Latest Ratios: P/E Ratio -17.3x · EV/EBITDA N/A · ROE N/A. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $439M | $787M | $1.1B | $625M | $337M | $1.7B | — | — |
| Enterprise Value | $557M | $905M | $1.0B | $744M | $445M | $1.7B | — | — |
| P/E Ratio → | -17.30 | — | — | — | — | — | — | — |
| P/S Ratio | 3.55 | 6.37 | 6.60 | 3.99 | 1.43 | 7.21 | — | — |
| P/B Ratio | — | — | — | 23.20 | 2.06 | 2.09 | — | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | 38.15 | 68.38 | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.32 | 6.36 | 4.74 | 1.89 | 7.29 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.8% | 73.8% | 55.9% | 51.7% | 38.1% | 49.5% | 64.3% | 61.4% |
| Operating Margin | -16.9% | -16.9% | -30.6% | -99.6% | -317.3% | -84.1% | -78.4% | -161.3% |
| Net Profit Margin | -6.5% | -6.5% | -30.6% | -118.2% | -326.8% | -73.1% | -77.7% | -160.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -432.0% | -194.2% | -157.7% | -35.2% | -50.0% | -60.3% |
| ROA | -4.6% | -4.6% | -25.8% | -58.0% | -99.5% | -25.8% | -39.6% | -50.5% |
| ROIC | -70.4% | -70.4% | -72.1% | -56.1% | -101.6% | -30.5% | -45.0% | -54.6% |
| ROCE | -15.5% | -15.5% | -31.7% | -54.6% | -102.9% | -32.0% | -47.0% | -58.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 5.56 | 1.42 | 0.29 | 0.10 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | 4.41 | 0.66 | 0.02 | -0.15 | -0.17 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -5.42 | -4.84 | -29.90 | -17.44 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.48 | 2.48 | 3.47 | 5.38 | 11.17 | 10.21 | 5.31 | 6.67 |
| Quick Ratio | 2.48 | 2.48 | 3.47 | 5.38 | 11.17 | 10.21 | 5.31 | 6.49 |
| Cash Ratio | 1.73 | 1.73 | 2.53 | 4.34 | 9.98 | 9.12 | 4.33 | 5.86 |
| Asset Turnover | — | 0.73 | 0.91 | 0.76 | 0.54 | 0.21 | 0.45 | 0.31 |
| Inventory Turnover | — | — | — | — | — | — | — | 5.05 |
| Days Sales Outstanding | — | 41.50 | 44.84 | 46.40 | 37.20 | 61.38 | 92.05 | 78.07 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 5.7% | 3.2% | 0.0% | 0.0% | 0.1% | 0.0% | — | — |
| Total Shareholder Yield | 5.7% | 3.2% | 0.0% | 0.0% | 0.1% | 0.0% | — | — |
| Shares Outstanding | — | $259M | $254M | $245M | $234M | $230M | $220M | $220M |
Mortgage market cyclicality
According to recent market data, BLND trades at a price-to-sales multiple of 3.55, a valuation that appears to discount the company as a distressed mortgage service provider rather than a high-growth SaaS entity, especially when compared to the broader software peer group's historical trading ranges.
The forward P/E of 30.89 suggests that investors are pricing in a significant recovery in earnings, which may be overly optimistic given the company's current reliance on volatile mortgage origination volumes. This valuation gap warrants caution, as it implies a growth trajectory that the current revenue contraction does not yet support.
Based on reported financial figures, the company's ROIC has remained consistently negative, reaching -4.7% in 2026Q1, which indicates that the firm is currently destroying shareholder value rather than compounding it through its core platform and title services operations during this period of market contraction.
The persistent negative returns on invested capital suggest that the company's heavy investment in R&D and the acquisition of Title365 have not yet yielded the expected operational efficiencies. Investors should monitor whether management can pivot toward a more capital-light model to reverse this trend of capital erosion.
As reported in recent SEC filings, the company's asset turnover ratio remains low at 0.19, reflecting a structural inability to generate sufficient revenue from its existing asset base, while the erratic nature of the cash conversion cycle highlights significant challenges in managing operational working capital effectively.
The fluctuation in days sales outstanding, which reached 51 days in 2026Q1, suggests potential friction in the collection process from enterprise clients. This inefficiency, combined with a low asset turnover, implies that the platform's current scale is insufficient to drive meaningful improvements in operational leverage.
According to the latest balance sheet data, the current ratio of 1.78 provides a narrow liquidity cushion, which appears increasingly inadequate given the company's ongoing operating losses and the potential for further cash burn if the mortgage market remains in its current depressed state for longer.
The company's reliance on cash reserves to fund operations, rather than internal cash generation, creates a precarious liquidity profile that may necessitate external financing. This situation leaves little room for error and suggests that the firm's financial flexibility is currently constrained by its high fixed-cost structure.
As indicated by the company's financial structure, the most commonly misapplied ratio is the price-to-sales multiple, which obscures the fact that a significant portion of revenue is derived from lower-margin, cyclical title services rather than high-margin, recurring software subscriptions typical of pure-play SaaS businesses.
Analysts should instead focus on a sum-of-the-parts valuation that separates the platform's software revenue from the transactional title business to avoid overestimating the company's growth durability. Relying on aggregate SaaS multiples for BLND likely leads to a fundamental misunderstanding of the company's true earnings power and risk profile.
Includes 30+ ratios · 7 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BLND stock.
Blend Labs, Inc.'s current P/E ratio is -17.3x. This places it at the 50th percentile of its historical range.
Based on historical data, Blend Labs, Inc. is trading at a P/E of -17.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Blend Labs, Inc. has 73.8% gross margin and -16.9% operating margin.