Latest Ratios: P/E Ratio 12.4x · EV/EBITDA 6.2x · 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 | $1.3B | $3.1B | $3.7B | $4.7B | $3.0B | $3.8B | $2.8B | $3.8B | $3.0B | $4.5B | $3.0B |
| Enterprise Value | $1.7B | $3.4B | $4.8B | $5.5B | $3.9B | $4.8B | $3.3B | $4.4B | $3.4B | $4.9B | $3.4B |
| P/E Ratio → | 12.35 | 26.72 | — | 2557.52 | — | 658.17 | 359.75 | 318.40 | 67.63 | 68.47 | 72.73 |
| P/S Ratio | 1.19 | 2.72 | 3.23 | 4.21 | 2.87 | 4.11 | 3.07 | 4.27 | 3.56 | 5.73 | 4.14 |
| P/B Ratio | 16.68 | 36.08 | 26.32 | 5.76 | 4.08 | 5.31 | 6.58 | 9.69 | 8.09 | 14.71 | 12.23 |
| P/FCF | 5.22 | 11.91 | 12.95 | 34.37 | 22.85 | 23.59 | 36.83 | 30.99 | 20.28 | 32.77 | 27.64 |
| P/OCF | 5.06 | 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 | 6.15 | 12.38 | — | 48.95 | 105.37 | 62.42 | 33.74 | 47.50 | 27.60 | 38.06 | 25.72 |
| EV / EBIT | 8.93 | 17.17 | 26.50 | 48.67 | 116.86 | 147.55 | 77.39 | 128.15 | 47.31 | 71.37 | 47.96 |
| EV / FCF | — | 13.30 | 16.56 | 40.24 | 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% | 55.3% | 54.6% | 52.2% | 52.2% | 53.2% | 53.7% | 55.1% | 54.1% | 53.7% |
| Operating Margin | 16.9% | 16.9% | -23.4% | 4.0% | -2.7% | 2.7% | 4.1% | 3.0% | 7.0% | 8.6% | 9.3% |
| Net Profit Margin | 10.2% | 10.2% | -24.5% | 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% | -59.6% | 0.2% | -6.2% | 1.0% | 1.9% | 3.1% | 13.2% | 23.8% | 18.1% |
| ROA | 4.7% | 4.7% | -10.5% | 0.1% | -1.5% | 0.2% | 0.4% | 0.7% | 2.7% | 4.3% | 3.3% |
| ROIC | 17.6% | 17.6% | -14.6% | 2.1% | -1.3% | 1.4% | 3.0% | 2.5% | 6.2% | 7.9% | 8.7% |
| ROCE | 15.6% | 15.6% | -18.3% | 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 | 1.02 | 1.21 | 1.41 | 1.29 | 1.42 | 1.04 | 1.43 | 1.38 |
| Debt / EBITDA | 4.04 | 4.04 | — | 7.42 | 24.38 | 13.23 | 5.58 | 6.11 | 3.16 | 3.39 | 2.63 |
| 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 | — | 7.14 | 23.52 | 12.51 | 5.22 | 5.76 | 2.91 | 3.16 | 2.50 |
| Debt / FCF | — | 1.40 | 3.61 | 5.87 | 6.57 | 5.91 | 6.74 | 4.28 | 2.39 | 2.97 | 2.97 |
| Interest Coverage | 2.94 | 2.94 | 3.24 | 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 | 26.39 | 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 | 8.1% | 3.7% | — | 0.0% | — | 0.2% | 0.3% | 0.3% | 1.5% | 1.5% | 1.4% |
| FCF Yield | 19.2% | 8.4% | 7.7% | 2.9% | 4.4% | 4.2% | 2.7% | 3.2% | 4.9% | 3.1% | 3.6% |
| Buyback Yield | 16.2% | 7.1% | 12.7% | 0.4% | 1.2% | 2.8% | 1.5% | 0.0% | 0.9% | 0.5% | 0.5% |
| Total Shareholder Yield | 16.2% | 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 |
Legacy migration and leverage
According to recent market data, Blackbaud trades at a forward P/E of 5.62, which suggests that investors are heavily discounting the company's future earnings potential compared to broader software peers, likely due to the persistent negative revenue growth and the ongoing friction of its cloud transition.
The current valuation multiples appear to reflect a market that is pricing in a structural decline rather than a temporary operational pivot. While the low PEG ratio of 0.17 might suggest an attractive entry point for value-oriented investors, it warrants caution as it may simply be capturing the high risk of further earnings erosion.
Based on reported financial statements, Blackbaud's ROIC has remained consistently low, fluctuating between 0.5% and 5.6% over the last ten quarters, which indicates that the company is struggling to generate meaningful returns on its invested capital despite its dominant position in the nonprofit software vertical.
The persistent gap between ROIC and the company's cost of capital suggests that historical M&A activity has not yet translated into value-accretive growth. Investors should monitor whether management can improve these returns by optimizing the existing asset base rather than continuing to rely on external acquisitions.
As indicated by the provided quarterly data, Blackbaud's asset turnover remains stagnant at approximately 0.12, reflecting a capital-intensive business model that struggles to efficiently convert its substantial asset base into revenue, a trend that has persisted throughout the company's recent cloud-suite migration efforts.
The lack of improvement in asset turnover suggests that the company's heavy investment in legacy infrastructure and professional services is not yielding the expected operational leverage. This inefficiency appears to be a structural drag on the company's ability to scale profitably in a competitive software environment.
Based on reported figures, Blackbaud's debt-to-equity ratio has surged to 34.33 in 2026Q1, a dramatic increase from 1.01 in 2023Q4, which primarily reflects the rapid erosion of the company's equity base rather than a deliberate expansion of its debt-funded growth strategy.
This extreme leverage ratio suggests a highly vulnerable balance sheet that leaves little room for operational missteps or further market volatility. Investors should be concerned that the company's interest coverage ratio, while currently positive, may face significant pressure if earnings continue to exhibit the volatility seen in recent periods.
As reported in financial filings, the P/E ratio is frequently misapplied to Blackbaud because it fails to account for the significant non-cash charges and stock-based compensation that distort GAAP earnings, thereby masking the true cash-generating capability of the underlying software business model.
Analysts should instead prioritize free cash flow yield or EV/EBITDA to better assess the company's valuation, as these metrics provide a clearer view of the cash available to service debt and fund operations. Relying on P/E in this context may lead to an inaccurate assessment of the company's financial health.
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Quick answers to the most common questions about buying BLKB stock.
Blackbaud, Inc.'s current P/E ratio is 12.4x. The historical average is 57.5x.
Blackbaud, Inc.'s current EV/EBITDA is 6.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 27.2x.
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 20.7%.
Based on historical data, Blackbaud, Inc. is trading at a P/E of 12.4x. 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.