BLZE
Backblaze, Inc.
BLZE's outlook is improving, though it still trails on the overall score.
SNDK
Sandisk Corporation
SNDK has the edge over BLZE overall, supported by stronger fundamentals and lower modeled downside.
BLZE Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Strong | |
| Strong |
BLZE's revenue, cash flow and balance sheet are currently healthy, but its profitability is under pressure.
SNDK Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
SNDK's revenue, profitability, cash flow and balance sheet are all currently strong.
BLZE PE Valuation
BLZE 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.
BLZE Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect strong earnings and revenue growth for BLZE, with profitability improving. However, they disagree widely on these estimates.
SNDK Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| High |
Analysts expect strong earnings and revenue growth for SNDK, with profitability improving.
BLZE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.31 | — |
| Q3 2026 | -$0.31 | +$0.36 |
| Q2 2026 | -$0.34 | +$0.55 |
| Q1 2026 | -$0.39 | +$0.62 |
| Q4 2025 | -$0.46 | +$0.65 |
| Q3 2025 | -$0.67 | +$0.45 |
| Q2 2025 | -$0.89 | +$0.38 |
| Q1 2025 | -$1.01 | +$0.42 |
| Q4 2024 | -$1.11 | +$0.55 |
BLZE is still losing money, but far less than before: $0.31 per share over the past year, against $1.79 at its worst in late 2023.
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 BLZE in the latest year-over-year earnings comparison.
BLZE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $46.7M | +26% |
| Q2 2026 | $42.7M | +18% |
| Q1 2026 | $38.7M | +12% |
| Q4 2025 | $37.8M | +12% |
| Q3 2025 | $37.2M | +14% |
| Q2 2025 | $36.3M | +16% |
| Q1 2025 | $34.6M | +15% |
| Q4 2024 | $33.8M | +18% |
BLZE's revenue has grown year over year every quarter since early 2021: $47M last quarter, up 26% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -3% | +5.9 points |
| Q2 2026 | -9.8% | +8.7 points |
| Q1 2026 | -14% | +12 points |
| Q4 2025 | -12% | +28 points |
| Q3 2025 | -8.9% | +29 points |
| Q2 2025 | -19% | +13 points |
| Q1 2025 | -26% | +9.3 points |
| Q4 2024 | -41% | -0.3 points |
BLZE's operating margin was −3% last quarter, up 5.9 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's revenue has grown year over year for six quarters in a row: $11B last quarter, up 378% from the same quarter a year ago.
| 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 BLZE on profitability, with a higher operating margin.
BLZE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $6.1M | +134% |
| Q2 2026 | $9.6M | +249% |
| Q1 2026 | $2.7M | -39% |
| Q4 2025 | $9M | +543% |
| Q3 2025 | $2.6M | -41% |
| Q2 2025 | $2.8M | +41% |
| Q1 2025 | $4.4M | +48% |
| Q4 2024 | $1.4M | -50% |
BLZE generated $27M in free cash flow over the past year, up 145% from the year before.
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.
BLZE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.9% | +1.7M shares |
| 1 year | +9.8% | +5.6M shares |
| 3 years | +71% | +25.9M shares |
| 5 years | +230% | +43.6M shares |
| Available history | +236% | +43.9M shares |
BLZE has 63M diluted shares, up 9.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $566,000 |
| Q1 2026 | $809,000 |
| Q4 2025 | $798,000 |
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
BLZE spent $2M 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 the edge over BLZE on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $5B |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
BLZE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.5x | Very low |
| Q2 2026 | -3.8x | Net Cash |
| Q1 2026 | -5.8x | Net Cash |
| Q4 2025 | -14.8x | Net Cash |
| Q3 2021 | -1.2x | Net Cash |
| Q2 2021 | 4.0x | High |
| Q1 2021 | 0.8x | Very low |
| Q4 2020 | 2.9x | Moderate |
BLZE's net debt is less than a year of its operating earnings (EBITDA), after holding more cash than debt a year ago.
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 the edge over BLZE on leverage, with a lower net debt burden relative to earnings.
BLZE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.4 | Neutral |
| Stochastic | 8.5 | Oversold |
BLZE's weekly RSI is 44 (neutral) and its Stochastic is 8 (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).
BLZE PE vs Technology Sector
BLZE 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.
BLZE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.2 | 14% below |
| 20 week MA | $13.0 | 33% below |
| 50 week MA | $8.48 | 3.7% above |
| 100 week MA | $7.47 | 18% above |
| 200 week MA | $7.00 | 26% above |
BLZE has stronger trend alignment. BLZE is above 3 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.
BLZE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $22.0 | $18.7 | -15% |
| 2022 | $18.7 | $5.67 | -70% |
| 2023 | $5.67 | $7.59 | +34% |
| 2024 | $7.59 | $6.23 | -18% |
| 2025 | $6.23 | $4.84 | -22% |
| 2026 YTD | $4.84 | $8.79 | +82% |
BLZE is up 82% so far in 2026, after finishing lower in four of the previous five years.
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 BLZE on returns for 2026, with the stronger performance.