NASDAQ
BLKB
2 stories
$2.4B Market cap · 2026-11-04
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Six Value Line small caps including Blackbaud, Marqeta, Ranger Energy and Definitive Healthcare trade on net cash, buybacks, low multiples…
$BLKB: $55.54, $2.5B mkt cap, ~$1.1B net debt, ~$3.6B EV. Guiding $280M to $290M of FCF this year, ~11.5% FCF yield on the equity. Blackbaud is the software nonprofits, schools and churches run their donors and books on. Nobody rips out their fundraising system mid-campaign, so revenue is sticky and adj EBITDA margins are ~38%. It only grows ~3%, so it's priced like a melting ice cube. But mgmt has pledged at least half of FCF to buybacks through 2030. They retired ~6% of shares in H1 alone and the count is down from 52.5M at YE23 to 44.8M. That compounds per share even with no growth. Risks: ~2.6x leverage, AI coming for vertical SaaS. Q3 is Oct 28.
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