On this platform and generally in the community, folks talk a lot about recurring revenue. I'm wondering how people view a company's backlog (assuming it's verifiable and real)? Is a company that has $3m in revenue and a backlog of $15m seen in the same light as a company that has $3m in revenue with the vast majority of it being recurring?

I know that is a VERY general scenario and reality would be far more nuanced (i.e. recurring revenue takes many different forms and backlog is only worth it if the company can deliver, etc.). Just trying to assess how people view the two.