Backblaze Inc
NASDAQ:BLZE

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Backblaze Inc
NASDAQ:BLZE
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Price: 7.32 USD 2.09% Market Closed
Market Cap: 314m USD
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Intrinsic Value

BLZE's intrinsic value estimate is unreliable because it is based only on its multiples and doesn't use a DCF valuation.

The intrinsic value of one BLZE stock under the Base Case scenario is 6.53 USD. Compared to the current market price of 7.32 USD, Backblaze Inc is Overvalued by 11%.

The Intrinsic Value is calculated as the average of DCF and Relative values:

BLZE Intrinsic Value
6.53 USD
Overvaluation 11%
Intrinsic Value
Price
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Base Case
Best Case

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Backblaze Inc

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Backtest Conclusion
Very Attractive
Current Valuation
+45%
Avg Valuation
-12%
Worst Valuation
-49%
Best Valuation
+45%

Stock is trading at its lowest valuation over the past 5 years.

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Fundamental Analysis

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Financials
Annual
Quarterly
TTM
Annual
Quarterly
TTM

Balance Sheet Decomposition
Backblaze Inc

Current Assets 33.7m
Cash & Short-Term Investments 23.6m
Receivables 5.8m
Other Current Assets 4.3m
Non-Current Assets 94.1m
PP&E 50m
Intangibles 38.3m
Other Non-Current Assets 5.7m
Current Liabilities 55.1m
Accounts Payable 1.1m
Accrued Liabilities 6.5m
Other Current Liabilities 47.5m
Non-Current Liabilities 27.6m
Long-Term Debt 15.4m
Other Non-Current Liabilities 12.2m
Efficiency

Earnings Waterfall
Backblaze Inc

Revenue
115.3m USD
Cost of Revenue
-55.4m USD
Gross Profit
59.9m USD
Operating Expenses
-107.4m USD
Operating Income
-47.5m USD
Other Expenses
-2.2m USD
Net Income
-49.7m USD

Free Cash Flow Analysis
Backblaze Inc

Last Value
3-Years Average
FCF Margin
Conversion Rate
Earnings Calls

Backblaze reported a strong Q2 with revenue growing 27% year-over-year to $31.3 million, driven by robust growth in both B2 cloud storage (43%) and computer backup services (15%). The company achieved a third consecutive adjusted EBITDA profit, reaching a high of $2.7 million. With a disciplined approach to costs, including headcount management, the adjusted gross margin improved to 78%. Backblaze raised its annual revenue guidance to $126.5-$128.5 million and its adjusted EBITDA margin target to 9-11% for the year. The company also highlighted the recent addition of CFO Marc Suidan and its ongoing innovation with new services like B2 Live Read.

What is Earnings Call?
Fundamental Scores

BLZE Profitability Score
Profitability Due Diligence

Backblaze Inc's profitability score is 22/100. The higher the profitability score, the more profitable the company is.

Positive Gross Profit
Exceptional 3-Years Revenue Growth
Exceptional 1-Year Revenue Growth
Declining ROE
22/100
Profitability
Score

Backblaze Inc's profitability score is 22/100. The higher the profitability score, the more profitable the company is.

BLZE Solvency Score
Solvency Due Diligence

Backblaze Inc's solvency score is 33/100. The higher the solvency score, the more solvent the company is.

Low D/E
Negative Net Debt
Long-Term Solvency
Short-Term Solvency
33/100
Solvency
Score

Backblaze Inc's solvency score is 33/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

BLZE Price Targets Summary
Backblaze Inc

Wall Street analysts forecast BLZE stock price to rise over the next 12 months.

According to Wall Street analysts, the average 1-year price target for BLZE is 13.36 USD with a low forecast of 10.1 USD and a high forecast of 18.9 USD.

Lowest
Price Target
10.1 USD
38% Upside
Average
Price Target
13.36 USD
83% Upside
Highest
Price Target
18.9 USD
158% Upside
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Dividends

Backblaze Inc
does not pay dividends
Shareholder Yield

Current shareholder yield for BLZE is .

Shareholder yield represents the total return a company provides to its shareholders, calculated as the sum of dividend yield, buyback yield, and debt paydown yield. What is shareholder yield?

Shareholder Yield
Dividend Yield
No dividends
Buyback Yield
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Average
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Debt Paydown Yield
Lowest
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Ownership

BLZE Insider Trading
Buy and sell transactions by insiders

Cumulative Transactions Amount
Period Sold Bought Net
3 Months
6 Months
9 Months
12 Months
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Profile

Backblaze Inc Logo
Backblaze Inc

Country

United States of America

Industry

Technology

Market Cap

313.9m USD

Dividend Yield

0%

Description

Backblaze, Inc. operates as a cloud provider for businesses and consumers to store, use, and protect their data. The company is headquartered in San Mateo, California and currently employs 270 full-time employees. The company went IPO on 2021-11-11. The firm provides businesses and consumers cloud services to store, use, and protect their data. The company provides these cloud services through a purpose-built, Web-scale software infrastructure built on commodity hardware. The company allows customers to focus on their core business operations. The company builds a community of millions of readers and brand advocates. Referrals from its community of brand advocates, combined with its self-serve customer acquisition model and an ecosystem of thousands of partners, have allowed it to attract customers. These customers use the Backblaze Storage Cloud platform across countries to grow and protect their business data on its approximately two exabytes, or two trillion megabytes, of data storage under management. Its cloud services offered on its Storage Cloud includes Backblaze B2 Cloud Storage and Backblaze Computer Backup.

Contact

CALIFORNIA
San Mateo
500 Ben Franklin Ct
+16503523738.0
www.backblaze.com

IPO

2021-11-11

Employees

270

Officers

Co-Founder, CEO & Chairman
Mr. Gleb Budman
Senior Vice President of Engineering
Ms. Tina Cessna
Co-Founder
Damon Uyeda
Chief Financial Officer
Mr. Marc Suidan
Vice President of Revenue Strategy & Operations
Ms. Anu Patil

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What is the Intrinsic Value of one BLZE stock?

The intrinsic value of one BLZE stock under the Base Case scenario is 6.53 USD.

Is BLZE stock undervalued or overvalued?

Compared to the current market price of 7.32 USD, Backblaze Inc is Overvalued by 11%.

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