BLKB
Blackbaud, Inc.
BLKB's fundamentals are strong and it looks cheap: trading at 17x earnings, less than half its usual 143x. Analysts expect earnings growth.
BLKB Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Under pressure |
BLKB's profitability and cash flow are currently strong, and its revenue is stable, but its balance sheet is under pressure.
BLKB PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 9.3x | $53.56 | — |
| Cheap | 17x | $54.16 | +1.1% |
| Current | 17x | $53.56 | — |
| Fair | 142x | $460 | +758% |
| Expensive | 477x | $1,540 | +2774% |
Historical ranges are pointers, not guarantees.
BLKB's PE is in its cheap range at 17x. If earnings grow as analysts expect, today's price would be 9.3x next year's earnings.
BLKB Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for BLKB, with profitability improving.
BLKB Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.79 | +79% |
| Q3 2026 | $3.23 | +$8.13 |
| Q2 2026 | $3.19 | +$8.67 |
| Q1 2026 | $2.94 | +$8.54 |
| Q4 2025 | $2.37 | +$7.97 |
| Q3 2025 | -$4.90 | -580% |
| Q2 2025 | -$5.48 | -794% |
| Q1 2025 | -$5.60 | -1466% |
| Q4 2024 | -$5.60 | -18767% |
BLKB has returned to profit: it earned $3.23 per share over the past year, after losing money the year before.
BLKB Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $292.6M | +4.1% |
| Q2 2026 | $290.6M | +3.3% |
| Q1 2026 | $281.1M | +3.9% |
| Q4 2025 | $295.3M | -2.3% |
| Q3 2025 | $281.1M | -1.9% |
| Q2 2025 | $281.4M | -2.1% |
| Q1 2025 | $270.7M | -3.1% |
| Q4 2024 | $302.2M | +2.4% |
BLKB's revenue grew through 2023 and has held roughly level since: $293M last quarter, up 4.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | +1.1 points |
| Q2 2026 | 21% | +1.2 points |
| Q1 2026 | 18% | +11 points |
| Q4 2025 | 20% | +142 points |
| Q3 2025 | 19% | +4.1 points |
| Q2 2025 | 20% | +5.5 points |
| Q1 2025 | 7.5% | +3.7 points |
| Q4 2024 | -121% | -132 points |
BLKB's operating margin was 20% last quarter, up 1.1 points from the same quarter a year ago, near the top of its range since 2019.
BLKB Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $138.5M | +2% |
| Q2 2026 | $88.6M | +34% |
| Q1 2026 | $49.8M | +7013% |
| Q4 2025 | $55M | -25% |
| Q3 2025 | $135.7M | +32% |
| Q2 2025 | $66.3M | +38% |
| Q1 2025 | $700K | -99% |
| Q4 2024 | $73.4M | +$77.2M |
BLKB generated $332M in free cash flow over the past year, up 20% from the year before.
BLKB Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +77.3K shares |
| 1 year | -7.3% | -3.5M shares |
| 3 years | -17% | -9.1M shares |
| 5 years | -6.9% | -3.3M shares |
| Available history | -6.9% | -3.4M shares |
BLKB has 45M diluted shares, down 7.3% from a year ago, with $214M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $18.3M |
| Q2 2026 | $29.5M |
| Q1 2026 | $82.1M |
| Q4 2025 | $83.8M |
| Q3 2025 | $30.1M |
| Q2 2025 | $3.2M |
| Q1 2025 | $100M |
| Q4 2024 | $92.6M |
BLKB spent $214M buying back its own shares over the past year, down 5.4% from the year before.
BLKB Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.2x | Elevated |
| Q2 2026 | 3.6x | Elevated |
| Q1 2026 | 3.8x | Elevated |
| Q4 2025 | 3.9x | Elevated |
| Q3 2024 | 3.9x | Elevated |
| Q2 2024 | 4.4x | High |
| Q1 2024 | 5.7x | High |
| Q4 2023 | 4.9x | High |
BLKB's net debt is about 3.2 years of its operating earnings (EBITDA), down from 3.9 years a year ago.
BLKB Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 63.8 | Neutral |
| Stochastic | 79.9 | Neutral |
BLKB's weekly RSI is 64 (neutral) and its Stochastic is 80 (neutral).
BLKB PE vs Technology Sector
| Metric | BLKB | Sector median | Relative |
|---|---|---|---|
| PE | 17x | 28x | 40% below |
| PE % | 16 | 35 | 19 pts below |
BLKB is trading at 17x earnings, a 40% discount to the Technology sector's median of 28x.
BLKB Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $49.9 | 7.4% above |
| 20 week MA | $44.5 | 20% above |
| 50 week MA | $44.5 | 20% above |
| 100 week MA | $55.2 | 2.9% below |
| 200 week MA | $64.9 | 17% below |
BLKB has bounced recently, but its long-term trend is still down: it's above its 8-, 20- and 50-week averages, but 17% below its 200-week average.
BLKB Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $78.6 | $58.9 | -25% |
| 2021 | $58.9 | $81.6 | +39% |
| 2022 | $81.6 | $58.3 | -29% |
| 2023 | $58.3 | $86.7 | +49% |
| 2024 | $86.7 | $74.9 | -14% |
| 2025 | $74.9 | $64.2 | -14% |
| 2026 YTD | $64.2 | $53.6 | -17% |
BLKB has finished lower in four of the last six years. It's down 17% so far in 2026.