Is Blaize Holdings, Inc. overvalued or undervalued?

As of 14 May 2025, the valuation grade for Blaize Holdings, Inc. has moved from does not qualify to risky, indicating a significant deterioration in its perceived value. The company appears to be overvalued, particularly highlighted by its P/E ratio of -6.27 and EV to EBITDA of -5.74, which are both negative and suggest that the market is pricing in substantial risks. Additionally, the absence of a PEG ratio and a dividend yield further emphasizes the company's lack of profitability and returns to shareholders.
In comparison to its peers, Blaize Holdings, Inc. is notably underperforming, with its negative P/E ratio contrasting sharply with industry expectations. The company's stock has significantly lagged behind the S&P 500, with a year-to-date return of -77.13% compared to the S&P 500's 12.22%, and a one-year return of -69.51% against the S&P 500's 17.14%. This stark divergence reinforces the notion that Blaize Holdings, Inc. is not only facing valuation challenges but is also struggling to deliver returns in a broader market context.