Latest Ratios: P/E Ratio -0.2x · EV/EBITDA N/A · ROE -654.4%. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $39M | $42M | — | — | — | — |
| Enterprise Value | $-4503898 | $-1843474 | — | — | — | — |
| P/E Ratio → | -0.18 | — | — | — | — | — |
| P/S Ratio | 1.01 | 1.08 | — | — | — | — |
| P/B Ratio | 0.94 | 1.07 | — | — | — | — |
| P/FCF | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.05 | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|
| Gross Margin | 12.9% | 12.9% | 62.7% | 5.2% | 21.0% | — |
| Operating Margin | -237.6% | -237.6% | -3065.3% | -999.2% | -1307.4% | — |
| Net Profit Margin | -535.6% | -535.6% | -3937.9% | -2271.5% | -2724.0% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -654.4% | -654.4% | -221.0% | -281.2% | -98.5% | -0.0% |
| ROA | -274.8% | -274.8% | -101.2% | -190.7% | -66.9% | -0.0% |
| ROIC | -652.6% | -652.6% | -91.5% | -55.2% | -35.7% | — |
| ROCE | -197.1% | -197.1% | -126.2% | -191.3% | -34.4% | -0.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.06 | 0.68 | — | 0.00 |
| Debt / EBITDA | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.12 | 0.06 | 0.68 | — | -0.00 |
| Net Debt / EBITDA | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | -13.91 |
| Interest Coverage | — | — | — | -0.99 | -0.88 | — |
Net cash position: cash ($46M) exceeds total debt ($2M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 2.23 | 2.23 | 0.05 | 0.82 | 0.63 | 2.67 |
| Quick Ratio | 1.99 | 1.99 | 0.05 | 0.61 | 0.41 | 2.67 |
| Cash Ratio | 1.06 | 1.06 | 0.00 | — | 0.24 | 2.20 |
| Asset Turnover | — | 0.38 | 0.03 | 0.05 | 0.20 | — |
| Inventory Turnover | 3.32 | 3.32 | — | 0.56 | 0.70 | — |
| Days Sales Outstanding | — | 346.68 | 12.92 | 30.19 | 200.51 | — |
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 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $104M | $102M | $102M | $404M | $421M |
Unsustainable cash burn rate
Based on recent financial disclosures, Blaize trades at a price-to-sales ratio of 1.08, a valuation that appears to hinge entirely on the company's ability to convert its 2385% revenue growth into long-term market share rather than current earnings, which remain deeply negative across all reported periods.
The absence of a meaningful P/E ratio or positive EBITDA underscores that the market is currently pricing the firm as a high-risk venture rather than a mature semiconductor entity. Investors should monitor whether this P/S multiple can be sustained if revenue growth decelerates, as the current valuation provides little support in the absence of a clear path to profitability.
As reported in historical financial statements, Blaize's ROIC reached a concerning -115.9% in 2025Q1, illustrating that the company is currently destroying shareholder capital at an alarming rate while attempting to scale its proprietary GSP architecture against more established, better-capitalized semiconductor incumbents.
The persistent negative returns on invested capital suggest that the company's heavy R&D spending has yet to yield a competitive advantage that translates into pricing power. This trend warrants further investigation into whether the current capital allocation strategy is capable of generating positive returns or if it will continue to erode the equity base.
According to quarterly data, the company's cash conversion cycle has exhibited extreme volatility, frequently reaching negative values that, while appearing efficient, likely reflect the inability to manage inventory and payables effectively during periods of rapid, project-based revenue scaling in the automotive and smart vision sectors.
The erratic nature of the DSO and DIO metrics suggests significant friction in the company's supply chain and collection processes. Such instability in working capital management may indicate that the firm lacks the operational maturity required to support sustained production-scale deployments without significant cash flow disruptions.
Based on recent balance sheet filings, the company's current ratio has fluctuated wildly from 0.27 to 2.46, highlighting a reliance on periodic capital infusions to maintain operations rather than a self-sustaining liquidity position capable of weathering severe stress in the semiconductor market.
The reliance on external financing to maintain even basic liquidity levels suggests that the company remains vulnerable to shifts in capital market sentiment. Investors should monitor the cash runway closely, as the current burn rate may necessitate further dilutive financing if operational milestones are not met in the near term.
Market participants often overemphasize the 2385% revenue growth rate, which, as indicated by financial statements, obscures the underlying reality that the company's gross margins are insufficient to cover the high fixed costs of semiconductor development and market entry.
Using revenue growth as the primary indicator of success for this business model is misleading because it ignores the low-margin nature of the current hardware-heavy sales mix. A more appropriate metric for evaluating Blaize would be the 'software attach rate' or 'gross profit per design win,' which would better reflect the company's progress toward a sustainable, high-margin business model.
Includes 30+ ratios · 5 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BZAIW stock.
Blaize Holdings, Inc.'s current P/E ratio is -0.2x. This places it at the 50th percentile of its historical range.
Blaize Holdings, Inc.'s return on equity (ROE) is -654.4%. The historical average is -150.2%.
Based on historical data, Blaize Holdings, Inc. is trading at a P/E of -0.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Blaize Holdings, Inc. has 12.9% gross margin and -237.6% operating margin.