BLKBNasdaqServices-Prepackaged SoftwareFiscal year ends December 31
BLACKBAUD INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 29, 2026
$53.24+1.59 (+3.08%)
Close on Oct 19, 2026
- Market cap
- $2.39B
- P/E (TTM)
- 16.6
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
58.8%+5.7 pts over 5 years
Operating margin
16.9%+12.8 pts over 5 years
Net margin
10.2%+9.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -2.3% | +2.2% | +4.3% | +5.9% | |
| Gross profit | +5.0% | +6.3% | +6.5% | +7.1% | |
| Operating income | – | – | +38.6% | +15.1% | |
| Net income | – | – | +71.6% | +16.2% | |
| EPS, diluted | – | – | +71.4% | +15.7% | |
| Free cash flow | -10.7% | +10.4% | +16.9% | +8.8% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 18.9% | 1.9% | 108.5% | |
| Return on assets | 3.6% | 0.4% | 4.7% | |
| Current ratio | 0.75 | 0.81 | 0.79 | |
| Debt to equity | 1.27 | 1.25 | 13.05 | |
| Net debt to EBITDA | 2.35× | 3.81× | 3.87× | |
| Interest coverage | 6.4× | 2.2× | 2.8× | |
| Capex to revenue | 2.4% | 3.3% | 0.7% | |
| Diluted shares | 47M | 49M | 48M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Blackbaud generated $1.18B from operations and spent $806.28M on capital expenditure, dividends and share buybacks. 5% of that went back into the business.
Generated
$1.18B
Used
$806.28M
Capital expenditure$43.85M5%Dividends$00%Share buybacks$762.43M95%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin10.2%
×Asset turnover0.46×
×Equity multiplier23.06×
=Return on equity, FY2025108.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 10.2% | 0.46× | 23.06× | 108.5% |
| FY2024 | -25.9% | 0.43× | 5.77× | -64.0% |
| FY2023 | 0.3% | 0.37× | 3.80× | 0.4% |
| FY2022 | -4.3% | 0.35× | 4.08× | -6.2% |
| FY2021 | 0.6% | 0.37× | 4.39× | 1.0% |
| FY2020 | 0.8% | 0.45× | 4.91× | 1.9% |
| FY2019 | 1.3% | 0.50× | 4.68× | 3.1% |
| FY2018 | 5.3% | 0.50× | 4.81× | 12.6% |
| FY2017 | 9.3% | 0.51× | 5.13× | 24.3% |
| FY2016 | 6.2% | 0.58× | 5.28× | 18.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$114.97M
- Cash generatingOperating cash flow above zero$265.55M
- Return on assets improvedROA up on the prior year-10.3% → 4.6%
- Earnings backed by cashOperating cash flow above net income$265.55M vs $114.97M
- Less leverageLong-term debt to assets fell42.1% → 45.5%
- Better liquidityCurrent ratio rose0.78 → 0.79
- No dilutionShare count did not rise51M → 48M
- Gross margin improvedGross margin up on the prior year54.69% → 58.78%
- More efficientAsset turnover rose0.40 → 0.45