Blackbaud

BLKB

Software - Application · Technology

Price

$32.40

-0.63 (-1.91%)

Market Cap

$1.49B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Blackbaud, Inc. provides cloud software solutions to higher education institutions, K12 schools, healthcare organizations, faith communities, arts and cultural organizations, foundations, companies, and individual change agents in the United States and internationally. The company offers fundraising and relationship management solutions, such as Blackbaud Raiser's Edge NXT and Blackbaud CRM, Blackbaud eTapestry, Blackbaud TeamRaiser, JustGiving, and Blackbaud Guided Fundraising and Blackbaud Vo

Winston Score History

Share count broadly stable

+0.5% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 48.2M (2021) → 48.5M (2025)

Score breakdown

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Quality

Gross Margin

59.2%

Premium pricing power — 59.2% gross margin

Operating Margin

18.3%

Healthy — 18.3% operating margin

ROCE

4.2%

Weak — 4.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-0.7%

Shrinking sales (-0.7% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

223%

Turns 223% of profit into real cash

FCF Margin

25.6%

Converts sales into free cash efficiently (25.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

34.33

Heavy debt load (34.33)

Interest Cover

3.31x

Tight — interest eats into profit (3.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

10.8x

Attractive valuation — P/E 10.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+5.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (10.8 → 5.8)

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Dividends

Not applicable for this business.

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