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Side-by-side financial comparison of Blaize Holdings, Inc. (BZAI) and NATIONAL BANKSHARES INC (NKSH). Click either name above to swap in a different company.
Blaize Holdings, Inc. is the larger business by last-quarter revenue ($23.8M vs $15.3M, roughly 1.6× NATIONAL BANKSHARES INC). NATIONAL BANKSHARES INC runs the higher net margin — 38.5% vs -13.9%, a 52.4% gap on every dollar of revenue. On growth, Blaize Holdings, Inc. posted the faster year-over-year revenue change (2377500.0% vs 24.7%). NATIONAL BANKSHARES INC produced more free cash flow last quarter ($15.2M 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.
Nicolet Bankshares, Inc. is a U.S. regional bank holding company based in Green Bay, Wisconsin. They are the parent company of Nicolet National Bank, the second largest Wisconsin-based bank.
BZAI vs NKSH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $23.8M | $15.3M |
| Net Profit | $-3.3M | $5.9M |
| Gross Margin | 10.8% | — |
| Operating Margin | -89.8% | 47.4% |
| Net Margin | -13.9% | 38.5% |
| Revenue YoY | 2377500.0% | 24.7% |
| Net Profit YoY | 50.7% | 91.0% |
| EPS (diluted) | $0.16 | $0.93 |
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 | $15.3M | ||
| Q3 25 | $11.9M | $14.2M | ||
| Q2 25 | — | $13.3M | ||
| Q1 25 | — | $12.8M | ||
| Q4 24 | — | $12.2M | ||
| Q3 24 | — | $11.7M | ||
| Q2 24 | — | $10.9M | ||
| Q1 24 | — | $10.4M |
| Q4 25 | $-3.3M | $5.9M | ||
| Q3 25 | $-26.3M | $4.4M | ||
| Q2 25 | — | $2.3M | ||
| Q1 25 | — | $3.2M | ||
| Q4 24 | — | $3.1M | ||
| Q3 24 | — | $2.7M | ||
| Q2 24 | — | $-307.0K | ||
| Q1 24 | — | $2.2M |
| Q4 25 | 10.8% | — | ||
| Q3 25 | 15.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -89.8% | 47.4% | ||
| Q3 25 | -190.3% | 37.9% | ||
| Q2 25 | — | 20.0% | ||
| Q1 25 | — | 30.5% | ||
| Q4 24 | — | 30.1% | ||
| Q3 24 | — | 27.5% | ||
| Q2 24 | — | -4.4% | ||
| Q1 24 | — | 25.8% |
| Q4 25 | -13.9% | 38.5% | ||
| Q3 25 | -221.3% | 31.1% | ||
| Q2 25 | — | 17.2% | ||
| Q1 25 | — | 25.3% | ||
| Q4 24 | — | 25.1% | ||
| Q3 24 | — | 22.8% | ||
| Q2 24 | — | -2.8% | ||
| Q1 24 | — | 20.8% |
| Q4 25 | $0.16 | $0.93 | ||
| Q3 25 | $-0.25 | $0.69 | ||
| Q2 25 | — | $0.36 | ||
| Q1 25 | — | $0.51 | ||
| Q4 24 | — | $0.50 | ||
| Q3 24 | — | $0.42 | ||
| Q2 24 | — | $-0.05 | ||
| Q1 24 | — | $0.37 |
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 | $59.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $39.0M | $184.9M |
| Total Assets | $102.2M | $1.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.8M | $59.3M | ||
| Q3 25 | $24.0M | $42.3M | ||
| Q2 25 | — | $92.8M | ||
| Q1 25 | — | $122.5M | ||
| Q4 24 | — | $108.1M | ||
| Q3 24 | — | $49.8M | ||
| Q2 24 | — | $98.9M | ||
| Q1 24 | — | $121.2M |
| Q4 25 | $39.0M | $184.9M | ||
| Q3 25 | $1.3M | $179.2M | ||
| Q2 25 | — | $168.7M | ||
| Q1 25 | — | $167.3M | ||
| Q4 24 | — | $156.4M | ||
| Q3 24 | — | $167.8M | ||
| Q2 24 | — | $149.0M | ||
| Q1 24 | — | $139.4M |
| Q4 25 | $102.2M | $1.8B | ||
| Q3 25 | $60.9M | $1.8B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.8B | ||
| Q1 24 | — | $1.7B |
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 | $17.9M |
| Free Cash FlowOCF − Capex | $-16.5M | $15.2M |
| FCF MarginFCF / Revenue | -69.6% | 99.2% |
| Capex IntensityCapex / Revenue | 0.3% | 17.9% |
| Cash ConversionOCF / Net Profit | — | 3.04× |
| TTM Free Cash FlowTrailing 4 quarters | — | $23.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.5M | $17.9M | ||
| Q3 25 | $-24.9M | $6.1M | ||
| Q2 25 | — | $2.1M | ||
| Q1 25 | — | $2.6M | ||
| Q4 24 | — | $9.4M | ||
| Q3 24 | — | $3.1M | ||
| Q2 24 | — | $-3.0M | ||
| Q1 24 | — | $3.8M |
| Q4 25 | $-16.5M | $15.2M | ||
| Q3 25 | $-24.9M | $5.3M | ||
| Q2 25 | — | $1.5M | ||
| Q1 25 | — | $1.6M | ||
| Q4 24 | — | $6.2M | ||
| Q3 24 | — | $2.2M | ||
| Q2 24 | — | $-4.0M | ||
| Q1 24 | — | $3.5M |
| Q4 25 | -69.6% | 99.2% | ||
| Q3 25 | -210.2% | 37.4% | ||
| Q2 25 | — | 11.5% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | — | 50.5% | ||
| Q3 24 | — | 18.5% | ||
| Q2 24 | — | -36.3% | ||
| Q1 24 | — | 33.8% |
| Q4 25 | 0.3% | 17.9% | ||
| Q3 25 | 0.2% | 5.6% | ||
| Q2 25 | — | 4.1% | ||
| Q1 25 | — | 7.5% | ||
| Q4 24 | — | 26.6% | ||
| Q3 24 | — | 8.3% | ||
| Q2 24 | — | 9.3% | ||
| Q1 24 | — | 3.0% |
| Q4 25 | — | 3.04× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.79× | ||
| Q4 24 | — | 3.07× | ||
| Q3 24 | — | 1.17× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.77× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
