Latest Ratios: P/E Ratio -34.4x · EV/EBITDA 187.9x · ROE -31.8%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $951M | $262M | $262M | $273M | $195M | $513M | — | — |
| Enterprise Value | $1.0B | $315M | $263M | $307M | $234M | $442M | — | — |
| P/E Ratio → | -34.43 | — | — | — | — | — | — | — |
| P/S Ratio | 6.52 | 1.80 | 2.05 | 2.68 | 2.29 | 7.61 | — | — |
| P/B Ratio | 10.70 | 3.15 | 3.38 | 6.08 | 2.83 | 5.37 | — | — |
| P/FCF | 50.43 | 13.90 | 24.28 | — | — | — | — | — |
| P/OCF | 40.38 | 11.13 | 20.96 | — | — | 145.80 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.16 | 2.06 | 3.01 | 2.74 | 6.54 | — | — |
| EV / EBITDA | 187.90 | 58.91 | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | 16.68 | 24.34 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.9% | 60.9% | 54.3% | 48.9% | 51.5% | 50.9% | 52.0% | 50.6% |
| Operating Margin | -13.8% | -13.8% | -36.3% | -56.8% | -56.5% | -27.9% | -6.9% | 2.3% |
| Net Profit Margin | -17.6% | -17.6% | -38.0% | -58.5% | -60.4% | -32.2% | -12.3% | -2.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -31.8% | -31.8% | -79.2% | -105.0% | -62.6% | -49.0% | — | — |
| ROA | -14.2% | -14.2% | -32.3% | -42.0% | -32.5% | -19.9% | -14.2% | -2.6% |
| ROIC | -14.1% | -14.1% | -44.3% | -46.7% | -54.9% | -66.4% | -21.7% | 9.9% |
| ROCE | -16.9% | -16.9% | -50.5% | -67.8% | -44.8% | -27.5% | -26.2% | 9.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.98 | 0.98 | 0.60 | 1.02 | 0.66 | 0.35 | — | — |
| Debt / EBITDA | 15.31 | 15.31 | — | — | — | — | 3.41 | 1.63 |
| Net Debt / Equity | — | 0.63 | 0.01 | 0.74 | 0.56 | -0.75 | — | — |
| Net Debt / EBITDA | 9.85 | 9.85 | — | — | — | — | 2.76 | 0.95 |
| Debt / FCF | — | 2.79 | 0.05 | — | — | — | 3.24 | 1.02 |
| Interest Coverage | -5.60 | -5.60 | -12.27 | -14.75 | -10.99 | -4.88 | -1.29 | 0.49 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.07 | 1.07 | 1.10 | 0.67 | 1.32 | 2.47 | 0.25 | 0.32 |
| Quick Ratio | 1.07 | 1.07 | 1.10 | 0.67 | 1.32 | 2.47 | 0.25 | 0.32 |
| Cash Ratio | 0.83 | 0.83 | 0.92 | 0.51 | 1.16 | 2.33 | 0.17 | 0.25 |
| Asset Turnover | — | 0.76 | 0.76 | 0.77 | 0.56 | 0.41 | 0.99 | 1.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 8.71 | 17.28 | 15.92 | 13.45 | 9.83 | 8.94 | 9.92 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | 2.0% | 7.2% | 4.1% | — | — | — | — | — |
| Buyback Yield | 0.2% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.2% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $56M | $44M | $36M | $32M | $30M | $30M | $19M |
High Operating Leverage Sensitivity
As reported in financial statements, Backblaze trades at a price-to-sales multiple of 5.99, which appears elevated given the company's negative net margins and decelerating revenue growth, suggesting that investors are pricing in significant future scale rather than current fundamental performance relative to its infrastructure-heavy peer group.
The forward P/E of 136.84 implies that the market expects a rapid transition to profitability that may not be fully supported by current operational trends. This valuation premium warrants caution, as it assumes a level of margin expansion that remains unproven in the face of intense competition from hyperscale cloud providers.
Based on recent SEC filings, Backblaze's ROIC has remained consistently negative, reaching -3.1% in 2026Q1, which indicates that the company is currently destroying shareholder value through its capital-intensive infrastructure investments rather than compounding returns on its deployed storage assets.
The persistent negative ROIC reflects the heavy burden of depreciation on storage hardware and the significant R&D required to maintain a competitive software-defined stack. Until the company can achieve sufficient scale to offset these fixed costs, it is unlikely to generate positive economic value added for its investors.
According to the provided quarterly data, Backblaze's asset turnover ratio has remained stagnant at approximately 0.20, highlighting the structural difficulty of generating high revenue volume from a balance sheet dominated by physical data center assets compared to more capital-light software peers.
This low turnover ratio suggests that each dollar of investment in storage infrastructure yields limited immediate revenue, reinforcing the company's status as an industrial-style technology provider. Investors should monitor whether future software-led growth can improve this metric without requiring proportional increases in physical hardware deployment.
As evidenced by the quarterly balance sheet data, the company's current ratio of 1.05 in 2026Q1 indicates a narrow margin of safety, leaving Backblaze with limited flexibility to navigate potential operational shocks or sudden increases in hardware procurement costs without seeking additional external financing.
The reliance on a thin liquidity buffer is particularly concerning given the company's history of negative operating margins and the capital-intensive nature of its business model. Any disruption in cash flow generation could force management to prioritize debt service over necessary infrastructure maintenance or growth initiatives.
The most commonly misapplied metric for Backblaze is the standard SaaS-based P/S multiple, which obscures the company's high fixed-cost infrastructure requirements and capital-intensive depreciation schedule that fundamentally differentiate it from pure-play software companies with high incremental margins.
Investors should instead focus on EV/EBITDA or FCF-based valuation, as these metrics better account for the significant non-cash depreciation charges that distort net income. Relying on P/S ratios risks overestimating the company's profitability potential by ignoring the physical reality of its storage-as-a-service business model.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying BLZE stock.
Backblaze, Inc.'s current P/E ratio is -34.4x. This places it at the 50th percentile of its historical range.
Backblaze, Inc.'s current EV/EBITDA is 187.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 58.9x.
Backblaze, Inc.'s return on equity (ROE) is -31.8%. The historical average is -65.5%.
Based on historical data, Backblaze, Inc. is trading at a P/E of -34.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Backblaze, Inc. has 60.9% gross margin and -13.8% operating margin.
Backblaze, Inc.'s Debt/EBITDA ratio is 15.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.