BLND · CIK 0001855747 · FY2025 live · 2025-12-31
Blend Labs, Inc.
View as
Model
Z″
FY2025
−26.07
Zone
Distress
Prior
—
Market DD
—
1y PD
—
−26.07
Classic Z −11.19
Z″ −26.07 · distress below 1.10, grey to 2.60, safe above.
Z″ factor contributions
X1 Working capital / assets
Short-term liquidity. Carries more weight in Z″ than in classic Z.
0.346.56 × = 2.25X2 Retained earnings / assets
Cushion from years of profits. Share buybacks can push this negative at otherwise healthy firms.
−8.183.26 × = −26.68X3 EBIT / assets
Operating return on assets. Highest weight in Z″.
−0.136.72 × = −0.86X4 Book equity / liabilities
Book equity versus the liability stack. Sales / assets is omitted so asset-light names are not punished for turnover.
−0.741.05 × = −0.78
Five-year path
Need two annual 10-Ks to draw a path. The desk will pull this issuer’s filings rather than invent a series.
Overview
rule-v1
Blend Labs, Inc. is on Z″ at −26.07 (distress) for FY2025, from an SEC 10-K. Retained earnings / assets is the line that sets the print. This is the first live year on the desk. No market tape loaded. Z″ drops sales/assets so asset-light names are not punished for turnover. X4 is book equity on every name.
Book screen Distress; market PD —. Tape not priced — not a single default call.
Market DD · naive Merton
No market tape yet.
Pull a year of closes (Yahoo, Nasdaq if Yahoo is limited) and size equity from Nasdaq cap or EDGAR shares. Distance-to-default and 1-year PD stay blank until then.
Sector peers
Closest Z″ scores · 3rd percentile in Technology.
KPI widgets
Current assets
$98M
Total assets
$170M
Current liabilities
$39M
Total liabilities
$41M
Working capital
$58M
Retained earnings
−$1.4B
EBIT
−$22M
Total sales
$124M
Book equity
−$30M
Accession 0001855747-26-000016. Live rank is the latest 10-K on EDGAR (FY2025, period 2025-12-31). Z″ is the live score. View as does not rewrite the live rank. X4 is book equity. Pulled 12 Sept 2026.