Backblaze, Inc. (BLZE) AI Stock Analysis

Backblaze, Inc. operates a storage cloud platform delivering cloud services for businesses and consumers worldwide. The company uses web-scale software infrastructure on cost-effective commodity hardware. Its primary offerings include Backblaze B2 Cloud Storage, an Infrastructure-as-a-Service platform used for backups, multi-cloud setups, application building, and ransomware defense. It also offers Backblaze Computer Backup, a subscription-based Software-as-a-Service solution that automatically protects data on laptops and desktops from loss, theft, and ransomware. Backblaze operates across the public cloud IaaS storage sector and specializes in Data-Protection-as-a-Service.

Backblaze increased annual revenue from $67.5M in FY2021 to $145.8M in FY2025, generating a 5-year revenue CAGR of 22.1%. Revenue growth stood at 14.3% in FY2025 following a 25.1% increase in FY2024. Gross margin widened from 50.9% in FY2021 to 60.9% in FY2025. Operating margin improved from -56.8% in FY2023 to -16.2% in FY2025, while net losses narrowed from -$59.7M in FY2023 to -$25.6M in FY2025. Over the trailing twelve months ended June 30, 2026, revenue totaled $156.3M with quarterly revenue growth of 17.7% year-over-year, alongside an operating margin of -6.7% and EPS of -$0.36.

As of June 30, 2026, Backblaze held $49.9M in cash and short-term investments and $82.4M in total debt, resulting in net debt of $32.6M. Shareholders' equity was $88.5M, with a debt-to-equity ratio of 0.93 and a current ratio of 1.00. Operating cash flow improved to $23.5M in FY2025, supporting free cash flow of $11.3M. In FY2025, the company deployed $12.3M toward capital expenditures and spent $2.0M on share buybacks, while share count increased 143.1% over the past 5 years.

Backblaze holds a market cap of $532.3M and an enterprise value of $902.6M. The stock trades at a forward P/E of 82.6x and an EV/EBITDA of 87.2x, compared to the median of its US-listed Technology peers of 18.8x and 16.6x, respectively. Its price-to-sales multiple is 3.4x versus the peer median of 2.8x. Over the past year, Backblaze shares declined 9.3%, trailing the S&P 500 (SPY) gain of 16.8%, although the stock recorded a year-to-date return of 84.5% through October 16, 2026.

Backblaze carries 4 Strong Buy, 2 Buy, and 1 Hold recommendations from Wall Street analysts, with no Sell ratings. The mean price target is $22.83, which is 165.5% above the last close of $8.60 on October 16, 2026. For the fiscal year ending December 31, 2026, analysts estimate revenue of $173.0M and EPS of $0.24. For the following fiscal year, 5 analysts project revenue of $217.7M and EPS of $0.27. Backblaze beat EPS estimates in each of the last 4 quarters, and its next earnings date is November 2, 2026.

This page is an AI-written research summary of Backblaze, Inc. (BLZE). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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