Latest Ratios: P/E Ratio 16.3x · EV/EBITDA 8.9x · ROE 101.3%. (1999–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.5B | $3.1B | $3.7B | $4.7B | $3.0B | $3.8B | $2.8B | $3.8B | $3.0B | $4.5B | $3.0B |
| Enterprise Value | $2.8B | $3.4B | $4.8B | $5.4B | $3.9B | $4.8B | $3.3B | $4.4B | $3.4B | $4.9B | $3.4B |
| P/E Ratio → | 16.30 | 26.72 | — | 2557.52 | — | 658.17 | 359.75 | 318.40 | 67.63 | 68.47 | 72.73 |
| P/S Ratio | 2.12 | 2.72 | 3.24 | 4.21 | 2.87 | 4.11 | 3.07 | 4.27 | 3.56 | 5.73 | 4.14 |
| P/B Ratio | 30.84 | 36.08 | 26.32 | 5.76 | 4.08 | 5.31 | 6.58 | 9.69 | 8.09 | 14.71 | 12.23 |
| P/FCF | 7.40 | 11.91 | 12.95 | 34.37 | 22.85 | 23.59 | 36.83 | 30.99 | 20.28 | 32.77 | 27.64 |
| P/OCF | 9.25 | 11.56 | 12.63 | 23.33 | 14.89 | 17.83 | 18.94 | 21.07 | 15.01 | 25.61 | 19.71 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.04 | 4.14 | 4.93 | 3.69 | 5.13 | 3.63 | 4.86 | 3.98 | 6.24 | 4.59 |
| EV / EBITDA | 8.89 | 12.38 | 18.69 | 35.32 | 52.89 | 44.39 | 25.51 | 38.79 | 24.31 | 34.64 | 24.18 |
| EV / EBIT | 14.76 | 17.17 | — | 48.61 | 116.86 | 147.55 | 77.39 | 128.15 | 47.31 | 71.37 | 47.96 |
| EV / FCF | — | 13.30 | 16.56 | 40.19 | 29.42 | 29.49 | 43.56 | 35.26 | 22.67 | 35.74 | 30.61 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 58.8% | 58.8% | 54.7% | 54.6% | 52.2% | 52.2% | 53.2% | 53.7% | 55.1% | 54.1% | 53.7% |
| Operating Margin | 16.9% | 16.9% | 11.6% | 4.0% | -2.7% | 2.7% | 4.1% | 3.0% | 7.0% | 8.6% | 9.3% |
| Net Profit Margin | 10.2% | 10.2% | -25.9% | 0.2% | -4.3% | 0.6% | 0.8% | 1.3% | 5.3% | 8.4% | 5.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 101.3% | 101.3% | -63.0% | 0.2% | -6.2% | 1.0% | 1.9% | 3.1% | 13.2% | 23.8% | 18.1% |
| ROA | 4.7% | 4.7% | -11.1% | 0.1% | -1.5% | 0.2% | 0.4% | 0.7% | 2.7% | 4.3% | 3.3% |
| ROIC | 17.6% | 17.6% | 7.2% | 2.1% | -1.3% | 1.4% | 3.0% | 2.5% | 6.2% | 7.9% | 8.7% |
| ROCE | 15.6% | 15.6% | 9.1% | 2.6% | -1.6% | 1.7% | 3.7% | 3.0% | 7.5% | 9.6% | 10.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 13.16 | 13.16 | 7.81 | 1.01 | 1.21 | 1.41 | 1.29 | 1.42 | 1.04 | 1.43 | 1.38 |
| Debt / EBITDA | 4.04 | 4.04 | 4.34 | 5.32 | 12.23 | 9.41 | 4.22 | 4.99 | 2.79 | 3.08 | 2.47 |
| Net Debt / Equity | — | 4.23 | 7.34 | 0.98 | 1.17 | 1.33 | 1.20 | 1.34 | 0.95 | 1.33 | 1.31 |
| Net Debt / EBITDA | 1.30 | 1.30 | 4.07 | 5.11 | 11.81 | 8.89 | 3.94 | 4.71 | 2.56 | 2.87 | 2.35 |
| Debt / FCF | — | 1.40 | 3.61 | 5.82 | 6.57 | 5.91 | 6.74 | 4.28 | 2.39 | 2.97 | 2.97 |
| Interest Coverage | 2.94 | 2.94 | -4.62 | 2.81 | 0.93 | 1.79 | 2.48 | 1.66 | 4.49 | 5.70 | 6.61 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.79 | 0.79 | 0.78 | 0.78 | 0.75 | 0.77 | 0.81 | 0.74 | 0.74 | 0.81 | 0.75 |
| Quick Ratio | 0.79 | 0.79 | 0.78 | 0.78 | 0.75 | 0.77 | 0.81 | 0.74 | 0.22 | 0.19 | 0.23 |
| Cash Ratio | 0.64 | 0.64 | 0.05 | 0.03 | 0.03 | 0.05 | 0.04 | 0.03 | 0.04 | 0.03 | 0.02 |
| Asset Turnover | — | 0.47 | 0.46 | 0.38 | 0.35 | 0.31 | 0.45 | 0.45 | 0.53 | 0.45 | 0.56 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 0.91 | 0.59 | 0.96 |
| Days Sales Outstanding | — | 26.47 | 26.41 | 33.75 | 35.55 | 40.80 | 38.26 | 36.24 | 38.00 | 45.01 | 44.42 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 0.2% | 0.6% | 0.8% | 0.5% | 0.8% |
| Payout Ratio | — | — | — | — | — | — | 77.2% | 198.2% | 52.0% | 35.0% | 54.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.1% | 3.7% | — | 0.0% | — | 0.2% | 0.3% | 0.3% | 1.5% | 1.5% | 1.4% |
| FCF Yield | 13.5% | 8.4% | 7.7% | 2.9% | 4.4% | 4.2% | 2.7% | 3.2% | 4.9% | 3.1% | 3.6% |
| Buyback Yield | 8.8% | 7.1% | 12.7% | 0.4% | 1.2% | 2.8% | 1.5% | 0.0% | 0.9% | 0.5% | 0.5% |
| Total Shareholder Yield | 8.8% | 7.1% | 12.7% | 0.4% | 1.2% | 2.8% | 1.7% | 0.6% | 1.7% | 1.0% | 1.3% |
| Shares Outstanding | — | $48M | $51M | $54M | $52M | $48M | $49M | $48M | $48M | $48M | $47M |
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying BLKB stock.
Blackbaud, Inc.'s current P/E ratio is 16.3x. The historical average is 57.5x.
Blackbaud, Inc.'s current EV/EBITDA is 8.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.4x.
Blackbaud, Inc.'s return on equity (ROE) is 101.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 20.5%.
Based on historical data, Blackbaud, Inc. is trading at a P/E of 16.3x. Compare with industry peers and growth rates for a complete picture.
Blackbaud, Inc. has 58.8% gross margin and 16.9% operating margin. Operating margin between 10-20% is typical for established companies.
Blackbaud, Inc.'s Debt/EBITDA ratio is 4.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage amplifies earnings volatility
Metrics are mathematically derived from official filings.
Low Multiples Reflect Leverage and Stagnation
Based on reported figures, BLKB trades at 22.84 trailing P/E but only 10.31 forward P/E and 5.74 forward EV/EBITDA, a compression that suggests the market expects earnings to recover from recent volatility.
The gap between trailing and forward P/E implies analysts anticipate substantial earnings normalization, though the forward figure rests on estimates that appear sensitive to the company's negative revenue trajectory. A PEG of 0.32 looks cheap on its face, yet it depends on growth forecasts that have not yet been validated by reported top-line expansion. Investors should monitor whether forward earnings hold up, since the 30.84 price-to-book multiple indicates the equity valuation rests on a thin, buyback-reduced book base rather than on tangible asset backing.
Margin Recovery Outpaces Earnings Durability
As reported in income statements, operating margin recovered from 7.5% in Q1 2025 to roughly 20% to 21% in recent quarters, though net margin of 15.7% in Q3 2026 remains volatile versus prior periods.
Gross margin improvement from 54.4% to about 61% suggests a better mix or cost discipline, yet it still sits well below cloud-native software peers, indicating a structurally capped margin profile. Net margin swings, including the deep loss in Q4 2024, imply that reported earnings are driven by non-recurring items and financing effects more than steady operating power. Operating margin is the more reliable gauge of earning power here, and it should be read alongside free cash flow margin rather than net income.
Debt Burden Persists Despite Earnings Recovery
Based on reported figures, debt-to-equity has swung from 1.84 in Q2 2024 to 34.33 in Q1 2026, while interest coverage eased to 3.88 in Q3 2026, indicating debt service remains tight relative to earnings.
The sharp rise in leverage reflects an equity base shrunk by sustained buybacks and losses rather than any expansion of debt, which makes the ratio a poor indicator of underlying solvency. Debt-to-EBITDA near 12.9 to 16.5 times in recent quarters suggests limited capacity to absorb a further revenue decline without pressure on coverage. Investors should monitor refinancing timing and whether free cash flow is directed toward deleveraging or continued repurchases, since the answer determines whether the leverage profile improves or deteriorates.
Thin Liquidity Outside Year-End Cash Peak
As reported in balance sheet data, current ratio sat between 0.68 and 0.84 across the ten quarters, with cash near $30M to $40M in most periods and a temporary spike to $759.0M in Q4 2025.
Current ratios below 1.0 combined with minimal cash outside the year-end peak suggest the company relies on seasonal collections and deferred revenue to fund near-term obligations. Under a severe stress scenario, the reliance on the Q4 cash build would leave little buffer during mid-year periods, though the data does not disclose committed credit facilities that would offset this. Investors should monitor whether the seasonal cash pattern persists, as its absence would significantly weaken the liquidity picture.
Misapplied ROE Overstates Operating Strength
Return on equity of 49.4% to 101.3% is the ratio most commonly misapplied to BLKB, since the shrunken equity base amplifies returns in ways that obscure modest underlying operating economics.
ROE becomes distorted when buybacks and losses compress book equity, inflating the ratio without any corresponding improvement in operations; ROIC of roughly 4% to 6% is a more faithful measure of capital efficiency here. Relying on ROE would lead an analyst to overstate the quality of returns and understate the role of financial leverage. Investors should use ROIC and free cash flow return on invested capital as the primary lens, given the goodwill-heavy asset base near $1.1B.