Blackbaud, Inc. (BLKB) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+67.2%

$91.03

vs $54.44 price

Levered DCF

$103.84

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.58

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	26.27×	-13.2×	2,505.78×	-66.89×	658.17×	359.75×	318.4×	66.21×
P/B	35.5×	26.32×	5.63×	4.08×	5.22×	6.51×	9.57×	7.94×
P/S	2.68×	3.24×	4.12×	2.87×	4.04×	3.04×	4.22×	3.5×
EV / EBITDA	11.82×	-35.36×	24.13×	28.77×	40.97×	24.24×	36.11×	22.03×
Gross margin	58.8%	54.7%	54.6%	52.2%	52.2%	53.2%	53.7%	55.1%
Operating margin	16.9%	11.6%	4.0%	-2.7%	2.7%	4.1%	3.0%	7.0%
Net margin	10.2%	-25.9%	0.2%	-4.3%	0.6%	0.8%	1.3%	5.3%
Current ratio	0.79×	0.78×	0.78×	0.75×	0.77×	0.81×	0.74×	0.74×
Debt / equity	13.16×	7.81×	1.01×	1.21×	1.41×	1.29×	1.42×	1.04×
Interest coverage	2.81×	2.41×	1.12×	-0.8×	1.38×	2.15×	1.32×	3.74×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.2%	0.6%	0.8%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	77.2%	198.2%	52.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	135.2%	-210.9%	0.2%	-6.1%	0.8%	1.8%	3.0%	12.0%
Return on invested capital	13.5%	10.1%	0.3%	-1.3%	1.1%	1.3%	2.7%	7.7%
Return on assets	4.8%	-12.0%	0.1%	-1.5%	0.2%	0.4%	0.6%	2.8%
Free cash flow yield	8.5%	7.7%	3.0%	4.4%	4.3%	2.7%	3.3%	5.0%
Earnings yield	3.8%	-8.0%	0.0%	-1.5%	0.2%	0.3%	0.3%	1.5%
Enterprise value	$3.4B	$4.8B	$5.3B	$3.9B	$4.7B	$3.3B	$4.3B	$3.3B
Net debt / EBITDA	1.26×	-7.71×	3.56×	6.42×	8.32×	3.78×	4.43×	2.36×
Cash conversion cycle (days)	5	-9	15	5	23	14	-5	406