# Braze, Inc. (BRZE)

> Source: Nexqual · https://nexqual.com/BRZE · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Braze, Inc. (BRZE), nexqual.com/BRZE" · informational, not investment advice.

**Price:** USD 45.86 (+0.39% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 45.68 · day 45.69–45.94 · 52w 15.26–45.95 · market cap $5.21B · NMS

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $834M, net income -$113M (-13.6% margin), free cash flow $84.6M (SEC filings).
- 2 of 80 tracked superinvestors hold BRZE (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (19 analysts), mean target USD 47.54 (range 47.5–48).
- Total return with dividends: 1Y +63.0% vs S&P 500 +14.9%; 5Y -51.3% vs S&P 500 +80.3%.
- Next earnings: 2026-12-08, EPS estimate USD 0.14, revenue estimate $230M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $238M | $355M | $472M | $593M | $738M | $834M |
| Gross profit | $160M | $240M | $324M | $410M | $496M | — |
| Operating income | -$78.2M | -$148M | -$145M | -$122M | -$145M | -$111M |
| Net income | -$76.7M | -$139M | -$129M | -$104M | -$131M | -$113M |
| EPS (diluted) | -$2.20 | -$1.47 | -$1.32 | -$1.02 | -$1.22 | — |
| Free cash flow | -$37.7M | -$37.8M | -$2.9M | $23.4M | $61.9M | $84.6M |
| Gross margin | 67.0% | 67.4% | 68.7% | 69.1% | 67.1% | — |
| Operating margin | -32.9% | -41.7% | -30.7% | -20.6% | -19.6% | -13.4% |
| Net margin | -32.2% | -39.1% | -27.4% | -17.5% | -17.8% | -13.6% |
| Revenue growth | +58.5% | +49.3% | +32.7% | +25.8% | +24.4% | — |
| Cash + short-term investments | $514M | $479M | $476M | $514M | $412M | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/S 6.2x · P/FCF 61.5x · P/B 8.7x · FCF yield 1.62% · Earnings yield -2.17%

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold BRZE. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Dennis Hong | ShawSpring Partners | 5.99% | $13.9M | Reduced -42.3% |
| First Eagle Investment | First Eagle Investment Management | 0.02% | $13.2M | Added +284.7% |

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 19 analysts; mean target USD 47.54 (low 47.5, high 48).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Stephens & Co. | Downgrade | Overweight → Equal-Weight | $34 → $47.5 |
| 2026-10-21 | TD Cowen | Downgrade | Buy → Hold | $36 → $47.5 |
| 2026-10-21 | Barclays | Downgrade | Overweight → Equal-Weight | $38 → $48 |
| 2026-10-21 | Citigroup | Downgrade | Buy → Neutral | $48 → $47.5 |
| 2026-10-21 | DA Davidson | Downgrade | Buy → Neutral | $40 → $47.5 |
| 2026-10-21 | Raymond James | Downgrade | Outperform → Market Perform |  |
| 2026-10-21 | BTIG | Downgrade | Buy → Neutral |  |
| 2026-10-20 | Wells Fargo | Downgrade | Overweight → Equal-Weight | $45 → $47.5 |
| 2026-10-20 | Oppenheimer | Downgrade | Outperform → Perform |  |
| 2026-10-20 | Stifel | Downgrade | Buy → Hold | $35 → $47.5 |
| 2026-10-20 | Piper Sandler | Downgrade | Overweight → Neutral | $30 → $47.5 |
| 2026-10-05 | Citizens | Reiterated | Market Outperform | $35 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-11-15) |
|---|---|---|
| Total return | +63.0% | -51.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +63.3% | -13.6% |
| Volatility (annualized) | 83.6% | 69.6% |
| Max drawdown | -56.4% (Dec 2025→Feb 2026) | -81.8% (Nov 2021→Feb 2026) |

## Peers (Software - Application)
APPF (AppFolio, Inc.) USD 217.33 +0.06% · DSGX (The Descartes Systems Group Inc) USD 94 +1.74% · TTAN (ServiceTitan, Inc.) USD 85.2 +3.50% · IDCC (InterDigital, Inc.) USD 332.06 -0.78% · YMM (Full Truck Alliance Co. Ltd.) USD 8.35 -1.76% · PCOR (Procore Technologies, Inc.) USD 62.29 +2.27%

## More
Full page: https://nexqual.com/BRZE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription | $207.7M | 91.4% | +20.9% |
| Professional services and other | $19.6M | 8.6% | +134.6% |
| Total revenue | $227.2M | 100% | — |

## Revenue by region (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $125.6M | 55.3% | +27.2% |
| International | $101.7M | 44.7% | +24.9% |
| Total revenue | $227.2M | 100% | — |

## Company outlook (8-K filed 2026-09-08)

- "Braze is initiating guidance for the fiscal third quarter ending October 31, 2026, and updating guidance for the fiscal year ending January 31, 2027."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $0.14 | $0.16 | -14.0% | $229.9M | 20 |
| Next quarter (ends 2027-01-31) | $0.22 | $0.21 | +1.3% | $244.2M | 20 |
| Current fiscal year (ends 2027-01-31) | $0.64 | $0.63 | +1.5% | $912.4M | 20 |
| Next fiscal year (ends 2028-01-31) | $0.98 | $0.97 | +1.3% | $1.07B | 20 |