Blend Labs (BLND) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Blend Labs

NYSE•Technology•Software - Application

$1.30-0.03(-0.02%)After hours

Market Cap

$311.88M

P/S

2.4x

Blend Labs, Inc. provides a cloud-based software platform for financial services firms in the United States, India, and Mexico. The company offers a suite of products that powers digital-first consumer journeys for mortgages, home equity loans and lines of credit, vehicle loans, rapid home lending, personal loans, credit cards, and deposit accounts; and a suite of add-on products that offers to enhance consumers' journeys to homeownership, such as close, income verification for mortgage and home equity lines of credit, and home equity loans. It also provides Blend Builder to configure or build custom workflows from a pre-built set of components; verification components to automate confirmation tasks that are needed to underwrite a loan or approve the opening of a new deposit account; decisioning components to reduce the need for human intervention by automatically applying business rules throughout an application workflow configured by a financial services firm; AI capabilities; and workflow intelligence components to manage data collection and automate tasks throughout the loan origination process. In addition, the company offers application programming interfaces, which integrate the capabilities of technology, data, and service providers into software platform, as well as support services, professional and consulting services. It serves banks, credit unions, fintechs, and other non-bank mortgage lenders. The company was incorporated in 2012 and is headquartered in Novato, California.

How this company scores

WeakMetricSide Score: 52/100

Grade capped at D — Negative equity — the balance sheet is insolvent. Strongest: Profitability (17/25); weakest: Growth (9/25).

Profitability17/25

Growth9/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality11/25

Strengths

Long cash runwayInterest easily coveredProfit converts from growthNet cash position

Grade capped at D

Negative equity — the balance sheet is insolvent.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 2.4x5y range 1.2x – 7.3x

Currently below its 18-quarter median.

P/B · 53.7x5y range 1.3x – 53.7x

Currently above its 9-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $311.88M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $129.97M
Q. Revenue: $33.84M
TTM EBITDA: $-10.96M
TTM Op. Income: $-16.05M
Q. Op. Income: $-1.58M
TTM Net Income: $-458,000
Q. Net Income: $-1.48M
EPS: $-0.03
Shares Out.: $239.91M

$129.97M in TTM revenue declined 10.3% YoY, reaching $33.84M last quarter. TTM EBITDA of $-10.96M and TTM operating income of $-16.05M show growth is flowing through to the bottom line. However, net income is negative at $458,000 — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 73.5%
EBITDA Margin: -0.2%
Op. Margin: -4.7%
Net Margin: -4.4%

Op. margin of -4.7% is up 10.0% YoY — cost efficiency is improving. Net margin at -4.4% and gross margin of 73.5% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 68% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 2.4x
P/B Ratio: N/A

P/S of 2.4x and P/B of 0.0x.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $143.57M
Cash: $23.31M
Long-Term Debt: N/A
Book Value: $-74.37M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $7.74M
TTM Free Cash Flow: $10.59M
FCF Margin: 8.1%
FCF / Net Income: -23.1

TTM FCF of $10.59M on $7.74M in operating cash flow. The FCF / Net Income ratio of -23.1x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is up 617% — an improving trend.