Backblaze (BLZE) Stock Fundamentals, Analysis & Risk Signals

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

Backblaze

NasdaqGM•Technology•Software - Infrastructure

$13.89+0.44(0.03%)Pre-market

Market Cap

$838.35M

P/S

5.4x

P/B

9.5x

Backblaze, Inc., a cloud storage platform, provides businesses and consumers cloud services to store, use, and protect data in the United States, the United Kingdom, Canada, and internationally. The company offers cloud services through a web-scale software infrastructure built on commodity hardware. It also provides B2 Cloud Storage, which enables customers to store data, developers to build applications, and partners to expand their use cases. In addition, the company offers cloud storage solutions for a range of cases, such as public, hybrid, and multi-cloud data storage; application development and DevOps; content delivery and edge computing; security and ransomware protection; media management; backup, archive, and tape replacement; and Internet of Things. Further, it provides computer backup that automatically backs up data from laptops and desktops for businesses and individuals, which offers a subscription-based software-as-a-service and serves use cases, including MAC and PC backup; ransomware protection; theft and loss recovery; data archiving; organization and managed service provider level management; and remote access. The company serves individuals, developers, MSPS, small and medium-sized businesses, and large enterprises across industries, including media, AI innovators, creative agencies, academic institutions, government agencies, research institutes, and gaming companies. Backblaze, Inc. was incorporated in 2007 and is headquartered in San Francisco, California.

How this company scores

WeakMetricSide Score: 57/100

Grade capped at D — Interest coverage below 1× (-3.5x) — earnings cannot cover interest. Strongest: Growth (18/25); weakest: Balance Sheet & Red Flags (7/25).

Profitability15/25

Growth18/25

Balance Sheet & Red Flags7/25

Cash & Earnings Quality17/25

Strengths

Rising free cash flowConsistent free cash flowProfit converts from growthConsistent growth

Grade capped at D

Interest coverage below 1× (-3.5x) — earnings cannot cover interest.

Valuation vs. 5-year range

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

P/S · 5.4x5y range 1.3x – 5.4x

Currently above its 17-quarter median.

P/B · 9.5x5y range 1.9x – 9.5x

Currently above its 19-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

FCF consistently trails net income (avg -0.8x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $838.35M

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $156.30M
Q. Revenue: $42.71M
TTM EBITDA: $16.08M
TTM Op. Income: $-17.51M
Q. Op. Income: $-4.17M
TTM Net Income: $-20.43M
Q. Net Income: $-5.09M
EPS: $-0.08
Shares Out.: $60.79M

$156.30M in TTM revenue grew 13.9% YoY, reaching $42.71M last quarter. TTM EBITDA of $16.08M and TTM operating income of $-17.51M show growth is flowing through to the bottom line. However, net income is negative at $20.43M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 62.8%
EBITDA Margin: -2.8%
Op. Margin: -9.8%
Net Margin: -11.9%

Op. margin of -9.8% is up 8.7% YoY — cost efficiency is improving. Net margin at -11.9% and gross margin of 62.8% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 47% — 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: 5.4x
P/B Ratio: 9.5x

P/S of 5.4x and P/B of 9.5x.

Assets & Liabilities

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

Total Assets: $223.84M
Cash: $32.43M
Long-Term Debt: N/A
Book Value: $88.54M
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: $10.43M
TTM Free Cash Flow: $23.98M
FCF Margin: 15.3%
FCF / Net Income: -1.2

TTM FCF of $23.98M on $10.43M in operating cash flow. The FCF / Net Income ratio of -1.2x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is up 84% — an improving trend.