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BLZEBackblaze, Inc.
$8.19$492M
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BLZE logoBackblaze, Inc.(BLZE)Earnings, Financials & Key Ratios

BLZE•NASDAQ
Price updated Jun 19, 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%

BLZE Key Insights

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

✓Strengths

  • ✓Momentum leader: RS Rating 94 (top 6%)
  • ✓Strong 5Y sales CAGR of 22.1%

✗Weaknesses

  • ✗Profits declining 31.1% over 5 years
  • ✗Shares diluted 29.1% in last year

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

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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 10/12 qtrs (91%)●Beat Revenue 8/12 qtrs (73%)
Q2 2026Latest
May 4, 2026
Metric
Actual
Est
EPS
$0.04+140.0%
$0.02
Rev
$39M+2.3%
$38M
Q1 2026
Feb 23, 2026
Metric
Actual
Est
EPS
$0.06+500.0%
$0.01
Rev
$38M+0.4%
$38M
Q4 2025
Nov 6, 2025
Metric
Actual
Est
EPS
$0.03+400.0%
$0.01
Rev
$37M-1.0%
$38M
Q2 2025
May 7, 2025
Metric
Actual
Est
EPS
$0.03+50.0%
$0.06
Rev
$35M+1.2%
$34M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 4, 2026
$0.04vs $0.02+140.0%
$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
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
BOX logoBOXBox, Inc.Direct Competitor3.44B24.8442.107.99%9.18%150.65%
DOMO logoDOMODomo, Inc.Direct Competitor101.37M2.42-1.670.57%-17.43%
DCBO logoDCBODocebo Inc.Direct Competitor496.19M17.2513.2713.83%13.89%90.79%0.06
NCNO logoNCNOnCino, Inc.Direct Competitor1.62B14.8029610.01%2.17%1.27%0.26
DBX logoDBXDropbox, Inc.Product Competitor6.61B25.9713.96-1.07%18.71%
QLYS logoQLYSQualys, Inc.Product Competitor3.92B111.3020.4610.13%29.41%37.15%0.17
PSTG logoPSTGEverpure, IncProduct Competitor28.49B86.22183.455.89%17.22%0.15
NTAP logoNTAPNetApp, Inc.Product Competitor31.63B159.7125.115.37%18.43%114.18%1.84

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
MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Sales/Revenue
40.75M53.78M67.48M85.16M102.02M127.63M145.84M149.89M
Revenue Growth %
-31.99%25.46%26.19%19.8%25.1%14.27%13.32%
Cost of Goods Sold
20.13M25.8M33.14M41.29M52.16M58.28M57.04M56.82M
COGS % of Revenue
49.39%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 Expenses
19.67M31.71M53.13M91.98M107.76M115.63M108.95M113.12M
OpEx % of Revenue
48.28%58.97%78.74%108.01%105.63%90.6%74.71%-
Selling, General & Admin
11.24M18.65M32.6M58.87M68.23M73.53M66.31M67.58M
SG&A % of Revenue
27.57%34.67%48.31%69.13%66.88%57.62%45.47%-
Research & Development
8.44M13.07M20.54M33.11M39.53M42.1M46.11M45.54M
R&D % of Revenue
20.7%24.3%30.43%38.88%38.74%32.98%31.62%-
Other Operating Expenses
000000-3.47M0
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%-
EBITDA
10.27M9.22M-2.47M-27.96M-32.99M-17.96M5.34M4.41M
EBITDA Margin %
25.2%17.14%-3.66%-32.84%-32.34%-14.07%3.66%2.94%
EBITDA Growth %
--10.21%-126.81%-1031.15%-17.99%45.56%129.73%128.32%
D&A (Non-Cash Add-back)
9.32M12.95M16.32M20.15M24.91M28.33M25.49M24.47M
EBIT
949K-3.73M-17.93M-47.15M-55.92M-44.87M-21.66M-18.18M
Net Interest Income
-1.93M-2.89M-3.68M-4.29M-3.79M-3.66M-1.91M-3.29M
Interest Income
0000001.96M928K
Interest Expense
1.93M2.89M3.68M4.29M3.79M3.66M3.87M4.22M
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 Tax
16K5K96K-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 Operations
00000000
Minority Interest
00000000
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 Outstanding
18.6M30.3M30.38M31.66M36.01M43.54M56.21M59.29M
Basic Shares Outstanding
18.6M30.3M30.38M31.66M36.01M43.54M56.21M59.29M
Dividend Payout Ratio
--------

BLZE Balance Sheet

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

MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Current Assets
9.08M9.23M111.08M74.4M38.51M65.75M65.69M62.84M
Cash & Short-Term Investments
6.98M6.08M104.84M65.42M29.3M54.91M51.38M45.48M
Cash Only
6.98M6.08M104.84M6.69M12.5M45.78M29.18M26.28M
Short-Term Investments
00058.73M16.8M9.14M22.2M19.21M
Accounts Receivable
1.11M1.32M1.82M3.14M4.45M6.04M3.48M4.26M
Days Sales Outstanding
9.928.949.8313.4515.9217.288.7110.86
Inventory
00000000
Days Inventory Outstanding
--------
Other Current Assets
3K848K910K1.69M1.45M1.53M10.82M13.09M
Total Non-Current Assets
29.54M45.24M52.5M78.06M93.17M102.81M126.14M129.83M
Property, Plant & Equipment
24.83M38.75M43.07M56.26M55.58M58.82M80.02M82.71M
Fixed Asset Turnover
1.64x1.39x1.57x1.51x1.84x2.17x1.82x1.88x
Goodwill
00000000
Intangible Assets
3.88M5.68M7.64M16.7M32.52M41.8M00
Long-Term Investments
00000000
Other Non-Current Assets
835K809K1.79M5.1M5.07M2.19M46.12M47.12M
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 Turnover
1.05x0.99x0.41x0.56x0.77x0.76x0.76x0.79x
Asset Growth %
-41.02%200.32%-6.8%-13.62%28%13.8%113.21%
Total Current Liabilities
28.24M36.37M45.06M56.27M57.09M59.8M61.62M59.94M
Accounts Payable
1.55M1.71M2.08M3.28M1.97M1.46M1.59M0
Days Payables Outstanding
28.1624.1922.8629.0213.819.1410.1631.26
Short-Term Debt
0628K000020.13M19.71M
Deferred Revenue (Current)
15.77M17.59M21.72M22.91M25.98M30.41M30.5M122.41M
Other Current Liabilities
456K1.71M2.25M3.77M5.33M4.99M9.41M9.23M
Current Ratio
0.32x0.25x2.47x1.32x0.67x1.10x1.07x1.05x
Quick Ratio
0.32x0.25x2.47x1.32x0.67x1.10x1.07x1.05x
Cash Conversion Cycle
--------20.4
Total Non-Current Liabilities
12.98M24.93M23.03M27.44M29.66M31.13M46.99M48.09M
Long-Term Debt
01.64M04.31M4.13M020.17M42.64M
Capital Lease Obligations
8.53M17.89M19.6M20.52M21.46M25.99M41.46M124.33M
Deferred Tax Liabilities
00000000
Other Non-Current Liabilities
2.78M3.6M298K000-14.64M5.44M
Total Liabilities
41.22M61.31M68.09M83.71M86.75M90.94M108.61M108.02M
Total Debt
16.76M31.48M33.25M45.49M45.96M46.34M81.75M62.35M
Net Debt
9.78M25.4M-71.59M38.8M33.46M563K52.57M36.08M
Debt / Equity
--0.35x0.66x1.02x0.60x0.98x0.74x
Debt / EBITDA
1.63x3.41x----15.31x14.13x
Net Debt / EBITDA
0.95x2.76x----9.85x8.18x
Interest Coverage
0.49x-1.29x-4.88x-10.99x-14.75x-12.27x-5.60x-4.31x
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 Stock
5K5K3K4K4K5K6K6K
Retained Earnings
-8.28M-14.64M-36.34M-87.74M-147.45M-195.99M-221.6M-227.74M
Treasury Stock
000000-1.98M0
Accumulated OCI
00000000
Minority Interest
00000000

BLZE Cash Flow Statement

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

MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
13.2M12.82M3.52M-13.78M-7.35M12.51M23.54M22.52M
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 & Amortization
9.32M12.95M16.32M20.15M24.91M28.33M25.59M18.26M
Stock-Based Compensation
1.39M1.88M5.63M17.05M25.18M28.63M26.44M14.21M
Deferred Taxes
00000000
Other Non-Cash Items
-184K706K-737K1.63M2.71M3.88M6.44M45.62M
Working Capital Changes
3.68M3.91M4.01M-1.21M-433K200K-9.31M-12.93M
Change in Receivables
-20K-128K-100K-547K56K-1.03M-1.65M-2.49M
Change in Inventory
00000000
Change in Payables
482K143K502K1.63M-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 Revenue
3.86%3.95%11.21%8.63%5.4%1.34%3.22%5.49%
Acquisitions
0000000137K
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-18.45M
Equity Issued (Net)
00106.95M0037.43M5.88M4.39M
Dividends Paid
00000000
Share Repurchases
000000-1.98M-2.79M
Other Financing
0-157K-2.5M5.97M6.39M8.97M-1.92M-3.86M
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%
13.5M▲ 0%
FCF Margin %
23.62%14.58%-11.37%-34.95%-27.03%8.46%12.93%9.01%
FCF Growth %
--18.5%-197.78%-288.06%7.34%139.14%74.63%152.62%
FCF per Share
0.520.26-0.25-0.94-0.770.250.340.23
FCF Conversion (FCF/Net Income)
-13.26x-1.94x-0.16x0.27x0.12x-0.26x-0.92x-0.60x
Interest Paid
1.96M2.88M3.53M3.78M3.73M3.58M0865K
Taxes Paid
4K11K14K31K59K54K00

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%-12.45%
Gross Margin
52.03%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
-0.35x0.66x1.02x0.60x0.98x0.74x
Interest Coverage
-1.29x-4.88x-10.99x-14.75x-12.27x-5.60x-4.31x
FCF Conversion
-1.94x-0.16x0.27x0.12x-0.26x-0.92x-0.60x
Revenue Growth
31.99%25.46%26.19%19.8%25.1%14.27%13.32%
Related:BLZE Dividend History·BLZE Revenue History·BLZE Price History·BLZE P/E History·BLZE Financial Ratios·BLZE Institutional Holders

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 $13.5M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in BLZE back in 2019?

Total return calculator · dividends reinvested · 7+ years of data

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How much would $100/month in BLZE be worth today?

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