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Blackbaud, Inc.

BLKB Technology Software Application

Blackbaud, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.1 billion, down 2.27% from fiscal 2024.

Revenue
+4.09%
EPS
+4.07%
Free cash flow
+2.26%
Total debt
−1.86%

Quarter to September 2026, against a year earlier

55.89 0.17 −0.30%
Market cap
$2.5B
P/E
17.0×
Fwd P/E
15.3×
Dividend yield
—
F-score
8/9
Altman Z
1.40
Beneish M
−2.84
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 4.82
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 4 1 — — 1 — 3 1 — —
Insider Ownership 22.74%

Capital & Financial Ratios $m

Size
Market Cap 2,510.00
Revenue ttm 1,159.63
Net income ttm 149.25
Free cash flow ttm 279.37
Net debt Q 580.90
Valuation
P/E 16.98
Forward P/E 15.30
Price / sales 2.13
Forward P/S Powerpack
Price / FCF 8.86
Price / book 20.71 (above 6: high)
Financial health
Current ratio Q 0.68 (below 1: weak)
Debt / equity Q 8.74 (above 2: weak)
Interest coverage Q 3.72
Growth
Revenue growth Q +4.09% (above 0%: growing)
Operating income growth Q +9.85% (above 0%: growing)
EPS, this year +17.98% (at or above 15%: strong)
EPS, next year A +14.29%
Revenue, next year A +4.31%
EPS, past 5 yrs +71.45% (at or above 15%: strong)
EPS, next 5 yrs A +15.70% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.6×, against a ten-year median of 3.9×; over the ten years it ranged from 1.4× in 2026 to 6.4× in 2018.
P/E against its own 10 years 8.17%
10-year low 10-year high
P/S against its own 10 years 6.97%
10-year low 10-year high
P/B against its own 10 years 84.27%
10-year low 10-year high
EV/Sales against its own 10 years 7.44%
10-year low 10-year high
EV/FCF against its own 10 years 5.61%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2017–25
−100.0%/yr
  1. 0.48 ’17
  2. 0.48 ’18 +0
  3. 0.48 ’19 +0
  4. 0.12 ’20 −75
  5. 0.00 ’21 −100
  6. 0.00 ’22
  7. 0.00 ’23
  8. 0.00 ’24
  9. 0.00 ’25
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 728 810 759 464
Receivables 102 86 82 80
Inventory — — — —
Other — — — —
930 977 930 630
2023 2024 2025 Q'26
Payables 25 51 27 38
ST’ Debt 19 24 23 23
Other 696 742 720 431
1,197 1,252 1,182 924

Compound Annual Growth %

10y 5y 3y
Sales 5.87% 4.32% 2.17%
Cash Flow 7.47% 12.41% 9.21%
Earnings 16.19% 71.64% 0.00%
Book Value (8.67%) (27.55%) (51.47%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.32 Actual 1.36

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.15 1.19 Beat by 0.04
Q1 FY26 1.08 1.14 Beat by 0.06
Q2 FY26 1.23 1.33 Beat by 0.10
Q3 FY26 1.32 1.36 Beat by 0.04
Q4 FY26 1.45 — Reports 9 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.67 0.79 1.02 — —
’25 0.10 0.54 0.98 0.76 2.37
’24 0.10 0.42 0.35 (6.82) (5.68)
’23 (0.28) 0.04 0.17 0.10 0.06
’22 (0.20) (0.07) (0.20) (0.41) (0.88)
’21 0.00 0.14 0.13 (0.15) 0.12
’20 0.10 0.24 0.10 (0.28) 0.16
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 281 291 293 — —
’25 270 282 281 295 1,128
’24 279 287 287 301 1,155
’23 262 271 278 297 1,107
’22 257 265 261 275 1,058
’21 219 229 231 248 928
’20 224 232 215 243 913
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 51 91 142 — —
’25 1 67 139 58 266
’24 65 54 104 74 296
’23 22 53 128 (3) 200
’22 25 57 108 14 204
’21 30 70 70 44 214
’20 (25) 62 72 39 148
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 37 75 126 — —
’25 (12) 52 123 41 204
’24 51 33 88 57 229
’23 6 37 111 (19) 136
’22 8 40 89 (4) 133
’21 17 57 58 30 162
’20 (38) 48 41 25 76
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 732 788 849 900 913 928 1,058 1,107 1,155 1,128 1,160 +4.9% 1,177 1,232 1,289 +4.5%
Gross margin, % 53.64 54.10 55.02 53.53 53.13 52.23 52.24 54.11 54.69 58.78 59.92 +5.1 pt
EBT 57 58 45 11 22 7 (56) 19 (312) 132 176 +9.7%
EBT margin, % 7.84 7.40 5.26 1.18 2.37 0.76 (5.25) 1.74 (27.06) 11.68 15.22 +3.8 pt
Net income 45 74 45 12 8 6 (45) 3 (300) 115 149 +10.9%
Per share, $
Per share, $ Revenue 15.86 16.90 17.98 18.88 18.95 19.57 20.52 21.07 22.84 23.67 26.20 +4.5%
Earnings 0.90 1.58 0.95 0.25 0.16 0.12 (0.88) 0.06 (5.68) 2.41 3.29 +11.6%
Cash flow 3.33 3.78 4.27 3.83 3.07 4.51 3.95 3.80 5.85 5.57 7.73 +5.9%
Capex (0.95) (0.83) (1.11) (1.22) (1.49) (1.10) (1.38) (1.22) (1.33) (1.30) (1.42) +3.5%
Free cash flow 2.38 2.95 3.16 2.60 1.58 3.41 2.58 2.58 4.52 4.27 6.31 +6.7%
Book value 5.37 7.21 7.92 8.32 8.84 15.12 14.43 15.39 2.51 1.78 2.70 (11.5%)
Shares, m 46 47 47 48 48 47 52 53 51 48 46 +0.4%
Valuation, ×
Valuation, × P/E 77.42 66.42 65.52 306.15 338.59 677.94 0.00 2,852.33 0.00 26.17 16.98 441.1
P/S 4.10 5.58 3.50 4.22 3.04 4.04 2.92 4.06 3.24 2.68 2.13 3.7
P/B 12.12 13.09 7.94 9.57 6.51 5.22 4.15 5.56 29.47 35.50 20.71 12.9
EV/Sales 4.06 5.33 3.43 4.09 2.91 4.36 3.04 4.11 3.47 2.99 2.63 3.8
EV/FCF 27.12 30.49 19.50 29.70 34.94 25.07 24.19 33.56 17.50 16.56 10.94 25.9
Cash, $m
Cash, $m Operating cash flow 154 176 201 182 148 214 204 200 296 266 342 +6.3%
Capex (44) (39) (52) (58) (72) (52) (71) (64) (67) (62) (63) +3.9%
Free cash flow 110 138 149 124 76 162 133 136 229 204 279 +7.1%
Balance, $m
Balance, $m Working capital (172) (175) (208) (254) (194) (259) (312) (267) (275) (252) (294) +4.3%
Net debt (28) (202) (63) (110) (114) 304 125 51 265 351 581 n/m
Shareholders’ equity 248 336 374 397 426 717 744 809 127 85 119 (11.2%)
Returns, %
Returns, % ROA 3.58 4.74 2.63 0.66 0.38 0.23 (1.52) 0.10 (11.08) 4.71 7.09 +1.1 pt
ROIC 19.45 31.72 11.94 5.92 7.46 1.52 (2.05) 3.37 (43.23) 27.36 20.75 +7.9 pt
ROE 19.82 25.22 12.63 3.09 1.88 1.00 (6.22) 0.39 (64.03) 108.52 131.11 +88.7 pt
People
People Employees 3,156 3,182 3,353 3,611 3,100 3,600 3,200 3,000 2,600 2,800 — (1.3%)
Revenue/emp, $m 0.23 0.25 0.25 0.25 0.29 0.26 0.33 0.37 0.44 0.40 — +6.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Blackbaud, Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VERX Vertex, Inc. $2.9B 511× 71.3× +11.02% (above 0%: growing) n/m +76.75% (above 0%: growing) 65.74% 0.15% Compare
BULL Webull Corporation $2.6B 48.5× — +51.21% (above 0%: growing) n/m −454,633.33% (below 0%: shrinking) 77.70% 22.86% Compare
ASAN Asana, Inc. $2.6B — (loss-making) — (loss-making) +9.90% (above 0%: growing) n/m +390.69% (above 0%: growing) 85.99% (19.05%) Compare
BLKB Blackbaud, Inc. $2.5B 17.0× 15.3× +4.09% (above 0%: growing) +4.07% (above 0%: growing) +2.26% (above 0%: growing) 60.75% 20.49%
NCNO nCino Inc. $2.5B 74.8× 72.0× +8.19% (above 0%: growing) n/m +170.13% (above 0%: growing) 62.59% 8.46% Compare
KC Kingsoft Cloud Holdings Limited Sponsored ADR $2.5B — (loss-making) — (loss-making) +38.06% (above 0%: growing) n/m +43.68% (above 0%: growing) 15.18% 0.75% Compare
GRND Grindr Inc. $2.4B 26.9× 25.0× +32.54% (above 0%: growing) +25.00% (above 0%: growing) +3.61% (above 0%: growing) 74.98% 23.53% Compare
PLUS ePlus inc. $2.2B 17.9× 19.1× +0.99% (above 0%: growing) −27.78% (below 0%: shrinking) +175.78% (above 0%: growing) 23.31% 5.98% Compare
AMPL Amplitude, Inc. $2.0B — (loss-making) — (loss-making) +24.93% (above 0%: growing) n/m +73.60% (above 0%: growing) 67.24% (22.25%) Compare
Median of peers $2.5B 48.5× 48.2× +17.98% — +75.17% 66.49% 3.37%

All 230 Software Application stocks →

Pay and ownership Proxy statement filed 21 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 6.02m 3.84m 110.01
2024 10.23m 6.55m 93.03
2023 9.60m 18.17m 109.11
2022 8.82m 3.45m 74.07
2021 11.81m 18.01m 99.39

Ownership

Directors and executive officers, together 2.01%
Clearlake Capital Group, L.P. 21.13%
BlackRock, Inc. 12.02%
Morgan Stanley 9.78%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Blackbaud, Inc. (BLKB) Latest News

29 Oct

Impact 3 · · Simply Wall St.

28 Oct

Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 4 · · PR Newswire earnings
Impact 3 · · Associated Press earnings
Impact 3 · · Zacks

27 Oct

Impact 3 · · PR Newswire

22 Oct

Impact 4 · · PR Newswire

17 Oct

Impact 3 · · Simply Wall St.

7 Oct

Impact 4 · · Simply Wall St.

5 Oct

Impact 4 · · PR Newswire

30 Sep

Impact 4 ·
Impact 3 · · PR Newswire

29 Sep

Impact 4 · · PR Newswire
Impact 4 · · PR Newswire
Impact 4 ·

28 Aug

Impact 3 ·

12 Aug

Impact 3 ·

11 Aug

Impact 3 ·

10 Aug

Impact 3 ·

7 Aug

Impact 4 · · The Motley Fool transcript

31 Jul

Impact 4 ·
Impact 3 ·
Impact 3 ·

29 Jul

Impact 4 ·
Impact 3 · · Moby transcript
Impact 3 · · The Motley Fool
Impact 3 · · InvestorsHub
Impact 3 · · MarketBeat transcript

BLKB metrics, ten years each

stockrow.com/BLKB · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com