Blackbaud, Inc. (BLKB) 10-Year Financial Performance & Capital Metrics

BLKB •

TechnologyApplication SoftwareVertical industry SaaS applications

AboutBlackbaud, 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 Volunteer Network Fundraising; marketing and engagement solutions, including Blackbaud Luminate Online, Blackbaud Online Express, and Blackbaud School Website System; and financial management solutions comprising Blackbaud Financial Edge NXT, Blackbaud Tuition Management, and Blackbaud Financial Aid Management. It also provides grant and award management solutions, consisting of Blackbaud Grantmaking and Blackbaud Award Management; organizational and program management, such as Blackbaud Student Information System, Blackbaud Learning Management System, Blackbaud Enrollment Management System, Blackbaud Altru, and Blackbaud Church Management; social responsibility solutions, which includes YourCause GrantsConnect and YourCause CSRconnect; Blackbaud Merchant Services and Blackbaud Purchase Cards payment services; and Blackbaud's Intelligence for Good solutions, as well as donor acquisition, prospect research, data enrichment, and benchmarking and performance management solutions and services. It sells its solutions and related services through its direct sales force. Blackbaud, Inc. was founded in 1981 and is headquartered in Charleston, South Carolina.Show more

Revenue $1.13B -2.3%
EBITDA $277M +240.5%
Net Income $115M +140.6%
EPS (Diluted) 2.37 +142.3%
Gross Margin 58.59% +5.9%
EBITDA Margin 24.55% +243.9%
Operating Margin 16.91% +172.2%
Net Margin 10.19% +141.6%
ROE 101.27% +270.0%
ROIC 17.57% +220.7%
Debt/Equity 13.16 +68.4%
Interest Coverage 2.81 +157.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 71.6%
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 22.8% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 4.1% through buybacks

✗Weaknesses

✗High debt to equity ratio of 13.2x
✗Weak momentum: RS Rating 19 (bottom 19%)
✗Trading more than 30% below 52-week high
✗Expensive at 27.7x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.87%

5Y4.32%

3Y2.17%

TTM-2.33%

Profit (Net Income) CAGR

10Y16.19%

5Y71.64%

3Y-

TTM140.3%

EPS CAGR

10Y15.73%

5Y71.45%

3Y-

TTM140.68%

ROCE

10Y Avg3.44%

5Y Avg-0%

3Y Avg-0.05%

Latest15.56%

Peer Comparison

Vertical industry SaaS applications

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AGYSAgilysys, Inc.	2.03B	72.17	88.01	16.07%	9.79%	9.72%	2.58%	0.18
TYLTyler Technologies, Inc.	15.26B	354.69	58.63	9.53%	13.53%	5.6%	3.96%	0.19
APPFAppFolio, Inc.	4.33B	177.76	45.81	19.72%	14.82%	25.97%	5.52%	0.06
DSGXThe Descartes Systems Group Inc.	5.7B	66.25	40.40	13.63%	22.1%	10%	3.73%	0.01
SAPSAP SE	234.7B	201.53	28.52	3.43%	19.91%	16.16%	3.99%	0.18
KAROKarooooo Ltd.	1.46B	47.22	25.30	8.61%	19.48%	31.6%	3.99%	0.22
YMMFull Truck Alliance Co. Ltd.	20B	9.38	21.89	33.22%	34.41%	10.5%	2.11%	0.00
BLKBBlackbaud, Inc.	2.27B	48.54	20.48	-2.35%	10.19%	135.24%	11.37%	13.16

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	730.82M	788.31M	848.61M	900.42M	913.22M	927.74M	1.06B	1.11B	1.16B	1.13B
Revenue Growth %	14.56%	7.87%	7.65%	6.11%	1.42%	1.59%	14.05%	4.47%	4.53%	-2.35%
Cost of Goods Sold+	339.22M	361.9M	380.84M	417.22M	427.17M	443.19M	505.39M	501.39M	516.29M	467.31M
COGS % of Revenue	46.42%	45.91%	44.88%	46.34%	46.78%	47.77%	47.76%	45.36%	44.68%	41.41%
Gross Profit+	392.42M	426.58M	467.76M	483.2M	486.05M	484.55M	552.72M	604.04M	639.2M	661.06M
Gross Margin %	53.7%	54.11%	55.12%	53.66%	53.22%	52.23%	52.24%	54.64%	55.32%	58.59%
Gross Profit Growth %	17.74%	8.71%	9.65%	3.3%	0.59%	-0.31%	14.07%	9.29%	5.82%	3.42%
Operating Expenses+	324.2M	358.4M	408.35M	456.05M	448.81M	459.64M	581.2M	559.34M	909.71M	470.3M
OpEx % of Revenue	44.36%	45.47%	48.12%	50.65%	49.15%	49.54%	54.93%	50.6%	78.73%	41.68%
Selling, General & Admin	229.79M	264.43M	292.7M	337.57M	340.15M	325.46M	359.44M	335.57M	294.72M	332.17M
SG&A % of Revenue	31.44%	33.54%	34.49%	37.49%	37.25%	35.08%	33.97%	30.36%	25.51%	29.44%
Research & Development	98.17M	102.71M	115.41M	126.86M	100.15M	124.57M	159.21M	153.3M	183.19M	138.13M
R&D % of Revenue	13.43%	13.03%	13.6%	14.09%	10.97%	13.43%	15.05%	13.87%	15.85%	12.24%
Other Operating Expenses	-3.76M	-8.73M	234K	-8.38M	8.52M	9.61M	62.55M	70.47M	431.8M	0
Operating Income+	68.22M	68.18M	59.42M	27.14M	37.24M	24.91M	-28.48M	44.7M	-270.51M	190.75M
Operating Margin %	9.34%	8.65%	7%	3.01%	4.08%	2.68%	-2.69%	4.04%	-23.41%	16.91%
Operating Income Growth %	46.05%	-0.07%	-12.85%	-54.31%	37.2%	-33.13%	-214.37%	256.94%	-705.09%	170.52%
EBITDA+	130.41M	129.33M	122.38M	92.14M	98.28M	76.32M	37.08M	111.39M	-197.14M	276.97M
EBITDA Margin %	17.85%	16.41%	14.42%	10.23%	10.76%	8.23%	3.5%	10.08%	-17.06%	24.55%
EBITDA Growth %	34.02%	-0.83%	-5.37%	-24.71%	6.66%	-22.35%	-51.41%	200.38%	-276.98%	240.49%
D&A (Non-Cash Add-back)	62.19M	61.15M	62.97M	64.99M	61.03M	51.41M	65.57M	66.69M	73.36M	86.22M
EBIT	69.92M	68.97M	71.41M	34.15M	42.84M	32.28M	33.44M	112.03M	180.35M	199.75M
Net Interest Income+	-10M	-11.1M	-13.89M	-17.82M	-15.63M	-17.61M	-34.06M	-31.1M	-45.79M	-67.97M
Interest Income	581K	993K	2.01M	2.8M	1.66M	392K	1.75M	8.82M	9.85M	0
Interest Expense	10.58M	12.1M	15.9M	20.62M	17.29M	18M	35.8M	39.92M	55.63M	67.97M
Other Income/Expense	-10.87M	-9.84M	-14.79M	-16.56M	-15.63M	-17.82M	-27.09M	-27.06M	-41.09M	-58.97M
Pretax Income+	50.93M	54.19M	44.62M	10.59M	21.61M	7.08M	-55.58M	17.64M	-311.59M	131.78M
Pretax Margin %	6.97%	6.87%	5.26%	1.18%	2.37%	0.76%	-5.25%	1.6%	-26.97%	11.68%
Income Tax+	9.41M	-11.74M	-219K	-1.32M	13.9M	1.39M	-10.17M	15.82M	-28.42M	16.81M
Effective Tax Rate %	81.52%	121.66%	100.49%	112.5%	35.7%	80.45%	81.7%	10.32%	90.88%	87.24%
Net Income+	41.52M	65.93M	44.84M	11.91M	7.72M	5.7M	-45.41M	1.82M	-283.17M	114.97M
Net Margin %	5.68%	8.36%	5.28%	1.32%	0.84%	0.61%	-4.29%	0.16%	-24.51%	10.19%
Net Income Growth %	61.86%	58.82%	-31.99%	-73.44%	-35.19%	-26.16%	-896.89%	104.01%	-15658.9%	140.6%
Net Income (Continuing)	45.4M	73.63M	44.84M	11.91M	7.72M	5.7M	-45.41M	1.82M	-283.17M	114.97M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.88	1.38	0.93	0.25	0.16	0.12	-0.88	0.03	-5.60	2.37
EPS Growth %	60%	56.82%	-32.61%	-73.12%	-36%	-25%	-833.33%	103.85%	-16619.17%	142.32%
EPS (Basic)	0.90	1.41	0.95	0.25	0.16	0.12	-0.88	0.03	-5.60	2.41
Diluted Shares Outstanding	47.32M	47.78M	48.05M	48.31M	48.7M	48.23M	51.57M	53.72M	50.56M	48.47M
Basic Shares Outstanding	46.13M	46.67M	47.21M	47.7M	48.18M	47.41M	51.57M	52.55M	50.56M	47.68M
Dividend Payout Ratio	54.95%	34.99%	51.99%	198.24%	77.23%	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	507.92M	794.1M	597.98M	734.54M	819.06M	850.97M	918.64M	929.76M	976.31M	930.09M
Cash & Short-Term Investments	16.9M	29.83M	30.87M	31.81M	35.75M	55.15M	31.69M	31.25M	67.63M	758.98M
Cash Only	16.9M	29.83M	30.87M	31.81M	35.75M	55.15M	31.69M	31.25M	67.63M	758.98M
Short-Term Investments	0	0	0	0	0	0	0	0	0	1.31M
Accounts Receivable	88.93M	97.22M	88.35M	89.39M	95.72M	103.7M	103.06M	102.22M	83.54M	81.83M
Days Sales Outstanding	44.42	45.01	38	36.24	38.26	40.8	35.55	33.75	26.39	26.47
Inventory	353.77M	610.34M	418.98M	0	0	0	0	0	0	0
Days Inventory Outstanding	380.66	615.57	401.55	-	-	-	-	-	-	-
Other Current Assets	402.08M	610.34M	418.98M	545.49M	609.22M	596.62M	783.89M	796.29M	825.14M	89.29M
Total Non-Current Assets+	802.29M	965.32M	1.02B	1.26B	1.23B	2.11B	2.07B	1.98B	1.52B	1.46B
Property, Plant & Equipment	50.27M	42.24M	40.03M	139.95M	127.85M	165.31M	153.32M	135.62M	118.48M	89.71M
Fixed Asset Turnover	14.54x	18.66x	21.20x	6.43x	7.14x	5.61x	6.90x	8.15x	9.75x	12.58x
Goodwill	438.24M	530.25M	545.21M	634.09M	635.85M	1.08B	1.05B	1.05B	1.05B	1.06B
Intangible Assets	291.26M	368.75M	366.72M	419.2M	389.33M	795.33M	776.16M	742.13M	281.2M	262.5M
Long-Term Investments	206K	1.14M	2.26M	0	0	7.16M	31.87M	16.2M	9.26M	0
Other Non-Current Assets	22.52M	24.08M	65.36M	65.19M	72.64M	77.27M	94.3M	34.84M	57.96M	51.57M
Total Assets+	1.31B	1.76B	1.62B	1.99B	2.04B	2.97B	2.99B	2.91B	2.5B	2.39B
Asset Turnover	0.56x	0.45x	0.53x	0.45x	0.45x	0.31x	0.35x	0.38x	0.46x	0.47x
Asset Growth %	7.06%	34.29%	-8.19%	23.38%	2.6%	45.02%	0.92%	-2.69%	-14.3%	-4.21%
Total Current Liabilities+	680.12M	976M	805.65M	988.84M	1.01B	1.11B	1.23B	1.2B	1.25B	1.18B
Accounts Payable	23.27M	24.69M	34.54M	47.68M	27.84M	22.07M	42.56M	25.18M	50.81M	27.34M
Days Payables Outstanding	25.04	24.9	33.1	41.71	23.79	18.17	30.74	18.33	35.92	21.36
Short-Term Debt	4.38M	8.58M	7.5M	7.5M	12.84M	18.7M	18.8M	25.96M	23.88M	22.66M
Deferred Revenue (Current)	244.5M	276.46M	295.99M	314.33M	312.24M	374.5M	382.42M	392.53M	359.53M	368.99M
Other Current Liabilities	375.95M	611.88M	420.73M	546.01M	608.26M	594.27M	700.86M	753.46M	817.88M	763.11M
Current Ratio	0.75x	0.81x	0.74x	0.74x	0.81x	0.77x	0.75x	0.78x	0.78x	0.79x
Quick Ratio	0.23x	0.19x	0.22x	0.74x	0.81x	0.77x	0.75x	0.78x	0.78x	0.79x
Cash Conversion Cycle	400.03	635.67	406.45	-	-	-	-	-	-	-
Total Non-Current Liabilities+	382.55M	476.52M	435.87M	607.36M	605.18M	1.14B	1.02B	906.44M	1.1B	1.12B
Long-Term Debt	338.02M	429.65M	379.62M	459.6M	518.19M	937.48M	840.24M	760.4M	1.05B	1.09B
Capital Lease Obligations	0	0	0	95.62M	17.36M	53.39M	44.92M	40.09M	34.19M	4.61M
Deferred Tax Liabilities	29.56M	37.6M	44.29M	44.59M	54.09M	142.21M	125.76M	93.29M	9.52M	21.98M
Other Non-Current Liabilities	8.53M	5.63M	9.39M	5.74M	10.87M	1.34M	4.29M	10.26M	4.8M	2.53M
Total Liabilities	1.06B	1.45B	1.24B	1.6B	1.62B	2.25B	2.25B	2.1B	2.35B	2.31B
Total Debt+	342.39M	438.22M	387.12M	562.72M	548.39M	1.01B	903.96M	826.45M	1.11B	1.12B
Net Debt	325.49M	408.39M	356.26M	530.91M	512.64M	954.42M	872.27M	795.2M	1.04B	359.93M
Debt / Equity	1.38x	1.43x	1.04x	1.42x	1.29x	1.41x	1.21x	1.02x	7.81x	13.16x
Debt / EBITDA	2.63x	3.39x	3.16x	6.11x	5.58x	13.23x	24.38x	7.42x	-	4.04x
Net Debt / EBITDA	2.50x	3.16x	2.91x	5.76x	5.22x	12.51x	23.52x	7.14x	-	1.30x
Interest Coverage	6.45x	5.64x	3.74x	1.32x	2.15x	1.38x	-0.80x	1.12x	-4.86x	2.81x
Total Equity+	247.54M	306.9M	373.78M	396.76M	426.15M	717.06M	744.03M	808.71M	141.99M	85.05M
Equity Growth %	17.55%	23.98%	21.79%	6.15%	7.41%	68.26%	3.76%	8.69%	-82.44%	-40.1%
Book Value per Share	5.23	6.42	7.78	8.21	8.75	14.87	14.43	15.05	2.81	1.75
Total Shareholders' Equity	247.54M	306.9M	373.78M	396.76M	426.15M	717.06M	744.03M	808.71M	141.99M	85.05M
Common Stock	58K	59K	59K	60K	61K	66K	68K	69K	71K	72K
Retained Earnings	152.73M	195.65M	246.48M	234.85M	236.71M	242.46M	197.05M	198.87M	-84.3M	15.51M
Treasury Stock	-215.24M	-239.2M	-266.88M	-290.67M	-353.09M	-500.91M	-537.29M	-591.56M	-1.06B	-1.32B
Accumulated OCI	-457K	-649K	-5.11M	-5.29M	-2.5M	6.52M	8.94M	-1.69M	-4.87M	-5.95M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	153.63M	176.29M	201.38M	182.48M	147.96M	213.66M	203.89M	199.63M	295.97M	265.55M
Operating CF Margin %	21.02%	22.36%	23.73%	20.27%	16.2%	23.03%	19.27%	18.06%	25.61%	23.53%
Operating CF Growth %	34.36%	14.75%	14.24%	-9.39%	-18.92%	44.41%	-4.57%	-2.09%	48.26%	-10.28%
Net Income	41.52M	65.93M	44.84M	11.91M	7.72M	5.7M	-45.41M	1.82M	-283.17M	114.97M
Depreciation & Amortization	70.49M	73.95M	79.57M	85.69M	92.73M	82.41M	102.37M	109.49M	121.67M	86.22M
Stock-Based Compensation	32.64M	40.63M	48.27M	58.63M	87.26M	120.38M	110.29M	127.76M	104.97M	92.91M
Deferred Taxes	3.03M	-14.33M	-619K	-3.6M	8.84M	-2.43M	-26.64M	-24.37M	-85.01M	-181K
Other Non-Cash Items	3.82M	13.03M	5.73M	14.38M	16.97M	23.51M	14.11M	11.3M	416.98M	1.69M
Working Capital Changes	2.13M	-2.92M	23.59M	15.46M	-65.56M	-15.91M	49.17M	-26.36M	20.54M	-30.05M
Change in Receivables	-13.2M	-15.75M	2.17M	-6.57M	-18.41M	-6.53M	-7.34M	-3.24M	4.73M	-938K
Change in Inventory	-3.23M	-11.12M	-7.24M	0	0	0	0	0	0	0
Change in Payables	99.69M	1.02M	9.49M	12.9M	-20M	-9.67M	21.61M	-18.58M	28.34M	-23.54M
Cash from Investing+	-47.43M	-184.88M	-97.79M	-167.22M	-71.85M	-471.27M	-85.55M	-64.39M	-73.41M	-74.94M
Capital Expenditures	-44.05M	-38.55M	-52.35M	-11.49M	-29.69M	-11.66M	-12.29M	-4.68M	-7.44M	-7.77M
CapEx % of Revenue	6.03%	4.89%	6.17%	1.28%	3.25%	1.26%	1.16%	0.42%	0.64%	0.69%
Acquisitions	-3.38M	-146.79M	-44.94M	-109.35M	0	-419.12M	-14.49M	-13K	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-26.36M	-27.88M	-500K	-46.37M	-42.16M	-40.49M	-58.77M	-59.69M	-65.97M	-67.17M
Cash from Financing+	-104.55M	278.64M	-291.91M	111.21M	-10.68M	264.11M	-25.69M	-142.97M	-139.35M	-247.4M
Debt Issued (Net)	-66.38M	95.38M	-51.58M	79.5M	937K	429.23M	-99.74M	-81.39M	290.23M	34.72M
Equity Issued (Net)	0	0	0	0	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-22.81M	-23.07M	-23.31M	-23.61M	-5.96M	0	0	0	0	0
Share Repurchases	-15.38M	-23.96M	-27.68M	0	-41M	-108.42M	-36.38M	-18.83M	-474.86M	-217.15M
Other Financing	80.64M	206.33M	-217.02M	55.32M	35.34M	-56.7M	110.43M	-42.74M	-11.55M	-64.96M
Net Change in Cash	1.54M	269.5M	-190.33M	127.45M	67.67M	6.79M	82.17M	-5.67M	81.25M	-50.54M
Free Cash Flow+	109.58M	137.74M	149.04M	124.11M	76.11M	161.51M	132.83M	135.51M	288.52M	257.78M
FCF Margin %	14.99%	17.47%	17.56%	13.78%	8.33%	17.41%	12.55%	12.26%	24.97%	22.85%
FCF Growth %	36.58%	25.7%	8.2%	-16.72%	-38.68%	112.21%	-17.76%	2.01%	112.92%	-10.65%
FCF per Share	2.32	2.88	3.10	2.57	1.56	3.35	2.58	2.52	5.71	5.32
FCF Conversion (FCF/Net Income)	3.70x	2.67x	4.49x	15.32x	19.17x	37.50x	-4.49x	109.69x	-1.05x	2.31x
Interest Paid	9.61M	10.61M	15.26M	19.93M	15.72M	16.39M	33.37M	38.05M	51.88M	0
Taxes Paid	1.34M	5.61M	-7.14M	383K	3.56M	10.07M	9.67M	35.62M	60.67M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	18.12%	23.78%	13.18%	3.09%	1.88%	1%	-6.22%	0.23%	-59.57%	101.27%
Return on Invested Capital (ROIC)	8.7%	7.94%	6.17%	2.46%	2.99%	1.43%	-1.3%	2.08%	-14.56%	17.57%
Gross Margin	53.7%	54.11%	55.12%	53.66%	53.22%	52.23%	52.24%	54.64%	55.32%	58.59%
Net Margin	5.68%	8.36%	5.28%	1.32%	0.84%	0.61%	-4.29%	0.16%	-24.51%	10.19%
Debt / Equity	1.38x	1.43x	1.04x	1.42x	1.29x	1.41x	1.21x	1.02x	7.81x	13.16x
Interest Coverage	6.45x	5.64x	3.74x	1.32x	2.15x	1.38x	-0.80x	1.12x	-4.86x	2.81x
FCF Conversion	3.70x	2.67x	4.49x	15.32x	19.17x	37.50x	-4.49x	109.69x	-1.05x	2.31x
Revenue Growth	14.56%	7.87%	7.65%	6.11%	1.42%	1.59%	14.05%	4.47%	4.53%	-2.35%

US Stock Screener

...

Blackbaud, Inc. (BLKB) 10-Year Financial Performance & Capital Metrics

BLKB •

TechnologyApplication SoftwareVertical industry SaaS applications

Revenue $1.13B -2.3%
EBITDA $277M +240.5%
Net Income $115M +140.6%
EPS (Diluted) 2.37 +142.3%
Gross Margin 58.59% +5.9%
EBITDA Margin 24.55% +243.9%
Operating Margin 16.91% +172.2%
Net Margin 10.19% +141.6%
ROE 101.27% +270.0%
ROIC 17.57% +220.7%
Debt/Equity 13.16 +68.4%
Interest Coverage 2.81 +157.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 71.6%
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 22.8% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 4.1% through buybacks

✗Weaknesses

✗High debt to equity ratio of 13.2x
✗Weak momentum: RS Rating 19 (bottom 19%)
✗Trading more than 30% below 52-week high
✗Expensive at 27.7x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y5.87%

5Y4.32%

3Y2.17%

TTM-2.33%

Profit (Net Income) CAGR

10Y16.19%

5Y71.64%

3Y-

TTM140.3%

EPS CAGR

10Y15.73%

5Y71.45%

3Y-

TTM140.68%

ROCE

10Y Avg3.44%

5Y Avg-0%

3Y Avg-0.05%

Latest15.56%

Peer Comparison

Vertical industry SaaS applications

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AGYSAgilysys, Inc.	2.03B	72.17	88.01	16.07%	9.79%	9.72%	2.58%	0.18
TYLTyler Technologies, Inc.	15.26B	354.69	58.63	9.53%	13.53%	5.6%	3.96%	0.19
APPFAppFolio, Inc.	4.33B	177.76	45.81	19.72%	14.82%	25.97%	5.52%	0.06
DSGXThe Descartes Systems Group Inc.	5.7B	66.25	40.40	13.63%	22.1%	10%	3.73%	0.01
SAPSAP SE	234.7B	201.53	28.52	3.43%	19.91%	16.16%	3.99%	0.18
KAROKarooooo Ltd.	1.46B	47.22	25.30	8.61%	19.48%	31.6%	3.99%	0.22
YMMFull Truck Alliance Co. Ltd.	20B	9.38	21.89	33.22%	34.41%	10.5%	2.11%	0.00
BLKBBlackbaud, Inc.	2.27B	48.54	20.48	-2.35%	10.19%	135.24%	11.37%	13.16

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	730.82M	788.31M	848.61M	900.42M	913.22M	927.74M	1.06B	1.11B	1.16B	1.13B
Revenue Growth %	14.56%	7.87%	7.65%	6.11%	1.42%	1.59%	14.05%	4.47%	4.53%	-2.35%
Cost of Goods Sold+	339.22M	361.9M	380.84M	417.22M	427.17M	443.19M	505.39M	501.39M	516.29M	467.31M
COGS % of Revenue	46.42%	45.91%	44.88%	46.34%	46.78%	47.77%	47.76%	45.36%	44.68%	41.41%
Gross Profit+	392.42M	426.58M	467.76M	483.2M	486.05M	484.55M	552.72M	604.04M	639.2M	661.06M
Gross Margin %	53.7%	54.11%	55.12%	53.66%	53.22%	52.23%	52.24%	54.64%	55.32%	58.59%
Gross Profit Growth %	17.74%	8.71%	9.65%	3.3%	0.59%	-0.31%	14.07%	9.29%	5.82%	3.42%
Operating Expenses+	324.2M	358.4M	408.35M	456.05M	448.81M	459.64M	581.2M	559.34M	909.71M	470.3M
OpEx % of Revenue	44.36%	45.47%	48.12%	50.65%	49.15%	49.54%	54.93%	50.6%	78.73%	41.68%
Selling, General & Admin	229.79M	264.43M	292.7M	337.57M	340.15M	325.46M	359.44M	335.57M	294.72M	332.17M
SG&A % of Revenue	31.44%	33.54%	34.49%	37.49%	37.25%	35.08%	33.97%	30.36%	25.51%	29.44%
Research & Development	98.17M	102.71M	115.41M	126.86M	100.15M	124.57M	159.21M	153.3M	183.19M	138.13M
R&D % of Revenue	13.43%	13.03%	13.6%	14.09%	10.97%	13.43%	15.05%	13.87%	15.85%	12.24%
Other Operating Expenses	-3.76M	-8.73M	234K	-8.38M	8.52M	9.61M	62.55M	70.47M	431.8M	0
Operating Income+	68.22M	68.18M	59.42M	27.14M	37.24M	24.91M	-28.48M	44.7M	-270.51M	190.75M
Operating Margin %	9.34%	8.65%	7%	3.01%	4.08%	2.68%	-2.69%	4.04%	-23.41%	16.91%
Operating Income Growth %	46.05%	-0.07%	-12.85%	-54.31%	37.2%	-33.13%	-214.37%	256.94%	-705.09%	170.52%
EBITDA+	130.41M	129.33M	122.38M	92.14M	98.28M	76.32M	37.08M	111.39M	-197.14M	276.97M
EBITDA Margin %	17.85%	16.41%	14.42%	10.23%	10.76%	8.23%	3.5%	10.08%	-17.06%	24.55%
EBITDA Growth %	34.02%	-0.83%	-5.37%	-24.71%	6.66%	-22.35%	-51.41%	200.38%	-276.98%	240.49%
D&A (Non-Cash Add-back)	62.19M	61.15M	62.97M	64.99M	61.03M	51.41M	65.57M	66.69M	73.36M	86.22M
EBIT	69.92M	68.97M	71.41M	34.15M	42.84M	32.28M	33.44M	112.03M	180.35M	199.75M
Net Interest Income+	-10M	-11.1M	-13.89M	-17.82M	-15.63M	-17.61M	-34.06M	-31.1M	-45.79M	-67.97M
Interest Income	581K	993K	2.01M	2.8M	1.66M	392K	1.75M	8.82M	9.85M	0
Interest Expense	10.58M	12.1M	15.9M	20.62M	17.29M	18M	35.8M	39.92M	55.63M	67.97M
Other Income/Expense	-10.87M	-9.84M	-14.79M	-16.56M	-15.63M	-17.82M	-27.09M	-27.06M	-41.09M	-58.97M
Pretax Income+	50.93M	54.19M	44.62M	10.59M	21.61M	7.08M	-55.58M	17.64M	-311.59M	131.78M
Pretax Margin %	6.97%	6.87%	5.26%	1.18%	2.37%	0.76%	-5.25%	1.6%	-26.97%	11.68%
Income Tax+	9.41M	-11.74M	-219K	-1.32M	13.9M	1.39M	-10.17M	15.82M	-28.42M	16.81M
Effective Tax Rate %	81.52%	121.66%	100.49%	112.5%	35.7%	80.45%	81.7%	10.32%	90.88%	87.24%
Net Income+	41.52M	65.93M	44.84M	11.91M	7.72M	5.7M	-45.41M	1.82M	-283.17M	114.97M
Net Margin %	5.68%	8.36%	5.28%	1.32%	0.84%	0.61%	-4.29%	0.16%	-24.51%	10.19%
Net Income Growth %	61.86%	58.82%	-31.99%	-73.44%	-35.19%	-26.16%	-896.89%	104.01%	-15658.9%	140.6%
Net Income (Continuing)	45.4M	73.63M	44.84M	11.91M	7.72M	5.7M	-45.41M	1.82M	-283.17M	114.97M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.88	1.38	0.93	0.25	0.16	0.12	-0.88	0.03	-5.60	2.37
EPS Growth %	60%	56.82%	-32.61%	-73.12%	-36%	-25%	-833.33%	103.85%	-16619.17%	142.32%
EPS (Basic)	0.90	1.41	0.95	0.25	0.16	0.12	-0.88	0.03	-5.60	2.41
Diluted Shares Outstanding	47.32M	47.78M	48.05M	48.31M	48.7M	48.23M	51.57M	53.72M	50.56M	48.47M
Basic Shares Outstanding	46.13M	46.67M	47.21M	47.7M	48.18M	47.41M	51.57M	52.55M	50.56M	47.68M
Dividend Payout Ratio	54.95%	34.99%	51.99%	198.24%	77.23%	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	507.92M	794.1M	597.98M	734.54M	819.06M	850.97M	918.64M	929.76M	976.31M	930.09M
Cash & Short-Term Investments	16.9M	29.83M	30.87M	31.81M	35.75M	55.15M	31.69M	31.25M	67.63M	758.98M
Cash Only	16.9M	29.83M	30.87M	31.81M	35.75M	55.15M	31.69M	31.25M	67.63M	758.98M
Short-Term Investments	0	0	0	0	0	0	0	0	0	1.31M
Accounts Receivable	88.93M	97.22M	88.35M	89.39M	95.72M	103.7M	103.06M	102.22M	83.54M	81.83M
Days Sales Outstanding	44.42	45.01	38	36.24	38.26	40.8	35.55	33.75	26.39	26.47
Inventory	353.77M	610.34M	418.98M	0	0	0	0	0	0	0
Days Inventory Outstanding	380.66	615.57	401.55	-	-	-	-	-	-	-
Other Current Assets	402.08M	610.34M	418.98M	545.49M	609.22M	596.62M	783.89M	796.29M	825.14M	89.29M
Total Non-Current Assets+	802.29M	965.32M	1.02B	1.26B	1.23B	2.11B	2.07B	1.98B	1.52B	1.46B
Property, Plant & Equipment	50.27M	42.24M	40.03M	139.95M	127.85M	165.31M	153.32M	135.62M	118.48M	89.71M
Fixed Asset Turnover	14.54x	18.66x	21.20x	6.43x	7.14x	5.61x	6.90x	8.15x	9.75x	12.58x
Goodwill	438.24M	530.25M	545.21M	634.09M	635.85M	1.08B	1.05B	1.05B	1.05B	1.06B
Intangible Assets	291.26M	368.75M	366.72M	419.2M	389.33M	795.33M	776.16M	742.13M	281.2M	262.5M
Long-Term Investments	206K	1.14M	2.26M	0	0	7.16M	31.87M	16.2M	9.26M	0
Other Non-Current Assets	22.52M	24.08M	65.36M	65.19M	72.64M	77.27M	94.3M	34.84M	57.96M	51.57M
Total Assets+	1.31B	1.76B	1.62B	1.99B	2.04B	2.97B	2.99B	2.91B	2.5B	2.39B
Asset Turnover	0.56x	0.45x	0.53x	0.45x	0.45x	0.31x	0.35x	0.38x	0.46x	0.47x
Asset Growth %	7.06%	34.29%	-8.19%	23.38%	2.6%	45.02%	0.92%	-2.69%	-14.3%	-4.21%
Total Current Liabilities+	680.12M	976M	805.65M	988.84M	1.01B	1.11B	1.23B	1.2B	1.25B	1.18B
Accounts Payable	23.27M	24.69M	34.54M	47.68M	27.84M	22.07M	42.56M	25.18M	50.81M	27.34M
Days Payables Outstanding	25.04	24.9	33.1	41.71	23.79	18.17	30.74	18.33	35.92	21.36
Short-Term Debt	4.38M	8.58M	7.5M	7.5M	12.84M	18.7M	18.8M	25.96M	23.88M	22.66M
Deferred Revenue (Current)	244.5M	276.46M	295.99M	314.33M	312.24M	374.5M	382.42M	392.53M	359.53M	368.99M
Other Current Liabilities	375.95M	611.88M	420.73M	546.01M	608.26M	594.27M	700.86M	753.46M	817.88M	763.11M
Current Ratio	0.75x	0.81x	0.74x	0.74x	0.81x	0.77x	0.75x	0.78x	0.78x	0.79x
Quick Ratio	0.23x	0.19x	0.22x	0.74x	0.81x	0.77x	0.75x	0.78x	0.78x	0.79x
Cash Conversion Cycle	400.03	635.67	406.45	-	-	-	-	-	-	-
Total Non-Current Liabilities+	382.55M	476.52M	435.87M	607.36M	605.18M	1.14B	1.02B	906.44M	1.1B	1.12B
Long-Term Debt	338.02M	429.65M	379.62M	459.6M	518.19M	937.48M	840.24M	760.4M	1.05B	1.09B
Capital Lease Obligations	0	0	0	95.62M	17.36M	53.39M	44.92M	40.09M	34.19M	4.61M
Deferred Tax Liabilities	29.56M	37.6M	44.29M	44.59M	54.09M	142.21M	125.76M	93.29M	9.52M	21.98M
Other Non-Current Liabilities	8.53M	5.63M	9.39M	5.74M	10.87M	1.34M	4.29M	10.26M	4.8M	2.53M
Total Liabilities	1.06B	1.45B	1.24B	1.6B	1.62B	2.25B	2.25B	2.1B	2.35B	2.31B
Total Debt+	342.39M	438.22M	387.12M	562.72M	548.39M	1.01B	903.96M	826.45M	1.11B	1.12B
Net Debt	325.49M	408.39M	356.26M	530.91M	512.64M	954.42M	872.27M	795.2M	1.04B	359.93M
Debt / Equity	1.38x	1.43x	1.04x	1.42x	1.29x	1.41x	1.21x	1.02x	7.81x	13.16x
Debt / EBITDA	2.63x	3.39x	3.16x	6.11x	5.58x	13.23x	24.38x	7.42x	-	4.04x
Net Debt / EBITDA	2.50x	3.16x	2.91x	5.76x	5.22x	12.51x	23.52x	7.14x	-	1.30x
Interest Coverage	6.45x	5.64x	3.74x	1.32x	2.15x	1.38x	-0.80x	1.12x	-4.86x	2.81x
Total Equity+	247.54M	306.9M	373.78M	396.76M	426.15M	717.06M	744.03M	808.71M	141.99M	85.05M
Equity Growth %	17.55%	23.98%	21.79%	6.15%	7.41%	68.26%	3.76%	8.69%	-82.44%	-40.1%
Book Value per Share	5.23	6.42	7.78	8.21	8.75	14.87	14.43	15.05	2.81	1.75
Total Shareholders' Equity	247.54M	306.9M	373.78M	396.76M	426.15M	717.06M	744.03M	808.71M	141.99M	85.05M
Common Stock	58K	59K	59K	60K	61K	66K	68K	69K	71K	72K
Retained Earnings	152.73M	195.65M	246.48M	234.85M	236.71M	242.46M	197.05M	198.87M	-84.3M	15.51M
Treasury Stock	-215.24M	-239.2M	-266.88M	-290.67M	-353.09M	-500.91M	-537.29M	-591.56M	-1.06B	-1.32B
Accumulated OCI	-457K	-649K	-5.11M	-5.29M	-2.5M	6.52M	8.94M	-1.69M	-4.87M	-5.95M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	153.63M	176.29M	201.38M	182.48M	147.96M	213.66M	203.89M	199.63M	295.97M	265.55M
Operating CF Margin %	21.02%	22.36%	23.73%	20.27%	16.2%	23.03%	19.27%	18.06%	25.61%	23.53%
Operating CF Growth %	34.36%	14.75%	14.24%	-9.39%	-18.92%	44.41%	-4.57%	-2.09%	48.26%	-10.28%
Net Income	41.52M	65.93M	44.84M	11.91M	7.72M	5.7M	-45.41M	1.82M	-283.17M	114.97M
Depreciation & Amortization	70.49M	73.95M	79.57M	85.69M	92.73M	82.41M	102.37M	109.49M	121.67M	86.22M
Stock-Based Compensation	32.64M	40.63M	48.27M	58.63M	87.26M	120.38M	110.29M	127.76M	104.97M	92.91M
Deferred Taxes	3.03M	-14.33M	-619K	-3.6M	8.84M	-2.43M	-26.64M	-24.37M	-85.01M	-181K
Other Non-Cash Items	3.82M	13.03M	5.73M	14.38M	16.97M	23.51M	14.11M	11.3M	416.98M	1.69M
Working Capital Changes	2.13M	-2.92M	23.59M	15.46M	-65.56M	-15.91M	49.17M	-26.36M	20.54M	-30.05M
Change in Receivables	-13.2M	-15.75M	2.17M	-6.57M	-18.41M	-6.53M	-7.34M	-3.24M	4.73M	-938K
Change in Inventory	-3.23M	-11.12M	-7.24M	0	0	0	0	0	0	0
Change in Payables	99.69M	1.02M	9.49M	12.9M	-20M	-9.67M	21.61M	-18.58M	28.34M	-23.54M
Cash from Investing+	-47.43M	-184.88M	-97.79M	-167.22M	-71.85M	-471.27M	-85.55M	-64.39M	-73.41M	-74.94M
Capital Expenditures	-44.05M	-38.55M	-52.35M	-11.49M	-29.69M	-11.66M	-12.29M	-4.68M	-7.44M	-7.77M
CapEx % of Revenue	6.03%	4.89%	6.17%	1.28%	3.25%	1.26%	1.16%	0.42%	0.64%	0.69%
Acquisitions	-3.38M	-146.79M	-44.94M	-109.35M	0	-419.12M	-14.49M	-13K	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-26.36M	-27.88M	-500K	-46.37M	-42.16M	-40.49M	-58.77M	-59.69M	-65.97M	-67.17M
Cash from Financing+	-104.55M	278.64M	-291.91M	111.21M	-10.68M	264.11M	-25.69M	-142.97M	-139.35M	-247.4M
Debt Issued (Net)	-66.38M	95.38M	-51.58M	79.5M	937K	429.23M	-99.74M	-81.39M	290.23M	34.72M
Equity Issued (Net)	0	0	0	0	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-22.81M	-23.07M	-23.31M	-23.61M	-5.96M	0	0	0	0	0
Share Repurchases	-15.38M	-23.96M	-27.68M	0	-41M	-108.42M	-36.38M	-18.83M	-474.86M	-217.15M
Other Financing	80.64M	206.33M	-217.02M	55.32M	35.34M	-56.7M	110.43M	-42.74M	-11.55M	-64.96M
Net Change in Cash	1.54M	269.5M	-190.33M	127.45M	67.67M	6.79M	82.17M	-5.67M	81.25M	-50.54M
Free Cash Flow+	109.58M	137.74M	149.04M	124.11M	76.11M	161.51M	132.83M	135.51M	288.52M	257.78M
FCF Margin %	14.99%	17.47%	17.56%	13.78%	8.33%	17.41%	12.55%	12.26%	24.97%	22.85%
FCF Growth %	36.58%	25.7%	8.2%	-16.72%	-38.68%	112.21%	-17.76%	2.01%	112.92%	-10.65%
FCF per Share	2.32	2.88	3.10	2.57	1.56	3.35	2.58	2.52	5.71	5.32
FCF Conversion (FCF/Net Income)	3.70x	2.67x	4.49x	15.32x	19.17x	37.50x	-4.49x	109.69x	-1.05x	2.31x
Interest Paid	9.61M	10.61M	15.26M	19.93M	15.72M	16.39M	33.37M	38.05M	51.88M	0
Taxes Paid	1.34M	5.61M	-7.14M	383K	3.56M	10.07M	9.67M	35.62M	60.67M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	18.12%	23.78%	13.18%	3.09%	1.88%	1%	-6.22%	0.23%	-59.57%	101.27%
Return on Invested Capital (ROIC)	8.7%	7.94%	6.17%	2.46%	2.99%	1.43%	-1.3%	2.08%	-14.56%	17.57%
Gross Margin	53.7%	54.11%	55.12%	53.66%	53.22%	52.23%	52.24%	54.64%	55.32%	58.59%
Net Margin	5.68%	8.36%	5.28%	1.32%	0.84%	0.61%	-4.29%	0.16%	-24.51%	10.19%
Debt / Equity	1.38x	1.43x	1.04x	1.42x	1.29x	1.41x	1.21x	1.02x	7.81x	13.16x
Interest Coverage	6.45x	5.64x	3.74x	1.32x	2.15x	1.38x	-0.80x	1.12x	-4.86x	2.81x
FCF Conversion	3.70x	2.67x	4.49x	15.32x	19.17x	37.50x	-4.49x	109.69x	-1.05x	2.31x
Revenue Growth	14.56%	7.87%	7.65%	6.11%	1.42%	1.59%	14.05%	4.47%	4.53%	-2.35%

Blackbaud, Inc. (BLKB) 10-Year Financial Performance & Capital Metrics

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Blackbaud, Inc. (BLKB) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare BLKB vs Peers

vs SAP

vs UBER

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios