Estados financieros detallados de Backblaze, Inc. (BLZE): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Backblaze, Inc. registró ingresos de $145.8M en el último ejercicio fiscal, con un CAGR de 5 años del 22.1%.
Márgenes de los últimos 12 meses: margen bruto 62.0%, margen operativo -11.2%, margen neto -13.1%. El flujo de caja libre creció a un CAGR del 7.5% en 5 años.
Al precio actual de $13.11, BLZE presenta beneficios negativos (P/E no significativo) y un ROE del -24.09%. La capitalización bursátil es de $787M.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $40.7M | $53.8M | $67.5M | $85.2M | $102.0M | $127.6M | $145.8M |
| Coste de Ventas | $20.1M | $25.8M | $33.1M | $41.3M | $52.2M | $58.3M | $57.0M |
| Beneficio Bruto | $20.6M | $28.0M | $34.3M | $43.9M | $49.9M | $69.3M | $88.8M |
| I+D | $8.4M | $13.1M | $20.5M | $33.1M | $39.5M | $42.1M | $46.1M |
| Generales y Administrativos | $11.2M | $18.6M | $32.6M | $58.9M | $68.2M | $73.5M | $66.3M |
| Gastos Operativos | $19.7M | $31.7M | $53.1M | $92.0M | $107.8M | $115.6M | $112.4M |
| Beneficio Operativo | $949000 | -$3.7M | -$18.8M | -$48.1M | -$57.9M | -$46.3M | -$23.6M |
| EBITDA | $10.3M | $9.2M | -$1.6M | -$27.0M | -$31.0M | -$16.5M | $3.8M |
| Gastos por Intereses | $1.9M | $2.9M | $3.7M | $4.3M | $3.8M | $3.7M | $3.9M |
| Beneficio Antes de Impuestos | -$980000 | -$6.6M | -$21.6M | -$51.4M | -$59.7M | -$48.5M | -$25.5M |
| Impuestos | $16000 | $5000 | $96000 | -$39000 | 0 | $6000 | $84000 |
| Beneficio Neto | -$996000 | -$6.6M | -$21.7M | -$51.4M | -$59.7M | -$48.5M | -$25.6M |
| BPA | $-0.05 | $-0.22 | $-0.71 | $-1.63 | $-1.66 | $-1.11 | $-0.46 |
| BPA Diluido | $-0.05 | $-0.22 | $-0.71 | $-1.63 | $-1.66 | $-1.11 | $-0.46 |
| Acciones en Circulación (Diluidas) | $18.6M | $30.3M | $30.4M | $31.7M | $36.0M | $43.5M | $56.2M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $37.2M | $37.8M | $38.7M | $42.7M |
| Beneficio Bruto | $23.1M | $23.4M | $23.5M | $26.8M |
| Beneficio Operativo | -$3.3M | -$4.7M | -$5.4M | -$4.2M |
| EBITDA | $3.2M | $2.0M | $1.8M | $3.1M |
| Beneficio Neto | -$3.8M | -$5.4M | -$6.1M | -$5.1M |
| BPA | $-0.07 | $-0.09 | $-0.10 | $-0.08 |
| BPA Diluido | $-0.07 | $-0.09 | $-0.10 | $-0.08 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $7.0M | $6.1M | $104.8M | $6.7M | $12.5M | $45.8M | $29.2M |
| Inversiones a Corto | 0 | 0 | 0 | $58.7M | $16.8M | $9.1M | $22.2M |
| Cuentas por Cobrar | $1.1M | $1.3M | $1.8M | $3.1M | $4.5M | $6.0M | $7.8M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $9.1M | $9.2M | $111.1M | $74.4M | $38.5M | $65.7M | $65.7M |
| Inmovilizado Material | $24.8M | $38.7M | $43.1M | $56.3M | $55.6M | $58.8M | $80.0M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | $3.9M | $5.7M | $7.6M | $16.7M | $32.5M | $41.8M | $40.8M |
| Activos Totales | $38.6M | $54.5M | $163.6M | $152.5M | $131.7M | $168.6M | $191.8M |
| Cuentas por Pagar | $1.6M | $1.7M | $2.1M | $3.3M | $2.0M | $1.5M | $1.6M |
| Deuda a Corto | 0 | $628000 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $28.2M | $36.4M | $45.1M | $56.3M | $57.1M | $59.8M | $61.6M |
| Deuda a Largo | 0 | $1.6M | 0 | $4.3M | $4.1M | 0 | 0 |
| Pasivos Totales | $41.2M | $61.3M | $68.1M | $83.7M | $86.7M | $90.9M | $108.6M |
| Reservas | -$8.3M | -$14.6M | -$36.3M | -$87.7M | -$147.5M | -$196.0M | -$221.6M |
| Patrimonio Neto | -$2.6M | -$6.8M | $95.5M | $68.7M | $44.9M | $77.6M | $83.2M |
| Deuda Total | $16.8M | $31.5M | $33.2M | $45.5M | $46.0M | $46.3M | $61.6M |
| Deuda Neta | $9.8M | $25.4M | -$71.6M | -$19.9M | $16.7M | -$8.6M | $10.2M |
| Capital Circulante | -$19.2M | -$27.1M | $66.0M | $18.1M | -$18.6M | $5.9M | $4.1M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $29.1M | $29.2M | $26.3M | $32.4M |
| Activos Totales | $191.5M | $191.8M | $192.7M | $223.8M |
| Pasivos Totales | $108.7M | $108.6M | $108.0M | $135.3M |
| Patrimonio Neto | $82.8M | $83.2M | $84.6M | $88.5M |
| Deuda Total | $64.1M | $61.6M | $62.4M | $82.4M |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$996000 | -$6.6M | -$21.7M | -$51.4M | -$59.7M | -$48.5M | -$25.6M |
| Amortizaciones | $9.3M | $13.0M | $16.3M | $20.2M | $24.9M | $28.3M | $25.6M |
| Compensación en Acciones | $1.4M | $1.9M | $5.6M | $17.0M | $25.2M | $28.6M | $26.4M |
| Cambio en Capital Circulante | $3.7M | $3.9M | $4.0M | -$1.2M | -$433000 | $200000 | -$9.3M |
| Flujo de Caja Operativo | $13.2M | $12.8M | $3.5M | -$13.8M | -$7.3M | $12.5M | $23.5M |
| Inversiones (CapEx) | -$3.6M | -$5.0M | -$11.2M | -$16.0M | -$20.2M | -$1.7M | -$12.3M |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | -$2.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $9.6M | $7.8M | -$7.7M | -$29.8M | -$27.6M | $10.8M | $11.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $5.7M | $9.3M | $3.4M | $10.4M |
| Inversiones (CapEx) | -$4.8M | -$1.9M | -$2.8M | $1.3M |
| Flujo de Caja Libre | $895000 | $7.4M | $597000 | $11.7M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $5.4M | $6.3M | $6.9M | $9.2M |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +32.0% | +25.5% | +26.2% | +19.8% | +25.1% | +14.3% |
| Crecimiento Beneficio Neto (anual) | | -565.0% | -227.7% | -136.8% | -16.2% | +18.7% | +47.2% |
| Crecimiento BPA (anual) | | -311.2% | -222.7% | -129.6% | -1.8% | +33.1% | +58.6% |
| Cambio en Acciones (anual) | | +62.9% | +0.3% | +4.2% | +13.7% | +20.9% | +29.1% |
| Crecimiento FCF (anual) | | -18.5% | -197.8% | -288.1% | +7.3% | +139.1% | +4.6% |
| Margen Bruto | 50.6% | 52.0% | 50.9% | 51.5% | 48.9% | 54.3% | 60.9% |
| Margen Operativo | 2.3% | -6.9% | -27.9% | -56.5% | -56.8% | -36.3% | -16.2% |
| Margen EBITDA | 25.2% | 17.1% | -2.4% | -31.7% | -30.4% | -13.0% | 2.6% |
| Margen Neto | -2.4% | -12.3% | -32.2% | -60.4% | -58.5% | -38.0% | -17.6% |
| Margen FCF | 23.6% | 14.6% | -11.4% | -35.0% | -27.0% | 8.5% | 7.7% |
| Tasa Impositiva Efectiva | -1.6% | -0.1% | -0.4% | 0.1% | -0.0% | -0.0% | -0.3% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.52 | $0.26 | $-0.25 | $-0.94 | $-0.77 | $0.25 | $0.20 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $18.6M | $30.3M | $30.4M | $31.7M | $36.0M | $43.5M | $56.2M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | -24.09% |
| Rentabilidad sobre capital invertido | -9.93% |
| Rentabilidad sobre activos | -9.13% |
| Margen bruto | 61.97% |
| Margen operativo | -11.20% |
| Margen neto | -13.07% |
Salud financiera
| Deuda / Patrimonio | 0.93 |
| Ratio corriente | 1.00 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -371.96 | -90.45 | -23.79 | -3.77 | -4.57 | -5.42 | -10.13 |
| P/VC | -142.72 | -88.15 | 5.37 | 2.83 | 6.08 | 3.38 | 3.15 |
| P/V | 9.09 | 11.21 | 7.61 | 2.29 | 2.68 | 2.05 | 1.80 |
| Margen Bruto | 50.6% | 52.0% | 50.9% | 51.5% | 48.9% | 54.3% | 60.9% |
| Margen Operativo | 2.3% | -6.9% | -27.9% | -56.5% | -56.8% | -36.3% | -16.2% |
| Margen Neto | -2.4% | -12.3% | -32.2% | -60.4% | -58.5% | -38.0% | -17.6% |