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 $73.58 per share. The share price was $54.92 on November 10, 2026, 25% 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% | $37.58 | -32% |
| Base | 4.5% | 9.0% | $73.58 | +34% |
| Bull | 9.5% | 8.0% | $143.68 | +162% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $99.22 | $107.01 | $116.52 | $128.41 | $143.71 |
| 8.0% | $80.12 | $85.17 | $91.13 | $98.29 | $107.04 |
| 9.0% | $66.14 | $69.60 | $73.58 | $78.22 | $83.72 |
| 10.0% | $55.48 | $57.94 | $60.72 | $63.90 | $67.57 |
| 11.0% | $47.09 | $48.89 | $50.90 | $53.17 | $55.73 |
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