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Employees: 320
Size Backblaze (BLZE) is a United States Information Technology company (Computer Peripherals) with a market value of $523M, the 2660th largest of 3,117 United States companies the cockpit tracks. Shares closed at $8.27 on 6 Nov 2026.
Performance Over six months the shares gained 10.3%, against -11.3% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 16.9% over the last twelve months (peer median +5.1%); the operating margin is -4.4% (peer median 4.6%).
Valuation It trades at 26.7× forward earnings against a peer median of 18.3× (7th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +22%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 14.5 points below its cost of capital (10.3% WACC).
Backlog Backlog (remaining performance obligations) was $400M at 30 Sep 2026, up 768% on a year earlier — 2.4 years of trailing revenue. Backlog detail →
Credit Backblaze has 1 bond outstanding ($201M).
Short interest Short interest is 11.6% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $166M | $146M | $128M | $102M | $85.2M |
| Revenue growth | — | +14% | +25% | +20% | — |
| Gross profit | $104M | $88.9M | $69.8M | $49.9M | $43.9M |
| EBITDA | $20.0M | $4.99M | -$13.1M | -$29.4M | -$25.4M |
| Net income | -$19.0M | -$25.6M | -$48.5M | -$59.7M | -$51.4M |
| Free cash flow | $27.5M | $18.2M | $10.8M | -$12.9M | -$21.1M |
| Capital expenditure | $14.2M | $12.3M | $14.2M | $20.2M | $16.0M |
| Total debt | $287M | $61.6M | $46.3M | $46.9M | $47.0M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BLZE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -36.3% | -15.8% | 2nd lowest of 21 |
| 6-month return | +10.3% | -11.3% | 4th highest of 21 |
| Distance from 52-week high | -60.5% | -37.3% | lowest of 21 |
| Revenue growth (TTM) | +16.9% | +5.1% | 4th highest of 21 |
| Operating margin | -4.4% | 4.6% | 5th lowest of 21 |
| Forward P/E | 26.7× | 18.3× | 7th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 12.7% | 2.4% | 4th most demanding of 9 |
| Growth delivered (Del g) | +22.1% | +1.9% | highest of 9 |
| Hurdle (Req g minus delivered) | -9.4 pp | -4.8 pp | 2nd least demanding of 9 |
| ROIC minus cost of capital | -14.5 pp | -3.0 pp | 5th lowest of 20 |
| EV / EBITDA | 29.0× | 6.3× | 2nd most expensive of 10 |
| Net debt / EBITDA | 2.9× | -1.4× | 2nd most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Backblaze BLZE | United States | $523M | +10% | +17% | -4% | 26.7× | 12.7% | +22.1% |
| Taiwan Semiconductor 5425.TWO | Taiwan | $520M | +7% | +5% | 9% | 18.3× | 7.6% | +11.6% |
| Shenzhen Fluence Technology 300647.SZ | China | $517M | +7% | +12% | -20% | n/a | n/a | n/a |
| Sato 6287.T | Japan | $508M | +19% | +10% | 7% | 9.9× | -11.3% | +8.4% |
| Huasu 000509.SZ | China | $502M | -13% | -23% | -2% | n/a | n/a | n/a |
| Surfilter Network Technology 300311.SZ | China | $488M | -11% | +15% | 7% | n/a | n/a | n/a |
| Stratasys SSYS | United States | $565M | -25% | -3% | -14% | 45.9× | n/a | n/a |
| Newcapec Electronics 300248.SZ | China | $567M | -17% | +1% | 1% | 32.0× | 21.5% | +0.9% |
| Quantum QMCO | United States | $570M | +100% | +11% | 0% | 27.1× | n/a | n/a |
| Wacom 6727.T | Japan | $570M | -6% | -3% | 13% | 9.3× | -6.0% | +0.3% |
| Hanwang Technology 002362.SZ | China | $596M | -12% | -2% | -13% | 81.8× | n/a | n/a |
| Buffalo 6676.T | Japan | $458M | +23% | -19% | 8% | 9.3× | -10.5% | -2.0% |
| Chengdu Jiafaantai Education Technology 300559.SZ | China | $602M | -26% | -26% | 0% | 35.5× | 35.7% | -6.0% |
| Alpha Networks 3380.TW | Taiwan | $437M | -23% | +11% | 1% | 26.9× | n/a | n/a |
| Shenzhen Emperor Technology 300546.SZ | China | $434M | -22% | +8% | 3% | n/a | 38.7% | +7.9% |
| AAEON Technology 6579.TW | Taiwan | $633M | -10% | +30% | 9% | n/a | n/a | n/a |
| Riso Kagaku 6413.T | Japan | $418M | +3% | +5% | 6% | 16.2× | -2.7% | +2.9% |
| Apacer Technology 8271.TW | Taiwan | $655M | -28% | +182% | 31% | 2.1× | n/a | n/a |
| PC Partner PCT.SI | Singapore | $662M | +4% | +18% | 7% | 7.4× | n/a | n/a |
| Hebei Huijin 300368.SZ | China | $667M | -17% | -18% | -124% | n/a | n/a | n/a |
| Quanta Storage 6188.TWO | Taiwan | $409M | -45% | +3% | 7% | n/a | n/a | n/a |
Backblaze has 1 bond outstanding with $201M face value.
Backblaze reported $400M of remaining performance obligations at 30 Sep 2026, up 768% from a year earlier and up 1% from the previous quarter. That is 2.4 years of trailing revenue already under contract. Book-to-bill last quarter: 1.09.