Blend Labs vs Backblaze
Backblaze reported revenue of $146 million in fiscal 2025, 1.2 times Blend Labs' $124 million in fiscal 2025. Blend Labs' revenue grew 6.8% in its latest year, and Backblaze's grew 14.3%. Blend Labs had an operating margin of -17.6%, against -16.2% at Backblaze. Free cash flow was −$0 million at Blend Labs and $19 million at Backblaze.
Side by side
| Blend Labs | Backblaze | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $124M | $146M |
| Revenue growth | 6.8% | 14.3% |
| Revenue growth a year, last 5 years | 5.2% | 22.1% |
| Gross margin | 73.8% | 60.9% |
| Operating margin | −17.6% | −16.2% |
| Net margin | −5.5% | −17.6% |
| Free cash flow | −$0M | $19M |
| Free cash flow margin | −0.1% | 12.9% |
| Return on capital | — | — |
| Net debt to EBITDA | — | — |
| Dividends and buybacks | $25M | $2M |
| Change in diluted share count | 2.0% | 29.1% |
| Last close | $0.98 | $8.27 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | bought $33.7 million, sold $496,044 | sold $236,746 |
| Piotroski F-score | 5 of 9 | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Blend LabsBackblaze
Operating margin
Percent of revenue
Blend LabsBackblaze
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Blend LabsBackblaze
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Blend Labs and Backblaze pages.