Backblaze

BLZE

Software - Infrastructure · Technology

Price

$15.80

-0.44 (-2.71%)

Market Cap

$948.2M

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Mixed

Stability

Mixed

Valuation

Data not available

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Share count rising — dilution

+85.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 30.4M (2021) → 56.2M (2025)

Winston Score History

The full picture

Backblaze is a cloud storage company that helps regular people and businesses store and back up their data online. Its two main products are Backblaze Personal Backup, which lets individuals automatically back up their computers for a flat monthly fee, and Backblaze B2 Cloud Storage, which lets developers and businesses store large amounts of data at low cost. The company competes in the cloud storage industry against much larger players like Amazon, Google, and Microsoft.

Backblaze makes money through subscriptions — customers pay a recurring monthly or yearly fee to store their data. It operates primarily in the United States but serves customers globally, and its main competitive edge is pricing, as B2 storage is significantly cheaper than the major cloud providers. The company is not yet profitable, with a negative operating margin, so its key challenge is growing revenue fast enough to reach profitability before it needs to raise additional capital.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+17.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+38.5% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$46M/ year

↑ Rising (+10% vs prior year)

31.6% of revenue

2.1x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

2.6%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$50M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

Backblaze is putting 32% of revenue into R&D and that number is rising. That's 2.1x the sector average. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

62.8%

Premium pricing power — 62.8% gross margin

Profit after running costs

Operating Margin

-9.8%

Losing money on operations — -9.8%

Return on the money invested

ROCE

-10.2%

Weak — -10.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+13.9%

Fast-growing sales (+13.9% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

14.0%

Converts sales into free cash efficiently (14.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.93

Moderate — manageable debt (0.93)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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