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BLZE NASDAQ

Backblaze, Inc.
1W: +1.4% 1M: +76.3% 3M: +67.5% YTD: +55.5% 1Y: +38.3% 3Y: +70.2%
$7.67
+0.30 (+4.07%)
 
Weekly Expected Move ±32.3%
$2 $5 $7 $9 $12
NASDAQ · Technology · Software - Infrastructure · Alpha Radar Buy · Power 64 · $460.3M mcap · 57M float · 2.88% daily turnover · Short 42% of daily vol

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE
52.7 / 100
NoneWeakNarrowWide
Primary source: Intangible Assets  ·  ROIC: -13.9%  ·  5Y Avg: -44.7%
Cost Advantage
39
Intangibles
67
Switching Cost
53
Network Effect
64
Scale
35
The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. BLZE shows a Weak competitive edge (52.7/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Intangible Assets. Negative ROIC of -13.9% indicates the company is currently destroying value, though this may reflect a growth investment phase.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets
$8
Low
$10
Avg Target
$11
High
Based on 2 analysts since May 4, 2026 earnings
Analyst Recommendations
Strong Buy: 0Buy: 8Hold: 0Sell: 1Strong Sell: 0
Rating Summary
ConsensusBuy
Avg Target$7.79
Analysts7
Price Target Change History
DateFirmAnalystOldNewChangeUpside @ CallStock@Call
2026-05-05 Lake Street $8 $11 +3 +137.1% $4.64
2026-05-05 Needham $6 $8 +2 +83.2% $4.64
2026-02-24 Loop Capital Markets Eric Martinuzzi Initiated $8 +105.7% $3.89
2026-02-24 Lake Street Initiated $8 +89.1% $4.23
2026-02-24 Oppenheimer $11 $8 -2 +94.5% $4.37
2026-02-24 Craig-Hallum $11 $4 -6 +3.0% $4.37
2026-02-24 Needham Matt Dezort $8 $6 -2 +49.6% $4.01
2025-10-17 Oppenheimer $10 $11 +1 +16.0% $9.48
2025-03-11 Needham Initiated $8 +56.9% $5.10
2024-10-21 Craig-Hallum Jeff Van Rhee Initiated $11 +47.2% $7.47
2024-08-09 Oppenheimer Ittai Kidron Initiated $10 +92.7% $5.19

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

C-
May 22, 2026
DCF
1
ROE
1
ROA
1
D/E
1
P/E
1
P/B
3
The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. BLZE receives an overall rating of C-. Areas of concern: DCF (1/5), ROE (1/5), ROA (1/5), D/E (1/5), P/E (1/5).
Rating Change History
DateFromTo
2026-05-05 C+ C-
2026-04-27 C C+
2026-04-21 C+ C
2026-04-01 C C+
2026-02-24 D+ C

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

37 Grade D
Profitability
18
Balance Sheet
45
Earnings Quality
40
Growth
78
Value
22
Momentum
73
Safety
15
Cash Flow
50
The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. BLZE scores highest in Growth (78/100) and lowest in Safety (15/100). A grade of D flags significant fundamental concerns across multiple dimensions.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score
0.01
Distress Zone
Piotroski F-Score
6/9
Beneish M-Score
-3.95
Unlikely Manipulator
Ohlson O-Score
-5.63
Bankruptcy prob: 0.4%
Low Risk
Credit Rating
B-
Score: 21.9/100
Trend: Deteriorating
Earnings Quality
OCF/NI: -1.00x
Accruals: -24.9%
The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. BLZE scores 0.01, placing it in the Distress Zone (safe > 2.99, distress < 1.81). Historically, companies in this range face elevated bankruptcy risk. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. BLZE scores 6/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. BLZE's score of -3.95 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. BLZE's implied 0.4% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. BLZE receives an estimated rating of B- (score: 21.9/100), with a deteriorating trend.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E
-20.27x
PEG
-0.18x
P/S
3.07x
P/B
5.37x
P/FCF
15.15x
P/OCF
9.09x
EV/EBITDA
37.38x
EV/Revenue
1.57x
EV/EBIT
-12.92x
EV/FCF
17.40x
Earnings Yield
-10.97%
FCF Yield
6.60%
Shareholder Yield
1.36%
Graham Number
Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. BLZE currently has negative earnings — the P/E ratio is not meaningful.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden
1.001
NI / EBT
×
Interest Burden
1.232
EBT / EBIT
×
EBIT Margin
-0.121
EBIT / Rev
×
Asset Turnover
0.832
Rev / Assets
×
Equity Multiplier
2.241
Assets / Equity
=
ROE
-27.9%
The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. BLZE's ROE of -27.9% is driven by Asset Turnover (0.832), indicating efficient use of assets to generate revenue. A tax burden ratio of 1.00 indicates minimal tax leakage — the company retains over 90% of pre-tax earnings.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Adj. Growth Rate
0.00%
Fair P/E
8.50x
Intrinsic Value
Price/Value
Margin of Safety
Premium
Assessment
Overvalued

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1136 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price
$7.67
Median 1Y
$2.49
5th Pctile
$0.29
95th Pctile
$21.47
Ann. Volatility
135.2%
Analyst Target
$7.79
25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

ExecutiveSalaryStockTotal
Gleb Budman Chairperson
tive Officer and Chairperson
$550,000 $2,113,504 $2,674,004
Tina Cessna President,
ior Vice President, Engineering
$626,937 $366,600 $655,080
Marc Suidan Financial
ancial Officer
$453,125 $154,701 $618,326

CEO Pay Ratio

13:1
CEO-to-Employee Pay Ratio
CEO Total Comp: $2,674,004
Avg Employee Cost (SGA/emp): $207,209
Employees: 320

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees
320
-7.5% YoY
Revenue / Employee
$455,734
Rev: $145,835,000
Profit / Employee
$-80,038
NI: $-25,612,000
SGA / Employee
$207,209
Avg labor cost proxy
R&D / Employee
$144,091
Innovation spend

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability
Metric Trend Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
ROE -10.1% -23.2% -35.3% -48.7% -62.6% -68.2% -71.5% -75.5% -1.1% -94.4% -87.4% -81.6% -79.2% -76.4% -71.1% -56.4% -31.8% -27.9% -27.90%
ROA -5.9% -13.5% -20.6% -28.4% -32.5% -35.4% -37.2% -39.2% -42.0% -37.8% -35.0% -32.6% -32.3% -31.2% -29.0% -23.0% -14.2% -12.5% -12.45%
ROIC -25.1% -63.7% -99.5% -1.4% -77.9% -86.1% -91.2% -96.8% -74.3% -66.2% -60.9% -56.6% -53.0% -51.1% -47.6% -37.4% -16.4% -13.9% -13.95%
ROCE -7.3% -17.1% -26.1% -36.1% -49.0% -53.8% -56.6% -60.0% -75.0% -66.8% -61.5% -57.2% -41.3% -39.7% -36.7% -28.4% -16.6% -14.0% -13.97%
Gross Margin 52.6% 50.3% 53.8% 50.9% 51.1% 46.9% 49.0% 46.5% 52.5% 52.8% 55.1% 54.6% 54.8% 55.6% 63.5% 62.1% 62.0% 60.9% 60.85%
Operating Margin -40.5% -60.0% -52.3% -54.7% -59.1% -71.8% -56.6% -61.5% -40.5% -35.1% -31.4% -37.4% -40.8% -25.8% -18.5% -8.9% -12.4% -13.8% -13.84%
Net Margin -51.4% -64.3% -56.0% -58.0% -63.2% -73.2% -58.3% -63.5% -42.5% -36.9% -33.1% -39.1% -42.6% -26.9% -19.6% -10.2% -14.3% -15.9% -15.90%
EBITDA Margin -23.4% -34.6% -27.1% -29.6% -32.8% -44.7% -26.9% -34.2% -16.2% -10.7% -7.7% -14.2% -18.8% -1.8% -2.0% 8.6% 5.3% 4.7% 4.73%
FCF Margin -20.0% -16.6% -24.8% -27.7% -33.0% -41.7% -42.5% -37.6% -23.4% -11.6% -3.1% 1.6% 0.4% 4.0% 5.5% 6.4% 11.9% 9.0% 9.01%
OCF Margin -13.1% -8.8% -18.1% -16.2% -16.2% -20.3% -17.2% -14.3% -7.2% 1.2% 7.6% 11.0% 9.8% 10.6% 11.2% 11.6% 16.5% 15.0% 15.02%
ROE 3Y Avg snapshot only -68.88%
ROE 5Y Avg snapshot only -62.25%
ROA 3Y Avg snapshot only -26.73%
ROIC 3Y Avg snapshot only -40.39%
ROIC Economic snapshot only -9.78%
Cash ROA snapshot only 11.74%
Cash ROIC snapshot only 19.82%
CROIC snapshot only 11.88%
NOPAT Margin snapshot only -10.57%
Pretax Margin snapshot only -14.95%
R&D / Revenue snapshot only 30.38%
SGA / Revenue snapshot only 45.09%
SBC / Revenue snapshot only 9.48%
Valuation
Metric Trend Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
P/E Ratio -43.97 -14.72 -4.84 -3.42 -3.94 -3.06 -2.59 -3.25 -4.86 -7.67 -5.23 -6.00 -5.40 -5.58 -7.03 -15.29 -10.23 -9.12 -20.270
P/S Ratio 22.59 8.53 2.77 1.96 2.38 1.92 1.64 2.10 2.85 3.79 2.25 2.27 2.05 1.97 2.23 3.73 1.80 1.36 3.071
P/B Ratio 4.42 3.41 1.71 1.67 2.94 2.49 2.21 2.93 6.46 9.16 5.78 6.19 3.38 3.36 3.94 6.81 3.15 2.46 5.373
P/FCF -112.78 -51.40 -11.16 -7.09 -7.20 -4.61 -3.86 -5.58 -12.14 -32.61 -73.00 142.30 468.92 48.86 40.37 58.10 15.10 15.15 15.152
P/OCF 327.37 29.77 20.57 20.96 18.61 19.93 32.21 10.87 9.09 9.085
EV/EBITDA -80.21 -22.86 -5.47 -3.76 -6.91 -5.03 -4.25 -5.47 -10.11 -18.52 -14.60 -19.79 -15.27 -18.02 -24.11 -115.21 76.30 37.38 37.384
EV/Revenue 18.76 6.66 1.55 1.08 2.14 1.70 1.42 1.89 3.01 3.94 2.40 2.40 1.99 1.91 2.17 3.67 2.00 1.57 1.567
EV/EBIT -40.53 -12.55 -2.95 -2.04 -3.87 -2.93 -2.43 -3.15 -5.49 -8.59 -6.02 -6.91 -5.65 -5.86 -7.45 -16.86 -13.49 -12.92 -12.918
EV/FCF -93.66 -40.11 -6.26 -3.90 -6.49 -4.07 -3.35 -5.03 -12.83 -33.93 -77.68 150.83 453.58 47.26 39.24 57.16 16.85 17.40 17.401
Earnings Yield -2.3% -6.8% -20.7% -29.2% -25.4% -32.7% -38.6% -30.7% -20.6% -13.0% -19.1% -16.7% -18.5% -17.9% -14.2% -6.5% -9.8% -11.0% -10.97%
FCF Yield -0.9% -1.9% -9.0% -14.1% -13.9% -21.7% -25.9% -17.9% -8.2% -3.1% -1.4% 0.7% 0.2% 2.0% 2.5% 1.7% 6.6% 6.6% 6.60%
Price/Tangible Book snapshot only 2.458
EV/OCF snapshot only 10.434
EV/Gross Profit snapshot only 2.524
Shareholder Yield snapshot only 1.36%
Leverage & Solvency
Metric Trend Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
Current Ratio 2.47 2.47 2.47 2.47 1.32 1.32 1.32 1.32 0.67 0.67 0.67 0.67 1.10 1.10 1.10 1.10 1.07 1.07 1.066
Quick Ratio 2.47 2.47 2.47 2.47 1.32 1.32 1.32 1.32 0.67 0.67 0.67 0.67 1.10 1.10 1.10 1.10 1.07 1.07 1.066
Debt/Equity 0.35 0.35 0.35 0.35 0.66 0.66 0.66 0.66 1.02 1.02 1.02 1.02 0.60 0.60 0.60 0.60 0.98 0.98 0.982
Net Debt/Equity -0.75 -0.75 -0.75 -0.75 -0.29 -0.29 -0.29 -0.29 0.37 0.37 0.37 0.37 -0.11 -0.11 -0.11 -0.11 0.36 0.36 0.365
Debt/Assets 0.20 0.20 0.20 0.20 0.30 0.30 0.30 0.30 0.35 0.35 0.35 0.35 0.27 0.27 0.27 0.27 0.43 0.43 0.426
Debt/EBITDA -7.60 -2.99 -1.99 -1.43 -1.72 -1.51 -1.46 -1.37 -1.51 -1.99 -2.43 -3.09 -2.79 -3.31 -3.76 -10.26 21.34 13.01 13.009
Net Debt/EBITDA 16.37 6.44 4.28 3.08 0.75 0.66 0.64 0.60 -0.55 -0.72 -0.88 -1.12 0.52 0.61 0.70 1.90 7.93 4.83 4.833
Interest Coverage -8.73 -10.45 -10.86 -11.26 -10.99 -12.13 -12.68 -13.48 -14.75 -13.15 -12.25 -11.59 -12.27 -12.01 -11.18 -8.49 -5.60 -4.31 -4.307
Equity Multiplier 1.71 1.71 1.71 1.71 2.22 2.22 2.22 2.22 2.93 2.93 2.93 2.93 2.17 2.17 2.17 2.17 2.31 2.31 2.305
Cash Ratio snapshot only 0.834
Debt Service Coverage snapshot only 1.488
Cash to Debt snapshot only 0.629
FCF to Debt snapshot only 0.165
Defensive Interval snapshot only 177.0 days
Efficiency & Turnover
Metric Trend Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
Asset Turnover 0.11 0.23 0.36 0.49 0.54 0.56 0.59 0.61 0.72 0.76 0.81 0.86 0.85 0.88 0.91 0.94 0.81 0.83 0.832
Inventory Turnover
Receivables Turnover 60.51 123.58 190.53 261.90 146.19 152.89 159.59 165.16 123.21 131.15 139.24 148.04 97.02 100.55 104.36 107.84 54.90 56.42 56.423
Payables Turnover 4.27 8.94 13.54 18.76 15.41 16.44 17.55 18.56 19.85 20.51 21.09 21.56 33.97 34.66 34.20 33.79 37.44 37.30 37.297
DSO 6 3 2 1 2 2 2 2 3 3 3 2 4 4 3 3 7 6 6.5 days
DIO 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 days
DPO 85 41 27 19 24 22 21 20 18 18 17 17 11 11 11 11 10 10 9.8 days
Cash Conversion Cycle -79 -38 -25 -18 -21 -20 -19 -17 -15 -15 -15 -14 -7 -7 -7 -7 -3 -3 -3.3 days
Fixed Asset Turnover snapshot only 1.873
Cash Velocity snapshot only 2.917
Capital Intensity snapshot only 1.280
Growth (YoY)
Metric Trend Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
Revenue 3.6% 1.3% 57.9% 18.9% 19.8% 21.9% 24.0% 27.4% 25.1% 21.8% 19.1% 15.7% 14.3% 13.3% 13.32%
Net Income -4.4% -1.5% -74.3% -33.3% -16.2% 4.2% 15.5% 25.2% 18.7% 12.8% 12.3% 25.4% 47.2% 52.1% 52.06%
EPS -3.1% -1.3% -54.6% -16.3% 0.1% 19.2% 29.5% 37.0% 28.6% 35.1% 33.6% 43.0% 59.1% 56.3% 56.29%
FCF -6.5% -4.9% -1.7% -61.1% 14.9% 66.0% 91.0% 1.1% 1.0% 1.4% 3.1% 3.7% 30.0% 1.5% 1.53%
EBITDA -5.0% -1.7% -85.9% -42.9% -15.0% 23.2% 39.2% 55.2% 45.3% 39.4% 34.8% 69.7% 1.2% 1.4% 1.45%
Op. Income -5.3% -1.8% -87.2% -42.0% -20.4% 3.0% 15.6% 26.2% 20.1% 13.4% 12.4% 25.9% 49.0% 55.1% 55.13%
OCF Growth snapshot only 60.45%
Asset Growth snapshot only 13.80%
Equity Growth snapshot only 7.21%
Debt Growth snapshot only 76.42%
Shares Change snapshot only 9.67%
Growth (CAGR)
Metric Trend Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
Revenue 3Y 89.7% 51.3% 32.6% 20.6% 19.6% 18.9% 18.95%
Revenue 5Y
EPS 3Y
EPS 5Y
Net Income 3Y
Net Income 5Y
EBITDA 3Y
EBITDA 5Y
Gross Profit 3Y 91.8% 54.7% 36.7% 25.9% 26.5% 27.4% 27.39%
Gross Profit 5Y
Op. Income 3Y
Op. Income 5Y
FCF 3Y
FCF 5Y
OCF 3Y
OCF 5Y
Assets 3Y 1.0% 1.0% 1.0% 1.0% 8.0% 8.0% 7.96%
Assets 5Y
Equity 3Y -6.7% -6.7% -6.7% -6.7% 6.6% 6.6% 6.58%
Book Value 3Y -22.4% -22.8% -23.0% -23.0% -10.9% -11.5% -11.52%
Dividend 3Y
Growth Quality
Metric Trend Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
Revenue Stability 0.89 0.94 0.99 0.98 0.91 0.95 0.99 0.99 0.99 1.00 0.997
Earnings Stability 0.87 0.69 0.40 0.00 0.52 0.36 0.06 0.35 0.05 0.01 0.007
Margin Stability 0.96 0.99 0.97 0.95 0.96 0.96 0.94 0.92 0.90 0.90 0.899
Rev. Growth Consistency 0.00 0.00 0.00 0.00 0.50 0.50 0.50 0.50 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.000
Earn. Growth Consistency 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.50 0.50 0.50 0.50 1.00 1.00 1.00 1.00 1.00 1.000
FCF Positive Streak 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0
Earnings Persistence 0.94 0.98 0.94 0.90 0.93 0.95 0.95 0.90 0.81 0.50 0.500
Earnings Smoothness
ROE Trend -0.90 -0.67 -0.50 -0.34 0.41 0.40 0.42 0.52 0.67 0.63 0.629
Gross Margin Trend -0.03 -0.01 0.01 0.04 0.04 0.05 0.07 0.08 0.09 0.09 0.094
FCF Margin Trend 0.03 0.18 0.31 0.34 0.29 0.31 0.28 0.24 0.23 0.13 0.128
Sustainable Growth Rate
Internal Growth Rate
Cash Flow Quality
Metric Trend Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
OCF/Net Income 0.25 0.15 0.32 0.28 0.27 0.32 0.27 0.22 0.12 -0.02 -0.18 -0.29 -0.26 -0.30 -0.35 -0.47 -0.94 -1.00 -1.004
FCF/OCF 1.53 1.90 1.37 1.71 2.04 2.06 2.46 2.63 3.25 -10.04 -0.41 0.14 0.04 0.38 0.49 0.55 0.72 0.60 0.600
FCF/Net Income snapshot only -0.602
OCF/EBITDA snapshot only 3.583
CapEx/Revenue 7.0% 7.8% 6.8% 11.6% 16.8% 21.4% 25.2% 23.3% 16.2% 12.8% 10.6% 9.4% 9.4% 6.6% 5.7% 5.2% 4.6% 6.0% 6.01%
CapEx/Depreciation snapshot only 0.368
Accruals Ratio -0.04 -0.11 -0.14 -0.20 -0.24 -0.24 -0.27 -0.31 -0.37 -0.39 -0.41 -0.42 -0.41 -0.41 -0.39 -0.34 -0.28 -0.25 -0.249
Sloan Accruals snapshot only -0.146
Cash Flow Adequacy snapshot only 2.498
Dividends & Buybacks
Metric Trend Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
Dividend Yield 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.00%
Dividend/Share $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Payout Ratio
FCF Payout Ratio 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.00%
Total Payout Ratio
Div. Increase Streak
Chowder Number
Buyback Yield 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.2% 0.8% 1.4% 1.36%
Net Buyback Yield 0.0% 0.0% -1.7% -1.7% -1.3% -1.6% 0.0% 0.0% -1.2% -0.9% -1.4% -1.3% -15.6% -16.1% -14.0% -8.4% -2.2% -2.1% -2.14%
Total Shareholder Return 0.0% 0.0% -1.7% -1.7% -1.3% -1.6% 0.0% 0.0% -1.2% -0.9% -1.4% -1.3% -15.6% -16.1% -14.0% -8.4% -2.2% -2.1% -2.14%
DuPont Factors
Metric Trend Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
Tax Burden (NI/EBT) 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.001
Interest Burden (EBT/EBIT) 1.11 1.10 1.09 1.09 1.09 1.08 1.08 1.07 1.07 1.08 1.08 1.09 1.08 1.08 1.09 1.12 1.18 1.23 1.232
EBIT Margin -0.46 -0.53 -0.53 -0.53 -0.55 -0.58 -0.59 -0.60 -0.55 -0.46 -0.40 -0.35 -0.35 -0.33 -0.29 -0.22 -0.15 -0.12 -0.121
Asset Turnover 0.11 0.23 0.36 0.49 0.54 0.56 0.59 0.61 0.72 0.76 0.81 0.86 0.85 0.88 0.91 0.94 0.81 0.83 0.832
Equity Multiplier 1.71 1.71 1.71 1.71 1.92 1.92 1.92 1.92 2.50 2.50 2.50 2.50 2.45 2.45 2.45 2.45 2.24 2.24 2.241
Per Share
Metric Trend Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
EPS (Diluted TTM) $-0.38 $-0.72 $-1.08 $-1.45 $-1.56 $-1.65 $-1.67 $-1.69 $-1.56 $-1.33 $-1.18 $-1.07 $-1.11 $-0.87 $-0.78 $-0.61 $-0.46 $-0.38 $-0.38
Book Value/Share $3.82 $3.13 $3.06 $2.98 $2.09 $2.03 $1.96 $1.88 $1.17 $1.12 $1.07 $1.03 $1.78 $1.44 $1.40 $1.36 $1.48 $1.40 $1.43
Tangible Book/Share $3.51 $2.88 $2.82 $2.75 $1.58 $1.53 $1.48 $1.42 $0.32 $0.31 $0.29 $0.29 $0.82 $0.66 $0.64 $0.63 $1.48 $1.40 $1.40
Revenue/Share $0.75 $1.25 $1.89 $2.53 $2.59 $2.63 $2.64 $2.62 $2.67 $2.70 $2.74 $2.82 $2.93 $2.45 $2.47 $2.49 $2.59 $2.53 $2.53
FCF/Share $-0.15 $-0.21 $-0.47 $-0.70 $-0.85 $-1.10 $-1.12 $-0.99 $-0.63 $-0.31 $-0.08 $0.04 $0.01 $0.10 $0.14 $0.16 $0.31 $0.23 $0.23
OCF/Share $-0.10 $-0.11 $-0.34 $-0.41 $-0.42 $-0.53 $-0.46 $-0.37 $-0.19 $0.03 $0.21 $0.31 $0.29 $0.26 $0.28 $0.29 $0.43 $0.38 $0.38
Cash/Share $4.19 $3.43 $3.36 $3.28 $1.99 $1.93 $1.86 $1.78 $0.77 $0.73 $0.70 $0.67 $1.26 $1.02 $0.99 $0.96 $0.91 $0.87 $0.77
EBITDA/Share $-0.17 $-0.36 $-0.54 $-0.73 $-0.80 $-0.89 $-0.89 $-0.91 $-0.79 $-0.57 $-0.45 $-0.34 $-0.38 $-0.26 $-0.22 $-0.08 $0.07 $0.11 $0.11
Debt/Share $1.33 $1.09 $1.07 $1.04 $1.38 $1.34 $1.29 $1.24 $1.20 $1.14 $1.09 $1.06 $1.06 $0.86 $0.83 $0.81 $1.45 $1.38 $1.38
Net Debt/Share $-2.86 $-2.34 $-2.30 $-2.24 $-0.61 $-0.59 $-0.57 $-0.54 $0.44 $0.41 $0.40 $0.38 $-0.20 $-0.16 $-0.15 $-0.15 $0.54 $0.51 $0.51
Academic Models
Metric Trend Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
Altman Z-Score 0.007
Altman Z-Prime snapshot only -2.286
Piotroski F-Score 2 2 2 2 2 2 2 2 3 4 5 5 7 7 7 7 6 6 6
Beneish M-Score -2.50 -2.46 -2.58 -2.75 -3.63 -3.75 -3.89 -3.96 -3.86 -3.83 -3.83 -3.57 -4.05 -3.95 -3.949
Ohlson O-Score snapshot only -5.628
ROIC (Greenblatt) snapshot only -21.62%
Net-Net WC snapshot only $-0.72
EVA snapshot only $-27203240.00
Credit
Metric Trend Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
Credit Rating snapshot only B-
Credit Score 54.73 46.64 37.57 36.93 27.61 27.49 23.42 27.62 16.08 20.80 17.71 23.17 30.26 31.90 31.51 41.86 23.50 21.90 21.900
Credit Grade snapshot only 16
Credit Trend snapshot only -9.999
Implied Spread (bps) snapshot only 900.000
Industry Credit Rank snapshot only 10
Sector Credit Rank snapshot only 7

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