BLNDNYSEServices-Computer Programming, Data Processing, Etc.Fiscal year ends December 31
Blend Labs, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$0.99+0.09 (+9.63%)
Close on Oct 19, 2026
- Market cap
- $236.74M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
73.8%+9.5 pts over 5 years
Operating margin
-17.6%+60.8 pts over 5 years
Net margin
-5.5%+72.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +6.8% | -19.3% | +5.2% | – | |
| Gross profit | +9.5% | +0.6% | +8.1% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -50.0% | 15.7% | |
| Return on assets | – | – | -3.9% | |
| Current ratio | – | 5.31 | 2.53 | |
| Interest coverage | – | – | – | |
| Capex to revenue | – | 1.4% | 9.4% | |
| Diluted shares | – | 39M | 259M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Blend Labs generated $470.10M from operations and spent $50.32M on capital expenditure, dividends and share buybacks. 50% of that went back into the business.
Generated
$470.10M
Used
$50.32M
Capital expenditure$25.32M50%Dividends$00%Share buybacks$25.00M50%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-5.5%
×Asset turnover0.71×
×Equity multiplier-4.01×
=Return on equity, FY202515.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -5.5% | 0.71× | -4.01× | 15.7% |
| FY2024 | -37.4% | 0.60× | -5.08× | 114.7% |
| FY2023 | -163.1% | 0.34× | 6.15× | -343.9% |
| FY2022 | -306.2% | 0.30× | 1.72× | -160.4% |
| FY2021 | -72.5% | 0.35× | 1.42× | -36.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$6.80M
- Cash generatingOperating cash flow above zero$11.51M
- Return on assets improvedROA up on the prior year-21.0% → -3.8%
- Earnings backed by cashOperating cash flow above net income$11.51M vs -$6.80M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose3.47 → 2.53
- No dilutionShare count did not rise254M → 259M
- Gross margin improvedGross margin up on the prior year71.89% → 73.77%
- More efficientAsset turnover rose0.56 → 0.69