Stock fact sheet · data as of
Blackbaud, Inc. (BLKB): fair value, margin of safety and Wheel Score
Ticker symbol BLKB · Technology · Software - Application · United States · Blend
Is BLKB undervalued?
At 56.06 (close of 5 Nov 2026), BLKB trades 37% below the GLS average fair value of 88.60. That average comes from 8 models run on the latest filings, and 4 of them land above the current price. Margins of safety over 30% are the exception rather than the rule across the ~7,400 stocks we value each night, so the number earns Blackbaud, Inc. the full Value points in the Wheel Score - and a closer look at what the market is pricing in.
There is a wide gap between Graham Number (14.31) and Payback Time (187.51). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
Ranked against every other company we cover, neither cheapness nor growth clearly wins for BLKB, so the nightly engine files it under Blend (value score 37, growth score 32, out of 100).
Nine valuation models for BLKB
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 90.49 | +61% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 14.31 | -74% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 124.08 | +121% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 49.12 | -12% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 42.12 | -25% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 163.69 | +192% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 187.51 | +234% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 37.46 | -33% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -30.58 | -155% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 51.00 | -9% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Blackbaud, Inc. scores 8 of 9 on the Piotroski F-score, the nine yes/no tests of profitability, leverage and efficiency on the latest annual accounts - a strong reading that passes the "Piotroski 6 or more" Wheel Trade Filter with room to spare. On durability BLKB scores 5.1/10 on the GLS Moat - a middle reading; the Moat Score tab on the Quote page's Financials view shows which of the four parts hold it back.
Returns on capital are moderate - ROIC 9.5%, ROE 135.2%, ROA 4.8% - with debt at 13.16 times equity and a free-cash-flow yield of 13.2%. Debt of 13.16 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.
Blackbaud, Inc. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Contractual Recurring 64%, Transactional Recurring 34%, One time Services and Other 2% (quarter Q3 FY2026).
Institutional ownership scores 10/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 8 / 9 | ROIC | 9.5% |
|---|---|---|---|
| GLS Moat | 5.1 / 10 | ROE | 135.2% |
| Debt / equity | 13.16 | ROA | 4.8% |
| Free-cash-flow yield | 13.2% | Payout ratio | 0% |
| Institutions | 10 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 51: Fair
A Wheel Score of 51 keeps Blackbaud, Inc. under 70, the mark only a stock that passes all 9 Wheel Trade Filters can reach: it fails filter 1, options that actually trade - options too quiet (171 open interest, 73 a day); and filter 5, can repay its debt - 4.1 years to repay its debt (over 3). The parts: value strong, premium strong, moat fair, health strong, red flags strong, option trading weak, stability fair.
Implied volatility is 48% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 171 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 443k shares a day on a market cap of $2.5B, with a beta of 1.03; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (171 open interest, 73 a day) |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Fails | 4.1 years to repay its debt (over 3) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 37% below fair value | |
| Premium | Strong | implied volatility 48% | |
| Moat | Fair | moat 5.1/10 | |
| Health | Strong | Piotroski 8/9 | |
| Red Flags | Strong | Red Flags score 90/100 | |
| Option trading | Weak | 73 contracts a day, 171 open interest | |
| Stability | Fair | beta 1.03, $2.5B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for BLKB in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Software - Application
The 12 companies below are the closest to Blackbaud, Inc. by market cap within the Software - Application industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| NCNO nCino, Inc. | 23.44 | 17.20 | -36% | 33Weak | $2.5B |
| VERX Vertex, Inc. | 15.92 | 5.11 | -212% | 26Weak | $2.6B |
| BULL Webull Corporation Class A Ordinary Shares | 5.39 | 7.47 | +28% | 50Fair | $2.6B |
| GRND Grindr Inc. | 14.01 | 29.38 | +52% | 49Weak | $2.4B |
| KC Kingsoft Cloud Holdings Limited | 8.10 | 25.77 | +69% | 33Weak | $2.4B |
| ASAN Asana, Inc. | 11.64 | 9.59 | -21% | 29Weak | $2.7B |
| PLUS ePlus inc. | 90.47 | 51.97 | -74% | 40Weak | $2.4B |
| FIVN Five9, Inc. | 36.35 | 31.98 | -14% | 31Weak | $2.7B |
| BVC BitVentures Limited | 16.33 | 2.83 | -477% | 16No options | $2.7B |
| AMPL Amplitude, Inc. | 17.19 | 5.61 | -206% | 28Weak | $2.3B |
| LIFX Life360, Inc. | 11.82 | 11.11 | -6% | 15No options | $2.9B |
| SDGR Schrödinger, Inc. | 28.52 | - | - | 25Weak | $2.1B |
Scan the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about BLKB
Is BLKB undervalued right now?
By the GLS models, yes: at 56.06 the stock is 37% below the average fair value of 88.60 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of BLKB and what does it mean?
BLKB scores 51 out of 100 (Fair) - it fails Wheel Trade Filters 1, 5. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for BLKB?
88.60 per share as of 5 Nov 2026 - the simple average of the 8 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Blackbaud, Inc. report earnings next?
No upcoming earnings date is recorded for BLKB in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does BLKB have listed options, and how liquid are they?
Yes. The nightly snapshot found 34 listed contracts with 171 open interest across all expiries and implied volatility of 48% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.