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Blackbaud Inc (BLKB) stock

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NASDAQ: BLKB Nasdaq Application Software Next results ~February 9, 2027

B Fundamentals grade

Blackbaud Inc is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$63

Cash-flow model

Base case. Range ~$42–$92 across our lower- and higher-growth cases (-2.8%–7.2% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 14% below our base value.

Price used: $54.44, November 2, 2026

Blackbaud Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 7 selling0 purchases and 22 sales by directors and officers, last 12 monthsInsider trades
  • Funds168 adding, 144 cuttingOf 51 active managers that changed their stake, 25 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Blackbaud files

10-Q filed October 28: Blackbaud

Model value +12.8%

Revenue for the twelve months to September 2026 was $1.16bn, up 2.2% on a year earlier, faster than the 0.7% growth a quarter earlier. That puts it 101 of 124 for growth among the application software companies we cover. Free-cash-flow margin rose to 28.6% from 24.3% a year earlier. Operating margin widened to 20.1% from -20.8%. The diluted share count is down 4.1% on a year earlier, which lifts each remaining share. Our model value rises from $56.38 to $63.59 a share, against a share price of $53.43. The rating stays Hold. At that price, our model says the market is pricing in about 0.5% a year of cash-flow growth for five years, slower than the 4.6% a year revenue growth it has delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: Blackbaud

Blackbaud's revenue over the twelve months to June 2026 reached $1.16bn, up 2.2% on the year, an acceleration from the 0.7% growth recorded a quarter earlier. Among the 55 application software companies we cover, that ranks 49th for growth. Margins improved: free-cash-flow margin climbed to 28.6% from 24.3% a year earlier, while the operating margin widened to 20.1% from -20.8%. A 4.1% reduction in the diluted share count over the year has also lifted the value of each remaining share. Our model value sits little changed at $56.38, against a share price of $53.70, and we keep the rating at Hold. At that price, the market appears to be pricing in cash-flow growth of about 1.4% a year over five years, slower than the 4.6% a year revenue growth the company has actually delivered.

10-Q on SEC EDGAR

Where Blackbaud stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.15bn, up 0.7% on a year earlier, against a decline of 0.6% a quarter earlier. That puts it 50 of 55 for growth among the application software companies we cover. Free-cash-flow margin rose to 28.7% from 21.3% a year earlier. Operating margin widened to 19.8% from -21.8%. The diluted share count is down 3.8% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 7 financial-health checks. Our cash-flow model value is $56.38 a share, against a share price of $55.20. At that price, our model says the market is pricing in about 2.3% a year of cash-flow growth for five years, slower than the 4.4% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 9, 2027 (estimated)

Blackbaud Inc's trailing-twelve-month revenue grew 2.2% year on year, with a free-cash-flow margin of 28.6%. Where it stands out: change in share count of -4.1% ranks 20 of 163 application software companies we cover. Where it lags: long-term debt as % of assets of 48.5% ranks 91 of 98 application software companies we cover.

Our discounted-cash-flow model values the business at ~$63 per share in the base case (~$42–$92 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Operating margin expanding: TTM operating margin reached 20.1%, up 40.8pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 40.8 points on a year ago.
  • Strong cash generation. 28.6% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Shrinking share count. Diluted shares fell 4.1% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 49% and a beta of 0.2 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 48.5% ranks 91 of 98 application software companies we cover (median 16.9%).
  • Below peers: revenue growth. Revenue growth of 2.2% ranks 146 of 184 application software companies we cover (median 12.0%).
  • Heavily shorted. 11.7% of the shares available to trade are sold short (7.3 days of average volume to cover).

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$1.36 against an average estimate of $1.33: beat by 2.5%
Revenue
$293m, up 4.1% on a year earlier
Share reaction
-1.8% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
GAAP revenue $1.17bn to $1.18bn (2026 full year); non-GAAP adjusted EBITDA $430m to $438m (2026 full year)
Next report
October 28, 2026; average EPS estimate $1.43

Blackbaud's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.7%
  • 1 week-1.1%
  • 1 month+30.4%
  • This year-14.0%
  • 1 year-15.0%
  • 5 years-25.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.2B
Operating margin
20.1%
Net margin
12.9%
EPS (TTM, diluted)
$3.25

Growth

Revenue growth
+2.2%
Change in growth rate
+1.5 pts
Share count change
−4.1%

Cash

Free cash flow (TTM)
$332M
FCF margin
28.6%
Stock pay % of revenue
7.8%

Earnings

Last results
October 28, 2026
Next results (est.)
February 9, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Our research
  4. Leadership
  5. Insider trade
  6. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Blackbaud Inc valuation models and calculator

What the price is pricing in

The share price implies about 0.7% a year of cash-flow growth for five years.That is close to the 4.6% a year revenue growth Blackbaud has delivered.

  • Priced in0.7%
  • Last 12 months2.2%
  • 3 years a year2.2%
  • 5 years a year4.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($53.95, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$63
Price used
$53.95close November 3, 2026
Implied change
▲ +18%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Blackbaud Inc's free cash flow after stock-based pay with after-tax interest added back ($223M, FY2026 Q3 TTM), growing 4.4% and 2.9% in the next two years (forecasts, guidance and its record), then back to 2.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$42–~$92 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Blackbaud Inc's free cash flow after stock-based pay ( $223M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Blackbaud Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.87 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$63 ~$42–$92 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$84 ~$69–$140 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$2.9 ~$2.1–$4.1 Left out: out of range vs price (0.05x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$3.0 ~$2.6–$3.6 Left out: out of range vs price (0.06x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$70 ~$63–$84 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Blackbaud Inc with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −30%
  • Revenue growth 5 points higher ▲ +39%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▲ +18%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $49$75$108$153$211$286
8.5% $32$51$75$107$149$202
10% $22$36$55$80$111$152

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$64.16$62.83$93.30$62.43$79.47$57.56$78.98$58.86$86.70$73.92$63.32$54.44
Market value$3.0bn$3.0bn$4.5bn$3.0bn$3.8bn$2.8bn$3.8bn$3.0bn$4.7bn$3.7bn$3.1bn$2.5bn
+ Net debt (− = net cash)$395m$327m$410m$358m$436m$498m$906m$830m$750m$1.0bn$1.1bn$1.0bn
Enterprise value$3.4bn$3.3bn$4.9bn$3.4bn$4.3bn$3.3bn$4.7bn$3.9bn$5.4bn$4.7bn$4.1bn$3.5bn
Multiples
Price / sales 4.7x4.1x5.7x3.5x4.3x3.1x4.1x2.9x4.2x3.2x2.7x2.2x
Price / earnings 116.3x65.5x60.5x66.9xn/mn/mn/m—n/m—26.7x16.8x
Price / free cash flow 27.0x21.9x26.8x16.1x22.5x23.7x18.9x15.8x23.9x13.0x11.9x7.5x
EV / EBITDA 32.9x23.8x34.3x24.2x37.9x25.4x43.9x52.3x34.7x—14.9x11.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

33 /100

Weak moat

How hard Blackbaud's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.3% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 54.2%, moving by 2.3 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 4.5%; its worst year was -20.8%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 21.1% of revenue.

  • Discipline 10 / 20

    The diluted share count fell 4.8% over five years; stock-based pay has been a median 8.3% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (48 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.25 +18% $1.2bn +4%
Next $6.00 +14% $1.2bn +5%

Next year's EPS estimate has moved +1.8% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is 0.0% on 90 days ago. In the last 30 days, 5 analysts raised Blackbaud Inc's forecast and 0 cut it.

Consensus EPS forecast Blackbaud Inc, last 90 days
$5.20 $5.40 $5.60 $5.80 $6.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.25 Current fiscal year, 60 days ago: $5.25 Current fiscal year, 30 days ago: $5.25 Current fiscal year, 7 days ago: $5.25 Current fiscal year, Now: $5.25 $5.25 Next fiscal year, 90 days ago: $5.89 Next fiscal year, 60 days ago: $5.97 Next fiscal year, 30 days ago: $5.97 Next fiscal year, 7 days ago: $5.97 Next fiscal year, Now: $6.00 $6.00

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.25$5.89
60 days ago $5.25$5.97
30 days ago $5.25$5.97
7 days ago $5.25$5.97
Now $5.25$6.00

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.33 $1.36 +2.5%
Jun 2026 $1.28 $1.33 +4.2%
Mar 2026 $1.12 $1.14 +1.6%
Dec 2025 $1.14 $1.19 +4.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • GAAP revenue 2026 full year $1.173bn to $1.179bn GAAP Maintained
    “GAAP revenue of $1.173 billion to $1.179 billion” source
  • Non-GAAP diluted earnings per share 2026 full year $5.15 to $5.25 Non-GAAP Maintained
    “Non-GAAP diluted earnings per share of $5.15 to $5.25” source
  • Non-GAAP adjusted EBITDA 2026 full year $430m to $438m Non-GAAP Maintained
    “Non-GAAP adjusted EBITDA of $430 million to $438 million” source
  • Non-GAAP free cash flow 2026 full year $280m to $290m Non-GAAP Maintained
    “Non-GAAP free cash flow of $280 million to $290 million” source
  • Non-GAAP annualized effective tax rate the year about 24.5% Non-GAAP Maintained vs about 24.5
    “Non-GAAP annualized effective tax rate is expected to be approximately 24.5%” source
  • Interest expense the year $62m to $66m Maintained vs 62m to 66m
    “Interest expense for the year is expected to be approximately $62 million to $66 million” source
Show 3 more items
  • Diluted weighted average shares outstanding the year 45m to 46m Maintained vs 45m to 46m
    “Diluted weighted average shares outstanding for the year are expected to be approximately 45.0 million to 46.0 million” source
  • Capital expenditures the year $60m to $70m Maintained vs 60m to 70m
    “Capital expenditures for the year are expected to be approximately $60 million to $70 million, including approximately $52 million to $62 million of capitalized software development costs” source
  • Capitalized software development costs the year $52m to $62m Maintained vs 52m to 62m
    “Capital expenditures for the year are expected to be approximately $60 million to $70 million, including approximately $52 million to $62 million of capitalized software development costs” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Blackbaud Inc's revenue by +4.4% next year and +2.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.1%, weight 40%) , management guidance (+5.0%, weight 36%) and the company's own record (+2.2%, weight 24%) . How the weights are set.

Analyst recommendations

4 analysts, Oct 2026
Buy250%
Hold250%
Sell00%

Monthly trend

  1. Oct 20261124
  2. Sep 20261124
  3. Aug 20261124
  4. Jul 20262125

Counts of recommendations published by analysts covering Blackbaud Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
11.7%
of tradable shares
Days to cover
7.3
at average volume
Short interest, 1 month
−8%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.0%
of shares
Employees
2,800
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −15.0%

$64.04 on October 31, 2025 to $54.44

ThenNowEffect
Revenue (last 12 months) $1.1bn $1.1bn +0.7%
P/S multiple 2.7x 2.2x −18.8%
Share count 49m 47m +4.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −25.6%

$73.13 on November 3, 2023 to $54.44

ThenNowEffect
Revenue (last 12 months) $1.1bn $1.1bn +7.4%
P/S multiple 3.6x 2.2x −37.9%
Share count 52m 47m +11.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BLKB+37%−26%+47%−15%−14%−14%
Industry peers (median)−8%−50%+19%+2%−21%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BLKB75%33%67%58%42%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BLKB−20%−45%−17%−22%−32%−58%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 77% from July 23, 2018 to June 22, 2026. Getting back needed a 343% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$26.54 – $64.30
From 52-week high
−15.3%
vs 50-day average
+15.0%
vs 200-day average
+32.0%
Volatility (1 year)
49%
Beta vs S&P 500
0.18

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±6.4%
After a week
3 up, 8 down
typical move ±8.1%
After a month
3 up, 8 down
typical move ±10.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −1.8% 0.0% — —
July 29, 2026 +11.6% +0.1% +27.7% +35.2%
April 29, 2026 −0.9% +1.0% −5.8% −18.2%
February 10, 2026 +4.4% −0.3% +2.6% −7.4%
October 29, 2025 +2.8% −1.1% −7.1% −12.1%
July 30, 2025 +4.5% −0.5% +1.1% +2.6%
April 30, 2025 −4.6% +0.7% −1.9% −2.9%
February 18, 2025 −14.2% +0.5% −16.3% −19.1%
October 30, 2024 −13.7% −2.3% −4.6% −4.0%
July 30, 2024 −0.8% +1.1% −5.7% +2.4%
April 30, 2024 −3.6% −1.9% −0.4% −2.4%
February 12, 2024 −14.2% −1.4% −15.9% −10.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Blackbaud Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Blackbaud Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Blackbaud Inc
$1.1B $1.1B $1.1B $1.2B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1.1B Revenue (TTM), FY24 Q1: $1.1B Revenue (TTM), FY24 Q2: $1.1B Revenue (TTM), FY24 Q3: $1.1B Revenue (TTM), FY24 Q4: $1.2B Revenue (TTM), FY25 Q1: $1.1B Revenue (TTM), FY25 Q2: $1.1B Revenue (TTM), FY25 Q3: $1.1B Revenue (TTM), FY25 Q4: $1.1B Revenue (TTM), FY26 Q1: $1.1B Revenue (TTM), FY26 Q2: $1.1B Revenue (TTM), FY26 Q3: $1.2B $1.2B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $1.1B
FY24 Q1 $1.1B
FY24 Q2 $1.1B
FY24 Q3 $1.1B
FY24 Q4 $1.2B
FY25 Q1 $1.1B
FY25 Q2 $1.1B
FY25 Q3 $1.1B
FY25 Q4 $1.1B
FY26 Q1 $1.1B
FY26 Q2 $1.1B
FY26 Q3 $1.2B
Revenue growth, TTM YoY Blackbaud Inc
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 4.6% Revenue growth, TTM YoY, FY24 Q1: 5.8% Revenue growth, TTM YoY, FY24 Q2: 6.7% Revenue growth, TTM YoY, FY24 Q3: 5.9% Revenue growth, TTM YoY, FY24 Q4: 4.3% Revenue growth, TTM YoY, FY25 Q1: 2.0% Revenue growth, TTM YoY, FY25 Q2: 0.0% Revenue growth, TTM YoY, FY25 Q3: -1.2% Revenue growth, TTM YoY, FY25 Q4: -2.3% Revenue growth, TTM YoY, FY26 Q1: -0.6% Revenue growth, TTM YoY, FY26 Q2: 0.7% Revenue growth, TTM YoY, FY26 Q3: 2.2% 2.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 4.6%
FY24 Q1 5.8%
FY24 Q2 6.7%
FY24 Q3 5.9%
FY24 Q4 4.3%
FY25 Q1 2.0%
FY25 Q2 0.0%
FY25 Q3 -1.2%
FY25 Q4 -2.3%
FY26 Q1 -0.6%
FY26 Q2 0.7%
FY26 Q3 2.2%
Operating margin (TTM) Blackbaud Inc
-40% -20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 4.2% Operating margin (TTM), FY24 Q1: 6.2% Operating margin (TTM), FY24 Q2: 9.7% Operating margin (TTM), FY24 Q3: 11.3% Operating margin (TTM), FY24 Q4: -23.5% Operating margin (TTM), FY25 Q1: -23.1% Operating margin (TTM), FY25 Q2: -21.8% Operating margin (TTM), FY25 Q3: -20.8% Operating margin (TTM), FY25 Q4: 16.9% Operating margin (TTM), FY26 Q1: 19.5% Operating margin (TTM), FY26 Q2: 19.8% Operating margin (TTM), FY26 Q3: 20.1% 20.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 4.2%
FY24 Q1 6.2%
FY24 Q2 9.7%
FY24 Q3 11.3%
FY24 Q4 -23.5%
FY25 Q1 -23.1%
FY25 Q2 -21.8%
FY25 Q3 -20.8%
FY25 Q4 16.9%
FY26 Q1 19.5%
FY26 Q2 19.8%
FY26 Q3 20.1%
FCF margin (TTM) Blackbaud Inc
15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 17.6% FCF margin (TTM), FY24 Q1: 21.2% FCF margin (TTM), FY24 Q2: 20.6% FCF margin (TTM), FY24 Q3: 18.4% FCF margin (TTM), FY24 Q4: 25.0% FCF margin (TTM), FY25 Q1: 19.6% FCF margin (TTM), FY25 Q2: 21.3% FCF margin (TTM), FY25 Q3: 24.3% FCF margin (TTM), FY25 Q4: 22.8% FCF margin (TTM), FY26 Q1: 26.9% FCF margin (TTM), FY26 Q2: 28.7% FCF margin (TTM), FY26 Q3: 28.6% 28.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 17.6%
FY24 Q1 21.2%
FY24 Q2 20.6%
FY24 Q3 18.4%
FY24 Q4 25.0%
FY25 Q1 19.6%
FY25 Q2 21.3%
FY25 Q3 24.3%
FY25 Q4 22.8%
FY26 Q1 26.9%
FY26 Q2 28.7%
FY26 Q3 28.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Blackbaud took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1.1B
  2. Cost of revenue $465M · 41.2%
  3. Gross profit $663M · 58.8%
  4. Research and development $138M · 12.2%
  5. Selling, general and admin $332M · 29.4%
  6. Operating income $191M · 16.9%
  7. Income tax $16.8M · 1.5%
  8. Interest and other $59M · 5.2%
  9. Net income $115M · 10.2%

Shares of revenue. Source: Blackbaud's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 309 327 371 447 504 564 638 731 788 849 900 913 928 1,058 1,107 1,155 1,128 1,160
Gross profit 188 194 214 245 271 291 333 392 427 467 482 485 485 553 599 631 663 695
EBITDA 61 62 68 52 95 92 103 139 142 139 113 130 107 74 156 −150 277 317
Operating income 45 46 51 19 52 46 47 68 68 59 27 37 25 −28 46 −271 191 233
Net income 28 29 33 7 30 28 26 45 74 45 12 8 6 −45 3 −300 115 149
Diluted EPS $0.63 $0.67 $0.75 $0.15 $0.67 $0.62 $0.55 $0.96 $1.54 $0.93 $0.25 $0.16 $0.12 −$0.88 $0.06 −$5.92 $2.37 $3.25
Growth (year on year)
Revenue +2.3% +5.5% +13.6% +20.6% +12.6% +12.0% +13.0% +14.6% +7.9% +7.6% +6.1% +1.4% +1.6% +14.1% +4.6% +4.3% −2.3% +2.2%
EBITDA +0.9% +2.3% +9.2% −23.9% +83.3% −3.1% +11.9% +35.1% +2.5% −2.2% −18.8% +15.2% −17.4% −31.2% +110.9% −196.1% — —
Operating income −4.7% +1.9% +10.7% −61.8% +165.2% −10.0% +0.8% +46.1% −0.1% −12.9% −54.3% +37.2% −33.1% −214.4% — −685.5% — —
Net income −7.9% +6.1% +13.8% −80.2% — −7.2% −9.3% +77.0% +62.2% −39.1% −73.4% — — — — — — —
Diluted EPS −7.4% +6.3% +11.9% −80.0% — −7.5% −11.3% +74.5% +60.4% −39.6% −73.1% — — — — — — —
Margins
Gross margin 60.9% 59.5% 57.6% 54.7% 53.8% 51.6% 52.2% 53.7% 54.1% 55.0% 53.5% 53.1% 52.2% 52.2% 54.1% 54.7% 58.8% 59.9%
EBITDA margin 19.6% 19.1% 18.3% 11.5% 18.8% 16.3% 16.1% 19.0% 18.0% 16.4% 12.5% 14.2% 11.6% 7.0% 14.1% −13.0% 24.5% 27.3%
Operating margin 14.6% 14.1% 13.7% 4.3% 10.2% 8.2% 7.3% 9.3% 8.6% 7.0% 3.0% 4.1% 2.7% −2.7% 4.2% −23.5% 16.9% 20.1%
Net margin 8.9% 8.9% 9.0% 1.5% 6.0% 5.0% 4.0% 6.2% 9.3% 5.3% 1.3% 0.8% 0.6% −4.3% 0.3% −25.9% 10.2% 12.9%
Free-cash-flow margin 26.3% 13.9% 18.1% 10.8% 17.3% 18.2% 17.3% 18.6% 21.1% 22.0% 19.0% 13.0% 21.8% 18.1% 17.6% 25.0% 22.8% 28.6%
Cash flow
Cash from operations 87 56 86 69 107 117 129 154 176 201 182 148 214 204 200 296 266 342
Capital spending 6 11 18 21 20 14 19 18 10 15 11 30 12 12 5 7 8 10
Free cash flow 81 45 67 48 87 103 111 136 166 187 171 118 202 192 195 289 258 332
Stock-based pay 12 13 15 19 17 17 25 33 41 48 59 87 120 110 128 105 93 91
Free cash flow after stock pay 69 32 52 29 70 86 85 103 125 138 112 31 82 81 67 184 165 241
Balance sheet
Cash 23 28 53 13 12 15 15 17 30 31 32 36 55 32 31 68 39 36
Total debt 1 0 0 216 153 282 410 344 440 389 468 534 961 862 781 1,078 1,110 1,046
Net debt (negative = net cash) −21 −28 −53 202 141 268 395 327 410 358 436 498 906 830 750 1,010 1,072 1,011
Diluted shares 44m 44m 44m 45m 45m 46m 46m 47m 48m 48m 48m 49m 48m 52m 54m 51m 48m 46m
Returned to shareholders
Dividends 18 19 21 22 22 22 23 23 23 23 24 6 0 0 — — — —
Buybacks — 23 0 0 — — — — — 0 0 41 108 0 19 418 217 214
Total returned 18 42 21 22 22 22 23 23 23 23 24 47 108 0 19 418 217 214

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 7 checks passed · September 30, 2026
What it owns · $2.1bn
Short-term assets $630mLonger-term assets $1.5bn
What it owes, and who funded it · $2.1bn
Short-term liabilities $924mLonger-term liabilities $1.1bnShareholders' equity $119m
  • Short-term assets cover short-term liabilities $630m of assets due within a year against $924m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $630m short-term assets against $1.1bn of longer-dated liabilities.
  • More cash than debt $36m of cash against $1.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 874% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 137% to 874% over five years.
  • A year's operating cash flow covers at least 20% of debt $342m of operating cash flow against $1.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $233m against $66m of interest.

From Blackbaud Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$214M
Buybacks, last 3 fiscal years
$654M
Diluted share count
−4.1%
year over year
Total shareholder yield
8.7%
dividends 0.0% + buybacks 8.7% of market value
R&D spending
12.2%
of revenue
Days sales outstanding
24 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated BLKB MANH DUOL FIVN MNDY BOX Median
Revenue, last 12 months $1.2bn $1.2bn $1.1bn $1.2bn $1.2bn $1.2bn $482m
Revenue growth, last 12 months 2.2% 8.4% 29.4% 8.9% 26.7% 9.6% 12.0%
Revenue growth, 3-year average 2.2% 9.2% 37.3% 12.4% — 6.6% 11.1%
Revenue growth, latest quarter 4.1% 11.0% 18.3% 10.3% — 9.2% 11.9%
Gross margin 59.9% 55.9% 72.7% 54.9% 89.2% 79.5% 69.2%
Operating margin 20.1% 24.1% 13.7% 3.9% −0.1% 9.4% 1.1%
Operating margin, 3-year average 3.5% 25.0% 9.6% −2.1% — 7.4% −0.8%
Net margin 12.9% 18.4% 35.9% 4.9% 9.6% 10.6% 2.1%
Cash from operations / revenue 29.5% 33.8% 37.6% 20.7% 27.1% 32.0% 18.2%
Free-cash-flow margin 28.6% 32.8% 35.6% 17.4% 25.4% 31.5% 15.0%
Free-cash-flow margin, 3-year average 23.8% 30.2% 36.0% 13.3% — 30.6% 16.2%
Stock pay / revenue 7.8% 10.4% 12.6% 11.0% 14.4% 19.1% 9.3%
Change in share count −4.1% −3.0% 2.1% 1.4% 1.3% −4.0% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 2.2% 12.0% 146 of 184
Change in growth rate Growth +1.5pp +0.2pp 64 of 184
Gross margin Profitability 59.9% 69.8% 105 of 160
Operating margin Profitability 20.1% 1.1% 28 of 181
Net margin Profitability 12.9% 2.1% 52 of 185
Free-cash-flow margin Cash generation 28.6% 15.2% 33 of 180
Stock pay as % of revenue Cash generation 7.8% 9.3% 73 of 177
Long-term debt as % of assets Balance sheet 48.5% 16.9% 91 of 98
Change in share count Balance sheet -4.1% 1.7% 20 of 163
Days sales outstanding Balance sheet 24 days 57 days 27 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Recurring $1.1B 98.0% ▼ 2.0%
Contractual Recurring $722M 65.3% ▼ 6.8%
Transactional Recurring $384M 34.7% ▲ 8.7%
One Time Services and Other $22.2M 2.0% ▼ 15.8%
Geography
Region Revenue Share YoY
United States $953M 84.5% ▼ 3.5%
United Kingdom $109M 9.6% ▲ 4.5%
Outside the US $66.6M 5.9% ▲ 5.8%

From Blackbaud Inc's 10-K filed February 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.5B
Institutions reporting
279
Shares held vs prior quarter
▲ 7.3%
Positions opened / closed
55 / 69

Top buyers and sellers, Q2 2026: 168 institutions bought and 144 sold ; the biggest buyer was Blackrock, Inc (+1.2M shares) and the biggest seller Van Berkom & Associates Inc (−1.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Clearlake Capital Group, L.P. $289M 9.8M 19.7% 0.0%
Blackrock, Inc. $177M 6.0M 12.1% ▲ 25.5%
Morgan Stanley $145M 4.9M 9.9% ▲ 15.0%
Vanguard Portfolio Management LLC $93.2M 3.1M 6.3% ▲ 4.5%
Vanguard Capital Management LLC $57.4M 1.9M 3.9% ▼ 0.3%
State Street Corp $48.9M 1.7M 3.3% ▲ 8.9%
Jupiter Topco LLC $47.1M 1.6M 3.2% —
Goldman Sachs Group Inc $36.8M 1.2M 2.5% ▲ 87.5%
Geode Capital Management, LLC $27.8M 939K 1.9% ▼ 3.3%
Arrowstreet Capital, Limited Partnership $25.4M 858K 1.7% ▲ 174.3%
Qube Research & Technologies Ltd $24.1M 814K 1.6% ▲ 72.0%
Fuller & Thaler Asset Management, Inc. $21.1M 713K 1.4% ▲ 4.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Blackbaud Inc's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $5.8M 22 trades by 7 insiders · 17% under pre-set plans
Net ▼ $5.8M net selling
Insider Date Trade Shares Price Value
Anderson Chad Executive VP and CFO September 1, 2026 Sell pre-set plan 2,000 $47.56 $95,120
Benjamin David J EVP, Chief Commercial Officer August 31, 2026 Sell 2,086 $48.27 $100,691
Gianoni Michael P President and CEO August 25, 2026 Sell 17,000 $47.35 $804,950
Gregoire Kevin P. EVP, Chief Operating Officer August 6, 2026 Sell 5,816 $45.72 $265,908
Gregoire Kevin P. EVP, Chief Operating Officer August 6, 2026 Sell 16,184 $45.43 $735,239
Anderson Chad Executive VP and CFO June 1, 2026 Sell pre-set plan 6,205 $31.31 $194,279
Gregoire Kevin P. EVP, Chief Operating Officer March 4, 2026 Sell 2,000 $50.02 $100,040
Olson Jon W SVP and General Counsel March 3, 2026 Sell 5,000 $49.10 $245,500
Olson Jon W SVP and General Counsel February 27, 2026 Sell 10,000 $48.23 $482,300
Benjamin David J EVP, Chief Commercial Officer February 24, 2026 Sell 14,349 $47.47 $681,147
Mcdearis Kevin EVP & Chief Technology Officer February 23, 2026 Sell pre-set plan 14,974 $46.38 $694,494
Mcdearis Kevin EVP & Chief Technology Officer February 23, 2026 Sell pre-set plan 488 $47.76 $23,307

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 5 trades and filings

No trades in Blackbaud Inc disclosed in the last 12 months; 5 earlier trades on record.

  • Earl Blumenauer(D-OR 3):Sale (full), $1,001 - $15,000, traded March 14, 2022, filed April 1, 2022
  • Earl Blumenauer(D-OR 3):Purchase, $1,001 - $15,000, traded February 24, 2022, filed April 1, 2022
  • Sara Jacobs(D-CA 53):Sale (full), $15,001 - $50,000, traded April 9, 2021, filed May 28, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 9, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • February 10, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Blackbaud Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Blackbaud Inc in brief

What does Blackbaud Inc do?
Blackbaud Inc is a US-listed company in the application software industry. Its financial year ends in December.
What is Blackbaud Inc's stock ticker?
Blackbaud Inc trades under the ticker BLKB on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Blackbaud Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Blackbaud Inc reported revenue of $1.2B, 2.2% higher than a year earlier, according to its SEC filings.
What is Blackbaud Inc's free cash flow?
Blackbaud Inc's free-cash-flow margin is 28.6% of revenue over the trailing twelve months, ranking 33 of the 180 application software companies we cover.
What is Blackbaud Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Blackbaud Inc's free cash flow after stock-based pay gives ~$63 per share in the base case, and ~$42–$92 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Blackbaud Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Clearlake Capital Group, L.P., Blackrock, Inc. and Morgan Stanley. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Blackbaud Inc buying back stock, and does it pay a dividend?
Blackbaud Inc spent $214M on share repurchases over the trailing twelve months, and its diluted share count fell 4.1% over the year.
What is Blackbaud Inc's market cap?
On November 2, 2026, Blackbaud Inc's market capitalisation was about $2.5B, with a price-to-earnings ratio of 16.8 and net debt of $1B. Market figures come from third-party market data and may be delayed.
How much debt does Blackbaud Inc have?
Blackbaud Inc's debt-to-equity ratio is 874.4%, from its latest balance sheet (136.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Blackbaud Inc's competitors?
In our Application Software peer group, the companies closest to Blackbaud Inc are Manhattan Associates Inc, Duolingo, Inc., Five9, Inc., Monday.com Ltd. and BOX Inc. The side-by-side comparison below sets their revenue, margins and growth against Blackbaud Inc's.
Are insiders buying or selling Blackbaud Inc stock?
Over the last 12 months, Blackbaud Inc's directors and officers reported 0 open-market purchases and 22 sales on Form 4. The insider trading page charts every trade.
When is Blackbaud Inc's next earnings date?
Around February 9, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Blackbaud Inc announces its own schedule.