BlackBerry Limited BB

Information TechnologySoftware & IT ServicesCanada

Last close 11.75 CAD on Nov 1, 2026, +126.8% year to date

Quant rating

Quant rating C Rank 17 of 26 in Information Technology

Growth D 23 of 26
Valuation D 23 of 26
Quality C 12 of 26
Revisions B 10 of 26
Momentum B 9 of 26

Wall Street consensus Hold (2.83)Average target 13.82 CAD +17.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 6.9B
Enterprise value: 6.6B
52-week range: 4.35 – 18.45
3-year range: 2.90 – 18.45
Dividend yield: –
Beta (5 years): 1.26
Shares outstanding: 587M
Next earnings: Dec 17, 2026

About the company

BlackBerry Limited is a Canada-based company, which provides enterprises and governments the intelligent software and services. The Company delivers operational resiliency with the certified product portfolio for mobile fortification, mission-critical communications, and critical events management. It operates in three segments: QNX, Secure Communications, and Licensing. The QNX segment consists of the QNX business, BlackBerry Certicom, and BlackBerry Radar. The Secure Communications segment consists of BlackBerry UEM solutions, BlackBerry AtHoc, and BlackBerry SecuSUITE. Its endpoint management platform includes BlackBerry UEM, BlackBerry Dynamics, BlackBerry Workspaces solutions, and BlackBerry Messenger (BBM) Enterprise. The Licensing segment consists of the Company’s intellectual property arrangements and settlement awards. Its BlackBerry Radar is a family of asset monitoring and telematics solutions for the transportation and logistics industry.

Growth and profitability

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	749	774	1,030	718	910	–
Revenue growth	−3.2%	−24.9%	43.5%	−21.1%	−20.0%	−8.0%
EPS (basic, normalized)	0.22	0.03	0.07	−0.24	−0.12	–
EPS growth	676.6%	−57.9%	–	–	–	–
Gross margin	76.2%	73.8%	64.6%	69.7%	65.0%	69.9%
Net margin	9.7%	−1.6%	0.7%	−40.9%	1.7%	−6.1%
ROE	7.3%	−1.1%	0.7%	−17.9%	0.8%	−2.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	523
Current ratio	2.38x
Long-term debt (mil)	273
Net debt (mil)	−250
Total equity (mil)	1,097
Net debt / equity	−0.23x
Net debt / EBITDA	−1.69x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	749	−3.2%	8.9x	148	+142.4%	44.9x	0.22	+676.6%	53.2x
2027	891	+18.9%	7.5x	213	+44.1%	31.2x	0.29	+30.8%	40.6x
2028	975	+9.5%	6.8x	232	+8.7%	28.7x	0.33	+14.8%	35.4x
2029	1,058	+8.5%	6.3x	296	+27.6%	22.5x	0.42	+27.8%	27.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	891	+0.6%	+1.9%	+3.9%	0.29	+0.2%	+7.8%	+15.7%
2028	975	+0.3%	+1.3%	+5.2%	0.33	−1.6%	+2.1%	+18.4%
2029	1,058	−1.0%	−0.1%	+4.3%	0.42	0.0%	+7.1%	+30.4%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Feb 2026	May 2026	Aug 2026
Sales reported (mil)	144	145	162	142	122	130	142	156	153	163
Sales mean (mil)	108	141	150	133	112	122	138	144	138	146
Surprise	+33.9%	+2.5%	+8.0%	+6.7%	+8.5%	+6.2%	+2.4%	+8.1%	+11.0%	+12.1%
EPS reported	−0.03	0.00	0.02	0.03	0.02	0.04	0.05	0.06	0.04	0.07
EPS mean	−0.04	−0.02	−0.01	0.01	0.00	0.01	0.04	0.04	0.03	0.04
Surprise	+29.4%	+100.0%	−250.0%	+100.0%	+700.0%	+220.0%	+31.6%	+33.3%	+42.9%	+66.7%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BB BlackBerry Limited	6.9B	−1.69x	9.7%	6.24x	40.6x	35.4x	31.2x	28.7x
MSFT Microsoft Corporation	5.42T	0.22x	40.3%	8.24x	26.2x	21.9x	16.2x	13.1x
META Meta Platforms, Inc.	2.23T	0.01x	37.1%	5.77x	21.3x	18.2x	11.4x	8.9x
IBM International Business Machines Corp	340.8B	2.78x	17.4%	6.86x	20.8x	19.4x	14.6x	13.7x
SHOP Shopify Inc.	283.4B	−2.48x	10.7%	16.01x	83.1x	64.3x	70.8x	53.4x
ADBE Adobe Inc	136.2B	0.06x	30.0%	8.32x	10.2x	9.0x	7.6x	7.1x
Mean		−0.18x	24.2%	8.57x	33.7x	28.0x	25.3x	20.8x
Median		0.04x	23.7%	7.55x	23.8x	20.6x	15.4x	13.4x

Technical analysis

1M−6.1%
3M+2.7%
1Y+74.6%
3Y+148.9%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, BlackBerry Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	749	774	1,030	718	910	1,138
Cost of revenue	179	203	364	218	318	318
Gross profit	571	571	666	500	592	819
Selling, general & administrative expenses	310	331	347	361	375	434
Research & development	155	157	173	183	278	274
Depreciation/amortization	15.6	25.6	36.2	37.4	209	232
Interest expense (income), operating	–	–	–	–	1.3	1.3
Unusual expense (income)	24.3	55.7	91.1	389	0	814
Other operating expenses	0	0	4.8	−187	−269	474
Operating income	65.9	1.2	14.9	−282	−2.5	−1,410
Net interest income (expense)	14.6	11.1	25.5	6.8	26.6	−7.6
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	80.5	12.3	40.5	−275	24.1	−1,418
Provision for taxes	7.9	24.6	32.9	18.7	8.9	−11.5
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	72.6	−12.3	7.6	−294	15.2	−1,406
Extraordinary items	0	−102	−184	−708	–	–
Net income	72.6	−114	−177	−1,002	15.2	−1,406
EBIT, normalized	90.2	56.8	106	106	−59.6	−662
EBITDA, normalized	114	92.0	173	156	164	−410
Basic EPS, normalized	0.22	0.03	0.07	−0.24	−0.12	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, BlackBerry Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	491	489	322	581	902	941
Receivables	227	324	304	184	218	276
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	57.6	43.4	63.8	248	202	63.7
Total current assets	775	856	690	1,014	1,322	1,282
Property, plant & equipment	39.6	51.2	71.9	94.2	115	141
Goodwill	654	683	763	812	1,070	1,082
Intangibles	54.7	68.4	209	277	662	982
Long-term investments	79.5	85.2	48.9	46.4	38.0	47.1
Note receivable	–	–	–	–	–	–
Other long-term assets	96.2	130	111	47.8	46.9	56.1
Total assets	1,699	1,874	1,894	2,291	3,254	3,590
Liabilities
Accounts payable	7.5	45.0	23.1	32.7	27.9	25.5
Payable/accrued	–	–	–	–	–	–
Accrued expenses	152	183	159	195	199	227
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	0	501	–	0
Other current liabilities	206	270	301	266	276	294
Total current liabilities	366	498	483	995	503	547
Long-term debt	268	283	263	0	643	917
Minority interest	–	–	–	–	–	–
Other liabilities	47.2	52.2	93.7	127	136	210
Total liabilities	681	833	840	1,122	1,281	1,674
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3,989	4,305	4,002	3,969	3,636	3,596
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	−2,956	−3,236	−2,929	−2,767	−1,640	−1,664
Treasury stock	–	–	–	–	–	–
Other equity	−15.3	−27.8	−19.0	−32.7	−24.1	−16.6
Total equity	1,018	1,041	1,053	1,169	1,972	1,916
Total liabilities & shareholders' equity	1,699	1,874	1,894	2,291	3,254	3,590

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, BlackBerry Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	72.6	−114	−176	−1,002	15.2	−1,406
Depreciation, depletion & amortization	24.3	64.7	80.1	143	223	252
Deferred taxes	–	–	–	–	–	−3.8
Non-cash items	20.7	23.6	303	490	−275	1,334
Changes in working capital	−49.0	49.9	−210	9.6	1.3	−71.3
Cash from operations	68.6	23.9	−4.1	−359	−35.5	104
Investing activities
Capital expenditures	−13.0	−14.6	−28.5	−55.9	−49.4	−56.1
Other investing cash flows	34.2	102	91.0	296	312	−26.8
Cash from investing	21.3	87.8	62.4	240	262	−82.8
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−79.4	4.5	−224	8.2	12.7	−289
Cash from financing	−79.4	4.5	−224	8.2	12.7	−289
Foreign exchange effects	1.2	−0.7	0	−4.1	−1.3	2.5
Net change in cash	11.7	115	−166	−115	238	−265
Free cash flow	55.7	9.3	−32.6	−415	−84.9	48.4

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.