BLZENasdaqServices-Prepackaged SoftwareFiscal year ends December 31
Backblaze, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 3, 2026
$9.29+0.69 (+8.02%)
Close on Oct 19, 2026
- Market cap
- $564.78M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2019 to 2025
Gross margin
60.9%+8.9 pts over 5 years
Operating margin
-16.2%−9.3 pts over 5 years
Net margin
-17.6%−5.2 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 | +14.3% | +19.6% | +22.1% | – | |
| Gross profit | +28.0% | +26.5% | +26.0% | – | |
| Free cash flow | +74.6% | – | +12.0% | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 140.4% | -31.8% | |
| Return on assets | – | – | -14.2% | |
| Current ratio | – | 0.25 | 1.07 | |
| Interest coverage | – | -1.3× | -6.1× | |
| Capex to revenue | – | 4.0% | 3.2% | |
| Diluted shares | – | 19M | 56M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Backblaze generated $60.70M from operations and spent $28.81M on capital expenditure, dividends and share buybacks. 93% of that went back into the business.
Generated
$60.70M
Used
$28.81M
Capital expenditure$26.83M93%Dividends$00%Share buybacks$1.98M7%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-17.6%
×Asset turnover0.81×
×Equity multiplier2.24×
=Return on equity, FY2025-31.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -17.6% | 0.81× | 2.24× | -31.8% |
| FY2024 | -38.0% | 0.85× | 2.45× | -79.2% |
| FY2023 | -58.5% | 0.72× | 2.50× | -105.0% |
| FY2022 | -60.4% | 0.54× | 1.92× | -62.6% |
| FY2021 | -32.2% | 0.62× | 2.46× | -49.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$25.61M
- Cash generatingOperating cash flow above zero$23.54M
- Return on assets improvedROA up on the prior year-36.9% → -15.2%
- Earnings backed by cashOperating cash flow above net income$23.54M vs -$25.61M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.10 → 1.07
- No dilutionShare count did not rise44M → 56M
- Gross margin improvedGross margin up on the prior year54.33% → 60.89%
- More efficientAsset turnover rose0.97 → 0.87