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Backblaze Valuation Multiples
Discover revenue and EBITDA valuation multiples for Backblaze and similar public comparables like FreeBit, Netcall, DUG Technology, Tucows and more.
Backblaze Overview
About Backblaze
Backblaze Inc provides cloud storage services. The company offers services such as Backblaze B2 Cloud Storage, which enables customers to store data, developers to build applications, and partners to expand their use cases. It is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases including backups, multi-cloud, application development, and ransomware protection and Backblaze Computer Backup automatically backs up data from laptops and desktops for businesses and individuals. Geographically, it derives a majority of revenue from the United States and the rest from the United Kingdom, Canada, and Other regions.
Founded
2007
HQ
Employees
346
Website
Financials (LTM)
EV
$235M
Backblaze Financials
Backblaze reported last 12-month revenue of $148M and EBITDA of $32M.
In the same LTM period, Backblaze generated $117M in gross profit, $32M in EBITDA, and had net loss of ($25M).
Revenue (LTM)
Backblaze P&L
In the most recent fiscal year, Backblaze reported revenue of $146M and EBITDA of $32M.
Backblaze expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $148M | XXX | $146M | XXX | XXX | XXX |
| Gross Profit | $117M | XXX | $89M | XXX | XXX | XXX |
| Gross Margin | 79% | XXX | 61% | XXX | XXX | XXX |
| EBITDA | $32M | XXX | $32M | XXX | XXX | XXX |
| EBITDA Margin | 21% | XXX | 22% | XXX | XXX | XXX |
| EBIT Margin | 4% | XXX | 4% | XXX | XXX | XXX |
| Net Profit | ($25M) | XXX | ($26M) | XXX | XXX | XXX |
| Net Margin | (17%) | XXX | (18%) | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Backblaze Stock Performance
Backblaze has current market cap of $225M, and enterprise value of $235M.
Market Cap Evolution
Backblaze's stock price is $3.83.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $235M | $225M | 0.0% | XXX | XXX | XXX | $-0.44 |
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Start Free TrialBackblaze Valuation Multiples
Backblaze trades at 1.6x EV/Revenue multiple, and 7.4x EV/EBITDA.
EV / Revenue (LTM)
Backblaze Financial Valuation Multiples
As of March 19, 2026, Backblaze has market cap of $225M and EV of $235M.
Equity research analysts estimate Backblaze's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Backblaze has a P/E ratio of (8.9x).
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $225M | XXX | $225M | XXX | XXX | XXX |
| EV (current) | $235M | XXX | $235M | XXX | XXX | XXX |
| EV/Revenue | 1.6x | XXX | 1.6x | XXX | XXX | XXX |
| EV/EBITDA | 7.4x | XXX | 7.4x | XXX | XXX | XXX |
| EV/EBIT | 40.7x | XXX | 37.2x | XXX | XXX | XXX |
| EV/Gross Profit | 2.0x | XXX | 2.6x | XXX | XXX | XXX |
| P/E | (8.9x) | XXX | (8.8x) | XXX | XXX | XXX |
| EV/FCF | 66.1x | XXX | 20.8x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Backblaze Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Backblaze Margins & Growth Rates
Backblaze's revenue in the last 12 month grew by 9%.
Backblaze's revenue per employee in the last FY averaged $0.4M.
Backblaze's rule of 40 is 30% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Backblaze's rule of X is 43% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Backblaze Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 9% | XXX | 8% | XXX | XXX | XXX |
| EBITDA Margin | 21% | XXX | 22% | XXX | XXX | XXX |
| EBITDA Growth | 4% | XXX | (0%) | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 30% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 43% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.4M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 21% | XXX | 26% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 14% | XXX | 20% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 23% | XXX | 32% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 77% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Backblaze Public Comps
See public comps and valuation multiples for other Cloud Infrastructure comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| FreeBit | XXX | XXX | XXX | XXX | XXX | XXX |
| Netcall | XXX | XXX | XXX | XXX | XXX | XXX |
| DUG Technology | XXX | XXX | XXX | XXX | XXX | XXX |
| Tucows | XXX | XXX | XXX | XXX | XXX | XXX |
| Beeks Group | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Backblaze M&A Activity
Backblaze acquired XXX companies to date.
Last acquisition by Backblaze was on XXXXXXXX, XXXXX. Backblaze acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Backblaze
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialBackblaze Investment Activity
Backblaze invested in XXX companies to date.
Backblaze made its latest investment on XXXXXXXX, XXXXX. Backblaze invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Backblaze
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Backblaze
| When was Backblaze founded? | Backblaze was founded in 2007. |
| Where is Backblaze headquartered? | Backblaze is headquartered in United States. |
| How many employees does Backblaze have? | As of today, Backblaze has over 346 employees. |
| Who is the CEO of Backblaze? | Backblaze's CEO is Gleb Budman. |
| Is Backblaze publicly listed? | Yes, Backblaze is a public company listed on Nasdaq. |
| What is the stock symbol of Backblaze? | Backblaze trades under BLZE ticker. |
| When did Backblaze go public? | Backblaze went public in 2021. |
| Who are competitors of Backblaze? | Backblaze main competitors are FreeBit, Netcall, DUG Technology, Tucows. |
| What is the current market cap of Backblaze? | Backblaze's current market cap is $225M. |
| What is the current revenue of Backblaze? | Backblaze's last 12 months revenue is $148M. |
| What is the current revenue growth of Backblaze? | Backblaze revenue growth (NTM/LTM) is 9%. |
| What is the current EV/Revenue multiple of Backblaze? | Current revenue multiple of Backblaze is 1.6x. |
| Is Backblaze profitable? | Yes, Backblaze is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Backblaze? | Backblaze's last 12 months EBITDA is $32M. |
| What is Backblaze's EBITDA margin? | Backblaze's last 12 months EBITDA margin is 21%. |
| What is the current EV/EBITDA multiple of Backblaze? | Current EBITDA multiple of Backblaze is 7.4x. |
| What is the current FCF of Backblaze? | Backblaze's last 12 months FCF is $4M. |
| What is Backblaze's FCF margin? | Backblaze's last 12 months FCF margin is 2%. |
| What is the current EV/FCF multiple of Backblaze? | Current FCF multiple of Backblaze is 66.1x. |
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