A Business at a Glance
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BLACKBAUD INC
BLKB
$1.6B
Mkt Cap
$32.71
+4.67%
BLACKBAUD INC (BLKB) has a current P/E ratio of 13.8, compared to its historical median P/E of 63.2. The stock is currently considered Cheap based on its historical valuation range.
BLACKBAUD INC (BLKB) has a 5-year average return on invested capital (ROIC) of -1.4%. This is below average and may indicate limited pricing power.
BLACKBAUD INC (BLKB) has a market capitalization of $1.5B. It is classified as a small-cap stock.
BLACKBAUD INC (BLKB) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 13.16%.
Based on historical P/E analysis, BLACKBAUD INC (BLKB) appears cheap. The current P/E of 13.8 is 78% below its historical median of 63.2. The estimated fair value CAGR (P/E method) is 14.7%.
BLACKBAUD INC (BLKB) operates in the Services-Prepackaged Software industry, within the Technology sector.
BLACKBAUD INC (BLKB) reported annual revenue of $1.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Blackbaud is the world's leading provider of AI-powered cloud software and services for social impact organizations, including nonprofits, educational institutions, foundations, healthcare organizations, and corporate social responsibility teams. The company operates through two primary revenue streams: contractual software subscriptions and transactional solutions, serving customers globally with mission-critical platforms such as Raiser's Edge NXT for fundraising and donor management, Financial Edge NXT for financial operations, and YourCause for corporate employee engagement. Blackbaud's business model leverages deep philanthropic data, machine learning capabilities, and integrated workflows to help customers improve fundraising outcomes, reduce administrative burden, and increase operational efficiency; the company generates recurring subscription revenue from its core platforms while capturing transactional revenue from payment processing and other variable services. The company's competitive moat is built on four decades of specialized domain expertise, the world's largest philanthropic dataset, proprietary AI and machine learning capabilities embedded within its system of record solutions, and a connected network effect linking nonprofits to corporate partners through integrated platforms. Blackbaud's customers span millions of organizations globally focused on social impact, from small nonprofits to large educational institutions and Fortune 500 companies, with particular strength in higher education and enterprise nonprofit segments.
【AI-driven growth acceleration】 Management expects the disciplined integration of AI across products and operations to drive operating leverage and sustainable growth, with agentic AI solutions such as the Fundraising Development Agent embedded within system of record platforms creating competitive differentiation and unlocking new revenue streams. The company is investing in product innovation, go-to-market initiatives, and internal AI capabilities to support mid-single-digit organic revenue growth while expanding profitability, with several growth initiatives expected to come online in the second half of 2026 including pricing optimization and AI product contributions. Management views free cash flow generation as a key driver of shareholder value and plans to deploy at least 50% of cumulative free cash flow from 2026 through 2030 toward stock repurchases, while maintaining optionality for debt repayment and synergistic tuck-in acquisitions. The company expects to continue delivering double-digit EPS growth in 2027 and beyond, supported by disciplined cost management, margin expansion initiatives including data center closures and global workforce optimization, and the commercialization of new agentic AI offerings across the product portfolio.
| Metric | Target | Period |
|---|---|---|
| Organic total revenue growth | 4%-6% annually | 2026-2030 |
| Adjusted EBITDA growth | 6%-8% CAGR | 2026-2030 |
| Adjusted EBITDA margin | 40%+ | 2026-2030 |
| 2026 Organic revenue growth | 4%-4.5% | FY2026 |
| 2026 Non-GAAP EPS | $5.15-$5.25 | FY2026 |
| 2026 Adjusted EBITDA | $430 million-$438 million | FY2026 |
| 2026 Free cash flow | $270 million-$300 million | FY2026 |
| 2026 Revenue | $1,173 million-$1,179 million | FY2026 |
Organic total revenue growth (2026-2030): “From 2026 through 2030, we are targeting organic total revenue growth 4%-6% with potential upside based on viral events and new product launches such as our Agents for Good catalog”
Adjusted EBITDA growth (2026-2030): “we are targeting Adjusted EBITDA growth at 6%-8% CAGR between 2026 and 2030 while expanding our Adjusted EBITDA margin to 40%+”
“we are targeting Adjusted EBITDA growth at 6%-8% CAGR between 2026 and 2030 while expanding our Adjusted EBITDA margin to 40%+”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.1B | 1.1B | 1.2B | 1.1B | 1.1B | 928M |
| Net Income | 141M | 115M | -300M | 3.0M | -45M | 5.7M |
| EPS | $2.98 | $2.37 | $-5.92 | $0.06 | $-0.88 | $0.12 |
| Free Cash Flow | 307M | 258M | 289M | 195M | 192M | 202M |
| ROIC | 16.1% | 14.5% | -21.8% | 1.8% | -2.8% | 1.5% |
| Gross Margin | 59.2% | 58.8% | 54.7% | 54.1% | 52.2% | 52.2% |
| Debt/Equity | 34.33 | 13.13 | 8.79 | 1.02 | 1.23 | 1.42 |
| Dividends/Share | $0.00 | - | - | - | $0.00 | $0.00 |
| Operating Income | 222M | 191M | -271M | 46M | -28M | 25M |
| Operating Margin | 19.5% | 16.9% | -23.5% | 4.2% | -2.7% | 2.7% |
| ROE | 408.8% | 108.5% | -64.0% | 0.4% | -6.2% | 1.0% |
| Shares Outstanding | 46M | 49M | 51M | 50M | 52M | 47M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 564M | 638M | 731M | 788M | 849M | 900M | 913M | 928M | 1.1B | 1.1B | 1.2B | 1.1B | 1.1B |
| Gross Margin | 51.6% | 52.2% | 53.7% | 54.1% | 55.0% | 53.5% | 53.1% | 52.2% | 52.2% | 54.1% | 54.7% | 58.8% | 59.2% |
| R&D | 77M | 85M | 90M | 90M | 99M | 106M | 100M | 125M | 157M | 147M | 154M | 138M | 141M |
| SG&A | 58M | 76M | 81M | 95M | 106M | 113M | 135M | 146M | 200M | 190M | 143M | 155M | 128M |
| EBIT | 46M | 47M | 68M | 68M | 59M | 27M | 37M | 25M | -28M | 46M | -271M | 191M | 222M |
| Op. Margin | 8.2% | 7.3% | 9.3% | 8.6% | 7.0% | 3.0% | 4.1% | 2.7% | -2.7% | 4.2% | -23.5% | 16.9% | 19.5% |
| Net Income | 28M | 26M | 45M | 74M | 45M | 12M | 7.7M | 5.7M | -45M | 3.0M | -300M | 115M | 141M |
| Net Margin | 5.0% | 4.0% | 6.2% | 9.3% | 5.3% | 1.3% | 0.8% | 0.6% | -4.3% | 0.3% | -25.9% | 10.2% | 12.4% |
| Non-Recurring | 0 | -2.0M | 0 | 794K | 4.6M | 5.8M | 236K | 263K | 0 | 0 | -17M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 8.9% | 6.2% | 8.9% | 10.2% | 8.0% | 3.2% | 2.5% | 1.5% | -2.8% | 1.8% | -21.8% | 14.5% | 16.1% |
| ROE | 16.3% | 12.9% | 18.9% | 24.3% | 12.6% | 3.1% | 1.9% | 1.0% | -6.2% | 0.4% | -64.0% | 108.5% | 408.8% |
| ROA | 3.4% | 2.4% | 3.6% | 4.7% | 2.6% | 0.7% | 0.4% | 0.2% | -1.5% | 0.1% | -11.1% | 4.7% | 6.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 117M | 129M | 154M | 176M | 201M | 182M | 148M | 214M | 204M | 200M | 296M | 266M | 316M |
| Free Cash Flow | 103M | 111M | 136M | 166M | 187M | 171M | 118M | 202M | 192M | 195M | 289M | 258M | 307M |
| Owner Earnings | 33M | 22M | 25M | 32M | 46M | 20M | -9.4M | 35M | 30M | -1.8M | 125M | 123M | 172M |
| CapEx | 14M | 19M | 18M | 10M | 15M | 11M | 30M | 12M | 12M | 4.7M | 7.4M | 7.8M | 8.7M |
| Maint. CapEx | 67M | 82M | 96M | 104M | 108M | 104M | 70M | 59M | 63M | 74M | 66M | 50M | 49M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 67M | 82M | 96M | 104M | 108M | 104M | 70M | 59M | 63M | 74M | 66M | 50M | 49M |
| CapEx/OCF | 11.9% | 14.4% | 11.5% | 5.8% | 7.3% | 6.3% | 20.1% | 5.5% | 6.0% | 2.3% | 2.5% | 2.9% | 2.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 22M | 23M | 23M | 23M | 23M | 24M | 6.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 1.4% | 0.9% | 0.8% | 0.6% | 0.5% | 0.6% | 0.2% | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 41M | 108M | 0 | 19M | 418M | 217M | 199M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 1.5% | 2.8% | N/A | 0.4% | 11.0% | 7.0% | 13.2% |
| Stock-Based Comp | 17M | 25M | 33M | 41M | 48M | 59M | 87M | 120M | 110M | 128M | 105M | 93M | 95M |
| Debt Repayment | 236M | 184M | 294M | 679M | 322M | 345M | 748M | 153M | 311M | 375M | 1.1B | 370M | 370M |
| Balance Sheet | |||||||||||||
| Net Debt | 266M | 393M | 325M | 410M | 357M | 551M | 523M | 965M | 881M | 796M | 1.0B | 1.1B | 1.2B |
| Cash & Equiv. | 15M | 15M | 17M | 30M | 31M | 32M | 36M | 55M | 32M | 31M | 68M | 39M | 34M |
| Long-Term Debt | 276M | 404M | 338M | 430M | 380M | 460M | 518M | 937M | 840M | 760M | 1.1B | 1.1B | 1.2B |
| Debt/Equity | 1.51 | 1.94 | 1.27 | 1.31 | 1.04 | 1.47 | 1.31 | 1.42 | 1.23 | 1.02 | 8.79 | 13.13 | 34.33 |
| Interest Coverage | 7.7 | 5.8 | 6.4 | 5.6 | 3.7 | 1.3 | 2.2 | 1.4 | -0.8 | 1.2 | -4.9 | 2.8 | 3.3 |
| Equity | 186M | 211M | 269M | 336M | 374M | 397M | 426M | 717M | 744M | 810M | 127M | 85M | 35M |
| Total Assets | 943M | 1.2B | 1.3B | 1.8B | 1.6B | 2.0B | 2.0B | 3.0B | 3.0B | 2.9B | 2.5B | 2.4B | 2.1B |
| Total Liabilities | 757M | 1.0B | 1.1B | 1.5B | 1.2B | 1.6B | 1.6B | 2.3B | 2.2B | 2.1B | 2.4B | 2.3B | 2.1B |
| Intangibles | 229M | 295M | 254M | 315M | 292M | 318M | 278M | 698M | 635M | 582M | 133M | 107M | 99M |
| Retained Earnings | 132M | 135M | 174M | 225M | 246M | 235M | 237M | 242M | 197M | 199M | -99M | 16M | 47M |
| Working Capital | -133M | -167M | -172M | -175M | -208M | -254M | -194M | -259M | -312M | -267M | -275M | -252M | -224M |
| Current Assets | 288M | 399M | 508M | 799M | 598M | 735M | 819M | 851M | 919M | 930M | 977M | 930M | 642M |
| Current Liabilities | 421M | 566M | 680M | 975M | 806M | 989M | 1.0B | 1.1B | 1.2B | 1.2B | 1.3B | 1.2B | 867M |
| Per Share Data | |||||||||||||
| EPS | 0.62 | 0.55 | 0.96 | 1.54 | 0.93 | 0.25 | 0.16 | 0.12 | -0.88 | 0.06 | -5.92 | 2.37 | 2.98 |
| Owner EPS | 0.72 | 0.47 | 0.53 | 0.67 | 0.94 | 0.42 | -0.19 | 0.73 | 0.59 | -0.04 | 2.48 | 2.53 | 3.72 |
| Book Value | 4.07 | 4.52 | 5.69 | 7.03 | 7.75 | 8.33 | 8.84 | 15.10 | 14.42 | 16.10 | 2.51 | 1.75 | 0.75 |
| Cash Flow/Share | 2.56 | 2.77 | 3.25 | 3.69 | 4.18 | 3.83 | 3.07 | 4.50 | 3.95 | 3.97 | 5.85 | 5.47 | 4.11 |
| Dividends/Share | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.12 | 0.00 | 0.00 | N/A | N/A | N/A | 0.00 |
| Shares Out. | 45.6M | 46.6M | 47.3M | 47.8M | 48.2M | 47.6M | 48.2M | 47.5M | 51.6M | 50.3M | 50.6M | 48.5M | 46.3M |
| Valuation | |||||||||||||
| P/E Ratio | 70.0 | 119.1 | 65.4 | 60.9 | 66.8 | 313.9 | 362.3 | 678.1 | N/A | N/A | N/A | 27.1 | 11.0 |
| P/FCF | 19.2 | 27.6 | 21.8 | 27.0 | 16.0 | 21.9 | 23.6 | 19.1 | 15.7 | 22.6 | 13.1 | 12.1 | 4.9 |
| EV/EBIT | 48.4 | 73.8 | 48.3 | 71.8 | 56.4 | 153.8 | 88.4 | 191.4 | N/A | 111.2 | N/A | 21.9 | 12.0 |
| Price/Book | 10.6 | 14.5 | 11.0 | 13.3 | 8.0 | 9.4 | 6.6 | 5.4 | 4.0 | 5.4 | 29.9 | 36.6 | 43.8 |
| Price/Sales | 2.8 | 3.9 | 4.0 | 5.0 | 5.3 | 4.3 | 3.2 | 3.7 | 2.9 | 3.2 | 3.5 | 2.8 | 1.3 |
| FCF Yield | 5.2% | 3.6% | 4.6% | 3.7% | 6.2% | 4.6% | 4.2% | 5.2% | 6.4% | 4.4% | 7.6% | 8.3% | 20.3% |
| Market Cap | 2.0B | 3.1B | 3.0B | 4.5B | 3.0B | 3.7B | 2.8B | 3.9B | 3.0B | 4.4B | 3.8B | 3.1B | 1.5B |
| Avg. Price | 35.08 | 52.79 | 62.02 | 82.38 | 93.94 | 80.92 | 60.41 | 71.88 | 58.61 | 69.70 | 78.82 | 65.25 | 32.71 |
| Year-End Price | 43.39 | 65.49 | 62.78 | 93.80 | 62.11 | 78.48 | 57.97 | 81.37 | 58.25 | 87.58 | 74.93 | 64.21 | 32.71 |
BLACKBAUD INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
BLACKBAUD INC trades at 13.8x trailing earnings, compared to its 15-year median P/E of 63.2x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 5.8x vs a median of 20.5x. The company's 5-year average gross margin is 54.4%. Total shareholder yield (buybacks) is 13.2%. At current prices, the estimated annualized return to fair value is +6.8%.
BLACKBAUD INC (BLKB) has a net profit margin of 10.2%. This is a healthy margin.
BLACKBAUD INC (BLKB) generated $258 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BLACKBAUD INC (BLKB) has a debt-to-equity ratio of 13.13. This indicates higher leverage, which may increase financial risk.
BLACKBAUD INC (BLKB) reported earnings per share (EPS) of $2.37 in its most recent fiscal year.
BLACKBAUD INC (BLKB) has a return on equity (ROE) of 108.5%. This indicates the company generates strong returns for shareholders.
BLACKBAUD INC (BLKB) has a 5-year average gross margin of 54.4%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for BLACKBAUD INC (BLKB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BLACKBAUD INC (BLKB) has a book value per share of $1.75, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the disciplined integration of AI across products and operations to drive operating leverage and sustainable growth, with agentic AI solutions such as the Fundraising Development Agent embedded within system of record platforms creating competitive differentiation and unlocking new revenue streams. The company is investing in product innovation, go-to-market initiatives, and internal AI capabilities to support mid-single-digit organic revenue growth while expanding profitability, with several growth initiatives expected to come online in the second half of 2026 including pricing optimization and AI product contributions. Management views free cash flow generation as a key driver of shareholder value and plans to deploy at least 50% of cumulative free cash flow from 2026 through 2030 toward stock repurchases, while maintaining optionality for debt repayment and synergistic tuck-in acquisitions. The company expects to continue delivering double-digit EPS growth in 2027 and beyond, supported by disciplined cost management, margin expansion initiatives including data center closures and global workforce optimization, and the commercialization of new agentic AI offerings across the product portfolio.
Based on recent SEC filings and earnings calls, BLACKBAUD INC (BLKB) has provided the following forward guidance: Organic total revenue growth: 4%-6% annually (2026-2030); Adjusted EBITDA growth: 6%-8% CAGR (2026-2030); Adjusted EBITDA margin: 40%+ (2026-2030); 2026 Organic revenue growth: 4%-4.5% (FY2026); 2026 Non-GAAP EPS: $5.15-$5.25 (FY2026), plus 3 additional metrics.
2026 Organic revenue growth (FY2026): “we expect full year 2026 organic revenue growth to be 4%-4.5%”
2026 Non-GAAP EPS (FY2026): “we expect 2026 non-GAAP EPS in the range of $5.15-$5.25 or growth of 16%-18% year-over-year”
2026 Adjusted EBITDA (FY2026): “we anticipate non-GAAP Adjusted EBITDA of $430 million-$438 million, which implies Adjusted EBITDA dollar growth of 6%-8% year-over-year”
2026 Free cash flow (FY2026): “The $285 million midpoint of our 2026 guidance range represents a 25% CAGR since 2020”
2026 Revenue (FY2026): “we're projecting revenue in the range of $1,173,000,000-$1,179,000,000, representing organic growth of 4%-4.5% as reported”