BLACKBAUD INC

BLACKBAUD INC

BLKBVertical SaaS

Blackbaud is the leading cloud software provider for the social good community.

Key figures

Data as of Jun 2026 · Pills compare vs Mar 2026
ARR Multiple
1.9x
+0.7x
ARR
$1.2B
+3.4%
YoY Growth
3.3%
-0.6pp
Market Cap
$2.2B
+62.3%
Revenue (Q)
$291M
+3.4%
Gross Margin
61.3%
+2.1pp
Op. Margin
21.3%
+3.0pp
Rule of 40
24.6
+0.5
Magic Number
0.80
+2.06

Revenue, margins & ratios from SEC filings; market cap & ARR multiple from market data. Market cap & ARR multiple use the close of 13 Oct 2026; their pills compare vs the Jun 2026 quarter-end (1.2x).

Valuation by quarter

Current ARR Multiple: 1.2x

Calculated valuation

FRAMEWORK EST.
Valuation data is not available for this company.

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AI Replacement RiskMODERATE
16/ 100
LowModerateElevatedHigh

Estimated likelihood that general-purpose AI replaces this product.

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Why this rating

From the AI Risk Calculator model

Structural moats (regulation, integration depth, or proprietary data) make AI-only replacement unlikely in the near term.

What's driving the score
Finance & operationsCategory baseline
mid base
Workflow complexity5/5
-12 risk
Data moat3/5
-1 risk
Integration depthHigh
-10 risk
SegmentEnterprise
-8 risk
IndustryOther
neutral
Own AI integration2/5
+1.6 risk

Company overview

Blackbaud is the leading cloud software provider for the social good community. It serves nonprofits, foundations, educational institutions, healthcare organizations, and faith-based entities. Anthony Edwards founded it in 1981 in Charleston, South Carolina. Over four decades, the company has built deep expertise in fundraising, financial management, and constituent engagement for mission-driven organizations.

Raiser's Edge NXT and Blackbaud CRM are the flagship fundraising and donor management tools. They provide donor databases, gift processing, prospect research, major gift management, and campaign tracking. Thousands of nonprofits, universities, and healthcare systems run their fundraising operations on these products.

Financial Edge NXT handles fund accounting built specifically for nonprofit requirements. That includes fund restrictions, grant management, and compliance reporting. Education management solutions serve K-12 private schools and higher education with student information systems, enrollment management, tuition billing, and learning management.

JustGiving and Peer-to-Peer Fundraising power online giving and crowdfunding campaigns. Merchant Services processes billions in charitable payments annually. EVERFI, acquired in 2022, provides digital learning for financial literacy, social-emotional learning, and workplace compliance, reaching millions of learners through corporate sponsorships.

The social good ecosystem creates network effects. As more organizations use Blackbaud's connected platforms, collective data about donor behavior, giving trends, and fundraising effectiveness becomes more valuable. Blackbaud Intelligence uses AI for donor propensity modeling, wealth screening, and benchmarking insights from this aggregated data.

The target market spans nonprofits, foundations, schools, higher education, healthcare organizations, and corporations with social responsibility programs. Sales combines a specialized direct force with inside sales and a partner channel.

Annual revenue is roughly $1.1 billion with gross margins around 57%. Revenue is predominantly recurring from subscriptions, maintenance, and transaction fees. The company has been executing a multi-year cloud transformation, migrating legacy customers to cloud solutions and improving efficiency.

Blackbaud Intelligence provides AI-powered fundraising recommendations, donor engagement scoring, and predictive analytics. With about 3,500 employees and unmatched depth in nonprofit technology, Blackbaud is the foundational technology partner for organizations focused on social impact.

Entity information

Industry7372: Services-Prepackaged Software
Fiscal YearDec 31
IncorporatedDelaware
Phone(843) 216-6200
Address65 FAIRCHILD STREET, CHARLESTON, SC, 29492
Mailing address65 FAIRCHILD STREET, CHARLESTON, SC, 29492
EIN11-2617163
Entity typeoperating
SEC industry framework06 Technology

SaaS KPIs

Reported in at least 3 quarters

Non-GAAP Adjusted EBITDA Margin

22 quarters
38.0%
Q2 FY2026+2.9pp

Non-GAAP Operating Margin

22 quarters
32.6%
Q2 FY2026+3.0pp

Non-GAAP Organic Recurring Revenue Growth

22 quarters
3.3%
Q2 FY2026-1.7pp

Rule of 40

22 quarters
41.0%
Q2 FY2026+1.7pp

Non-GAAP Organic Revenue Growth

21 quarters
3.0%
Q2 FY2026-1.2pp

Non-GAAP Adjusted Free Cash Flow Margin

16 quarters
14.0%
Q4 FY2025-30.5pp

Management outlook

Given with Q2 FY2026 results (Jun 2026)
Full Year 2026
GAAP Revenue$1.173 billion - $1.179 billion
Non-GAAP Adjusted EBITDA$430 million - $438 million
Non-GAAP Diluted Earnings Per Share$5.15 - $5.25
Non-GAAP Free Cash Flow$280 million - $290 million
Non-GAAP Annualized Effective Tax Rateapproximately 24.5%
Interest Expenseapproximately $62 million - $66 million
Diluted Weighted Average Shares Outstandingapproximately 45.0 million - 46.0 million
Capital Expendituresapproximately $60 million - $70 million
Capitalized Software Development Costsapproximately $52 million - $62 million
Stock Repurchasesbetween 6% and 10.0% of our outstanding common stock as of December 31, 2025
Revenue, Adjusted EBITDA, Non-GAAP EPS, and Free Cash Flowfinish in the upper half of our FY26 guidance ranges, with EPS and free cash flow at the high end
2026
Gross Dollar Retentionsome temporary pressure
by the end of 2027
Gross Dollar Retentionimprove as we move past this larger 2026 renewal cohort and ultimately return to levels more consistent with our recent historical performance
2026 to 2030
Stock Repurchasesat least 50% of our free cash flow

Quarterly financials

Left axis in $ (Revenue, Gross profit, Net income, S&M); right axis for ratios (Rule of 40, Magic number). Click a legend item to toggle it.

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