Backblaze, Inc. (BLZE) Financial Ratios
7 years of historical data (2019–2025) · Technology · Software - Infrastructure
EV/EBITDA
101.12
↑+72% vs avg
5yr avg: 58.91
30Y Low58.9·High58.9
P/FCF
↓
25.85
↑+35% vs avg
5yr avg: 19.09
30Y Low13.9·High24.3
P/B Ratio
↓
5.48
↑+32% vs avg
5yr avg: 4.16
30Y Low2.8·High6.1
ROE
↑
-31.8%
↓+51% vs avg
5yr avg: -65.5%
30Y Low-105%·High-32%
Debt/EBITDA
15.31
+0% vs avg
5yr avg: 15.31
30Y Low1.6·High15.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
BLZE Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Backblaze, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 25.9x P/FCF, 35% above the 5-year average of 19.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $487M | $262M | $262M | $273M | $195M | $513M | — | — |
| Enterprise Value | $540M | $315M | $263M | $307M | $234M | $442M | — | — |
| P/E Ratio → | -17.65 | — | — | — | — | — | — | — |
| P/S Ratio | 3.34 | 1.80 | 2.05 | 2.68 | 2.29 | 7.61 | — | — |
| P/B Ratio | 5.48 | 3.15 | 3.38 | 6.08 | 2.83 | 5.37 | — | — |
| P/FCF | 25.85 | 13.90 | 24.28 | — | — | — | — | — |
| P/OCF | 20.70 | 11.13 | 20.96 | — | — | 145.80 | — | — |
P/E links to full P/E history page with 30-year chart
BLZE EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Backblaze, Inc.'s enterprise value stands at 101.1x EBITDA, 72% above its 5-year average of 58.9x. The Technology sector median is 16.6x, placing the stock at a 507% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.16 | 2.06 | 3.01 | 2.74 | 6.54 | — | — |
| EV / EBITDA | 101.12 | 58.91 | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | 16.68 | 24.34 | — | — | — | — | — |
BLZE Profitability
Margins and return-on-capital ratios measuring operating efficiency
Backblaze, Inc. earns an operating margin of -13.8%. Operating margins have expanded from -56.8% to -13.8% over the past 3 years, signaling improving operational efficiency. A negative ROE of -31.8% indicates the company is currently destroying shareholder equity.
Margins
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 | -13.8% | -13.8% | -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% |
Return on Capital
| 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 | -14.1% | -14.1% | -44.3% | -46.7% | -54.9% | -66.4% | -21.7% | 9.9% |
| ROCE | -16.9% | -16.9% | -50.5% | -67.8% | -44.8% | -27.5% | -26.2% | 9.1% |
BLZE Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Backblaze, Inc. carries a Debt/EBITDA ratio of 15.3x, which is highly leveraged (420% above the sector average of 2.9x). Net debt stands at $53M ($82M total debt minus $29M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.98 | 0.98 | 0.60 | 1.02 | 0.66 | 0.35 | — | — |
| Debt / EBITDA | 15.31 | 15.31 | — | — | — | — | 3.41 | 1.63 |
| Net Debt / Equity | — | 0.63 | 0.01 | 0.74 | 0.56 | -0.75 | — | — |
| Net Debt / EBITDA | 9.85 | 9.85 | — | — | — | — | 2.76 | 0.95 |
| Debt / FCF | — | 2.79 | 0.05 | — | — | — | 3.24 | 1.02 |
| Interest Coverage | -5.60 | -5.60 | -12.27 | -14.75 | -10.99 | -4.88 | -1.29 | 0.49 |
BLZE Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.07x means Backblaze, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 0.67x to 1.07x over the past 3 years.
| 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 | — | 8.71 | 17.28 | 15.92 | 13.45 | 9.83 | 8.94 | 9.92 |
BLZE Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Backblaze, Inc. returns 0.4% to shareholders annually primarily through share buybacks.
Dividends
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 | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | 3.9% | 7.2% | 4.1% | — | — | — | — | — |
| Buyback Yield | 0.4% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.4% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $56M | $44M | $36M | $32M | $30M | $30M | $19M |
Peer Comparison
Compare BLZE with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 BLZEYou | $487M | -17.7 | 101.1 | 25.9 | 60.9% | -13.8% | -31.8% | -14.1% | 15.3 |
 BOX | $3B | 41.3 | 33.4 | 9.6 | 79.2% | 7.1% | — | 19.4% | 8.5 |
 DOMO | $96M | -1.6 | — | — | 75.0% | -12.3% | — | — | — |
 DCBO | $484M | 12.9 | 14.7 | 16.6 | 79.0% | 10.1% | 58.0% | 411.0% | 0.2 |
 NCNO | $2B | 291.8 | 479.9 | 19.4 | 60.6% | 0.6% | 0.5% | 0.2% | 74.8 |
 DBX | $7B | 13.9 | 11.3 | 7.1 | 80.1% | 27.4% | — | 47.8% | 4.6 |
 QLYS | $4B | 19.9 | 15.5 | 12.6 | 82.8% | 33.2% | 38.2% | 47.5% | 0.4 |
 PSTG | $28B | 183.4 | 106.1 | 46.3 | 70.4% | 3.1% | 13.0% | 10.7% | 0.8 |
 NTAP | $31B | 24.9 | 16.0 | 16.8 | 70.7% | 24.5% | 106.7% | 124.4% | 1.3 |
 AMZN | $2.5T | 32.5 | 17.6 | 325.3 | 50.3% | 11.2% | 22.3% | 14.7% | 1.0 |
 MSFT | $2.7T | 26.9 | 17.3 | 38.1 | 68.8% | 45.6% | 33.3% | 24.9% | 0.7 |
| Technology Median | — | 28.3 | 16.6 | 18.8 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 7 years · Updated daily
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BLZE — Frequently Asked Questions
Quick answers to the most common questions about buying BLZE stock.
What is Backblaze, Inc.'s P/E ratio?
Backblaze, Inc.'s current P/E ratio is -17.7x. This places it at the 50th percentile of its historical range.
What is Backblaze, Inc.'s EV/EBITDA?
Backblaze, Inc.'s current EV/EBITDA is 101.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 58.9x.
What is Backblaze, Inc.'s ROE?
Backblaze, Inc.'s return on equity (ROE) is -31.8%. The historical average is -65.5%.
Is BLZE stock overvalued?
Based on historical data, Backblaze, Inc. is trading at a P/E of -17.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Backblaze, Inc.'s profit margins?
Backblaze, Inc. has 60.9% gross margin and -13.8% operating margin.
How much debt does Backblaze, Inc. have?
Backblaze, Inc.'s Debt/EBITDA ratio is 15.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.