Backblaze
Backblaze's revenue rose 14.3% to $146 million in fiscal 2025. Its operating margin was −16.2%, up from −36.3% a year earlier. Free cash flow was $19 million, up 74.6%. It paid out $2 million in dividends and buybacks, 11% of free cash flow. The diluted share count rose 29.1%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
Charts show fiscal years, from the 10-K filings.
What Backblaze does
Backblaze sells cloud storage, where customers keep their data on Backblaze's servers instead of their own. Its main products are B2 Cloud Storage, which businesses and developers use to store large amounts of data, and Computer Backup, which protects the files on individual computers. Customers use it for artificial intelligence work, protection against cyberattacks, media production and other data storage needs.
Backblaze says it runs a software system built on low-cost commodity hardware, and competes by pricing storage predictably and keeping it simple, in contrast to traditional cloud vendors. It attracts customers through a self-serve website, direct sales, channel and technology partners, and word of mouth from its community. It is moving toward larger customers, including newer cloud companies that resell its storage through its Powered by Backblaze program.
It had over 500,000 customers at the end of 2025, in more than 175 countries, storing about 5 billion gigabytes. No single customer made up more than 10% of its revenue in 2025 or 2024.
Its biggest risks, as it describes them
- A history of cumulative losses, with no profit expected for the foreseeable future.
- Intense competition in the cloud storage market.
- Service disruptions or lost or delayed access to customers' data.
- Not managing its data center capacity and the costs of data center space well.
- Difficulty winning and keeping customers at a reasonable cost.
Income statement
Backblaze lost money in fiscal 2025: a net loss of $26 million.
Returns on capital
Balance sheet
Five years at a glance
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 105 | 65 | 29 | 55 | 51 |
| Debt incl. finance leases | — | — | — | — | — |
| Net debt (negative means net cash) | — | — | — | — | — |
| Net debt to EBITDA | — | — | — | — | — |
| Debt to equity | — | — | — | — | — |
| Interest coverage | −5.1x | −11.2x | −15.3x | −12.7x | −6.1x |
| Current ratio | 2.5x | 1.3x | 0.7x | 1.1x | 1.1x |
| Quick ratio | 2.5x | 1.3x | 0.7x | 1.1x | 1.1x |
Cash flow
Projections
Project Backblaze's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.
Insider trades
Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Backblaze shares on the open market, and 2 insiders sold $236,746.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 21, 2026 | Gleb BudmanCEO and Chairperson, Director | Sold | 12,855 | $15.82 | $203,366 | Form 4 |
| Aug 21, 2026 | Marc SuidanChief Financial Officer | Sold | 2,110 | $15.82 | $33,380 | Form 4 |
Indicators
Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.
| Indicator | FY23 | FY24 | FY25 |
|---|---|---|---|
| Piotroski F-score | — | — | — |
| Rule of 40 | 7.2% | 33.6% | 27.2% |
| Altman Z'' | −6.99 | −4.51 | −3.65 |
| Accruals ratio | −36.9% | −40.7% | −27.3% |
The nine F-score tests
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Fail | Fail | Fail |
| Cash from operations is positive | Fail | Pass | Pass |
| Return on assets rose | Fail | Pass | Pass |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | Fail | Pass | Fail |
| Share count didn't rise | Fail | Fail | Fail |
| Gross margin rose | Fail | Pass | Pass |
| Revenue rose relative to assets | Pass | Pass | Fail |
| F-score | — | — | — |
Compare
Put Backblaze side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
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| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Backblaze | FY25 | 14.3% | −16.2% | 12.9% | — | — | — | |
| SmartRent | FY25 | −12.9% | −42.0% | −16.5% | — | — | — | Compare |
| Telos | FY25 | 52.2% | −24.2% | 17.9% | — | — | — | Compare |
| BigBear.ai | FY25 | −19.3% | −167.5% | −33.3% | −65.8% | — | 4 | Compare |
| SoundHound AI | FY25 | 99.5% | −13.8% | −58.7% | −18.4% | — | 2 | Compare |
6 years of figures
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | 54 | 68 | 85 | 102 | 128 | 146 |
| Revenue growth | — | 25.5% | 26.2% | 19.8% | 25.1% | 14.3% |
| Gross profit | 28 | 34 | 44 | 50 | 69 | 89 |
| Research and development | 13 | 20 | 33 | 40 | 42 | 46 |
| Operating income | −4 | −19 | −48 | −58 | −46 | −24 |
| Net income | −7 | −22 | −51 | −60 | −48 | −26 |
| Diluted EPS (US$) | −0.36 | −1.07 | −1.62 | −1.66 | −1.11 | −0.46 |
| Diluted shares (millions) | 19 | 20 | 32 | 36 | 44 | 56 |
| Cash flow | ||||||
| Cash from operations | 13 | 4 | −14 | −7 | 12 | 24 |
| Capital expenditure | 2 | 8 | 7 | 6 | 2 | 5 |
| Free cash flow | 11 | −4 | −21 | −13 | 11 | 19 |
| Dividends paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share buybacks | 0 | 0 | 0 | 0 | 0 | 2 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-based compensation | 2 | 6 | 17 | 25 | 29 | 26 |
| Balance sheet at fiscal year end | ||||||
| Cash and short-term investments | 6 | 105 | 65 | 29 | 55 | 51 |
| Debt incl. finance leases | — | — | — | — | — | — |
| Total assets | 54 | 164 | 152 | 132 | 169 | 192 |
| Total liabilities | 58 | 68 | 84 | 87 | 91 | 109 |
| Shareholders' equity | −7 | 96 | 69 | 45 | 78 | 83 |
| Margins and ratios | ||||||
| Gross margin | 52.0% | 50.9% | 51.5% | 48.9% | 54.3% | 60.9% |
| Operating margin | −6.9% | −27.9% | −56.5% | −56.8% | −36.3% | −16.2% |
| Net margin | −12.3% | −32.2% | −60.4% | −58.5% | −38.0% | −17.6% |
| Free cash flow margin | 19.9% | −6.0% | −24.8% | −12.6% | 8.5% | 12.9% |
| Rule of 40 (growth + FCF margin) | — | 19.5% | 1.4% | 7.2% | 33.6% | 27.2% |
| Return on capital | — | — | — | — | — | — |
| Return on equity | — | −49.0% | −62.6% | −105.0% | −79.2% | −31.9% |
| Return on assets | — | −19.9% | −32.5% | −42.0% | −32.3% | −14.2% |
| Net debt to EBITDA | — | — | — | — | — | — |