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Side-by-side financial comparison of Blaize Holdings, Inc. (BZAI) and Ladder Capital Corp (LADR). Click either name above to swap in a different company.
Blaize Holdings, Inc. is the larger business by last-quarter revenue ($23.8M vs $22.3M, roughly 1.1× Ladder Capital Corp). Ladder Capital Corp runs the higher net margin — 71.0% vs -13.9%, a 84.9% gap on every dollar of revenue. On growth, Blaize Holdings, Inc. posted the faster year-over-year revenue change (2377500.0% vs -18.0%). Ladder Capital Corp produced more free cash flow last quarter ($78.7M vs $-16.5M).
Blaize Holdings, Inc. is a technology company specializing in edge artificial intelligence computing solutions. It designs energy-efficient AI processors, low-latency inference software stacks, and end-to-end edge AI development tools, serving key segments including autonomous driving, industrial automation, smart cities, and edge healthcare monitoring.
Ladder Capital Corp is a leading commercial real estate finance firm operating primarily across the United States. It originates and manages a diversified portfolio of senior secured commercial mortgage loans, mezzanine debt, commercial mortgage-backed securities, and direct real estate assets, serving property owners, operators and developers across major market segments.
BZAI vs LADR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $23.8M | $22.3M |
| Net Profit | $-3.3M | $15.9M |
| Gross Margin | 10.8% | — |
| Operating Margin | -89.8% | 69.5% |
| Net Margin | -13.9% | 71.0% |
| Revenue YoY | 2377500.0% | -18.0% |
| Net Profit YoY | 50.7% | -49.4% |
| EPS (diluted) | $0.16 | $0.13 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $23.8M | $22.3M | ||
| Q3 25 | $11.9M | $27.8M | ||
| Q2 25 | — | $21.5M | ||
| Q1 25 | — | $20.3M | ||
| Q4 24 | — | $27.2M | ||
| Q3 24 | — | $38.4M | ||
| Q2 24 | — | $34.3M | ||
| Q1 24 | — | $37.1M |
| Q4 25 | $-3.3M | $15.9M | ||
| Q3 25 | $-26.3M | $19.2M | ||
| Q2 25 | — | $17.1M | ||
| Q1 25 | — | $11.6M | ||
| Q4 24 | — | $31.3M | ||
| Q3 24 | — | $27.6M | ||
| Q2 24 | — | $32.1M | ||
| Q1 24 | — | $16.4M |
| Q4 25 | 10.8% | — | ||
| Q3 25 | 15.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -89.8% | 69.5% | ||
| Q3 25 | -190.3% | 72.4% | ||
| Q2 25 | — | 96.7% | ||
| Q1 25 | — | 52.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 74.1% | ||
| Q2 24 | — | 90.4% | ||
| Q1 24 | — | 49.4% |
| Q4 25 | -13.9% | 71.0% | ||
| Q3 25 | -221.3% | 69.0% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 56.8% | ||
| Q4 24 | — | 115.1% | ||
| Q3 24 | — | 71.7% | ||
| Q2 24 | — | 93.6% | ||
| Q1 24 | — | 44.2% |
| Q4 25 | $0.16 | $0.13 | ||
| Q3 25 | $-0.25 | $0.15 | ||
| Q2 25 | — | $0.14 | ||
| Q1 25 | — | $0.09 | ||
| Q4 24 | — | $0.25 | ||
| Q3 24 | — | $0.22 | ||
| Q2 24 | — | $0.26 | ||
| Q1 24 | — | $0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $45.8M | $38.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $39.0M | $1.5B |
| Total Assets | $102.2M | $5.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.8M | $38.0M | ||
| Q3 25 | $24.0M | $49.4M | ||
| Q2 25 | — | $134.9M | ||
| Q1 25 | — | $479.8M | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | $39.0M | $1.5B | ||
| Q3 25 | $1.3M | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $1.5B |
| Q4 25 | $102.2M | $5.2B | ||
| Q3 25 | $60.9M | $4.7B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.8B | ||
| Q3 24 | — | $4.8B | ||
| Q2 24 | — | $4.8B | ||
| Q1 24 | — | $5.3B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-16.5M | $87.0M |
| Free Cash FlowOCF − Capex | $-16.5M | $78.7M |
| FCF MarginFCF / Revenue | -69.6% | 352.4% |
| Capex IntensityCapex / Revenue | 0.3% | 37.4% |
| Cash ConversionOCF / Net Profit | — | 5.49× |
| TTM Free Cash FlowTrailing 4 quarters | — | $118.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.5M | $87.0M | ||
| Q3 25 | $-24.9M | $26.3M | ||
| Q2 25 | — | $44.0M | ||
| Q1 25 | — | $-28.7M | ||
| Q4 24 | — | $133.9M | ||
| Q3 24 | — | $169.0M | ||
| Q2 24 | — | $45.4M | ||
| Q1 24 | — | $-20.4M |
| Q4 25 | $-16.5M | $78.7M | ||
| Q3 25 | $-24.9M | $25.9M | ||
| Q2 25 | — | $43.4M | ||
| Q1 25 | — | $-29.6M | ||
| Q4 24 | — | $127.4M | ||
| Q3 24 | — | $166.0M | ||
| Q2 24 | — | $44.9M | ||
| Q1 24 | — | $-21.7M |
| Q4 25 | -69.6% | 352.4% | ||
| Q3 25 | -210.2% | 93.1% | ||
| Q2 25 | — | 201.6% | ||
| Q1 25 | — | -145.6% | ||
| Q4 24 | — | 468.2% | ||
| Q3 24 | — | 432.1% | ||
| Q2 24 | — | 131.0% | ||
| Q1 24 | — | -58.6% |
| Q4 25 | 0.3% | 37.4% | ||
| Q3 25 | 0.2% | 1.7% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 4.3% | ||
| Q4 24 | — | 23.9% | ||
| Q3 24 | — | 7.8% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 3.7% |
| Q4 25 | — | 5.49× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 2.57× | ||
| Q1 25 | — | -2.49× | ||
| Q4 24 | — | 4.27× | ||
| Q3 24 | — | 6.13× | ||
| Q2 24 | — | 1.41× | ||
| Q1 24 | — | -1.24× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
