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Backblaze, Inc.

BLZE NASDAQ Categories PDF
Technology · Software - Infrastructure · United States · Updated May 10, 8:16pm
$7.48
Price
$448.9M
Market Cap
346
Employees
1.41
Beta
Gleb Budman
CEO
Business Description

Backblaze, Inc., a storage cloud platform, provides businesses and consumers cloud services to store, use, and protect data in the United States and internationally. The company offers cloud services through a web-scale software infrastructure built on commodity hardware. It also provides Backblaze B2 Cloud Storage, which enables customers to store data, developers to build applications, and partners to expand their use cases. This service is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases, such as backups, multi-cloud, application development, and ransomware protection. In addition, the company offers Backblaze Computer Backup that automatically backs up data from laptops and desktops for businesses and individuals, which provides a subscription-based Software-as-a-Service and serves use cases, including computer backup, ransomware protection, theft and loss protection, and remote access. It serves the public cloud IaaS storage and Data-Protection-as-a-Service markets. The company was incorporated in 2007 and is headquartered in San Mateo, California.

Business History
Price Overview
Last updated: May 11, 2026 1:58pm (just now)
$7.22
-0.27 (-3.54%)
Day Range
$7.04 – $7.45
52-Week Range
$3.26 – $10.86
50-Day MA
$4.11
200-Day MA
$6.00
Volume
1,145,490.00
Analyst Price Targets
Low $4.50
Consensus $8.10
High $11.00
(11 analysts)
Share Structure
Outstanding 60,014,731.00
Float 56,565,540.00
Free Float 94.3%
High free float — 94.3% of shares trade freely, ~5.7% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALC
Stock Price / EPS (Diluted)
-16.26
Stock Price: $7.48
EPS (Diluted): -0.46
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
3.15
Stock Price: $7.48
Total Equity: $83.22M
Shares: 56,209,667
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
74.65
Market Cap: $448.91M
Total Debt: $40.29M
Cash: $29.18M
EBITDA: $3.83M
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$314.5M
Market Cap: $448.91M
Total Debt: $40.29M
Cash: $29.18M
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
60.9%
Gross Profit: $88.79M
Revenue: $145.84M
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
-13.8%
Operating Income: -$20.15M
Revenue: $145.84M
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
-17.6%
Net Income: -$25.61M
Revenue: $145.84M
ROE (Profit from shareholder equity)
API
Net Income / Total Equity
-27.2%
Net Income: -$25.61M
Total Equity: $83.22M
ROIC (Profit from all invested capital)
API
NOPAT / Invested Capital
-13.2%
Operating Income: -$20.15M
Tax Rate: -0.3%
Equity: $83.22M
Total Debt: $40.29M
Cash: $29.18M
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
1.07
Current Assets: $65.69M
Current Liabilities: $61.62M
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
0.48
Short-Term Debt: $20.13M
Long-Term Debt: $20.17M
Total Debt: $40.29M
Total Equity: $83.22M
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$2.59
Revenue: $145.84M
Shares: 56,209,667
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$1.48
Total Equity: $83.22M
Shares: 56,209,667
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$0.34
Operating CF: $23.54M
CapEx: -$4.69M
Shares: 56,209,667
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $7.48
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$25.61M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares BLZE against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Metric 2021 2022 2023 2024 2025
Revenue $67.5M $85.2M $102.0M $127.6M $145.8M
Cost of Revenue $33.1M $41.3M $52.2M $58.3M $57.0M
Gross Profit $34.3M $43.9M $49.9M $69.3M $88.8M
Operating Expenses $53.1M $92.0M $107.8M $115.6M $108.9M
Operating Income -$18.8M -$48.1M -$57.9M -$46.3M -$20.2M
Net Income -$21.7M -$51.4M -$59.7M -$48.5M -$25.6M
EBITDA -$1.6M -$27.0M -$31.0M -$16.5M $3.8M
EPS $-0.71 $-1.63 $-1.66 $-1.11 $-0.46
EPS (Diluted) — — — — —
Balance Sheet (Annual)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $104.8M $6.7M $12.5M $45.8M $29.2M
Total Current Assets $111.1M $74.4M $38.5M $65.7M $65.7M
Total Assets $163.6M $152.5M $131.7M $168.6M $191.8M
Current Liabilities $45.1M $56.3M $57.1M $59.8M $61.6M
Long-Term Debt $0 $4.3M $4.1M $0 $20.2M
Total Liabilities $68.1M $83.7M $86.7M $90.9M $108.6M
Total Equity $95.5M $68.7M $44.9M $77.6M $83.2M
Retained Earnings -$36.3M -$87.7M -$147.5M -$196.0M -$221.6M
Cash Flow (Annual)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow $3.5M -$13.8M -$7.4M $12.5M $23.5M
Capital Expenditure -$11.2M -$16.0M -$20.2M -$1.7M -$4.7M
Free Cash Flow -$7.7M -$29.8M -$27.6M $10.8M $18.9M
Acquisitions (net) $0 $0 $0 $0 $0
Debt Repayment — — — — —
Dividends Paid — — — — —
Stock Buybacks $0 $0 $0 $0 -$2.0M
Net Change in Cash $98.9M -$93.8M $5.5M $29.1M -$16.6M
Analyst Estimates (Annual)
Metric 2024 2025 2026 2027
Revenue $127.5M
$127.5M – $127.7M
 $145.7M
$145.5M – $145.8M
 $162.4M
$161.5M – $163.0M
 $178.6M
$168.1M – $186.9M
EBITDA -$19.1M
-$19.1M – -$19.1M
 -$21.8M
-$21.8M – -$21.8M
 -$24.3M
-$24.4M – -$24.2M
 -$26.7M
-$28.0M – -$25.2M
Net Income -$24.4M
-$25.8M – -$23.0M
 $4.2M
-$6.3M – $14.7M
 $5.5M
$2.2M – $8.7M
 $6.5M
$2.4M – $10.7M
EPS — — — —
Growth Trends (YoY %)
Metric 2022 2023 2024 2025
Revenue Growth +26.2% +19.8% +25.1% +14.3%
Gross Profit Growth +27.7% +13.7% +39.1% +28.0%
Operating Income Growth -156.0% -20.4% +20.1% +56.5%
Net Income Growth -136.8% -16.2% +18.7% +47.2%
EBITDA Growth -1,577.9% -14.9% +46.7% +123.2%
Insider Trading (Recent)
Date Insider Type Shares Price Value
2026-04-01 Suidan Marc A-Award 85,470.00 $0.00 $0
2026-04-01 Budman Gleb A-Award 128,205.00 $0.00 $0
2026-03-10 Spraggins Daniel A-Award 234,220.00 $0.00 $0
2026-03-10 Spraggins Daniel 0.00 $0.00 $0
2026-02-27 Suidan Marc A-Award 41,144.00 $0.00 $0
2026-02-27 Suidan Marc F-InKind 15,106.00 $3.76 $56,799
2026-02-27 Budman Gleb A-Award 74,602.00 $0.00 $0
2026-02-27 Budman Gleb F-InKind 26,767.00 $3.76 $100,644
2026-02-20 Suidan Marc F-InKind 7,721.00 $4.40 $33,972
2026-02-20 Budman Gleb F-InKind 21,002.00 $4.40 $92,409
2025-11-20 Suidan Marc F-InKind 6,708.00 $4.33 $29,046
2025-11-20 Budman Gleb F-InKind 27,793.00 $4.33 $120,344
2025-08-20 Budman Gleb F-InKind 20,468.00 $7.65 $156,580
2025-08-20 Suidan Marc F-InKind 26,835.00 $7.65 $205,288
2025-08-20 Cessna Tina F-InKind 6,428.00 $7.65 $49,174
2025-05-27 FRY EARL E A-Award 25,210.00 $0.00 $0
2025-05-27 D An Evelyn A-Award 25,210.00 $0.00 $0
2025-05-27 NELSON BARBARA H A-Award 25,210.00 $0.00 $0
2025-05-27 Carter-Miller Jocelyn A-Award 25,210.00 $0.00 $0
2025-05-20 Cessna Tina F-InKind 6,858.00 $5.33 $36,553
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My Notes personal — only you see this
Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.193 · 1946f027 · 2026-05-08 18:57:27