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Blackbaud
(NASDAQ:BLKB)
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Rating:63Neutral
Price Target:
$30.00
▼(-22.60% Downside)
Action:Reiterated
Date:06/12/26
The score is supported by strong free cash flow and healthy profitability alongside a low P/E valuation, but is held back by elevated balance-sheet leverage (very small equity base versus ~$1.19B debt) and poor technical trend/momentum. Earnings-call tone is constructive with reaffirmed guidance and buybacks, though near-term variability and AI commercialization/pricing uncertainty add execution risk.
Positive Factors
Strong cash generation
Sustained high operating and free cash flow (TTM ~$316M/$292M) demonstrates durable cash conversion from subscription and transaction streams. This strengthens the firm’s ability to fund investments, service debt, and maintain buybacks, providing lasting financial flexibility if cash generation persists.
Negative Factors
Aggressive leverage and thin equity
A very small equity base relative to ~$1.19B debt (debt-to-equity ~13x) leaves limited balance-sheet cushion. This aggressive capital structure heightens refinancing, covenant and downturn risk, making the company highly reliant on continued strong cash flow to preserve operational and strategic flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained high operating and free cash flow (TTM ~$316M/$292M) demonstrates durable cash conversion from subscription and transaction streams. This strengthens the firm’s ability to fund investments, service debt, and maintain buybacks, providing lasting financial flexibility if cash generation persists.
Read all positive factors
Blackbaud Key Performance Indicators (KPIs)
Any
Revenue by Geography
Shows how much sales come from each region, revealing whether Blackbaud is concentrated in the U.S. nonprofit market or gaining traction internationally. Heavy concentration in one region raises exposure to local economic cycles and policy changes; geographic diversification can signal new growth opportunities and reduced single-market risk.
Shows how much sales come from each region, revealing whether Blackbaud is concentrated in the U.S. nonprofit market or gaining traction internationally. Heavy concentration in one region raises exposure to local economic cycles and policy changes; geographic diversification can signal new growth opportunities and reduced single-market risk.
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The Fly
The FlyBlackbaud (BLKB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.36B
Dividend YieldN/A
Average Volume (3M)357.96K
Price to Earnings (P/E)9.8
Beta (1Y)0.75
Revenue Growth-0.66%
EPS GrowthN/A
CountryUS
Employees2,600
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)3.00
Shares Outstanding45,932,106
10 Day Avg. Volume372,241
30 Day Avg. Volume357,959
Financial Highlights & Ratios
PEG Ratio-0.18
Price to Book (P/B)35.50
Price to Sales (P/S)2.68
P/FCF Ratio11.71
Enterprise Value/Market Cap1.75
Enterprise Value/Revenue2.09
Enterprise Value/Gross Profit3.53
Enterprise Value/Ebitda7.53
Forecast
1Y Price Target
$46.67Price Target Upside20.40% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)5.19
Revenue Forecast (FY)$1.18B
Blackbaud Business Overview & Revenue Model
Company Description
Established in 1981 and headquartered in Charleston, South Carolina, Blackbaud, Inc. delivers cloud-based software solutions and services to a global clientele. This diverse group includes higher education institutions, K-12 schools, healthcare or...
How the Company Makes Money
Blackbaud primarily makes money by selling software subscriptions (generally SaaS) to organizations in the social impact sector. Customers pay recurring fees to use Blackbaud’s cloud platforms for functions such as fundraising and donor management...
Blackbaud Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call emphasized solid execution: modest organic revenue growth (4.2%), improved EBITDA and EPS (20% EPS growth), notable free cash flow and an aggressive capital-return program. Management highlighted strategic differentiation via a proprietary data moat, AI governance and the commercial launch of an agentic AI product with cross-sell potential. Key risks discussed were near-term quarterly variability (transactional revenue seasonality and Q2 EBITDA impact from AI investments), early-stage commercialization risk for agentic AI, and some disclosure gaps around new-logo contribution and pricing models. Overall, the positives around growth, margin progress, cash generation, share repurchases and a clear AI product roadmap outweigh the near-term execution and visibility risks.Positive Updates
Organic Revenue Growth
Q1 organic revenues grew 4.2% year-over-year to $281 million, demonstrating steady subscription-led demand.
Negative Updates
Quarterly and Transactional Variability
Management reiterated that transactional revenue is variable quarter-to-quarter and guidance excludes assumptions for viral giving events; revenue, profitability and cash flow are expected to be heavily weighted to the back half of 2026 (particularly Q4), creating quarterly unevenness.
Read all updates
Q1-2026 Updates
Positive
Negative
Organic Revenue Growth
Q1 organic revenues grew 4.2% year-over-year to $281 million, demonstrating steady subscription-led demand.
Read all positive updates
Company Guidance
Management reaffirmed full‑year 2026 guidance and its longer‑term targets, calling for 2026 non‑GAAP EPS growth of about 17% at the midpoint and reiterating 2026–2030 aspirations of organic revenue growth of 4–6% annually, adjusted EBITDA growth of 6–8% annually with adjusted EBITDA margin expanding to 40%+, and a non‑GAAP EPS CAGR of 13%+; they also expect strong free cash flow (2026 midpoint $285 million, a 25% CAGR since 2020), plan to deploy 50%+ of cumulative free cash flow from 2026–2030 to share repurchases (after reducing shares ~14% since Q4 2023 and repurchasing ~4.5% in Q1), and noted the year will be back‑loaded (Q2 adjusted EBITDA dollars may decline slightly YoY due to planned AI investments, with performance weighted to the back half, particularly Q4).Blackbaud Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
32
Negative
Cash Flow
85
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.14B | 1.13B | 1.16B | 1.11B | 1.06B | 927.74M |
| Gross Profit | 674.08M | 663.29M | 639.20M | 604.04M | 552.72M | 484.55M |
| EBITDA | 316.25M | 285.97M | 253.72M | 178.72M | 99.01M | 83.69M |
| Net Income | 141.30M | 114.97M | -283.17M | 1.82M | -45.41M | 5.70M |
Balance Sheet | ||||||
| Total Assets | 2.11B | 2.39B | 2.50B | 2.91B | 2.99B | 2.97B |
| Cash, Cash Equivalents and Short-Term Investments | 41.70M | 758.98M | 67.63M | 31.25M | 31.69M | 55.15M |
| Total Debt | 1.19B | 1.12B | 1.11B | 819.75M | 903.96M | 1.01B |
| Total Liabilities | 2.07B | 2.31B | 2.35B | 2.10B | 2.25B | 2.25B |
| Stockholders Equity | 34.55M | 85.05M | 141.99M | 808.71M | 744.03M | 717.06M |
Cash Flow | ||||||
| Free Cash Flow | 292.06M | 257.78M | 288.52M | 135.51M | 132.83M | 161.51M |
| Operating Cash Flow | 315.62M | 265.55M | 295.97M | 199.63M | 203.89M | 213.66M |
| Investing Cash Flow | -63.51M | -74.94M | -73.41M | -64.39M | -85.55M | -471.27M |
| Financing Cash Flow | -260.13M | -247.40M | -139.35M | -142.97M | -25.69M | 264.11M |
Blackbaud Technical Analysis
Negative
38.76
Price Trends
31.82
Negative
37.80
Negative
49.54
Negative
Market Momentum
-0.86
Negative
51.95
Neutral
91.44
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BLKB, the sentiment is Negative. The current price of 38.76 is above the 20-day moving average (MA) of 27.98, above the 50-day MA of 31.82, and below the 200-day MA of 49.54, indicating a neutral trend. The MACD of -0.86 indicates Negative momentum. The RSI at 51.95 is Neutral, neither overbought nor oversold. The STOCH value of 91.44 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BLKB.
Blackbaud Risk Analysis
Blackbaud disclosed 58 risk factors in its most recent earnings report. Blackbaud reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Blackbaud Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $2.94B | 75.79 | 12.72% | ― | 15.85% | 63.44% | |
63 Neutral | $1.36B | 9.84 | 179.00% | ― | -0.66% | ― | |
62 Neutral | $863.52M | 7.42 | 8.36% | ― | 3.64% | 230.24% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $1.65B | 64.21 | 7.70% | ― | 8.12% | -82.54% | |
58 Neutral | $1.61B | -10.07 | -92.84% | ― | 9.47% | 31.43% | |
48 Neutral | $2.76B | -14.70 | -38.36% | ― | 0.90% | 71.02% |
* Technology Sector Average
BLKB
Blackbaud
29.62
-35.32
-54.39%
AGYS
Agilysys
104.50
-7.57
-6.75%
BL
BlackLine
28.07
-28.89
-50.72%
GTM
ZoomInfo Technologies
2.93
-7.11
-70.82%
ASAN
Asana
7.00
-6.51
-48.19%
RUM
Rumble
6.34
-3.31
-34.30%
Blackbaud Corporate Events
Executive/Board ChangesShareholder Meetings
Blackbaud Shareholders Approve Executive Pay and Incentive Plan
Positive
Jun 11, 2026
At its 2026 annual meeting of stockholders held on June 10, 2026, Blackbaud’s investors approved on an advisory basis the 2025 compensation packages for the company’s named executive officers, signaling broad support for current pay pr...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.