# Blackbaud, Inc. (BLKB)

> Source: Nexqual · https://nexqual.com/BLKB · data as of 2026-10-29 16:54 UTC · cite as "Nexqual, Blackbaud, Inc. (BLKB), nexqual.com/BLKB" · informational, not investment advice.

**Price:** USD 52.67 (+0.30% today) · US market open, as of October 29, 2026 at 16:54 UTC; quotes may be delayed. Prev close 52.51 · day 51.41–53.09 · 52w 25.58–68.5 · market cap $2.38B · NMS

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $1.16B, net income $149M (12.9% margin), free cash flow $332M (SEC filings).
- Valuation: P/E 15.9x (avg 785.0x at the last 2 fiscal year-ends), EV/EBITDA 10.7x, net debt $1.01B.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $2.2M; 3 not under a Rule 10b5-1 plan ($1.9M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.25 on a 1–5 scale) (4 analysts), mean target USD 51.5 (range 45–58).
- Total return with dividends: 1Y -22.5% vs S&P 500 +13.1%; 5Y -25.8% vs S&P 500 +79.0%.
- Next earnings: 2026-10-28, EPS estimate USD 1.43, revenue estimate $312M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $928M | $1.06B | $1.11B | $1.15B | $1.13B | $1.16B |
| Gross profit | $485M | $553M | $599M | $631M | $663M | — |
| Operating income | $24.9M | -$28.5M | $46.4M | -$271M | $191M | $233M |
| Net income | $5.7M | -$45.4M | $3.0M | -$300M | $115M | $149M |
| EPS (diluted) | $0.12 | -$0.88 | $0.06 | -$5.92 | $2.37 | — |
| Free cash flow | $202M | $192M | $195M | $289M | $258M | $332M |
| Gross margin | 52.2% | 52.2% | 54.1% | 54.7% | 58.8% | — |
| Operating margin | 2.7% | -2.7% | 4.2% | -23.5% | 16.9% | 20.1% |
| Net margin | 0.6% | -4.3% | 0.3% | -25.9% | 10.2% | 12.9% |
| Revenue growth | +1.6% | +14.1% | +4.6% | +4.3% | -2.3% | — |
| Cash + short-term investments | $55.1M | $31.7M | $31.3M | $67.6M | $38.9M | — |
| Total debt | $961M | $862M | $781M | $1.08B | $1.11B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 15.9x · P/S 2.0x · EV/EBITDA 10.7x · EV/Sales 2.9x · P/FCF 7.2x · P/B 19.9x · FCF yield 13.97% · Earnings yield 6.28% · Buyback yield (TTM) 9.00% · Net debt $1.01B · EV $3.38B
P/E at fiscal year-ends: Dec 2025 26.7x, Dec 2023 1543.3x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-01 | Anderson Chad | Executive VP and CFO | 2,000 | $95K | 3.2% | Yes (adopted February 27, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-31 | Benjamin David J | EVP, Chief Commercial Officer | 2,086 | $101K | 2.9% | No | Too little history (no open-market trades in 2025) |
| 2026-08-25 | Gianoni Michael P | President and CEO | 17,000 | $805K | 3.9% | No | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-08-06 | Gregoire Kevin P. | EVP, Chief Operating Officer | 22,000 | $1.0M | 16.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-01 | Anderson Chad | Executive VP and CFO | 6,205 | $194K | 9% | Yes (adopted February 27, 2026) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.25 on a 1–5 scale), 4 analysts; mean target USD 51.5 (low 45, high 58).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-15 | Baird | Target raised | Outperform | $54 → $58 |
| 2026-07-30 | Evercore ISI Group | Target raised | In-Line | $45 → $48 |
| 2026-07-10 | Stifel | Target lowered | Hold | $45 → $30 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -22.5% | -25.8% |
| S&P 500 (SPY) | +13.1% | +79.0% |
| Per year | -22.5% | -5.8% |
| Volatility (annualized) | 48.7% | 38.9% |
| Max drawdown | -60.9% (Oct 2025→Jun 2026) | -68.9% (Nov 2024→Jun 2026) |

## Peers (Software - Application)
APPF (AppFolio, Inc.) USD 205.29 +0.14% · TTAN (ServiceTitan, Inc.) USD 80.01 -1.05% · DSGX (The Descartes Systems Group Inc) USD 91.11 -1.35% · YMM (Full Truck Alliance Co. Ltd.) USD 8.07 -0.12% · IDCC (InterDigital, Inc.) USD 332.65 +3.77% · PCTY (Paylocity Holding Corporation) USD 167.27 -0.73%

## More
Full page: https://nexqual.com/BLKB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BLKB's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/1280058/000128005826000006/blkb-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | CrowdStrike Holdings, Inc. (CRWD) | "For example, on July 19, 2024, CrowdStrike Holdings, Inc. ("CrowdStrike"), which provides cybersecurity services to millions of Microsoft Windows systems worldwide, including to certain Windows systems operated by Blackb…" |
| Customer | Microsoft (MSFT) | "For example, on July 19, 2024, CrowdStrike Holdings, Inc. ("CrowdStrike"), which provides cybersecurity services to millions of Microsoft Windows systems worldwide, including to certain Windows systems operated by Blackb…" |
| Competitor | Oracle (ORCL) | "•General business software vendors, such as Microsoft, Oracle and Salesforce.com, compete with us in certain areas of our business." |
| Competitor | Salesforce (CRM) | "•General business software vendors, such as Microsoft, Oracle and Salesforce.com, compete with us in certain areas of our business." |
| Competitor | Meta Platforms (META) | "•Consumer-oriented fundraising platforms, such as GoFundMe and Facebook compete with our business where consumers raise funds directly." |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Recurring | $287.0M | 98.1% | +4.1% |
| — Contractual recurring (part of Recurring) | $187.3M | 64.0% | +2.3% |
| — Transactional recurring (part of Recurring) | $99.8M | 34.1% | +7.5% |
| One-time services and other | $5.6M | 1.9% | +5.1% |
| Total revenue | $292.6M | 100% | — |

## Revenue by region (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $241.2M | 82.4% | +1.5% |
| United Kingdom | $32.4M | 11.1% | +18.0% |
| Other countries | $18.9M | 6.5% | +18.6% |
| Total revenue | $292.6M | 100% | — |

## Company outlook (8-K filed 2026-10-28)

- "Based on our current plans, and stock repurchases to date, we expect total repurchases during 2026 to represent between 7% and 10% of our outstanding common stock as of December 31, 2025."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $1.43 | $1.46 | -2.5% | $311.9M | 3 |
| Next quarter (ends 2027-03-31) | $1.32 | $1.32 | +0.3% | $295.6M | 4 |
| Current fiscal year (ends 2026-12-31) | $5.25 | $5.25 | +0.0% | $1.18B | 3 |
| Next fiscal year (ends 2027-12-31) | $6.00 | $5.89 | +1.8% | $1.23B | 4 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 55.1% | ±11.7% |
| 2026-12-18 | 50 | 45.2% | ±13.9% |
| 2027-03-19 | 141 | 47.0% | ±23.4% |
| 2027-06-17 | 231 | 47.9% | ±30.4% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Oct 28, 2026 | Quarter ended Sep 30, 2026 | $1.36 | $1.33 | Beat +2.3% | -1.9% |
| Jul 29, 2026 | Quarter ended Jun 30, 2026 | $1.33 | $1.28 | Beat +3.9% | +11.6% |
| Apr 29, 2026 | Quarter ended Mar 31, 2026 | $1.14 | $1.12 | Beat +1.8% | -0.9% |
| Feb 10, 2026 | Quarter ended Dec 31, 2025 | $1.19 | $1.14 | Beat +4.4% | +4.4% |
| Oct 29, 2025 | — | — | — | — | +2.8% |
| Jul 30, 2025 | — | — | — | — | +4.5% |
| Apr 30, 2025 | — | — | — | — | -4.6% |
| Feb 18, 2025 | — | — | — | — | -14.2% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-28 | 10-Q | Quarterly report · period ended Sep 30, 2026 | https://www.sec.gov/Archives/edgar/data/1280058/000128005826000032/0001280058-26-000032-index.htm |
| 2026-10-28 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1280058/000128005826000029/0001280058-26-000029-index.htm |
| 2026-08-10 | 8-K | Director or executive officer change, or pay arrangement — “On August 5, 2026, the Board of Directors (the "Board") of Blackbaud, Inc. (the "Company") appointed Anthony W. Boor as a new member of the Board. Mr. Boor currently serves as the Company's Executive Vice President of Corporate Development and Strategy and will continue in that role. Mr. Boor joined the Board as a Class A director, and his term will expire with the terms of the other Class A directors at the 2029 annual meeting of stockholders. No determination has been made regarding whether Mr. Boor will be…” | https://www.sec.gov/Archives/edgar/data/1280058/000128005826000027/0001280058-26-000027-index.htm |
| 2026-07-29 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1280058/000128005826000025/0001280058-26-000025-index.htm |
| 2026-07-29 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1280058/000128005826000022/0001280058-26-000022-index.htm |
| 2026-07-27 | Schedule 13G/A | BlackRock, Inc.: 12.3% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1280058/000201238326002207/0002012383-26-002207-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.