M	12.95M	16.32M	20.15M	24.91M	28.33M	25.59M
Stock-Based Compensation	1.39M	1.88M	5.63M	17.05M	25.18M	28.63M	26.44M
Deferred Taxes	0	0	0	0	0	0	0
Other Non-Cash Items	-184K	706K	-737K	1.63M	2.71M	3.88M	6.44M
Working Capital Changes	3.68M	3.91M	4.01M	-1.21M	-433K	200K	-9.31M
Change in Receivables	-20K	-128K	-100K	-547K	56K	-1.03M	-1.65M
Change in Inventory	0	0	0	0	0	0	0
Change in Payables	482K	143K	502K	1.63M	-295K	-547K	402K
Cash from Investing+	-3.23M	-4.97M	-11.19M	-73.85M	21.66M	-6.13M	-25.34M
Capital Expenditures	-1.57M	-2.13M	-7.56M	-7.35M	-5.51M	-1.71M	-4.69M
CapEx % of Revenue	3.86%	3.95%	11.21%	8.63%	5.4%	1.34%	3.22%
Acquisitions	0	0	0	0	0	0	0
Investments	-	-	-	-	-	-	-
Other Investing	-1.66M	-2.85M	-3.63M	-8.63M	-14.35M	-12.02M	-7.4M
Cash from Financing+	-7.73M	-8.75M	106.61M	-6.21M	-8.84M	22.77M	-14.8M
Debt Issued (Net)	-7.73M	-8.59M	2.15M	-12.19M	-15.24M	-23.63M	-18.77M
Equity Issued (Net)	0	0	1000K	0	0	1000K	1000K
Dividends Paid	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	-1.98M
Other Financing	0	-157K	-2.5M	5.97M	6.39M	8.97M	-1.92M
Net Change in Cash	2.24M	-902K	98.94M	-93.85M	5.46M	29.15M	-16.59M
Free Cash Flow+	9.63M	7.84M	-7.67M	-29.76M	-27.58M	10.79M	18.85M
FCF Margin %	23.62%	14.58%	-11.37%	-34.95%	-27.03%	8.46%	12.93%
FCF Growth %	-	-18.5%	-197.78%	-288.06%	7.34%	139.14%	74.63%
FCF per Share	0.52	0.26	-0.25	-0.94	-0.77	0.25	0.34
FCF Conversion (FCF/Net Income)	-13.26x	-1.94x	-0.16x	0.27x	0.12x	-0.26x	-0.92x
Interest Paid	1.96M	2.88M	3.53M	3.78M	3.73M	3.58M	0
Taxes Paid	4K	11K	14K	31K	59K	54K	0

Key Ratios

Metric	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	-	-48.97%	-62.59%	-105.05%	-79.2%	-31.85%
Return on Invested Capital (ROIC)	9.9%	-21.74%	-66.41%	-54.91%	-46.71%	-44.34%	-14.13%
Gross Margin	50.61%	52.03%	50.89%	51.51%	48.87%	54.33%	60.89%
Net Margin	-2.44%	-12.31%	-32.16%	-60.36%	-58.53%	-38.03%	-17.56%
Debt / Equity	-	-	0.35x	0.66x	1.02x	0.60x	0.98x
Interest Coverage	0.49x	-1.29x	-5.11x	-11.22x	-15.27x	-12.65x	-5.21x
FCF Conversion	-13.26x	-1.94x	-0.16x	0.27x	0.12x	-0.26x	-0.92x
Revenue Growth	-	31.99%	25.46%	26.19%	19.8%	25.1%	14.27%

Backblaze, Inc. (BLZE) 10-Year Financial Performance & Capital Metrics

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Backblaze, Inc. (BLZE) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare BLZE vs Peers

vs MSFT

vs ORCL

Compare Top 5

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Deep Dive Analysis

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Dividend History

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