All three tenses have at least two readings, so the archetype blend applies as printed.
Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.
What did they actually do?
Has it survived what it has been through?
2 warning events since 2021; the latest 2023-05-04.
From the record
Blend Labs, Inc.'s filings since 2021 show 2 warning events of 2 kinds: a notice about its exchange listing (8-K item 3.01, the latest 2023-05-04); an auditor change (8-K item 4.01, the latest 2023-04-06) (its current reports).
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What has it actually done, year after year?
+16% a year over 7 filed years; profitable in 0 of 7.
From the record
Blend Labs, Inc.'s 7 filed years say what it did: revenue went from $51 million in fiscal 2019 to $124 million in fiscal 2025, up 16% a year; it rose in 5 of 6 years; the deepest fall was 53% from fiscal 2022 to fiscal 2023; net income was positive in 0 of 7 of those years (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How has it treated the people who own it?
SI estimate 4.5/10, confidence 35 of 100 (one part).
SI estimate Inferred, not read as filed
From the record
SI estimate, not a filed reading: Blend Labs, Inc.'s shareholder treatment is put at 4.5 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 45% of 72 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.
What are they doing right now?
Is it financially healthy right now?
Leverage 118%: owes 118¢ per asset dollar.
From the record
Return on equity: in the fiscal year ended 2025-12-31, Blend Labs, Inc.'s shareholders' equity was below zero, so the profit on it is not read, and gross profitability: its products earned about 54 cents per dollar of everything the company owns. Leverage: it owed about 118 cents per dollar of assets, and net share issuance: its share count grew 2.0% over the year (the filed statements).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How strong is its position in its industry?
bottom 29% of 73 in its family; net margin -5.5%.
From the record
Blend Labs, Inc.'s standing among 73 graded names in its industry family: revenue of $124 million in fiscal 2025 ranks in the bottom 34% by size; a net margin of -5.5% ranks in the bottom 43%; revenue growth of -19.3% a year over the last 3 filed years ranks in the bottom 9% (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are the people in charge doing?
bottom 39% of 34 in its family for leadership.
From the record
Blend Labs, Inc.'s leadership, from its insiders' filings and its current reports: no one files under a chief executive's title, so that part is not read; the 14 officers and directors filing in the last fifteen months have been on the record a median of 2.5 years (bottom 17%); 6 officer or director changes were reported on Form 8-K since 2023-11-13, against the 14 people in charge now (top 39%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are they set up to do next?
How much room does it have to grow?
top 33% of 71 in its family for room to expand.
From the record
Blend Labs, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $44 million against debt of $0 thousand leaves 25.6% of its assets as net cash, top 21% of its family; cash from operations less capital spending is -0.1% of revenue (bottom 38%); a gross margin of 73.8% (top 28%); research spending of 26.6% of revenue (top 24%) (its annual report).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What could actually drive growth from here?
bottom 38% of 70 in its family for growth drivers.
From the record
Blend Labs, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew -19.3% a year over the last three filed years against 16% over all 7, slowing (bottom 6% of its family); the newest year grew 6.8% (bottom 46%); research spending grew -38% a year (bottom 8%); capital spending grew 77.6% a year (top 10%) (its annual reports). Blend Labs, Inc. reported 3 product lines in fiscal 2025: Mortgage Suite at $69 million (56%), Consumer Banking Suite at $45 million (37%), Professional Services at $9 million (7%); 2 of 3 grew against the year before (its annual report).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
Did its newest year beat what its own record pointed to?
top 16% of 65 in its family for expectations against reality.
From the record
Blend Labs, Inc.'s newest year against its own record: revenue of $124 million in fiscal 2025 came in 52.1% above the $81 million its prior three years' pace pointed to (top 15% of its family); net income of $7 million against a prior three-year average of $314 million (top 30%); a net margin of -5.5% against losses larger than its revenue before (top 4%) (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made