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Blackbaud BLKB

Blackbaud scores weak on business quality (3.8 of 10). Here is why, in plain words, and what our sealed record shows.

Last price$45.48Oct 10, 2026
Business qualityWeak
Next earningsNov 4, 2026
Insiders, 90 daysSelling

Why it matters

  1. What Blackbaud does

    Blackbaud builds software for nonprofits, foundations, and educational institutions, charging subscription and transaction fees to manage fundraising, grants, and donor databases.

  2. What it does best

    Blackbaud locks in non-profit institutions with deeply embedded workflows that are painful to migrate. Its gross margin sits at 59.6%, outpacing peer nCino's 62.2% only slightly, but its customer base of social good organizations creates a sticky ecosystem that generates $277M in free cash flow.

  3. The main risk

    Debt load is the primary vulnerability, with net debt sitting at $1.07 billion against $44M in cash. Interest coverage is thin at 3.4x, leaving little room for error if transaction growth or fundraising software demand stalls.

Quality, check by check

Scored against its own industry, from company filings.

ProfitabilityStrong

Operating margin stands at 19.8% and net margin is 13.2%, driving a profitability score of 7.4. Free cash flow margin sits in the top quartile of its sector at the 61st percentile, showing steady cash conversion as revenue scales.

MoatWeak

Switching costs lock in non-profit enterprises who rely on its CRM tools. Its revenue growth ranks in the bottom decile of its sector at the 6th percentile, showing that competitive lock-in isn't translating to top-line expansion.

GrowthSlow

Revenue growth stalled at negative 2.3% over the latest period, fading from prior years as the top-line hovers around $1.15 billion, leaving expansion dependent on new partnership initiatives.

Financial healthWeak

Debt-to-equity is elevated at 13.0 and interest coverage is tight at 3.4x, though free cash flow reached $277M on $340M of operating cash flow, turning softer overall.

Insiders

Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.

3 sold $1.9M outside pre-planned sales.

Our sealed record on BLKB

Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.

The first sealed verdicts appear here on Oct 11, 2026.

Questions

Is BLKB a good business?

Blackbaud scores weak on the Cluenex quality check (3.8 of 10), measured against its own industry. Profitability is strong, moat weak, growth slow and financial health weak.

Are insiders buying BLKB?

In the last 90 days of SEC Form 4 filings: 3 sold $1.9M outside pre-planned sales.

When does BLKB report earnings?

Nov 4, 2026.

For members

See BLKB today

  • Today's verdict on BLKB, and why
  • Fair value with cautious, base and optimistic cases
  • The exact price that would change the verdict
  • Which stocks each signal names, the night it fires
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Cite this page: Cluenex, “Blackbaud (BLKB)”, https://cluenex.com/stocks/blkb/, data as of Oct 10, 2026.