# BLEND LABS, INC. (BLND) · Edgar & Edgarette company card

> Blend Labs (BLND) grew revenue 6.8% in FY2025 to $124 million, operating margin -17.6% against a 2.9% median for computer programming, data processing, etc., equity -17.9% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1855747 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/BLND) · [JSON](https://www.pops4.com/boards/company/BLND.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $124M |
| Revenue growth, 1 year | 6.8% |
| Revenue growth per year | -14.8% |
| Operating margin | -17.6% (prior year -42.2%) |
| Net margin | -5.7% |
| Operating cash flow | $12M |
| Capital spending | $12M |
| Free cash flow | −$81,000 |
| Cash | $44M |
| Long-term debt | $0 |
| Total assets | $170M |
| Total equity | −$30M |
| Equity ÷ assets | -17.9% |
| Return on equity | — |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -26.07 (distress zone)
- Piotroski F: 5 of 9 (middling)
- Health Harbor boat: Rotting at the dock · four or more warning signs · liabilities exceed assets (often from years of share buybacks, not always distress); slow and jumpy: growing slower than its size class, with revenue that swings more; operating loss: a margin of -17.6% in FY2025; free cash flow was negative: capital spending outran operating cash (-$81K in FY2025); revenue is hard to predict: its 80% range is ±45%
- Cash Compass: Fading · slow and jumpy, lagging its peers

## Edgarette's reading

Exposure: revenue $123.6M (FY2025), total debt $0K. Experience: revenue up 6.8% on the year, down 14.8% a year over 4 years; operating margin -17.6%, up from -42.2%. Soundness: equity -17.9% of assets (liabilities exceed assets). Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $70.6M and $185.1M next year (method v4.1: its own 4-year record of growth weighed at 50% against $100M–1B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $55.3M to $238.6M. A statistical range, not company guidance. Against peers (40 filers, $50M+ revenue, services-computer programming, data processing, etc.): operating margin -17.6% against a 2.9% median; growth 6.8% against 5.7%.

Range logged 2026-09-24, receipt 75d59df5e56e081f, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 2, latest 2026-09-21 ([filing](https://www.sec.gov/Archives/edgar/data/1855747/000185574726000064/0001855747-26-000064-index.htm))

## Recent filings

- 10-Q · filed 2026-11-05 · [filing](https://www.sec.gov/Archives/edgar/data/1855747/000185574726000073/0001855747-26-000073-index.htm)
- 8-K · filed 2026-11-05 · 2.02 Results of Operations and Financial Condition; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1855747/000185574726000071/0001855747-26-000071-index.htm)
- 8-K · filed 2026-09-21 · 5.02 Departure or Election of Directors; Appointment of Officers · [filing](https://www.sec.gov/Archives/edgar/data/1855747/000185574726000064/0001855747-26-000064-index.htm)
- 8-K · filed 2026-08-11 · 5.02 Departure or Election of Directors; Appointment of Officers · [filing](https://www.sec.gov/Archives/edgar/data/1855747/000185574726000060/0001855747-26-000060-index.htm)
- 10-Q · filed 2026-08-06 · [filing](https://www.sec.gov/Archives/edgar/data/1855747/000185574726000057/0001855747-26-000057-index.htm)
- 8-K · filed 2026-08-06 · 2.02 Results of Operations and Financial Condition; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1855747/000185574726000056/0001855747-26-000056-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001855747.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1855747

## Cite

POPS4, Edgar & Edgarette: BLEND LABS, INC. (BLND) company card, from the company's own SEC filings, accessed 2026-11-06, https://www.pops4.com/boards/company/BLND. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.