Latest Ratios: P/E Ratio -31.2x · EV/EBITDA 478.2x · ROE -31.8%. (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 | $862M | $262M | $262M | $273M | $195M | $513M | — | — |
| Enterprise Value | $894M | $294M | $263M | $307M | $234M | $442M | — | — |
| P/E Ratio → | -31.22 | — | — | — | — | — | — | — |
| P/S Ratio | 5.91 | 1.80 | 2.05 | 2.68 | 2.29 | 7.61 | — | — |
| P/B Ratio | 9.70 | 3.15 | 3.38 | 6.08 | 2.83 | 5.37 | — | — |
| P/FCF | 76.36 | 23.21 | 24.28 | — | — | — | — | — |
| P/OCF | 36.60 | 11.13 | 20.96 | — | — | 145.80 | — | — |
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 | — | 2.02 | 2.06 | 3.01 | 2.74 | 6.54 | — | — |
| EV / EBITDA | 478.19 | 157.40 | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | 26.08 | 24.34 | — | — | — | — | — |
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 | 60.9% | 60.9% | 54.3% | 48.9% | 51.5% | 50.9% | 52.0% | 50.6% |
| Operating Margin | -16.2% | -16.2% | -36.3% | -56.8% | -56.5% | -27.9% | -6.9% | 2.3% |
| Net Profit Margin | -17.6% | -17.6% | -38.0% | -58.5% | -60.4% | -32.2% | -12.3% | -2.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -31.8% | -31.8% | -79.2% | -105.0% | -62.6% | -49.0% | — | — |
| ROA | -14.2% | -14.2% | -32.3% | -42.0% | -32.5% | -19.9% | -14.2% | -2.6% |
| ROIC | -18.3% | -18.3% | -44.3% | -46.7% | -54.9% | -66.4% | -21.7% | 9.9% |
| ROCE | -19.8% | -19.8% | -50.5% | -67.8% | -44.8% | -27.5% | -26.2% | 9.1% |
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 | 0.74 | 0.74 | 0.60 | 1.02 | 0.66 | 0.35 | — | — |
| Debt / EBITDA | 32.93 | 32.93 | — | — | — | — | 3.41 | 1.63 |
| Net Debt / Equity | — | 0.39 | 0.01 | 0.74 | 0.56 | -0.75 | — | — |
| Net Debt / EBITDA | 17.33 | 17.33 | — | — | — | — | 2.76 | 0.95 |
| Debt / FCF | — | 2.87 | 0.05 | — | — | — | 3.24 | 1.02 |
| Interest Coverage | -5.60 | -5.60 | -12.27 | -14.75 | -10.99 | -4.88 | -1.29 | 0.49 |
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 | 1.07 | 1.07 | 1.10 | 0.67 | 1.32 | 2.47 | 0.25 | 0.32 |
| Quick Ratio | 1.07 | 1.07 | 1.10 | 0.67 | 1.32 | 2.47 | 0.25 | 0.32 |
| Cash Ratio | 0.83 | 0.83 | 0.92 | 0.51 | 1.16 | 2.33 | 0.17 | 0.25 |
| Asset Turnover | — | 0.76 | 0.76 | 0.77 | 0.56 | 0.41 | 0.99 | 1.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 19.63 | 17.28 | 15.92 | 13.45 | 9.83 | 8.94 | 9.92 |
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 | 1.3% | 4.3% | 4.1% | — | — | — | — | — |
| Buyback Yield | 0.2% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.2% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $56M | $44M | $36M | $32M | $30M | $30M | $19M |
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying BLZE stock.
Backblaze, Inc.'s current P/E ratio is -31.2x. This places it at the 50th percentile of its historical range.
Backblaze, Inc.'s current EV/EBITDA is 478.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Backblaze, Inc.'s return on equity (ROE) is -31.8%. The historical average is -65.5%.
Based on historical data, Backblaze, Inc. is trading at a P/E of -31.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Backblaze, Inc. has 60.9% gross margin and -16.2% operating margin.
Backblaze, Inc.'s Debt/EBITDA ratio is 32.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Hyperscaler cold storage competition
Metrics are mathematically derived from official filings.
Margin Expansion Signals Operating Leverage
Gross margin expanded from 52.8% in Q1 2024 to 62.8% in Q2 2026, while operating margin improved from -40.8% to -9.8%, per reported financials, indicating scale benefits are materializing.
The 10-point gross margin improvement suggests the proprietary storage architecture is driving down unit costs as capacity utilization rises. Operating losses narrowed sharply despite continued investment, implying that fixed infrastructure costs are being spread over a larger revenue base. However, the negative operating margin still reflects the heavy R&D and sales spend required to compete in the IaaS market, and investors should monitor whether the B2 mix shift pressures gross margins over time.
Return on Capital Improving from Depressed Levels
ROIC improved from -12.3% in Q4 2024 to -2.4% in Q2 2026, per quarterly data, though still negative, indicating the company is moving toward capital efficiency but not yet generating positive returns.
The trend in ROIC is encouraging, driven by both margin expansion and a modest increase in asset turnover from 0.20 to 0.21. However, the absolute level remains deeply negative, reflecting the capital-intensive nature of the storage business and the fact that the company is still investing heavily in growth. The improvement suggests that the incremental capital deployed is becoming more productive, but sustained positive ROIC will require continued revenue growth and disciplined capex.
Working Capital Efficiency Shows Mixed Signals
DSO improved to 10 days in Q2 2026 from 18 days a year earlier, while DPO rose to 75 days, per balance sheet data, suggesting better receivables collection and extended supplier terms.
The sharp reduction in DSO indicates improved collection efficiency, possibly due to a shift toward subscription billing. The increase in DPO to 75 days suggests Backblaze is leveraging supplier credit, which helps fund working capital needs. However, the cash conversion cycle remains negative due to negative DIO (data unavailable), which is typical for a service business with minimal inventory. The efficiency gains are positive but may not be sustainable if the company scales its infrastructure and needs to pay suppliers faster.
Leverage Rises but Interest Coverage Remains Negative
Debt-to-equity rose to 0.93 in Q2 2026 from 0.60 a year earlier, while interest coverage was -3.0, per reported figures, indicating increased leverage but still manageable given low absolute debt.
The increase in leverage reflects debt-funded expansion of the storage infrastructure, with total debt reaching $82.4M. However, the absolute level of debt is modest relative to the company's market cap, and the negative interest coverage is a result of operating losses rather than excessive interest expense. The company's ability to service debt will depend on achieving profitability, but the current cash position and positive operating cash flow provide some cushion. Investors should monitor the trajectory of leverage as the company continues to invest in growth.
Liquidity Tightens as Current Ratio Approaches 1.0
Current ratio fell to 1.00 in Q2 2026 from 1.10 a year earlier, per balance sheet data, indicating that current assets barely cover current liabilities, a potential stress point.
The decline in the current ratio suggests that the company's liquidity buffer is thinning, partly due to increased debt and investment in fixed assets. With a quick ratio also at 1.00, the company has minimal inventory, so the liquidity position is driven by receivables and cash. While the company generated positive operating cash flow in Q2 2026, the tight liquidity position could become a concern if growth requires additional working capital or if cash flow turns negative. The company's ability to raise capital or generate cash from operations will be critical.
Misapplied Metric: EV/EBITDA
EV/EBITDA of 524x is misleading for Backblaze because EBITDA is near zero due to heavy depreciation and stock-based compensation, per financial data, obscuring the company's true cash generation.
The EV/EBITDA multiple is commonly used for mature companies with stable EBITDA, but for Backblaze, EBITDA is artificially depressed by significant non-cash charges, particularly depreciation of storage hardware and stock-based compensation. This makes the multiple appear extremely high and not comparable to peers. A more appropriate metric is EV/Sales or EV/FCF, which better reflects the company's growth potential and cash generation. Investors should focus on the improving FCF margin, which reached 27.5% in Q2 2026, rather than EBITDA-based multiples.