ZYBERNO
Stock Report
Updated Sep 2, 2026

BACKBLAZE, INC. (BLZE)

Technology • NASDAQ

$14.33

Professional Investment Analysis

ZYBERNO SCORE
Is it a great business? Is it getting better?
36.0/100
WEAK BUSINESS
BACKBLAZE, INC. (BLZE) scores 36/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.
📊 How is the Zyberno Score calculated? +
VALUATION SIGNAL
MARGIN OF SAFETY
Is this stock cheap or expensive relative to what the business has historically generated for owners?
-63.5%
Overvalued
Growth gap unavailable — insufficient data for reverse DCF calculation.
🎯 Expected Annual Return
8.8%
Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)
-17.8%
Yield + growth — what the business alone earns you, even if the market never re-rates
💰 How is Margin of Safety calculated? +
📈 How is Brina Gap calculated? +

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-24.1%)
Debt-to-Equity (Solvency Risk):POOR (1.33x)
Operating Margin (Operational Efficiency):CRITICAL (-11.2%)
Return on Capital (Capital Efficiency):CRITICAL (-12.4%)
📊 Valuation Trilogy
Three interconnected metrics for complete valuation analysis
Click any metric for full methodology and detailed analysis
Zyberno's Verdict

BACKBLAZE, INC. (BLZE) stock report — Zyberno Score 36/100 (WEAK BUSINESS), Margin of Safety -63.5%, 9% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, BACKBLAZE, INC. (BLZE) trades at $14.33 against an estimated intrinsic value per share of $8.76 — a -63.5% Margin of Safety based on Owner Earnings of $17.12M TTM, projected at 23.2% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of 8.8% annually.

Over the trailing twelve months, BLZE generated $17.12M in Owner Earnings. Capital was deployed as follows: $809.00K returned via share buybacks, $4.84M invested in capital expenditures. Reinvestment rate: 159.1%. Owner Earnings have grown at 23.2% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY
A. Market Valuation

Market Price & Capitalization (2)

Current Price:14.33
Market Cap:$871.18M

Valuation Multiples (3)

P/B Ratio:9.84x
P/S Ratio:5.57x
Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$888.49M
Ev Ebitda Ratio:194.67x
Pfcf Ratio:50.89x

Price Action & Momentum (1)

% of 52-Week High:59.7%
B. Profitability Assessment

Return Metrics (5)

ROA:-10.2%
Reinvestment Rate:159.1%
Fundamental Growth Rate (g):-19.7%

Margin Analysis (3)

Operating Margin Ttm:-11.2%
Net Margin Ttm:-13.1%
Ebitda Margin:2.9%

TTM Performance (3)

Gross Margin Ttm:62.0%
Operating Margin Ttm:-11.2%
Net Margin Ttm:-13.1%

Yield Metrics (3)

Earnings Yield:-$2.37
Owner Earnings Yield:$1.97
Dividend Yield:0.0%
C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

EPS Surprise vs Expected:-67.2%
Latest Earnings Filed:2026-08-03

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):19.0%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):23.2%
Operating Cash Flow Growth Rate (Linear):34.0%
D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.00x
Quick Ratio:1.00x
Cash Ratio:0.47x

Leverage Analysis (3)

Debt To Equity Ttm:1.33x
Debt-to-Equity Ratio:1.33x
Debt To Ebitda:10.90x

Coverage Ratios (2)

Interest Coverage Ratio:-5.13x
Times Interest Earned:-5.13

Capital Structure (4)

Working Capital:-91,000.00
Cash And Cash Equivalents:32,428,000.00
Long Term Debt:$30.94M
Net Debt:$17.31M
DIVISION II: FINANCIAL STATEMENTS ANALYSIS
A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $156.30M
Linear Growth: 19.0%
📊 Click to view full BLZE Revenue analysis & methodology →
Cost Of Revenue Ttm:$59.44M

Profitability Breakdown (2)

Gross profit TTM: $96.86M
Linear Growth: 28.6%
📊 Click to view full BLZE Gross Profit analysis & methodology →
-$17.51M

Bottom Line Performance (3)

-$20.43M
Income Before Tax:-$20.36M
Ebitda Ttm:4,564,000.00

Operating Expenses (5)

Operating Expenses:114,372,000.00
R And D Expense:44,664,000.00
Sga Expense:31,247,000.00
Income Tax Expense:$68.00K
Interest Expense:4,605,000.00

Expense Ratios (3)

R And D To Revenue Percentage:104.6%
Sga To Revenue Percentage:73.2%
Ebitda Margin:2.9%
B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$223.84M
Current Assets:$68.70M
Ppe Net:0.00
Goodwill:0.00
Intangible Assets:$42.24M

Liability Structure (4)

Total Liabilities:135,302,000.00
Current Liabilities:68,795,000.00
Long Term Debt:$30.94M
Short Term Debt:$18.79M

Equity & Capital (3)

Equity:$88.54M
Retained Earnings:-$232.83M
Common Stock:36,000,000.00

Working Capital Items (3)

Accounts Receivable:5,266,000.00
Inventory:0.00
Accounts Payable:1,459,000.00

Special Items (2)

Contract Liabilities:35,358,000.00
Stock Based Compensation:9,156,000.00
C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $21.96M
Linear Growth: 34.0%
Free cash flow TTM: $17.12M
Linear Growth: 23.2%
📊 Click to view full BLZE Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:$289.00K
Capital Expenditures Ttm:4,842,000.00

Financing Activities (3)

Financing Cash Flow:-$6.56M
Dividends Paid Ttm:0.00
Stock Repurchase:809,000.00

Capital Transactions (3)

Common Stock Issuance:0.00
Long Term Debt Issuance:$0.00
Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:22,077,000.00
DIVISION III: OPERATIONAL METRICS
A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.34
-$0.34
Earnings Per Share Ttm:-$0.34

Revenue & Cash Per Share (3)

Sales Per Share Ttm:2.57
Operating Cash Flow Per Share:$0.39
Fcf Per Share Ttm:0.28

Book Value & Capital (2)

Book Value Per Share:$1.46
Cash Per Share:0.53

Dividend Policy (1)

Dividend Payout Ratio:-999.00x
B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.78x
Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:29.68x
Days Sales Outstanding Ttm:12.30

Inventory Management (2)

Inventory Turnover Ttm:-999.00x
Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:8.96
Cash Conversion Cycle:-995.66
C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:40.00
Quality Score:40.00

Market Metrics (2)

Beta:0.00x
Volatility Category:unknown
DIVISION IV: INVESTMENT ANALYSIS
A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $17.12M
Linear Growth: 23.2%
📊 Click to view full BLZE Owner Earnings analysis & methodology →
Owner Earnings Per Share:$0.28
Owner Earnings Yield:$1.97

Growth Assessment (1)

Owner Earnings Growth Rate:$23.15

Damodaran Growth Analysis (2)

Reinvestment Rate:159.1%
Fundamental Growth Rate (g):-19.7%

Intrinsic Value Models (1)

Return Scenarios (2)

Investment Assessment (1)

Buffett Assessment:Overvalued
B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):19.0%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):23.2%
Operating Cash Flow Growth Rate (Linear):34.0%

Other Growth Rates (3)

Gross Profit Growth Rate (Linear):28.6%
Book Value Growth Rate (Linear):4.5%
Owner Earnings Growth Rate:$23.15
C. Company Profile & Context

Corporate Information (6)

Symbol:BLZE
Company Name:BACKBLAZE, INC.
Sector:Technology
Industry:Software
Exchange:NASDAQ
Country:United States

Market Classification (3)

Market Cap Category:N/A
Price Category:medium
Volume Category:N/A

Share Structure (3)

Shares Outstanding:60.79M
Shares Outstanding Basic:60.79M
Shares Outstanding Diluted:60.79M

Data Processing Info (3)

Processing Version:v3.0
Last Updated:2026-09-02 04:30:12 UTC
Data Timestamp:2026-09-02T04:30:12.689543
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