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Backblaze, Inc. (BLZE) stock

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NASDAQ: BLZE Nasdaq Application Software Next results ~February 22, 2027

C Fundamentals grade

Backblaze, Inc. is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$6.8

Valuation models combined (3)

Base case. Range ~$3.7–$8.0. Weighted average of 3 models (growth cash-flow model, forward price-to-earnings vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Backblaze, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 2 selling0 purchases and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds121 adding, 57 cuttingOf 40 active managers that changed their stake, 27 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Backblaze files

10-Q filed November 2: Backblaze

Model value −3.8%

Backblaze's revenue for the twelve months to September 2026 reached $166m, a 16.9% increase on the prior year and an acceleration from the 13.9% growth recorded a quarter earlier. Profitability also improved: free-cash-flow margin climbed to 16.6%, up from 7.9% a year ago, while the operating margin widened to -9.7% from -22.8%. Set against this, the diluted share count rose 12.0% year on year, diluting existing holders. Taking these moves together, our model value has edged down, from $7.08 to $6.81 a share. That figure now sits below the current share price of $7.05, suggesting the stock trades slightly ahead of our estimate of fair value.

Source: 10-Q filed November 2, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Backblaze stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $156m, up 13.9% on a year earlier, faster than the 13.3% growth a quarter earlier. Free-cash-flow margin rose to 15.3% from 9.5% a year earlier. Operating margin widened to -11.2% from -29.9%. The diluted share count is up 16.8% on a year earlier, which dilutes existing holders. It passes 1 of our 3 financial-health checks. Our revenue-to-maturity cash-flow model value is $7.08 a share, against a share price of $8.85.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 22, 2027 (estimated)

Backblaze, Inc.'s trailing-twelve-month revenue grew 16.9% year on year, with a free-cash-flow margin of 16.6%. Where it stands out: days sales outstanding of 15 days ranks 18 of 162 application software companies we cover. Where it lags: long-term debt as % of assets of 45.5% ranks 87 of 98 application software companies we cover.

Current signal Balance sheet growing far ahead of sales: Total assets grew 123% year over year while revenue grew 17% — the balance sheet is expanding 106 points faster than the business it supports.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 16.9% over the last 12 months, against a median of 12.0% for application software companies we cover.
  • Growth speeding up. The growth rate is 3.0 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 13.1 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 66.7% over 90 days.

Things to watch

  • Loss-making. Operating margin is -9.7%: costs exceed revenue.
  • Heavy stock-based pay. Stock pay equals 18.1% of revenue, against a median of 9.3% for application software companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 12.0% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 112% and a beta of 2.7 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 45.5% ranks 87 of 98 application software companies we cover (median 16.9%).
  • Heavily shorted. 12.1% of the shares available to trade are sold short (4.2 days of average volume to cover).

Latest results: FY2026 Q3

Filed November 2, 2026
Earnings per share
$0.09 against an average estimate of $0.06: beat by 50.0%
Revenue
$47m, up 25.5% on a year earlier
Guidance given
revenue $44.4m to $44.8m (third quarter of 2026); adjusted EBITDA margin 27% to 29% (third quarter of 2026)
Next report
November 2, 2026; average EPS estimate $0.06

Backblaze's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.5%
  • 1 week-13.9%
  • 1 month-48.5%
  • This year+58.8%
  • 1 year-28.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$166M
Operating margin
-9.7%
Net margin
-11.5%
EPS (TTM, diluted)
$-0.32

Growth

Revenue growth
+16.9%
Change in growth rate
+3.0 pts
Share count change
+12.0%

Cash

Free cash flow (TTM)
$27.5M
FCF margin
16.6%
Stock pay % of revenue
18.1%

Earnings

Last results
November 2, 2026
Next results (est.)
February 22, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Agreement
  3. Announcement
  4. Results
  5. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Backblaze, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Backblaze, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 12.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.6 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$7.8 ~$4.8–$10 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$3.7 ~$3.1–$6.2 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1.0 ~$6.5–$19 Left out: out of range vs price (0.14x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$8.0 ~$6.6–$9.8 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$6.8 ~$3.7–$8.0 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Backblaze, Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$16.89$6.15$7.59$6.02$4.66$7.40
Market value$344m$195m$273m$262m$262m$445m
+ Net debt (− = net cash)−$94m−$7m−$13m−$46m−$29m$5m
Enterprise value$249m$188m$261m$216m$233m$451m
Multiples
Price / sales 5.1x2.3x2.7x2.1x1.8x2.7x
Price / earnings ——————
Price / free cash flow ———24.3x13.9x16.2x
EV / EBITDA ————118.3x38.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

28 /100

Weak moat

How hard Backblaze's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -27.7% of total assets over 6 years.

  • Pricing power 15 / 20

    Gross margin has been a median 52.8%, moving by 4.9 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -29.4%; its worst year was -62.2%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 4 of 6 years, at a median 5.5% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (43 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.24 +250% $173m +19%
Next $0.27 +10% $218m +26%

Next year's EPS estimate has moved +66.7% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +96.0% on 90 days ago. In the last 30 days, 0 analysts raised Backblaze, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Backblaze, Inc., last 90 days
$0.10 $0.15 $0.20 $0.25 $0.30 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.13 Current fiscal year, 60 days ago: $0.27 Current fiscal year, 30 days ago: $0.24 Current fiscal year, 7 days ago: $0.24 Current fiscal year, Now: $0.24 $0.24 Next fiscal year, 90 days ago: $0.16 Next fiscal year, 60 days ago: $0.28 Next fiscal year, 30 days ago: $0.27 Next fiscal year, 7 days ago: $0.27 Next fiscal year, Now: $0.27 $0.27

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.13$0.16
60 days ago $0.27$0.28
30 days ago $0.24$0.27
7 days ago $0.24$0.27
Now $0.24$0.27

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.06 $0.09 +50.0%
Jun 2026 $0.02 $0.08 +366.7%
Mar 2026 $0.00 $0.04 +1101.2%
Dec 2025 $0.01 $0.06 +424.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 3, 2026
  • Revenue full-year 2026 $172m to $174m Raised
    “Revenue between $172.0 million and $174.0 million, raised from $161.5 million to $163.5 million.” source
  • Revenue third quarter of 2026 $44.4m to $44.8m
    “Revenue between $44.4 million and $44.8 million.” source
  • Adjusted EBITDA margin full-year 2026 27% to 29% Non-GAAP Raised
    “Adjusted EBITDA margin range of 27% to 29%, raised from 23% to 25%.” source
  • Adjusted EBITDA margin third quarter of 2026 27% to 29% Non-GAAP
    “Adjusted EBITDA margin between 27% and 29%.” source
  • Basic weighted average shares outstanding third quarter of 2026 62.3m to 62.5m
    “Basic weighted average shares outstanding of 62.3 million to 62.5 million shares.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

7 analysts, Nov 2026
Buy686%
Hold114%
Sell00%

Monthly trend

  1. Nov 20262417
  2. Oct 20262417
  3. Sep 20262417

Counts of recommendations published by analysts covering Backblaze, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
12.1%
of tradable shares
Days to cover
4.24
at average volume
Short interest, 1 month
+30%
to October 15, 2026
Held by institutions
61%
of shares
Held by insiders
4.5%
of shares
Employees
320
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −28.2%

$10.31 on October 31, 2025 to $7.40

ThenNowEffect
Revenue (last 12 months) $137m $156m +13.9%
P/S multiple 3.8x 2.8x −26.4%
Share count 50m 59m −14.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
BLZE−64%+23%−21%−23%+59%
Industry peers (median)−50%+19%+2%−20%−14%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
BLZE25%58%50%50%36%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
BLZE−79%−52%−57%−60%−64%
S&P 500−25%−10%−8%−19%−9%

Worst fall since November 11, 2021: 90% from November 16, 2021 to March 30, 2026. Getting back needed a 852% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$3.31 – $20.43
From 52-week high
−63.8%
vs 50-day average
−39.8%
vs 200-day average
−19.6%
Volatility (1 year)
113%
Beta vs S&P 500
2.70

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 5 down
typical move ±30.0%
After a week
6 up, 5 down
typical move ±29.5%
After a month
5 up, 6 down
typical move ±32.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 3, 2026 +44.2% +3.3% +40.5% −1.4%
May 4, 2026 +70.6% +0.4% +60.7% +78.7%
February 23, 2026 −14.5% −0.3% −11.8% −19.1%
November 6, 2025 −37.9% −1.0% −45.4% −46.5%
August 7, 2025 +33.5% +0.7% +42.4% +70.8%
May 7, 2025 +16.7% +1.1% +20.2% +26.2%
February 25, 2025 −5.6% −0.4% −12.6% −26.1%
November 7, 2024 −14.1% +1.2% −17.9% −13.1%
August 8, 2024 +26.4% +2.8% +28.0% +13.7%
May 8, 2024 −23.3% +0.6% −25.1% −38.4%
February 15, 2024 +42.7% +0.2% +20.0% +25.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Backblaze, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Backblaze, Inc.
$100M $120M $140M $160M $180M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $102M Revenue (TTM), FY24 Q1: $108.6M Revenue (TTM), FY24 Q2: $115.3M Revenue (TTM), FY24 Q3: $122.6M Revenue (TTM), FY24 Q4: $127.6M Revenue (TTM), FY25 Q1: $132.3M Revenue (TTM), FY25 Q2: $137.3M Revenue (TTM), FY25 Q3: $141.9M Revenue (TTM), FY25 Q4: $145.8M Revenue (TTM), FY26 Q1: $149.9M Revenue (TTM), FY26 Q2: $156.3M Revenue (TTM), FY26 Q3: $165.8M $165.8M

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $102M
FY24 Q1 $108.6M
FY24 Q2 $115.3M
FY24 Q3 $122.6M
FY24 Q4 $127.6M
FY25 Q1 $132.3M
FY25 Q2 $137.3M
FY25 Q3 $141.9M
FY25 Q4 $145.8M
FY26 Q1 $149.9M
FY26 Q2 $156.3M
FY26 Q3 $165.8M
Revenue growth, TTM YoY Backblaze, Inc.
10% 15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 19.8% Revenue growth, TTM YoY, FY24 Q1: 21.9% Revenue growth, TTM YoY, FY24 Q2: 24.0% Revenue growth, TTM YoY, FY24 Q3: 27.4% Revenue growth, TTM YoY, FY24 Q4: 25.1% Revenue growth, TTM YoY, FY25 Q1: 21.8% Revenue growth, TTM YoY, FY25 Q2: 19.1% Revenue growth, TTM YoY, FY25 Q3: 15.7% Revenue growth, TTM YoY, FY25 Q4: 14.3% Revenue growth, TTM YoY, FY26 Q1: 13.3% Revenue growth, TTM YoY, FY26 Q2: 13.9% Revenue growth, TTM YoY, FY26 Q3: 16.9% 16.9%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 19.8%
FY24 Q1 21.9%
FY24 Q2 24.0%
FY24 Q3 27.4%
FY24 Q4 25.1%
FY25 Q1 21.8%
FY25 Q2 19.1%
FY25 Q3 15.7%
FY25 Q4 14.3%
FY26 Q1 13.3%
FY26 Q2 13.9%
FY26 Q3 16.9%
Operating margin (TTM) Backblaze, Inc.
-60% -40% -20% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -56.8% Operating margin (TTM), FY24 Q1: -47.5% Operating margin (TTM), FY24 Q2: -41.2% Operating margin (TTM), FY24 Q3: -36.0% Operating margin (TTM), FY24 Q4: -36.3% Operating margin (TTM), FY25 Q1: -33.7% Operating margin (TTM), FY25 Q2: -29.9% Operating margin (TTM), FY25 Q3: -22.8% Operating margin (TTM), FY25 Q4: -16.2% Operating margin (TTM), FY26 Q1: -13.5% Operating margin (TTM), FY26 Q2: -11.6% Operating margin (TTM), FY26 Q3: -9.7% -9.7%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -56.8%
FY24 Q1 -47.5%
FY24 Q2 -41.2%
FY24 Q3 -36.0%
FY24 Q4 -36.3%
FY25 Q1 -33.7%
FY25 Q2 -29.9%
FY25 Q3 -22.8%
FY25 Q4 -16.2%
FY26 Q1 -13.5%
FY26 Q2 -11.6%
FY26 Q3 -9.7%
FCF margin (TTM) Backblaze, Inc.
-20% -10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -12.6% FCF margin (TTM), FY24 Q1: -1.5% FCF margin (TTM), FY24 Q2: 6.3% FCF margin (TTM), FY24 Q3: 9.9% FCF margin (TTM), FY24 Q4: 8.5% FCF margin (TTM), FY25 Q1: 9.3% FCF margin (TTM), FY25 Q2: 9.5% FCF margin (TTM), FY25 Q3: 7.9% FCF margin (TTM), FY25 Q4: 12.9% FCF margin (TTM), FY26 Q1: 11.4% FCF margin (TTM), FY26 Q2: 15.3% FCF margin (TTM), FY26 Q3: 16.6% 16.6%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -12.6%
FY24 Q1 -1.5%
FY24 Q2 6.3%
FY24 Q3 9.9%
FY24 Q4 8.5%
FY25 Q1 9.3%
FY25 Q2 9.5%
FY25 Q3 7.9%
FY25 Q4 12.9%
FY26 Q1 11.4%
FY26 Q2 15.3%
FY26 Q3 16.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 54 67 85 102 128 146 166
Gross profit 28 34 44 50 69 89 104
EBITDA 9 −2 −28 −33 −18 2 12
Operating income −4 −19 −48 −58 −46 −24 −16
Net income −7 −22 −51 −60 −49 −26 −19
Diluted EPS −$0.36 −$1.07 −$1.62 −$1.66 −$1.11 −$0.46 −$0.32
Growth (year on year)
Revenue — +25.5% +26.2% +19.8% +25.1% +14.3% +16.9%
EBITDA — −126.8% — — — — —
Margins
Gross margin 52.0% 50.9% 51.5% 48.9% 54.3% 60.9% 62.5%
EBITDA margin 17.1% −3.7% −32.8% −32.3% −14.1% 1.3% 7.1%
Operating margin −6.9% −27.9% −56.5% −56.8% −36.3% −16.2% −9.7%
Net margin −12.3% −32.2% −60.4% −58.5% −38.0% −17.6% −11.5%
Free-cash-flow margin 19.9% −6.0% −24.8% −12.6% 8.5% 12.9% 16.6%
Cash flow
Cash from operations 13 4 −14 −7 13 24 32
Capital spending 2 8 7 6 2 5 5
Free cash flow 11 −4 −21 −13 11 19 27
Stock-based pay 2 6 17 25 29 26 30
Free cash flow after stock pay 9 −10 −38 −38 −18 −8 −3
Balance sheet
Cash 6 105 7 13 46 29 189
Total debt 1 10 0 0 0 0 194
Net debt (negative = net cash) −5 −94 −7 −13 −46 −29 5
Diluted shares 19m 20m 32m 36m 44m 56m 60m
Returned to shareholders
Buybacks — — — 0 0 2 2
Total returned — — — 0 0 2 2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · September 30, 2026
What it owns · $428m
Short-term assets $250mLonger-term assets $178m
What it owes, and who funded it · $428m
Short-term liabilities $79mLonger-term liabilities $267mShareholders' equity $81m
  • Short-term assets cover short-term liabilities $250m of assets due within a year against $79m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $250m short-term assets against $267m of longer-dated liabilities.
  • More cash than debt $189m of cash against $194m of debt.
  • Debt below 40% of shareholders' equity Debt is 239% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $32m of operating cash flow against $194m of debt.
  • Operating profit covers interest at least five times over Operating income of −$16m against $6m of interest.

From Backblaze, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$2.2M
Returned to shareholders
8%
of free cash flow
Buybacks, last 3 fiscal years
$2M
Diluted share count
+12.0%
year over year
Total shareholder yield
0.5%
dividends 0.0% + buybacks 0.5% of market value
R&D spending
27.0%
of revenue
Days sales outstanding
15 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated BLZE LAW KLTR SMRT STEM LGCL Median
Revenue, last 12 months $166m $167m $181m $151m $148m $145m $482m
Revenue growth, last 12 months 16.9% 12.9% −0.2% −2.8% −5.1% −1.9% 12.0%
Revenue growth, 3-year average 19.9% 7.5% 1.6% −9.9% −29.1% — 11.1%
Revenue growth, latest quarter 25.5% 13.2% 5.5% 4.0% −12.3% — 11.9%
Gross margin 62.5% 74.8% 72.0% 36.4% 41.5% 33.8% 69.2%
Operating margin −9.7% −25.7% −1.5% −14.9% −29.1% 1.9% 1.1%
Operating margin, 3-year average −22.8% −30.7% −9.0% −26.7% −127.3% — −0.8%
Net margin −11.5% −24.2% −6.9% −13.0% −49.4% 0.9% 2.1%
Cash from operations / revenue 19.4% −7.8% 6.4% −0.5% 7.9% 3.4% 18.2%
Free-cash-flow margin 16.6% −9.8% 6.2% −0.7% 7.9% −4.6% 15.0%
Free-cash-flow margin, 3-year average 11.5% −11.0% 4.8% −9.8% −7.1% — 16.2%
Stock pay / revenue 18.1% 13.6% 8.5% 6.7% 5.4% — 9.3%
Change in share count 12.0% 4.8% 6.0% −1.4% — 21.6% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 16.9% 12.0% 69 of 184
Change in growth rate Growth +3.0pp +0.2pp 41 of 184
Gross margin Profitability 62.5% 69.8% 101 of 160
Operating margin Profitability -9.7% 1.1% 121 of 181
Net margin Profitability -11.5% 2.1% 123 of 185
Free-cash-flow margin Cash generation 16.6% 15.2% 88 of 180
Stock pay as % of revenue Cash generation 18.1% 9.3% 145 of 177
Long-term debt as % of assets Balance sheet 45.5% 16.9% 87 of 98
Change in share count Balance sheet 12.0% 1.7% 129 of 163
Days sales outstanding Balance sheet 15 days 57 days 18 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
B2 Cloud Storage $79.9M ▲ 26.1%
Consumption Based Arragments $77.2M ▲ 25.6%
Subscription Based Arrangements $68.2M ▲ 3.9%
Computer Backup $65.9M ▲ 2.6%
Point In Time Arrangements $412,000 ▼ 19.4%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $105M 71.7% ▲ 10.9%
Outside the US $27.1M 18.6% ▲ 30.2%
United Kingdom $7.5M 5.2% ▲ 12.1%
Canada $6.6M 4.5% ▲ 14.8%

From Backblaze, Inc.'s 10-K filed March 10, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$564M
Institutions reporting
167
Shares held vs prior quarter
▲ 22.4%
Positions opened / closed
54 / 24

Top buyers and sellers, Q2 2026: 121 institutions bought and 57 sold ; the biggest buyer was Driehaus Capital Management LLC (+2.7M shares) and the biggest seller Whetstone Capital Advisors, LLC (−1.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $74.9M 4.7M 13.3% ▲ 28.2%
Driehaus Capital Management LLC $42.6M 2.7M 7.6% New
Vanguard Capital Management LLC $39.9M 2.5M 7.1% ▲ 7.3%
Acadian Asset Management LLC $28.3M 1.8M 5.0% ▲ 9.0%
Geode Capital Management, LLC $24.2M 1.5M 4.3% ▲ 13.4%
Awm Investment Company, Inc. $22.2M 1.4M 3.9% 0.0%
Pillsbury Lake Capital LLC $21.2M 1.3M 3.8% ▼ 31.7%
State Street Corp $19.3M 1.2M 3.4% ▲ 9.4%
Connor, Clark & Lunn Investment Management Ltd. $18.3M 1.2M 3.3% ▲ 38.8%
AQR Capital Management LLC $16.7M 1.1M 3.0% ▲ 58.5%
Qube Research & Technologies Ltd $12.2M 766K 2.2% ▲ 77.2%
Renaissance Technologies LLC $12.1M 763K 2.1% ▼ 35.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Backblaze, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $236,746 2 trades by 2 insiders · 0% under pre-set plans
Net ▼ $236,746 net selling
Insider Date Trade Shares Price Value
Suidan Marc Chief Financial Officer August 21, 2026 Sell 2,110 $15.82 $33,380
Budman Gleb CEO and Chairperson August 21, 2026 Sell 12,855 $15.82 $203,366

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 22, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 3, 2026
  • May 4, 2026
  • February 23, 2026
  • November 6, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Backblaze, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Backblaze, Inc. in brief

What does Backblaze, Inc. do?
Backblaze, Inc. is a US-listed company in the application software industry. Its financial year ends in December.
What is Backblaze, Inc.'s stock ticker?
Backblaze, Inc. trades under the ticker BLZE on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Backblaze, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Backblaze, Inc. reported revenue of $166M, 16.9% higher than a year earlier, according to its SEC filings.
What is Backblaze, Inc.'s free cash flow?
Backblaze, Inc.'s free-cash-flow margin is 16.6% of revenue over the trailing twelve months, ranking 88 of the 180 application software companies we cover.
Who are Backblaze, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Driehaus Capital Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Backblaze, Inc. buying back stock, and does it pay a dividend?
Backblaze, Inc. spent $2.2M on share repurchases over the trailing twelve months, and its diluted share count still rose 12.0% over the year.
What is Backblaze, Inc.'s market cap?
On November 2, 2026, Backblaze, Inc.'s market capitalisation was about $445M and net debt of $5.5M. Market figures come from third-party market data and may be delayed.
How much debt does Backblaze, Inc. have?
Backblaze, Inc.'s debt-to-equity ratio is 239.2%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Backblaze, Inc.'s competitors?
In our Application Software peer group, the companies closest to Backblaze, Inc. are CS Disco, Inc., Kaltura Inc, Smartrent, Inc., Stem, Inc. and Lucas GC Ltd. The side-by-side comparison below sets their revenue, margins and growth against Backblaze, Inc.'s.
Are insiders buying or selling Backblaze, Inc. stock?
Over the last 12 months, Backblaze, Inc.'s directors and officers reported 0 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Backblaze, Inc.'s next earnings date?
Around February 22, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Backblaze, Inc. announces its own schedule.