(BLZE) Backblaze - Overview

Sector: Technology | Industry: Software - Infrastructure | Exchange: NASDAQ (USA) | Market Cap: 422m USD | Total Return: 40.1% in 12m

Cloud Storage, Data Backup, Object Storage, Ransomware Protection
Total Rating 51
Safety 39
Buy Signal 1.94
Software - Infrastructure
Industry Rotation: +18.2
Market Cap: 422M
Avg Turnover: 8.95M
Risk 3d forecast
Volatility87.0%
VaR 5th Pctl12.9%
VaR vs Median-12.8%
Reward TTM
Sharpe Ratio0.71
Rel. Str. IBD88.1
Rel. Str. Peer Group95.8
Character TTM
Beta3.120
Beta Downside2.988
Hurst Exponent0.573
Drawdowns 3y
Max DD72.02%
CAGR/Max DD0.29
CAGR/Mean DD0.58
EPS (Earnings per Share) EPS (Earnings per Share) of BLZE over the last years for every Quarter: "2021-03": -0.588, "2021-06": null, "2021-09": -0.32, "2021-12": -0.38, "2022-03": -0.41, "2022-06": -0.37, "2022-09": -0.4, "2022-12": -0.45, "2023-03": -0.5, "2023-06": -0.41, "2023-09": -0.44, "2023-12": -0.3, "2024-03": -0.14, "2024-06": -0.25, "2024-09": -0.29, "2024-12": -0.06, "2025-03": -0.0336, "2025-06": -0.13, "2025-09": 0.03, "2025-12": 0.06, "2026-03": 0.04,
EPS CAGR: 40.84%
EPS Trend: 90.9%
Last SUE: 0.53
Qual. Beats: 0
Revenue Revenue of BLZE over the last years for every Quarter: 2021-03: 15.312, 2021-06: 16.15, 2021-09: 17.32, 2021-12: 18.697, 2022-03: 19.49, 2022-06: 20.688, 2022-09: 22.051, 2022-12: 22.926, 2023-03: 23.394, 2023-06: 24.589, 2023-09: 25.299, 2023-12: 28.737, 2024-03: 29.968, 2024-06: 31.285, 2024-09: 32.589, 2024-12: 33.786, 2025-03: 34.613, 2025-06: 36.298, 2025-09: 37.162, 2025-12: 37.762, 2026-03: 38.666,
Rev. CAGR: 18.15%
Rev. Trend: 98.6%
Last SUE: 2.88
Qual. Beats: 1

Warnings

High Debt/EBITDA (5.7) with thin interest coverage (-4.3)

Interest Coverage Ratio -4.3 is critical

Altman Z'' -6.64 < 1.0 - financial distress zone

Tailwinds

Leader, Tailwind, Confidence

Description: BLZE Backblaze

Backblaze, Inc. (BLZE) operates a specialized cloud storage platform designed for data preservation and security. The company utilizes a proprietary software stack layered over commodity hardware to provide cost-efficient storage solutions for businesses and individual consumers. Its primary offerings include B2 Cloud Storage for developers and enterprises, alongside a subscription-based Software-as-a-Service (SaaS) model for automated computer backup.

The company operates within the infrastructure-as-a-service (IaaS) sector, competing by offering a simplified pricing structure compared to dominant hyperscale providers. This business model targets small to medium-sized businesses and creative industries that require high-capacity storage for media management, ransomware protection, and long-term archiving without complex egress fees.

Backblaze serves a diverse international client base spanning media, government, and AI research sectors. For a deeper look at the companys financial health, you might find ValueRays analysis useful. Headquartered in San Francisco, the firm focuses on public, hybrid, and multi-cloud environments to support modern DevOps and content delivery needs.

Headlines to Watch Out For
  • B2 Cloud Storage adoption accelerates as enterprises migrate from high-cost hyperscale providers
  • Subscription price increases across backup and storage tiers drive average revenue per user
  • Gross margin expansion depends on optimizing commodity hardware and data center efficiency
  • Strategic partnerships with independent software vendors enhance ecosystem customer acquisition
  • Growth in AI-driven workloads increases demand for high-performance object storage solutions
Piotroski VR‑10 (Strict) 5.0
Net Income: -22.4m TTM > 0 and > 6% of Revenue
FCF/TA: 0.07 > 0.02 and ΔFCF/TA 3.87 > 1.0
NWC/Revenue: 1.93% < 20% (prev 4.19%; Δ -2.25% < -1%)
CFO/TA 0.12 > 3% & CFO 22.5m > Net Income -22.4m
Net Debt (36.1m) to EBITDA (6.28m): 5.74 < 3
Current Ratio: 1.05 > 1.5 & < 3
Outstanding Shares: last quarter (59.3m) vs 12m ago 9.67% < -2%
Gross Margin: 62.09% > 18% (prev 0.55%; Δ 6.15k% > 0.5%)
Asset Turnover: 82.62% > 50% (prev 77.73%; Δ 4.89% > 0%)
Interest Coverage Ratio: -4.31 > 6 (EBITDA TTM 6.28m / Interest Expense TTM 4.22m)
Altman Z'' -6.64
A: 0.02 (Total Current Assets 62.8m - Total Current Liabilities 59.9m) / Total Assets 192.7m
B: -1.18 (Retained Earnings -227.7m / Total Assets 192.7m)
C: -0.10 (EBIT TTM -18.2m / Avg Total Assets 181.4m)
D: -2.11 (Book Value of Equity -227.7m / Total Liabilities 108.0m)
Altman-Z'' Score: -6.64 = D
Beneish M -2.39
DSRI: 2.12 (Receivables 4.26m/1.77m, Revenue 149.9m/132.3m)
GMI: 0.89 (GM 62.09% / 55.03%)
AQI: 0.93 (AQ_t 0.24 / AQ_t-1 0.26)
SGI: 1.13 (Revenue 149.9m / 132.3m)
TATA: -0.23 (NI -22.4m - CFO 22.5m) / TA 192.7m)
Beneish M-Score: -2.39 (Cap -4..+1) = BBB
What is the price of BLZE shares? As of May 19, 2026, the stock is trading at USD 7.41 with a total of 1,513,012 shares traded.
Over the past week, the price has changed by +3.64%, over one month by +79.42%, over three months by +71.93% and over the past year by +40.08%.
Is BLZE a buy, sell or hold? Backblaze has received a consensus analysts rating of 4.83. Therefore, it is recommended to buy BLZE.
  • StrongBuy: 5
  • Buy: 1
  • Hold: 0
  • Sell: 0
  • StrongSell: 0
What are the forecasts/targets for the BLZE price?
Analysts Target Price 9.3 26%
Backblaze (BLZE) - Fundamental Data Overview as of 19 May 2026
P/E Forward = 86.2069
P/S = 2.8148
P/B = 5.2965
Revenue TTM = 149.9m USD
EBIT TTM = -18.2m USD
EBITDA TTM = 6.28m USD
Long Term Debt = 62.4m USD (from capitalLeaseObligations, last quarter)
Short Term Debt = 19.7m USD (from shortTermDebt, last quarter)
Debt = 62.4m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 36.1m USD (from netDebt column, last quarter)
Enterprise Value = 438.8m USD (421.9m + Debt 62.4m - CCE 45.5m)
Interest Coverage Ratio = -4.31 (Ebit TTM -18.2m / Interest Expense TTM 4.22m)
EV/FCF = 32.50x (Enterprise Value 438.8m / FCF TTM 13.5m)
FCF Yield = 3.08% (FCF TTM 13.5m / Enterprise Value 438.8m)
FCF Margin = 9.01% (FCF TTM 13.5m / Revenue TTM 149.9m)
Net Margin = -14.97% (Net Income TTM -22.4m / Revenue TTM 149.9m)
Gross Margin = 62.09% ((Revenue TTM 149.9m - Cost of Revenue TTM 56.8m) / Revenue TTM)
Gross Margin QoQ = 60.85% (prev 62.03%)
Tobins Q-Ratio = 2.28 (Enterprise Value 438.8m / Total Assets 192.7m)
Interest Expense / Debt = 1.94% (Interest Expense 1.21m / Debt 62.4m)
Taxrate = 21.0% (US default 21%)
NOPAT = -14.4m (EBIT -18.2m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 1.05 (Total Current Assets 62.8m / Total Current Liabilities 59.9m)
Debt / Equity = 0.74 (Debt 62.4m / totalStockholderEquity, last quarter 84.6m)
Debt / EBITDA = 5.74 (Net Debt 36.1m / EBITDA 6.28m)
Debt / FCF = 2.67 (Net Debt 36.1m / FCF TTM 13.5m)
Total Stockholder Equity = 82.6m (last 4 quarters mean from totalStockholderEquity)
RoA = -12.37% (Net Income -22.4m / Total Assets 192.7m)
RoE = -27.17% (Net Income TTM -22.4m / Total Stockholder Equity 82.6m)
RoCE = -12.55% (EBIT -18.2m / Capital Employed (Equity 82.6m + L.T.Debt 62.4m))
 RoIC = -17.27% (negative operating profit) (NOPAT -14.4m / Invested Capital 83.2m)
 WACC = 14.97% (E(421.9m)/V(484.3m) * Re(16.96%) + D(62.4m)/V(484.3m) * Rd(1.94%) * (1-Tc(0.21)))
Discount Rate = 16.96% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 95.56 | Cagr: 21.50%
[DCF] Terminal Value 46.09% ; FCFF base≈10.2m ; Y1≈6.72m ; Y5≈3.07m
 [DCF] Fair Price = N/A (negative equity: EV 28.6m - Net Debt 36.1m = -7.52m; debt exceeds intrinsic value)
 EPS Correlation: 90.93 | EPS CAGR: 40.84% | SUE: 0.53 | # QB: 0
Revenue Correlation: 98.58 | Revenue CAGR: 18.15% | SUE: 2.88 | # QB: 1
EPS current Quarter (2026-06-30): EPS=0.02 | Chg30d=+882.35% | Revisions=+56% | Analysts=6
EPS next Quarter (2026-09-30): EPS=0.03 | Chg30d=+87.97% | Revisions=+43% | Analysts=4
EPS current Year (2026-12-31): EPS=0.12 | Chg30d=+217.98% | Revisions=+60% | GrowthEPS=+66.7% | GrowthRev=+11.3%
EPS next Year (2027-12-31): EPS=0.17 | Chg30d=+61.18% | Revisions=+60% | GrowthEPS=+42.7% | GrowthRev=+10.0%
[Analyst] Revisions Ratio: +60%