BLACKBERRY Ltd (BB) stock analysis
Close on Nov 11, 2026Market cap $5.52BP/E 78.3Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed9 of 30 checks passed
Blackberry passes 9 of the 30 checks behind our score; 12 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 2/6
- Past performance
- 4/6
- Financial health
- 3/6
- Dividend
- 0/6
What stands out
Return on capital over 10%
Return on invested capital was 17.5%, above the 10% that usually covers the cost of capital.
Interest well covered
Operating income covers interest expense 13.9 times.
Low bankruptcy risk
The Altman Z-score is 5.69; above 3 is the safe zone and below 1.8 the distress zone.
Growing faster than the industry
Revenue grew 14.4% over the last twelve months; the Computer Programming, Data Processing, and Other Computer Related Services median is 9.6%.
What to watch
Margin of safety under 20%
The price is 117% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $9.40 is above our fair value estimate of $4.33.
Return on equity under 15%
Return on equity was 10.6% over the last twelve months and averaged -15.9% over five years; we look for 15% on both.
Revenue growing under 10% a year
Revenue grew 1.4% a year over the last three fiscal years, short of the 10% we look for.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E above the industry
Blackberry's P/E of 78.3 is above the Computer Programming, Data Processing, and Other Computer Related Services median of 27.6.
EV/EBITDA above its 5-year median
Blackberry's EV/EBITDA of 53.4 is above its 5-year median of 49.4.
P/B above the industry
Blackberry's price-to-book of 6.97 is above the Computer Programming, Data Processing, and Other Computer Related Services median of 3.32.
Trading above fair value
The share price of $9.40 is above our fair value estimate of $4.33.
Margin of safety under 20%
The price is 117% above fair value, so there is no margin of safety.
Growth2/6
Revenue growing under 10% a year
Revenue grew 1.4% a year over the last three fiscal years, short of the 10% we look for.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 14.4% over the last twelve months; the Computer Programming, Data Processing, and Other Computer Related Services median is 9.6%.
Guidance lowered
Blackberry lowered its Q3 FY27 Licensing revenue: outlook on Sep 24, 2026.
Gross margin improving
Gross margin was 77.9% over the last twelve months, against 75.1% a year earlier.
Past performance4/6
Return on equity under 15%
Return on equity was 10.6% over the last twelve months and averaged -15.9% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 17.5%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
Blackberry's return on equity of 10.6% is above the Computer Programming, Data Processing, and Other Computer Related Services median of -1.2%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 13.1% over the last twelve months, against a 5-year average of -32.0%.
Net margin above the industry
Blackberry's net margin of 13.1% is above the Computer Programming, Data Processing, and Other Computer Related Services median of -4.8%.
Financial health3/6
Debt level
Needs debt and equity figures.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt coverage
Needs operating cash flow.
Interest well covered
Operating income covers interest expense 13.9 times.
Short-term assets cover short-term debts
Current assets are 2.38 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 5.69; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Blackberry has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$4.33
The share price is 117% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 27.6× | – | 27.6× | $3.31 | 47% |
| EV/EBITDA | 30.0× | 49.4× | 18.8× | $5.56 | 41% |
| P/B | 3.1× | 2.8× | 3.3× | $4.13 | 12% |
| Earnings powerleft out, too far from the others | 12.6% cost of equity | – | – | $0.22 | – |
| Fair value | $4.33 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- EV/EBITDA at month end
- Own 5-year median 49.4
- Computer Programming, Data Processing, and Other Computer Related Services median 18.8
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $124.57M
- Value traded per 1% price move
- $31.71M
Downside
High risk
- Typical loss in a bad month
- 26.0%
- Volatility (annualized)
- 65%
- Sharpe ratio, 1 year
- 1.51
- Beta to the S&P 500 (5Y)
- 1.55
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2012 to 2026
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +2.7% | +1.4% | -9.3% | -12.8% | |
| Gross profit | +5.9% | +4.5% | -8.2% | -7.8% | |
| Operating income | +5937.5% | – | – | – | |
| Free cash flow | +247.0% | – | -8.9% | -14.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | -45.8% | -54.7% | 7.3% | |
| Return on assets | -27.3% | -32.9% | 4.2% | |
| Current ratio | 2.76 | 2.34 | 2.12 | |
| Interest coverage | – | -73.8× | 8.1× | |
| Inventory turnover | 8.2× | – | – | |
| Capex to revenue | 1.3% | 0.9% | 0.7% | |
| Diluted shares | 525M | 561M | 598M |
Where the cash went
Fiscal 2022 to 2026, five years combined
Blackberry generated $360.50M from operations and spent $90.00M on capital expenditure, dividends and share buybacks. 33% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 9.7% | 0.43× | 1.73× | 7.3% |
| FY2025 | -14.8% | 0.40× | 1.80× | -10.6% |
| FY2024 | -17.2% | 0.49× | 1.88× | -16.0% |
| FY2023 | -139.5% | 0.25× | 1.76× | -60.9% |
| FY2022 | 1.7% | 0.27× | 1.76× | 0.8% |
| FY2021 | -123.6% | 0.27× | 1.66× | -54.7% |
| FY2020 | -14.6% | 0.26× | 1.52× | -5.9% |
| FY2019 | 10.3% | 0.23× | 1.51× | 3.6% |
| FY2018 | 43.5% | 0.26× | 1.55× | 17.8% |
| FY2017 | -92.1% | 0.30× | 1.68× | -45.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
- ProfitableNet income above zero$53.20M
- Cash generatingOperating cash flow above zero$50.30M
- Return on assets improvedROA up on the prior year-5.7% → 4.1%
- Earnings backed by cashOperating cash flow above net income$50.30M vs $53.20M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.72 → 2.12
- No dilutionShare count did not rise591M → 598M
- Gross margin improvedGross margin up on the prior year73.83% → 76.16%
- More efficientAsset turnover rose0.38 → 0.42
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