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. In the quarter to June 2026, revenue grew 3.04%, EPS grew 46.3%, free cash flow grew 46.2% and total debt was flat, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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Blackbaud, Inc. (BLKB) Beneish M-score
Blackbaud, Inc.'s Beneish M-score for fiscal 2025 is −2.84; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.84 | 1.05 |
| FY2024 | −3.89 | (1.08) |
| FY2023 | −2.81 | 0.10 |
| FY2022 | −2.91 | (0.33) |
| FY2021 | −2.58 | 0.15 |
| FY2020 | −2.73 | 0.13 |
| FY2019 | −2.86 | 0.09 |
| FY2018 | −2.96 | (0.24) |
| FY2017 | −2.72 | 0.10 |
| FY2016 | −2.82 | 0.07 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.98 | — | 0.90 | |
| Gross margin index | 0.93 | — | 0.49 | |
| Asset quality index | 1.01 | — | 0.41 | |
| Sales growth index | 0.98 | — | 0.87 | |
| Depreciation index | 1.13 | — | 0.13 | |
| SG&A index | 1.00 | — | −0.17 | |
| Total accruals to total assets | (0.06) | — | −0.29 | |
| Leverage index | 1.03 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.84 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ASAN Asana, Inc. compare | −3.9× |
| VERX Vertex, Inc. compare | −2.9× |
| BLKB Blackbaud, Inc. | −2.8× |
| DBD Diebold Nixdorf, Incorporated compare | −2.7× |
| NCNO nCino Inc. compare | −2.6× |
| ADEA Adeia Inc. compare | −2.6× |
| PLUS ePlus inc. compare | −1.6× |
| SOUN SoundHound AI, Inc. compare | −1.2× |
| BTDR Bitdeer Technologies Group compare | 4.7× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI