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Investment Highlights Market Valuation Price Chart Return vs. Risk About BZAI Interactive Breakdown Better Bets vs. BZAI Latest Trefis Analyses Trade Ideas Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Blaize Holdings Inc (BZAI)

Market Price (10/31/2025): $3.93 | Market Cap: $411.0 Mil
Sector: Information Technology | Industry: Application Software

Blaize Holdings Inc (BZAI)

Market Price (10/31/2025): $3.93
Market Cap: $411.0 Mil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 206%		 Weak multi-year price returns
2Y Excs Rtn is -129%, 3Y Excs Rtn is -139%		 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -34 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1518%
1   Expensive valuation multiples
P/SPrice/Sales ratio is 180x
2   Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -610%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -689%
3   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 -43%
4   High stock price volatility
Vol 12M is 147%
0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 206%
1 Weak multi-year price returns
2Y Excs Rtn is -129%, 3Y Excs Rtn is -139%
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -34 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1518%
3 Expensive valuation multiples
P/SPrice/Sales ratio is 180x
4 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -610%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -689%
5 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 -43%
6 High stock price volatility
Vol 12M is 147%

Market Valuation & Key Metrics

BZAIS&P 500
REVENUE GROWTHVERY GOOD
Rev LTM ($ Bil)0.0
Rev Chg Q788.8%6.4%
Rev Chg LTM205.6%5.4%
Rev Chg 3Y Avg205.6%5.3%
PROFITABILITYVERY POOR
Op Inc LTM ($ Bil)-0.0
CFO LTM ($ Bil)-0.0
Net Inc LTM ($ Bil)-0.2
Op Mgn LTM-1,518.2%18.7%
CFO/Rev LTM-609.7%20.4%
Net Inc Mgn-6,881.7%12.8%
VALUATIONVERY HIGH
P/S185.43.2
P/CFO-30.415.5
P/FCF-26.920.6
P/E-2.723.6
STABILITYVERY GOOD
Debt/Equity0.010.21
Cash/Assets0.530.07

BZAI Stock

   
   
   
   
   
   
   
Factor Drivers of Stock Movement
The 55.3% change in BZAI stock from 5/1/2025 to 10/30/2025 was primarily driven by a 9.2233720368547763E17% change in the company's Total Revenues ($ Mil).

501202510302025Change
Stock Price ($)2.463.8255.28%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)0.002.22∞%
P/S Multiple∞180.21-100.00%
Shares Outstanding (Mil)101.59104.59-2.95%
Cumulative Contribution�

LTM = Last Twelve Months as of date shown
The -66.4% change in BZAI stock from 10/30/2024 to 10/30/2025 was primarily driven by a -3.0% change in the company's Shares Outstanding (Mil).

1030202410302025Change
Stock Price ($)11.383.82-66.43%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)�2.22�
P/S Multiple�180.21�
Shares Outstanding (Mil)101.59104.59-2.95%
Cumulative Contribution�

LTM = Last Twelve Months as of date shown
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Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
BZAI Return---6%40%-75%-53%
Peers Return13%-2%-7%6%52%-19%35%
S&P 500 Return16%27%-19%24%23%16%110%

Monthly Win Rates [3]
BZAI Win Rate--64%92%92%33% 
Peers Win Rate13%10%5%21%33%48% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
BZAI Max Drawdown----0%-0%-87% 
Peers Max Drawdown-5%-4%-8%-1%-4%-34% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: ADSK, HIT, BIYA, BLIV, BMR.
[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] 2025 data is for the year up to 10/30/2025 (YTD)

How Low Can It Go

Unique KeyEventBZAIS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-1.6%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven1.6%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven84 days464 days

Compare to ADSK, HIT, BIYA, BLIV, BMR


In The Past

Blaize Holdings Inc's stock fell -1.6% during the 2022 Inflation Shock from a high on 3/2/2023. A -1.6% loss requires a 1.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Blaize Holdings Inc (BZAI)

Better Bets than Blaize Holdings Inc (BZAI)

 BZAIBetter Performance than BZAI
MetricValueIndustry (Application Software)
Rev Chg LTM205.6%IMMR (3538.9%), NXTT (258.8%), ALTS (926.0%), IPM (287.2%), AIFF (568.8%)
Op Mgn LTM-1518.2%ORCL (31.6%), PLTR (16.6%), SAP (26.4%), CRM (21.2%), SHOP (15.3%)
CFO/Rev LTM-609.7%ORCL (36.5%), PLTR (50.3%), SAP (20.0%), CRM (33.3%), SHOP (18.3%)
FCF/Rev LTM-689.4%ORCL (-10.0%), PLTR (49.7%), SAP (17.7%), CRM (31.6%), SHOP (18.1%)
Total Yield-38.2%ORCL (2.4%), PLTR (0.2%), SAP (2.3%), CRM (3.2%), SHOP (1.0%)
 BZAIBetter Performance than BZAI
MetricValueAll Other Sectors
Rev Chg LTM205.6%NBIS (542.6%), NLY (375.8%), QXO (3313.1%), MDGL (3422.0%), CYTK (2635.7%)
Op Mgn LTM-1518.2%GOOGL (32.2%), AMZN (11.4%), META (43.2%), TSLA (5.1%), WMT (4.2%)
CFO/Rev LTM-609.7%GOOGL (39.3%), AMZN (18.1%), META (56.8%), TSLA (16.5%), JPM (-84.6%)
FCF/Rev LTM-689.4%GOOGL (19.1%), AMZN (2.0%), META (23.7%), TSLA (7.1%), JPM (-84.6%)
Total Yield-38.2%GOOGL (3.9%), AMZN (3.0%), META (3.8%), TSLA (0.4%), JPM (6.6%)
 Best Bets In Information Technology Sector
 BZAIVRSN NVDA RMBS QLYS ADBE YOU GEN IDCC DBX KLAC
What You Pay           
P/E-2.627.157.150.724.320.616.527.022.216.139.5
P/EBIT-12.319.649.043.222.716.519.69.917.713.732.4
What You Get           
Rev Chg Q788.8%7.3%55.6%22.7%10.3%10.7%17.5%30.3%34.5%-1.4%23.6%
Rev Chg LTM205.6%5.5%71.6%31.0%9.6%10.7%19.8%10.6%21.8%-0.0%23.9%
Rev Chg 3Y Avg�5.2%92.0%17.3%12.5%10.5%35.5%14.8%23.3%4.1%10.4%
FCF/Rev 3Y Avg�57.4%41.3%39.3%39.0%37.7%37.3%35.9%35.1%32.9%31.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

Trade Ideas

Select past ideas related to BZAI. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADBE_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025ADBEAdobeMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-4.2%-4.2%-6.7%
CRM_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025CRMSalesforceMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		6.1%6.1%-0.6%
MPWR_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025MPWRMonolithic Power SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		18.8%18.8%-1.8%
POWI_9262025_Dip_Buyer_High_CFO_Margins_ExInd_DE09262025POWIPower IntegrationsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		3.7%3.7%-13.4%
ROP_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025ROPRoper TechnologiesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-10.5%-10.5%-10.5%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADBE_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025ADBEAdobeMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-4.2%-4.2%-6.7%
CRM_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025CRMSalesforceMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		6.1%6.1%-0.6%
MPWR_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025MPWRMonolithic Power SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		18.8%18.8%-1.8%
POWI_9262025_Dip_Buyer_High_CFO_Margins_ExInd_DE09262025POWIPower IntegrationsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		3.7%3.7%-13.4%
ROP_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025ROPRoper TechnologiesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-10.5%-10.5%-10.5%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1INBXInhibrx Biosciences176.8%409.8%
2PUMPProPetro71.2%16.2%
3RNAAvidity Biosciences43.5%139.6%
4DYNDyne Therapeutics42.8%-0.0%
5GCIGannett39.3%3.8%
6FORMFormFactor38.3%34.7%
7MBXMBX Biosciences35.1%18.2%
8BBNXBeta Bionics33.8% 
9GHGuardant Health33.3%202.5%
10LUMNLumen Technologies32.7%94.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-75.2%5106.3%
2LRNStride-56.1%-35.8%
3NTLAIntellia Therapeutics-52.6%5.2%
4FMCFMC-48.7%-66.6%
5FIFiserv-47.4%-68.3%
6VRNSVaronis Systems-43.8%-21.2%
7THRYThryv-33.4%-44.8%
8NFENew Fortress Energy-30.5%-91.9%
9AKBAAkebia Therapeutics-29.5%10.5%
10UAMYUnited States Antimony-28.9%371.2%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1PRAXPraxis Precision Medicines279.1%161.2%
2INBXInhibrx Biosciences131.0%409.8%
3PUMPProPetro99.6%16.2%
4DYNDyne Therapeutics88.4%-0.0%
5VICRVicor85.4%89.2%
6CELCCelcuity74.6%503.2%
7GLUEMonte Rosa Therapeutics73.5%87.5%
8NVTSNavitas Semiconductor72.1%251.8%
9LUMNLumen Technologies70.3%94.7%
10BALYBallys63.4%4.1%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1PMIPicard Medical-62.9%5106.3%
2LRNStride-53.8%-35.8%
3FMCFMC-51.0%-66.6%
4FIFiserv-48.3%-68.3%
5NFENew Fortress Energy-43.6%-91.9%
6VGVenture Global-41.7% 
7OGNOrganon-40.2%-55.0%
8VRNSVaronis Systems-39.5%-21.2%
9ITGRInteger-38.5%-52.2%
10LENZLENZ Therapeutics-37.9%5.5%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1INBXInhibrx Biosciences176.8%409.8%
2PUMPProPetro71.2%16.2%
3RNAAvidity Biosciences43.5%139.6%
4DYNDyne Therapeutics42.8%-0.0%
5GCIGannett39.3%3.8%
6FORMFormFactor38.3%34.7%
7MBXMBX Biosciences35.1%18.2%
8BBNXBeta Bionics33.8% 
9GHGuardant Health33.3%202.5%
10LUMNLumen Technologies32.7%94.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-75.2%5106.3%
2LRNStride-56.1%-35.8%
3NTLAIntellia Therapeutics-52.6%5.2%
4FMCFMC-48.7%-66.6%
5FIFiserv-47.4%-68.3%
6VRNSVaronis Systems-43.8%-21.2%
7THRYThryv-33.4%-44.8%
8NFENew Fortress Energy-30.5%-91.9%
9AKBAAkebia Therapeutics-29.5%10.5%
10UAMYUnited States Antimony-28.9%371.2%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Blaize Holdings Inc

Financials

BZAIADSKHITBIYABLIVBMRMedian
NameBlaize H.Autodesk Health I.Baiya In.BeLive Beamr Im. 
Mkt Price3.82300.772.610.303.602.593.10
Mkt Cap0.464.10.1---0.4
Rev LTM26,60527---27
Op Inc LTM-341,5151---1
FCF LTM-151,8471---1
FCF 3Y Avg-1,704----1,704
CFO LTM-141,9254---4
CFO 3Y Avg-1,775----1,775

Growth & Margins

BZAIADSKHITBIYABLIVBMRMedian
NameBlaize H.Autodesk Health I.Baiya In.BeLive Beamr Im. 
Rev Chg LTM205.6%13.8%29.7%---29.7%
Rev Chg 3Y Avg-11.7%----11.7%
Rev Chg Q788.8%17.1%86.2%---86.2%
QoQ Delta Rev Chg LTM384.1%4.1%19.3%---19.3%
Op Mgn LTM-1,518.2%22.9%5.0%---5.0%
Op Mgn 3Y Avg-21.5%----21.5%
QoQ Delta Op Mgn LTM3,475.3%0.8%-0.1%---0.8%
CFO/Rev LTM-609.7%29.1%13.5%---13.5%
CFO/Rev 3Y Avg-30.7%----30.7%
FCF/Rev LTM-689.4%28.0%4.9%---4.9%
FCF/Rev 3Y Avg-29.5%----29.5%

Valuation

BZAIADSKHITBIYABLIVBMRMedian
NameBlaize H.Autodesk Health I.Baiya In.BeLive Beamr Im. 
Mkt Cap0.464.10.1---0.4
P/S180.29.75.4---9.7
P/EBIT-12.345.373.1---45.3
P/E-2.661.4106.2---61.4
P/CFO-29.633.340.2---33.3
Total Yield-38.2%1.6%0.9%---0.9%
Dividend Yield0.0%0.0%0.0%---0.0%
FCF Yield 3Y Avg-3.3%----3.3%
D/E0.00.00.0---0.0
Net D/E-0.10.0-0.1----0.1

Returns

BZAIADSKHITBIYABLIVBMRMedian
NameBlaize H.Autodesk Health I.Baiya In.BeLive Beamr Im. 
1M Rtn10.7%-5.3%-18.7%-48.0%-1.1%-15.4%-10.3%
3M Rtn-2.1%-0.8%26.1%-56.5%36.4%-14.8%-1.4%
6M Rtn55.3%10.0%328.6%-93.3%-18.0%5.3%7.6%
12M Rtn-66.4%4.1%----20.2%-20.2%
3Y Rtn-62.0%40.3%-----10.8%
1M Excs Rtn9.7%-6.4%-21.8%-50.8%-4.9%-16.7%-11.6%
3M Excs Rtn-8.3%-8.1%21.1%-65.8%43.8%-23.6%-8.2%
6M Excs Rtn33.5%-11.8%306.8%-115.1%-39.7%-16.5%-14.1%
12M Excs Rtn-83.6%-12.2%----41.0%-41.0%
3Y Excs Rtn-138.6%-37.4%-----88.0%

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q1
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/2023
Filing Date8/14/20255/14/20254/15/202512/2/20249/9/20247/19/202412/2/202412/2/20249/9/20247/19/2024
Key Financials Quarterly          
Total Revenue21-2101-3111
Ebitda-29-2649-25-11-826-9-9-11
Operating Income-22-2626-11-11-822-8-8-9
Net Income-30-14850-26-12-1764-12-9-42
EPS-0.28-1.450.50-0.25-0.12-0.160.63-0.12-0.09-0.41
Key Financials TTM          
Total Revenue TTM200-2-2-10---
Ebitda TTM-31-144-18-21-2---
Operating Income TTM-34-23-5-8-5-3-3---
Net Income TTM-153-135-41023261---
Growth Rates Quarterly          
Total Revenue Growth788.8%83.4%54.9%36.8%-84.9%-60.5%----
EBITDA Growth-155.8%-229.1%85.3%-190.3%-31.5%26.1%----
Operating Income Growth-97.3%-221.1%15.9%-40.7%-30.6%8.7%----
Net Income Growth-143.5%-782.5%-21.5%-113.5%-32.3%59.8%----
Margins Quarterly          
EBITDA Margin-1467.9%-2561.6%--3239.6%-5100.4%-1427.9%--1526.3%-584.0%-762.7%
Operating Income Margin-1104.1%-2580.5%--1445.7%-4974.9%-1474.0%--1405.1%-573.7%-637.3%
Net Income Margin-1492.9%-14673.4%--3278.7%-5449.8%-3049.7%--2100.5%-620.3%-2998.8%
Cash & Debt          
Total Cash29450698770---
Total Debt332166151551000
Net Debt / (Cash)-26-4219864481---
Cash Flows Quarterly          
FCF from Operations-16-1633-14-14-719-8-6-8
Cash Flows TTM          
FCF from Operations TTM-14-11-3-17-10-2-2---
Returns to Shareholders Quarterly          
Dividends0000000000
Share Repurchases-0-0-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly          
ROIC-15.2%-17.8%207.1%-18.8%-21.5%-17.1%127.8%---
Return on Invested Capital (ROIC) TTM          
ROIC TTM-5.8%-3.9%-10.1%-3.1%-2.4%-1.3%-2.8%---

Price Behavior

BZAI Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta-2.95-1.04-0.860.710.760.35
Up Beta-5.02-2.36-1.741.140.840.44
Down Beta5.472.158.591.461.881.08
Up Capture-252%-136%-121%-1%-32%-3%
Bmk +ve Days13233574144420
Stock +ve Days7162453100249
Down Capture-537%-121%-532%-217%58%32%
Bmk -ve Days8192952107330
Stock -ve Days12233666121238

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity3,278,105
Short Interest: % Change Since 9302025-28.6%
Average Daily Volume4,625,163
Days-to-Cover Short Interest1
Basic Shares Quantity104,588,373
Short % of Basic Shares3.1%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/14/2025-3.4%-3.4%-14.3%
3/27/2025-17.1%-26.6%-13.7%
SUMMARY STATS   
# Positive000
# Negative222
Median Positive   
Median Negative-10.3%-15.0%-14.0%
Max Positive   
Max Negative-17.1%-26.6%-14.3%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025814202510-Q 6/30/2025
3312025514202510-Q 3/31/2025
12312024415202510-K 12/31/2024
63020249092024S-4/A 6/30/2024
33120247192024S-4 3/31/2024
1231202312022024424B3 12/31/2023

Insider Activity

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External Quote Links


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