BLACKBAUD INC (BLKB)
Vertical SaaSSaaS Metrics & Investor Data — Q1 2026
analyticsEditorial Financial Analysis
Financial Performance & Trajectory
Blackbaud’s financial trajectory reflects a period of contraction. Trailing revenue has declined from $1.13B in Q4 2025 to $1.11B in Q1 2026, representing a year-over-year growth rate of -3.4%. This marks a deepening negative trend from the -2.3% YoY growth recorded in Q4 2025. Despite the revenue headwinds, gross margins have remained relatively stable, hovering near 59.0%, indicating consistent unit economics. Free cash flow (FCF) margins, however, have shown significant volatility. After a strong 22.9% FCF margin in Q4 2025, the metric fell sharply to 12.1% in Q1 2026, suggesting a temporary cash conversion disruption or increased capital expenditure.
Operational & Go-to-Market (GTM) Efficiency
The company’s operating efficiency, as measured by the Rule of 40, has deteriorated. The score dropped from 20.6 in Q4 2025 to just 8.7 in Q1 2026, driven largely by the negative revenue growth and the compression in FCF margins. This score is well below the 40-point threshold considered healthy for high-growth SaaS companies. With no NRR or CAC payback data available, we must infer GTM efficiency from the revenue trend; the sustained negative growth suggests that customer acquisition and retention efforts are not offsetting churn or budget contraction. The company appears to be in a reinvestment phase that has yet to yield a return to positive growth.
Market Valuation & Sentiment
At 2.2x EV/Revenue, Blackbaud trades at a valuation that reflects its operational struggles. This multiple is compressed relative to the broader SaaS market, indicating that investors are pricing in the negative growth trajectory and margin instability. Insider activity is bearish, with net insider selling of $625K over the last 10 filings and zero insider purchases—a signal of limited confidence from management. Wall Street sentiment is cautious, with a consensus rating of Hold (6 Buys, 15 Holds, 3 Sells) and an average price target of $52.50. This target implies modest upside but suggests the market awaits a clear catalyst for a turnaround in revenue growth and cash flow consistency.
Disclaimer: The editorial financial analysis above is generated using data sourced from SEC EDGAR filings and Wall Street consensus ratings. This analysis is provided for informational and educational purposes only and does not constitute financial, investment, or professional advice. Readers should conduct their own research or consult with a registered financial advisor before making any investment decisions.
BLACKBAUD INC (BLKB) is a Vertical SaaS SaaS company with a market cap of N/A as of Q1 2026. The company trades at N/A EV/Revenue and has delivered -3.4% revenue growth year-over-year. With a gross margin of 59% and FCF margin of 12.1%, BLACKBAUD INC scores 9 on the Rule of 40 — placing it in the below-median of public SaaS companies tracked by SaaSDB.
compare_arrowsSector Benchmarking
Latest company metrics compared to the Vertical SaaS sector medians
Rule of 40 is 8.7% (sector median: 30.2%) — underperforming peers by 21.6%.
Revenue Growth is -3.4% (sector median: 15.5%) — underperforming peers by 19.0%.
Gross Margin is 59.0% (sector median: 74.1%) — underperforming peers by 15.1%.
FCF Margin is 12.1% (sector median: 11.9%) — in-line with peers.
monitoringInvestor Metrics
From the makers of SaaSDB
Want a Full Research Brief on BLACKBAUD INC?
BriefStock runs real DCF, FCF yield, and P/E calculations from SEC filings — with 8-section research briefs updated after every earnings call.
Advertisement
rocket_launchFounder & Operator Metrics
Not publicly disclosed by this company: Net Revenue Retention·Gross Retention·ARR·ARR Growth·CAC Payback
trending_upEfficiency & Investment Trends
Insider Trading Activity
90-Day Insider Sentiment: Bearish / Net Selling. Insiders executed 1 sell transactions (totaling $194K) with zero buys. Last activity on Jun 1, 2026.
Analyst Ratings
From the makers of SaaSDB
Go deeper with BriefStock
SaaSDB shows you the benchmarks. BriefStock shows you whether the stock is fairly valued — with automated earnings transcripts, insider signal analysis, and institutional 13-F tracking.