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Side-by-side financial comparison of Backblaze, Inc. (BLZE) and DigitalOcean Holdings, Inc. (DOCN), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
DigitalOcean Holdings, Inc. is the larger business by last-quarter revenue ($242.4M vs $37.8M, roughly 6.4× Backblaze, Inc.). DigitalOcean Holdings, Inc. runs the higher net margin — -14.3% vs 10.6%, a 24.9% gap on every dollar of revenue. On growth, DigitalOcean Holdings, Inc. posted the faster year-over-year revenue change (18.3% vs 11.8%). DigitalOcean Holdings, Inc. produced more free cash flow last quarter ($31.1M vs $9.0M). Over the past eight quarters, DigitalOcean Holdings, Inc.'s revenue compounded faster (14.5% CAGR vs 12.3%).
Backblaze, Inc. is an American cloud storage and data backup company based in San Mateo, California. It was founded in 2007 by Gleb Budman and others. Its services are intended for both business and personal markets.
DigitalOcean Holdings, Inc. is an American multinational technology company and cloud service provider. The company is headquartered in Broomfield, Colorado, US, with 15 globally distributed data centers. DigitalOcean provides developers, startups, and SMBs with cloud infrastructure-as-a-service platforms.
BLZE vs DOCN — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $37.8M | $242.4M |
| Net Profit | $-5.4M | $25.7M |
| Gross Margin | 62.0% | 58.7% |
| Operating Margin | -12.4% | 16.0% |
| Net Margin | -14.3% | 10.6% |
| Revenue YoY | 11.8% | 18.3% |
| Net Profit YoY | 62.3% | 40.5% |
| EPS (diluted) | $-0.09 | $0.23 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $37.8M | $242.4M | ||
| Q3 25 | $37.2M | $229.6M | ||
| Q2 25 | $36.3M | $218.7M | ||
| Q1 25 | $34.6M | $210.7M | ||
| Q4 24 | $33.8M | $204.9M | ||
| Q3 24 | $32.6M | $198.5M | ||
| Q2 24 | $31.3M | $192.5M | ||
| Q1 24 | $30.0M | $184.7M |
| Q4 25 | $-5.4M | $25.7M | ||
| Q3 25 | $-3.8M | $158.4M | ||
| Q2 25 | $-7.1M | $37.0M | ||
| Q1 25 | $-9.3M | $38.2M | ||
| Q4 24 | $-14.4M | $18.3M | ||
| Q3 24 | $-12.8M | $32.9M | ||
| Q2 24 | $-10.3M | $19.1M | ||
| Q1 24 | $-11.1M | $14.1M |
| Q4 25 | 62.0% | 58.7% | ||
| Q3 25 | 62.1% | 59.6% | ||
| Q2 25 | 63.5% | 59.9% | ||
| Q1 25 | 55.6% | 61.4% | ||
| Q4 24 | 54.8% | 57.1% | ||
| Q3 24 | 54.6% | 60.2% | ||
| Q2 24 | 55.1% | 61.0% | ||
| Q1 24 | 52.8% | 60.7% |
| Q4 25 | -12.4% | 16.0% | ||
| Q3 25 | -8.9% | 19.6% | ||
| Q2 25 | -18.5% | 16.3% | ||
| Q1 25 | -25.8% | 17.9% | ||
| Q4 24 | -40.8% | 15.9% | ||
| Q3 24 | -37.4% | 12.4% | ||
| Q2 24 | -31.4% | 11.6% | ||
| Q1 24 | -35.1% | 6.2% |
| Q4 25 | -14.3% | 10.6% | ||
| Q3 25 | -10.2% | 69.0% | ||
| Q2 25 | -19.6% | 16.9% | ||
| Q1 25 | -26.9% | 18.1% | ||
| Q4 24 | -42.6% | 8.9% | ||
| Q3 24 | -39.1% | 16.6% | ||
| Q2 24 | -33.1% | 9.9% | ||
| Q1 24 | -36.9% | 7.7% |
| Q4 25 | $-0.09 | $0.23 | ||
| Q3 25 | $-0.07 | $1.51 | ||
| Q2 25 | $-0.13 | $0.39 | ||
| Q1 25 | $-0.17 | $0.39 | ||
| Q4 24 | $-0.30 | $0.21 | ||
| Q3 24 | $-0.29 | $0.33 | ||
| Q2 24 | $-0.25 | $0.20 | ||
| Q1 24 | $-0.27 | $0.15 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $51.4M | $254.5M |
| Total DebtLower is stronger | — | $1.3B |
| Stockholders' EquityBook value | $83.2M | $-28.7M |
| Total Assets | $191.8M | $1.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $51.4M | $254.5M | ||
| Q3 25 | $50.3M | $236.6M | ||
| Q2 25 | $50.5M | $387.7M | ||
| Q1 25 | $53.2M | $360.4M | ||
| Q4 24 | $54.9M | $428.4M | ||
| Q3 24 | $20.9M | $439.9M | ||
| Q2 24 | $23.6M | $443.1M | ||
| Q1 24 | $28.2M | $419.1M |
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $83.2M | $-28.7M | ||
| Q3 25 | $82.8M | $-69.6M | ||
| Q2 25 | $79.6M | $-175.2M | ||
| Q1 25 | $77.8M | $-210.7M | ||
| Q4 24 | $77.6M | $-203.0M | ||
| Q3 24 | $42.8M | $-211.7M | ||
| Q2 24 | $45.1M | $-253.8M | ||
| Q1 24 | $47.5M | $-286.1M |
| Q4 25 | $191.8M | $1.8B | ||
| Q3 25 | $191.5M | $1.7B | ||
| Q2 25 | $186.0M | $1.7B | ||
| Q1 25 | $170.2M | $1.6B | ||
| Q4 24 | $168.6M | $1.6B | ||
| Q3 24 | $136.2M | $1.5B | ||
| Q2 24 | $127.8M | $1.5B | ||
| Q1 24 | $131.9M | $1.5B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $9.3M | $57.3M |
| Free Cash FlowOCF − Capex | $9.0M | $31.1M |
| FCF MarginFCF / Revenue | 24.0% | 12.8% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 0.7% | 10.8% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | 2.23× |
| TTM Free Cash FlowTrailing 4 quarters | $18.9M | $180.5M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $9.3M | $57.3M | ||
| Q3 25 | $5.7M | $95.8M | ||
| Q2 25 | $3.5M | $92.4M | ||
| Q1 25 | $4.9M | $64.1M | ||
| Q4 24 | $2.2M | $71.3M | ||
| Q3 24 | $4.6M | $73.4M | ||
| Q2 24 | $2.2M | $71.3M | ||
| Q1 24 | $3.4M | $66.7M |
| Q4 25 | $9.0M | $31.1M | ||
| Q3 25 | $2.6M | $88.0M | ||
| Q2 25 | $2.8M | $59.3M | ||
| Q1 25 | $4.4M | $2.1M | ||
| Q4 24 | $1.4M | $26.1M | ||
| Q3 24 | $4.4M | $16.0M | ||
| Q2 24 | $2.0M | $39.5M | ||
| Q1 24 | $3.0M | $23.0M |
| Q4 25 | 24.0% | 12.8% | ||
| Q3 25 | 7.0% | 38.3% | ||
| Q2 25 | 7.6% | 27.1% | ||
| Q1 25 | 12.8% | 1.0% | ||
| Q4 24 | 4.2% | 12.7% | ||
| Q3 24 | 13.6% | 8.1% | ||
| Q2 24 | 6.3% | 20.5% | ||
| Q1 24 | 10.0% | 12.5% |
| Q4 25 | 0.7% | 10.8% | ||
| Q3 25 | 8.5% | 3.4% | ||
| Q2 25 | 2.2% | 15.2% | ||
| Q1 25 | 1.5% | 29.4% | ||
| Q4 24 | 2.4% | 22.1% | ||
| Q3 24 | 0.6% | 28.9% | ||
| Q2 24 | 0.9% | 16.6% | ||
| Q1 24 | 1.4% | 23.6% |
| Q4 25 | — | 2.23× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 2.50× | ||
| Q1 25 | — | 1.68× | ||
| Q4 24 | — | 3.91× | ||
| Q3 24 | — | 2.23× | ||
| Q2 24 | — | 3.73× | ||
| Q1 24 | — | 4.72× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
BLZE
Segment breakdown not available.
DOCN
| Scalers | $84.3M | 35% |
| Scalers Plus | $69.9M | 29% |
| Builders | $64.1M | 26% |
| Learners Testers And Other | $24.1M | 10% |
