BLACKBAUD INC
BLKB · Services-Prepackaged Software · 45.9M shares · +3%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$109M (gross $19M, SBC $128M)
Reference price $31.31 · est. market cap ~$1.4B — last insider sale, 2026-06-01 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C58Nonprofit-software vendor with strong FCF but declining revenue, very high leverage, and weak liquidity.
Strengths
- Strong FCF — $257.8M (60th), FCF margin 22.8%
- Profitable — operating margin 16.9% (79th)
Risks
- Declining revenue — -2.3% (6th)
- Very high leverage, weak liquidity — D/E 12.78 (98th), current ratio 0.79 (9th)
- Competitive, slow-growth nonprofit-software market — per 10-K
Notable findings
- Weak liquidityCurrent ratio 0.79 (<1)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Customer concentration~64% of revenue from one customer/distributor — • Targeting Mid-Single-Digit Revenue Growth Contractual Recurring Revenue (~64% of total revenue) Contractual recurring revenue is driven by new‑customer bookings, cross‑sell and upsell activity w
- High leverageHigh leverage (debt/equity 12.78)
- Notable holderHeld by 6 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, FMR LLC +3 more (as of 2026-03-31)
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
- Insider sellingInsider selling — 8 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$3M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
58.8%
Operating margin
16.9%
Net margin
10.2%
Return on equity
135.2%
Return on assets
4.8%
ROIC
12.9%
Revenue growth (QoQ)
-4.8%
Debt / equity
12.8×
Net debt / EBITDA
3.8×
Interest coverage
2.8×
Current ratio
0.8×
Free cash flow
$258M
EBITDA
$277M
Tangible book value
-$1.1B
Cash & investments
$39M
Stock comp / revenue
8.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-01 | Anderson Chad | Sell | 6.2K | $31.31 |
| 2026-05-04 | Anderson Chad | Tax withheld | 187 | $37.54 |
| 2026-05-04 | Anderson Chad | Grant | 616 | — |
| 2026-05-04 | Anderson Chad | Tax withheld | 1.1K | $37.54 |
| 2026-03-04 | Gregoire Kevin P. | Sell | 2.0K | $50.02 |
| 2026-03-03 | Olson Jon W | Sell | 5.0K | $49.10 |
| 2026-02-27 | Olson Jon W | Sell | 10K | $48.23 |
| 2026-02-24 | Benjamin David J | Sell | 14K | $47.47 |
| 2026-02-23 | McDearis Kevin | Tax withheld | 1.2K | $49.13 |
| 2026-02-23 | McDearis Kevin | Tax withheld | 1.0K | $49.13 |
| 2026-02-23 | McDearis Kevin | Tax withheld | 2.2K | $49.13 |
| 2026-02-23 | Gregoire Kevin P. | Grant | 3.5K | — |
| 2026-02-23 | Gregoire Kevin P. | Tax withheld | 1.6K | $49.13 |
| 2026-02-23 | Gregoire Kevin P. | Tax withheld | 1.4K | $49.13 |
| 2026-02-23 | Gregoire Kevin P. | Tax withheld | 3.0K | $49.13 |
| 2026-02-23 | Olson Jon W | Grant | 1.6K | — |
| 2026-02-23 | Olson Jon W | Tax withheld | 485 | $49.13 |
| 2026-02-23 | Olson Jon W | Tax withheld | 452 | $49.13 |
| 2026-02-23 | Olson Jon W | Tax withheld | 1.4K | $49.13 |
| 2026-02-23 | Anderson Chad | Grant | 425 | — |
| 2026-02-23 | Anderson Chad | Tax withheld | 193 | $49.13 |
| 2026-02-23 | Anderson Chad | Tax withheld | 170 | $49.13 |
| 2026-02-23 | Anderson Chad | Tax withheld | 1.1K | $49.13 |
| 2026-02-23 | Gianoni Michael P | Grant | 11K | — |
| 2026-02-23 | Gianoni Michael P | Tax withheld | 5.1K | $49.13 |
| 2026-02-23 | Gianoni Michael P | Tax withheld | 4.5K | $49.13 |
| 2026-02-23 | Gianoni Michael P | Tax withheld | 9.8K | $49.13 |
| 2026-02-23 | Benjamin David J | Grant | 2.8K | — |
| 2026-02-23 | Benjamin David J | Tax withheld | 1.3K | $49.13 |
| 2026-02-23 | Benjamin David J | Tax withheld | 1.1K | $49.13 |
| 2026-02-23 | Benjamin David J | Tax withheld | 2.4K | $49.13 |
| 2026-02-23 | McDearis Kevin | Grant | 2.6K | — |
| 2026-02-23 | McDearis Kevin | Sell | 15K | $46.38 |
| 2026-02-23 | McDearis Kevin | Sell | 488 | $47.76 |
| 2026-02-20 | Gianoni Michael P | Tax withheld | 4.9K | $49.32 |
| 2026-02-20 | Benjamin David J | Tax withheld | 1.4K | $49.32 |
| 2026-02-20 | Benjamin David J | Tax withheld | 1.3K | $49.32 |
| 2026-02-20 | Benjamin David J | Tax withheld | 2.6K | $49.32 |
| 2026-02-20 | McDearis Kevin | Tax withheld | 1.2K | $49.32 |
| 2026-02-20 | McDearis Kevin | Tax withheld | 1.2K | $49.32 |
| 2026-02-20 | McDearis Kevin | Tax withheld | 2.4K | $49.32 |
| 2026-02-20 | Gregoire Kevin P. | Tax withheld | 1.7K | $49.32 |
| 2026-02-20 | Gregoire Kevin P. | Tax withheld | 1.6K | $49.32 |
| 2026-02-20 | Gregoire Kevin P. | Tax withheld | 3.2K | $49.32 |
| 2026-02-20 | Olson Jon W | Tax withheld | 496 | $49.32 |
| 2026-02-20 | Olson Jon W | Tax withheld | 519 | $49.32 |
| 2026-02-20 | Olson Jon W | Tax withheld | 990 | $49.32 |
| 2026-02-20 | Anderson Chad | Tax withheld | 568 | $49.32 |
| 2026-02-20 | Anderson Chad | Tax withheld | 543 | $49.32 |
| 2026-02-20 | Anderson Chad | Tax withheld | 1.1K | $49.32 |
| 2026-02-20 | Gianoni Michael P | Tax withheld | 2.5K | $49.32 |
| 2026-02-20 | Gianoni Michael P | Tax withheld | 2.6K | $49.32 |
| 2026-02-19 | Gregoire Kevin P. | Grant | 3.7K | — |
| 2026-02-19 | Gregoire Kevin P. | Tax withheld | 2.2K | $49.51 |
| 2026-02-19 | Gianoni Michael P | Tax withheld | 4.8K | $49.51 |
| 2026-02-19 | Gianoni Michael P | Grant | 5.7K | — |
| 2026-02-19 | Benjamin David J | Grant | 3.0K | — |
| 2026-02-19 | Benjamin David J | Tax withheld | 2.1K | $49.51 |
| 2026-02-19 | Olson Jon W | Tax withheld | 1.0K | $49.51 |
| 2026-02-19 | Olson Jon W | Grant | 1.7K | — |
| 2026-02-19 | Anderson Chad | Tax withheld | 1.4K | $49.51 |
| 2026-02-19 | Anderson Chad | Grant | 1.3K | — |
| 2026-02-19 | McDearis Kevin | Grant | 2.7K | — |
| 2026-02-19 | McDearis Kevin | Tax withheld | 2.2K | $49.51 |
| 2026-02-18 | Benjamin David J | Grant | 4.6K | — |
| 2026-02-18 | Olson Jon W | Grant | 3.4K | — |
| 2026-02-18 | Gregoire Kevin P. | Grant | 4.9K | — |
| 2026-02-18 | Anderson Chad | Grant | 3.0K | — |
| 2026-02-18 | McDearis Kevin | Grant | 4.8K | — |
| 2026-02-18 | Gianoni Michael P | Grant | 11K | — |
| 2026-02-18 | Benjamin David J | Sell | 8.0K | $49.41 |
| 2026-02-17 | Gianoni Michael P | Tax withheld | 7.1K | $49.08 |
| 2026-02-17 | Benjamin David J | Tax withheld | 1.7K | $49.08 |
| 2026-02-17 | Benjamin David J | Tax withheld | 2.2K | $49.08 |
| 2026-02-17 | Benjamin David J | Tax withheld | 3.1K | $49.08 |
| 2026-02-17 | Benjamin David J | Grant | 30K | — |
| 2026-02-17 | McDearis Kevin | Tax withheld | 2.7K | $49.08 |
| 2026-02-17 | McDearis Kevin | Grant | 31K | — |
| 2026-02-17 | Gregoire Kevin P. | Tax withheld | 1.8K | $49.08 |
| 2026-02-17 | Gregoire Kevin P. | Tax withheld | 2.4K | $49.08 |
| 2026-02-17 | Gregoire Kevin P. | Tax withheld | 3.3K | $49.08 |
| 2026-02-17 | Gregoire Kevin P. | Grant | 32K | — |
| 2026-02-17 | Olson Jon W | Tax withheld | 596 | $49.08 |
| 2026-02-17 | Olson Jon W | Tax withheld | 795 | $49.08 |
| 2026-02-17 | Olson Jon W | Tax withheld | 1.0K | $49.08 |
| 2026-02-17 | Olson Jon W | Grant | 26K | — |
| 2026-02-17 | Anderson Chad | Tax withheld | 271 | $49.08 |
| 2026-02-17 | Anderson Chad | Tax withheld | 397 | $49.08 |
| 2026-02-17 | Anderson Chad | Tax withheld | 1.6K | $49.08 |
| 2026-02-17 | Anderson Chad | Grant | 36K | — |
| 2026-02-17 | Gianoni Michael P | Tax withheld | 4.9K | $49.08 |
| 2026-02-17 | Gianoni Michael P | Tax withheld | 9.9K | $49.08 |
| 2026-02-17 | Gianoni Michael P | Grant | 80K | — |
| 2026-02-17 | McDearis Kevin | Tax withheld | 1.5K | $49.08 |
| 2026-02-17 | McDearis Kevin | Tax withheld | 1.9K | $49.08 |
| 2026-02-13 | McDearis Kevin | Grant | 4.3K | — |
| 2026-02-13 | Benjamin David J | Grant | 4.9K | — |
| 2026-02-13 | Gregoire Kevin P. | Grant | 5.3K | — |
| 2026-02-13 | Gianoni Michael P | Grant | 16K | — |
| 2026-02-13 | Olson Jon W | Grant | 2.4K | — |
| 2026-02-13 | Anderson Chad | Grant | 782 | — |
| 2025-11-21 | Hollenbeck Rupal S | Sell | 1.6K | $56.49 |
| 2025-11-06 | Gianoni Michael P | Sell | 3.7K | $57.30 |
| 2025-11-06 | Gianoni Michael P | Sell | 48 | $59.71 |
| 2025-11-06 | Gianoni Michael P | Sell | 1.3K | $58.73 |
| 2025-11-05 | Gianoni Michael P | Sell | 849 | $62.30 |
| 2025-11-05 | Gianoni Michael P | Sell | 1.9K | $60.31 |
| 2025-11-05 | Gianoni Michael P | Sell | 2.3K | $59.52 |
| 2025-11-04 | Gianoni Michael P | Sell | 1.0K | $63.29 |
| 2025-11-04 | Gianoni Michael P | Sell | 4.0K | $62.18 |
| 2025-08-29 | DeFiore Deneen | Sell | 4.0K | $66.61 |
| 2025-08-08 | Hollenbeck Rupal S | Sell | 2.5K | $63.98 |
| 2025-08-05 | Gregoire Kevin P. | Tax withheld | 1.1K | $63.12 |
| 2025-08-05 | Benjamin David J | Grant | 3.4K | — |
| 2025-08-05 | Benjamin David J | Tax withheld | 1.6K | $63.12 |
| 2025-08-05 | Gregoire Kevin P. | Grant | 3.4K | — |
| 2025-08-05 | Gregoire Kevin P. | Tax withheld | 1.5K | $63.12 |
| 2025-08-05 | Gregoire Kevin P. | Grant | 2.0K | — |
| 2025-08-05 | Gregoire Kevin P. | Tax withheld | 928 | $63.12 |
| 2025-08-05 | Gregoire Kevin P. | Tax withheld | 2.0K | $63.12 |
| 2025-08-05 | Benjamin David J | Grant | 2.0K | — |
| 2025-08-05 | Benjamin David J | Tax withheld | 1.1K | $63.12 |
| 2025-08-05 | Benjamin David J | Tax withheld | 973 | $63.12 |
| 2025-08-05 | Benjamin David J | Tax withheld | 2.1K | $63.12 |
| 2025-08-01 | Pyburn Bradley L | Grant | 3.7K | — |
| 2025-08-01 | Leitch Andrew M | Grant | 3.7K | — |
| 2025-08-01 | Talvitie Kristian | Grant | 3.7K | — |
| 2025-08-01 | Nanney Don Roger | Grant | 3.7K | — |
| 2025-08-01 | Hollenbeck Rupal S | Grant | 3.7K | — |
| 2025-08-01 | Gupta Yogesh K | Grant | 3.7K | — |
| 2025-08-01 | DeFiore Deneen | Grant | 3.7K | — |
| 2025-07-30 | Gregoire Kevin P. | Sell | 5.2K | $72.17 |
| 2025-07-30 | Gregoire Kevin P. | Sell | 2.0K | $73.32 |
| 2025-07-30 | Gregoire Kevin P. | Sell | 800 | $74.26 |
| 2025-05-16 | Anderson Chad | Sell | 5.5K | $63.99 |
| 2025-05-02 | Anderson Chad | Grant | 11K | — |
| 2025-05-02 | Olson Jon W | Sell | 11K | $61.15 |
| 2025-03-17 | McDearis Kevin | Sell | 1.9K | $63.40 |
| 2025-02-25 | Gregoire Kevin P. | Tax withheld | 1.3K | $68.90 |
| 2025-02-25 | Olson Jon W | Tax withheld | 1.1K | $68.90 |
| 2025-02-25 | Olson Jon W | Tax withheld | 740 | $68.90 |
| 2025-02-25 | Olson Jon W | Tax withheld | 1.4K | $68.90 |
| 2025-02-25 | McDearis Kevin | Tax withheld | 1.9K | $68.90 |
| 2025-02-25 | McDearis Kevin | Tax withheld | 1.3K | $68.90 |
| 2025-02-25 | McDearis Kevin | Tax withheld | 2.4K | $68.90 |
| 2025-02-25 | Gregoire Kevin P. | Tax withheld | 1.9K | $68.90 |
| 2025-02-25 | Gregoire Kevin P. | Tax withheld | 2.4K | $68.90 |
| 2025-02-25 | Gianoni Michael P | Tax withheld | 7.0K | $68.90 |
| 2025-02-25 | Gianoni Michael P | Tax withheld | 4.7K | $68.90 |
| 2025-02-25 | Gianoni Michael P | Tax withheld | 8.9K | $68.90 |
| 2025-02-25 | Benjamin David J | Tax withheld | 2.1K | $68.90 |
| 2025-02-25 | Benjamin David J | Tax withheld | 1.4K | $68.90 |
| 2025-02-25 | Benjamin David J | Tax withheld | 2.6K | $68.90 |
| 2025-02-25 | BOOR ANTHONY W | Tax withheld | 2.4K | $68.90 |
| 2025-02-25 | BOOR ANTHONY W | Tax withheld | 1.6K | $68.90 |
| 2025-02-25 | BOOR ANTHONY W | Tax withheld | 3.0K | $68.90 |
| 2025-02-24 | Gregoire Kevin P. | Tax withheld | 1.7K | $68.24 |
| 2025-02-24 | Gregoire Kevin P. | Tax withheld | 3.0K | $68.24 |
| 2025-02-24 | BOOR ANTHONY W | Grant | 5.7K | — |
| 2025-02-24 | BOOR ANTHONY W | Tax withheld | 1.6K | $68.24 |
| 2025-02-24 | BOOR ANTHONY W | Tax withheld | 1.6K | $68.24 |
| 2025-02-24 | Gianoni Michael P | Tax withheld | 4.6K | $68.24 |
| 2025-02-24 | Benjamin David J | Tax withheld | 2.5K | $68.24 |
| 2025-02-24 | Benjamin David J | Tax withheld | 1.5K | $68.24 |
| 2025-02-24 | Olson Jon W | Grant | 2.4K | — |
| 2025-02-24 | Olson Jon W | Tax withheld | 429 | $68.24 |
| 2025-02-24 | Olson Jon W | Tax withheld | 443 | $68.24 |
| 2025-02-24 | Olson Jon W | Tax withheld | 1.1K | $68.24 |
| 2025-02-24 | Olson Jon W | Tax withheld | 939 | $68.24 |
| 2025-02-24 | Olson Jon W | Sell | 3.7K | $68.51 |
| 2025-02-24 | Benjamin David J | Tax withheld | 1.2K | $68.24 |
| 2025-02-24 | Benjamin David J | Tax withheld | 1.1K | $68.24 |
| 2025-02-24 | Gianoni Michael P | Tax withheld | 9.8K | $68.24 |
| 2025-02-24 | McDearis Kevin | Grant | 4.2K | — |
| 2025-02-24 | McDearis Kevin | Tax withheld | 1.0K | $68.24 |
| 2025-02-24 | McDearis Kevin | Tax withheld | 1.1K | $68.24 |
| 2025-02-24 | McDearis Kevin | Tax withheld | 1.6K | $68.24 |
| 2025-02-24 | Gregoire Kevin P. | Grant | 4.2K | — |
| 2025-02-24 | McDearis Kevin | Tax withheld | 2.2K | $68.24 |
| 2025-02-24 | Gianoni Michael P | Tax withheld | 4.5K | $68.24 |
| 2025-02-24 | BOOR ANTHONY W | Tax withheld | 3.4K | $68.24 |
| 2025-02-24 | Gianoni Michael P | Grant | 15K | — |
| 2025-02-24 | BOOR ANTHONY W | Tax withheld | 1.0K | $68.24 |
| 2025-02-24 | Gianoni Michael P | Tax withheld | 2.3K | $68.24 |
| 2025-02-24 | Gregoire Kevin P. | Tax withheld | 1.4K | $68.24 |
| 2025-02-24 | Benjamin David J | Grant | 4.2K | — |
| 2025-02-24 | Gregoire Kevin P. | Tax withheld | 1.4K | $68.24 |
| 2025-02-22 | Gregoire Kevin P. | Grant | 3.6K | — |
| 2025-02-22 | Olson Jon W | Grant | 2.5K | — |
| 2025-02-22 | McDearis Kevin | Grant | 3.5K | — |
| 2025-02-22 | Gianoni Michael P | Grant | 4.9K | — |
| 2025-02-22 | BOOR ANTHONY W | Grant | 2.4K | — |
| 2025-02-22 | Benjamin David J | Grant | 3.3K | — |
| 2025-02-21 | BOOR ANTHONY W | Grant | 11K | — |
| 2025-02-21 | Gianoni Michael P | Grant | 10K | — |
| 2025-02-21 | Gianoni Michael P | Grant | 29K | — |
| 2025-02-21 | Gregoire Kevin P. | Grant | 3.1K | — |
| 2025-02-21 | Gregoire Kevin P. | Grant | 9.1K | — |
| 2025-02-21 | Benjamin David J | Grant | 7.3K | — |
| 2025-02-21 | Benjamin David J | Grant | 2.5K | — |
| 2025-02-21 | BOOR ANTHONY W | Grant | 3.9K | — |
| 2025-02-21 | McDearis Kevin | Grant | 2.3K | — |
| 2025-02-21 | McDearis Kevin | Grant | 6.7K | — |
| 2025-02-21 | Olson Jon W | Grant | 1.4K | — |
| 2025-02-21 | Olson Jon W | Grant | 4.2K | — |
| 2025-02-19 | McDearis Kevin | Grant | 16K | — |
| 2025-02-19 | Olson Jon W | Grant | 9.8K | — |
| 2025-02-19 | Olson Jon W | Tax withheld | 705 | $70.96 |
| 2025-02-19 | McDearis Kevin | Tax withheld | 1.8K | $70.96 |
| 2025-02-19 | Gregoire Kevin P. | Grant | 21K | — |
| 2025-02-19 | Gregoire Kevin P. | Tax withheld | 2.3K | $70.96 |
| 2025-02-19 | Gianoni Michael P | Grant | 33K | — |
| 2025-02-19 | Gianoni Michael P | Tax withheld | 6.7K | $70.96 |
| 2025-02-19 | BOOR ANTHONY W | Grant | 20K | — |
| 2025-02-19 | BOOR ANTHONY W | Disposition | 2.5K | $70.96 |
| 2025-02-19 | Benjamin David J | Grant | 17K | — |
| 2025-02-19 | Benjamin David J | Tax withheld | 2.3K | $70.96 |
| 2025-02-18 | BOOR ANTHONY W | Grant | 5.9K | — |
| 2025-02-18 | Benjamin David J | Grant | 4.6K | — |
| 2025-02-18 | Olson Jon W | Grant | 2.3K | — |
| 2025-02-18 | McDearis Kevin | Grant | 4.1K | — |
| 2025-02-18 | Gregoire Kevin P. | Grant | 5.0K | — |
| 2025-02-18 | Gianoni Michael P | Grant | 15K | — |
| 2025-02-14 | Olson Jon W | Tax withheld | 1.0K | $80.79 |
| 2025-02-14 | Olson Jon W | Tax withheld | 593 | $80.79 |
| 2025-02-14 | McDearis Kevin | Tax withheld | 2.7K | $80.79 |
| 2025-02-14 | Gianoni Michael P | Tax withheld | 4.9K | $80.79 |
| 2025-02-14 | Benjamin David J | Tax withheld | 3.1K | $80.79 |
| 2025-02-14 | McDearis Kevin | Tax withheld | 1.4K | $80.79 |
| 2025-02-14 | Gianoni Michael P | Tax withheld | 9.9K | $80.79 |
| 2025-02-14 | BOOR ANTHONY W | Tax withheld | 3.6K | $80.79 |
| 2025-02-14 | BOOR ANTHONY W | Tax withheld | 1.9K | $80.79 |
| 2025-02-14 | Gregoire Kevin P. | Tax withheld | 3.4K | $80.79 |
| 2025-02-14 | Gregoire Kevin P. | Tax withheld | 1.7K | $80.79 |
| 2025-02-14 | Benjamin David J | Tax withheld | 1.6K | $80.79 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-11 | 2026-06-10 | 0001280058-26-000018 ↗ |
| 8-K | 2026-04-29 | 2026-04-29 | 0001280058-26-000013 ↗ |
| 10-Q | 2026-04-29 | 2026-03-31 | 0001280058-26-000016 ↗ |
| 10-K | 2026-02-18 | 2025-12-31 | 0001280058-26-000006 ↗ |
| 8-K | 2026-02-10 | 2026-02-10 | 0001280058-26-000002 ↗ |
| 8-K | 2025-12-22 | 2025-12-17 | 0001280058-25-000060 ↗ |
| 8-K | 2025-12-19 | 2025-12-17 | 0001280058-25-000057 ↗ |
| 8-K | 2025-12-05 | 2025-12-01 | 0001280058-25-000055 ↗ |
| 8-K | 2025-12-02 | 2025-12-01 | 0001280058-25-000053 ↗ |
| 10-Q | 2025-11-03 | 2025-09-30 | 0001280058-25-000050 ↗ |
| 8-K | 2025-10-29 | 2025-10-29 | 0001280058-25-000048 ↗ |
| 8-K | 2025-09-12 | 2025-09-10 | 0001280058-25-000045 ↗ |