Blend Labs, Inc. BLND
Blend (NYSE: BLND) is on a mission to transform the financial services industry by making the process of obtaining a loan or opening an account as seamless and intuitive as modern e-commerce. Today's consumers expect simplicity, hyper-personalization, and speed across every banking and lending interaction.
Our platform brings together the data, technology, and AI-powered architecture needed to streamline and personalize every step of origination. We help financial institutions deliver transparency, speed, and scale across all major product lines in home lending and consumer banking, supporting end-to-end mortgage applications, home equity, refinance, vehicle, credit card, personal loan, and deposit account opening.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $123.6M | $115.8M | $109.5M | $235.2M | $234.5M | $96.0M | $50.7M | — |
| Cost of revenue | $32.4M | $32.5M | $33.1M | $145.6M | $118.5M | $34.3M | $19.5M | — |
| Gross profit | $91.2M | $83.2M | $76.5M | $89.7M | $116.0M | $61.7M | $31.1M | — |
| R&D | $32.8M | $46.1M | $81.3M | $138.1M | $92.2M | $55.5M | $48.6M | — |
| SG&A | $50.1M | $45.7M | $61.3M | $139.1M | $128.8M | $30.1M | $26.6M | — |
| Total operating expenses | $112.9M | $132.1M | $220.1M | $835.8M | $313.2M | $137.0M | $112.8M | — |
| Operating income | -$21.7M | -$48.8M | -$143.6M | -$746.2M | -$197.2M | -$75.3M | -$81.7M | — |
| Interest expense | $0 | $6.7M | $30.8M | $24.8M | $11.3M | $0 | $0 | — |
| Pre-tax income | -$878.0K | -$42.7M | -$167.4M | -$766.1M | -$208.0M | -$74.6M | -$81.4M | — |
| Income tax | $249.0K | $109.0K | $94.0K | $2.2M | $38.9M | $26.0K | $13.0K | — |
| Net income | -$6.8M | -$43.3M | -$178.7M | -$720.2M | -$169.9M | -$74.6M | -$81.5M | — |
| EPS, basic | -0.10 | -0.24 | -0.76 | -3.28 | -1.30 | -1.89 | -2.49 | — |
| EPS, diluted | -0.10 | -0.24 | -0.76 | -3.28 | -1.30 | -1.89 | -2.49 | — |
| Shares, diluted (wtd. avg.) | $258.9M | $253.9M | $245.2M | $234.2M | $132.0M | $39.4M | $32.8M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $36.5M | $38.0M | $23.5M | $124.2M | $218.4M | $46.3M | $28.5M | $20.2M |
| Short-term investments | $51.8M | $56.2M | $106.0M | $229.9M | $334.1M | $110.6M | — | — |
| Total current assets | $126.4M | $135.2M | $169.8M | $396.1M | $613.0M | $186.1M | — | — |
| Property, plant and equipment | $20.7M | $11.7M | $3.9M | $5.7M | $6.2M | $4.6M | — | — |
| Goodwill | — | — | — | $0 | $287.2M | $0 | — | — |
| Other intangibles | $73.0K | $77.0K | $2.1M | $2.1M | $173.0M | $1.2M | — | — |
| Total assets | $182.2M | $178.1M | $206.1M | $432.8M | $1.11B | $215.7M | — | — |
| Accounts payable | $1.2M | $1.6M | $2.2M | $1.3M | $6.2M | $3.4M | — | — |
| Total current liabilities | $52.4M | $39.0M | $31.6M | $35.5M | $60.0M | $35.0M | — | — |
| Long-term debt | $0 | $0 | $138.3M | $216.8M | $213.8M | $0 | — | — |
| Total liabilities | $55.0M | $40.4M | $179.1M | $268.8M | $301.9M | $52.4M | — | — |
| Retained earnings | -$1.40B | -$1.38B | -$1.34B | -$1.16B | -$442.8M | -$272.9M | — | — |
| Total equity | -$23.1M | -$56.4M | -$19.2M | $123.2M | $774.6M | $163.3M | $135.0M | $71.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $11.5M | -$13.0M | -$127.6M | -$190.4M | -$127.5M | -$65.0M | -$58.9M | — |
| Depreciation and amortisation | $3.3M | $1.3M | $1.5M | $10.8M | $10.6M | $4.0M | $4.8M | — |
| Stock-based compensation | $29.0M | $27.9M | $45.6M | $109.7M | $70.8M | $10.1M | $9.9M | — |
| Capital expenditure | $11.6M | $9.7M | $35.0K | $2.1M | $1.9M | $1.3M | $580.0K | — |
| Investing cash flow | $18.5M | $45.4M | $127.3M | $99.4M | -$633.9M | -$7.9M | -$65.5M | — |
| Financing cash flow | -$32.6M | -$21.1M | -$91.0M | $2.2M | $933.6M | $90.8M | $132.7M | — |
| Buybacks | $24.9M | $0 | $0 | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001855747-26-000016.
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