Braze, Inc. (BRZE)
Marketing TechSaaS Metrics & Investor Data — Q2 2026
analyticsEditorial Financial Analysis
Financial Performance & Trajectory
Braze has demonstrated a robust top-line trajectory, with trailing revenue scaling from $0.69B in Q4 2025 to $0.74B by Q2 2026. This growth is accelerating, with year-over-year revenue expansion improving from 15.4% in Q4 2025 to 25.4% in Q2 2026, signaling a re-acceleration in market demand or successful upmarket execution. Gross margins remain stable and healthy at 67.2% in the latest two quarters, slightly below the prior period's 68.2%, suggesting consistent unit economics despite scaling investments. More notably, free cash flow (FCF) margins have expanded significantly from 8.4% in Q1 2026 to 11.7% in Q2 2026, indicating improving operational leverage and cash generation discipline. This shift from a low single-digit FCF margin to double-digit levels is a key milestone for a growth-stage SaaS company.
Operational & Go-to-Market (GTM) Efficiency
The Rule of 40 score has improved markedly from 26.4 in Q4 2025 to 37.1 in Q2 2026, driven primarily by the acceleration in top-line growth and expanding FCF margins. While net revenue retention (NRR) and CAC payback data are unavailable, the improving Rule of 40 suggests that Braze is achieving a better balance between growth and profitability. The platform's ability to ingest data and orchestrate cross-channel journeys likely supports strong customer stickiness, though the lack of disclosed NRR makes it difficult to fully assess organic expansion. The recent uptick in growth implies that R&D and sales investments are yielding positive returns, as the company has managed to re-accelerate revenue without sacrificing gross margin stability.
Market Valuation & Sentiment
Braze trades at an enterprise value-to-revenue (EV/Revenue) multiple of 3.8x, a slight premium to the 3.0x seen in Q1 2026 but consistent with the Q4 2025 level. This valuation appears reasonable given the re-acceleration in growth and improved cash flow profile. Wall Street sentiment is overwhelmingly bullish, with a consensus rating of Buy (24 Buys, 1 Hold, 0 Sells) and an average price target of $38.00, implying upside from current levels. However, insider trading activity presents a cautionary signal: the last 10 filings show zero insider buys and net insider selling of $-4.5M. While not alarming in isolation, this lack of insider confidence warrants monitoring, particularly as the stock has gained traction. The combination of strong operational momentum, a supportive analyst consensus, and neutral-to-negative insider behavior suggests a cautiously constructive outlook.
Disclaimer: The editorial financial analysis above is generated using data sourced from SEC EDGAR filings and Wall Street consensus ratings. This analysis is provided for informational and educational purposes only and does not constitute financial, investment, or professional advice. Readers should conduct their own research or consult with a registered financial advisor before making any investment decisions.
Braze, Inc. (BRZE) is a Marketing Tech SaaS company with a market cap of $2.9B as of Q2 2026. The company trades at 3.8x EV/Revenue and has delivered +25.4% revenue growth year-over-year. With a gross margin of 67% and FCF margin of 11.7%, Braze, Inc. scores 37 on the Rule of 40 — placing it in the upper half of public SaaS companies tracked by SaaSDB.
compare_arrowsSector Benchmarking
Latest company metrics compared to the Marketing Tech sector medians
EV/Revenue is 3.8x (sector median: 3.3x) — trading at a premium of 0.5x relative to peers.
Rule of 40 is 37.1% (sector median: 37.1%) — in-line with peers.
Revenue Growth is 25.4% (sector median: 12.4%) — outperforming peers by 12.9%.
Gross Margin is 67.2% (sector median: 77.1%) — underperforming peers by 9.9%.
FCF Margin is 11.7% (sector median: 17.6%) — underperforming peers by 5.9%.
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rocket_launchFounder & Operator Metrics
Not publicly disclosed by this company: Net Revenue Retention·Gross Retention·ARR·ARR Growth·CAC Payback
trending_upEfficiency & Investment Trends
biotechR&D Intensity Trend
R&D expense as % of revenue over time
insightsOperating Leverage Trend
Operating leverage ratio (margin expansion vs growth)
Growing efficiently. Operating income is expanding faster than revenue growth, indicating positive operating leverage.
Insider Trading Activity
90-Day Insider Sentiment: Bearish / Net Selling. Insiders executed 2 sell transactions (totaling $903K) with zero buys. Last activity on Apr 9, 2026.
Analyst Ratings
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