Backblaze, Inc. (BLZE) Key Metrics
BLZE valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $532.3M
- Enterprise value
- $902.6M
- P/E (TTM)
- —
- Forward P/E
- 82.6
- PEG ratio
- —
- Price / sales
- 3.4 10-yr median 2.3
- Price / book
- 9.8 10-yr median 3.4
- EV / EBITDA
- 87.2
- Dividend yield
- —
- Beta
- 1.57
BLZE key metrics, 2019–2025
Fiscal year ended December 31, 2025 · U.S. dollarsBLZE valuation Price multiples at each fiscal year-end price.
BLZE returns How much profit the business earns on the capital it uses.
BLZE per-share figures Results divided by the shares outstanding at year-end.
BLZE financial health Debt, liquidity and how easily interest is covered.
BLZE efficiency & capital use Working capital cycle and where the cash goes.
BLZE valuation history
BLZE returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
BLZE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
BLZE cash returned to shareholders
BLZE price vs earnings per share
BLZE key metrics
2019–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Valuation | |||||||
| Market capitalization | $261.9M | $262.1M | $273.3M | $194.7M | $513.2M | — | — |
| Enterprise value | $272.1M | $253.6M | $290.0M | $174.8M | $441.6M | — | — |
| Price / sales | 1.8 | 2.1 | 2.7 | 2.3 | 7.6 | — | — |
| Price / book | 3.1 | 3.4 | 6.1 | 2.8 | 5.4 | — | — |
| Price / free cash flow | 23.2 | 24.3 | — | — | — | — | — |
| Price / operating cash flow | 11.1 | 21.0 | — | — | 145.8 | — | — |
| EV / sales | 1.9 | 2.0 | 2.8 | 2.1 | 6.5 | — | — |
| EV / EBITDA | 69.3 | — | — | — | — | — | — |
| EV / free cash flow | 24.1 | 23.5 | — | — | — | — | — |
| Earnings yield | −9.8% | −18.5% | −21.8% | −26.4% | −4.2% | — | — |
| Free cash flow yield | 4.3% | 4.1% | −10.1% | −15.3% | −1.5% | — | — |
| Dividend yield | — | — | — | 0.1% | — | — | — |
| Shareholder yield (dividends + buybacks) | 0.8% | 0.0% | 0.0% | 0.1% | 0.0% | — | — |
| Share price at fiscal year-end | $4.66 | $6.02 | $7.59 | $6.15 | $16.89 | — | — |
| Per share | |||||||
| Revenue per share | $2.59 | $2.93 | $2.83 | $2.69 | $2.22 | $1.78 | $2.19 |
| Earnings per share | −$0.46 | −$1.11 | −$1.66 | −$1.62 | −$0.71 | −$0.22 | −$0.05 |
| Operating cash flow per share | $0.42 | $0.29 | −$0.20 | −$0.44 | $0.12 | $0.42 | $0.71 |
| Free cash flow per share | $0.20 | $0.25 | −$0.77 | −$0.94 | −$0.25 | $0.26 | $0.52 |
| Cash per share | $0.91 | $1.26 | $0.81 | $2.07 | $3.45 | $0.20 | $0.38 |
| Book value per share | $1.48 | $1.78 | $1.25 | $2.17 | $3.14 | −$0.23 | −$0.14 |
| Tangible book value per share | $0.75 | $0.82 | $0.34 | $1.64 | $2.89 | −$0.41 | −$0.35 |
| Dividends per share | — | — | — | $0.00 | — | — | — |
| Capex per share | $0.22 | $0.04 | $0.56 | $0.50 | $0.37 | $0.16 | $0.19 |
| Debt per share | $1.10 | $1.06 | $1.28 | $1.44 | $1.09 | $1.04 | $0.90 |
| Shares outstanding | 56.2M | 43.5M | 36.0M | 31.7M | 30.4M | 30.3M | 18.6M |
| Change in shares outstanding | +29.1% | +20.9% | +13.7% | +4.2% | +0.3% | +62.9% | — |
| Returns & profitability | |||||||
| Return on equity (ROE) | −31.8% | −79.2% | −105.0% | −62.6% | −49.0% | — | — |
| Return on invested capital (ROIC) | −23.0% | −56.0% | −82.9% | −104.6% | −69.9% | −22.9% | 10.4% |
| Return on assets (ROA) | −14.2% | −32.3% | −42.0% | −32.5% | −19.9% | −14.2% | −2.6% |
| Return on tangible assets | −17.0% | −38.3% | −60.2% | −37.9% | −13.9% | −13.6% | −2.9% |
| Free cash flow margin | 7.7% | 8.5% | −27.0% | −35.0% | −11.4% | 14.6% | 23.6% |
| Financial health | |||||||
| Total debt | $61.6M | $46.3M | $46.0M | $45.5M | $33.2M | $31.5M | $16.8M |
| Cash & short-term investments | $51.4M | $54.9M | $29.3M | $65.4M | $104.8M | $6.1M | $7.0M |
| Net debt | $10.2M | −$8.6M | $16.7M | −$19.9M | −$71.6M | $25.4M | $9.8M |
| Debt / equity | 0.74 | 0.60 | 1.02 | 0.66 | 0.35 | — | — |
| Debt / assets | 0.32 | 0.27 | 0.35 | 0.30 | 0.20 | 0.58 | 0.43 |
| Net debt / EBITDA | 2.60 | — | — | — | — | 2.76 | 0.95 |
| Current ratio | 1.07 | 1.10 | 0.67 | 1.32 | 2.47 | 0.25 | 0.32 |
| Quick ratio | 1.07 | 1.10 | 0.67 | 1.32 | 2.35 | 0.23 | 0.29 |
| Interest coverage | -6.1 | -12.7 | -15.3 | -11.2 | -5.1 | -1.3 | 0.5 |
| Working capital | $4.1M | $5.9M | −$18.6M | $18.1M | $66.0M | −$27.1M | −$19.2M |
| Invested capital | $93.4M | $69.0M | $61.6M | $48.8M | $23.9M | $18.6M | $7.2M |
| Tangible asset value | $42.4M | $35.8M | $12.4M | $52.0M | $87.8M | −$12.5M | −$6.5M |
| Net current asset value | −$42.9M | −$25.2M | −$48.2M | −$9.3M | $43.0M | −$52.1M | −$32.1M |
| Graham net-net per share | −$0.91 | −$0.72 | −$1.50 | −$0.50 | $1.34 | −$1.77 | −$1.77 |
| Capital allocation | |||||||
| Dividends paid | — | — | — | $130,000 | — | — | — |
| Share buybacks (net) | $2.0M | $0 | $0 | $130,000 | $0 | — | — |
| Dividends + buybacks / free cash flow | 17.6% | 0.0% | — | — | — | — | — |
| Capex / revenue | 8.4% | 1.3% | 19.8% | 18.8% | 16.6% | 9.2% | 8.8% |
| Capex / operating cash flow | 52.1% | 13.7% | — | — | 317.9% | 38.8% | 27.1% |
| Capex / depreciation | 0.48 | 0.06 | 0.81 | 0.79 | 0.69 | 0.38 | 0.38 |
| Stock-based compensation / revenue | 18.1% | 22.4% | 24.7% | 20.0% | 8.3% | 3.5% | 3.4% |
| R&D / revenue | 31.6% | 33.0% | 38.7% | 38.9% | 30.4% | 24.3% | 20.7% |
| SG&A / revenue | 45.5% | 57.6% | 66.9% | 69.1% | 48.3% | 34.7% | 27.6% |
| Efficiency | |||||||
| Days sales outstanding | 17.4 | 15.0 | 13.6 | 10.6 | 8.5 | 8.2 | 9.9 |
| Days of inventory on hand | — | — | — | — | 33.7 | 14.2 | 18.0 |
| Days payables outstanding | 9.7 | 10.7 | 18.4 | 23.7 | 20.8 | 23.1 | 28.2 |
| Cash conversion cycle (days) | 7.6 | 4.3 | -4.8 | -13.1 | 21.4 | -0.7 | -0.2 |
| Receivables turnover | 21.01 | 24.33 | 26.89 | 34.37 | 43.04 | 44.36 | 36.81 |
| Payables turnover | 37.44 | 33.97 | 19.85 | 15.41 | 17.51 | 15.81 | 12.96 |
| Inventory turnover | — | — | — | — | 10.83 | 25.76 | 20.25 |
| Asset turnover | 0.81 | 0.85 | 0.72 | 0.54 | 0.62 | 1.16 | 1.05 |
| Average receivables | $6.9M | $5.2M | $3.8M | $2.5M | $1.6M | $1.2M | $1.1M |
| Average payables | $1.5M | $1.7M | $2.6M | $2.7M | $1.9M | $1.6M | $1.6M |
| Average inventory | — | — | — | — | $3.1M | $1.0M | $994,000 |
| Intangibles / total assets | 21.3% | 24.8% | 24.7% | 11.0% | 4.7% | 10.4% | 10.0% |
Computed from BLZE's annual financial statements (latest annual report filed March 10, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
BLZE valuation and financial ratios
Backblaze earned a return on equity of −31.8% and a return on invested capital of −23.0% in fiscal 2025. It ended the year with $61.6 million of debt and $51.4 million in cash and short-term investments, net debt of $10.2 million. It returned $2.0 million to shareholders: $0 in dividends and $2.0 million in share buybacks, 18% of free cash flow. The share count rose 202.1% from 18.6M to 56.2M over 6 years.
See the BLZE income statement, the BLZE chart for price history, or the BLZE stock overview for the latest quote and news.
BLZE key metrics FAQ
What is Backblaze's EV/EBITDA?
Backblaze's enterprise value was 69.3 times EBITDA at the end of fiscal 2025 (enterprise value $272.1 million, EBITDA $3.9 million); the current EV/EBITDA is 87.2.
What is Backblaze's return on equity?
Backblaze's return on equity (ROE) was −31.8% in fiscal 2025: net income of -$25.6 million on average shareholders' equity of $80.4 million.
What is Backblaze's ROIC?
Backblaze's return on invested capital was −23.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Backblaze have?
Backblaze had total debt of $61.6 million at the end of fiscal 2025, a debt-to-equity ratio of 0.74 and $10.2 million of net debt (2.60 times EBITDA).
Does Backblaze buy back its shares?
Yes. Backblaze spent $2.0 million on net share repurchases in fiscal 2025 Shares outstanding changed +29.1% over the year, to 56.2M..
What is Backblaze's free cash flow yield?
Backblaze generated $11.3 million of free cash flow in fiscal 2025, a free cash flow yield of 4.3% on its market value at year-end ($261.9 million).
What is Backblaze's current ratio?
Backblaze's current ratio was 1.07 at the end of fiscal 2025: current assets were 1.07 times current liabilities.