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Blackbaud
(NASDAQ:BLKB)
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Rating:66Neutral
Price Target:
$49.00
▲(49.80% Upside)
Action:Reiterated
Date:07/30/26
BLKB scores in the mid-range driven by strong free cash flow generation and constructive earnings-call outlook (reaffirmed guidance, strong Q2 profitability and cash flow, and long-term margin/EPS targets). The score is held back primarily by the sharp TTM revenue decline and a thin equity base that drives very high leverage ratios, plus a mixed technical picture with the stock still below its 200-day moving average.
Positive Factors
Cash generation & margins
Consistent, high free cash flow and healthy SaaS margins indicate durable cash-generation capacity and scalable economics. Strong cash conversion (FCF closely aligned with earnings) supports reinvestment, buybacks and debt servicing, reducing execution risk over the medium term.
Negative Factors
Declining revenue trend
A large trailing twelve‑month revenue decline raises durability questions about demand and growth trajectory. If top-line pressure persists it can erode margins, reduce cash flow tailwinds and limit the company's ability to invest in product or sustain buyback plans over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation & margins
Consistent, high free cash flow and healthy SaaS margins indicate durable cash-generation capacity and scalable economics. Strong cash conversion (FCF closely aligned with earnings) supports reinvestment, buybacks and debt servicing, reducing execution risk over the medium term.
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
$1.94B
Dividend YieldN/A
Average Volume (3M)357.96K
Price to Earnings (P/E)13.2
Beta (1Y)0.77
Revenue Growth0.67%
EPS GrowthN/A
CountryUS
Employees2,800
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)3.25
Shares Outstanding45,390,100
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$50.50Price Target Upside54.39% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)5.2
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:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call emphasized strong operating discipline, healthy profitability, significant free cash flow growth, active share repurchases, clear long‑term targets, and early, promising results from newly launched AI agents. The company also flagged near‑term headwinds tied to a larger renewal cohort, transactional revenue variability, and a back‑half weighting of 2026 results; AI monetization and some efficiency gains are expected to ramp in future periods rather than immediately. Overall, the positive items — repeatable cash generation, margin progress, strong bookings and early AI traction — materially outweigh the near‑term timing and cohort headwinds.Positive Updates
Solid Quarterly Financial Performance
Q2 organic revenue grew 3% to $291 million; non-GAAP adjusted EBITDA was $110 million (~38% margin); non-GAAP EPS rose 9% to $1.33. Management is on track for high‑teens EPS for full-year 2026 and is pointing to the upper half of its full‑year guidance ranges.
Negative Updates
Moderated Organic Growth vs. Long‑Term Target
Q2 organic growth of 3% was below the company’s stated 4%–6% annual organic revenue target for 2026–2030. Management noted they expected some moderation in organic growth during the year due to renewal timing.
Read all updates
Q2-2026 Updates
Positive
Negative
Solid Quarterly Financial Performance
Q2 organic revenue grew 3% to $291 million; non-GAAP adjusted EBITDA was $110 million (~38% margin); non-GAAP EPS rose 9% to $1.33. Management is on track for high‑teens EPS for full-year 2026 and is pointing to the upper half of its full‑year guidance ranges.
Read all positive updates
Company Guidance
Blackbaud said it is reaffirming 2026 guidance and now expects to finish in the upper half of its original ranges for revenue, adjusted EBITDA, EPS and free cash flow (with EPS and free cash flow at or above the high end); Q2 results included organic revenue up 3% to $291M, non‑GAAP adjusted EBITDA of $110M (~38% margin), non‑GAAP EPS of $1.33 (up 9%) and free cash flow of $75M (up ~$24M, +46% YoY), and the company is on track for high‑teens EPS for the year. Looking further out, Blackbaud targets double‑digit annual EPS growth from 2026–2030, organic revenue growth of 4–6% annually, adjusted EBITDA growth of 6–8% annually with adjusted EBITDA margin expanding to 40%+, and plans to deploy 50%+ of cumulative free cash flow 2026–2030 to share repurchases; other metrics noted: ~90% of contractual recurring revenue on 3‑year+ contracts (25% on 4‑year+), a 2026 renewal cohort ~40% larger (pressuring near‑term gross dollar retention before returning to ~91–92% by end of 2027), Q4 weighting of results (including benefit from a new platform fee launching in Q3), and continued strong bookings and share reductions (repurchased just over 6% of shares as of 12/31/25 and ~15% fewer shares outstanding since Q4 2023).Blackbaud Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
28
Negative
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.15B | 1.13B | 1.15B | 1.11B | 1.06B | 927.74M |
| Gross Profit | 684.50M | 663.29M | 631.43M | 604.04M | 552.72M | 484.55M |
| EBITDA | 321.49M | 285.97M | -135.16M | 178.72M | 99.01M | 83.69M |
| Net Income | 150.68M | 114.97M | -299.52M | 1.82M | -45.41M | 5.70M |
Balance Sheet | ||||||
| Total Assets | 2.59B | 2.39B | 2.50B | 2.91B | 2.99B | 2.97B |
| Cash, Cash Equivalents and Short-Term Investments | 34.39M | 758.98M | 67.63M | 31.25M | 31.69M | 55.15M |
| Total Debt | 1.15B | 1.12B | 1.11B | 819.75M | 903.96M | 1.01B |
| Total Liabilities | 2.53B | 2.31B | 2.35B | 2.10B | 2.25B | 2.25B |
| Stockholders Equity | 67.03M | 85.05M | 141.99M | 808.71M | 744.03M | 717.06M |
Cash Flow | ||||||
| Free Cash Flow | 278.51M | 257.78M | 288.52M | 135.51M | 132.83M | 161.51M |
| Operating Cash Flow | 289.09M | 265.55M | 295.97M | 199.63M | 203.89M | 213.66M |
| Investing Cash Flow | -72.52M | -74.94M | -73.41M | -64.39M | -85.55M | -471.27M |
| Financing Cash Flow | -250.59M | -247.40M | -139.35M | -142.97M | -25.69M | 264.11M |
Blackbaud Technical Analysis
Positive
32.71
Price Trends
31.37
Positive
34.36
Positive
45.70
Positive
Market Momentum
3.86
Negative
78.08
Negative
94.63
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BLKB, the sentiment is Positive. The current price of 32.71 is below the 20-day moving average (MA) of 35.36, above the 50-day MA of 31.37, and below the 200-day MA of 45.70, indicating a bullish trend. The MACD of 3.86 indicates Negative momentum. The RSI at 78.08 is Negative, neither overbought nor oversold. The STOCH value of 94.63 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $2.97B | 68.73 | 13.46% | ― | 14.38% | 203.15% | |
67 Neutral | $1.84B | 71.64 | 10.84% | ― | 8.12% | -82.54% | |
66 Neutral | $1.94B | 13.17 | 156.51% | ― | 0.67% | ― | |
63 Neutral | $972.57M | 8.44 | 8.36% | ― | 3.64% | 230.24% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | $1.92B | -12.05 | -92.84% | ― | 9.47% | 31.43% | |
48 Neutral | $2.55B | -13.51 | -38.36% | ― | 0.90% | 71.02% |
* Technology Sector Average
BLKB
Blackbaud
46.36
-17.51
-27.42%
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30.00
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GTM
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-60.15%
ASAN
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RUM
Rumble
6.20
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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.