BLZE Stock Analysis: Backblaze | NASDAQ
Software - Infrastructure | NASDAQ, USA | Market Cap: 1.070m USD | 12M Return: 220.7% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 39.6M
Qual. Beats: 0
Rev. Trend: 99.0%
Qual. Beats: 1
Warnings
Tailwinds
Seasonality 4.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Backblaze, Inc. (NASDAQ: BLZE) is a cloud storage platform that serves both businesses and consumers across the United States, the United Kingdom, Canada, and other international markets. Founded in 2007 and headquartered in San Francisco, California, the company operates a web-scale software infrastructure built on commodity hardware, a design choice that distinguishes it from hyperscale cloud providers that rely largely on proprietary, custom-designed data center equipment.
The companys product portfolio centers on B2 Cloud Storage, an object storage service used by customers, developers, and partners for application development, backup, archiving, and other data-intensive use cases. Backblaze also offers a subscription-based computer backup service for Macs and PCs, targeting ransomware protection, theft and loss recovery, and remote access. Its customer base spans individuals, developers, managed service providers (MSPs), small and medium-sized businesses, and large enterprises across industries such as media, creative agencies, academic institutions, government, research, and gaming.
Backblaze competes in the cloud storage and data infrastructure segment of the broader information technology sector, a market traditionally dominated by hyperscale operators like Amazon Web Services, Microsoft Azure, and Google Cloud. As a smaller, publicly traded alternative, Backblaze went public on November 11, 2021, and is classified under the Application Software sub-industry within the GICS framework.
- B2 Cloud Storage revenue accelerates on enterprise AI demand
- Gross margins expand with commodity hardware infrastructure scale
- Competition from AWS S3 pressures backup subscription pricing
| 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 (16.9m) to EBITDA (6.28m): 2.68 < 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 55.03%; Δ 7.06% > 0.5%) |
| Asset Turnover: 82.62% > 50% (prev 77.73%; Δ 4.89% > 0%) |
| Interest Coverage Ratio: -4.31 > 6 (EBIT TTM -18.2m / Interest Expense TTM 4.22m) |
| 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: 0.78 (Book Value of Equity 84.6m / Total Liabilities 108.0m) |
| Altman-Z'' = -3.61 = D |
| DSRI: 2.12 (Receivables 4.26m/1.77m, Revenue 149.9m/132.3m) |
| GMI: 0.89 (GM 55.03% / 62.09%) |
| 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 = -2.17 (Cap -4..+1) = BB |
As of July 15, 2026, the stock is trading at USD 16.55 with a total of 1,691,580 shares traded. Over the past week, the price has changed by +4.48%, over one month by +104.07%, over three months by +362.29% and over the past year by +220.74%.
Current recommended Stop Loss: 15.10 (which is 8.8% or 1.2 ATR below the current price).
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
| Analysts Target Price | 15 | -9.4% |
P/E Forward = 188.6792
P/S = 7.1391
P/B = 11.6423
Revenue TTM = 149.9m USD
EBIT TTM = -18.2m USD
EBITDA TTM = 6.28m USD
Long Term Debt = 42.6m USD (estimated: total debt 62.4m - short term 19.7m)
Short Term Debt = 19.7m USD (from shortTermDebt, last quarter)
Debt = 62.4m USD (from shortLongTermDebtTotal, last quarter) (leases 62.4m already included)
Net Debt = 16.9m USD (calculated: Debt 62.4m - CCE 45.5m)
Enterprise Value = 1.09b USD (1.07b + Debt 62.4m - CCE 45.5m)
Interest Coverage Ratio = -4.31 (Ebit TTM -18.2m / Interest Expense TTM 4.22m)
EV/FCF = 80.51x (Enterprise Value 1.09b / FCF TTM 13.5m)
FCF Yield = 1.24% (FCF TTM 13.5m / Enterprise Value 1.09b)
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 = 5.64 (Enterprise Value 1.09b / Total Assets 192.7m)
Interest Expense / Debt = 6.77% (Interest Expense 4.22m / Debt 62.4m)
Taxrate = 21.0% (US federal 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 = 2.68 (Net Debt 16.9m / EBITDA 6.28m)
Debt / FCF = 1.25 (Net Debt 16.9m / 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 = -14.52% (EBIT -18.2m / Capital Employed (Equity 82.6m + L.T.Debt 42.6m))
RoIC = -9.91% (negative operating profit) (NOPAT -14.4m / Invested Capital 144.9m)
WACC = 16.50% (E(1.07b)/V(1.13b) * Re(17.15%) + D(62.4m)/V(1.13b) * Rd(6.77%) * (1-Tc(0.21)))
Discount Rate = 17.15% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: 95.66 | Cagr: 21.50%
[DCF] Terminal Value 56.06% ; FCFF base≈10.2m ; Y1≈11.7m ; Y5≈17.3m
[DCF] Fair Price = 1.47 (EV 105.1m - Net Debt 16.9m = Equity 88.2m / Shares 60.0m; r=16.50% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.44 | # QB: 0
Revenue Correlation: 99.04 | Revenue CAGR: 19.82% | SUE: 2.88 | # QB: 1
EPS current Quarter (2026-06-30): EPS=0.02 | Chg30d=N/A | Revisions=-25% | Analysts=7
EPS next Quarter (2026-09-30): EPS=0.03 | Chg30d=N/A | Revisions=-25% | Analysts=6
EPS current Year (2026-12-31): EPS=0.12 | Chg30d=-0.43% | Revisions=-25% | GrowthEPS=+66.0% | GrowthRev=+11.3%
EPS next Year (2027-12-31): EPS=0.15 | Chg30d=-7.39% | Revisions=+0% | GrowthEPS=+32.7% | GrowthRev=+15.3%
[Analyst] Revisions Ratio: -38% (up=1, down=4)