Braze, Inc. BRZE

Information TechnologySoftware & IT ServicesUnited States of America

Last close 45.67 USD on Nov 2, 2026, +33.2% year to date

Quant rating

Quant rating B Rank 133 of 389 in Information Technology

Growth A 8 of 389
Valuation D 359 of 389
Quality C 200 of 389
Revisions C 222 of 389
Momentum A 17 of 389

Wall Street consensus Hold (2.80)Average target 46.03 USD +0.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.1B
Enterprise value: 4.7B
52-week range: 15.28 – 45.94
3-year range: 15.28 – 59.73
Dividend yield: –
Beta (5 years): 0.77
Shares outstanding: 112M
Next earnings: Dec 7, 2026

About the company

Braze, Inc. operates a customer engagement platform that enables brands to be engaging. The Company's platform offers first-party context, transforms context with composable intelligence (models, agents, and operators), and delivers relevant interactions across channels. It provides professional services which enable customers to go onboard and use its platform, including certain professional services such as email deliverability support and technical support staff. Its Industry solutions include retail & ecommerce, financial services, travel & hospitality, media & entertainment, gaming, on demand, and QSR. Its products include BrazeAI and Braze Data Platform. Its BrazeAI features include BrazeAI decisioning studio, agent console, operator, liquid assistant and AI copywriter, personalized variant, BrazeAI item recommendations, BrazeAI predictive suite, and MCP server. Its BrazeAI Decisioning Studio is a multi-agent decisioning engine that personalizes communication.

Growth and profitability fiscal year ends January 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	738	593	472	355	238	–
Revenue growth	24.4%	25.8%	32.7%	49.3%	58.5%	37.5%
EPS (basic, normalized)	0.38	0.17	−0.25	−0.64	−0.85	–
EPS growth	123.5%	–	–	–	–	–
Gross margin	67.1%	69.1%	68.7%	67.4%	67.0%	67.9%
Net margin	−17.8%	−17.5%	−27.4%	−39.1%	−32.2%	−26.8%
ROE	−23.9%	−22.6%	−29.0%	−29.4%	−27.0%	−26.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	410
Current ratio	1.27x
Long-term debt (mil)	11.1
Net debt (mil)	−393
Total equity (mil)	600
Net debt / equity	−0.65x
Net debt / EBITDA	−9.93x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	738	+24.4%	6.4x	39.5	+4,214.0%	119.8x	0.38	+123.5%	120.2x
2027	912	+23.6%	5.2x	97.3	+146.1%	48.7x	0.64	+69.0%	71.1x
2028	1,067	+17.0%	4.4x	138	+41.8%	34.3x	0.98	+52.0%	46.8x
2029	1,243	+16.4%	3.8x	199	+44.2%	23.8x	1.30	+33.4%	35.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	912	0.0%	+1.6%	+2.8%	0.64	0.0%	+1.4%	+2.4%
2028	1,067	+0.1%	+1.9%	+2.8%	0.98	0.0%	+1.7%	−0.8%
2029	1,243	0.0%	+1.4%	+2.4%	1.30	+0.1%	+5.7%	+0.7%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	135	145	152	160	162	180	191	205	211	227
Sales mean (mil)	132	141	148	156	159	170	184	198	205	220
Surprise	+2.9%	+3.0%	+2.6%	+3.0%	+2.1%	+5.9%	+3.7%	+3.5%	+2.8%	+3.3%
EPS reported	−0.05	0.09	0.02	0.12	0.07	0.15	0.06	0.10	0.10	0.19
EPS mean	−0.10	−0.03	0.00	0.05	0.05	0.03	0.06	0.14	0.10	0.16
Surprise	+50.8%	−379.8%	−532.0%	+130.3%	+53.2%	+400.8%	−3.2%	−27.4%	−3.7%	+22.1%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BRZE Braze, Inc.	5.1B	−9.93x	−17.8%	8.60x	71.1x	46.8x	48.7x	34.3x
RNG RingCentral, Inc.	6.6B	1.70x	1.7%	35.10x	15.2x	14.0x	10.4x	9.8x
Mean		−4.11x	−8.0%	21.85x	43.2x	30.4x	29.5x	22.1x
Median		−4.11x	−8.0%	21.85x	43.2x	30.4x	29.5x	22.1x

Technical analysis

1M+79.7%
3M+83.3%
1Y+59.4%
3Y+5.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Braze, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	738	593	472	355	238	150
Cost of revenue	243	183	148	116	78.5	54.5
Gross profit	496	410	324	240	160	95.7
Selling, general & administrative expenses	473	398	349	290	179	98.6
Research & development	167	134	120	97.3	59.0	29.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	−145	−122	−145	−148	−78.2	−32.2
Net interest income (expense)	15.7	20.2	15.6	8.7	−0.1	0.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.9	1.4	0.6	−0.8	0	0
Net income before taxes	−128	−101	−128	−140	−78.3	−31.4
Provision for taxes	2.6	3.4	2.0	0.6	−0.2	0.5
Minority interest	−0.5	0.3	1.3	1.8	1.4	0.2
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−131	−104	−129	−139	−76.7	−31.8
Extraordinary items	–	–	–	–	–	–
Net income	−131	−104	−129	−139	−76.7	−31.8
EBIT, normalized	−145	−122	−144	−148	−78.2	−32.2
EBITDA, normalized	−125	−112	−137	−144	−75.4	−30.6
Basic EPS, normalized	0.38	0.17	−0.25	−0.64	−0.85	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Braze, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	412	514	476	479	514	86.5
Receivables	132	102	97.3	81.4	64.5	34.8
Total inventory	–	–	–	–	–	–
Prepaid expenses	20.5	22.3	19.7	18.0	24.9	9.4
Other current assets	3.4	6.2	8.0	5.1	4.7	3.2
Total current assets	568	644	601	583	608	134
Property, plant & equipment	116	115	111	66.6	7.4	5.5
Goodwill	262	28.4	28.4	–	–	–
Intangibles	61.5	3.1	3.7	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	107	80.7	67.2	55.6	50.7	32.0
Total assets	1,114	871	811	705	666	171
Liabilities
Accounts payable	1.6	2.1	6.3	3.1	2.1	0.4
Payable/accrued	–	–	–	–	–	–
Accrued expenses	111	79.3	73.2	42.9	25.5	21.4
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	308	243	210	171	132	79.3
Total current liabilities	420	324	289	217	160	101
Long-term debt	0	0	0	0	0	0
Minority interest	0.4	−0.1	0.2	1.5	3.2	2.2
Other liabilities	69.2	71.8	77.1	41.3	1.5	2.3
Total liabilities	490	396	367	260	165	106
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	1,340	1,063	928	806	717	29.8
Retained earnings (accumulated deficit)	−718	−587	−483	−354	−215	−138
Treasury stock	–	–	–	–	–	–
Other equity	1.8	−0.9	−1.2	−6.8	−0.6	174
Total equity	624	475	444	445	502	65.7
Total liabilities & shareholders' equity	1,114	871	811	705	666	171

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Braze, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	−131	−104	−130	−141	−78.2	−32.0
Depreciation, depletion & amortization	19.3	10.1	7.0	4.6	2.8	1.6
Deferred taxes	–	–	–	–	−0.1	0.1
Non-cash items	188	153	129	104	65.7	19.6
Changes in working capital	−4.9	−22.6	1.1	9.4	−25.7	4.7
Cash from operations	71.4	36.7	6.8	−22.3	−35.4	−6.1
Investing activities
Capital expenditures	−13.4	−17.0	−13.3	−16.7	−4.4	−4.4
Other investing cash flows	−37.5	−19.4	−6.6	−382	22.4	26.8
Cash from investing	−50.9	−36.5	−20.0	−399	18.0	22.5
Financing activities
Financing cash flow items	–	–	0	0	−2.7	2.3
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	23.0	11.7	13.1	11.3	471	2.6
Cash from financing	23.0	11.7	13.1	11.3	468	4.9
Foreign exchange effects	1.3	−0.4	−0.5	−0.9	−0.6	0.2
Net change in cash	44.7	11.5	−0.5	−410	450	21.4
Free cash flow	58.1	19.6	−6.5	−39.0	−39.8	−10.4

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.