Backblaze, Inc., a cloud storage platform, provides businesses and consumers cloud services to store, use, and protect data in the United States, the United Kingdom, Canada, and internationally.
Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.28, read 2026-11-05
Ethical passes the values gate
Price7.59 USD
Fair value5.30Our model only; the analyst targets sit too far from the price to cross-check it.
Ethical score70.0/100
Value readOvervaluedas of 5 Nov 2026
Our investment reviews on this name
2026-10-18Read Distribution9.91-23.4% to today ✓Accumulation gives way to Distribution after a 28% slide in 7 days
2026-10-11Read Accumulation13.73-44.7% to today Markdown gives way to Accumulation with results news in the headlines
2026-10-02Read Markdown13.60-44.2% to today ✓Markup gives way to Markdown after a 72% rise in 13 weeks
2026-07-02Read Markup7.92-4.2% to today First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Backblaze Inc holds its Distribution at $7.59. Elevated stress, defensive posture warranted, held for 12 days.
As held on the ledger · 2026-11-05
Phase
Distribution · caution
Quantitative state
Elevated stress, defensive posture warranted, held for 12 days
Price at the screen
$7.59
Valuation
N/A trailing · 30.36 forward price to earnings
Values screen
PASS· score 70.0
Beta
1.64
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
32.10%
Below 33%
Interest-bearing debt is just 32.1% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
11.57%
Below 33%
Cash held in interest-bearing accounts and securities is 11.6% of assets, under the one-third limit.
Pass
Receivables
17.03%
Below 49%
Money owed to the company is 17.0% of assets, under the 49% limit.
Pass
Revenue purity
1.34%
Below 5%
Only 1.3% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Backblaze clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 32%, inside the ~33% line, and interest is about 1% of its income, under the ~5% line, so it passes.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
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Today BLZE passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our model only; the analyst targets sit too far from the price to cross-check it.
Our analysis reads Overvalued vs our fair value, as of 5 Nov 2026: it trades above our $5.30 fair value estimate, none competitive moat, 25.50% revenue growth.
Fair value range in USD, drawn from the 2026-11-05 screen. The gold marker is the market price at the same screen. The price runs 43.2% above the base estimate.
Third-party analyst targets: 6 covering, consensus Buy. The average target sits +203% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Where our models see it going: fair-value estimate $5.30, with a range of $4.85 to $8.08, dated to the 2026-11-05 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Why it gives us pause
At 30.4x forward earnings, the price already runs ahead of the business. It trades 43% above our $5.30 fair value, so you would be buying at a premium, not a discount. The none moat is real, but quality alone does not make an expensive price cheap.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; it already moves more than the market on an average day; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
BLZE trades on NASDAQ. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-02Distribution$7.59+0.0%Entry 17
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 8% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 33%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (7 analysts) rates it none, with a mean price target of $9. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-01Distribution$7.59+0.0%Entry 16
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 8% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 33%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (7 analysts) rates it none, with a mean price target of $9. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-31Distribution$7.59-13.1%Entry 15
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 13.1% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 8% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 33%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (7 analysts) rates it none, with a mean price target of $9. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-30Distribution$8.73-4.0%Entry 14
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 4.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 8% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 33%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (7 analysts) rates it none, with a mean price target of $9. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-29Distribution$9.10+9.1%Entry 13
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 9.1% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 8% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 33%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (7 analysts) rates it none, with a mean price target of $9. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-28Distribution$8.34+0.0%Entry 12
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 8% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 33%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (7 analysts) rates it none, with a mean price target of $9. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-27Distribution$8.34+0.0%Entry 11
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 8% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 33%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (7 analysts) rates it none, with a mean price target of $9. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-26Distribution$8.34+0.0%Entry 10
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 8% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 33%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (7 analysts) rates it none, with a mean price target of $9. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Distribution$8.34-15.8%Entry 9
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 15.8% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 4% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 33%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (7 analysts) rates it none, with a mean price target of $9. Since the last review it entered the Tech 100; its composite score rose.
The framework has shifted from accumulation to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 27.8% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are up 33%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (7 analysts) rates it none, with a mean price target of $9.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.