Backblaze vs SmartRent
SmartRent reported revenue of $152 million in fiscal 2025, about the same as Backblaze's $146 million in fiscal 2025. Backblaze's revenue grew 14.3% in its latest year, and SmartRent's fell 12.9%. Backblaze had an operating margin of -16.2%, against -42.0% at SmartRent. Free cash flow was $19 million at Backblaze and −$25 million at SmartRent.
Side by side
| Backblaze | SmartRent | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $146M | $152M |
| Revenue growth | 14.3% | −12.9% |
| Revenue growth a year, last 5 years | 22.1% | 23.7% |
| Gross margin | 60.9% | 32.7% |
| Operating margin | −16.2% | −42.0% |
| Net margin | −17.6% | −39.8% |
| Free cash flow | $19M | −$25M |
| Free cash flow margin | 12.9% | −16.5% |
| Return on capital | — | — |
| Net debt to EBITDA | — | — |
| Dividends and buybacks | $2M | $5M |
| Change in diluted share count | 29.1% | −4.8% |
| Last close | $8.27 | $1.59 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | sold $236,746 | bought $2.3 million, sold $0 |
| Piotroski F-score | — | — |
Amounts in each company's own currency, US$ 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
BackblazeSmartRent
Operating margin
Percent of revenue
BackblazeSmartRent
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
BackblazeSmartRent
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 Backblaze and SmartRent pages.