Latest Ratios: P/E Ratio -20.0x · EV/EBITDA N/A · ROE -23.9%. (2020–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.7B | $2.2B | $4.7B | $5.3B | $3.0B | $4.7B | — | — |
| Enterprise Value | $2.7B | $2.2B | $4.7B | $5.3B | $3.0B | $4.2B | — | — |
| P/E Ratio → | -20.00 | — | — | — | — | — | — | — |
| P/S Ratio | 3.72 | 3.04 | 7.92 | 11.24 | 8.51 | 19.54 | — | — |
| P/B Ratio | 4.22 | 3.60 | 9.90 | 11.93 | 6.77 | 9.21 | — | — |
| P/FCF | 44.43 | 36.32 | 200.40 | — | — | — | — | — |
| P/OCF | 38.47 | 31.45 | 128.10 | 774.03 | — | — | — | — |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.99 | 7.93 | 11.29 | 8.47 | 17.52 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | 35.65 | 200.59 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.1% | 67.1% | 69.1% | 68.7% | 67.4% | 67.0% | 63.7% | 63.0% |
| Operating Margin | -19.6% | -19.6% | -20.6% | -30.7% | -41.7% | -32.9% | -21.4% | -34.8% |
| Net Profit Margin | -17.8% | -17.8% | -17.5% | -27.4% | -39.1% | -32.2% | -21.3% | -33.0% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| ROE | -23.9% | -23.9% | -22.6% | -29.0% | -29.2% | -38.5% | — | — |
| ROA | -13.2% | -13.2% | -12.3% | -17.0% | -20.3% | -18.3% | -19.7% | -20.8% |
| ROIC | -20.5% | -20.5% | -19.4% | -24.2% | -48.8% | -226.6% | — | — |
| ROCE | -23.4% | -23.4% | -22.9% | -28.7% | -29.8% | -27.1% | -40.4% | -37.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.13 | 0.13 | 0.18 | 0.20 | 0.11 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.07 | 0.01 | 0.05 | -0.04 | -0.95 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -0.67 | 0.19 | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | -211.95 | -93.19 | — |
Net cash position: cash ($124M) exceeds total debt ($83M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.35 | 1.35 | 1.98 | 2.08 | 2.68 | 3.80 | 1.32 | 1.98 |
| Quick Ratio | 1.35 | 1.35 | 1.98 | 2.08 | 2.68 | 3.65 | 1.32 | 1.98 |
| Cash Ratio | 0.98 | 0.98 | 1.58 | 1.64 | 2.20 | 3.21 | 0.86 | 1.43 |
| Asset Turnover | — | 0.66 | 0.68 | 0.58 | 0.50 | 0.36 | 0.88 | 0.63 |
| Inventory Turnover | — | — | — | — | — | 3.15 | — | — |
| Days Sales Outstanding | — | 60.50 | 62.72 | 75.27 | 80.45 | 98.91 | 84.50 | 88.14 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | 2.3% | 2.8% | 0.5% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $108M | $102M | $98M | $95M | $93M | $92M | $17M |
High Customer Acquisition Costs
Based on current market data, Braze trades at a forward P/E of 33.21 and a P/S of 3.21, suggesting that investors are pricing in significant long-term displacement of legacy marketing suites despite the company's current lack of GAAP profitability and negative trailing P/E of -17.23.
The valuation premium relative to traditional software peers appears to hinge on the market's belief that Braze's real-time data orchestration is a superior architectural moat. Investors should monitor whether the forward earnings multiple remains justified as the company attempts to transition from aggressive customer acquisition to sustained margin expansion.
As reported in recent financial statements, Braze's ROIC has remained consistently negative, fluctuating between -3.3% and -7.5% over the last ten quarters, which indicates that the company is currently prioritizing market share capture over the immediate generation of positive returns on its invested capital base.
The persistent negative ROIC suggests that the capital deployed into R&D and sales infrastructure has not yet reached an inflection point where it generates returns exceeding the cost of capital. This trend warrants further investigation into whether the company's unit economics can eventually support a positive return profile as the customer base matures.
According to historical financial data, Braze's asset turnover has remained stagnant at approximately 0.17 to 0.19, reflecting the capital-intensive nature of its enterprise-focused business model and the ongoing challenge of converting high-velocity data ingestion into meaningful revenue growth relative to the company's total asset base.
The stability in asset turnover suggests that revenue growth is currently tracking closely with the expansion of the company's asset base, rather than through significant improvements in operational efficiency. Investors should monitor the DSO trend, which has fluctuated between 46 and 61 days, as it indicates potential variability in the timing of enterprise collections.
Based on the latest quarterly filings, Braze maintains a current ratio of 1.24, which represents a tightening liquidity position compared to the 2.08 ratio observed in 2024Q4, indicating that the company is actively deploying its cash reserves to fund ongoing operational expansion and strategic capital allocation initiatives.
While the current ratio remains above parity, the downward trend suggests that the company is consuming its liquid assets to sustain its growth trajectory. This position appears adequate for current operations, but it leaves less room for error should the company face unexpected headwinds in its enterprise sales cycle or cloud hosting costs.
The P/E ratio is frequently misapplied to Braze's business model, as the metric fails to account for the heavy non-cash impact of stock-based compensation and the company's current phase of aggressive investment, which obscures the underlying cash-generating potential of its subscription-based platform.
Using P/E to evaluate a company in this growth stage ignores the significant divergence between GAAP net income and free cash flow. Analysts should instead focus on metrics like EV/Sales or free cash flow yield to better understand the company's valuation relative to its long-term revenue potential and cash-generating capabilities.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying BRZE stock.
Braze, Inc.'s current P/E ratio is -20.0x. This places it at the 50th percentile of its historical range.
Braze, Inc.'s return on equity (ROE) is -23.9%. The historical average is -28.6%.
Based on historical data, Braze, Inc. is trading at a P/E of -20.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Braze, Inc. has 67.1% gross margin and -19.6% operating margin.