Does Blackbaud, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Blackbaud, Inc. (BLKB) 48.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 90, returns on capital 11, balance-sheet safety 4, capital discipline 85.

Is BLKB stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $29.46 per share versus a recent price of $32.40 — 10% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has BLKB's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 48.0 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Blackbaud, Inc.

BLKB · Technology · $1.5B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power90

Median gross margin 53.9% over 10y, very stable.

Returns on capital11

Median ROIC 2.9%, above the 9% hurdle in 30% of years.

Balance-sheet safety4

Net debt/EBITDA 3.9x, interest coverage 3x.

Capital discipline85

Owner earnings +7.8%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

10% above value

Owner earnings (normalized): $76.4M
Est. intrinsic value / share: $29.46
Recent price: $32.40
Discount to value: 10% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

Blackbaud, Inc. booked $1.1B of revenue in FY2025 in the Technology sector and kept 58.8% of it as gross profit — a high-margin business by that measure. After every other cost, 10.2% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $302.5M (FY2008) to $1.1B (FY2025) — about 8.1% a year compounded over 17 years.

It earned 14.4% on invested capital in FY2025, with a median of 7.8% across 18 filed years. The Returns on Capital filter above scores it 11/100.

The balance sheet carried $1.1B of total debt in FY2025 against $193.4M of owner earnings — roughly 5.7 years of owner earnings to retire it all. Balance-Sheet Safety scores it 4/100.

Put together: Pricing Power is the strongest of the four filters (90/100) and Balance-Sheet Safety the weakest (4/100), which is how BLKB lands at 48/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$1.1B FY2025

Gross marginRevenue kept after cost of goods58.8% FY2025

Return on invested capitalOperating profit on the capital employed14.4% FY2025

Owner earningsCash an owner could take out$193.4M FY2025

Gaps in a line mean that item isn’t in BLKB’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale48.0 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — BLKB has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#213 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#211KLIC KULICKE AND SOFFA INDUSTRIES, INC.48.0 out of 100, Shallow moatShallow moat
#212UIS UNISYS CORP48.0 out of 100, Shallow moatShallow moat
#214MEI METHODE ELECTRONICS, INC.47.8 out of 100, Shallow moatShallow moat
#215AMBA AMBARELLA, INC.47.7 out of 100, Shallow moatShallow moat

Compare BLKB with its nearest peers →All Technology companies on the Index →

Common questions about BLKB

Does Blackbaud, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Blackbaud, Inc. (BLKB) 48.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 90, returns on capital 11, balance-sheet safety 4, capital discipline 85.
Is BLKB stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $29.46 per share versus a recent price of $32.40 — 10% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has BLKB's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 48.0 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell BLKB. See the disclaimer.