Backblaze Inc. Class A Common Stock (BLZE)

FairStock Score: 54/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I begin with durable profits and a margin of safety. Backblaze is a 320-employee cloud storage platform. Revenue rose from $102.0M in fiscal year 2023, the year ended 2023-12-31, to $127.6M in fiscal year 2024, the year ended 2024-12-31, and $145.8M in fiscal year 2025, the year ended 2025-12-31. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $42.7M versus $36.3M in fiscal Q2 2025, the quarter ended 2025-06-30. Losses are narrowing: net loss was $59.7M in fiscal year 2023, $48.5M in fiscal year 2024, $25.6M in fiscal year 2025, and $5.1M in fiscal Q2 2026. That is progress. But the company has not earned an annual profit in the last four years, so the Lynch category is none. FairStock calculations show negative ROE of -24.29%, negative ROCE of -3.52%, and a Piotroski F-Score of 4/9. Debt-to-equity is 0.93, and Altman Z-Score is 2.11, not a fortress. Positive trailing free cash flow of $15.4M is encouraging, but a 2.0% FCF yield is thin. At the 2026-10-13 close of $12.51, P/B is 8.75, EV/EBITDA is 79.60, and P/E is negative. That is not a Graham bargain. The business may be sticky, but from these figures I see no wide moat against larger cloud providers. Growth is respectable and losses are shrinking, but I want consistent profits and stronger cash returns before calling it high quality. The FairStock Score of 54/100 fits an unproven, middle-of-the-road situation.

In plain English: Backblaze sells cloud storage for consumers and businesses. It is growing sales and cutting its losses, but it still has not made a yearly profit. The stock price looks high compared with its profits and cash generation, so it does not look like a bargain.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer