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BLZE logoBackblaze, Inc.(BLZE)Earnings, Financials & Key Ratios

BLZE•NASDAQ
$7.59
$456M mkt cap·Price updated May 6, 2026
SectorTechnologyIndustryInfrastructure SoftwareSub-IndustryCloud 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 Margin60.89%+12.1%
  • EBITDA Margin3.66%+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/Equity0.98+64.5%
  • Interest Coverage-5.60+54.3%
Technical→

BLZE Key Insights

Backblaze, Inc. (BLZE) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong 5Y sales CAGR of 22.1%

✗Weaknesses

  • ✗Profits declining 31.1% over 5 years
  • ✗Shares diluted 29.1% 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.

BLZE Price & Volume

Backblaze, Inc. (BLZE) stock price & volume — 10-year historical chart

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BLZE Growth Metrics

Backblaze, Inc. (BLZE) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years22.08%
3 Years19.64%
TTM13.32%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM52.06%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM61.39%

Return on Capital

10 Years-32.08%
5 Years-41.5%
3 Years-45.06%
Last Year-16.87%

BLZE Recent Earnings

Backblaze, Inc. (BLZE) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 11/12 qtrs (100%)●Beat Revenue 8/12 qtrs (73%)
Q2 2026Latest
May 4, 2026
EPS
$0.04
Est $0.00
+2295.2%
Revenue
$39M
Est $38M
+2.3%
Q1 2026
Feb 23, 2026
EPS
$0.06
Est $0.01
+500.0%
Revenue
$38M
Est $38M
+0.4%
Q4 2025
Nov 6, 2025
EPS
$0.03
Est $0.01
+400.0%
Revenue
$37M
Est $38M
-1.0%
Q2 2025
May 7, 2025
EPS
$0.03
Est $0.06
+50.0%
Revenue
$35M
Est $34M
+1.2%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 4, 2026
$0.04vs $0.00+2295.2%
$39Mvs $38M+2.3%
Q1 2026Feb 23, 2026
$0.06vs $0.01+500.0%
$38Mvs $38M+0.4%
Q4 2025Nov 6, 2025
$0.03vs $0.01+400.0%
$37Mvs $38M-1.0%
Q2 2025May 7, 2025
$0.03vs $0.06+50.0%
$35Mvs $34M+1.2%
Based on last 12 quarters of dataView full earnings history →

BLZE Peer Comparison

Backblaze, Inc. (BLZE) competitors in Cloud infrastructure and hosting — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
BOX logoBOXBox, Inc.Direct Competitor3.63B25.2142.737.99%8.61%47.86%9.64%0.39
DOMO logoDOMODomo, Inc.Direct Competitor140.06M3.87-2.670.57%-18.61%
DCBO logoDCBODocebo Inc.Direct Competitor584.18M20.3323.6419.96%9.53%49.74%4.79%0.03
NCNO logoNCNOnCino, Inc.Direct Competitor2.13B17.96-54.4213.45%-3.71%-2.07%2.51%0.22
DBX logoDBXDropbox, Inc.Product Competitor8.22B25.4118.151.86%20.17%10.61%
QLYS logoQLYSQualys, Inc.Product Competitor3.29B92.1416.9410.13%29.41%37.15%9.26%0.17
PSTG logoPSTGPure Storage, Inc.Product Competitor21.99B66.97142.4915.61%5.14%13.02%2.8%0.15
NTAP logoNTAPNetApp, Inc.Product Competitor22.6B114.1420.134.85%18.07%104.66%5.92%3.36

Compare BLZE vs Peers

Backblaze, Inc. (BLZE) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs BOX

Most directly comparable listed peer for BLZE.

Scale Benchmark

vs GOOGL

Larger-name benchmark to compare BLZE against a more recognizable public peer.

Peer Set

Compare Top 5

vs BOX, DOMO, DCBO, NCNO

BLZE Income Statement

Backblaze, Inc. (BLZE) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Sales/Revenue40.75M53.78M67.48M85.16M102.02M127.63M145.84M149.89M
Revenue Growth %-31.99%25.46%26.19%19.8%25.1%14.27%13.32%
Cost of Goods Sold20.13M25.8M33.14M41.29M52.16M58.28M57.04M56.82M
COGS % of Revenue49.39%47.97%49.11%48.49%51.13%45.67%39.11%-
Gross Profit
20.62M▲ 0%
27.98M▲ 35.7%
34.34M▲ 22.7%
43.86M▲ 27.7%
49.86M▲ 13.7%
69.34M▲ 39.1%
88.79M▲ 28.0%
93.07M▲ 0%
Gross Margin %50.61%52.03%50.89%51.51%48.87%54.33%60.89%62.09%
Gross Profit Growth %-35.7%22.72%27.73%13.67%39.08%28.05%-
Operating Expenses19.67M31.71M53.13M91.98M107.76M115.63M108.95M113.12M
OpEx % of Revenue48.28%58.97%78.74%108.01%105.63%90.6%74.71%-
Selling, General & Admin11.24M18.65M32.6M58.87M68.23M73.53M66.31M67.58M
SG&A % of Revenue27.57%34.67%48.31%69.13%66.88%57.62%45.47%-
Research & Development8.44M13.07M20.54M33.11M39.53M42.1M46.11M45.54M
R&D % of Revenue20.7%24.3%30.43%38.88%38.74%32.98%31.62%-
Other Operating Expenses000000-3.47M0
Operating Income
949K▲ 0%
-3.73M▼ 493.3%
-18.79M▼ 403.6%
-48.11M▼ 156.0%
-57.91M▼ 20.4%
-46.29M▲ 20.1%
-20.15M▲ 56.5%
-20.06M▲ 0%
Operating Margin %2.33%-6.94%-27.85%-56.5%-56.76%-36.27%-13.82%-13.38%
Operating Income Growth %--493.26%-403.59%-156%-20.35%20.06%56.46%-
EBITDA10.27M9.22M-2.47M-27.96M-32.99M-17.96M5.34M-2.33M
EBITDA Margin %25.2%17.14%-3.66%-32.84%-32.34%-14.07%3.66%-1.55%
EBITDA Growth %--10.21%-126.81%-1031.15%-17.99%45.56%129.73%85.07%
D&A (Non-Cash Add-back)9.32M12.95M16.32M20.15M24.91M28.33M25.49M17.73M
EBIT949K-3.73M-17.93M-47.15M-55.92M-44.87M-21.66M-13.28M
Net Interest Income-1.93M-2.89M-3.68M-4.29M-3.79M-3.66M-1.91M-2.08M
Interest Income0000001.96M928K
Interest Expense1.93M2.89M3.68M4.29M3.79M3.66M3.87M1.8M
Other Income/Expense-1.93M-2.89M-2.81M-3.32M-1.81M-2.24M-5.37M-2.35M
Pretax Income
-980K▲ 0%
-6.62M▼ 575.3%
-21.61M▼ 226.5%
-51.44M▼ 138.0%
-59.71M▼ 16.1%
-48.52M▲ 18.7%
-25.53M▲ 47.4%
-22.41M▲ 0%
Pretax Margin %-2.4%-12.3%-32.02%-60.4%-58.53%-38.02%-17.5%-14.95%
Income Tax16K5K96K-39K06K84K28K
Effective Tax Rate %-1.63%-0.08%-0.44%0.08%0%-0.01%-0.33%-0.12%
Net Income
-996K▲ 0%
-6.62M▼ 565.0%
-21.7M▼ 227.7%
-51.4M▼ 136.8%
-59.71M▼ 16.2%
-48.53M▲ 18.7%
-25.61M▲ 47.2%
-22.43M▲ 0%
Net Margin %-2.44%-12.31%-32.16%-60.36%-58.53%-38.03%-17.56%-14.97%
Net Income Growth %--564.96%-227.71%-136.81%-16.18%18.73%47.23%52.06%
Net Income (Continuing)-996K-6.62M-21.7M-51.4M-59.71M-48.53M-25.61M-22.43M
Discontinued Operations00000000
Minority Interest00000000
EPS (Diluted)
-0.05▲ 0%
-0.22▼ 311.2%
-0.71▼ 222.7%
-1.63▼ 129.6%
-1.66▼ 1.8%
-1.11▲ 33.1%
-0.46▲ 58.6%
-0.38▲ 0%
EPS Growth %--311.22%-222.73%-129.58%-1.84%33.13%58.56%61.39%
EPS (Basic)-0.05-0.22-0.71-1.63-1.66-1.11-0.46-
Diluted Shares Outstanding18.6M30.3M30.38M31.66M36.01M43.54M56.21M59.29M
Basic Shares Outstanding18.6M30.3M30.38M31.66M36.01M43.54M56.21M59.29M
Dividend Payout Ratio--------

BLZE Balance Sheet

Backblaze, Inc. (BLZE) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Current Assets9.08M9.23M111.08M74.4M38.51M65.75M65.69M62.84M
Cash & Short-Term Investments6.98M6.08M104.84M65.42M29.3M54.91M51.38M45.48M
Cash Only6.98M6.08M104.84M6.69M12.5M45.78M29.18M26.28M
Short-Term Investments00058.73M16.8M9.14M22.2M19.21M
Accounts Receivable1.11M1.32M1.82M3.14M4.45M6.04M3.48M4.26M
Days Sales Outstanding9.928.949.8313.4515.9217.288.7110.86
Inventory00000000
Days Inventory Outstanding--------
Other Current Assets3K848K910K1.69M1.45M1.53M10.82M13.09M
Total Non-Current Assets29.54M45.24M52.5M78.06M93.17M102.81M126.14M129.83M
Property, Plant & Equipment24.83M38.75M43.07M56.26M55.58M58.82M80.02M82.71M
Fixed Asset Turnover1.64x1.39x1.57x1.51x1.84x2.17x1.82x1.88x
Goodwill00000000
Intangible Assets3.88M5.68M7.64M16.7M32.52M41.8M00
Long-Term Investments00000000
Other Non-Current Assets835K809K1.79M5.1M5.07M2.19M46.12M101.23M
Total Assets
38.63M▲ 0%
54.47M▲ 41.0%
163.58M▲ 200.3%
152.46M▼ 6.8%
131.69M▼ 13.6%
168.56M▲ 28.0%
191.83M▲ 13.8%
192.67M▲ 0%
Asset Turnover1.05x0.99x0.41x0.56x0.77x0.76x0.76x0.79x
Asset Growth %-41.02%200.32%-6.8%-13.62%28%13.8%113.21%
Total Current Liabilities28.24M36.37M45.06M56.27M57.09M59.8M61.62M59.94M
Accounts Payable1.55M1.71M2.08M3.28M1.97M1.46M1.59M0
Days Payables Outstanding28.1624.1922.8629.0213.819.1410.1631.26
Short-Term Debt0628K000020.13M19.71M
Deferred Revenue (Current)15.77M17.59M21.72M22.91M25.98M30.41M30.5M122.41M
Other Current Liabilities456K1.71M2.25M3.77M5.33M4.99M9.41M9.23M
Current Ratio0.32x0.25x2.47x1.32x0.67x1.10x1.07x1.07x
Quick Ratio0.32x0.25x2.47x1.32x0.67x1.10x1.07x1.07x
Cash Conversion Cycle--------20.4
Total Non-Current Liabilities12.98M24.93M23.03M27.44M29.66M31.13M46.99M48.09M
Long-Term Debt01.64M04.31M4.13M020.17M42.64M
Capital Lease Obligations8.53M17.89M19.6M20.52M21.46M25.99M41.46M124.33M
Deferred Tax Liabilities00000000
Other Non-Current Liabilities2.78M3.6M298K000-14.64M-9.19M
Total Liabilities41.22M61.31M68.09M83.71M86.75M90.94M108.61M108.02M
Total Debt16.76M31.48M33.25M45.49M45.96M46.34M81.75M62.35M
Net Debt9.78M25.4M-71.59M38.8M33.46M563K52.57M36.08M
Debt / Equity--0.35x0.66x1.02x0.60x0.98x0.98x
Debt / EBITDA1.63x3.41x----15.31x-26.80x
Net Debt / EBITDA0.95x2.76x----9.85x9.85x
Interest Coverage0.49x-1.29x-4.88x-10.99x-14.75x-12.27x-5.60x-7.36x
Total Equity
-2.59M▲ 0%
-6.84M▼ 163.7%
95.49M▲ 1496.0%
68.75M▼ 28.0%
44.94M▼ 34.6%
77.62M▲ 72.7%
83.22M▲ 7.2%
84.64M▲ 0%
Equity Growth %--163.69%1495.99%-28%-34.63%72.73%7.21%186.04%
Book Value per Share-0.14-0.233.142.171.251.781.481.43
Total Shareholders' Equity-2.59M-6.84M95.49M68.75M44.94M77.62M83.22M84.64M
Common Stock5K5K3K4K4K5K6K6K
Retained Earnings-8.28M-14.64M-36.34M-87.74M-147.45M-195.99M-221.6M-227.74M
Treasury Stock000000-1.98M0
Accumulated OCI00000000
Minority Interest00000000

BLZE Cash Flow Statement

Backblaze, Inc. (BLZE) cash flow — operating, investing & free cash flow history

Line itemDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations13.2M12.82M3.52M-13.78M-7.35M12.51M23.54M23.54M
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%394.21%
Net Income-996K-6.62M-21.7M-51.4M-59.71M-48.53M-25.61M-22.43M
Depreciation & Amortization9.32M12.95M16.32M20.15M24.91M28.33M25.59M18.26M
Stock-Based Compensation1.39M1.88M5.63M17.05M25.18M28.63M26.44M14.21M
Deferred Taxes00000000
Other Non-Cash Items-184K706K-737K1.63M2.71M3.88M6.44M40.22M
Working Capital Changes3.68M3.91M4.01M-1.21M-433K200K-9.31M-7.53M
Change in Receivables-20K-128K-100K-547K56K-1.03M-1.65M-2.49M
Change in Inventory00000000
Change in Payables482K143K502K1.63M-295K-547K402K314K
Cash from Investing-3.23M-4.97M-11.19M-73.85M21.66M-6.13M-25.34M-18.92M
Capital Expenditures-1.57M-2.13M-7.56M-7.35M-5.51M-1.71M-4.69M-8.22M
CapEx % of Revenue3.86%3.95%11.21%8.63%5.4%1.34%3.22%-
Acquisitions0000000137K
Investments--------
Other Investing-1.66M-2.85M-3.63M-8.63M-14.35M-12.02M-7.4M-4.14M
Cash from Financing-7.73M-8.75M106.61M-6.21M-8.84M22.77M-14.8M-17.93M
Debt Issued (Net)-7.73M-8.59M2.15M-12.19M-15.24M-23.63M-18.77M-14.22M
Equity Issued (Net)00106.95M0037.43M5.88M4.84M
Dividends Paid00000000
Share Repurchases000000-1.98M-1.98M
Other Financing0-157K-2.5M5.97M6.39M8.97M-1.92M-8.55M
Net Change in Cash
2.24M▲ 0%
-902K▼ 140.3%
98.94M▲ 11068.5%
-93.85M▼ 194.9%
5.46M▲ 105.8%
29.15M▲ 433.3%
-16.59M▼ 156.9%
-14.33M▲ 0%
Free Cash Flow
9.63M▲ 0%
7.84M▼ 18.5%
-7.67M▼ 197.8%
-29.76M▼ 288.1%
-27.58M▲ 7.3%
10.79M▲ 139.1%
18.85M▲ 74.6%
15.61M▲ 0%
FCF Margin %23.62%14.58%-11.37%-34.95%-27.03%8.46%12.93%10.42%
FCF Growth %--18.5%-197.78%-288.06%7.34%139.14%74.63%192.14%
FCF per Share0.520.26-0.25-0.94-0.770.250.340.34
FCF Conversion (FCF/Net Income)-13.26x-1.94x-0.16x0.27x0.12x-0.26x-0.92x-0.70x
Interest Paid1.96M2.88M3.53M3.78M3.73M3.58M0865K
Taxes Paid4K11K14K31K59K54K00

BLZE Key Ratios

Backblaze, Inc. (BLZE) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric202020212022202320242025TTM
Return on Equity (ROE)--48.97%-62.59%-105.05%-79.2%-31.85%-27.17%
Return on Invested Capital (ROIC)-21.74%-66.41%-54.91%-46.71%-44.34%-14.13%-14.13%
Gross Margin52.03%50.89%51.51%48.87%54.33%60.89%62.09%
Net Margin-12.31%-32.16%-60.36%-58.53%-38.03%-17.56%-14.97%
Debt / Equity-0.35x0.66x1.02x0.60x0.98x0.98x
Interest Coverage-1.29x-4.88x-10.99x-14.75x-12.27x-5.60x-7.36x
FCF Conversion-1.94x-0.16x0.27x0.12x-0.26x-0.92x-0.70x
Revenue Growth31.99%25.46%26.19%19.8%25.1%14.27%13.32%

BLZE SEC Filings & Documents

Backblaze, Inc. (BLZE) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 4, 2026·SEC

Material company update

Feb 23, 2026·SEC

Material company update

Nov 6, 2025·SEC

10-K Annual Reports

4
FY 2026

Mar 10, 2026·SEC

FY 2025

Mar 11, 2025·SEC

FY 2024

Apr 1, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 4, 2026·SEC

FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 7, 2025·SEC

BLZE Frequently Asked Questions

Backblaze, Inc. (BLZE) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Backblaze, Inc. (BLZE) reported $149.9M in revenue for fiscal year 2025. This represents a 268% increase from $40.7M in 2019.

Backblaze, Inc. (BLZE) grew revenue by 14.3% over the past year. This is steady growth.

Backblaze, Inc. (BLZE) reported a net loss of $22.4M for fiscal year 2025.

Dividend & Returns

Backblaze, Inc. (BLZE) has a return on equity (ROE) of -31.8%. Negative ROE indicates the company is unprofitable.

Backblaze, Inc. (BLZE) generated $15.6M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Explore More BLZE

Backblaze, Inc. (BLZE) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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