BLND
Blend Labs, Inc.
BLND has lower modeled downside risk, despite its lower overall score.
SNDK
Sandisk Corporation
SNDK has the edge over BLND overall, supported by stronger fundamentals and stronger modeled upside.
BLND Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Under pressure | |
| Healthy | |
| Unavailable |
BLND's cash flow is currently healthy, and its revenue is stable, but its profitability is under pressure. There isn't enough data to rate its balance sheet.
SNDK Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
SNDK's revenue, profitability, cash flow and balance sheet are all currently strong.
BLND PE Valuation
BLND has no meaningful PE right now: it lost money over the past year.
SNDK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 3.8x | $937 | — |
| Current | 7.5x | $937 | — |
| Cheap | 17x | $2,173 | +132% |
| Fair | 24x | $3,048 | +225% |
| Expensive | 59x | $7,452 | +695% |
Historical ranges are pointers, not guarantees.
SNDK's PE is 7.5x, but its earnings don't support one, so it isn't a reliable read right now.
BLND Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect BLND's earnings to grow and its profitability to improve, with its revenue holding steady.
SNDK Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| High |
SNDK has the edge over BLND on the outlook, with more favorable revenue expectations.
BLND Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.04 | — |
| Q3 2024 | -$0.33 | +$0.64 |
| Q2 2024 | -$0.48 | +$0.88 |
| Q1 2024 | -$0.57 | +$2.67 |
| Q4 2023 | -$0.76 | +$2.52 |
BLND is still losing money, but far less than before: $0.09 per share over the past year, against $3.28 at its worst in late 2022.
SNDK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $247.30 | +97% |
| Q3 2026 | $125.61 | +$137.63 |
| Q2 2026 | $73.76 | +$85.07 |
| Q2 2025 | -$11.31 | -$6.65 |
SNDK has the edge over BLND in the latest year-over-year earnings comparison.
BLND Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $32.9M | +0.2% |
| Q2 2026 | $33.8M | +7.3% |
| Q1 2026 | $30.8M | +15% |
| Q4 2025 | $32.4M | -22% |
| Q3 2025 | $32.9M | -27% |
| Q2 2025 | $31.5M | -22% |
| Q1 2025 | $26.8M | -23% |
| Q4 2024 | $41.4M | +15% |
BLND's revenue fell from its 2021 peak and has held roughly level since: $33M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -8% | +6.9 points |
| Q2 2026 | -4.7% | +10 points |
| Q1 2026 | -16% | +12 points |
| Q4 2025 | -11% | -6.7 points |
| Q3 2025 | -15% | +15 points |
| Q2 2025 | -15% | +18 points |
| Q1 2025 | -29% | +32 points |
| Q4 2024 | -4.3% | +56 points |
BLND's operating margin was −8% last quarter, up 6.9 points from the same quarter a year ago.
SNDK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $11B | +378% |
| Q2 2026 | $9B | +372% |
| Q1 2026 | $6B | +251% |
| Q4 2025 | $3B | +61% |
| Q3 2025 | $2.3B | +23% |
| Q2 2025 | $1.9B | +8% |
| Q1 2025 | $1.7B | -0.6% |
| Q4 2024 | $1.9B | +13% |
SNDK has the edge over BLND on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 80% | +72 points |
| Q2 2026 | 78% | +78 points |
| Q1 2026 | 69% | +180 points |
| Q4 2025 | 35% | +25 points |
| Q3 2025 | 7.6% | -9 points |
| Q2 2025 | 0.9% | N/A |
| Q1 2025 | -111% | -122 points |
| Q4 2024 | 10% | +6.6 points |
SNDK has the edge over BLND on profitability, with a higher operating margin.
BLND Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $94K | +$5.9M |
| Q2 2026 | $7.1M | +$17.2M |
| Q1 2026 | $6.2M | -61% |
| Q4 2025 | -$21K | +$7.1M |
| Q3 2025 | -$5.8M | -$4.4M |
| Q2 2025 | -$10.1M | -$1.6M |
| Q1 2025 | $15.8M | +$21.6M |
| Q4 2024 | -$7.2M | +$13.6M |
BLND's free cash flow has turned positive after six years mostly in the red: $13M over the past year.
SNDK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $6.3B | +1340% |
| Q2 2026 | $7.1B | +14355% |
| Q1 2026 | $3B | +$3B |
| Q3 2025 | $438M | +$636M |
| Q2 2025 | $49M | +$217M |
| Q1 2025 | -$18M | +$23M |
| Q3 2024 | -$198M | -$157M |
SNDK generated $17.4B in free cash flow over the past year, more than ten times what it generated the year before.
BLND Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -7.2% | -18.3M shares |
| 1 year | -8.4% | -21.9M shares |
| 3 years | -2.8% | -6.9M shares |
| 5 years | +8.1% | +17.7M shares |
| Available history | +8.1% | +17.7M shares |
BLND has the edge over SNDK on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $20.4M |
| Q1 2026 | $16.8M |
| Q4 2025 | $15.7M |
| Q3 2025 | $5M |
| Q2 2025 | $1.6M |
| Q1 2025 | $2.6M |
| Q4 2021 | $110,000 |
BLND spent $53M buying back its own shares over the past year.
SNDK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -1M shares |
| 1 year | +3.4% | +5M shares |
| 3 years | +6.9% | +10M shares |
SNDK has 154M diluted shares, up 3.4% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $5B |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
BLND Net Leverage
BLND's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
SNDK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.2x | Net Cash |
| Q2 2026 | -0.4x | Net Cash |
| Q1 2026 | -0.7x | Net Cash |
SNDK has more cash than debt.
BLND Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 38.4 | Neutral |
| Stochastic | 19.4 | Oversold |
BLND's weekly RSI is 38 (neutral) and its Stochastic is 19 (oversold).
SNDK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.2 | Neutral |
| Stochastic | 10.6 | Oversold |
SNDK's weekly RSI is 40 (neutral) and its Stochastic is 11 (oversold).
BLND PE vs Technology Sector
BLND has no meaningful PE right now: it lost money over the past year.
SNDK PE vs Technology Sector
| Metric | SNDK | Sector median | Relative |
|---|---|---|---|
| PE | 7.5x | 28x | 73% below |
| PE % | 4 | 27 | 23 pts below |
SNDK is trading at 7.5x earnings, a 73% discount to the Technology sector's median of 28x, though its earnings don't support one.
BLND Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.05 | 1.9% above |
| 20 week MA | $1.37 | 22% below |
| 50 week MA | $1.77 | 40% below |
| 100 week MA | $2.63 | 59% below |
| 200 week MA | $2.44 | 56% below |
BLND has stronger trend alignment. BLND is above 1 of 5 weekly averages versus SNDK above 0 of 3.
SNDK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,317.5 | 29% below |
| 20 week MA | $1,465.4 | 36% below |
| 50 week MA | $1,119.6 | 16% below |
SNDK is in a downtrend: it's below all three of its weekly moving averages, and 16% below its 50-week average.
BLND Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $20.9 | $7.53 | -64% |
| 2022 | $7.53 | $1.22 | -84% |
| 2023 | $1.22 | $2.55 | +109% |
| 2024 | $2.55 | $4.29 | +68% |
| 2025 | $4.29 | $3.05 | -29% |
| 2026 YTD | $3.05 | $1.07 | -65% |
BLND's yearly returns have swung widely, from +109% in 2023 to −84% in 2022. It's down 65% so far in 2026.
SNDK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2025 | $50.4 | $250.1 | +396% |
| 2026 YTD | $250.1 | $937.5 | +275% |
SNDK has the edge over BLND on returns for 2026, with the stronger performance.