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ValueScreener company report

BlackBerry Limited (BB)

NYSE / Technology / Software - Infrastructure

Share price

8.70 USD Market dataClose of Oct 15, 2026

Market capitalisation

5.11B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2026, filed Apr 9, 2026
Ratios computed
Oct 15, 2026
Filed years
11, FY2016 to FY2026
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

6.3% Computed

From the FY2026 filing

Read quality

Valuation

Price to earnings

96.67x Computed

FY2026 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

0.9% Computed

FY2026 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2017 Revenue: 1.31B USDFY2017 Net income: -1.21B USDFY2018 Revenue: 932.0M USDFY2018 Net income: 405.0M USDFY2019 Revenue: 904.0M USDFY2019 Net income: 93.0M USDFY2020 Revenue: 1.04B USDFY2020 Net income: -152.0M USDFY2021 Revenue: 893.0M USDFY2021 Net income: -1.10B USDFY2022 Revenue: 718.0M USDFY2022 Net income: 12.0M USDFY2023 Revenue: 526.3M USDFY2023 Net income: -734.4M USDFY2024 Revenue: 759.1M USDFY2024 Net income: -130.2M USDFY2025 Revenue: 534.9M USDFY2025 Net income: -79.0M USDFY2026 Revenue: 549.1M USDFY2026 Net income: 53.2M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 96.67x at the close of 2026-10-15 on FY2026 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits above the highest.

Today, against the Software - Infrastructure industry (73 companies), 96.67x sits at the 88th percentile; the middle half of that group runs from 13.18x to 54.61x.

Is it good

Return on invested capital was 6.3% in FY2026, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Software - Infrastructure industry (39 companies), 6.3% sits at the 52nd percentile; the middle half of that group runs from 0.2% to 12.6%.

Is it safe

Interest coverage was 8.05x in FY2026, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether BlackBerry Limited's return on equity stayed above the median of the Software - Infrastructure industry, year by year. (FY2023 to FY2026, 4 fiscal years of BlackBerry Limited with a comparable figure)
The direction
Which way BlackBerry Limited's return on equity has moved, and how steadily. (FY2017 to FY2026, 10 filed years of BlackBerry Limited)
What could explain it
What in BlackBerry Limited's filed statements could explain the movements. (9 readings drawn from the statement lines BlackBerry Limited filed)
What to check next
What to check next on BlackBerry Limited, and where in its filings. (3 questions for BlackBerry Limited)
In one paragraph
One paragraph on BlackBerry Limited's returns, cash, balance sheet and price. (15 of sixteen figures read for BlackBerry Limited)

These are BB’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research BBPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2026 annual report: 10-K, filed Apr 9, 2026, accession 0001070235-26-000039.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

BlackBerry Limited: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax6.3% ComputedFY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Return on equity7.1% ComputedFY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Return on capital employed, pre-tax4.9% ComputedFY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Return on assets4.3% ComputedFY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Gross margin76.2% ComputedFY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Operating margin8.8% ComputedFY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Net margin9.7% ComputedFY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
BB 9.7%
RELY 4.2%AVPT 8.3%FOUR 2.9%ACIW 12.9%SPSC 12.4%
2.9%12.9%
Net margin: BB against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

BlackBerry Limited: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.30 ComputedFY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Current ratio2.12 ComputedFY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Quick ratio2.12 ComputedFY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Interest coverage8.05x ComputedFY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Altman Z-score4.67 ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Net debt-135.1M ComputedFY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Total assets 1.25BTotal liabilities 499.2MShareholders' equity 746.0MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What BlackBerry Limited owned and owed at the end of fiscal 2026, from the balance sheet it filed (10-K, filed Apr 9, 2026, 0001070235-26-000039).

BlackBerry Limited: balance sheet position
Total assets1.25B FiledFY2026 10-K, filed Apr 9, 2026
Total liabilities499.2M FiledFY2026 10-K, filed Apr 9, 2026
Shareholders' equity746.0M FiledFY2026 10-K, filed Apr 9, 2026
Cash359.9M FiledFY2026 10-K, filed Apr 9, 2026
Total debt224.8M FiledFY2026 10-K, filed Apr 9, 2026
Net debt-135.1M
Current ratio2.12
Debt to equity0.30

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

BlackBerry Limited: what the market charges, each with its source
FigureValue, source and document
Price to earnings96.67x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
P/E on trailing twelve months65.15x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book6.97x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Price to sales9.47x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Enterprise value to EBIT106.61x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Enterprise value to EBITDA77.90x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Diluted earnings per share0.09 USD FiledFY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Graham number1.59 USD ComputedFY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039

We publish no fair value or price target of our own. Value BB on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for BlackBerry Limited today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

BlackBerry Limited: valuation
Share price8.70 USD
Market capitalisation5.11B USD
Enterprise value to EBITDA77.90x
Graham number1.59 USD
Diluted earnings per share, FY20260.09 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Jun 25, 2020: low 34.73x, median 77.90x, high 128.10x, latest 65.15x. 264 trading days with a meaningful ratio, 1,319 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like BlackBerry Limited

  1. Remitly Global, Inc. (RELY)Market cap 5.22B USD
  2. AvePoint, Inc. (AVPT)Market cap 3.15B USD
  3. Shift4 Payments, Inc. (FOUR)Market cap 4.09B USD
  4. ACI Worldwide, Inc. (ACIW)Market cap 5.30B USD
  5. SPS Commerce, Inc. (SPSC)Market cap 3.13B USD

Same industry (Software - Infrastructure) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

BlackBerry Limited: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield0.9% ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Free cash flow46.5M USD ComputedFY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Free cash flow margin8.5% ComputedFY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
FY2017 Free cash flow: -241.0M USDFY2017 Net income: -1.21B USDFY2018 Free cash flow: 689.0M USDFY2018 Net income: 405.0M USDFY2019 Free cash flow: 83.0M USDFY2019 Net income: 93.0M USDFY2020 Free cash flow: 14.0M USDFY2020 Net income: -152.0M USDFY2021 Free cash flow: 74.0M USDFY2021 Net income: -1.10B USDFY2022 Free cash flow: -36.0M USDFY2022 Net income: 12.0M USDFY2023 Free cash flow: -269.5M USDFY2023 Net income: -734.4M USDFY2024 Free cash flow: -10.6M USDFY2024 Net income: -130.2M USDFY2025 Free cash flow: 13.4M USDFY2025 Net income: -79.0M USDFY2026 Free cash flow: 46.5M USDFY2026 Net income: 53.2M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

BlackBerry Limited: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
96.67xFY2026Oct 15, 2026
6.97xFY2026Oct 15, 2026
106.61xFY2026Oct 15, 2026
0.9%FY2026Oct 15, 2026
6.3%FY2026Apr 9, 2026
n/aFY2026Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
0.30FY2026Apr 9, 2026
2.12FY2026Apr 9, 2026
9.47xFY2026Oct 15, 2026
n/aFY2026Oct 15, 2026
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
4.67FY2026Oct 15, 2026
-2.38FY2026Apr 9, 2026
6/9FY2026Apr 9, 2026

The figures are computed from the accounts for fiscal 2026, the newest full year on file. 11 filed fiscal years on record, FY2016 to FY2026, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2017 to FY2026, read from the annual reports BlackBerry Limited filed with the SEC. Each year names its filing. Amounts in USD, as filed.

BlackBerry Limited: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2026549.1M48.3M53.2M0.0946.5M8.8%7.1%10-K, Apr 9, 20260001070235-26-000039
FY2025534.9M800.0K-79.0M-0.1313.4M0.1%-11.0%10-K, Apr 2, 20250001070235-25-000068
FY2024759.1M11.0M-130.2M-0.22-10.6M1.4%-16.8%10-K, Apr 4, 20240001070235-24-000057
FY2023526.3M-206.8M-734.4M-1.35-269.5M-39.3%-85.7%10-K, Mar 31, 20230001070235-23-000054
FY2022718.0M-2.0M12.0M-0.31-36.0M-0.3%0.8%10-K, Apr 1, 20220001070235-22-000048
FY2021893.0M-1.11B-1.10B-1.9774.0M-124.0%-73.4%10-K, Mar 31, 20210001070235-21-000029
FY20201.04B-149.0M-152.0M-0.3214.0M-14.3%-6.0%10-K, Apr 7, 20200001070235-20-000025
FY2019904.0M60.0M93.0Mn/a83.0M6.6%3.5%40-F, Apr 5, 20190001070235-19-000014
FY2018932.0M283.0M405.0M0.74689.0M30.4%16.2%10-K, Apr 7, 20200001070235-20-000025
FY20171.31B-1.18B-1.21Bn/a-241.0M-90.2%-58.6%40-F, Mar 31, 20170001070235-17-000008
  • Revenue, compound annual growth FY2017 to FY2026: -9.2%
  • Earnings: Earnings was not positive in both 2017 and 2026, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share, compound annual growth FY2018 to FY2026: -23.2%
  • Free cash flow: Free cash flow was not positive in both 2017 and 2026, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

BlackBerry Limited: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.38 ComputedFY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Piotroski F-score6/9 ComputedFY2026 10-K, filed Apr 9, 2026, 0001070235-26-000039
Named tests met1 of 30 Computed
Beta1.30 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 1 met, 27 not met, 2 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Z-score and coverage (Edward Altman)
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Low PEG, low debt (Peter Lynch); Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(6)
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 6 figures could not be read on this company, among them PEG Ratio, Eps Growth 5Y, Dividend Yield. Each blank in the table above names the rest, with its reason. 2 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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