Tearsheet

Blend Labs (BLND)


Market Price (6/21/2026): $1.75 | Market Cap: $447.4 MilSector: Information Technology | Industry: Application Software

Blend Labs (BLND)


Market Price (6/21/2026): $1.75
Market Cap: $447.4 Mil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -48%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and Cloud Computing. Themes include Online Banking & Lending, and Software as a Service (SaaS).

Weak multi-year price returns
2Y Excs Rtn is -73%, 3Y Excs Rtn is -19%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -18 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -14%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 324x

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.0%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 23%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.6%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.5%

Key risks
BLND key risks include [1] high revenue dependence on volatile mortgage and consumer lending markets, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14%
1 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -48%
2 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and Cloud Computing. Themes include Online Banking & Lending, and Software as a Service (SaaS).
3 Weak multi-year price returns
2Y Excs Rtn is -73%, 3Y Excs Rtn is -19%
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -18 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -14%
5 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 324x
6 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.0%
7 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 23%
8 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.6%
9 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.5%
10 Key risks
BLND key risks include [1] high revenue dependence on volatile mortgage and consumer lending markets, Show more.

BLND in ETFs

Weight = BLND's share of each fund

VTI0.00%
ITOT0.00%
IWM0.01%
IWO0.02%
VTWO0.01%
SCHA0.01%
VGT0.01%
SCHB0.00%
+1 more covered ETF

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/17/2026

Blend Labs (BLND) stock has remained largely at the same level since 2/28/2026 because of the following key factors:

1. Weak Q2 2026 Revenue Guidance Below Analyst Expectations.

Blend Labs projected its fiscal Q2 2026 total revenue to be between $32.0 million and $34.0 million, indicating a modest year-over-year growth of 1% to 7%. This forecast fell below the Street's consensus estimate of $35.3 million, signaling a slower growth trajectory than analysts anticipated. This cautious outlook overshadowed the company's stronger-than-expected fiscal Q1 2026 results, where revenue reached $30.8 million, surpassing both internal guidance and analyst consensus.

2. Persistent Macroeconomic Headwinds in the Mortgage Industry.

The company continues to operate within a challenging mortgage market, facing significant macroeconomic headwinds such as rising mortgage rates and ongoing inflationary pressures. Analysts have consistently noted a "persistently tough mortgage macro" and the potential for a broader industry downturn throughout 2026, which has negatively impacted investor sentiment towards Blend Labs, given its strong ties to mortgage originations.

Show more
Updated on 6/17/2026

Blend Labs (BLND) stock has remained largely at the same level since 2/28/2026 because of the following key factors:

1. Weak Q2 2026 Revenue Guidance Below Analyst Expectations.

Blend Labs projected its fiscal Q2 2026 total revenue to be between $32.0 million and $34.0 million, indicating a modest year-over-year growth of 1% to 7%. This forecast fell below the Street's consensus estimate of $35.3 million, signaling a slower growth trajectory than analysts anticipated. This cautious outlook overshadowed the company's stronger-than-expected fiscal Q1 2026 results, where revenue reached $30.8 million, surpassing both internal guidance and analyst consensus.

2. Persistent Macroeconomic Headwinds in the Mortgage Industry.

The company continues to operate within a challenging mortgage market, facing significant macroeconomic headwinds such as rising mortgage rates and ongoing inflationary pressures. Analysts have consistently noted a "persistently tough mortgage macro" and the potential for a broader industry downturn throughout 2026, which has negatively impacted investor sentiment towards Blend Labs, given its strong ties to mortgage originations.

3. Analyst Downgrades and Price Target Reductions.

Following the release of the fiscal Q2 2026 guidance, multiple financial analysts revised their outlooks and lowered their price targets for Blend Labs' stock. For example, Keefe Bruyette reduced its price target from $2.25 to $1.90, and Citizens cut its target from $5.00 to $4.00, reflecting a tempered expectation for the company's near-term growth prospects. These adjustments contributed to the downward pressure on the stock during the specified period.

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Stock Movement Drivers

Fundamental Drivers

The -1.8% change in BLND stock from 2/28/2026 to 6/20/2026 was primarily driven by a -8.1% change in the company's P/S Multiple.
(LTM values as of)22820266202026Change
Stock Price ($)1.681.65-1.8%
Change Contribution By: 
Total Revenues ($ Mil)1211285.2%
P/S Multiple3.63.3-8.1%
Shares Outstanding (Mil)2602561.6%
Cumulative Contribution-1.8%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/20/2026
ReturnCorrelation
BLND-1.8% 
Market (SPY)9.2%24.3%
Sector (XLK)38.1%18.9%

Fundamental Drivers

The -47.8% change in BLND stock from 11/30/2025 to 6/20/2026 was primarily driven by a -51.1% change in the company's P/S Multiple.
(LTM values as of)113020256202026Change
Stock Price ($)3.161.65-47.8%
Change Contribution By: 
Total Revenues ($ Mil)1211285.2%
P/S Multiple6.83.3-51.1%
Shares Outstanding (Mil)2602561.6%
Cumulative Contribution-47.8%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/20/2026
ReturnCorrelation
BLND-47.8% 
Market (SPY)9.9%30.0%
Sector (XLK)34.1%27.8%

Fundamental Drivers

The -54.9% change in BLND stock from 5/31/2025 to 6/20/2026 was primarily driven by a -58.6% change in the company's P/S Multiple.
(LTM values as of)53120256202026Change
Stock Price ($)3.661.65-54.9%
Change Contribution By: 
Total Revenues ($ Mil)1191287.5%
P/S Multiple8.03.3-58.6%
Shares Outstanding (Mil)2592561.3%
Cumulative Contribution-54.9%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/20/2026
ReturnCorrelation
BLND-54.9% 
Market (SPY)28.1%26.7%
Sector (XLK)66.8%23.0%

Fundamental Drivers

The 66.9% change in BLND stock from 5/31/2023 to 6/20/2026 was primarily driven by a 178.2% change in the company's P/S Multiple.
(LTM values as of)53120236202026Change
Stock Price ($)0.991.6566.9%
Change Contribution By: 
Total Revenues ($ Mil)201128-36.5%
P/S Multiple1.23.3178.2%
Shares Outstanding (Mil)241256-5.5%
Cumulative Contribution66.9%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/20/2026
ReturnCorrelation
BLND66.9% 
Market (SPY)85.7%24.6%
Sector (XLK)137.9%22.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
BLND Return-65%-80%77%65%-28%-48%-92%
Peers Return-31%-50%44%2%22%-32%-58%
S&P 500 Return27%-19%24%23%16%8%98%

Monthly Win Rates [3]
BLND Win Rate17%50%50%58%42%33% 
Peers Win Rate40%32%53%53%52%30% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
BLND Max Drawdown--90%-74%-36%-36%-59% 
Peers Max Drawdown-54%-57%-39%-31%-32%-43% 
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 6/18/2026 (YTD)

How Low Can It Go

EventBLNDS&P 500
2025 US Tariff Shock
  % Loss-25.8%-18.8%
  % Gain to Breakeven34.8%23.1%
  Time to Breakeven185 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-19.2%-9.5%
  % Gain to Breakeven23.8%10.5%
  Time to Breakeven31 days24 days
2023 SVB Regional Banking Crisis
  % Loss-70.3%-6.7%
  % Gain to Breakeven236.4%7.1%
  Time to Breakeven225 days31 days

Compare to NCNO, ICE, RKT, TREE, APPN

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

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EventBLNDS&P 500
2025 US Tariff Shock
  % Loss-25.8%-18.8%
  % Gain to Breakeven34.8%23.1%
  Time to Breakeven185 days79 days
2023 SVB Regional Banking Crisis
  % Loss-70.3%-6.7%
  % Gain to Breakeven236.4%7.1%
  Time to Breakeven225 days31 days

Compare to NCNO, ICE, RKT, TREE, APPN

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.

AI Analysis | Feedback

Here are 1-3 brief analogies for Blend Labs (BLND):

  • Salesforce for financial services.

  • Shopify for banks and lenders.

AI Analysis | Feedback

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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.
```

AI Analysis | Feedback

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.

AI Analysis | Feedback

Here are the key risks to Blend Labs (BLND):

  1. 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.
  2. 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.
  3. 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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Blend Labs (BLND) over the next 2-3 years:
  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

AI Analysis | Feedback

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.

Better Bets vs. Blend Labs (BLND)

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

BLNDNCNOICERKTTREEAPPNMedian
NameBlend La.Ncino Intercon.Rocket C.LendingT.Appian  
Mkt Price1.6514.80133.8814.4239.0720.9517.88
Mkt Cap0.41.675.940.80.51.51.6
Rev LTM12861013,0777,8501,205763984
Op Inc LTM-18265,452-105526
FCF LTM-101114,244-2,076736468
FCF 3Y Avg-33803,788-1,69455731
CFO LTM-11175,022-1,274856776
CFO 3Y Avg-25844,495-1,086671139

Growth & Margins

BLNDNCNOICERKTTREEAPPNMedian
NameBlend La.Ncino Intercon.Rocket C.LendingT.Appian  
Rev Chg LTM7.5%9.6%7.3%71.4%23.9%20.4%15.0%
Rev Chg 3Y Avg-7.0%12.6%10.8%31.6%15.6%16.0%14.1%
Rev Chg Q14.9%10.6%13.5%161.3%36.5%21.5%18.2%
QoQ Delta Rev Chg LTM3.2%2.6%3.5%25.6%7.8%4.9%4.2%
Op Inc Chg LTM39.0%264.9%19.4%-108.1%110.9%108.1%
Op Inc Chg 3Y Avg57.0%124.3%13.7%-127.0%68.7%68.7%
Op Mgn LTM-14.3%4.3%41.7%-8.7%0.6%4.3%
Op Mgn 3Y Avg-46.2%-1.9%39.7%-5.9%-7.5%-1.9%
QoQ Delta Op Mgn LTM2.8%3.7%2.1%-1.4%0.5%2.1%
CFO/Rev LTM-1.0%19.2%38.4%-16.2%7.0%8.7%7.9%
CFO/Rev 3Y Avg-26.7%15.2%38.0%-20.4%7.4%0.7%4.1%
FCF/Rev LTM-7.6%18.2%32.5%-26.4%6.1%8.4%7.2%
FCF/Rev 3Y Avg-33.1%14.5%32.0%-31.3%6.0%0.0%3.0%

Valuation

BLNDNCNOICERKTTREEAPPNMedian
NameBlend La.Ncino Intercon.Rocket C.LendingT.Appian  
Mkt Cap0.41.675.940.80.51.51.6
P/S3.32.65.85.20.42.03.0
P/Op Inc-23.160.913.9-5.1336.313.9
P/EBIT324.053.012.7-4.560.353.0
P/E-75.1121.119.3170.43.01,747.570.2
P/CFO-336.913.715.1-32.06.423.210.0
Total Yield-1.3%0.8%6.7%0.6%33.5%0.1%0.7%
Dividend Yield0.0%0.0%1.5%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-4.3%3.4%4.3%-54.5%9.1%0.8%2.1%
D/E0.00.20.30.60.80.20.2
Net D/E-0.10.10.20.60.70.10.2

Returns

BLNDNCNOICERKTTREEAPPNMedian
NameBlend La.Ncino Intercon.Rocket C.LendingT.Appian  
1M Rtn8.6%-6.5%-11.3%4.0%6.8%-0.9%1.5%
3M Rtn0.6%-2.6%-15.2%5.6%-3.3%-17.3%-3.0%
6M Rtn-46.6%-42.4%-15.9%-24.4%-25.4%-43.1%-33.9%
12M Rtn-48.1%-44.0%-24.0%0.1%12.0%-25.7%-24.9%
3Y Rtn81.9%-49.8%25.0%72.6%86.7%-56.6%48.8%
1M Excs Rtn9.5%-3.7%-14.8%11.8%8.0%-5.5%2.2%
3M Excs Rtn-14.1%-18.0%-28.8%-15.1%-19.0%-32.6%-18.5%
6M Excs Rtn-56.0%-50.2%-26.1%-31.2%-34.4%-52.8%-42.3%
12M Excs Rtn-72.8%-70.7%-50.5%-16.0%-9.6%-55.5%-53.0%
3Y Excs Rtn-18.9%-110.7%-43.6%-7.3%2.0%-132.8%-31.3%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Mortgage Suite6973   
Consumer Banking Suite4534   
Professional services99   
Blend Platform  110121136
Title  4711499
Total124116157235234


Price Behavior

Price Behavior
Market Price$1.65 
Market Cap ($ Bil)0.4 
First Trading Date07/16/2021 
Distance from 52W High-62.2% 
   50 Days200 Days
DMA Price$1.56$2.51
DMA Trenddowndown
Distance from DMA5.9%-34.2%
 3M1YR
Volatility87.2%72.6%
Downside Capture220.94203.01
Upside Capture119.5870.20
Correlation (SPY)24.8%25.9%
BLND Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta-0.800.621.031.571.441.21
Up Beta-2.78-0.05-0.020.551.690.42
Down Beta2.981.053.122.241.930.67
Up Capture106%65%83%78%39%1194%
Bmk +ve Days13283667141432
Stock +ve Days13233559114350
Down Capture-463%174%98%218%153%113%
Bmk -ve Days7132757109318
Stock -ve Days6162662127365

[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-48.2%72.5%-0.60-
Sector ETF (XLK)59.9%23.1%1.9622.8%
Equity (SPY)26.5%12.4%1.6126.5%
Gold (GLD)24.2%27.5%0.773.6%
Commodities (DBC)19.8%18.8%0.83-12.0%
Real Estate (VNQ)11.0%13.7%0.5214.2%
Bitcoin (BTCUSD)-40.0%42.5%-1.0817.1%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BLND
BLND-40.0%84.4%-0.24-
Sector ETF (XLK)22.9%25.3%0.8028.7%
Equity (SPY)13.5%17.1%0.6230.4%
Gold (GLD)17.1%18.3%0.763.3%
Commodities (DBC)7.5%19.4%0.292.8%
Real Estate (VNQ)1.9%18.9%0.0029.2%
Bitcoin (BTCUSD)11.0%54.2%0.4017.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BLND
BLND-22.5%84.4%-0.24-
Sector ETF (XLK)25.4%24.7%0.9328.7%
Equity (SPY)15.3%18.0%0.7330.4%
Gold (GLD)12.3%16.1%0.633.3%
Commodities (DBC)5.9%18.0%0.262.8%
Real Estate (VNQ)5.3%20.7%0.2229.2%
Bitcoin (BTCUSD)60.0%66.8%1.0017.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity13.4 Mil
Short Interest: % Change Since 51520260.3%
Average Daily Volume4.8 Mil
Days-to-Cover Short Interest2.8 days
Basic Shares Quantity255.6 Mil
Short % of Basic Shares5.2%

Earnings Returns History

Updated 6/10/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/2026-14.8%-14.2%5.6%
3/10/202611.7%-8.0%-6.1%
11/6/2025-6.7%4.0%11.7%
8/7/2025-23.5%-19.9%22.4%
5/8/20257.0%10.6%11.6%
2/27/2025-10.8%-12.5%1.4%
11/6/202415.0%13.0%38.6%
8/8/202422.7%49.4%30.1%
...
SUMMARY STATS   
# Positive101012
# Negative997
Median Positive18.7%14.3%11.8%
Median Negative-10.8%-14.2%-23.2%
Max Positive28.6%49.4%38.6%
Max Negative-35.4%-34.6%-46.9%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/2026-14.8%-14.2%5.6%
3/10/202611.7%-8.0%-6.1%
11/6/2025-6.7%4.0%11.7%
8/7/2025-23.5%-19.9%22.4%
5/8/20257.0%10.6%11.6%
2/27/2025-10.8%-12.5%1.4%
11/6/202415.0%13.0%38.6%
8/8/202422.7%49.4%30.1%
5/8/202417.8%31.8%12.7%
3/14/202419.6%30.2%3.0%
11/7/2023-7.4%-14.2%8.1%
8/9/202317.2%2.5%-9.0%
5/9/202326.5%29.5%32.1%
3/16/2023-35.4%-34.6%-44.9%
11/10/2022-4.1%-11.9%-42.7%
8/15/202228.6%3.3%12.0%
5/12/202220.7%15.7%-11.8%
11/10/2021-16.1%-19.8%-46.9%
8/19/2021-8.7%-17.3%-23.2%
SUMMARY STATS   
# Positive101012
# Negative997
Median Positive18.7%14.3%11.8%
Median Negative-10.8%-14.2%-23.2%
Max Positive28.6%49.4%38.6%
Max Negative-35.4%-34.6%-46.9%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/07/202610-Q
12/31/202503/16/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/08/202510-Q
12/31/202403/13/202510-K
09/30/202411/06/202410-Q
06/30/202408/08/202410-Q
03/31/202405/08/202410-Q
12/31/202303/14/202410-K
09/30/202311/07/202310-Q
06/30/202308/09/202310-Q
03/31/202305/09/202310-Q
12/31/202203/16/202310-K
09/30/202211/10/202210-Q
06/30/202208/15/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/07/202610-Q
12/31/202503/16/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/08/202510-Q
12/31/202403/13/202510-K
09/30/202411/06/202410-Q
06/30/202408/08/202410-Q
03/31/202405/08/202410-Q
12/31/202303/14/202410-K
09/30/202311/07/202310-Q
06/30/202308/09/202310-Q
03/31/202305/09/202310-Q
12/31/202203/16/202310-K
09/30/202211/10/202210-Q
06/30/202208/15/202210-Q
03/31/202205/13/202210-Q
12/31/202103/31/202210-K
09/30/202111/15/202110-Q
06/30/202108/24/202110-Q
03/31/202107/06/2021S-1/A

Recent Forward Guidance

Updated 5/31/2026

Latest: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Revenue32.00 Mil33.00 Mil34.00 Mil12.8% Higher NewGuidance: 29.25 Mil for Q1 2026
Q2 2026 Operating Income5.50 Mil6.00 Mil6.50 Mil140.0% Higher NewGuidance: 2.50 Mil for Q1 2026

Prior: Q4 2025 Earnings Reported 3/10/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Revenue28.50 Mil29.25 Mil30.00 Mil-7.9% LoweredActual: 31.75 Mil for Q4 2025
Q1 2026 Non-GAAP Operating Income2.00 Mil2.50 Mil3.00 Mil-16.7% LoweredActual: 3.00 Mil for Q4 2025
Q2 2026 Mortgage Market Size1.50 Mil1.55 Mil1.60 Mil38.4% RaisedGuidance: 1.12 Mil for Q1 2026

Insider Activity

Updated 6/15/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Haveli, Investments, LP See footnotesBuy61520261.72650,0001,120,08032,212,910Form
2Haveli, Investments, LP See footnotesBuy61520261.70256,928436,16130,630,912Form
3Haveli, Investments, LP See footnotesBuy61520261.74250,000435,12530,957,802Form
4Haveli, Investments, LP See footnotesBuy61020261.67723,4601,210,34929,338,948Form
5Haveli, Investments, LP See footnotesBuy61020261.70178,677303,87628,594,327Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Haveli, Investments, LP See footnotesBuy61520261.72650,0001,120,08032,212,910Form
2Haveli, Investments, LP See footnotesBuy61520261.70256,928436,16130,630,912Form
3Haveli, Investments, LP See footnotesBuy61520261.74250,000435,12530,957,802Form
4Haveli, Investments, LP See footnotesBuy61020261.67723,4601,210,34929,338,948Form
5Haveli, Investments, LP See footnotesBuy61020261.70178,677303,87628,594,327Form
6Haveli, Investments, LP See footnotesBuy61020261.70216,798368,16628,248,864Form
7Haveli, Investments, LP See footnotesBuy60520261.6028,29945,27826,268,470Form
8Haveli, Investments, LP See footnotesBuy60520261.56240,307376,05625,647,921Form
9Haveli, Investments, LP See footnotesBuy52720261.491,6002,39124,128,502Form
10Haveli, Investments, LP See footnotesBuy52720261.46243,805355,73623,560,946Form
11Tkach, OxanaPRINCIPAL ACCOUNTING OFFICERDirectSell52720261.575,6258,831184,392Form
12Haveli, Investments, LP See footnotesBuy52720261.48798,2231,182,08823,551,912Form
13Haveli, Investments, LP See footnotesBuy52120261.508,11712,17622,658,340Form
14Haveli, Investments, LP See footnotesBuy52120261.50185,611278,08222,618,989Form
15Haveli, Investments, LP See footnotesBuy52120261.49583,450867,88222,181,350Form
16Haveli, Investments, LP See footnotesBuy51820261.472,1773,20121,071,319Form
17Haveli, Investments, LP See footnotesBuy51820261.45525,697761,47220,751,508Form
18Haveli, Investments, LP See footnotesBuy51820261.331,000,0001,325,60018,293,953Form
19Haveli, Investments, LP See footnotesBuy51320261.441,296,9241,866,53318,422,491Form
20Haveli, Investments, LP See footnotesBuy51320261.41258,796365,88616,263,767Form
21Haveli, Investments, LP See footnotesBuy51320261.41395,915557,17115,824,790Form
22Tkach, OxanaPRINCIPAL ACCOUNTING OFFICERDirectSell22620261.595,6258,955153,211Form
23Kneafsey, BrianHead of RevenueDirectSell12020263.0625,00076,4201,986,382Form
24Tkach, OxanaPRINCIPAL ACCOUNTING OFFICERDirectSell10920263.092,5007,725237,983Form
25Kneafsey, BrianHead of RevenueDirectSell121720253.0625,00076,4852,064,557Form
26Haveli, Investments, LP See footnotesBuy120320253.09533,8881,649,92733,527,357Form
27Haveli, Investments, LP See footnotesBuy120320253.09345,4041,066,71131,855,768Form
28Haveli, Investments, LP See footnotesBuy120320253.14430,5311,352,08331,309,469Form
29Haveli, Investments, LP See footnotesBuy112620253.1015,09046,77929,571,055Form
30Haveli, Investments, LP See footnotesBuy112620253.0554,844167,07129,012,839Form
31Haveli, Investments, LP See footnotesBuy112020253.031,088,7383,299,96528,700,891Form
32Haveli, Investments, LP See footnotesBuy112020253.05293,459893,96425,529,146Form
33Kneafsey, BrianHead of RevenueDirectSell111920252.9925,00074,7321,981,634Form
34Haveli, Investments, LP See footnotesBuy111720252.99796,7532,381,89324,175,844Form
35Haveli, Investments, LP See footnotesBuy111720253.00704,2592,116,29821,906,949Form
36Haveli, Investments, LP See footnotesBuy111720253.09653,9362,022,49320,368,893Form
37Haveli, Investments, LP See footnotesBuy111220253.05953,6342,908,20218,090,139Form
38Haveli, Investments, LP See footnotesBuy111220253.00600,3081,800,08414,928,041Form
39Haveli, Investments, LP See footnotesBuy111220252.98701,1102,092,04213,063,601Form
40Ling, WinnieHEAD OF LEGAL AND PEOPLEDirectSell102220253.504,00014,0001,332,208Form
41Kneafsey, BrianHead of RevenueDirectSell101720253.3425,00083,5082,297,822Form
42Ling, WinnieHEAD OF LEGAL AND PEOPLEDirectSell100620253.584,00014,3381,378,710Form
43Ling, WinnieHEAD OF LEGAL AND PEOPLEDirectSell91920254.306,50027,9181,669,209Form
44Kneafsey, BrianHead of RevenueDirectSell91620254.3625,000109,0703,110,279Form
45Tkach, OxanaPRINCIPAL ACCOUNTING OFFICERDirectSell90920254.00101,429405,980211,257Form
46Woersching, Eric HDirectSell90920254.0020,00080,100120,150Form
47Ling, WinnieHEAD OF LEGAL AND PEOPLEDirectSell90820254.0017,50070,0631,581,946Form
48Ling, WinnieHEAD OF LEGAL AND PEOPLEDirectSell90820253.514,00014,0301,447,344Form
49Ling, WinnieHEAD OF LEGAL AND PEOPLEDirectSell82220253.504,00014,0001,458,208Form
50Haveli, Investments, LP See footnotesBuy82020252.96222,449658,47110,884,048Form
51Haveli, Investments, LP See footnotesBuy82020253.00292,643877,72410,360,992Form
52Haveli, Investments, LP See footnotesBuy82020252.9738,585114,7369,402,009Form
53Kneafsey, BrianHead of RevenueDirectSell81920252.8725,00071,8722,002,650Form
54Ghamsari, NimaHEAD OF BLENDDirectSell81820252.90311,886904,46916,686,748Form
55Ling, WinnieHEAD OF LEGAL AND PEOPLEDirectSell81220253.624,00014,4771,346,408Form
56Ling, WinnieHEAD OF LEGAL AND PEOPLEDirectSell72820253.594,00014,3601,349,905Form
57Kneafsey, BrianHead of RevenueDirectSell71620253.6325,00090,8302,621,710Form
58Kneafsey, BrianHead of RevenueDirectSell71620253.4220,00068,4382,554,784Form
59Ling, WinnieHEAD OF LEGAL AND PEOPLEDirectSell71420253.544,00014,1601,345,264Form
60Kneafsey, BrianHead of RevenueDirectSell70920253.4620,00069,1822,651,739Form
61Ling, WinnieHEAD OF LEGAL AND PEOPLEDirectSell70320253.508,00028,0001,344,063Form
62Kneafsey, BrianHead of RevenueDirectSell70220253.3120,00066,2402,605,213Form
63Kneafsey, BrianHead of RevenueDirectSell62520253.1720,00063,3142,553,447Form
64Kneafsey, BrianHead of RevenueDirectSell61820253.2345,000145,2692,668,424Form
65Ghamsari, NimaHEAD OF BLENDDirectSell61320253.3075,720250,07320,033,364Form
66Ghamsari, NimaHEAD OF BLENDDirectSell61320253.5244,130155,19221,332,081Form
Core Cache Last Updated: 6/20/2026