COMP <GO>
BLZE vs IIIV // EV/EBITDA & P/E VALUATION
Backblaze Inc. (Class A) (NASDAQ) VS. i3 Verticals Inc. (Class A) (NASDAQ) • 15-METRIC TALLY: BLZE 4
— IIIV 5
■ METRIC PARITY
LAST: $8.73 (-4.01%) • MKT CAP: $540.4M
valuation
—
LAST: $17.31 (+0.23%) • MKT CAP: $455.6M
valuation
77.0x
15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (BLZE VS. IIIV)
EMERALD CELL = QUANTITATIVE EDGE
| INSTITUTIONAL METRIC | BLZE | IIIV | SPREAD (A - B) | ADVANTAGE | DEDICATED URL |
|---|---|---|---|---|---|
| Gross Profit Margin | 60.90% | — | — | TIE | /gross-margins <GO> |
| Return on Invested Capital (ROIC) | -34.50% | 0.90% | -35.40 | IIIV | /roic <GO> |
| EV/EBITDA & P/E Valuation ACTIVE | — | 77.0x | — | TIE | /valuation <GO> |
| Free Cash Flow Yield | 3.49% | 0.82% | +2.67 | BLZE | /fcf-yield <GO> |
| Operating Margin | -16.20% | 1.80% | -18.00 | IIIV | /operating-margins <GO> |
| Net Profit Margin | -17.60% | 8.40% | -26.00 | IIIV | /net-margins <GO> |
| Revenue Growth (YoY) | 14.30% | 11.50% | +2.80 | BLZE | /revenue-growth <GO> |
| Dividend Yield & FCF Payout Safety | 0.00% | 0.00% | 0.00 | TIE | /dividend-safety <GO> |
| Altman Z-Score & Debt/Equity | 1.75 | 3.16 | -1.41 | IIIV | /balance-sheet <GO> |
| Piotroski F-Score Quality | 7/9 | 5/9 | +2.00 | BLZE | /piotroski-score <GO> |
| Options Implied Move & Put/Call Skew | — | — | — | TIE | /options-implied-move <GO> |
| RSI-14 & 200D SMA Momentum | 27.3 | 66.5 | -39.21 | IIIV | /rsi-technicals <GO> |
| 10Y Yield & FRED Macro Beta | — | — | — | TIE | /macro-sensitivity <GO> |
| Forward P/E Multiple | — | 23.7x | — | TIE | /forward-pe <GO> |
| Enterprise Scale & Market Cap | $540.4M | $455.6M | $84.8M | BLZE | /market-cap <GO> |
5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY
| FISCAL YEAR | BLZE REV | IIIV REV | BLZE GROSS % | IIIV GROSS % | BLZE FCF | IIIV FCF |
|---|---|---|---|---|---|---|
| FY 2025 | $145.8M | $213.2M | 60.9% | — | $18.9M | $3.8M |
| FY 2024 | $127.6M | $191.2M | 54.3% | — | $10.8M | $45.4M |
| FY 2023 | $102.0M | $189.7M | — | — | -$7.3M | $37.2M |
FRED MACRO REGIME CORRELATION COMPARISON PEARSON r
BLZE // BETA —
IIIV // BETA —