Braze, Inc.
BRZE · Services-Prepackaged Software · 112.6M shares · +57%/yr ↑ dilution · EDGAR filings ↗
Reference price $20.29 · est. market cap ~$2.3B — last insider sale, 2026-04-09 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C60Customer-engagement SaaS — GAAP losses but positive free cash flow and solid growth.
Strengths
- Positive free cash flow, growth — FCF $62M, FCF margin 8%, revenue +24% (76th)
- Good gross margin — 67%
Risks
- GAAP losses — operating margin -20%, net margin -18%
- Competition — per 10-K
- Net-retention/growth dependence — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Material weakness• We have identified one material weakness in our internal control over financial reporting, and if we are unable to achieve and maintain effective internal control over financial reporting, the accur
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, RENAISSANCE TECHNOLOGIES LLC
- Chronic dilutionShare count +57%/yr over 4y (dilution, book value/share -79%)
- Net lossNet loss (net margin -17.8%)
- Strong balance sheetStrong balance sheet — $124M cash & investments
- Notable holderHeld by 4 notable fund(s): FMR LLC, CITADEL ADVISORS LLC, STATE STREET CORP +1 more (as of 2026-03-31)
- Insider sellingInsider selling — 9 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$2M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
67.1%
Operating margin
-19.6%
Net margin
-17.8%
Return on equity
-21.0%
Return on assets
-11.8%
Revenue growth (QoQ)
2.8%
Current ratio
1.4×
Free cash flow
$62M
EBITDA
-$125M
Tangible book value
$300M
Cash & investments
$124M
Stock comp / revenue
19.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-24 | Hyman Jonathan | Gift | 350K | — |
| 2026-06-24 | Hyman Jonathan | Gift | 150K | — |
| 2026-06-24 | Hyman Jonathan | Gift | 500K | — |
| 2026-06-05 | Agrawal Neeraj | Gift | 500K | — |
| 2026-05-29 | Lal Christopher M. | Grant | 230K | — |
| 2026-05-15 | McDonnell Edward M. | Tax withheld | 4.4K | $20.87 |
| 2026-05-15 | Winkles Isabelle | Tax withheld | 33K | $20.87 |
| 2026-05-15 | Malik Pankaj | Tax withheld | 2.1K | $20.87 |
| 2026-05-15 | Malik Astha | Tax withheld | 30K | $20.87 |
| 2026-05-15 | Wiseman Susan | Tax withheld | 11K | $20.87 |
| 2026-05-15 | Hyman Jonathan | Tax withheld | 21K | $20.87 |
| 2026-05-15 | Magnuson William | Tax withheld | 71K | $20.87 |
| 2026-04-09 | Wiseman Susan | Sell | 35K | $20.29 |
| 2026-04-06 | Winkles Isabelle | Sell | 8.3K | $23.31 |
| 2026-03-18 | Malik Pankaj | Grant | 40K | — |
| 2026-03-18 | Winkles Isabelle | Grant | 84K | — |
| 2026-03-18 | Winkles Isabelle | Grant | 135K | — |
| 2026-03-18 | Hyman Jonathan | Grant | 56K | — |
| 2026-03-18 | Hyman Jonathan | Grant | 90K | — |
| 2026-03-18 | Magnuson William | Grant | 177K | — |
| 2026-03-18 | Magnuson William | Grant | 294K | — |
| 2026-03-18 | McDonnell Edward M. | Grant | 103K | — |
| 2026-03-18 | Malik Astha | Grant | 71K | — |
| 2026-03-18 | Wiseman Susan | Grant | 35K | — |
| 2026-03-18 | Malik Astha | Grant | 118K | — |
| 2026-02-19 | Wiseman Susan | Sell | 4.2K | $17.03 |
| 2026-02-18 | Magnuson William | Sell | 26K | $16.93 |
| 2026-02-18 | Malik Astha | Sell | 14K | $16.93 |
| 2026-02-18 | Wiseman Susan | Sell | 5.8K | $16.93 |
| 2026-02-18 | Malik Pankaj | Sell | 2.9K | $16.93 |
| 2026-02-18 | Winkles Isabelle | Sell | 13K | $16.93 |
| 2026-02-18 | Hyman Jonathan | Sell | 7.4K | $16.93 |
| 2026-01-30 | Hyman Jonathan | Conversion | 71K | — |
| 2026-01-30 | Hyman Jonathan | Conversion | 29K | — |
| 2026-01-30 | Magnuson William | Conversion | 3.8M | — |
| 2026-01-30 | Levy Tara Walpert | Conversion | 63K | — |
| 2026-01-30 | Hyman Jonathan | Conversion | 1.5M | — |
| 2026-01-30 | Agrawal Neeraj | Conversion | 1.1M | — |
| 2026-01-30 | Agrawal Neeraj | Conversion | 222K | — |
| 2025-12-17 | Malik Pankaj | Sell | 5.5K | $35.76 |
| 2025-12-08 | Agrawal Neeraj | Conversion | 1.2M | — |
| 2025-12-08 | Agrawal Neeraj | Conversion | 268K | — |
| 2025-12-08 | Agrawal Neeraj | Conversion | 314K | — |
| 2025-12-08 | Agrawal Neeraj | Conversion | 55K | — |
| 2025-12-08 | Agrawal Neeraj | Conversion | 1.2M | — |
| 2025-11-20 | Wiseman Susan | Sell | 1.2K | $28.17 |
| 2025-11-20 | Wiseman Susan | Sell | 3.2K | $27.35 |
| 2025-11-18 | Wiseman Susan | Sell | 5.5K | $26.64 |
| 2025-11-18 | Malik Astha | Sell | 14K | $26.64 |
| 2025-11-18 | Malik Pankaj | Sell | 3.6K | $26.64 |
| 2025-11-18 | Winkles Isabelle | Sell | 12K | $26.64 |
| 2025-11-18 | Hyman Jonathan | Sell | 9.8K | $26.64 |
| 2025-11-18 | Magnuson William | Sell | 27K | $26.64 |
| 2025-09-30 | Agrawal Neeraj | Conversion | 404K | — |
| 2025-09-30 | Agrawal Neeraj | Conversion | 87K | — |
| 2025-09-30 | Agrawal Neeraj | Conversion | 103K | — |
| 2025-09-30 | Agrawal Neeraj | Conversion | 388K | — |
| 2025-09-30 | Agrawal Neeraj | Conversion | 18K | — |
| 2025-09-18 | Malik Pankaj | Sell | 4.2K | $32.77 |
| 2025-09-05 | Malik Astha | Sell | 3.3K | $32.51 |
| 2025-09-04 | Winkles Isabelle | Conversion | 8.5K | — |
| 2025-08-20 | Wiseman Susan | Sell | 4.9K | $25.14 |
| 2025-08-19 | Hyman Jonathan | Sell | 8.9K | $25.94 |
| 2025-08-19 | Winkles Isabelle | Sell | 11K | $25.94 |
| 2025-08-19 | Magnuson William | Sell | 24K | $25.94 |
| 2025-08-19 | McDonnell Edward M. | Grant | 434K | — |
| 2025-08-19 | Malik Pankaj | Sell | 2.3K | $25.94 |
| 2025-08-19 | Malik Astha | Sell | 13K | $25.94 |
| 2025-08-19 | Wiseman Susan | Sell | 5.0K | $25.94 |
| 2025-07-28 | Malik Astha | Sell | 9.0K | $30.01 |
| 2025-07-14 | Wiseman Susan | Sell | 4.8K | $27.08 |
| 2025-06-26 | Levy Tara Walpert | Grant | 5.0K | — |
| 2025-06-26 | Machado Fernando | Grant | 5.0K | — |
| 2025-06-26 | Wassenaar Yvonne | Grant | 5.0K | — |
| 2025-06-26 | FERNANDEZ PHILLIP M | Grant | 5.0K | — |
| 2025-06-26 | OBSTLER DAVID M | Grant | 5.0K | — |
| 2025-06-26 | Agrawal Neeraj | Grant | 5.0K | — |
| 2025-06-25 | Levy Tara Walpert | Conversion | 74K | — |
| 2025-06-16 | Winkles Isabelle | Grant | 585 | $24.89 |
| 2025-06-16 | Malik Astha | Grant | 585 | $24.89 |
| 2025-06-16 | Wiseman Susan | Grant | 585 | $24.89 |
| 2025-05-29 | Agrawal Neeraj | Conversion | 605K | — |
| 2025-05-29 | Agrawal Neeraj | Conversion | 131K | — |
| 2025-05-29 | Agrawal Neeraj | Conversion | 27K | — |
| 2025-05-29 | Agrawal Neeraj | Conversion | 583K | — |
| 2025-05-29 | Agrawal Neeraj | Conversion | 154K | — |
| 2025-05-19 | Malik Pankaj | Sell | 3.4K | $35.88 |
| 2025-05-19 | Braze, Inc. | Sell | 0 | — |
| 2025-05-19 | Winkles Isabelle | Sell | 12K | $35.88 |
| 2025-05-19 | Wiseman Susan | Sell | 5.1K | $35.88 |
| 2025-05-19 | Kleeger Myles | Sell | 9.2K | $35.88 |
| 2025-05-19 | Malik Astha | Sell | 13K | $35.88 |
| 2025-05-19 | Magnuson William | Sell | 25K | $35.88 |
| 2025-05-19 | Hyman Jonathan | Sell | 9.2K | $35.88 |
| 2025-05-19 | Braze, Inc. | Sell | 13K | $35.88 |
| 2025-04-14 | Agrawal Neeraj | Other | 217K | — |
| 2025-04-14 | Agrawal Neeraj | Other | 217K | — |
| 2025-04-10 | Agrawal Neeraj | Other | 1.2M | — |
| 2025-04-10 | Agrawal Neeraj | Other | 267K | — |
| 2025-04-10 | Agrawal Neeraj | Other | 298K | — |
| 2025-04-10 | Agrawal Neeraj | Other | 298K | — |
| 2025-04-10 | Agrawal Neeraj | Other | 369K | — |
| 2025-04-10 | Agrawal Neeraj | Other | 369K | — |
| 2025-04-10 | Agrawal Neeraj | Other | 55K | — |
| 2025-04-10 | Agrawal Neeraj | Other | 314K | — |
| 2025-04-10 | Lee Roger H | Other | 369K | — |
| 2025-04-10 | Lee Roger H | Other | 369K | — |
| 2025-04-10 | Lee Roger H | Other | 55K | — |
| 2025-04-10 | Agrawal Neeraj | Other | 1.2M | — |
| 2025-04-10 | Lee Roger H | Other | 1.2M | — |
| 2025-04-10 | Lee Roger H | Other | 314K | — |
| 2025-04-10 | Lee Roger H | Other | 1.2M | — |
| 2025-04-10 | Lee Roger H | Other | 267K | — |
| 2025-04-10 | Battery Partners XI, LLC | Other | 55K | — |
| 2025-04-10 | Battery Partners XI, LLC | Other | 1.2M | — |
| 2025-04-10 | Battery Partners XI, LLC | Other | 314K | — |
| 2025-04-10 | Battery Partners XI, LLC | Other | 1.2M | — |
| 2025-04-10 | Battery Partners XI, LLC | Other | 267K | — |
| 2025-04-10 | Battery Partners XI, LLC | Other | 298K | — |
| 2025-04-10 | Battery Partners XI, LLC | Other | 298K | — |
| 2025-04-10 | Battery Partners XI, LLC | Other | 369K | — |
| 2025-04-10 | Battery Partners XI, LLC | Other | 369K | — |
| 2025-04-10 | Lee Roger H | Other | 298K | — |
| 2025-04-10 | Lee Roger H | Other | 298K | — |
| 2025-04-08 | Agrawal Neeraj | Other | 130K | — |
| 2025-04-08 | Agrawal Neeraj | Other | 130K | — |
| 2025-04-04 | Wiseman Susan | Conversion | 31K | — |
| 2025-04-04 | Wiseman Susan | Sell | 4.2K | $30.98 |
| 2025-04-01 | Agrawal Neeraj | Conversion | 308K | — |
| 2025-04-01 | Lee Roger H | Conversion | 308K | — |
| 2025-04-01 | Lee Roger H | Conversion | 1.2M | — |
| 2025-04-01 | Lee Roger H | Conversion | 262K | — |
| 2025-04-01 | Battery Partners XI, LLC | Conversion | 54K | — |
| 2025-04-01 | Battery Partners XI, LLC | Conversion | 1.2M | — |
| 2025-04-01 | Battery Partners XI, LLC | Conversion | 308K | — |
| 2025-04-01 | Battery Partners XI, LLC | Conversion | 1.2M | — |
| 2025-04-01 | Battery Partners XI, LLC | Conversion | 262K | — |
| 2025-04-01 | Agrawal Neeraj | Conversion | 54K | — |
| 2025-04-01 | Agrawal Neeraj | Conversion | 1.2M | — |
| 2025-04-01 | Lee Roger H | Conversion | 1.2M | — |
| 2025-04-01 | Agrawal Neeraj | Conversion | 1.2M | — |
| 2025-04-01 | Agrawal Neeraj | Conversion | 262K | — |
| 2025-04-01 | Lee Roger H | Conversion | 54K | — |
| 2025-03-28 | FERNANDEZ PHILLIP M | Sell | 1.5K | $41.46 |
| 2025-03-28 | FERNANDEZ PHILLIP M | Conversion | 1.5K | — |
| 2025-03-10 | Wiseman Susan | Grant | 40K | — |
| 2025-03-10 | Malik Pankaj | Grant | 20K | — |
| 2025-03-10 | Magnuson William | Grant | 206K | — |
| 2025-03-10 | Winkles Isabelle | Grant | 99K | — |
| 2025-03-10 | Hyman Jonathan | Grant | 65K | — |
| 2025-02-20 | Kleeger Myles | Sell | 3.6K | $39.53 |
| 2025-02-20 | Kleeger Myles | Sell | 4.8K | $40.57 |
| 2025-02-20 | Wiseman Susan | Sell | 1.6K | $40.56 |
| 2025-02-20 | Wiseman Susan | Sell | 1.9K | $39.58 |
| 2025-02-18 | Kleeger Myles | Sell | 7.1K | $40.82 |
| 2025-02-18 | Winkles Isabelle | Sell | 8.4K | $40.82 |
| 2025-02-18 | Wiseman Susan | Sell | 3.9K | $40.82 |
| 2025-02-18 | Malik Pankaj | Sell | 2.6K | $40.82 |
| 2025-02-18 | Hyman Jonathan | Sell | 5.2K | $40.82 |
| 2025-02-18 | Magnuson William | Sell | 18K | $40.82 |
| 2025-02-18 | FERNANDEZ PHILLIP M | Sell | 1.5K | $41.30 |
| 2025-02-18 | FERNANDEZ PHILLIP M | Conversion | 1.5K | — |
| 2025-01-27 | Wiseman Susan | Sell | 10K | $47.22 |
| 2025-01-15 | FERNANDEZ PHILLIP M | Conversion | 1.5K | — |
| 2025-01-15 | FERNANDEZ PHILLIP M | Sell | 1.5K | $43.13 |
| 2025-01-06 | Wiseman Susan | Sell | 41 | $46.09 |
| 2025-01-06 | Malik Pankaj | Sell | 3.7K | $45.77 |
| 2025-01-06 | Kleeger Myles | Sell | 10K | $45.43 |
| 2025-01-06 | Kleeger Myles | Conversion | 10K | — |
| 2025-01-06 | Wiseman Susan | Conversion | 14K | — |
| 2025-01-06 | Wiseman Susan | Sell | 14K | $45.52 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-27 | ResultsExec/director changeExhibits | filing ↗ |
| 2026-04-28 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-04-07 | Exec/director changeExhibits | filing ↗ |
| 2026-03-24 | ResultsExhibits | filing ↗ |
| 2026-02-02 | 3.035.03OtherExhibits | filing ↗ |
| 2025-12-09 | ResultsReg FDExhibits | filing ↗ |
| 2025-09-04 | ResultsExhibits | filing ↗ |
| 2025-06-27 | Shareholder vote | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-05-28 | 2026-04-30 | 0001676238-26-000027 ↗ |
| 8-K | 2026-05-27 | 2026-05-25 | 0001676238-26-000024 ↗ |
| 8-K | 2026-04-28 | 2026-04-28 | 0000950103-26-006243 ↗ |
| 8-K | 2026-04-07 | 2026-04-07 | 0001676238-26-000016 ↗ |
| 10-K | 2026-03-25 | 2026-01-31 | 0001676238-26-000013 ↗ |
| 8-K | 2026-03-24 | 2026-03-24 | 0001676238-26-000011 ↗ |
| 8-K | 2026-02-02 | 2026-01-30 | 0001676238-26-000006 ↗ |
| 10-Q | 2025-12-10 | 2025-10-31 | 0001676238-25-000147 ↗ |
| 8-K | 2025-12-09 | 2025-12-09 | 0001676238-25-000145 ↗ |
| 10-Q | 2025-09-05 | 2025-07-31 | 0001676238-25-000134 ↗ |
| 8-K | 2025-09-04 | 2025-09-04 | 0001676238-25-000132 ↗ |
| 8-K | 2025-06-27 | 2025-06-26 | 0001676238-25-000088 ↗ |