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BACKBLAZE INC-A (BLZE) Stock Fundamental Analysis

USA - NASDAQ:BLZE - US05637B1052 - Common Stock

9.64 USD
+0.09 (+0.94%)
Last: 9/17/2025, 10:07:05 AM
Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to BLZE. BLZE was compared to 86 industry peers in the IT Services industry. Both the profitability and financial health of BLZE have multiple concerns. BLZE is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

BLZE had negative earnings in the past year.
BLZE had a positive operating cash flow in the past year.
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 Return On Assets of -23.41%. This is amonst the worse of the industry: BLZE underperforms 82.56% of its industry peers.
Looking at the Return On Equity, with a value of -54.68%, BLZE is doing worse than 77.91% of the companies in the same industry.
Industry RankSector Rank
ROA -23.41%
ROE -54.68%
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

Looking at the Gross Margin, with a value of 57.25%, BLZE is in the better half of the industry, outperforming 76.74% of the companies in the same industry.
In the last couple of years the Gross Margin of BLZE has grown nicely.
The Profit Margin and Operating Margin are not available for BLZE so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM 57.25%
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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3

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.
The debt/assets ratio for BLZE has been reduced compared to a year ago.
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

BLZE has an Altman-Z score of 1.55. This is a bad value and indicates that BLZE is not financially healthy and even has some risk of bankruptcy.
BLZE's Altman-Z score of 1.55 is on the low side compared to the rest of the industry. BLZE is outperformed by 66.28% of its industry peers.
The Debt to FCF ratio of BLZE is 10.70, which is on the high side as it means it would take BLZE, 10.70 years of fcf income to pay off all of its debts.
BLZE has a Debt to FCF ratio of 10.70. This is comparable to the rest of the industry: BLZE outperforms 47.67% of its industry peers.
BLZE has a Debt/Equity ratio of 0.24. This is a healthy value indicating a solid balance between debt and equity.
The Debt to Equity ratio of BLZE (0.24) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.24
Debt/FCF 10.7
Altman-Z 1.55
ROIC/WACCN/A
WACC9.32%
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

A Current Ratio of 1.08 indicates that BLZE should not have too much problems paying its short term obligations.
BLZE has a Current ratio of 1.08. This is in the lower half of the industry: BLZE underperforms 74.42% of its industry peers.
A Quick Ratio of 1.08 indicates that BLZE should not have too much problems paying its short term obligations.
With a Quick ratio value of 1.08, BLZE is not doing good in the industry: 72.09% of the companies in the same industry are doing better.
Industry RankSector Rank
Current Ratio 1.08
Quick Ratio 1.08
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 21.24% over the past year.
Looking at the last year, BLZE shows a quite strong growth in Revenue. The Revenue has grown by 19.08% in the last year.
The Revenue has been growing by 25.65% on average over the past years. This is a very strong growth!
EPS 1Y (TTM)21.24%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%48%
Revenue 1Y (TTM)19.08%
Revenue growth 3Y23.67%
Revenue growth 5Y25.65%
Sales Q2Q%16.02%

3.2 Future

Based on estimates for the next years, BLZE will show a very strong growth in Earnings Per Share. The EPS will grow by 28.56% on average per year.
The Revenue is expected to grow by 15.45% on average over the next years. This is quite good.
EPS Next Y41.27%
EPS Next 2Y26.61%
EPS Next 3Y28.56%
EPS Next 5YN/A
Revenue Next Year14.57%
Revenue Next 2Y14.27%
Revenue Next 3Y15.45%
Revenue Next 5YN/A

3.3 Evolution

Although the future Revenue growth is still strong, it is not able to hold up the even more excellent growth rate of the past years.
BLZE Yearly Revenue VS EstimatesBLZE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2019 2020 2021 2022 2023 2024 2025 2026 2027 50M 100M 150M 200M
BLZE Yearly EPS VS EstimatesBLZE Yearly EPS VS EstimatesYearly EPS VS Estimates 2021 2022 2023 2024 2025 2026 2027 0 -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.
Also next year BLZE is expected to report negative earnings again, which makes the also the Forward Price/Earnings Ratio negative.
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 -20 40 60 80

4.2 Price Multiples

Compared to the rest of the industry, the Price/Free Cash Flow ratio of BLZE is on the same level as its industry peers.
Industry RankSector Rank
P/FCF 169.2
EV/EBITDA N/A
BLZE Per share dataBLZE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 1 2

4.3 Compensation for Growth

A more expensive valuation may be justified as BLZE's earnings are expected to grow with 28.56% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y26.61%
EPS Next 3Y28.56%

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0

5. Dividend

5.1 Amount

No dividends for BLZE!.
Industry RankSector Rank
Dividend Yield N/A

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BACKBLAZE INC-A

NASDAQ:BLZE (9/17/2025, 10:07:05 AM)

9.64

+0.09 (+0.94%)

Chartmill FA Rating
GICS IndustryGroupSoftware & Services
GICS IndustryIT Services
Earnings (Last)08-07 2025-08-07/bmo
Earnings (Next)11-05 2025-11-05/amc
Inst Owners42.65%
Inst Owner Change11.79%
Ins Owners3.83%
Ins Owner Change0.24%
Market Cap544.66M
Analysts85.33
Price Target11.53 (19.61%)
Short Float %2.36%
Short Ratio1.78
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)2
Avg EPS beat(2)19.62%
Min EPS beat(2)10.72%
Max EPS beat(2)28.53%
EPS beat(4)2
Avg EPS beat(4)-0.45%
Min EPS beat(4)-23.41%
Max EPS beat(4)28.53%
EPS beat(8)5
Avg EPS beat(8)7.96%
EPS beat(12)6
Avg EPS beat(12)4.14%
EPS beat(16)6
Avg EPS beat(16)-4.6%
Revenue beat(2)1
Avg Revenue beat(2)-0.2%
Min Revenue beat(2)-0.9%
Max Revenue beat(2)0.49%
Revenue beat(4)1
Avg Revenue beat(4)-1.11%
Min Revenue beat(4)-2.53%
Max Revenue beat(4)0.49%
Revenue beat(8)1
Avg Revenue beat(8)-0.98%
Revenue beat(12)1
Avg Revenue beat(12)-1.01%
Revenue beat(16)2
Avg Revenue beat(16)-0.73%
PT rev (1m)2.84%
PT rev (3m)-3.42%
EPS NQ rev (1m)6.02%
EPS NQ rev (3m)17.02%
EPS NY rev (1m)8.14%
EPS NY rev (3m)10.23%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.92%
Revenue NY rev (1m)0.6%
Revenue NY rev (3m)0.61%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 3.97
P/FCF 169.2
P/OCF 35.48
P/B 6.84
P/tB 14.54
EV/EBITDA N/A
EPS(TTM)-0.89
EYN/A
EPS(NY)-0.39
Fwd EYN/A
FCF(TTM)0.06
FCFY0.59%
OCF(TTM)0.27
OCFY2.82%
SpS2.43
BVpS1.41
TBVpS0.66
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -23.41%
ROE -54.68%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 57.25%
FCFM 2.34%
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 Turnover0.74
Health
Industry RankSector Rank
Debt/Equity 0.24
Debt/FCF 10.7
Debt/EBITDA N/A
Cap/Depr 43.91%
Cap/Sales 8.84%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 1.08
Quick Ratio 1.08
Altman-Z 1.55
F-Score6
WACC9.32%
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)21.24%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%48%
EPS Next Y41.27%
EPS Next 2Y26.61%
EPS Next 3Y28.56%
EPS Next 5YN/A
Revenue 1Y (TTM)19.08%
Revenue growth 3Y23.67%
Revenue growth 5Y25.65%
Sales Q2Q%16.02%
Revenue Next Year14.57%
Revenue Next 2Y14.27%
Revenue Next 3Y15.45%
Revenue Next 5YN/A
EBIT growth 1Y21.36%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year260.52%
EBIT Next 3Y70.95%
EBIT Next 5YN/A
FCF growth 1Y108.15%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y195.82%
OCF growth 3Y52.59%
OCF growth 5Y-1.08%