Last 22 quarters of trend data · Technology · Software - Infrastructure
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | -8.17 | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 1.49 | 1.73 | 3.56 | 2.11 | 1.89 | 1.94 | 2.13 | 2.07 | 3.43 | 2.53 | 1.99 | 1.55 | 1.83 |
| — | -10.6% | +66.8% | +1.6% | -45.1% | -23.2% | +7.0% | +34.1% | +87.5% | +14.5% | +10.5% | -21.5% | -56.2% | |
| P/B Ratio | 2.54 | 3.15 | 6.38 | 3.84 | 3.36 | 3.38 | 6.49 | 5.76 | 8.67 | 6.46 | 4.26 | 2.81 | 2.83 |
| — | -6.8% | -1.7% | -33.3% | -61.3% | -47.7% | +52.5% | +105.0% | +206.6% | +119.5% | +104.9% | +42.9% | -24.0% | |
| P/FCF | 11.51 | 6.79 | 51.78 | 109.27 | 14.70 | 46.58 | 67.43 | — | — | 25.91 | — | — | — |
| — | -85.4% | -23.2% | — | — | +79.8% | — | — | — | — | — | — | — | |
| EV / EBITDA | 50.47 | 50.86 | 51.76 | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Backblaze, Inc.'s operating margin was -12.4% in Q4 2025, down 3.4 pp QoQ and up 28.4 pp YoY. The trailing four-quarter average of -16.4% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 13.3% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.9% | 62.0% | 62.1% | 63.5% | 55.6% | 54.8% | 54.6% | 55.1% | 52.8% | 52.5% | 46.5% | 49.0% | 46.9% |
| — | +13.3% | +13.7% | +15.3% | +5.4% | +4.3% | +17.6% | +12.4% | +12.5% | +2.8% | -8.7% | -8.9% | -6.8% | |
| Operating Margin | -13.8% | -12.4% | -8.9% | -18.5% | -25.8% | -40.8% | -37.4% | -31.4% | -35.1% | -40.5% | -61.5% | -56.6% | -71.8% |
| — | +69.7% | +76.1% | +41.0% | +26.5% | -0.8% | +39.2% | +44.6% | +51.2% | +31.5% | -12.5% | -8.2% | -19.7% | |
| Net Margin | -17.6% | -14.3% | -10.2% | -19.6% | -26.9% | -42.6% | -39.1% | -33.1% | -36.9% | -42.5% | -63.5% | -58.3% | -73.2% |
| — | +66.3% | +74.0% | +40.9% | +27.0% | -0.2% | +38.3% | +43.3% | +49.6% | +32.8% | -9.3% | -4.2% | -13.8% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -31.8% | -6.5% | -4.7% | -9.0% | -12.0% | -23.9% | -29.0% | -22.4% | -23.9% | -26.5% | -31.6% | -25.0% | -26.5% |
| — | +72.7% | +84.0% | +59.7% | +49.8% | +9.8% | +8.3% | +10.5% | +9.6% | -32.6% | -97.0% | -84.1% | -93.3% | |
| ROA | -14.2% | -2.8% | -2.0% | -4.0% | -5.5% | -9.4% | -9.7% | -8.0% | -8.4% | -9.2% | -11.9% | -10.3% | -11.6% |
| — | +70.1% | +79.3% | +50.0% | +34.4% | -2.9% | +19.0% | +22.9% | +27.6% | +2.2% | -47.8% | -44.9% | -51.6% | |
| ROIC | -14.1% | -2.8% | -2.2% | -5.2% | -8.2% | -12.3% | -11.0% | -9.1% | -9.6% | -10.4% | -12.8% | -10.6% | -12.0% |
| — | +77.6% | +80.0% | +42.7% | +14.8% | -18.6% | +14.2% | +14.6% | +20.0% | -4.2% | -51.3% | -47.8% | +9.9% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Backblaze, Inc.'s Debt/EBITDA ratio is 52.9x, up from 23.6x last quarter — elevated, raising questions about debt serviceability.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.98 | 0.98 | 0.77 | 0.77 | 0.62 | 0.60 | 1.15 | 0.93 | 0.91 | 1.04 | 1.05 | 0.85 | 0.75 |
| — | +64.5% | -32.8% | -16.8% | -32.7% | -42.7% | +9.3% | +8.8% | +21.7% | +57.6% | +82.4% | +65.9% | +67.8% | |
| Debt / EBITDA | 15.31 | 52.88 | 23.55 | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| Current Ratio | 1.07 | 1.07 | 1.10 | 1.08 | 1.09 | 1.10 | 0.54 | 0.61 | 0.70 | 0.67 | 0.74 | 0.88 | 1.09 |
| — | -3.0% | +103.5% | +75.7% | +57.1% | +63.0% | -26.8% | -30.1% | -36.0% | -49.0% | -52.8% | -51.8% | -47.1% | |
| Quick Ratio | 1.07 | 1.07 | 1.10 | 1.08 | 1.09 | 1.10 | 0.54 | 0.61 | 0.70 | 0.67 | 0.74 | 0.88 | 1.09 |
| — | -3.0% | +103.5% | +75.7% | +57.1% | +63.0% | -26.8% | -30.1% | -36.0% | -49.0% | -52.8% | -51.8% | -47.1% | |
| Interest Coverage | -5.21 | -3.89 | -3.56 | -7.63 | -10.46 | -14.23 | -14.05 | -10.89 | -11.41 | -11.73 | -16.63 | -14.77 | -18.20 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 22 years · Updated daily
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Start ComparisonBackblaze, Inc.'s current P/E is -8.2x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Backblaze, Inc.'s current operating margin is -13.8%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Backblaze, Inc.'s business trajectory between earnings reports.