Backblaze, Inc. (BLZE) intrinsic value & 10-year financials
Backblaze, Inc. (BLZE) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 7 fiscal years revenue grew 22.1% a year to $145.8M, with an average return on invested capital of -36.4%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $8.60
- Market cap
- $483.4M
- Revenue (FY2025)
- $145.8M
- Revenue growth (7-yr CAGR)
- 22.1%
- ROIC (10-yr avg)
- -36.4%
- Free cash flow (FY2025)
- $18.9M
BLZE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $145.8M | -$25.6M | -$0.46 | $18.9M | -16.2% | -39.7% |
| FY2024 | $127.6M | -$48.5M | -$1.11 | $10.8M | -36.3% | -108.6% |
| FY2023 | $102.0M | -$59.7M | -$1.66 | -$12.9M | -56.8% | -107.6% |
| FY2022 | $85.2M | -$51.4M | -$1.62 | -$21.1M | -56.5% | -166.5% |
| FY2021 | $67.5M | -$21.7M | -$1.07 | -$4.1M | -27.9% | 173.7% |
| FY2020 | $53.8M | -$6.6M | -$0.36 | $10.7M | -6.9% | 30.4% |
| FY2019 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Backblaze, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Backblaze, Inc. has historically struggled to out-earn its cost of capital, averaging just -37.6% ROIC.
Backblaze, 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, Backblaze, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-15.28 per share.