Blend Labs, Inc. (BLND) intrinsic value & 10-year financials
Blend Labs, Inc. (BLND) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 8 fiscal years revenue grew 16.0% a year to $123.6M, with an average return on invested capital of 351.1%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $0.90
- Market cap
- $233.1M
- Revenue (FY2025)
- $123.6M
- Revenue growth (8-yr CAGR)
- 16.0%
- ROIC (10-yr avg)
- 351.1%
- Free cash flow (FY2025)
- -$81.0K
BLND 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $123.6M | -$6.8M | -$0.10 | -$81.0K | -17.6% | 25.4% |
| FY2024 | $162.0M | -$43.3M | -$0.24 | -$22.9M | -30.6% | 2845.2% |
| FY2023 | $156.8M | -$178.7M | -$0.76 | -$128.2M | -99.6% | -97.0% |
| FY2022 | $235.2M | -$720.2M | -$3.28 | -$192.5M | -317.3% | -146.3% |
| FY2021 | $234.5M | -$169.9M | -$1.30 | -$129.2M | -84.1% | -34.7% |
| FY2020 | $96.0M | -$74.6M | -$1.89 | -$66.3M | -78.4% | -55.3% |
| FY2019 | $50.7M | -$81.5M | -$2.49 | -$59.5M | -161.3% | -79.2% |
| FY2018 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Blend Labs, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Blend Labs, Inc. has historically struggled to out-earn its cost of capital, averaging just -46.6% ROIC.
Blend Labs, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Blend Labs, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-3.32 per share.