Blend Labs (BLND)
Market Price (11/10/2026): $0.9701 | Market Cap: $231.1 MilSector: Information Technology | Industry: Application Software
Blend Labs (BLND)
Market Price (11/10/2026): $0.9701Market Cap: $231.1 MilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -18% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -43% Attractive yieldFCF Yield is 5.7% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Cloud Computing. Themes include Online Banking & Lending, and Software as a Service (SaaS). | Weak multi-year price returns2Y Excs Rtn is -102%, 3Y Excs Rtn is -94% | Penny stockMkt Price is 1.0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -12 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -9.4% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 21% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11% Key risksBLND key risks include [1] high revenue dependence on volatile mortgage and consumer lending markets, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -18% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -43% |
| Attractive yieldFCF Yield is 5.7% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Cloud Computing. Themes include Online Banking & Lending, and Software as a Service (SaaS). |
| Weak multi-year price returns2Y Excs Rtn is -102%, 3Y Excs Rtn is -94% |
| Penny stockMkt Price is 1.0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -12 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -9.4% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 21% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11% |
| Key risksBLND key risks include [1] high revenue dependence on volatile mortgage and consumer lending markets, Show more. |
Qualitative Assessment
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Prices as of 11/9/2026
Nov 6: down 13.7% in one day (S&P 500 up 0.3%)
The stock declined without company news. The S&P 500 moved up that day.
Up 42.2% from its Oct 16 low to Nov 4, down 23.0% since (S&P 500 up 0.5%)
The stock gained over the period primarily without company-specific news. The largest daily increase occurred on November 4, when the S&P 500 also rose, with headlines reporting a 'Blue Wave' painting the market green.
Nov 6: down 13.7% in one day (S&P 500 up 0.3%)
The stock declined without company news. The S&P 500 moved up that day.
Up 42.2% from its Oct 16 low to Nov 4, down 23.0% since (S&P 500 up 0.5%)
The stock gained over the period primarily without company-specific news. The largest daily increase occurred on November 4, when the S&P 500 also rose, with headlines reporting a 'Blue Wave' painting the market green.
Prices as of 11/9/2026
Nov 6: down 13.7% in one day (S&P 500 up 0.3%)
The stock declined without company news. The S&P 500 moved up that day.
Up 42.2% from its Oct 16 low to Nov 4, down 23.0% since (S&P 500 up 0.5%)
The stock gained over the period primarily without company-specific news. The largest daily increase occurred on November 4, when the S&P 500 also rose, with headlines reporting a 'Blue Wave' painting the market green.
Show less
Nov 6: down 13.7% in one day (S&P 500 up 0.3%)
The stock declined without company news. The S&P 500 moved up that day.
Up 42.2% from its Oct 16 low to Nov 4, down 23.0% since (S&P 500 up 0.5%)
The stock gained over the period primarily without company-specific news. The largest daily increase occurred on November 4, when the S&P 500 also rose, with headlines reporting a 'Blue Wave' painting the market green.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -44.6% change in BLND stock from 7/31/2026 to 11/9/2026 was primarily driven by a -49.6% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.78 | 0.99 | -44.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 128 | 130 | 1.9% |
| P/S Multiple | 3.6 | 1.8 | -49.6% |
| Shares Outstanding (Mil) | 256 | 237 | 7.7% |
| Cumulative Contribution | -44.6% |
Market Drivers
7/31/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| BLND | -44.6% | |
| Market (SPY) | 0.8% | 37.9% |
| Sector (XLK) | -2.5% | 21.3% |
Fundamental Drivers
The -32.5% change in BLND stock from 4/30/2026 to 11/9/2026 was primarily driven by a -41.0% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.46 | 0.99 | -32.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 124 | 130 | 5.2% |
| P/S Multiple | 3.0 | 1.8 | -41.0% |
| Shares Outstanding (Mil) | 258 | 237 | 8.8% |
| Cumulative Contribution | -32.5% |
Market Drivers
4/30/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| BLND | -32.5% | |
| Market (SPY) | 5.0% | 26.6% |
| Sector (XLK) | 7.3% | 9.0% |
Fundamental Drivers
The -70.2% change in BLND stock from 10/31/2025 to 11/9/2026 was primarily driven by a -74.5% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.31 | 0.99 | -70.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 122 | 130 | 6.8% |
| P/S Multiple | 7.1 | 1.8 | -74.5% |
| Shares Outstanding (Mil) | 259 | 237 | 9.2% |
| Cumulative Contribution | -70.2% |
Market Drivers
10/31/2025 to 11/9/2026| Return | Correlation | |
|---|---|---|
| BLND | -70.2% | |
| Market (SPY) | 11.3% | 30.4% |
| Sector (XLK) | 14.1% | 20.8% |
Fundamental Drivers
The -18.6% change in BLND stock from 10/31/2023 to 11/9/2026 was primarily driven by a -27.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.21 | 0.99 | -18.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 178 | 130 | -27.1% |
| P/S Multiple | 1.7 | 1.8 | 8.5% |
| Shares Outstanding (Mil) | 244 | 237 | 2.9% |
| Cumulative Contribution | -18.6% |
Market Drivers
10/31/2023 to 11/9/2026| Return | Correlation | |
|---|---|---|
| BLND | -18.6% | |
| Market (SPY) | 86.2% | 23.2% |
| Sector (XLK) | 112.1% | 19.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BLND Return | -65% | -80% | 77% | 65% | -28% | -68% | -95% |
| Peers Return | -31% | -50% | 44% | 2% | 22% | -2% | -39% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 96% |
Monthly Win Rates [3] | |||||||
| BLND Win Rate | 17% | 50% | 50% | 58% | 42% | 36% | |
| Peers Win Rate | 40% | 32% | 53% | 53% | 52% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| BLND Max Drawdown | - | -90% | -74% | -36% | -36% | -73% | |
| Peers Max Drawdown | -54% | -57% | -39% | -31% | -32% | -48% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NCNO, ICE, RKT, TREE, APPN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/9/2026 (YTD)
How Low Can It Go
| Event | BLND | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.8% | -18.8% |
| % Gain to Breakeven | 34.8% | 23.1% |
| Time to Breakeven | 185 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -19.2% | -9.5% |
| % Gain to Breakeven | 23.8% | 10.5% |
| Time to Breakeven | 31 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -70.3% | -6.7% |
| % Gain to Breakeven | 236.4% | 7.1% |
| Time to Breakeven | 225 days | 31 days |
In The Past
Blend Labs's stock fell -25.8% during the 2025 US Tariff Shock. Such a loss loss requires a 34.8% gain to breakeven.
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Asset Allocation
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| Event | BLND | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.8% | -18.8% |
| % Gain to Breakeven | 34.8% | 23.1% |
| Time to Breakeven | 185 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -70.3% | -6.7% |
| % Gain to Breakeven | 236.4% | 7.1% |
| Time to Breakeven | 225 days | 31 days |
In The Past
Blend Labs's stock fell -25.8% during the 2025 US Tariff Shock. Such a loss loss requires a 34.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Blend Labs (BLND)
Blend Labs, Inc. (BLND) is a cloud-based software platform provider primarily serving financial services firms in the United States. The company's core mission is to modernize and streamline the consumer application process for various financial products through its technology solutions. It operates through two main segments: the Blend Platform and Title365, offering a comprehensive suite of tools to its diverse client base.
Through its Blend Platform segment, the company provides white-label products that financial institutions can brand as their own. These solutions cover a wide range of offerings, including mortgages, home equity loans, vehicle loans, personal loans, credit cards, and deposit accounts. Additionally, the Blend Platform facilitates the entire homeownership journey with specialized mortgage products that assist with closing, income verification, homeowners insurance, and realty services.
The Title365 segment extends Blend Labs' services by offering essential title search procedures for title insurance policies, escrow management, and other crucial closing and settlement services. This segment also provides trustee services, alongside professional and consulting services. Blend Labs serves a broad clientele including banks, credit unions, financial technology companies, and non-bank mortgage lenders, helping them to enhance efficiency and customer experience.
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Here are 1-3 brief analogies for Blend Labs (BLND):
Salesforce for financial services.
Shopify for banks and lenders.
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- Digital Lending Platform: Provides white-label cloud-based software for financial institutions to originate various consumer loans and accounts, including mortgages, home equity, auto, personal loans, credit cards, and deposit accounts.
- Mortgage Facilitation Suite: Offers a set of products that streamline the homeownership journey for consumers, covering aspects like closing, income verification, and homeowners insurance.
- Title, Escrow, and Settlement Services: Delivers services related to title search procedures for insurance policies, escrow management, and other property closing and settlement functions.
- Professional and Consulting Services: Provides expert advice and implementation support to financial services firms.
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Blend Labs (BLND) sells primarily to other companies. Based on the provided description, its major customers fall into the following categories:
- Banks
- Credit Unions
- Financial Technology Companies (FinTechs)
- Non-bank Mortgage Lenders
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Amazon (AMZN)
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Nima Ghamsari, Co-founder, Chairman, CEO & Head of Blend
Nima Ghamsari co-founded Blend Labs in 2012. Prior to establishing Blend, he was an early employee at Palantir. As of 2021, he controls the company through Class B shares, which grant him 40 votes per share, and has a potential incentive pay package tied to the company's performance.
Jason Ream, Head of Finance and Administration
Jason Ream joined Blend as Head of Finance and Administration in August 2025. He possesses over 25 years of experience as a financial and operating leader within the technology and software sectors. His prior roles include serving as CFO for two public companies, SailPoint Technologies Holdings, Inc. and SolarWinds Corporation, as well as two private companies, Mitratech Holdings Inc. and Relativity ODA LLC. Before his tenure at Blend, he was a Senior Managing Director at Haveli Investments.
Srinivasan Venkatramani, Head of Product, Technology, and Customer Operations
Srinivasan Venkatramani is responsible for Blend's core software platform and customer experience.
Winnie Ling, Head of Legal & People
Winnie Ling oversees governance and talent strategy for Blend.
Matt Thomson, Head of Revenue
Matt Thomson was appointed as Blend's Head of Revenue in January 2026. He brings over 25 years of experience in fintech sales leadership, having previously held positions at Alkami Technology and ACI Worldwide.
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Here are the key risks to Blend Labs (BLND):
- Reliance on Cyclical Lending Markets and Profitability Challenges: Blend Labs' revenue is significantly tied to the health of the mortgage and consumer lending markets, which are highly sensitive to macroeconomic factors such as interest rates and housing market conditions. A prolonged period of high interest rates or economic downturns can depress loan originations, directly impacting Blend's transaction-based revenue. Furthermore, Blend Labs has faced persistent challenges in achieving consistent profitability, exhibiting negative operating and free cash flow margins. The company's Altman Z-Score suggests a potential risk of financial distress. While Blend is actively working to diversify its offerings beyond mortgages, this strategic pivot carries near-term execution risks.
- Intense Competition and Customer Retention: The financial technology (fintech) sector in which Blend Labs operates is characterized by intense competition. The company faces rivals ranging from large incumbent technology providers to emerging fintech firms offering similar digital origination tools. This competitive pressure can lead to pricing pressure and necessitate substantial investment in innovation, potentially impacting profitability. Additionally, Blend has experienced customer churn and a decline in its market share for mortgage originations, indicating challenges in retaining existing customers and acquiring new ones cost-effectively.
- Internal Control Weaknesses and Cloud Security Risks: Blend Labs has disclosed a material weakness in its internal controls over revenue processes for 2025. Such weaknesses can lead to financial misstatements and impact investor confidence. As a provider of cloud-based software for financial services, Blend also faces significant inherent risks related to data security, privacy, and regulatory compliance. Financial institutions are frequent targets for cyberattacks, and operating in the cloud introduces vulnerabilities such as ransomware attacks, API exploits, and supply chain risks, which can result in data breaches, financial losses, and reputational damage.
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The rise of embedded finance, enabling non-financial companies to directly offer financial products and services within non-financial customer journeys, potentially diminishes the reliance on traditional financial institutions (Blend's primary client base) and their need for Blend's white-label platforms and mortgage-related software.
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The addressable markets for Blend Labs' main products and services are primarily within the United States, with some global market data available for broader categories.
- Overall Total Addressable Market (TAM): Blend Labs estimated its total addressable market to be over $33 billion in the U.S. as of 2020, based on consumer banking transactions and home financings.
- Digital Lending Platform Market: The U.S. Digital Lending Platform Market was valued at approximately $2.64 billion in 2024. This market is projected to grow to about $11.17 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 26.07% from 2024 to 2032. Another estimate indicates the U.S. market generated $2,420.9 million in 2024 and is expected to reach $9,583.3 million by 2030, with a CAGR of 26.3% from 2025 to 2030.
- Loan Origination Software Market: The global Loan Origination Software Market was valued at $6.5 billion in 2025 and is projected to reach $26.3 billion by 2035, growing at a CAGR of 15% from 2026 to 2035. North America is expected to hold a 43% share of this market by 2035. The global market was also reported at $5.29 billion in 2023 and is expected to reach $14.11 billion by 2033, with a CAGR of 10.31%. North America is estimated to hold the largest share in this market.
- Mortgage and Loans Software Market: The global Mortgage and Loans Software Market size was valued at approximately $27.1 billion in 2026 and is expected to reach $97 billion by 2035, growing at a CAGR of about 15.1% from 2026 to 2035. North America holds a significant market share in this segment.
- Title and Settlement Services Market: The U.S. Title and Settlement Services industry revenue was $15.4 billion in 2025. This industry consists of approximately 6,800 companies in the U.S. and generates about $12.5 billion annually.
- Title Insurance Market: The global title insurance market was valued at $56.8 billion in 2022 and is projected to reach $161.6 billion by 2032, growing at a CAGR of 11.3% from 2023 to 2032. North America dominated this market in 2022.
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Here are 3-5 expected drivers of future revenue growth for Blend Labs (BLND) over the next 2-3 years:
- AI-Driven Automation with Blend Autopilot: Blend Labs expects revenue growth through the adoption and expansion of its innovative AI tool, Blend Autopilot. This new AI agent, launched in March 2026, aims to automate document processing and compliance, significantly reducing loan origination costs for financial services firms. Several large customers are already engaging with the tool during its preview period, indicating a strong potential for enhancing service offerings and customer satisfaction.
- Continued Growth in the Consumer Banking Suite: The company has demonstrated consistent strength and growth in its Consumer Banking Suite. This segment has shown significant year-over-year revenue increases, contributing a growing proportion to Blend's total revenue. The focus on expanding this existing product line beyond mortgages is a key diversification strategy and a driver of future growth.
- Expansion of Remaining Performance Obligations (RPO) and Customer Acquisition: Blend Labs anticipates continued expansion in its Remaining Performance Obligations (RPO). This growth is expected to be driven by acquiring new customers, securing more renewals under its subscription model, and entering into Platform deals that involve longer and larger commitments. This indicates a strategy of both expanding the customer base and deepening relationships with existing clients.
- Strategic Shift Towards Bundled Offerings: Blend is strategically moving towards offering bundled deals that span multiple product lines. This approach aims to increase the value derived from each customer by encouraging the adoption of a broader range of Blend's solutions, thereby driving higher revenue per customer.
- Recovery of the Mortgage Market: While Blend has faced headwinds in its mortgage business, the company is positioning itself to benefit from an anticipated recovery in the overall U.S. mortgage industry. Management expects sequential improvement in mortgage market volume, which would directly contribute to an increase in Blend's Mortgage Suite revenue.
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Share Repurchases
- Blend Labs' Board of Directors authorized a share repurchase program of up to $50 million of its Class A common stock, announced on March 10, 2026.
- The company repurchased 5.1 million shares in the fourth quarter of 2025 for more than $15 million.
- Total share repurchases for the full year 2025 amounted to $25 million.
Share Issuance
- Blend Labs completed its Initial Public Offering (IPO) on July 16, 2021, issuing 20,000,000 shares and raising $360 million at a final placement price of $18 per share.
Capital Expenditures
- Capital expenditures for Blend Labs were $1.89 million in 2021, $2.07 million in 2022, $0.59 million in 2023, and $9.84 million in 2024.
Peer Outperformance in Application Software
BLND has trailed 83% of its 125 Application Software peers over 5Y. Among the peers that beat it are ACIW, BOX and SSNC. Application Software ranks 12th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Application Software constituents that BLND has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
15%
of 151 industry peers · -64.7% return
3Y
46%
of 136 industry peers · -18.6% return
5Y
17%
of 125 industry peers · -93.7% return
Application Software peers with revenue growth within 4pp of BLND's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| BLND | Blend Labs | 5.2% | -16.8x | -64.7% | -18.6% | -93.7% | — |
| ACIW | ACI Worldwide | 7.4% | 37.1x | 25.5% | 135.4% | 81.6% | +175pp |
| BOX | Box | 6.6% | 43.8x | 32.9% | 62.9% | 57.8% | +151pp |
| SSNC | SS&C Technologies | 7.2% | 21.4x | -6.2% | 53.9% | 5.4% | +99pp |
| DLB | Dolby Laboratories | 1.8% | 27.0x | 1.8% | -21.4% | -21.0% | +73pp |
| TYL | Tyler Technologies | 8.9% | 50.5x | -9.8% | -0.1% | -22.8% | +71pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Application Software is BLND's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | 15.6% | 110.8% | 187.8% | FLEX 499% · TTMI 428% · JBL 303% |
| Technology Distributors | 9 | 50.7% | 59.2% | 59.9% | AVT 146% · SNX 118% · CNXN 77% |
| Semiconductor Materials & Equipment | 28 | 39.5% | 48.2% | 43.1% | AXTI 370% · KLAC 281% · LRCX 274% |
| Communications Equipment | 36 | 10.5% | 99.8% | 38.1% | AAOI 806% · LITE 546% · ANET 461% |
| Electronic Components | 24 | 20.6% | 78.5% | 33.8% | CLS 1838% · BELFA 1082% · APH 310% |
| Electronic Equipment & Instruments | 27 | -5.1% | 32.8% | -0.4% | PI 129% · OSIS 112% · MIR 70% |
| Semiconductors | 55 | 12.1% | 44.0% | -5.3% | MU 893% · AVGO 526% · NVDA 485% |
| Technology Hardware, Storage & Peripherals | 21 | 13.0% | 88.7% | -8.8% | WDC 592% · DELL 581% · SMCI 538% |
| IT Consulting & Other Services | 30 | -17.7% | -7.7% | -25.2% | APLD 293% · IBM 142% · GIB -10% |
| Internet Services & Infrastructure | 6 | -9.8% | 38.8% | -29.7% | GDDY 56% · VRSN 33% · AKAM -27% |
| Systems Software | 70 | -7.3% | 17.7% | -52.9% | ZETA 227% · CRWD 212% · CVLT 145% |
| Application Software ← | 126 | -11.5% | -11.7% | -55.7% | PLTR 598% · FROG 180% · AGYS 141% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 28.98 |
| Mkt Cap | 3.0 |
| Rev LTM | 1,073 |
| Op Inc LTM | 49 |
| FCF LTM | 107 |
| FCF 3Y Avg | 48 |
| CFO LTM | 113 |
| CFO 3Y Avg | 57 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.1% |
| Rev Chg 3Y Avg | 15.3% |
| Rev Chg Q | 16.2% |
| QoQ Delta Rev Chg LTM | 3.7% |
| Op Inc Chg LTM | 41.2% |
| Op Inc Chg 3Y Avg | 111.5% |
| Op Mgn LTM | 7.9% |
| Op Mgn 3Y Avg | -0.2% |
| QoQ Delta Op Mgn LTM | 0.9% |
| CFO/Rev LTM | 13.1% |
| CFO/Rev 3Y Avg | 6.1% |
| FCF/Rev LTM | 8.3% |
| FCF/Rev 3Y Avg | 5.2% |
Price Behavior
Price Behavior
| Market Price | $0.99 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 07/16/2021 | |
| Distance from 52W High | -70.5% | |
| 50 Days | 200 Days | |
| DMA Price | $1.18 | $1.56 |
| DMA Trend | down | down |
| Distance from DMA | -16.1% | -37.0% |
| 3M | 1YR | |
| Volatility | 76.8% | 74.6% |
| Downside Capture | 291.53 | 258.71 |
| Upside Capture | 144.41 | 99.89 |
| Correlation (S&P 500) | 41.4% | 30.5% |
BLND Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.15 | 2.00 | 2.31 | 1.27 | 1.59 | 1.09 |
| Up Beta | -13.57 | -2.42 | 1.02 | 0.10 | 0.86 | 0.43 |
| Down Beta | 2.64 | 0.16 | -0.11 | 1.03 | 1.40 | 0.51 |
| Up Capture | 399% | 231% | 218% | 122% | 117% | 531% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 9 | 13 | 22 | 54 | 111 | 349 |
| Down Capture | 190% | 359% | 364% | 181% | 168% | 112% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 10 | 23 | 35 | 62 | 127 | 370 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BLND | |
|---|---|---|---|---|
| BLND | -67.2% | 74.6% | -1.17 | - |
| Sector ETF (XLK) | 18.7% | 28.5% | 0.59 | 20.1% |
| Equity (SPY) | 13.3% | 13.7% | 0.65 | 29.8% |
| Gold (GLD) | 3.7% | 28.8% | 0.12 | 3.4% |
| Commodities (DBC) | 38.2% | 21.3% | 1.42 | -19.4% |
| Real Estate (VNQ) | 13.7% | 14.3% | 0.65 | 15.1% |
| Bitcoin (BTCUSD) | -25.3% | 43.6% | -0.55 | 20.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BLND | |
|---|---|---|---|---|
| BLND | -41.5% | 85.1% | -0.25 | - |
| Sector ETF (XLK) | 17.1% | 26.5% | 0.58 | 27.1% |
| Equity (SPY) | 11.8% | 17.3% | 0.51 | 30.5% |
| Gold (GLD) | 17.8% | 19.1% | 0.75 | 3.4% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 0.2% |
| Real Estate (VNQ) | 1.5% | 18.9% | -0.03 | 29.7% |
| Bitcoin (BTCUSD) | 4.4% | 51.6% | 0.27 | 17.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BLND | |
|---|---|---|---|---|
| BLND | -26.4% | 83.8% | -0.32 | - |
| Sector ETF (XLK) | 23.1% | 25.3% | 0.83 | 27.0% |
| Equity (SPY) | 15.3% | 18.0% | 0.72 | 30.2% |
| Gold (GLD) | 12.1% | 16.5% | 0.60 | 3.2% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 0.4% |
| Real Estate (VNQ) | 6.1% | 20.7% | 0.25 | 29.3% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 17.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/21/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -16.4% | -20.5% | -21.0% |
| 5/7/2026 | -14.8% | -14.2% | 5.6% |
| 3/10/2026 | 11.7% | -8.0% | -6.1% |
| 11/6/2025 | -6.7% | 4.0% | 11.7% |
| 8/7/2025 | -23.5% | -19.9% | 22.4% |
| 5/8/2025 | 7.0% | 10.6% | 11.6% |
| 2/27/2025 | -10.8% | -12.5% | 1.4% |
| 11/6/2024 | 15.0% | 13.0% | 38.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 12 |
| # Negative | 10 | 10 | 8 |
| Median Positive | 18.7% | 14.3% | 11.8% |
| Median Negative | -12.8% | -15.7% | -22.1% |
| Max Positive | 28.6% | 49.4% | 38.6% |
| Max Negative | -35.4% | -34.6% | -46.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -16.4% | -20.5% | -21.0% |
| 5/7/2026 | -14.8% | -14.2% | 5.6% |
| 3/10/2026 | 11.7% | -8.0% | -6.1% |
| 11/6/2025 | -6.7% | 4.0% | 11.7% |
| 8/7/2025 | -23.5% | -19.9% | 22.4% |
| 5/8/2025 | 7.0% | 10.6% | 11.6% |
| 2/27/2025 | -10.8% | -12.5% | 1.4% |
| 11/6/2024 | 15.0% | 13.0% | 38.6% |
| 8/8/2024 | 22.7% | 49.4% | 30.1% |
| 5/8/2024 | 17.8% | 31.8% | 12.7% |
| 3/14/2024 | 19.6% | 30.2% | 3.0% |
| 11/7/2023 | -7.4% | -14.2% | 8.1% |
| 8/9/2023 | 17.2% | 2.5% | -9.0% |
| 5/9/2023 | 26.5% | 29.5% | 32.1% |
| 3/16/2023 | -35.4% | -34.6% | -44.9% |
| 11/10/2022 | -4.1% | -11.9% | -42.7% |
| 8/15/2022 | 28.6% | 3.3% | 12.0% |
| 5/12/2022 | 20.7% | 15.7% | -11.8% |
| 11/10/2021 | -16.1% | -19.8% | -46.9% |
| 8/19/2021 | -8.7% | -17.3% | -23.2% |
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 12 |
| # Negative | 10 | 10 | 8 |
| Median Positive | 18.7% | 14.3% | 11.8% |
| Median Negative | -12.8% | -15.7% | -22.1% |
| Max Positive | 28.6% | 49.4% | 38.6% |
| Max Negative | -35.4% | -34.6% | -46.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/13/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/14/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/13/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/14/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/13/2022 | 10-Q |
| 12/31/2021 | 03/31/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/24/2021 | 10-Q |
| 03/31/2021 | 07/06/2021 | S-1/A |
Recent Forward Guidance
Updated 11/2/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Total Revenue | Reported | 31.50 Mil | 32.50 Mil | 33.50 Mil | -1.5% | Lower New | Guidance: 33.00 Mil for Q2 2026 | |
| Q3 2026 Non-GAAP Operating Income | Reported | 3.50 Mil | 4.00 Mil | 4.50 Mil | -33.3% | Lower New | Guidance: 6.00 Mil for Q2 2026 | |
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Total Revenue | Reported | 32.00 Mil | 33.00 Mil | 34.00 Mil | 12.8% | Higher New | Actual: 29.25 Mil for Q1 2026 | |
| Q2 2026 Non-GAAP Operating Income | Reported | 5.50 Mil | 6.00 Mil | 6.50 Mil | 140.0% | Higher New | Actual: 2.50 Mil for Q1 2026 | |
Q4 2025 Earnings Reported 3/10/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 28.50 Mil | 29.25 Mil | 30.00 Mil | -7.9% | Lower New | Actual: 31.75 Mil for Q4 2025 | |
| Q1 2026 Non-GAAP Operating Income | Reported | 2.00 Mil | 2.50 Mil | 3.00 Mil | -16.7% | Lower New | Actual: 3.00 Mil for Q4 2025 | |
| Q2 2026 Mortgage Market Size | Reported | 1.50 Mil | 1.55 Mil | 1.60 Mil | 38.4% | Higher New | Actual: 1.12 Mil for Q1 2026 | |
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Total Revenue | Reported | 31.00 Mil | 31.75 Mil | 32.50 Mil | -2.3% | Lower New | Guidance: 32.50 Mil for Q3 2025 | |
| Q4 2025 Non-GAAP Net Operating Income | Reported | 2.50 Mil | 3.00 Mil | 3.50 Mil | -20.0% | Lower New | Guidance: 3.75 Mil for Q3 2025 | |
| Q1 2026 Market Size | Reported | 1.07 Mil | 1.12 Mil | 1.17 Mil | ||||
Insider Activity
Updated 11/4/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ghamsari, Nima | HEAD OF BLEND | Direct | Sell | 11042026 | 1.16 | 22,322 | 25,782 | 8,901,588 | Form |
| 2 | Ghamsari, Nima | HEAD OF BLEND | Direct | Sell | 10282026 | 1.12 | 21,368 | 23,911 | 8,649,115 | Form |
| 3 | Ghamsari, Nima | HEAD OF BLEND | Direct | Sell | 10212026 | 0.92 | 27,775 | 25,664 | 7,161,640 | Form |
| 4 | Ghamsari, Nima | HEAD OF BLEND | Direct | Sell | 10142026 | 0.97 | 25,098 | 24,471 | 7,584,006 | Form |
| 5 | Ghamsari, Nima | HEAD OF BLEND | Direct | Sell | 10072026 | 1.02 | 24,272 | 24,660 | 7,928,423 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ghamsari, Nima | HEAD OF BLEND | Direct | Sell | 11042026 | 1.16 | 22,322 | 25,782 | 8,901,588 | Form |
| 2 | Ghamsari, Nima | HEAD OF BLEND | Direct | Sell | 10282026 | 1.12 | 21,368 | 23,911 | 8,649,115 | Form |
| 3 | Ghamsari, Nima | HEAD OF BLEND | Direct | Sell | 10212026 | 0.92 | 27,775 | 25,664 | 7,161,640 | Form |
| 4 | Ghamsari, Nima | HEAD OF BLEND | Direct | Sell | 10142026 | 0.97 | 25,098 | 24,471 | 7,584,006 | Form |
| 5 | Ghamsari, Nima | HEAD OF BLEND | Direct | Sell | 10072026 | 1.02 | 24,272 | 24,660 | 7,928,423 | Form |
| 6 | Ghamsari, Nima | HEAD OF BLEND | Direct | Sell | 9302026 | 1.10 | 22,523 | 24,820 | 8,626,277 | Form |
| 7 | Ghamsari, Nima | HEAD OF BLEND | Direct | Sell | 9232026 | 1.19 | 21,009 | 25,022 | 9,349,780 | Form |
| 8 | Venkatramani, Srinivasan | Head of Product Tech & Cust Op | Direct | Sell | 9152026 | 1.43 | 74,705 | 106,828 | 338,285 | Form |
| 9 | Tkach, Oxana | PRINCIPAL ACCOUNTING OFFICER | Direct | Sell | 8192026 | 1.45 | 21,209 | 30,685 | 139,237 | Form |
| 10 | Haveli, Investments, LP | See footnotes | Buy | 8192026 | 1.44 | 17,397 | 25,120 | 27,016,891 | Form | |
| 11 | Thomson, Matthew Christopher | Head of Revenue | Direct | Sell | 8072026 | 2.00 | 15,041 | 30,142 | 120,565 | Form |
| 12 | Haveli, Investments, LP | See footnotes | Buy | 6152026 | 1.72 | 650,000 | 1,120,080 | 32,212,910 | Form | |
| 13 | Haveli, Investments, LP | See footnotes | Buy | 6152026 | 1.70 | 256,928 | 436,161 | 30,630,912 | Form | |
| 14 | Haveli, Investments, LP | See footnotes | Buy | 6152026 | 1.74 | 250,000 | 435,125 | 30,957,802 | Form | |
| 15 | Haveli, Investments, LP | See footnotes | Buy | 6102026 | 1.67 | 723,460 | 1,210,349 | 29,338,948 | Form | |
| 16 | Haveli, Investments, LP | See footnotes | Buy | 6102026 | 1.70 | 178,677 | 303,876 | 28,594,327 | Form | |
| 17 | Haveli, Investments, LP | See footnotes | Buy | 6102026 | 1.70 | 216,798 | 368,166 | 28,248,864 | Form | |
| 18 | Haveli, Investments, LP | See footnotes | Buy | 6052026 | 1.60 | 28,299 | 45,278 | 26,268,470 | Form | |
| 19 | Haveli, Investments, LP | See footnotes | Buy | 6052026 | 1.56 | 240,307 | 376,056 | 25,647,921 | Form | |
| 20 | Haveli, Investments, LP | See footnotes | Buy | 5272026 | 1.49 | 1,600 | 2,391 | 24,128,502 | Form | |
| 21 | Haveli, Investments, LP | See footnotes | Buy | 5272026 | 1.46 | 243,805 | 355,736 | 23,560,946 | Form | |
| 22 | Tkach, Oxana | PRINCIPAL ACCOUNTING OFFICER | Direct | Sell | 5272026 | 1.57 | 5,625 | 8,831 | 184,392 | Form |
| 23 | Haveli, Investments, LP | See footnotes | Buy | 5272026 | 1.48 | 798,223 | 1,182,088 | 23,551,912 | Form | |
| 24 | Haveli, Investments, LP | See footnotes | Buy | 5212026 | 1.50 | 8,117 | 12,176 | 22,658,340 | Form | |
| 25 | Haveli, Investments, LP | See footnotes | Buy | 5212026 | 1.50 | 185,611 | 278,082 | 22,618,989 | Form | |
| 26 | Haveli, Investments, LP | See footnotes | Buy | 5212026 | 1.49 | 583,450 | 867,882 | 22,181,350 | Form | |
| 27 | Haveli, Investments, LP | See footnotes | Buy | 5182026 | 1.47 | 2,177 | 3,201 | 21,071,319 | Form | |
| 28 | Haveli, Investments, LP | See footnotes | Buy | 5182026 | 1.45 | 525,697 | 761,472 | 20,751,508 | Form | |
| 29 | Haveli, Investments, LP | See footnotes | Buy | 5182026 | 1.33 | 1,000,000 | 1,325,600 | 18,293,953 | Form | |
| 30 | Haveli, Investments, LP | See footnotes | Buy | 5132026 | 1.44 | 1,296,924 | 1,866,533 | 18,422,491 | Form | |
| 31 | Haveli, Investments, LP | See footnotes | Buy | 5132026 | 1.41 | 258,796 | 365,886 | 16,263,767 | Form | |
| 32 | Haveli, Investments, LP | See footnotes | Buy | 5132026 | 1.41 | 395,915 | 557,171 | 15,824,790 | Form | |
| 33 | Tkach, Oxana | PRINCIPAL ACCOUNTING OFFICER | Direct | Sell | 2262026 | 1.59 | 5,625 | 8,955 | 153,211 | Form |
| 34 | Kneafsey, Brian | Head of Revenue | Direct | Sell | 1202026 | 3.06 | 25,000 | 76,420 | 1,986,382 | Form |
| 35 | Tkach, Oxana | PRINCIPAL ACCOUNTING OFFICER | Direct | Sell | 1092026 | 3.09 | 2,500 | 7,725 | 237,983 | Form |
| 36 | Kneafsey, Brian | Head of Revenue | Direct | Sell | 12172025 | 3.06 | 25,000 | 76,485 | 2,064,557 | Form |
| 37 | Haveli, Investments, LP | See footnotes | Buy | 12032025 | 3.09 | 533,888 | 1,649,927 | 33,527,357 | Form | |
| 38 | Haveli, Investments, LP | See footnotes | Buy | 12032025 | 3.09 | 345,404 | 1,066,711 | 31,855,768 | Form | |
| 39 | Haveli, Investments, LP | See footnotes | Buy | 12032025 | 3.14 | 430,531 | 1,352,083 | 31,309,469 | Form | |
| 40 | Haveli, Investments, LP | See footnotes | Buy | 11262025 | 3.10 | 15,090 | 46,779 | 29,571,055 | Form | |
| 41 | Haveli, Investments, LP | See footnotes | Buy | 11262025 | 3.05 | 54,844 | 167,071 | 29,012,839 | Form | |
| 42 | Haveli, Investments, LP | See footnotes | Buy | 11202025 | 3.03 | 1,088,738 | 3,299,965 | 28,700,891 | Form | |
| 43 | Haveli, Investments, LP | See footnotes | Buy | 11202025 | 3.05 | 293,459 | 893,964 | 25,529,146 | Form | |
| 44 | Kneafsey, Brian | Head of Revenue | Direct | Sell | 11192025 | 2.99 | 25,000 | 74,732 | 1,981,634 | Form |
| 45 | Haveli, Investments, LP | See footnotes | Buy | 11172025 | 2.99 | 796,753 | 2,381,893 | 24,175,844 | Form | |
| 46 | Haveli, Investments, LP | See footnotes | Buy | 11172025 | 3.00 | 704,259 | 2,116,298 | 21,906,949 | Form | |
| 47 | Haveli, Investments, LP | See footnotes | Buy | 11172025 | 3.09 | 653,936 | 2,022,493 | 20,368,893 | Form | |
| 48 | Haveli, Investments, LP | See footnotes | Buy | 11122025 | 3.05 | 953,634 | 2,908,202 | 18,090,139 | Form | |
| 49 | Haveli, Investments, LP | See footnotes | Buy | 11122025 | 3.00 | 600,308 | 1,800,084 | 14,928,041 | Form | |
| 50 | Haveli, Investments, LP | See footnotes | Buy | 11122025 | 2.98 | 701,110 | 2,092,042 | 13,063,601 | Form |
Investor Activity (13F)
Updated Nov 10, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Application Software Resources |
| Capterra |
| Software Advice |
| InfoWorld |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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