Blackbaud Inc

Technology
Computer Software: Prepackaged Software
www.blackbaud.com

Earnings Score
Moat Score
Safety Score

Market Cap $3.01B
PE -11
Debt $1.23B
Cash $456.64M
EV $3.79B
FCF $224.87M

Earnings

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Sales & Net Margins

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Earnings	-$283.55M
EBIT	-$260.80M
ROE	-855%
ROA	-12%
FCF	$224.87M
Equity	$33.18M
Growth Stability	-538%
PE	-10.63
PEG	-2.17
PB	90.82
P/FCF	13.4
P/S	2.63
Price/Cash	0.15
Debt/Equity	37.11
Debt/FCF	5.48
Net Margins	2%
Gross Margins	56%
Op. Margins	-23%
Earnings CAGR	-4%
Sales Growth YoY	-3%
Sales Growth QoQ	-10%
Sales CAGR	6%
FCF CAGR	7%
Equity CAGR	8%
Earnings Stability	0.05
Earnings Growth YoY	-7%
Earnings Growth QoQ	-101%

Earnings CAGR 5Y	5%
Sales CAGR 5Y	6%
FCF CAGR 5Y	11%
Equity CAGR 5Y	-14%
Earnings CAGR 3Y	5%
Sales CAGR 3Y	5%
FCF CAGR 3Y	10%
Equity CAGR 3Y	-52%
Market Cap	$3.01B
Revenue	$1.15B
Assets	$2.10B
Total Debt	$1.23B
Cash	$456.64M
Shares Outstanding	48.43M
EV	3.79B
Earnings Score	6%
Moat Score	20%
Safety Score	33%
Final Score	20%
Working Capital	-236.45M
Current Ratio	0.73
Gross Profit	$642.01M
Shares Growth 3y	-2%
Equity Growth QoQ	-77%
Equity Growth YoY	-94%

Assets & ROA

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Stockholders Equity & ROE

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Founded in 1981, Blackbaud provides a suite of software solutions targeted at the social good community, including nonprofits, foundations, corporations, education institutions, healthcare institutions, and individual activists. Through mergers, acquisitions, and organic product development, the company has also moved into related areas outside of core fundraising, notably into K-12 schools. Blackbaud enables more than $100 billion in donations annually across a customer base in excess of 40,000 customers in at least 50 countries.

SEC Filings

Direct access to Blackbaud Inc (BLKB) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-Q Mar 31
2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Blackbaud Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Blackbaud Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -4%

Stability 5%

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Blackbaud Inc Discounted Cash Flow

Fully customizable DCF calculator online for Blackbaud Inc.

Years

Calculation mode

= $3.6B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$225M	$240M	$257M	$274M	$293M	$313M	$335M	$358M	$382M	$408M	$436M	$4.4B
DCF		$218M	$212M	$206M	$200M	$194M	$189M	$184M	$178M	$173M	$168M	$1.7B
Value	$3.6B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	4%	6%	8%	5%	1%	1%	1%	-4%	0%	-25%	2%
ROA	-	5%	4%	4%	2%	2%	1%	-1%	2%	-11%	-12%
ROE	-	17%	21%	12%	3%	2%	1%	-6%	0%	-199%	-855%

Bad Net Margins (1.8%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	2.56	2.7	2.12	2.78	4.63	4.85	4.6	4.11	3.82	5.48
Debt over Equity	1.97	1.41	1.46	1.06	1.2	1.28	1.37	1.18	0.99	7.76	37.11
Growth Stability	-	-	-	100%	23%	19%	27%	-538%	-	-	-538%

Bad Debt/FCF ratio (5.48)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Bad Debt/Equity ratio (37.11)

The company is overleveraged and has a bad balance between equity and debt.

Bad Graham’s Stability (-538%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	15%	8%	8%	6%	1%	2%	14%	4%	5%	6%
Earnings YoY growth	-	62%	59%	-32%	-73%	-35%	-26%	-897%	-104%	-16K%	5%
Equity YoY growth	-	18%	24%	22%	6%	7%	68%	4%	9%	-82%	-14%
FCF YoY growth	-	42%	22%	12%	-8%	-31%	71%	-5%	2%	48%	11%