Backblaze, Inc. (BLZE) Stock

Backblaze, Inc. (BLZE) is a Technology stock trading at $15.81 (as of 2026-08-21), with a market capitalization of $978.95M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Backblaze, Inc. provides cloud storage and data-protection services for businesses and consumers, including Backblaze B2 Cloud Storage for storing data and building applications via an on-demand infrastructure service, and Backblaze Computer Backup, which automatically backs up laptops and desktops. Services are used for backup and protection use cases such as ransomware defense.

Understand Backblaze, Inc.: how it makes money

Backblaze provides cloud storage and data protection (including computer backup and B2 Cloud Storage) sold on a consumption-based IaaS model, using web-scale software infrastructure on commodity hardware.

Backblaze’s profit depends on whether consumption-based storage and backup revenue grows enough to cover the costs of running and scaling its web-scale software infrastructure on commodity hardware, because operating results are currently negative despite strong gross margin.

Revenue by segment (latest quarter)
B2B Cloud Storage$0.0B
Computer Backup$0.1B

Business quality (Weak): Strong retention and expansion metrics, but the latest quarter shows an operating loss (operating margin -13.8), so investors should focus on whether future revenue momentum (for example, Remaining Performance Obligations) can translate into operating profitability.

Bull case

  • Retention and expansion look healthy: Net Revenue Retention Rate (Business-to-Business Cloud Storage) is 111% and Net Revenue Retention Rate (Computer Backup) is 101%.
  • Customer stickiness is high: Customer Retention Rate (Gross, Business-to-Business Cloud Storage) is 89% and Customer Retention Rate (Gross, Computer Backup) is 90%.
  • There is contracted future revenue visibility: Remaining Performance Obligations are 0.07 USD_B.

Bear case

  • Operating losses persist: Operating margin is -13.8% in the latest quarter, indicating costs exceed operating revenue at this scale.
  • Scale is still small versus operating capacity: Latest quarter revenue is reported as 0.0B, which can make it harder to convert gross margin into operating profitability.
  • Revenue growth may rely on ongoing consumption and renewals: The business uses a consumption-based IaaS model, so results depend on continued customer usage patterns and the sustainability of retention and expansion rates.
Valuation — source: SEC EDGAR (first-party)
Price$15.81
Market Cap$978.95M
EV / EBITDA110.1
Price / Book11.06
Price / Sales6.26
FCF Yield2.3%
DCF Value (model)$3.96
DCF Upside vs Price-75.0%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$145.84M
Net Margin-17.6%
Revenue Growth (YoY)17.7%
EPS Growth (YoY)-38.5%
FCF Growth (YoY)248.6%
Financial Health — source: SEC EDGAR
Altman Z-Score4.01 (safe)
Valuation vs Sector & Industry
Sector P/E (Technology)34.0
Industry P/E (Business Services)30.2
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($14.43M)
Institutional Holders Tracked10
Company
SectorTechnology
IndustryBusiness Services
CEOGleb Budman
Employees346
CountryUS
IPO Date2021-11-11

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BLZE earnings history · BLZE institutional & insider holders · BLZE KPIs & operating metrics · BLZE financials · BLZE investor presentations & press releases · BLZE SEC filings · BLZE peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.