Backblaze, Inc. key statistics and ratios

In fiscal 2025, Backblaze, Inc. had return on equity of -31.8%, an operating margin of -16.2%, debt equal to 0.0% of equity and a current ratio of 1.07. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Backblaze, Inc.: financial ratios, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	52.0%	50.9%	51.5%	48.9%	54.3%	60.9%	62.5%
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%
Return on equity	—	−49.0%	−62.6%	−105.0%	−79.2%	−31.8%	−23.1%
Return on assets	−12.2%	−19.9%	−32.5%	−42.0%	−32.3%	−14.2%	−6.1%
Asset turnover	0.99	0.62	0.54	0.72	0.85	0.81	0.54
Current ratio	0.25	2.47	1.32	0.67	1.10	1.07	3.17
Debt to equity	—	10.8%	0.0%	0.0%	0.0%	0.0%	239.2%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	24.3%	30.4%	38.9%	38.7%	33.0%	31.6%	27.0%
Capital spending as % of revenue	4.0%	11.2%	8.6%	5.4%	1.3%	3.2%	2.8%
Dividends and buybacks ÷ free cash flow	—	—	—	—	0.0%	10.5%	7.9%

US$ thousands unless shown otherwise. Fiscal quarters.

Backblaze, Inc.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	54.8%	55.6%	63.5%	62.1%	62.0%	60.9%	62.8%	64.0%
Operating margin	−40.8%	−25.3%	−17.2%	−9.4%	−13.5%	−13.8%	−9.8%	−3.0%
Net margin	−42.6%	−26.9%	−19.6%	−10.2%	−14.3%	−15.9%	−11.9%	−5.1%
Free-cash-flow margin	4.2%	12.8%	7.6%	7.0%	24.0%	7.0%	22.5%	13.1%
Current ratio	1.10	1.09	1.08	1.10	1.07	1.05	1.00	3.17
Debt to equity	—	—	—	—	0.0%	—	—	239.2%
R&D as % of revenue	35.6%	34.3%	32.7%	30.2%	29.5%	29.2%	25.8%	24.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Backblaze, Inc.'s SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Backblaze, Inc.