Blackbaud Inc (BLKB) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Blackbaud Inc stock $71.37, price $54.12, upside +31.9%, quality 75 out of 100. Rating: undervalued. Calculated from audited financials with 22 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $26.54 – $87.75 · fair‑value band $53.53 – $89.22 · the $54.12 price screens below the $71.37 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Blackbaud, Inc. engages in the providing AI-powered solutions in the United States and internationally.
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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.
Stock analysis
Blackbaud Inc (BLKB) currently trades at $54.12, while our model-based Fair Value estimate is $71.37, implying the stock looks roughly 24% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $91.93 per share, and 14 of the 22 models we run sit above the $54.12 price.
Bear case: the Economic Profit group reads lowest at $22.32, and 8 of the 22 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $53.53 (bear) to $89.22 (bull), the price of $54.12 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 75/100 (high quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Blackbaud Inc reported revenue of $1.1B in FY2025 versus $928M in FY2021, a compound +5.0%/yr. Reported net income was $115M in FY2025, compounding +111.9%/yr from FY2021.
Key figures
Market cap $2.4B Mid · P/E ratio 16.7 · P/S ratio 2.10 · EPS (TTM) $3.25 · Net margin 12.9% · Return on equity 131% · Return on assets (EBIT) −0.3% (5-year average) · Operating margin 20.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (low confidence).
What moves the price
The share trades about 16% below its 52-week high and 104% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at 10% fair-value upside, at 32%, BLKB screens cheaper than that median.
Fair Value models
Bear$53.53Fair Value $71.37Bull$89.22
Price $54.12 · Upside +31.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($2.79 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 4 officers or directors sold shares worth $2.2M and none bought.
SaleChad AndersonExecutive VP and CFO2× since Jun 1, 2026: 8,205 shares, avg. $35.27$289,399Sep 1, 202610b5-1 plan
SaleDavid J BenjaminEVP, Chief Commercial Officer3× since Feb 18, 2026: 24,425 shares, avg. $48.17$1.2MAug 31, 2026
SaleMichael P GianoniPresident and CEO, Director17,000 shares at $47.35$804,950Aug 25, 2026
SaleKevin P. GregoireEVP, Chief Operating Officer2× since Mar 4, 2026: 24,000 shares, avg. $45.88$1.1MAug 6, 2026
SaleJon W OlsonSVP and General Counsel15,000 shares at $48.52$727,800Mar 3, 2026
SaleKevin McDearisEVP & Chief Technology Officer15,462 shares at $46.42$717,801Feb 23, 202610b5-1 plan
SaleRupal S HollenbeckDirector1,600 shares at $56.49$90,384Nov 21, 2025
Plus 6 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.71/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.3%
Start year 2020 (pandemic). Over 10 years: +5.9% a year
Revenue growth 26 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.1%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
≈ +48.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +48.8%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: 71.8% / 14.4%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.4% → 17%
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 0.32 per share, median 0.85 in 2015 to 2018). It measures the recovery from the trough, not lasting growth.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−1.4%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −3.7% a year for the price and +1.8% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Blackbaud's platform delivers scale in a stable nonprofit sector by blending recurring subscriptions with transactional fees, while its main weakness remains the sizable revenue tied to unpredictable charitable giving and economic conditions.
Main risk: Reliance on variable transaction volumes from donations leaves the business vulnerable to fluctuations in charitable giving, directly impacting revenue from fees.
Blackbaud serves nonprofits with a platform that blends recurring subscriptions and transactional fees from donations and payments. That mix gives scale in a stable sector but ties a sizable revenue chunk to the unpredictable pace of charitable giving and economic conditions. Our models currently see the shares as overvalued. Will the new AI features expand high-margin subscriptions enough to reduce reliance on variable transaction volumes, or will the business stay exposed to donor cycles?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Application · 628 stocks
Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score75 · Top 25%
Fair Value upside+31.9% · Above median
Profitability
Return on equity (12 months)131.1% · Top 25%
Return on assets4.8% · Above median
Net margin (12 months)12.9% · Above median
Operating margin (12 months)20.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)4.1% · Below median
Balance sheet
Debt / equity12.78× · Highest 25%
Valuation Multiplesvs Software - Application median · lower = cheaper
P/E (12 months)16.7× · Cheaper than median
P/B28.56× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Blackbaud Inc Fair Value". https://www.fairvalue-calculator.com/stock/BLKB
Frequently asked questions
Is Blackbaud Inc (BLKB) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $71.37 versus a price of $54.12, about +32% upside (undervalued).
What is the fair value of BLKB?
Our model-based fair value for Blackbaud Inc is $71.37 (as of Nov 8, 2026), built from audited fundamentals. The current price: $54.12.
What is the quality score of BLKB?
Blackbaud Inc has a Quality Score of 75/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Blackbaud Inc (BLKB)?
Our model-based price target is the fair value of $71.37 (as of Nov 8, 2026) from 22 valuation models. Cautious scenario $53.53, optimistic scenario $89.22. It is a calculation from audited fundamentals, not an analyst target.
What is the Blackbaud Inc stock forecast for 2026?
Our models put fair value at $71.37, about +32% upside versus a price of $54.12 (undervalued). Cautious scenario $53.53, optimistic scenario $89.22. The calculation is refreshed regularly with new filings.
What is the revenue of Blackbaud Inc (BLKB)?
Blackbaud Inc reported trailing-twelve-month revenue of about $1.2B (latest available figure, as of Nov 8, 2026).
What growth is priced into Blackbaud Inc (BLKB)?
For today's price to be fair in a discounted-cash-flow model, Blackbaud Inc would have to grow free cash flow by -1.4 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.3 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of BLKB use?
Our models discount Blackbaud Inc at 9.8 %: a base by market capitalisation (mid), damped by beta 1.04, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Blackbaud Inc that is -1.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has Blackbaud Inc (BLKB) delivered so far?
Over the past 5 years revenue at Blackbaud Inc grew +4.3 % a year. The price currently implies free-cash-flow growth of -1.4 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Blackbaud Inc (BLKB) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Blackbaud Inc (-1.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Blackbaud Inc (BLKB)?
The free-cash-flow yield on the price is 10.61 %: that much free cash flow Blackbaud Inc produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Blackbaud Inc (BLKB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Blackbaud Inc it is $71.37 per share (as of Nov 8, 2026), against a price of $54.12. It is the blended result of 22 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Blackbaud Inc stock overvalued or undervalued in 2026?
As of Nov 8, 2026, BLKB trades below its calculated fair value: price $54.12, fair value $71.37, a gap of about +32% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BLKB?
No. The price is what the market pays today ($54.12); the fair value is what the company's own numbers justify ($71.37). For Blackbaud Inc the two are $17.25 per share apart. That gap is exactly why we show both numbers side by side.
How much is Blackbaud Inc worth?
The market values Blackbaud Inc at about $2.4B (market capitalisation, as of Nov 8, 2026). Per share that is $54.12; our models calculate a fair value of $71.37 per share.
What do the bullish and bearish scenarios say about BLKB?
Our models span a range for Blackbaud Inc: cautious scenario $53.53, base $71.37, optimistic $89.22 per share (as of Nov 8, 2026, price $54.12). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BLKB?
Blackbaud Inc trades at a price-to-earnings ratio of 16.7 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $71.37 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2016 to 2025), reported earnings, FY2018, FY2019, FY2021 ex one-offs: 159.1. Other multiples: PEG 0.6, P/B 28.6, P/S 2.1, EV/EBITDA 9.2.
What is the PEG ratio of BLKB?
The PEG ratio of Blackbaud Inc is 0.56 (P/E divided by earnings growth, as of Nov 8, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Blackbaud Inc (BLKB)?
Balance-sheet figures for Blackbaud Inc (as of Nov 8, 2026): return on equity 131.1%, debt of 12.78 per unit of equity. They feed the Quality Score of 75/100, which measures business quality independently of the share price.
How far is BLKB from its 52-week high?
Blackbaud Inc trades at $54.12, about 16% below its 52-week high of $64.30 and 104% above the low of $26.54 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $71.37 is for.
Which stocks are comparable to Blackbaud Inc?
From the same area (Technology) we also value SAP SE, Salesforce, Inc, Shopify Inc, ServiceNow, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Blackbaud Inc stock attractive at the current price?
The data as of Nov 8, 2026: price $54.12, calculated fair value $71.37 (+32%), Quality Score 75/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BLKB calculated?
We run Blackbaud Inc through 22 models from 6 families: DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $71.37 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Blackbaud Inc currently trades 24% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Blackbaud Inc (BLKB)?
The closing price on Nov 6, 2026 was $54.12. Our model-based fair value is $71.37, about +32% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Blackbaud Inc right now?
The rarer combination: high quality (75/100) AND below fair value. That earns a closer look rather than a quick verdict. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of Blackbaud Inc (BLKB) come from?
Earnings per share at Blackbaud Inc grew +5.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +5.2 %, EBIT margin +2.6 %, tax rate +0.4 %, residual (interest, one-offs) −2.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Blackbaud Inc
How large is the market capitalisation of Blackbaud Inc (BLKB)?
The market capitalisation of Blackbaud Inc is $2.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Blackbaud Inc (BLKB)?
The price-to-sales ratio of Blackbaud Inc is 2.10 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Blackbaud Inc (BLKB)?
Earnings per share at Blackbaud Inc are $3.25 (price ÷ EPS = P/E 16.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Blackbaud Inc (BLKB)?
The net margin of Blackbaud Inc is 12.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Blackbaud Inc (BLKB)?
The return on equity (ROE) of Blackbaud Inc is 131% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Blackbaud Inc (BLKB)?
On an EBIT basis the return on assets of Blackbaud Inc is −0.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Blackbaud Inc (BLKB)?
The operating margin of Blackbaud Inc is 20.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Blackbaud Inc (BLKB)?
Revenue at Blackbaud Inc is growing +4.1% versus a year earlier (3y avg +2.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Blackbaud Inc (BLKB)?
Earnings per share at Blackbaud Inc are growing +4.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Blackbaud Inc (BLKB) carry?
The net debt of Blackbaud Inc is $360M (fiscal year 2025, ≈ 1.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 8, 2026