vs
Side-by-side financial comparison of Blaize Holdings, Inc. (BZAI) and NELNET INC (NNI). Click either name above to swap in a different company.
NELNET INC is the larger business by last-quarter revenue ($33.5M vs $23.8M, roughly 1.4× Blaize Holdings, Inc.). NELNET INC runs the higher net margin — 172.3% vs -13.9%, a 186.1% gap on every dollar of revenue. On growth, Blaize Holdings, Inc. posted the faster year-over-year revenue change (2377500.0% vs 79.6%). NELNET INC produced more free cash flow last quarter ($396.7M 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.
Nelnet, Inc. is a United States–based conglomerate that primarily focuses on financial services including student and consumer loan origination and servicing. Additionally, the company operates an investing arm, an internet bank and has a 26% stake in Allo Fiber, a cable and internet provider. The company is headquartered in Lincoln, Nebraska.
BZAI vs NNI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $23.8M | $33.5M |
| Net Profit | $-3.3M | $57.8M |
| Gross Margin | 10.8% | 50.5% |
| Operating Margin | -89.8% | — |
| Net Margin | -13.9% | 172.3% |
| Revenue YoY | 2377500.0% | 79.6% |
| Net Profit YoY | 50.7% | -8.5% |
| EPS (diluted) | $0.16 | $1.62 |
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 | $33.5M | ||
| Q3 25 | $11.9M | $23.2M | ||
| Q2 25 | — | $26.1M | ||
| Q1 25 | — | $24.7M | ||
| Q4 24 | — | $18.7M | ||
| Q3 24 | — | $16.6M | ||
| Q2 24 | — | $14.9M | ||
| Q1 24 | — | $12.8M |
| Q4 25 | $-3.3M | $57.8M | ||
| Q3 25 | $-26.3M | $106.7M | ||
| Q2 25 | — | $181.5M | ||
| Q1 25 | — | $82.6M | ||
| Q4 24 | — | $63.2M | ||
| Q3 24 | — | $2.4M | ||
| Q2 24 | — | $45.1M | ||
| Q1 24 | — | $73.4M |
| Q4 25 | 10.8% | 50.5% | ||
| Q3 25 | 15.0% | 29.6% | ||
| Q2 25 | — | 29.8% | ||
| Q1 25 | — | 30.5% | ||
| Q4 24 | — | 13.7% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 27.3% | ||
| Q1 24 | — | 15.3% |
| Q4 25 | -89.8% | — | ||
| Q3 25 | -190.3% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 97.7% | ||
| Q3 24 | — | -13.4% | ||
| Q2 24 | — | 88.0% | ||
| Q1 24 | — | — |
| Q4 25 | -13.9% | 172.3% | ||
| Q3 25 | -221.3% | 460.5% | ||
| Q2 25 | — | 694.9% | ||
| Q1 25 | — | 334.4% | ||
| Q4 24 | — | 338.2% | ||
| Q3 24 | — | 14.4% | ||
| Q2 24 | — | 303.6% | ||
| Q1 24 | — | 574.4% |
| Q4 25 | $0.16 | $1.62 | ||
| Q3 25 | $-0.25 | $2.94 | ||
| Q2 25 | — | $4.97 | ||
| Q1 25 | — | $2.26 | ||
| Q4 24 | — | $1.74 | ||
| Q3 24 | — | $0.07 | ||
| Q2 24 | — | $1.23 | ||
| Q1 24 | — | $1.98 |
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 | $296.0M |
| Total DebtLower is stronger | — | $7.8B |
| Stockholders' EquityBook value | $39.0M | $3.7B |
| Total Assets | $102.2M | $14.1B |
| Debt / EquityLower = less leverage | — | 2.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.8M | $296.0M | ||
| Q3 25 | $24.0M | $216.4M | ||
| Q2 25 | — | $225.8M | ||
| Q1 25 | — | $220.5M | ||
| Q4 24 | — | $194.5M | ||
| Q3 24 | — | $219.7M | ||
| Q2 24 | — | $145.5M | ||
| Q1 24 | — | $179.7M |
| Q4 25 | — | $7.8B | ||
| Q3 25 | — | $7.8B | ||
| Q2 25 | — | $7.9B | ||
| Q1 25 | — | $8.7B | ||
| Q4 24 | — | $8.3B | ||
| Q3 24 | — | $8.9B | ||
| Q2 24 | — | $9.6B | ||
| Q1 24 | — | $10.6B |
| Q4 25 | $39.0M | $3.7B | ||
| Q3 25 | $1.3M | $3.7B | ||
| Q2 25 | — | $3.6B | ||
| Q1 25 | — | $3.4B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | — | $3.3B | ||
| Q1 24 | — | $3.3B |
| Q4 25 | $102.2M | $14.1B | ||
| Q3 25 | $60.9M | $13.9B | ||
| Q2 25 | — | $13.7B | ||
| Q1 25 | — | $14.2B | ||
| Q4 24 | — | $13.8B | ||
| Q3 24 | — | $14.1B | ||
| Q2 24 | — | $14.5B | ||
| Q1 24 | — | $15.4B |
| Q4 25 | — | 2.11× | ||
| Q3 25 | — | 2.14× | ||
| Q2 25 | — | 2.21× | ||
| Q1 25 | — | 2.53× | ||
| Q4 24 | — | 2.48× | ||
| Q3 24 | — | 2.72× | ||
| Q2 24 | — | 2.90× | ||
| Q1 24 | — | 3.20× |
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 | $423.0M |
| Free Cash FlowOCF − Capex | $-16.5M | $396.7M |
| FCF MarginFCF / Revenue | -69.6% | 1183.0% |
| Capex IntensityCapex / Revenue | 0.3% | 78.2% |
| Cash ConversionOCF / Net Profit | — | 7.32× |
| TTM Free Cash FlowTrailing 4 quarters | — | $663.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.5M | $423.0M | ||
| Q3 25 | $-24.9M | $112.4M | ||
| Q2 25 | — | $81.8M | ||
| Q1 25 | — | $91.2M | ||
| Q4 24 | — | $662.9M | ||
| Q3 24 | — | $137.0M | ||
| Q2 24 | — | $133.8M | ||
| Q1 24 | — | $211.6M |
| Q4 25 | $-16.5M | $396.7M | ||
| Q3 25 | $-24.9M | $100.8M | ||
| Q2 25 | — | $78.1M | ||
| Q1 25 | — | $87.8M | ||
| Q4 24 | — | $642.0M | ||
| Q3 24 | — | $132.6M | ||
| Q2 24 | — | $123.1M | ||
| Q1 24 | — | $188.3M |
| Q4 25 | -69.6% | 1183.0% | ||
| Q3 25 | -210.2% | 435.0% | ||
| Q2 25 | — | 299.0% | ||
| Q1 25 | — | 355.6% | ||
| Q4 24 | — | 3438.0% | ||
| Q3 24 | — | 797.9% | ||
| Q2 24 | — | 829.2% | ||
| Q1 24 | — | 1473.7% |
| Q4 25 | 0.3% | 78.2% | ||
| Q3 25 | 0.2% | 50.4% | ||
| Q2 25 | — | 14.2% | ||
| Q1 25 | — | 13.7% | ||
| Q4 24 | — | 111.9% | ||
| Q3 24 | — | 26.7% | ||
| Q2 24 | — | 71.5% | ||
| Q1 24 | — | 181.7% |
| Q4 25 | — | 7.32× | ||
| Q3 25 | — | 1.05× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | — | 10.50× | ||
| Q3 24 | — | 57.39× | ||
| Q2 24 | — | 2.97× | ||
| Q1 24 | — | 2.88× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
