Backblaze, Inc. — Earnings Quality Grade F
BLZE · Technology
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 9 days, change +3 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 14.3%, CFFO 88.3%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -13.6% vs revenue 14.3%. Normal
SG&A/Gross Profit = 74.7%, exceeds 70%
Gross margin swung +6.6pp (54.3% → 60.9%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.0B, FCF/NI = -0.44
Accruals ratio = -25.6%. Low accruals
Cash $0.1B covers 83% of debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 49% of equity
Debt/EBITDA = 15.7x (>4x). Interest coverage = -6.1x (<2x). Financial stress
Other assets grew 141.9% vs revenue 14.3%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -2% YoY. Normal
Manipulation Score
M-Score = -2.92 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25