BLND - Blend Labs, Inc.
Price:
--
--
|
CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$3.33
DETAILS
HIGH:
$4.50
LOW:
$2.00
MEDIAN:
$3.50
CONSENSUS:
$3.33
UPSIDE:
126.53%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| Revenue | 123.6 | 162.0 | 156.8 | 235.2 | 234.5 | 96.0 | 50.7 |
| Cost of Revenue | 32.4 | 71.5 | 75.7 | 145.6 | 118.5 | 34.3 | 19.5 |
| Gross Profit | 91.2 | 90.5 | 81.1 | 89.7 | 116.0 | 61.7 | 31.1 |
| Operating Expenses | |||||||
| R&D Expenses | 32.8 | 46.1 | 81.6 | 138.1 | 92.2 | 55.5 | 48.6 |
| SG&A Expenses | 79.2 | 86.6 | 130.8 | 224.4 | 212.9 | 81.5 | 64.2 |
| Other Expenses | 0 | 7.5 | 24.9 | 473.4 | 8.1 | 0 | 0 |
| Operating Expenses | 112.0 | 140.2 | 237.4 | 835.8 | 313.2 | 137.0 | 112.8 |
| Operating Income | |||||||
| Operating Income | (20.9) | (49.6) | (156.2) | (746.2) | (197.2) | (75.3) | (81.7) |
| Interest Expense | 0 | 6.7 | 30.8 | 24.8 | 11.3 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Profitability | |||||||
| EBITDA | 2.9 | (31.7) | (143.2) | (726.8) | (182.9) | (68.2) | (76.7) |
| EBIT | (0.9) | (36.6) | (149.0) | (741.3) | (196.7) | (74.6) | (81.4) |
| Income Before Tax | (0.9) | (43.3) | (179.8) | (766.1) | (208.0) | (74.6) | (81.4) |
| Income Tax Expense | 0.2 | 0.1 | 0.1 | (2.2) | (38.9) | 0.0 | 0.0 |
| Net Income | (8.1) | (49.6) | (185.3) | (768.6) | (171.3) | (74.6) | (81.5) |
| Per Share Data | |||||||
| EPS (Basic) | -0.10 | -0.24 | -0.76 | -3.28 | -0.74 | -0.34 | -0.37 |
| EPS (Diluted) | -0.10 | -0.24 | -0.76 | -3.28 | -0.74 | -0.34 | -0.37 |
| Shares Outstanding | 258.9 | 253.9 | 245.2 | 234.2 | 230.3 | 219.6 | 219.6 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Current Assets | |||||||
| Cash & Cash Equivalents | 43.6 | 42.2 | 31.0 | 124.2 | 213.1 | 41.1 | 22.6 |
| Short-Term Investments | 24.7 | 56.2 | 106.0 | 229.9 | 334.1 | 110.6 | 104.6 |
| Net Receivables | 14.1 | 19.9 | 19.9 | 24.0 | 39.4 | 24.2 | 10.8 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 3.9 |
| Other Current Assets | 15.5 | 7.9 | 2.9 | 5.8 | 7.8 | 6.1 | 0 |
| Total Current Assets | 97.9 | 135.2 | 169.8 | 396.1 | 613.0 | 186.1 | 144.8 |
| Non-Current Assets | |||||||
| Property, Plant & Equipment | 24.4 | 13.8 | 12.5 | 17.4 | 20.9 | 17.3 | 3.0 |
| Goodwill | 0 | 0 | 0 | 0 | 287.2 | 0 | 0 |
| Intangible Assets | 0 | 2.1 | 2.1 | 2.1 | 173.0 | 1.2 | 4.1 |
| Long-Term Investments | 40.1 | 9.8 | 5.4 | 0 | 0 | 0 | 5.2 |
| Other Non-Current Assets | 7.7 | 17.2 | 16.2 | 17.1 | 18.4 | 11.1 | 9.4 |
| Total Non-Current Assets | 72.2 | 42.8 | 36.2 | 36.7 | 499.5 | 29.6 | 16.5 |
| Total Assets | 170.0 | 178.0 | 206.1 | 432.8 | 1,112.5 | 215.7 | 161.3 |
| Current Liabilities | |||||||
| Account Payables | 1.8 | 2.4 | 2.2 | 1.3 | 6.2 | 3.4 | 3.1 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 19.5 | 19.2 | 9.0 | 8.7 | 8.1 | 13.6 | 12.4 |
| Other Current Liabilities | 18.0 | 4.1 | 5.6 | 10.1 | 18.1 | 9.4 | 2.9 |
| Total Current Liabilities | 39.5 | 38.9 | 31.6 | 35.5 | 60.0 | 35.0 | 21.7 |
| Non-Current Liabilities | |||||||
| Long-Term Debt | 159.5 | 0 | 138.3 | 216.8 | 213.8 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 2.9 | 0 | 0 |
| Other Non-Current Liabilities | 0.3 | 142.2 | 2.2 | 5.5 | 10.6 | 3.4 | 4.6 |
| Total Non-Current Liabilities | 161.1 | 143.0 | 147.5 | 233.4 | 241.9 | 17.4 | 4.6 |
| Total Liabilities | 200.6 | 182.0 | 179.1 | 268.8 | 301.9 | 52.4 | 26.3 |
| Stockholders' Equity | |||||||
| Common Stock | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Retained Earnings | (1,391.9) | (1,385.0) | (1,341.6) | (1,162.9) | (442.8) | (272.9) | (198.2) |
| Accumulated Other Comprehensive Income | 0.6 | 0.6 | 0.4 | (0.7) | (0.8) | (0.0) | 0.1 |
| Total Stockholders' Equity | (30.6) | (56.4) | (19.2) | 123.2 | 774.6 | 163.3 | 135.0 |
| Total Liabilities & Equity | 170.0 | 178.0 | 206.1 | 432.8 | 1,112.5 | 215.7 | 161.3 |
| Debt Metrics | |||||||
| Total Debt | 161.0 | 3.8 | 149.7 | 232.0 | 232.3 | 16.6 | 0 |
| Net Debt | 117.4 | (38.4) | 118.7 | 107.8 | 19.2 | (24.5) | (22.6) |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Operating Activities | |||||||
| Net Income | (26.0) | (43.4) | (179.9) | (763.8) | (169.1) | (74.6) | (81.5) |
| Depreciation & Amortization | 3.8 | 4.8 | 5.8 | 14.4 | 13.8 | 6.3 | 4.8 |
| Stock-Based Compensation | 29.0 | 28.1 | 46.0 | 109.7 | 70.8 | 10.1 | 9.9 |
| Change in Working Capital | (2.7) | 1.9 | (4.3) | (4.5) | (13.1) | (11.2) | 4.1 |
| Other Non-Cash Items | 7.4 | (4.4) | 4.7 | 453.8 | 9.4 | 4.4 | 3.8 |
| Operating Cash Flow | 11.5 | (13.0) | (127.6) | (190.4) | (127.5) | (65.0) | (58.9) |
| Investing Activities | |||||||
| Capital Expenditure | (11.6) | (9.8) | (0.6) | (2.1) | (1.9) | (1.3) | (0.6) |
| Acquisitions | 0 | 9.1 | 0 | 0 | (400.0) | 0 | 0 |
| Purchases of Investments | (35.5) | (102.0) | (236.1) | (145.5) | (354.1) | (174.0) | (150.7) |
| Sales/Maturities of Investments | 46.7 | 153.5 | 366.5 | 247.0 | 125.1 | 167.4 | 85.9 |
| Other Investing Activities | 18.9 | (5.3) | (2.5) | 0 | (3) | 0 | (0.0) |
| Investing Cash Flow | 18.5 | 45.4 | 127.3 | 99.4 | (633.9) | (7.9) | (65.5) |
| Financing Activities | |||||||
| Net Debt Issuance | 0 | (144.5) | (85.1) | 0 | 221.7 | 0 | 5.0 |
| Stock Repurchased | (24.9) | 0 | 0 | (0.4) | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (9.4) | (25.9) | (6.2) | 2.6 | 35.4 | 14.5 | 3.0 |
| Financing Cash Flow | (32.6) | (21.1) | (91.0) | 2.2 | 933.6 | 90.8 | 132.7 |
| Cash Position | |||||||
| Net Change in Cash | (3.7) | 11.3 | (91.3) | (88.9) | 172.2 | 17.8 | 8.2 |
| Cash at Beginning | 47.3 | 38.3 | 129.6 | 218.4 | 46.3 | 28.5 | 20.2 |
| Cash at End | 43.6 | 49.5 | 38.3 | 129.6 | 218.4 | 46.3 | 28.5 |
| Free Cash Flow | (0.1) | (22.9) | (128.2) | (192.5) | (129.4) | (66.3) | (59.6) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 123.6 | 162.0 | 156.8 | 235.2 | 234.5 | 96.0 | 50.7 |
| Gross Profit | 91.2 | 90.5 | 81.1 | 89.7 | 116.0 | 61.7 | 31.1 |
| Operating Income | (20.9) | (49.6) | (156.2) | (746.2) | (197.2) | (75.3) | (81.7) |
| Net Income | (8.1) | (49.6) | (185.3) | (768.6) | (171.3) | (74.6) | (81.5) |
| EPS (Diluted) | -0.10 | -0.24 | -0.76 | -3.28 | -0.74 | -0.34 | -0.37 |
| Balance Sheet | |||||||
| Cash & Equivalents | 43.6 | 42.2 | 31.0 | 124.2 | 213.1 | 41.1 | 22.6 |
| Total Assets | 170.0 | 178.0 | 206.1 | 432.8 | 1,112.5 | 215.7 | 161.3 |
| Total Debt | 161.0 | 3.8 | 149.7 | 232.0 | 232.3 | 16.6 | 0 |
| Stockholders' Equity | (30.6) | (56.4) | (19.2) | 123.2 | 774.6 | 163.3 | 135.0 |
| Cash Flow | |||||||
| Operating Cash Flow | 11.5 | (13.0) | (127.6) | (190.4) | (127.5) | (65.0) | (58.9) |
| Capital Expenditure | (11.6) | (9.8) | (0.6) | (2.1) | (1.9) | (1.3) | (0.6) |
| Free Cash Flow | (0.1) | (22.9) | (128.2) | (192.5) | (129.4) | (66.3) | (59.6) |