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Blend Labs, Inc. (BLND) 10-Year Financial Performance & Capital Metrics

BLND • • Industrial / General
TechnologyApplication SoftwareFinancial Technology & PaymentsDigital Banking Platforms
AboutBlend Labs, Inc. provides cloud-based software platform solutions for financial services firms in the United States. It operates in two segments, Blend Platform and Title365. The company offers a suite of white-label products for mortgages, home equity loans and lines of credit, vehicle loans, personal loans, credit cards, and deposit accounts. It also provides a suite of mortgage products that facilitates homeownership journey for consumers comprising close, income verification for mortgage, homeowners insurance, and realty. In addition, the company offers title search procedures for title insurance policies, escrow, and other closing and settlement services, as well as other trustee services; and professional and consulting services. It serves banks, credit unions, financial technology companies, and non-bank mortgage lenders. Blend Labs, Inc. was incorporated in 2012 and is headquartered in San Francisco, California.Show more
  • Revenue $162M +3.3%
  • EBITDA -$45M +70.2%
  • Net Income -$50M +73.2%
  • EPS (Diluted) -0.24 +68.4%
  • Gross Margin 55.88% +8.0%
  • EBITDA Margin -27.65% +71.2%
  • Operating Margin -30.63% +69.3%
  • Net Margin -30.62% +74.1%
  • ROE -431.98% -122.5%
  • ROIC -72.06% -28.4%
  • Debt/Equity -
  • Interest Coverage -7.35 -45.0%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong 5Y sales CAGR of 26.2%

✗Weaknesses

  • ✗Negative free cash flow
  • ✗Low quality earnings: Net income not backed by cash flow
  • ✗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-
5Y26.17%
3Y-11.59%
TTM-0.94%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM91.23%

EPS CAGR

10Y-
5Y-
3Y-
TTM69.6%

ROCE

10Y Avg-54.46%
5Y Avg-53.65%
3Y Avg-63.08%
Latest-31.65%

Peer Comparison

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Sector-Specific
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INTUIntuit Inc.154.33B554.5840.5715.63%21.19%21.31%3.94%0.34
CCBCoastal Financial Corporation1.72B113.6934.9830.92%7.84%10.04%14.54%0.12
SPNSSapiens International Corporation N.V.2.43B43.4533.685.4%11.4%12.2%2.97%0.13
SSNCSS&C Technologies Holdings, Inc.21B86.0528.686.89%13.86%12.2%6.32%1.09
TBBKThe Bancorp, Inc.3.09B70.3916.4116.11%30.63%29.28%7.2%0.16
CWANClearwater Analytics Holdings, Inc.6.98B24.1914.4022.72%61.25%19.6%0.99%0.07

Profit & Loss

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+50.67M96.03M234.5M235.2M156.85M162.02M
Revenue Growth %-0.9%1.44%0%-0.33%0.03%
Cost of Goods Sold+19.55M34.29M118.51M145.55M75.71M71.47M
COGS % of Revenue0.39%0.36%0.51%0.62%0.48%0.44%
Gross Profit+31.12M61.74M115.99M89.65M81.14M90.54M
Gross Margin %0.61%0.64%0.49%0.38%0.52%0.56%
Gross Profit Growth %-0.98%0.88%-0.23%-0.09%0.12%
Operating Expenses+112.85M137.03M313.23M835.83M237.36M140.16M
OpEx % of Revenue2.23%1.43%1.34%3.55%1.51%0.87%
Selling, General & Admin64.25M81.53M212.88M224.37M130.82M86.61M
SG&A % of Revenue1.27%0.85%0.91%0.95%0.83%0.53%
Research & Development48.6M55.5M92.22M138.09M81.59M46.09M
R&D % of Revenue0.96%0.58%0.39%0.59%0.52%0.28%
Other Operating Expenses008.14M473.37M24.95M7.47M
Operating Income+-81.72M-75.29M-197.24M-746.18M-156.22M-49.62M
Operating Margin %-1.61%-0.78%-0.84%-3.17%-1%-0.31%
Operating Income Growth %-0.08%-1.62%-2.78%0.79%0.68%
EBITDA+-76.96M-68.94M-183.43M-731.76M-150.46M-44.8M
EBITDA Margin %-1.52%-0.72%-0.78%-3.11%-0.96%-0.28%
EBITDA Growth %-0.1%-1.66%-2.99%0.79%0.7%
D&A (Non-Cash Add-back)4.76M6.35M13.81M14.42M5.76M4.82M
EBIT-81.44M-74.59M-196.75M-741.26M-148.97M-36.56M
Net Interest Income+01M-11.28M-24.79M-30.81M-6.75M
Interest Income01M0000
Interest Expense0011.28M24.79M30.81M6.75M
Other Income/Expense283K700K-10.79M-19.87M-23.56M6.31M
Pretax Income+-81.44M-74.59M-208.03M-766.05M-179.78M-43.31M
Pretax Margin %-1.61%-0.78%-0.89%-3.26%-1.15%-0.27%
Income Tax+13K26K-38.89M-2.24M94K109K
Effective Tax Rate %1%1%0.82%1%1.03%1.15%
Net Income+-81.45M-74.62M-171.34M-768.61M-185.32M-49.6M
Net Margin %-1.61%-0.78%-0.73%-3.27%-1.18%-0.31%
Net Income Growth %-0.08%-1.3%-3.49%0.76%0.73%
Net Income (Continuing)-81.45M-74.62M-169.14M-763.81M-179.88M-43.42M
Discontinued Operations000000
Minority Interest0035.95M40.75M46.19M52.38M
EPS (Diluted)+-0.37-0.34-0.74-3.28-0.76-0.24
EPS Growth %-0.08%-1.18%-3.43%0.77%0.68%
EPS (Basic)-0.37-0.34-0.74-3.28-0.76-0.24
Diluted Shares Outstanding219.59M219.59M230.32M234.16M245.21M253.92M
Basic Shares Outstanding219.59M219.59M230.32M234.16M245.21M253.92M
Dividend Payout Ratio------

Balance Sheet

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+144.85M186.15M613.02M396.1M169.84M135.17M
Cash & Short-Term Investments127.27M151.72M547.23M354.15M136.92M98.48M
Cash Only22.65M41.09M213.08M124.2M30.96M42.24M
Short-Term Investments104.62M110.63M334.15M229.95M105.96M56.23M
Accounts Receivable10.84M24.22M39.44M23.97M19.94M19.9M
Days Sales Outstanding78.0792.0561.3837.246.444.84
Inventory3.87M00000
Days Inventory Outstanding72.32-----
Other Current Assets06.08M7.85M5.82M2.89M7.9M
Total Non-Current Assets+16.45M29.6M499.47M36.67M36.23M42.84M
Property, Plant & Equipment2.96M17.28M20.87M17.41M12.51M13.79M
Fixed Asset Turnover17.11x5.56x11.24x13.51x12.54x11.75x
Goodwill00287.23M000
Intangible Assets4.14M1.21M173.01M2.13M2.11M2.08M
Long-Term Investments5.2M0005.38M9.8M
Other Non-Current Assets9.36M11.11M18.36M17.13M16.23M17.17M
Total Assets+161.3M215.75M1.11B432.76M206.06M178.01M
Asset Turnover0.31x0.45x0.21x0.54x0.76x0.91x
Asset Growth %-0.34%4.16%-0.61%-0.52%-0.14%
Total Current Liabilities+21.73M35.03M60.03M35.47M31.57M38.95M
Accounts Payable3.14M3.44M6.16M1.26M2.17M2.42M
Days Payables Outstanding58.7136.5918.973.1610.4612.34
Short-Term Debt000000
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K
Other Current Liabilities2.86M9.38M18.14M10.06M5.56M4.05M
Current Ratio6.67x5.31x10.21x11.17x5.38x3.47x
Quick Ratio6.49x5.31x10.21x11.17x5.38x3.47x
Cash Conversion Cycle91.68-----
Total Non-Current Liabilities+4.6M17.38M241.87M233.37M147.54M143.04M
Long-Term Debt00213.84M216.8M138.33M0
Capital Lease Obligations014M14.61M11.09M6.98M801K
Deferred Tax Liabilities002.86M000
Other Non-Current Liabilities4.6M3.38M10.55M5.48M2.23M142.24M
Total Liabilities26.33M52.41M301.89M268.84M179.12M181.99M
Total Debt+016.58M232.31M231.98M149.69M3.83M
Net Debt-22.65M-24.51M19.22M107.78M118.73M-38.41M
Debt / Equity-0.10x0.29x1.42x5.56x-
Debt / EBITDA------
Net Debt / EBITDA------
Interest Coverage---17.49x-30.10x-5.07x-7.35x
Total Equity+134.97M163.34M810.59M163.92M26.95M-3.98M
Equity Growth %-0.21%3.96%-0.8%-0.84%-1.15%
Book Value per Share0.610.743.520.700.11-0.02
Total Shareholders' Equity134.97M163.34M774.64M123.17M-19.24M-56.36M
Common Stock1K1K2K2K2K2K
Retained Earnings-198.24M-272.85M-442.76M-1.16B-1.34B-1.38B
Treasury Stock000000
Accumulated OCI93K-5K-808K-708K441K602K
Minority Interest0035.95M40.75M46.19M52.38M

Cash Flow

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-58.94M-65.01M-127.5M-190.42M-127.62M-13.04M
Operating CF Margin %-1.16%-0.68%-0.54%-0.81%-0.81%-0.08%
Operating CF Growth %--0.1%-0.96%-0.49%0.33%0.9%
Net Income-81.45M-74.62M-169.14M-763.81M-179.88M-43.42M
Depreciation & Amortization4.76M6.35M13.81M14.42M5.76M4.82M
Stock-Based Compensation9.89M10.12M70.84M109.7M46.02M28.08M
Deferred Taxes00-39.31M000
Other Non-Cash Items3.8M4.37M9.36M453.76M4.73M-4.41M
Working Capital Changes4.06M-11.23M-13.07M-4.48M-4.25M1.89M
Change in Receivables301K-12.17M-5.84M12.29M4.27M918K
Change in Inventory000000
Change in Payables2.58M293K1.56M-4.9M910K-67K
Cash from Investing+-65.51M-7.92M-633.91M99.43M127.31M45.4M
Capital Expenditures-580K-1.32M-1.89M-2.07M-587K-9.84M
CapEx % of Revenue0.01%0.01%0.01%0.01%0%0.06%
Acquisitions------
Investments------
Other Investing-40K0-3M0-2.5M-5.28M
Cash from Financing+132.67M90.76M933.57M2.22M-90.96M-21.06M
Debt Issued (Net)------
Equity Issued (Net)------
Dividends Paid000000
Share Repurchases------
Other Financing3.03M14.51M35.39M2.61M-6.17M-25.94M
Net Change in Cash------
Free Cash Flow+-59.56M-66.33M-129.39M-192.49M-128.21M-22.89M
FCF Margin %-1.18%-0.69%-0.55%-0.82%-0.82%-0.14%
FCF Growth %--0.11%-0.95%-0.49%0.33%0.82%
FCF per Share-0.27-0.30-0.56-0.82-0.52-0.09
FCF Conversion (FCF/Net Income)0.72x0.87x0.74x0.25x0.69x0.26x
Interest Paid006.43M25.06M27.81M6.15M
Taxes Paid8K26K884K276K107K76K

Key Ratios

Metric201920202021202220232024
Return on Equity (ROE)-60.35%-50.03%-35.19%-157.74%-194.19%-431.98%
Return on Invested Capital (ROIC)-54.57%-44.97%-30.54%-101.61%-56.14%-72.06%
Gross Margin61.42%64.29%49.46%38.12%51.73%55.88%
Net Margin-160.75%-77.7%-73.07%-326.79%-118.15%-30.62%
Debt / Equity-0.10x0.29x1.42x5.56x-
Interest Coverage---17.49x-30.10x-5.07x-7.35x
FCF Conversion0.72x0.87x0.74x0.25x0.69x0.26x
Revenue Growth-89.51%144.19%0.3%-33.31%3.3%

Revenue by Segment

2021202220232024
Software Platform--101.2M106.91M
Software Platform Growth---5.64%
Title Services---46.26M
Title Services Growth----
Professional Services4.18M4.4M8.35M8.85M
Professional Services Growth-5.22%89.83%6.03%
Mortgage Banking108.26M83.39M--
Mortgage Banking Growth--22.97%--
Emerging Business And Service23.12M---
Emerging Business And Service Growth----

Frequently Asked Questions

Growth & Financials

Blend Labs, Inc. (BLND) reported $132.6M in revenue for fiscal year 2024. This represents a 162% increase from $50.7M in 2019.

Blend Labs, Inc. (BLND) grew revenue by 3.3% over the past year. Growth has been modest.

Blend Labs, Inc. (BLND) reported a net loss of $6.9M for fiscal year 2024.

Dividend & Returns

Blend Labs, Inc. (BLND) has a return on equity (ROE) of -432.0%. Negative ROE indicates the company is unprofitable.

Blend Labs, Inc. (BLND) had negative free cash flow of $7.2M in fiscal year 2024, likely due to heavy capital investments.

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