Backblaze, Inc. BLZE Ratios & Valuation
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 62.1%+7.1pp | 60.9%+6.6pp | 59.1%+5.3pp | 57.3%+5.3pp | 55%+4.7pp | |
| Operating margin | -13.4%+20.3pp | -16.1%+20.2pp | -23%+13.0pp | -30.2%+11.0pp | -33.7%+13.9pp | |
| Net margin | -15%+20.4pp | -17.6%+20.5pp | -24.4%+13.4pp | -31.7%+11.4pp | -35.4%+14.0pp | |
| EBITDA margin | 3%+14.6pp | 1.5%+15.5pp | -4.4%+8.9pp | -10.1%+7.7pp | -11.6%+11.9pp | |
| Free cash flow margin | 11.4%+2.2pp | 12.9%+4.5pp | 7.9%— | 9.5%— | 9.3%— | |
| Returns | ||||||
| Return on equity | -27.6%+47.1pp | -31.8%+47.3pp | -55%+47.8pp | -69.8%+30.2pp | -74.8%+24.6pp | |
| Return on assets | -12.4%+18.6pp | -14.2%+18.1pp | -21.1%+13.1pp | -27.8%+10.1pp | -31%+8.1pp | |
| Return on invested capital | -19.7%+36.8pp | -24.6%+41.7pp | -33.3%+22.1pp | -47.1%+30.4pp | -56.5%+18.4pp | |
| Efficiency | ||||||
| Asset turnover | 0.8×0.0× | 0.8×0.0× | 0.9×0.0× | 0.9×0.0× | 0.9×+0.1× | |
| Liquidity | ||||||
| Current ratio | 1×0.0× | 1.1×0.0× | 1.1×+0.6× | 1.1×+0.5× | 1.1×+0.4× | |
| Quick ratio | 1×0.0× | 1.1×0.0× | 1.1×+0.6× | 1.1×+0.5× | 1.1×+0.4× | |
| Cash ratio | 0.4×-0.2× | 0.5×-0.3× | 0.5×+0.4× | 0.5×+0.4× | 0.7×+0.6× | |
| Leverage | ||||||
| Debt-to-equity | 0.7×+0.1× | 0.7×+0.2× | 0.7×-0.2× | 0.8×0.0× | 0.6×-0.1× | |
| Debt-to-assets | 0.3×+0.1× | 0.3×+0.1× | 0.3×0.0× | 0.3×+0.1× | 0.3×0.0× | |
| Net debt / EBITDA | 7.9×— | 15.1×— | —— | —— | —— | |
| Interest coverage | -4.8×+7.7× | -6.1×+6.6× | -9×+3.0× | -11.6×+1.1× | -12.4×+1.2× | |
| Per Share | ||||||
| Book value per share | $1.43-0.8% | $1.48-17.0% | $1.45+47.7% | $1.43+33.8% | $1.44+21.9% | |
| Valuation | ||||||
| Market capitalization | $805.4M+194% | $268.78M-13.5% | $523.97M+91.2% | $298.49M+16.8% | $262.27M-34.5% | |
| Enterprise value | $841.15M+201% | $300.72M-2.5% | $555.85M+77.9% | $326.45M+17.0% | $267.37M-37.5% | |
| Price / sales | 5.4×+3.3× | 1.8×-0.6× | 3.7×+1.5× | 2.2×0.0× | 2×-1.7× | |
| Price / book | 9.5×+6.0× | 3.2×-0.8× | 6.3×-0.1× | 3.7×-1.9× | 3.4×-5.1× | |
| EV / EBITDA | 186.5×— | 142.1×— | —— | —— | —— | |
| EV / sales | 5.6×+3.5× | 2.1×-0.4× | 3.9×+1.4× | 2.4×0.0× | 2×-1.9× | |
| Free cash flow yield | 2.1%-2.3pp | 7%+3.5pp | 2.1%— | 4.4%— | 4.7%— | |
| Earnings yield | -2.8%+14.3pp | -9.5%+6.1pp | -6.6%+10.3pp | -14.6%+4.9pp | -17.8%-4.4pp |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- What are Backblaze, Inc.'s profit margins?
- Backblaze, Inc. (BLZE) runs a 62.1% gross margin and a -13.4% operating margin, with a -15.0% net margin.
- Where do Backblaze, Inc.'s ratios come from?
- Every ratio is computed from Backblaze, Inc.'s SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.
