What is Blackbaud Inc worth?
With the base-case assumptions below, a discounted cash flow model on Blackbaud Inc's reported free cash flow gives $71.38 per share. The share price was $43.19 on September 25, 2026, 39% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -0.5% | 10.0% | $35.38 | -18% |
| Base | 4.5% | 9.0% | $71.38 | +65% |
| Bull | 9.5% | 8.0% | $141.48 | +228% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $97.02 | $104.81 | $114.32 | $126.22 | $141.51 |
| 8.0% | $77.92 | $82.97 | $88.93 | $96.09 | $104.85 |
| 9.0% | $63.95 | $67.40 | $71.38 | $76.03 | $81.52 |
| 10.0% | $53.29 | $55.74 | $58.52 | $61.70 | $65.37 |
| 11.0% | $44.89 | $46.69 | $48.70 | $50.97 | $53.53 |
Where the presets come from
Base: years 1 to 5 grow at Blackbaud Inc's revenue growth rate over the last 5 fiscal years (4.3% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions