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BACKBLAZE INC-A (BLZE) Stock Fundamental Analysis

NASDAQ:BLZE - Nasdaq - US05637B1052 - Common Stock - Currency: USD

5.98  +0.42 (+7.55%)

After market: 6.08 +0.1 (+1.67%)

Fundamental Rating

3

Taking everything into account, BLZE scores 3 out of 10 in our fundamental rating. BLZE was compared to 82 industry peers in the IT Services industry. BLZE may be in some trouble as it scores bad on both profitability and health. While showing a medium growth rate, BLZE is valued expensive at the moment.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

In the past year BLZE has reported negative net income.
In the past year BLZE had a positive cash flow from operations.
BLZE had negative earnings in each of the past 5 years.
In multiple years BLZE reported negative operating cash flow during the last 5 years.
BLZE Yearly Net Income VS EBIT VS OCF VS FCFBLZE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2019 2020 2021 2022 2023 2024 0 -20M -40M

1.2 Ratios

BLZE has a worse Return On Assets (-27.50%) than 80.49% of its industry peers.
With a Return On Equity value of -60.18%, BLZE is not doing good in the industry: 78.05% of the companies in the same industry are doing better.
Industry RankSector Rank
ROA -27.5%
ROE -60.18%
ROIC N/A
ROA(3y)-35.95%
ROA(5y)-26.65%
ROE(3y)-90.07%
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
BLZE Yearly ROA, ROE, ROICBLZE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2019 2020 2021 2022 2023 2024 0 -200 -400

1.3 Margins

BLZE has a Gross Margin of 55.03%. This is in the better half of the industry: BLZE outperforms 75.61% of its industry peers.
BLZE's Gross Margin has improved in the last couple of years.
BLZE does not have Profit Margin and Operating Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM 55.03%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y2.43%
GM growth 5Y1.57%
BLZE Yearly Profit, Operating, Gross MarginsBLZE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2019 2020 2021 2022 2023 2024 0 20 -20 40 -40 -60

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2

2. Health

2.1 Basic Checks

BLZE does not have a ROIC to compare to the WACC, probably because it is not profitable.
Compared to 1 year ago, BLZE has more shares outstanding
The number of shares outstanding for BLZE has been increased compared to 5 years ago.
Compared to 1 year ago, BLZE has an improved debt to assets ratio.
BLZE Yearly Shares OutstandingBLZE Yearly Shares OutstandingYearly Shares Outstanding 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M 50M
BLZE Yearly Total Debt VS Total AssetsBLZE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2019 2020 2021 2022 2023 2024 50M 100M 150M

2.2 Solvency

Based on the Altman-Z score of 0.33, we must say that BLZE is in the distress zone and has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 0.33, BLZE is doing worse than 73.17% of the companies in the same industry.
BLZE has a debt to FCF ratio of 32.95. This is a negative value and a sign of low solvency as BLZE would need 32.95 years to pay back of all of its debts.
The Debt to FCF ratio of BLZE (32.95) is worse than 63.41% of its industry peers.
A Debt/Equity ratio of 0.21 indicates that BLZE is not too dependend on debt financing.
BLZE has a better Debt to Equity ratio (0.21) than 60.98% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.21
Debt/FCF 32.95
Altman-Z 0.33
ROIC/WACCN/A
WACC9.9%
BLZE Yearly LT Debt VS Equity VS FCFBLZE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2019 2020 2021 2022 2023 2024 0 20M -20M 40M 60M 80M

2.3 Liquidity

BLZE has a Current Ratio of 1.09. This is a normal value and indicates that BLZE is financially healthy and should not expect problems in meeting its short term obligations.
BLZE has a Current ratio of 1.09. This is in the lower half of the industry: BLZE underperforms 70.73% of its industry peers.
A Quick Ratio of 1.09 indicates that BLZE should not have too much problems paying its short term obligations.
Looking at the Quick ratio, with a value of 1.09, BLZE is doing worse than 69.51% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.09
Quick Ratio 1.09
BLZE Yearly Current Assets VS Current LiabilitesBLZE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M

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6

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 21.71% over the past year.
The Revenue has grown by 21.80% in the past year. This is a very strong growth!
BLZE shows a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 25.65% yearly.
EPS 1Y (TTM)21.71%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-21.43%
Revenue 1Y (TTM)21.8%
Revenue growth 3Y23.67%
Revenue growth 5Y25.65%
Sales Q2Q%15.5%

3.2 Future

BLZE is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 25.73% yearly.
BLZE is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 13.92% yearly.
EPS Next Y34.58%
EPS Next 2Y25.73%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year13.36%
Revenue Next 2Y13.92%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

The estimated forward Revenue growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
BLZE Yearly Revenue VS EstimatesBLZE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2019 2020 2021 2022 2023 2024 2025 2026 50M 100M 150M
BLZE Yearly EPS VS EstimatesBLZE Yearly EPS VS EstimatesYearly EPS VS Estimates 2021 2022 2023 2024 2025 2026 -0.5 -1 -1.5

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1

4. Valuation

4.1 Price/Earnings Ratio

BLZE reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
Besides the negative Price/Earnings Ratio, also the Forward Price/Earnings Ratio is negative for BLZE. No positive earnings are expected for the next year.
Industry RankSector Rank
PE N/A
Fwd PE N/A
BLZE Price Earnings VS Forward Price EarningsBLZE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 20 40 60

4.2 Price Multiples

Based on the Price/Free Cash Flow ratio, BLZE is valued a bit more expensive than 62.20% of the companies in the same industry.
Industry RankSector Rank
P/FCF 333.12
EV/EBITDA N/A
BLZE Per share dataBLZE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 1 -1 2

4.3 Compensation for Growth

A more expensive valuation may be justified as BLZE's earnings are expected to grow with 25.73% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y25.73%
EPS Next 3YN/A

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0

5. Dividend

5.1 Amount

BLZE does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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BACKBLAZE INC-A

NASDAQ:BLZE (5/22/2025, 8:00:01 PM)

After market: 6.08 +0.1 (+1.67%)

5.98

+0.42 (+7.55%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSoftware & Services
GICS IndustryIT Services
Earnings (Last)05-07 2025-05-07/amc
Earnings (Next)08-06 2025-08-06/amc
Inst Owners38.23%
Inst Owner Change5.58%
Ins Owners4.72%
Ins Owner Change3.18%
Market Cap328.12M
Analysts84.62
Price Target11.93 (99.5%)
Short Float %3.13%
Short Ratio2.85
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-6.35%
Min EPS beat(2)-23.41%
Max EPS beat(2)10.72%
EPS beat(4)2
Avg EPS beat(4)-5.56%
Min EPS beat(4)-23.41%
Max EPS beat(4)10.72%
EPS beat(8)5
Avg EPS beat(8)5.07%
EPS beat(12)5
Avg EPS beat(12)1.2%
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)0
Avg Revenue beat(2)-1.71%
Min Revenue beat(2)-2.53%
Max Revenue beat(2)-0.9%
Revenue beat(4)0
Avg Revenue beat(4)-1.33%
Min Revenue beat(4)-2.53%
Max Revenue beat(4)-0.38%
Revenue beat(8)0
Avg Revenue beat(8)-1.12%
Revenue beat(12)0
Avg Revenue beat(12)-1.06%
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)-6.9%
EPS NQ rev (1m)0%
EPS NQ rev (3m)14.19%
EPS NY rev (1m)0%
EPS NY rev (3m)16.19%
Revenue NQ rev (1m)-0.42%
Revenue NQ rev (3m)-1.02%
Revenue NY rev (1m)-0.3%
Revenue NY rev (3m)-1.2%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 2.48
P/FCF 333.12
P/OCF 23.38
P/B 4.22
P/tB 9.21
EV/EBITDA N/A
EPS(TTM)-1.01
EYN/A
EPS(NY)-0.41
Fwd EYN/A
FCF(TTM)0.02
FCFY0.3%
OCF(TTM)0.26
OCFY4.28%
SpS2.41
BVpS1.42
TBVpS0.65
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -27.5%
ROE -60.18%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 55.03%
FCFM 0.74%
ROA(3y)-35.95%
ROA(5y)-26.65%
ROE(3y)-90.07%
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y2.43%
GM growth 5Y1.57%
F-Score6
Asset Turnover0.78
Health
Industry RankSector Rank
Debt/Equity 0.21
Debt/FCF 32.95
Debt/EBITDA N/A
Cap/Depr 44.71%
Cap/Sales 9.86%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 1.09
Quick Ratio 1.09
Altman-Z 0.33
F-Score6
WACC9.9%
ROIC/WACCN/A
Cap/Depr(3y)70.19%
Cap/Depr(5y)63.54%
Cap/Sales(3y)16.57%
Cap/Sales(5y)15.12%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)21.71%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-21.43%
EPS Next Y34.58%
EPS Next 2Y25.73%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)21.8%
Revenue growth 3Y23.67%
Revenue growth 5Y25.65%
Sales Q2Q%15.5%
Revenue Next Year13.36%
Revenue Next 2Y13.92%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y21.62%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year253.05%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y102.54%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y177.65%
OCF growth 3Y52.59%
OCF growth 5Y-1.08%