Blackbaud Inc logo

Blackbaud Inc(BLKB)

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ADVISORIES YOU CAN VERIFY
QUALITY SIGNAL
1-STAR RATING
PASS
LAST CLOSE
$43.19
09/25/2026
(24-hour delay)

Advisory History & Simulated Performance *

*as per simulation (see disclosures)
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Upturn Advisory & Investor View for BLKB

09/25/2026: BLKB (1-star) is currently NOT-A-BUY. Pass it for now.

Blackbaud Inc is a specialized software provider serving the social impact sector, including non-profits, schools, and corporate giving programs. The company’s primary strength lies in its deep industry-specific expertise and high-margin recurring subscription revenue model, which offers high customer retention. Its main growth story involves capturing more of the corporate social responsibility market and migrating its established user base to advanced cloud-based AI tools. Key risks include intense competition from large CRM providers and the sensitivity of the non-profit sector to economic downturns. The stock is best suited for growth-oriented investors who prioritize a niche market leader; stakeholders should monitor its ability to improve operational margins while maintaining competitive differentiation.

How to Read the Upturn Advisory

The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.

Company fundamentals, valuation, risks, and news provide supporting context about the business.

Investor Fit

Investor styleFitWhy
Growth investorStrong fitThe company operates in the growing niche of social impact software with a high recurring revenue model.
Momentum investorMixed fitMomentum depends on the company's ability to demonstrate consistent cloud growth and earnings acceleration.
Value investorMixed fitValuation often tracks with software sector multiples rather than traditional value metrics.
Dividend investorWeak fitBlackbaud does not pay a regular cash dividend.
Low-risk investorWeak fitThe stock carries the typical volatility profile of mid-cap software companies.

Risk Profile

Risk factorLevelWhy it matters
Price volatilityMedium / highSoftware stocks are sensitive to interest rate changes and growth sentiment.
Valuation riskMediumThe share price is sensitive to software sector valuation multiples.
Competition risk (CRM competition)HighGeneralist CRM platforms continue to compete for non-profit market share.
Business qualityMedium / highHigh subscription renewal rates reflect strong customer stickiness.
Dividend incomeLow / noneThe company does not provide income through dividends.
Execution riskMediumSuccessfully managing the transition to a unified cloud architecture is critical.

Price Behavior

Steep Decline
PRICE PATH

Steep Decline

The stock price has dropped sharply with strong downward pressure.

Choppy
PRICE STABILITY

Choppy

The stock has experienced frequent reversals and pronounced short-term price swings.

Analysis of Past Performance

Type Stock
Historic Profit -21.7%
Avg. Invested days 27
Today’s Advisory PASS
Upturn Advisory Rating upturn star rating icon
Upturn Advisory Performance Upturn Advisory Performance icon 2.0
Stock Returns Performance Upturn Returns Performance icon 1.0
Upturn Profits based on simulation icon Profits based on simulation
Upturn last close icon Last Close 09/25/2026

Upturn Scorecard

Upturn Star Rating

★★★★★
BLKB receives a 4-star rating, supported by strong unit economics, and solid company fundamentals. The rating is constrained by weak price momentum.

Company Fundamentals

★★★★★
BLKB has solid overall fundamentals (4 stars), with moderate financial health, moderate growth momentum, and solid ownership. In FY2025 versus FY2024, strong earnings growth (+138.4%) and strong cash generation (FCF margin 22.8%) are partially offset by slightly negative revenue growth (-2.3%), modest insider ownership of 1.95%.

Financial Health Rating

★★★★★
BLKB's financial health is supported by solid cash strength, including free-cash-flow generation (22.8% of revenue). Liquidity is moderate (3 stars), which helps explain the 3-star overall score.

Growth Momentum Score

★★★★★
Earnings growth is BLKB's strongest growth driver at +138.4% FY2025 versus FY2024 (strong, 5 stars). By comparison, while revenue growth (-2.3%, slightly negative) and free-cash-flow growth (-10.7%, negative) hold the profile back, so recent growth is not broad-based across the business.

Ownership

★★★★★
Institutional ownership is 110.9% and approximately 74.7% of outstanding shares are publicly tradable, supporting liquidity and institutional participation. Insider ownership of 1.95% provides only moderate management-shareholder alignment.

Top 5 Institutional Investors

Clearlake Capital Group LP 21.48%
BlackRock Inc 10.50%
Morgan Stanley - Brokerage Accounts 9.40%
Vanguard Portfolio Management, LLC 6.64%
Vanguard Capital Management, LLC 4.28%

Unit Economics (Per $1K Revenue)

★★★★★
BLKB generates approximately $588 of gross profit, $169 of operating income, and $228 of free cash flow for every $1,000 of revenue. Based on FY2025 results. Strong margins, cash conversion, and capital efficiency support the rating.

Economic Dimensions

★★★★★
Effective Tax Rate: 12.76%

Quantitative Style Profile

★★★★★
BLKB has a high-quality, liquid profile. Weak momentum is the primary drawback.

Style Classification

Quality Focused

Value-OrientedQuality TiltSmall / Mid Cap RiskShort Squeeze RiskHighly Liquid / Institution-Friendly

Key Highlights

Company Size Small-Cap Stock
Market Capitalization 1.96B USD
Price to earnings Ratio 13.4
1Y Target Price 51.5
Price to earnings Ratio 13.4
1Y Target Price 51.5
Volume (30-day avg) 424.8K shares
Beta 0.99
52 Weeks Range 25.58 - 70.71
Updated Date 09/25/2026
52 Weeks Range 25.58 - 70.71
Updated Date 09/25/2026
Dividends yield (FY) -
Basic EPS (TTM) 3.23

How Company Makes Money

Business areaWhat it includesRetail investor read
Subscription ServicesRecurring software-as-a-service (SaaS) fees for Raiser's Edge NXT, Financial Edge, and other platforms.This is the core, predictable engine of the company that provides high-margin recurring income.
Services and SupportImplementation, consulting, training, and premium support services for customers.These services help retain customers and improve their success with the software.

Analyzing Revenue: Products, Geography and Growth

Revenue by Products

Product revenue - Year on Year

Revenue by Geography

Geography revenue - Year on Year

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Valuation

Trailing PE 13.4
Forward PE 7.67
Enterprise Value 3.06B
Price to Sales(TTM) 1.71
Enterprise Value 3.06B
Price to Sales(TTM) 1.71
Enterprise Value to Revenue 2.67
Enterprise Value to EBITDA 9.52
Shares Outstanding 45.39M
Shares Floating 33.89M
Shares Outstanding 45.39M
Shares Floating 33.89M
Percent Insiders 1.95
Percent Institutions 110.9

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Financial Metrics

🧭 Investment Snapshot

Total Revenue (Scale)

Information icon Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.

Net Income (Profit)

Information icon Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.

Free Cash Flow (Cash Strength)

Information icon Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.

📈 Growth & Strength

Operating Income (Core Profit)

Information icon Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.

EBITDA (Cash Earnings)

Information icon Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.

Gross Profit (Unit Profitability)

Information icon Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.

🛡️ Financial Safety

Cash (Liquidity Buffer)

Information icon Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.

Total Debt (Leverage Risk)

Information icon Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.

Net Working Capital (Short-Term Health)

Information icon Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.

🧱 Balance Sheet Strength

Stockholder Equity (Net Worth)

Information icon Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.

Total Assets (Asset Base)

Information icon The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.

Income Before Tax (Pre-Tax Earnings)

Information icon Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.

⚙️ Cost & Drag Factors

Cost of Revenue (Production Cost)

Information icon Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.

Total Operating Expenses (Operating Cost)

Information icon Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.

Income Tax Expense (Tax Drag)

Information icon Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.

About Blackbaud Inc

Exchange NASDAQ
Headquarters Charleston, SC, United States
IPO Launch date 2004-07-22
President, CEO & Non-Independent Vice Chairman of the Board Mr. Michael P. Gianoni
Sector Technology
Industry Software - Application
Full time employees 2800
Full time employees 2800

Blackbaud, Inc. engages in the providing AI-powered solutions in the United States and internationally. The company offers fundraising and engagement solutions, including Blackbaud Raiser's Edge NXT, Blackbaud CRM, Blackbaud Luminate Online, Blackbaud TeamRaiser, JustGiving from Blackbaud, Blackbaud Fundraiser Performance Management, and Blackbaud Altru; financial management solutions, such as Blackbaud Financial Edge NXT, Blackbaud Purchase Cards, Blackbaud Tuition Management, Blackbaud Financial Aid Management, and Blackbaud Billing Management; and grant and award management solutions, which includes Blackbaud Grantmaking and Blackbaud Award Management. It also offers education solutions, including Blackbaud Student Information System, Blackbaud Learning Management System, Blackbaud Enrollment Management System, and Blackbaud School Website System; social responsibility, employee giving, and volunteering solutions, such as YourCause GrantsConnect and YourCause CSRconnect, and Blackbaud Impact Edge; and payment services, which includes Blackbaud Merchant Services. In addition, the company provides data intelligence solutions; professional and managed services, such as system implementation, data conversion, business process analysis and application customization, database merging and enrichment, database production activities, website design services, and outcome-based and prescriptive services; and training solutions. The company sells its solutions and related services through its direct sales force. Blackbaud, Inc. was founded in 1981 and is headquartered in Charleston, South Carolina.