Blackbaud, Inc.
- Open
- 30.05
- Day high
- 31.23
- Day low
- 30.05
- Prev close
- 29.62
- Volume
- 347K
- Mkt cap
- $1.4B
- P/E (TTM)
- 8.9
- EPS (TTM)
- $3.46
- P/B
- 40.7
- P/S
- 1.2
- Yield
- —
- Per share
- —
Blackbaud, Inc. (BLKB) is a Technology company listed on NASDAQ. The stock is down 55% over the past year.
Blackbaud, Inc. (BLKB) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BLKB earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $1.08 | $1.14 | +5.6% | $281M | +0.5% |
| Oct 29, 2025 | $1.07 | $1.10 | +2.8% | $281M | -4.0% |
| Jul 30, 2025 | — | $0.54 | — | $281M | — |
| Apr 30, 2025 | $0.90 | $0.96 | +6.7% | $271M | -2.0% |
| Feb 18, 2025 | $1.08 | $1.08 | +0.0% | $302M | +9.2% |
| Oct 30, 2024 | $1.05 | $0.99 | -5.7% | $287M | -6.1% |
| Apr 30, 2024 | $0.85 | $0.93 | +9.4% | $279M | -1.1% |
| Oct 31, 2023 | $0.97 | $1.12 | +15.5% | $278M | +0.6% |
| Aug 1, 2023 | $0.93 | $0.98 | +5.4% | $271M | -1.3% |
| May 3, 2023 | $0.69 | $0.72 | +4.3% | $262M | +0.1% |
| Feb 13, 2023 | $0.58 | $0.68 | +17.2% | $275M | -1.2% |
| Nov 1, 2022 | $0.62 | $0.69 | +11.3% | $261M | +0.2% |
BLKB insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 6, 2026 | Anderson Chadofficer: Executive VP and CFO | Tax | 187 | $37.54 |
| May 6, 2026 | Anderson Chadofficer: Executive VP and CFO | Tax | 1,137 | $37.54 |
| May 6, 2026 | Anderson Chadofficer: Executive VP and CFO | Grant | 616 | — |
| Mar 6, 2026 | Gregoire Kevin P.officer: EVP, Chief Operating Officer | Sell | 2,000 | $50.02 |
| Mar 3, 2026 | Olson Jon Wofficer: SVP and General Counsel | Sell | 10,000 | $48.23 |
| Mar 3, 2026 | Olson Jon Wofficer: SVP and General Counsel | Sell | 5,000 | $49.10 |
| Feb 25, 2026 | Gianoni Michael Pdirector, officer: President and CEO | Tax | 5,066 | $49.13 |
| Feb 25, 2026 | Anderson Chadofficer: Executive VP and CFO | Tax | 193 | $49.13 |
| Feb 25, 2026 | McDearis Kevinofficer: EVP & Chief Technology Officer | Sell | 488 | $47.76 |
| Feb 25, 2026 | Benjamin David Jofficer: EVP, Chief Commercial Officer | Sell | 14,349 | $47.47 |
| Feb 25, 2026 | Gianoni Michael Pdirector, officer: President and CEO | Tax | 9,754 | $49.13 |
| Feb 25, 2026 | Gianoni Michael Pdirector, officer: President and CEO | Grant | 11,170 | — |
| Feb 25, 2026 | Anderson Chadofficer: Executive VP and CFO | Grant | 425 | — |
| Feb 25, 2026 | Gregoire Kevin P.officer: EVP, Chief Operating Officer | Tax | 3,019 | $49.13 |
| Feb 25, 2026 | Benjamin David Jofficer: EVP, Chief Commercial Officer | Tax | 2,439 | $49.13 |
Source: BLKB SEC Form 4 filings, latest May 6, 2026. For informational purposes only — not investment advice.
See the full BLKB insider & 13F page →Blackbaud, Inc. company profile
Overview
Blackbaud, Inc. (NASDAQ:BLKB) is a leading provider of cloud-based software solutions specifically designed for the social good sector. Founded in 1981 and headquartered in Charleston, South Carolina, the company went public in 2004. Blackbaud has established itself as the dominant player in nonprofit technology, serving over 45,000 organizations worldwide including higher education institutions, K-12 schools, healthcare organizations, faith communities, arts and cultural organizations, foundations, and corporate social responsibility programs. The company has evolved from a traditional software vendor to a comprehensive cloud-based platform provider, completing significant strategic initiatives including the divestiture of its underperforming EVERFI business unit in late 2024 to refocus on its core social sector strengths.
Business
Blackbaud operates in the specialized niche of social good software solutions, which encompasses technology platforms designed specifically for nonprofit organizations, educational institutions, and corporate social responsibility programs. This is a distinct market segment within the broader software-as-a-service (SaaS) industry, characterized by unique requirements such as donor management, fundraising campaign coordination, grant administration, and volunteer coordination. The company's business is organized into two primary segments. The Social Sector represents approximately 89% of total revenue and serves traditional nonprofit organizations including universities, hospitals, religious institutions, and charitable foundations. This segment offers fundraising and relationship management solutions like Blackbaud Raiser's Edge NXT and Blackbaud CRM, which help organizations track donor relationships, manage fundraising campaigns, and analyze giving patterns. The platform also includes financial management tools such as Blackbaud Financial Edge NXT for accounting and budgeting, and specialized solutions like Blackbaud Tuition Management for educational institutions. The Corporate Sector, representing approximately 11% of revenue following the EVERFI divestiture, focuses on corporate social responsibility and employee engagement through platforms like YourCause. These solutions help Fortune 500 companies manage employee volunteer programs, corporate giving campaigns, and ESG (Environmental, Social, and Governance) reporting requirements. The YourCause platform serves over 16 million employees across major corporations, facilitating workplace giving and volunteer coordination. Blackbaud's transactional revenue streams include Blackbaud Merchant Services for donation processing, JustGiving (a UK-based online fundraising platform), and various payment processing services that generate revenue based on transaction volumes rather than subscription fees.
Revenue model
Blackbaud generates revenue through multiple complementary business models that create recurring and predictable cash flows. Contractual recurring revenue represents the largest component, derived from annual or multi-year software subscriptions that organizations pay to access Blackbaud's cloud-based platforms. The company has successfully transitioned most customers from one-year to three-year contracts with built-in annual price escalators, providing enhanced revenue visibility and pricing power. Transactional recurring revenue represents the second major stream, generated through payment processing fees when donations, tuition payments, or other transactions flow through Blackbaud's platforms. This creates a variable revenue component that scales with customer activity levels - when nonprofits raise more money or schools collect more tuition, Blackbaud earns higher processing fees. The company's JustGiving platform in the UK and Blackbaud Merchant Services in the US are key contributors to this revenue stream. The primary customers are mid-market and enterprise nonprofit organizations with annual budgets typically ranging from $1 million to over $100 million. These organizations require sophisticated software capabilities but often lack the internal IT resources to build custom solutions, making them ideal customers for Blackbaud's comprehensive platforms. Corporate customers using YourCause tend to be Fortune 500 companies implementing employee engagement and CSR programs. Several factors influence Blackbaud's margins and growth trajectory. Positive margin drivers include the company's dominant market position allowing for regular price increases, the high switching costs inherent in nonprofit software (due to extensive data migration requirements), and operational leverage as the business scales. The shift to cloud infrastructure and AI-driven automation also reduces operational costs over time. Margin pressures can arise from competitive dynamics in specific verticals, economic downturns affecting nonprofit donation levels (which impacts transactional revenue), and the ongoing investments required in product development and cybersecurity. The company's customer retention rate of approximately 92-93% demonstrates strong customer stickiness, but any significant deterioration in the nonprofit funding environment could pressure both subscription renewals and transaction volumes.
Competitive moat
Blackbaud possesses a strong and durable competitive moat built on several reinforcing factors that create significant barriers to entry and customer switching. The company's most powerful advantage is its dominant market position in nonprofit software, with an estimated 70-80% market share among mid-market and enterprise nonprofit organizations. This scale advantage enables continuous product investment and creates network effects as vendors, consultants, and service providers build their businesses around Blackbaud's platforms. High switching costs represent another critical moat component. Nonprofit organizations store years or decades of donor data, financial records, and operational history within Blackbaud's systems. Migrating this data to alternative platforms requires significant time, expense, and risk of data loss, making customers extremely reluctant to switch providers. The complexity of nonprofit operations - involving donor relationships, grant management, volunteer coordination, and regulatory compliance - creates additional switching friction as staff would need extensive retraining on new systems. The company's specialized domain expertise in nonprofit operations creates barriers for generic software providers. Blackbaud's solutions incorporate deep understanding of fundraising best practices, nonprofit accounting standards, donor privacy regulations, and sector-specific workflows that would be difficult for horizontal software providers to replicate. This specialization is reinforced by Blackbaud's extensive ecosystem of consultants, integrators, and third-party developers who have built their practices around the company's platforms. However, the moat faces some potential challenges. Emerging competitors like Salesforce Nonprofit Success Pack and newer cloud-native providers are targeting specific segments with modern user interfaces and competitive pricing. The rise of horizontal platforms with nonprofit-specific modules could gradually erode Blackbaud's advantage, particularly among smaller organizations or those seeking best-of-breed solutions. Additionally, the company's historically slow product innovation pace and complex user interfaces have created opportunities for more agile competitors to gain footholds in specific verticals or use cases.
Risks & safety
Blackbaud presents a moderate margin of safety with some financial stability concerns that warrant careful monitoring. • Liquidity and Debt: Cash position of $37.2 million is relatively low given the company's size, while total debt stands at approximately $1.6 billion. The debt-to-equity ratio of 0.78 is manageable but elevated. Current ratio of 0.73 indicates working capital constraints, though this is partially offset by the predictable nature of subscription revenues. • Cash Generation: Free cash flow of $0.7 million in Q1 2025 was concerning, though this improved from stronger full-year 2024 performance of $288.5 million. The company's subscription model typically generates strong cash flows, but recent levels warrant monitoring. • Valuation Metrics: Trading at EV/EBITDA of 36.6x based on Q1 2025 results, which appears elevated for a mature software company growing in mid-single digits. Price-to-book ratio of 90.6x reflects significant goodwill from acquisitions. • Operational Considerations: Customer retention rate of 92-93% provides revenue stability. The recent EVERFI divestiture removes a drag on profitability. Management's target of achieving "Rule of 45" (growth rate plus EBITDA margin) by 2030 suggests confidence in operational improvements.
Recent development
Over the past several years, Blackbaud has executed a comprehensive strategic transformation focused on operational efficiency and market positioning. The most significant recent development was the divestiture of EVERFI in December 2024, removing a business unit that represented 7% of revenue but was dilutive to both growth and profitability. This divestiture allows management to focus resources on the core social sector business where Blackbaud maintains dominant market position. The company has aggressively pursued operational efficiency initiatives, including reducing headcount by 14% since 2022, closing four data centers while migrating to third-party cloud infrastructure (primarily Microsoft Azure and AWS), and renegotiating vendor contracts. These efforts have driven EBITDA margins from 26.5% in 2020 to over 34% currently, with management targeting further expansion toward their "Rule of 45" goal by 2030. Product innovation and AI integration represent key strategic priorities, with the launch of Blackbaud Copilot providing generative AI capabilities across the platform. The company has introduced AI-driven features for prospect research, donation optimization, and workflow automation, with over 5,000 customers already using machine learning features in Raiser's Edge NXT. These AI capabilities are currently included at no additional cost to build adoption and competitive differentiation. Blackbaud has also modernized its commercial approach by transitioning customers from one-year to three-year contracts with built-in annual price escalators. Approximately 65% of the customer base had been converted to this model by late 2024, providing enhanced revenue predictability and pricing power. The company has simultaneously expanded its stock repurchase program, buying back 10% of outstanding shares in 2024 and planning to repurchase 3-5% annually going forward.
BLKB company profile · for informational purposes only — not investment advice.
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