Latest Ratios: P/E Ratio -21.2x · EV/EBITDA N/A · ROE -23.9%. (2020–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.9B | $2.2B | $4.7B | $5.3B | $3.0B | $4.7B | — | — |
| Enterprise Value | $2.9B | $2.2B | $4.7B | $5.3B | $3.0B | $4.2B | — | — |
| P/E Ratio → | -21.20 | — | — | — | — | — | — | — |
| P/S Ratio | 3.95 | 3.04 | 7.92 | 11.24 | 8.51 | 19.54 | — | — |
| P/B Ratio | 4.47 | 3.60 | 9.90 | 11.93 | 6.77 | 9.21 | — | — |
| P/FCF | 47.11 | 36.32 | 200.40 | — | — | — | — | — |
| P/OCF | 40.79 | 31.45 | 128.10 | 774.03 | — | — | — | — |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.99 | 7.93 | 11.29 | 8.47 | 17.52 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | 35.65 | 200.59 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.1% | 67.1% | 69.1% | 68.7% | 67.4% | 67.0% | 63.7% | 63.0% |
| Operating Margin | -19.6% | -19.6% | -20.6% | -30.7% | -41.7% | -32.9% | -21.4% | -34.8% |
| Net Profit Margin | -17.8% | -17.8% | -17.5% | -27.4% | -39.1% | -32.2% | -21.3% | -33.0% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| ROE | -23.9% | -23.9% | -22.6% | -29.0% | -29.2% | -38.5% | — | — |
| ROA | -13.2% | -13.2% | -12.3% | -17.0% | -20.3% | -18.3% | -19.7% | -20.8% |
| ROIC | -20.5% | -20.5% | -19.4% | -24.2% | -48.8% | -226.6% | — | — |
| ROCE | -23.4% | -23.4% | -22.9% | -28.7% | -29.8% | -27.1% | -40.4% | -37.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.13 | 0.13 | 0.18 | 0.20 | 0.11 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.07 | 0.01 | 0.05 | -0.04 | -0.95 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -0.67 | 0.19 | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | -211.95 | -93.19 | — |
Net cash position: cash ($124M) exceeds total debt ($83M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.35 | 1.35 | 1.98 | 2.08 | 2.68 | 3.80 | 1.32 | 1.98 |
| Quick Ratio | 1.35 | 1.35 | 1.98 | 2.08 | 2.68 | 3.65 | 1.32 | 1.98 |
| Cash Ratio | 0.98 | 0.98 | 1.58 | 1.64 | 2.20 | 3.21 | 0.86 | 1.43 |
| Asset Turnover | — | 0.66 | 0.68 | 0.58 | 0.50 | 0.36 | 0.88 | 0.63 |
| Inventory Turnover | — | — | — | — | — | 3.15 | — | — |
| Days Sales Outstanding | — | 60.50 | 62.72 | 75.27 | 80.45 | 98.91 | 84.50 | 88.14 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | 2.1% | 2.8% | 0.5% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $108M | $102M | $98M | $95M | $93M | $92M | $17M |
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying BRZE stock.
Braze, Inc.'s current P/E ratio is -21.2x. This places it at the 50th percentile of its historical range.
Braze, Inc.'s return on equity (ROE) is -23.9%. The historical average is -28.6%.
Based on historical data, Braze, Inc. is trading at a P/E of -21.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Braze, Inc. has 67.1% gross margin and -19.6% operating margin.
Key Metrics
Top Statement Risk
Negative GAAP operating margins
Metrics are mathematically derived from official filings.
Valuation Reflects Growth and Margin Hope
Braze trades at a forward P/E of 37.3x and P/S of 3.65x, multiples that price in a significant earnings inflection not yet evident in its trailing negative operating margins, suggesting the market is betting on a future profitability ramp.
The forward P/E of 37.3x is starkly disconnected from the trailing P/E of -19.6x, indicating analysts are forecasting a rapid swing to profitability. This premium is supported by a P/S of 3.65x, which is moderate for enterprise SaaS but requires sustained growth and margin expansion to justify. Relative to peers like HubSpot (P/S ~11.0x), the valuation appears to reflect a higher perceived risk around Braze's path to GAAP profitability, not just its growth rate.
Gross Margin Erodes as Operating Leverage Emerges
While Braze's operating loss narrowed to -8.0% in 2027Q2 from -29.6% in 2025Q1, gross margin has simultaneously compressed from 70.2% to 66.8%, suggesting that cost discipline in operating expenses may be offsetting a less favorable revenue mix shift.
The improving operating margin trend is encouraging and appears driven by scaling sales and marketing efficiency rather than core product margin expansion. However, the concurrent decline in gross margin from the high-60s to mid-60s over two years raises questions about the economics of its messaging channel mix, potentially indicating higher variable costs from SMS or cloud infrastructure as usage scales. This tension means true earning power is still emerging and hinges on stabilizing gross margins while maintaining operational leverage.
Negative Returns Persist Despite Improving Trend
ROIC has improved from -6.6% in 2025Q1 to -2.6% in 2027Q2, a positive trajectory, but the persistently negative returns indicate the company is still destroying value on invested capital as it funds its growth phase.
The trend is moving in the right direction, but the absolute level remains deeply negative. This indicates that despite record free cash flow in 2027Q2, the cumulative capital invested in the business has not yet generated a positive return on an operating basis. For a company trading at 4.14x book value, the negative ROIC underscores that the valuation is purely based on future potential, not current capital efficiency.
Current Ratio Tightens Amidst Cash Accumulation
Braze's current ratio has compressed from a robust 2.03 in 2025Q2 to a still-adequate 1.27 in 2027Q2, while cash reserves have doubled, indicating a strategic reallocation of liquidity towards growth or acquisitions rather than holding excess short-term assets.
The declining current ratio, which is now at its lowest point in the displayed period, suggests working capital is being managed more aggressively. With the quick ratio mirroring the current ratio (1.27), the company has minimal inventory, aligning with its software model. However, the trend warrants monitoring, as a ratio approaching 1.0 in a high-growth, cash-burning phase could signal increased financial tightness if revenue growth or collections slow unexpectedly.
The Misleading Tailwind of Free Cash Flow
The most commonly misapplied ratio to Braze is its positive free cash flow margin, which reached 10.1% in 2027Q2, as this figure obscures the substantial real economic cost of stock-based compensation that drives the GAAP loss.
Investors often point to positive FCF as proof of a self-funding model, but for Braze, this metric is heavily inflated by the add-back of over $35 million in quarterly stock-based compensation, as noted in prior analysis. This non-cash expense represents a real dilutive cost to shareholders that is not captured in the FCF calculation. The correct adjustment would be to analyze 'adjusted' FCF after capitalizing or subtracting the fair value of equity granted, which would provide a more accurate picture of true cash generation and the company's true path to self-sustainability.