Backblaze - Public Comps and Valuation Multiples

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

backblaze.com

Sectors

Cloud Infrastructure
B2B SaaS
Horizontal SaaS

Financials

LTM Revenue $141M

LTM EBITDA $22.7M

EV

$545M

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Backblaze Financials

As of August 2025, Backblaze reported last 12-month revenue of $141M and EBITDA of $22.7M.

In the same period, Backblaze generated $111M in LTM gross profit and -$36.4M in net income.

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Backblaze P&L

In the most recent fiscal year, Backblaze reported revenue of $128M and EBITDA of -$16.5M.

Backblaze expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$141M	XXX	$128M	XXX	XXX	XXX
Gross Profit	$111M	XXX	$69.3M	XXX	XXX	XXX
Gross Margin	79%	XXX	54%	XXX	XXX	XXX
EBITDA	$22.7M	XXX	-$16.5M	XXX	XXX	XXX
EBITDA Margin	16%	XXX	-13%	XXX	XXX	XXX
EBIT	-$4.9M	XXX	-$46.3M	XXX	XXX	XXX
EBIT Margin	-3%	XXX	-36%	XXX	XXX	XXX
Net Profit	-$36.4M	XXX	-$48.5M	XXX	XXX	XXX
Net Margin	-26%	XXX	-38%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Backblaze including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $141M. EBITDA for the last twelve months was $22.7M. In the most recent fiscal year, Backblaze achieved $128M in revenue and -$16.5M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$141M	Analyst estimates available to subscribers	$128M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$111M	Analyst estimates available to subscribers	$69.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	78.6% gross margin	Analyst estimates available to subscribers	54.3% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$22.7M	Analyst estimates available to subscribers	-$16.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	16.1% EBITDA margin	Analyst estimates available to subscribers	-13.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$4.9M	Analyst estimates available to subscribers	-$46.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-3.5% EBIT margin	Analyst estimates available to subscribers	-36.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$36.4M	Analyst estimates available to subscribers	-$48.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-25.8% net profit margin	Analyst estimates available to subscribers	-38.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Backblaze

This financial data table provides comprehensive performance metrics for Backblaze, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Backblaze generated $141M in revenue over the last twelve months.
The company achieved $22.7M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $111M.
Net income over the last twelve months reached -$36.4M.

Fiscal Year Performance

In the most recent fiscal year, Backblaze reported $128M in total revenue.
Fiscal year EBITDA was -$16.5M.
The company maintained a gross profit margin of 54.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was -13.0%.
Net profit margin reached -38.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Backblaze. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Backblaze Stock Performance

Backblaze has current market cap of $534M, and EV of $545M.

Market Cap Evolution

Backblaze Stock Data

As of September 12, 2025, Backblaze's stock price is $9.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$545M	$534M	XXX	XXX	XXX	XXX	$-0.15

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Backblaze Valuation Multiples

Backblaze's trades at 4.3x EV/Revenue multiple, and -32.9x EV/EBITDA.

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Backblaze Financial Valuation Multiples

As of September 12, 2025, Backblaze has market cap of $534M and EV of $545M.

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 -14.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$534M	XXX	$534M	XXX	XXX	XXX
EV (current)	$545M	XXX	$545M	XXX	XXX	XXX
EV/Revenue	3.9x	XXX	4.3x	XXX	XXX	XXX
EV/EBITDA	24.0x	XXX	-32.9x	XXX	XXX	XXX
EV/EBIT	-111.7x	XXX	-11.8x	XXX	XXX	XXX
EV/Gross Profit	4.9x	XXX	n/a	XXX	XXX	XXX
P/E	-14.7x	XXX	-11.0x	XXX	XXX	XXX
EV/FCF	-100.8x	XXX	-324.8x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Backblaze Margins & Growth Rates

Backblaze's last 12 month revenue growth is 14%

Backblaze's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.3M for the same period.

Backblaze's rule of 40 is -16% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Backblaze's rule of X is 51% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Backblaze Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	14%	XXX	14%	XXX	XXX	XXX
EBITDA Margin	16%	XXX	-13%	XXX	XXX	XXX
EBITDA Growth	46%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-16%	XXX	1%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	51%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	35%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	33%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	91%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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