Blend Labs
BLND on NYSE. Blend sells software for loan and account applications to banks and lenders. Market value $697m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Recent profit includes a big one-time gain on shares the company owns, so we price the company excluding that gain.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.89 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -119 cents a year. Above 10 is good.
Quality score: 0 of 100. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$1.02 a share, at its 1-year low
Over the past year the price has ranged from $1.00 to $3.62.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $8 million in the past 12 months, a shortfall of $81,000 in the year to December 2025.
| Revenue | |||||
| Revenue | $234m | $235m | $110m | $116m | $124m |
| Operating margin | |||||
| Operating margin | -84.1% | -317.3% | -131.1% | -42.2% | -17.6% |
| Debt to equity | |||||
| Debt to equity | 0.28 | 1.76 | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.23bn | 0.24bn | 0.25bn | 0.26bn | 0.26bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)5 of 9
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsShrinking, 14.8% a year
- Buying back its own sharesNo, 11% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $34 million last quarter, up 7% on a year ago.
- A loss of $1 million, compared with a loss of $7 million a year ago.
- It loses 12 cents on each $1 of sales, compared with 22 cents a year earlier.
- Spare cash over the past 12 months: $8 million. A year earlier it spent $3 million more than it brought in.
- 7% fewer shares than a year ago. Each share owns a bit more of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | $33m |
| December 2024 | Not reported |
| March 2025 | $27m |
| June 2025 | $32m |
| September 2025 | $33m |
| December 2025 | $32m |
| March 2026 | $31m |
| June 2026 | $34m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$2m |
| December 2024 | -$825,000 |
| March 2025 | -$10m |
| June 2025 | -$7m |
| September 2025 | $12m |
| December 2025 | -$7m |
| March 2026 | -$8m |
| June 2026 | -$1m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 16 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
2 long-term investors we follow own it, down from 3 last quarter. 184 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Irenic CapitalAdam Katz | $4m | 0.3% | Added |
| First Manhattan Co.First Manhattan partners | $1m | <0.1% | Added |
Sold out this quarter
- Royce & AssociatesChuck RoyceSold out
Largest holders overall
- Haveli Investment Management$32mAdded
- BlackRock$27mCut
- Cypress Point Investment Management LP$24m
- Capricorn Fund Managers$19mAdded
- Vanguard Capital Management$15mCut
- Whitebark Investors LP$11m
- Vanguard Portfolio Management$11mCut
- State Street$11m
- Geode Capital Management$9mAdded
- Citadel Advisors$9mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Brian N. Shethat least 22.6%+1.3 pts(filed with 6 related holders)Since 10 June 2026
- Joe LonsdalePassive investorat least 4.7%(filed with 4 related holders)Since 30 June 2025
- Lightspeed Venture Partners IX, L.P.Passive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- General Atlantic, L.P.Passive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
Brian N. Sheth | at least 22.6%+1.3 pts (filed with 6 related holders) | 10 June 2026 | |
Joe Lonsdale Passive investor | at least 4.7% (filed with 4 related holders) | 30 June 2025 | |
Lightspeed Venture Partners IX, L.P. Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
General Atlantic, L.P. Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $34m of shares on the open market. 6 sold $593,514, $593,514 of it under preset trading plans.
- Ghamsari NimaHEAD OF BLEND, DirectorSoldunder a preset trading plan
- Date
- 28 September 2026
- Shares
- 22,523
- Price
- $1.10
- Value
- $24,820
- Ghamsari NimaHEAD OF BLEND, DirectorSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 21,009
- Price
- $1.19
- Value
- $25,022
- Ghamsari NimaHEAD OF BLEND, DirectorSoldunder a preset trading plan
- Date
- 14 September 2026
- Shares
- 17,731
- Price
- $1.43
- Value
- $25,267
- Venkatramani SrinivasanHead of Product Tech & Cust OpSoldunder a preset trading plan
- Date
- 11 September 2026
- Shares
- 74,705
- Price
- $1.43
- Value
- $106,828
- Tkach OxanaPRINCIPAL ACCOUNTING OFFICERSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 21,209
- Price
- $1.45
- Value
- $30,685
- Haveli Investments, L.P.DirectorBought
- Date
- 17 August 2026
- Shares
- 17,397
- Price
- $1.44
- Value
- $25,120
- Thomson Matthew ChristopherHead of RevenueSoldunder a preset trading plan
- Date
- 5 August 2026
- Shares
- 15,041
- Price
- $2.00
- Value
- $30,142
- Haveli Investments Software Fund I GP, LLCDirectorBought
- Date
- 15 June 2026
- Shares
- 650,000
- Price
- $1.72
- Value
- $1m
- Haveli Investments Software Fund I GP, LLCDirectorBought
- Date
- 12 June 2026
- Shares
- 256,928
- Price
- $1.70
- Value
- $436,778
- Haveli Investments Software Fund I GP, LLCDirectorBought
- Date
- 11 June 2026
- Shares
- 250,000
- Price
- $1.74
- Value
- $435,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 28 September 2026 | Ghamsari Nima HEAD OF BLEND, Director | Sold under a preset trading plan | 22,523 | $1.10 | $24,820 |
| 21 September 2026 | Ghamsari Nima HEAD OF BLEND, Director | Sold under a preset trading plan | 21,009 | $1.19 | $25,022 |
| 14 September 2026 | Ghamsari Nima HEAD OF BLEND, Director | Sold under a preset trading plan | 17,731 | $1.43 | $25,267 |
| 11 September 2026 | Venkatramani Srinivasan Head of Product Tech & Cust Op | Sold under a preset trading plan | 74,705 | $1.43 | $106,828 |
| 17 August 2026 | Tkach Oxana PRINCIPAL ACCOUNTING OFFICER | Sold under a preset trading plan | 21,209 | $1.45 | $30,685 |
| 17 August 2026 | Haveli Investments, L.P. Director | Bought | 17,397 | $1.44 | $25,120 |
| 5 August 2026 | Thomson Matthew Christopher Head of Revenue | Sold under a preset trading plan | 15,041 | $2.00 | $30,142 |
| 15 June 2026 | Haveli Investments Software Fund I GP, LLC Director | Bought | 650,000 | $1.72 | $1m |
| 12 June 2026 | Haveli Investments Software Fund I GP, LLC Director | Bought | 256,928 | $1.70 | $436,778 |
| 11 June 2026 | Haveli Investments Software Fund I GP, LLC Director | Bought | 250,000 | $1.74 | $435,000 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Blend Labs’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 16 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 5 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on such evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were not effective as of June 30, 2026 because of the material weaknesses in our internal control over financial reporting described below.”
From the 10-Q filed 6 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 14.8% a year.
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.