# BlackBerry (BB.US)

Canonical: https://gigainvestors.com/s/BB

Analysis as of: 2026-10-16T07:26:48.507Z. Financial observations: FY1997–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $8.70 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 7 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 7

- Years with a net loss: 6

- Operating margin variation: 1.83×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.90×

- FY2018: 0.30×

- FY2019: 0.07×

- FY2020: -0.14×

- FY2021: -1.24×

- FY2022: -0.30×

- FY2023: -0.39×

- FY2024: 0.01×

- FY2025: 0.00×

- FY2026: 0.09×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -6.1%

- ROIC, second-lowest year: -115.2%

- Typical minus recent gross margin: -1.9 pp

- Typical gross margin (annual median): 71.9%

- Recent gross margin (lower of latest and 3-year median): 73.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.9%

- ROIC including acquisitions, ten-year median: -3.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -131.2%

- FY2018: 61.5%

- FY2019: 6.5%

- FY2020: -12.5%

- FY2021: -115.2%

- FY2022: -23.1%

- FY2023: -42.5%

- FY2024: 2.3%

- FY2025: 0.3%

- FY2026: 37.2%

### economics: fail

- owner earnings cash conversion below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$591M

- Net income, five-year total: -$878M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 1.8 pp

- Working capital / revenue, change between three-year averages: 13.1 pp

- Working capital / revenue, final three-year average: 30.8%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: $149M

- FY2023: -$671M

- FY2024: -$93M

- FY2025: -$44M

- FY2026: $67M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.5% vs 2.3%

- Per-share earnings: -0.32 to -0.13 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.9%

- Ordinary dilution, 5-year annual growth: 1.3%

- Market cap gain: -$1.7B

- Cumulative retained earnings: -$1.7B

- Diluted shares, 10-year annual growth: -0.9%

- Diluted shares, 5-year annual growth: 1.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: $0.19

- Per-share value, starting three-year median: -$0.32

- Per-share value, ending three-year median: -$0.13

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 1.7%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: $1.5B

- Cumulative net income, 10 years: -$2.8B

- ROIC, first three-year median: 6.5%

- ROIC, last three-year median: 2.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: -$2.30

- FY2018: $0.74

- FY2019: $0.15

- FY2020: -$0.25

- FY2021: -$1.97

- FY2022: $0.02

- FY2023: -$1.15

- FY2024: -$0.22

- FY2025: -$0.13

- FY2026: $0.09

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: 0.2%

- Receivables to sales index (DSRI): 0.72×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 45.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.96×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.70×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -30.1%

- FY2018: -7.9%

- FY2019: -0.2%

- FY2020: -4.6%

- FY2021: -42.1%

- FY2022: 1.6%

- FY2023: -28.1%

- FY2024: -9.1%

- FY2025: -7.4%

- FY2026: 0.2%

## Holders

## Price story

Down 31% since Jun 2026 · "BlackBerry (BB): QNX Is Compounding, But Secure Communications Just Lost Its Momentum" (finance.yahoo.com, Sep 2026) · sales +2.7%

Story as of 2026-10-16T09:58:22.392Z; price observation 2026-10-15.

- 2025-06-25: BlackBerry soars as strong cybersecurity demand fuels Q1 beat, guidance raise ([investing.com](https://www.investing.com/news/earnings/blackberry-posts-strong-q1-as-qnx-and-secure-comms-lead-growth-shares-gain-4109273))

- 2025-09-27: BlackBerry (TSX:BB) Is Up 18.6% After Strong Q2, Raised 2026 Guidance and Contract Wins ([finance.yahoo.com](https://finance.yahoo.com/news/blackberry-tsx-bb-18-6-132928213.html))

- 2026-04-10: BlackBerry (TSX:BB) Is Up 10.0% After Swinging to Profit and Expanding Canadian Security Deal ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/blackberry-tsx-bb-10-0-230833791.html))

- 2026-05-23: BlackBerry (BB) Soars to 4-Year High as AtHoc Gets FedRAMP Cert Anew ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/blackberry-bb-soars-4-high-091948995.html))

- 2026-06-25: BlackBerry Q1 FY2027 earnings beat, raises full-year outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/blackberry-q1-fy2027-earnings-beat-142833744.html))

- 2026-09-25: BB Q2 Earnings Top, Sales Up Y/Y on QNX Strength, FY27 Outlook Raised ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/bb-q2-earnings-top-sales-130400989.html))

### Sales · FY2025–2026

sales +2.7%; source https://www.sec.gov/Archives/edgar/data/1070235/000107023526000039/bbry-20260228.htm; observed 2026-04-09.

- FY2017: $1.3B 

- FY2018: $932M 

- FY2019: $904M 

- FY2020: $1.0B 

- FY2021: $893M 

- FY2022: $718M 

- FY2023: $526M 

- FY2024: $759M 

- FY2025: $535M 

- FY2026: $549M 

### Gross margin · FY2026

gross margin 76.2%; source https://www.sec.gov/Archives/edgar/data/1070235/000107023526000039/bbry-20260228.htm; observed 2026-04-09.

- FY2017: 47.1% 

- FY2018: 71.9% 

- FY2019: 77.2% 

- FY2020: 73.4% 

- FY2021: 72.0% 

- FY2022: 65.0% 

- FY2023: 69.7% 

- FY2024: 64.6% 

- FY2025: 73.8% 

- FY2026: 76.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software infrastructure; annual sales are USD 549.1 million.

- Source: https://www.sec.gov/Archives/edgar/data/1070235/000107023526000039/bbry-20260228.htm (filed 2026-04-09); FY2026: revenue 549100000; grossProfit 418200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BB.US: BlackBerry Limited provides intelligent software and services to enterprises and governments worldwide. The company operates through three segments: Secure Communications, QNX, and Licensing. The company offers BlackBerry Dynamics, a development platform and secure container for mobile applications; BlackBerry Workspaces a secure Enterprise File Sync and Share (EFSS) solution; BlackBerry Messenger (BBM) Enterprise, an enterprise-grade secure instant messaging solution for messaging, voice, and video; BlackBerry SecuSUITE, a multi-OS voice and text messaging solution; BlackBerry AtHoc, a secure networked critical event management solution; and BlackBerry unified endpoint management (UEM) solutions. It also provides BlackBerry Certicom, a patented elliptic curve cryptography, which provides device security, anti-counterfeiting, and product authentication solutions; BlackBerry Radar offers asset monitoring and telematics solutions for transportation and logistics; and BlackBerry Development Platform, an enterprise-grade toolset. In addition, the company offers enterprise consulting and engineering consulting services. Further, it is involved in patent licensing. The company was formerly known as Research In Motion Limited and changed its name to BlackBerry Limited in July 2013. BlackBerry Limited was incorporated in 1984 and is headquartered in Waterloo, Canada.

### Why customers stay

Margins ranged from 64.6% to 76.2% during 2024–26; it lost 6.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2024: grossProfit / revenue = 64.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2025: grossProfit / revenue = 73.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1070235/000107023526000039/bbry-20260228.htm (filed 2026-04-09); FY2026: grossProfit / revenue = 76.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); 10-year return on capital observations [[2017,-1.3122222222222222],[2018,0.6150391190959142],[2019,0.06493506493506493],[2020,-0.12522340425531914],[2021,-1.152213438735178],[2022,-0.23148610417706772],[2023,-0.42456340956340954],[2024,0.02266244057052298],[2025,0.003496973772696705],[2026,0.3715897279543218]]; median -0.06086321524131122. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years; bought back USD 61.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2018: growth capex 0; upkeep 45000000; owner earnings 537000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2019: growth capex 0; upkeep 49000000; owner earnings 193000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2020: growth capex 0; upkeep 44000000; owner earnings 16000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2022: growth capex 0; upkeep 39000000; owner earnings 149000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1070235/000107023526000039/bbry-20260228.htm (filed 2026-04-09); FY2026: growth capex 0; upkeep 3862126; owner earnings 67137874. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1070235/000107023526000039/bbry-20260228.htm (filed 2026-04-09); FY2026: cash repurchases 61692434 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BB.US SharesStats.PercentInsiders = 0.329 percentage points; cache date 2026-10-16.

### What the price says

The price is 9.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); Closing price 8.7 USD; reporting-to-trading FX 1; FY2026 annual sales per share 0.9188650986888894; price multiple 9.468201602622473. FY2026 cash earnings/share 0.11234866002326029. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $7.05 per share

- 2016-11: $7.71 per share

- 2016-12: $6.89 per share

- 2017-01: $7.06 per share

- 2017-02: $6.96 per share

- 2017-03: $7.75 per share

- 2017-04: $9.34 per share

- 2017-05: $10.57 per share

- 2017-06: $9.99 per share

- 2017-07: $9.38 per share

- 2017-08: $9.27 per share

- 2017-09: $11.18 per share

- 2017-10: $10.94 per share

- 2017-11: $10.77 per share

- 2017-12: $11.17 per share

- 2018-01: $12.66 per share

- 2018-02: $12.14 per share

- 2018-03: $11.50 per share

- 2018-04: $10.47 per share

- 2018-05: $11.83 per share

- 2018-06: $9.65 per share

- 2018-07: $9.81 per share

- 2018-08: $10.67 per share

- 2018-09: $11.38 per share

- 2018-10: $9.25 per share

- 2018-11: $8.79 per share

- 2018-12: $7.11 per share

- 2019-01: $8.07 per share

- 2019-02: $8.70 per share

- 2019-03: $10.09 per share

- 2019-04: $9.18 per share

- 2019-05: $7.85 per share

- 2019-06: $7.46 per share

- 2019-07: $7.30 per share

- 2019-08: $6.87 per share

- 2019-09: $5.25 per share

- 2019-10: $5.26 per share

- 2019-11: $5.57 per share

- 2019-12: $6.42 per share

- 2020-01: $6.10 per share

- 2020-02: $5.17 per share

- 2020-03: $4.13 per share

- 2020-04: $4.28 per share

- 2020-05: $4.64 per share

- 2020-06: $4.89 per share

- 2020-07: $4.74 per share

- 2020-08: $5.22 per share

- 2020-09: $4.59 per share

- 2020-10: $4.49 per share

- 2020-11: $5.87 per share

- 2020-12: $6.63 per share

- 2021-01: $14.10 per share

- 2021-02: $10.05 per share

- 2021-03: $8.43 per share

- 2021-04: $8.83 per share

- 2021-05: $10.07 per share

- 2021-06: $12.22 per share

- 2021-07: $10.16 per share

- 2021-08: $11.41 per share

- 2021-09: $9.73 per share

- 2021-10: $10.80 per share

- 2021-11: $9.52 per share

- 2021-12: $9.35 per share

- 2022-01: $8.23 per share

- 2022-02: $6.87 per share

- 2022-03: $7.46 per share

- 2022-04: $5.72 per share

- 2022-05: $6.05 per share

- 2022-06: $5.39 per share

- 2022-07: $6.13 per share

- 2022-08: $5.94 per share

- 2022-09: $4.70 per share

- 2022-10: $4.66 per share

- 2022-11: $4.87 per share

- 2022-12: $3.26 per share

- 2023-01: $4.25 per share

- 2023-02: $3.88 per share

- 2023-03: $4.56 per share

- 2023-04: $3.91 per share

- 2023-05: $5.35 per share

- 2023-06: $5.53 per share

- 2023-07: $5.10 per share

- 2023-08: $5.56 per share

- 2023-09: $4.71 per share

- 2023-10: $3.58 per share

- 2023-11: $3.67 per share

- 2023-12: $3.54 per share

- 2024-01: $2.79 per share

- 2024-02: $2.78 per share

- 2024-03: $2.76 per share

- 2024-04: $2.79 per share

- 2024-05: $2.79 per share

- 2024-06: $2.48 per share

- 2024-07: $2.42 per share

- 2024-08: $2.35 per share

- 2024-09: $2.62 per share

- 2024-10: $2.26 per share

- 2024-11: $2.57 per share

- 2024-12: $3.78 per share

- 2025-01: $4.44 per share

- 2025-02: $4.71 per share

- 2025-03: $3.77 per share

- 2025-04: $3.40 per share

- 2025-05: $3.96 per share

- 2025-06: $4.58 per share

- 2025-07: $3.69 per share

- 2025-08: $3.83 per share

- 2025-09: $4.88 per share

- 2025-10: $4.88 per share

- 2025-11: $4.08 per share

- 2025-12: $3.79 per share

- 2026-01: $3.57 per share

- 2026-02: $3.39 per share

- 2026-03: $3.24 per share

- 2026-04: $5.40 per share

- 2026-05: $9.00 per share

- 2026-06: $12.65 per share

- 2026-07: $8.50 per share

- 2026-08: $8.15 per share

- 2026-09: $9.04 per share

- 2026-10: $8.91 per share

## Annual estimated value (USD per share)

- FY2019: low $3.73 per share, central $4.04 per share, high $4.46 per share

- FY2020: low $4.07 per share, central $4.43 per share, high $4.91 per share

- FY2021: low $1.55 per share, central $1.59 per share, high $1.64 per share

- FY2022: low $3.68 per share, central $4.04 per share, high $4.51 per share

- FY2023: low $0.79 per share, central $0.81 per share, high $0.83 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1070235/000107023526000039/bbry-20260228.htm); period 2026-02-28, filed 2026-04-09.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations



# BB — BlackBerry Ltd.

Held by 1 investor · USD 113,335,913 total · 2026 Q1 · reported price USD 3.24 (split-adjusted).
Page: https://gigainvestors.com/s/BB

## Holders (2026 Q1)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Prem Watsa (https://gigainvestors.com/FFH) | USD 113,335,913 | 5.8% | hold |

## Total held by quarter

- 2010 Q3: USD 101,990,350 · 1 holder · USD 49.39
- 2010 Q4: USD 120,265,600 · 1 holder · USD 58.24
- 2011 Q1: USD 116,507,300 · 1 holder · USD 56.42
- 2011 Q2: USD 241,318,506 · 1 holder · USD 28.82
- 2011 Q3: USD 239,859,439 · 1 holder · USD 20.33
- 2011 Q4: USD 185,447,367 · 1 holder · USD 14.49
- 2012 Q1: USD 394,135,980 · 1 holder · USD 14.68
- 2012 Q2: USD 198,141,930 · 1 holder · USD 7.38
- 2012 Q3: USD 389,947,344 · 1 holder · USD 7.52
- 2012 Q4: USD 614,996,742 · 1 holder · USD 11.86
- 2013 Q1: USD 748,781,868 · 1 holder · USD 14.44
- 2013 Q2: USD 543,298,168 · 2 holders · USD 10.46
- 2013 Q3: USD 415,766,071 · 3 holders · USD 7.93
- 2013 Q4: USD 391,468,384 · 3 holders · USD 7.45
- 2014 Q1: USD 384,424,653 · 3 holders · USD 8.08
- 2014 Q2: USD 500,637,234 · 3 holders · USD 10.24
- 2014 Q3: USD 484,945,350 · 3 holders · USD 9.95
- 2014 Q4: USD 538,346,655 · 3 holders · USD 10.98
- 2015 Q1: USD 442,340,365 · 3 holders · USD 8.92
- 2015 Q2: USD 412,879,994 · 3 holders · USD 8.18
- 2015 Q3: USD 311,313,232 · 3 holders · USD 6.12
- 2015 Q4: USD 473,324,007 · 3 holders · USD 9.28
- 2016 Q1: USD 415,560,874 · 3 holders · USD 8.11
- 2016 Q2: USD 343,549,756 · 3 holders · USD 6.71
- 2016 Q3: USD 411,269,927 · 3 holders · USD 7.97
- 2016 Q4: USD 355,117,262 · 3 holders · USD 6.88
- 2017 Q1: USD 400,827,753 · 3 holders · USD 7.75
- 2017 Q2: USD 516,780,170 · 3 holders · USD 9.99
- 2017 Q3: USD 577,469,996 · 3 holders · USD 11.18
- 2017 Q4: USD 579,102,848 · 3 holders · USD 11.17
- 2018 Q1: USD 594,743,085 · 3 holders · USD 11.50
- 2018 Q2: USD 499,996,711 · 3 holders · USD 9.65
- 2018 Q3: USD 589,274,063 · 3 holders · USD 11.37
- 2018 Q4: USD 368,114,904 · 3 holders · USD 7.11
- 2019 Q1: USD 522,168,331 · 3 holders · USD 10.09
- 2019 Q2: USD 393,545,490 · 3 holders · USD 7.45
- 2019 Q3: USD 277,329,223 · 3 holders · USD 5.24
- 2019 Q4: USD 346,479,048 · 4 holders · USD 6.42
- 2020 Q1: USD 217,317,476 · 3 holders · USD 4.10
- 2020 Q2: USD 257,510,103 · 3 holders · USD 4.87
- 2020 Q3: USD 240,828,814 · 3 holders · USD 4.58
- 2020 Q4: USD 343,990,960 · 3 holders · USD 6.63
- 2021 Q1: USD 417,158,667 · 3 holders · USD 8.40
- 2021 Q2: USD 597,406,313 · 3 holders · USD 12.22
- 2021 Q3: USD 474,620,601 · 3 holders · USD 9.73
- 2021 Q4: USD 441,903,541 · 3 holders · USD 9.34
- 2022 Q1: USD 362,162,522 · 3 holders · USD 7.45
- 2022 Q2: USD 261,988,108 · 3 holders · USD 5.39
- 2022 Q3: USD 228,021,599 · 3 holders · USD 4.70
- 2022 Q4: USD 157,507,782 · 3 holders · USD 3.26
- 2023 Q1: USD 220,943,872 · 3 holders · USD 4.56
- 2023 Q2: USD 267,897,592 · 3 holders · USD 5.53
- 2023 Q3: USD 228,520,665 · 3 holders · USD 4.72
- 2023 Q4: USD 170,965,390 · 3 holders · USD 3.54
- 2024 Q1: USD 128,901,798 · 2 holders · USD 2.80
- 2024 Q2: USD 116,344,503 · 1 holder · USD 2.49
- 2024 Q3: USD 122,418,714 · 1 holder · USD 2.62
- 2024 Q4: USD 176,619,366 · 1 holder · USD 3.78
- 2025 Q1: USD 175,684,872 · 1 holder · USD 3.76
- 2025 Q2: USD 186,793,926 · 1 holder · USD 4.58
- 2025 Q3: USD 172,375,208 · 1 holder · USD 4.87
- 2025 Q4: USD 132,225,232 · 1 holder · USD 3.78
- 2026 Q1: USD 113,335,913 · 1 holder · USD 3.24
- 2026 Q2: USD 0 · 0 holders