Braze, Inc. (BRZE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-104.4%

-$2.03

vs $46.15 price

Levered DCF

$47.49

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

5.49

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	-17.07×	-45.08×	-40.95×	-21.77×	-60.27×	-266.83×	-49.94×
P/B	3.6×	9.89×	11.94×	6.8×	9.27×	-79.28×	-18.29×
P/S	3.04×	7.92×	11.24×	8.51×	19.54×	57.27×	16.49×
EV / EBITDA	-17.58×	-41.97×	-38.66×	-20.96×	-55.21×	-280.52×	-47.97×
Gross margin	67.1%	69.1%	68.7%	67.4%	67.0%	63.7%	63.0%
Operating margin	-19.6%	-20.6%	-30.7%	-41.7%	-32.9%	-21.4%	-34.8%
Net margin	-17.8%	-17.5%	-27.4%	-39.1%	-32.2%	-21.3%	-33.0%
Current ratio	1.35×	1.98×	2.08×	2.68×	3.8×	1.32×	1.98×
Debt / equity	0.13×	0.18×	0.2×	0.12×	0×	0×	0×
Interest coverage	0×	0×	0×	0×	-211.95×	-93.19×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	-21.0%	-21.8%	-29.1%	-31.2%	-15.3%	29.5%	36.6%
Return on invested capital	-20.3%	-21.6%	-26.9%	-29.7%	-15.4%	-45.8%	-37.8%
Return on assets	-11.8%	-11.9%	-15.9%	-19.7%	-11.5%	-18.7%	-20.8%
Free cash flow yield	2.8%	0.5%	-0.1%	-1.3%	-0.9%	-0.1%	-0.6%
Earnings yield	-5.8%	-2.2%	-2.4%	-4.6%	-1.6%	-0.4%	-2.0%
Enterprise value	$2.2B	$4.7B	$5.3B	$3B	$4.2B	$8.6B	$1.6B
Net debt / EBITDA	0.33×	-0.04×	-0.16×	0.12×	6.34×	0.93×	0.2×
Cash conversion cycle (days)	63	58	60	71	205	82	76