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

BLZE • • Industrial / General
TechnologyInfrastructure SoftwareCloud Infrastructure & Data ManagementCloud Storage & Content Management
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 $128M +25.1%
  • EBITDA -$18M +45.6%
  • Net Income -$49M +18.7%
  • EPS (Diluted) -1.11 +33.1%
  • Gross Margin 54.33% +11.2%
  • EBITDA Margin -14.07% +56.5%
  • Operating Margin -36.27% +36.1%
  • Net Margin -38.03% +35.0%
  • ROE -79.2% +24.6%
  • ROIC -44.34% +5.1%
  • Debt/Equity 0.60 -41.6%
  • Interest Coverage -12.65 +17.1%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong 5Y sales CAGR of 25.7%

✗Weaknesses

  • ✗Shares diluted 20.9% in last year
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y25.65%
3Y23.67%
TTM15.73%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM25.42%

EPS CAGR

10Y-
5Y-
3Y-
TTM39.64%

ROCE

10Y Avg-34.62%
5Y Avg-43.37%
3Y Avg-54.37%
Latest-50.49%

Peer Comparison

Cloud Storage & Content Management
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
ADBEAdobe Inc.129.74B309.9325.0810.8%30%61.34%6.03%0.43
BOXBox, Inc.4.04B28.1920.735.05%19.71%108.45%8.17%3.66
SNCRSynchronoss Technologies, Inc.99.76M8.6720.165.72%-5.69%-17.56%13.39%4.97
DBXDropbox, Inc.4.67B26.7519.111.86%19.87%18.68%
CCSIConsensus Cloud Solutions, Inc.430.29M22.644.91-3.36%23.48%20.52%
TAOPTaoping Inc.12.47M1.35-3.38-5.08%-4.96%-11.46%0.50
BLZEBackblaze, Inc.284.93M4.94-4.4525.1%-24.37%-41.74%3.79%0.60
KLTRKaltura, Inc.215.67M1.52-7.242.02%-7.1%-72.43%5.43%2.15

Profit & Loss

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+40.75M53.78M67.48M85.16M102.02M127.63M
Revenue Growth %-0.32%0.25%0.26%0.2%0.25%
Cost of Goods Sold+20.13M25.8M33.14M41.29M52.16M58.28M
COGS % of Revenue0.49%0.48%0.49%0.48%0.51%0.46%
Gross Profit+20.62M27.98M34.34M43.86M49.86M69.34M
Gross Margin %0.51%0.52%0.51%0.52%0.49%0.54%
Gross Profit Growth %-0.36%0.23%0.28%0.14%0.39%
Operating Expenses+19.67M31.71M53.13M91.98M107.76M115.63M
OpEx % of Revenue0.48%0.59%0.79%1.08%1.06%0.91%
Selling, General & Admin11.24M18.65M32.6M58.87M68.23M73.53M
SG&A % of Revenue0.28%0.35%0.48%0.69%0.67%0.58%
Research & Development8.44M13.07M20.54M33.11M39.53M42.1M
R&D % of Revenue0.21%0.24%0.3%0.39%0.39%0.33%
Other Operating Expenses000000
Operating Income+949K-3.73M-18.79M-48.11M-57.91M-46.29M
Operating Margin %0.02%-0.07%-0.28%-0.57%-0.57%-0.36%
Operating Income Growth %--4.93%-4.04%-1.56%-0.2%0.2%
EBITDA+10.27M9.22M-2.47M-27.96M-32.99M-17.96M
EBITDA Margin %0.25%0.17%-0.04%-0.33%-0.32%-0.14%
EBITDA Growth %--0.1%-1.27%-10.31%-0.18%0.46%
D&A (Non-Cash Add-back)9.32M12.95M16.32M20.15M24.91M28.33M
EBIT949K-3.73M-17.93M-47.15M-55.92M-44.87M
Net Interest Income+-1.93M-2.89M-3.68M-4.29M-3.79M-3.66M
Interest Income000000
Interest Expense1.93M2.89M3.68M4.29M3.79M3.66M
Other Income/Expense-1.93M-2.89M-2.81M-3.32M-1.81M-2.24M
Pretax Income+-980K-6.62M-21.61M-51.44M-59.71M-48.52M
Pretax Margin %-0.02%-0.12%-0.32%-0.6%-0.59%-0.38%
Income Tax+16K5K96K-39K06K
Effective Tax Rate %1.02%1%1%1%1%1%
Net Income+-996K-6.62M-21.7M-51.4M-59.71M-48.53M
Net Margin %-0.02%-0.12%-0.32%-0.6%-0.59%-0.38%
Net Income Growth %--5.65%-2.28%-1.37%-0.16%0.19%
Net Income (Continuing)-996K-6.62M-21.7M-51.4M-59.71M-48.53M
Discontinued Operations000000
Minority Interest000000
EPS (Diluted)+-0.05-0.22-0.71-1.63-1.66-1.11
EPS Growth %--3.11%-2.23%-1.3%-0.02%0.33%
EPS (Basic)-0.05-0.22-0.71-1.63-1.66-1.11
Diluted Shares Outstanding18.6M30.3M30.38M31.66M36.01M43.54M
Basic Shares Outstanding18.6M30.3M30.38M31.66M36.01M43.54M
Dividend Payout Ratio------

Balance Sheet

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+9.08M9.23M111.08M74.4M38.51M65.75M
Cash & Short-Term Investments6.98M6.08M104.84M65.42M29.3M54.91M
Cash Only6.98M6.08M104.84M6.69M12.5M45.78M
Short-Term Investments00058.73M16.8M9.14M
Accounts Receivable1.11M1.32M1.82M3.14M4.45M6.04M
Days Sales Outstanding9.928.949.8313.4515.9217.28
Inventory000000
Days Inventory Outstanding------
Other Current Assets3K848K910K1.69M1.45M1.53M
Total Non-Current Assets+29.54M45.24M52.5M78.06M93.17M102.81M
Property, Plant & Equipment24.83M38.75M43.07M56.26M55.58M58.82M
Fixed Asset Turnover1.64x1.39x1.57x1.51x1.84x2.17x
Goodwill000000
Intangible Assets3.88M5.68M7.64M16.7M32.52M41.8M
Long-Term Investments000000
Other Non-Current Assets835K809K1.79M5.1M5.07M2.19M
Total Assets+38.63M54.47M163.58M152.46M131.69M168.56M
Asset Turnover1.05x0.99x0.41x0.56x0.77x0.76x
Asset Growth %-0.41%2%-0.07%-0.14%0.28%
Total Current Liabilities+28.24M36.37M45.06M56.27M57.09M59.8M
Accounts Payable1.55M1.71M2.08M3.28M1.97M1.46M
Days Payables Outstanding28.1624.1922.8629.0213.819.14
Short-Term Debt0628K0000
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K
Other Current Liabilities456K1.71M2.25M3.77M5.33M4.99M
Current Ratio0.32x0.25x2.47x1.32x0.67x1.10x
Quick Ratio0.32x0.25x2.47x1.32x0.67x1.10x
Cash Conversion Cycle------
Total Non-Current Liabilities+12.98M24.93M23.03M27.44M29.66M31.13M
Long-Term Debt01.64M04.31M4.13M0
Capital Lease Obligations8.53M17.89M19.6M20.52M21.46M25.99M
Deferred Tax Liabilities000000
Other Non-Current Liabilities2.78M3.6M298K000
Total Liabilities41.22M61.31M68.09M83.71M86.75M90.94M
Total Debt+16.76M31.48M33.25M45.49M45.96M46.34M
Net Debt9.78M25.4M-71.59M38.8M33.46M563K
Debt / Equity--0.35x0.66x1.02x0.60x
Debt / EBITDA1.63x3.41x----
Net Debt / EBITDA0.95x2.76x----
Interest Coverage0.49x-1.29x-5.11x-11.22x-15.27x-12.65x
Total Equity+-2.59M-6.84M95.49M68.75M44.94M77.62M
Equity Growth %--1.64%14.96%-0.28%-0.35%0.73%
Book Value per Share-0.14-0.233.142.171.251.78
Total Shareholders' Equity-2.59M-6.84M95.49M68.75M44.94M77.62M
Common Stock5K5K3K4K4K5K
Retained Earnings-8.28M-14.64M-36.34M-87.74M-147.45M-195.99M
Treasury Stock000000
Accumulated OCI000000
Minority Interest000000

Cash Flow

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+13.2M12.82M3.52M-13.78M-7.35M12.51M
Operating CF Margin %0.32%0.24%0.05%-0.16%-0.07%0.1%
Operating CF Growth %--0.03%-0.73%-4.92%0.47%2.7%
Net Income-996K-6.62M-21.7M-51.4M-59.71M-48.53M
Depreciation & Amortization9.32M12.95M16.32M20.15M24.91M28.33M
Stock-Based Compensation1.39M1.88M5.63M17.05M25.18M28.63M
Deferred Taxes000000
Other Non-Cash Items-184K706K-737K1.63M2.71M3.88M
Working Capital Changes3.68M3.91M4.01M-1.21M-433K200K
Change in Receivables-20K-128K-100K-547K56K-1.03M
Change in Inventory000000
Change in Payables482K143K502K1.63M-295K-547K
Cash from Investing+-3.23M-4.97M-11.19M-73.85M21.66M-6.13M
Capital Expenditures-1.57M-2.13M-7.56M-7.35M-5.51M-1.71M
CapEx % of Revenue0.04%0.04%0.11%0.09%0.05%0.01%
Acquisitions------
Investments------
Other Investing-1.66M-2.85M-3.63M-8.63M-14.35M-12.02M
Cash from Financing+-7.73M-8.75M106.61M-6.21M-8.84M22.77M
Debt Issued (Net)------
Equity Issued (Net)------
Dividends Paid000000
Share Repurchases------
Other Financing0-157K-2.5M5.97M6.39M8.97M
Net Change in Cash------
Free Cash Flow+9.63M7.84M-7.67M-29.76M-27.58M10.79M
FCF Margin %0.24%0.15%-0.11%-0.35%-0.27%0.08%
FCF Growth %--0.19%-1.98%-2.88%0.07%1.39%
FCF per Share0.520.26-0.25-0.94-0.770.25
FCF Conversion (FCF/Net Income)-13.26x-1.94x-0.16x0.27x0.12x-0.26x
Interest Paid1.96M2.88M3.53M3.78M3.73M3.58M
Taxes Paid4K11K14K31K59K54K

Key Ratios

Metric201920202021202220232024
Return on Equity (ROE)---48.97%-62.59%-105.05%-79.2%
Return on Invested Capital (ROIC)9.9%-21.74%-66.41%-54.91%-46.71%-44.34%
Gross Margin50.61%52.03%50.89%51.51%48.87%54.33%
Net Margin-2.44%-12.31%-32.16%-60.36%-58.53%-38.03%
Debt / Equity--0.35x0.66x1.02x0.60x
Interest Coverage0.49x-1.29x-5.11x-11.22x-15.27x-12.65x
FCF Conversion-13.26x-1.94x-0.16x0.27x0.12x-0.26x
Revenue Growth-31.99%25.46%26.19%19.8%25.1%

Revenue by Segment

2021202220232024
Subscription-Based Arrangements44.12M51.43M55.68M65.66M
Subscription-Based Arrangements Growth-16.58%8.26%17.92%
Consumption-Based Arragments22.63M33.04M45.77M61.46M
Consumption-Based Arragments Growth-45.99%38.53%34.27%
Physical Media730K683K569K511K
Physical Media Growth--6.44%-16.69%-10.19%

Revenue by Geography

2021202220232024
UNITED STATES48.35M60.95M73.26M94.32M
UNITED STATES Growth-26.07%20.20%28.75%
Non-US19.13M15.23M18.27M20.84M
Non-US Growth--20.40%19.95%14.11%
CANADA-4.32M5.03M5.76M
CANADA Growth--16.26%14.52%

Frequently Asked Questions

Growth & Financials

Backblaze, Inc. (BLZE) reported $141.9M in revenue for fiscal year 2024. This represents a 248% increase from $40.7M in 2019.

Backblaze, Inc. (BLZE) grew revenue by 25.1% over the past year. This is strong growth.

Backblaze, Inc. (BLZE) reported a net loss of $34.6M for fiscal year 2024.

Dividend & Returns

Backblaze, Inc. (BLZE) has a return on equity (ROE) of -79.2%. Negative ROE indicates the company is unprofitable.

Backblaze, Inc. (BLZE) generated $9.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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