NYSE · Technology

BlackBerry Limited

BB · Software - Infrastructure

$5.59

▲ 0.17 (3.14%)

Data cached · refreshes every 10 min

Mr. Market is currently offering BlackBerry Limited at $5.59.

The business passes only 1 of 6 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability C

Gross Profit Margin 76.2%

Operating Margin 9.2%

Net Income Margin 9.7%

Fin. Health A

Working Capital vs Long-Term Debt $104M

Working Capital $300M

Valuation F

Margin of Safety 0.0%

Price-to-Book 4.41x

Cash Flow A

Free Cash Flow $41M

CapEx % of Net Income 17.9%

Owner Earnings $80M

1/6

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $3.3B

Enterprise Value $3.1B

P/E (TTM) 62.11

Dividend Yield N/A

Exchange NYSE

Key Margins

Gross Profit 76.2%

Operating Margin 9.2%

Net Margin 9.7%

Company Info

Sector Technology

Industry Software - Infrastructure

Employees 1749

Country Canada

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering BlackBerry Limited at $5.59.

The business passes only 1 of 6 of Graham's defensive criteria — well below his required standard.

At $5.59, the stock trades at a 249% premium to its Graham Number of $1.60. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Trading at 47.6x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About BlackBerry Limited

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.

Showing Key Metrics

Income Highlights

Metric	2026	2025	2024	2023	2022
Gross Profit %	76.2% ▲	73.8%	64.6%	69.7%	N/A
Operating Margin %	9.2% ▲	2.4%	6.0%	-13.2%	N/A
Net Income %	9.7% ▲	-14.8%	-17.2%	-139.5%	N/A
Diluted EPS	0.09 ▲	-0.13	-0.22	-1.35	N/A

Balance Sheet Highlights

Metric	2026	2025	2024	2023	2022
Total Assets	$1.2B	$1.3B	$1.4B	$1.7B	N/A
Total Debt	N/A •	N/A	$252M	N/A	N/A
Working Capital	$300M ▲	$247M	$151M	$14M	N/A
Years to Pay Debt	N/A	N/A	-1.93	N/A	N/A

Cash Flow Highlights

Metric	2026	2025	2024	2023	2022
Free Cash Flow	$41M ▲	$6M	-$24M	-$303M	N/A
Owner Earnings	$80M	-$24M	-$51M	-$589M	N/A
CapEx % of Net Income	17.9%	N/A	N/A	N/A	N/A

Income Statement

	2026	2025	2024	2023	2022
Tax Effect Of Unusual Items	1,431	195	-1,020	-5,264
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	68,200	57,900	100,700	172,500
Total Unusual Items	14,600	1,300	-6,800	-263,200
Total Unusual Items Excluding Goodwill	14,600	1,300	-6,800	-263,200
Net Income From Continuing Operation Net Minority Interest	53,200	-8,500	5,600	-215,500
Reconciled Depreciation	17,800	44,700	58,500	104,700
Reconciled Cost Of Revenue	124,500	113,100	236,700	82,400
EBITDA	82,800	59,200	93,900	-90,700
EBIT	65,000	14,500	35,400	-195,400
Net Interest Income	-6,000	-6,000	-5,600	-6,400
Interest Expense	6,000	6,000	5,600	6,400
Normalized Income	40,031	-9,605	11,380	42,436
Net Income From Continuing And Discontinued Operation	53,200	-79,000	-130,200	-734,400
Total Expenses	498,700	521,800	713,500	595,900
Total Operating Income As Reported	48,300	800	11,000	-206,800
Diluted Average Shares	597,585	591,470	592,497	639,487
Basic Average Shares	592,251	591,470	584,543	578,654
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	53,200	-79,000	-130,200	-865,400
Average Dilution Earnings		0	0	-131,000	-206,000
Net Income Common Stockholders	53,200	-79,000	-130,200	-734,400
Net Income	53,200	-79,000	-130,200	-734,400
Net Income Including Noncontrolling Interests	53,200	-79,000	-130,200	-734,400
Net Income Discontinuous Operations	0	-70,500	-135,800	-518,900
Net Income Continuous Operations	53,200	-8,500	5,600	-215,500
Tax Provision	5,800	17,000	24,200	13,700
Pretax Income	59,000	8,500	29,800	-201,800
Other Income Expense	14,600	1,300	-10,300	-125,800
Other Non Operating Income Expenses			-3,500	137,400	212,000
Special Income Charges	-2,100	-12,400	-31,200	-274,600
Gain On Sale Of Ppe		0	0	6,000	0
Other Special Charges		2,800		165,000
Impairment Of Capital Assets	2,100	9,600	31,200	115,600
Gain On Sale Of Security	16,700	13,700	24,400	11,400
Net Non Operating Interest Income Expense	-6,000	-6,000	-5,600	-6,400
Interest Expense Non Operating	6,000	6,000	5,600	6,400
Operating Income	50,400	13,100	45,600	-69,600
Operating Expense	367,800	381,800	445,100	436,200
Depreciation Amortization Depletion Income Statement	11,400	17,800	26,800	27,400
Depreciation And Amortization In Income Statement	11,400	17,800	26,800	27,400
Amortization	6,300	10,700	17,700	18,000
Amortization Of Intangibles Income Statement	6,300	10,700	17,700	18,000
Depreciation Income Statement	5,100	7,100	9,100	9,400
Research And Development	113,600	108,800	127,100	134,200
Selling General And Administration	242,800	255,200	291,200	274,600
Selling And Marketing Expense	114,000	95,500	104,000	102,600
General And Administrative Expense	128,800	159,700	187,200	172,000
Other Gand A	128,800	159,700	187,200	172,000
Gross Profit	418,200	394,900	490,700	366,600
Cost Of Revenue	130,900	140,000	268,400	159,700
Total Revenue	549,100	534,900	759,100	526,300
Operating Revenue	549,100	534,900	759,100	526,300

Balance Sheet

	2026	2025	2024	2023	2022
Ordinary Shares Number	587,431	596,231	589,233	582,157
Share Issued	587,431	596,231	589,233	582,157
Net Debt			19,000	72,000	129,000
Total Debt			251,500
Tangible Book Value	226,800	200,200	243,100	59,000
Invested Capital	942,500	915,200	969,200	1,224,000
Working Capital	300,100	247,200	150,600	14,000
Net Tangible Assets	226,800	200,200	243,100	59,000
Capital Lease Obligations	18,800	28,700	57,400	76,000
Common Stock Equity	746,000	719,900	775,100	857,000
Total Capitalization	942,500	915,200	969,200	857,000
Total Equity Gross Minority Interest	746,000	719,900	775,100	857,000
Stockholders Equity	746,000	719,900	775,100	857,000
Gains Losses Not Affecting Retained Earnings	-11,200	-19,200	-14,300	-24,000
Other Equity Adjustments	-11,200	-19,200	-14,300	-24,000
Retained Earnings	-2,167,200	-2,237,300	-2,158,300	-2,028,000
Capital Stock	2,924,400	2,976,400	2,947,700	2,909,000
Common Stock	2,924,400	2,976,400	2,947,700	2,909,000
Total Liabilities Net Minority Interest	499,200	575,700	619,900	822,000
Total Non Current Liabilities Net Minority Interest	231,100	231,400	263,000	93,000
Other Non Current Liabilities	1,700	1,800	3,200	1,000
Liabilities Heldfor Sale Non Current		0	13,300
Non Current Deferred Liabilities	14,100	5,600	14,600	40,000
Non Current Deferred Revenue	14,100	5,600	14,600	40,000
Long Term Debt And Capital Lease Obligation	215,300	224,000	231,900	52,000
Long Term Capital Lease Obligation	18,800	28,700	37,800	52,000
Long Term Debt	196,500	195,300	194,100		507,000
Current Liabilities	268,100	344,300	356,900	729,000
Other Current Liabilities			49,300
Current Deferred Liabilities	138,500	161,500	148,700	175,000
Current Deferred Revenue	138,500	161,500	148,700	175,000
Current Debt And Capital Lease Obligation		15,000	19,600	391,000	28,000
Current Capital Lease Obligation		15,000	19,600	24,000	28,000
Current Debt				367,000
Other Current Borrowings				367,000
Pensionand Other Post Retirement Benefit Plans Current	36,500	31,400	15,100	3,000
Payables And Accrued Expenses	93,100	151,400	124,200	160,000
Current Accrued Expenses	75,200	94,800	79,000	116,000
Payables	17,900	56,600	45,200	44,000
Total Tax Payable	12,400	25,500	28,400	20,000
Income Tax Payable	12,400	25,500	28,400	20,000
Accounts Payable	5,500	31,100	16,800	24,000
Total Assets	1,245,200	1,295,600	1,395,000	1,679,000
Total Non Current Assets	677,000	704,100	887,500	936,000
Other Non Current Assets	70,500	90,100	266,800	35,000
Investments And Advances	58,300	58,900	35,700	34,000
Investmentin Financial Assets				34,000	30,000
Available For Sale Securities				34,000	30,000
Goodwill And Other Intangible Assets	519,200	519,700	532,000	798,000
Other Intangible Assets	40,100	47,300	57,500	203,000
Goodwill	479,100	472,400	474,500	595,000
Net PPE	29,000	35,400	53,000	69,000
Accumulated Depreciation	-85,900	-84,500	-88,100	-89,000
Gross PPE	114,900	119,900	141,100	158,000
Leases	12,900	10,500	15,200	19,000
Other Properties	97,200	104,800	119,600	130,000
Machinery Furniture Equipment	4,800	4,600	6,300	9,000
Current Assets	568,200	591,500	507,500	743,000
Other Current Assets	42,200	30,000	35,100	182,000
Assets Held For Sale Current		0	11,600
Receivables	166,100	223,700	223,700	135,000
Other Receivables	7,500	48,400	21,400	12,000
Taxes Receivable	2,600	1,600	3,600	3,000
Accounts Receivable	156,000	173,700	198,700	120,000
Allowance For Doubtful Accounts Receivable	-3,400	-6,600	-6,000	-1,000
Gross Accounts Receivable	159,400	180,300	204,700	121,000
Cash Cash Equivalents And Short Term Investments	359,900	337,800	237,100	426,000
Other Short Term Investments	85,200	71,100	62,000	131,000
Cash And Cash Equivalents	274,700	266,700	175,100	295,000
Cash Equivalents	106,100	43,000	78,900	208,000
Cash Financial	168,600	223,700	96,200	87,000

Cash Flow

	2026	2025	2024	2023	2022
Free Cash Flow	40,800	6,400	-24,400	-303,100
Repurchase Of Capital Stock	-60,700	0	0
Repayment Of Debt	0	0	-515,000	-100
Issuance Of Debt	0	0	344,000	0
Issuance Of Capital Stock	2,500	3,100	5,900	6,100
Capital Expenditure	-9,500	-10,100	-20,900	-40,900
End Cash Position	288,900	280,300	200,500	322,300
Beginning Cash Position	280,300	200,500	322,300	406,200
Effect Of Exchange Rate Changes	900	-500	200	-2,900
Changes In Cash	7,700	80,300	-122,000	-81,000
Financing Cash Flow	-58,200	3,100	-165,100	6,000
Cash Flow From Continuing Financing Activities	-58,200	3,100	-165,100	6,000
Net Common Stock Issuance	-58,200	3,100	5,900	6,100
Common Stock Payments	-60,700	0	0
Common Stock Issuance	2,500	3,100	5,900	6,100
Net Issuance Payments Of Debt	0	0	-171,000	-100
Net Short Term Debt Issuance	0	0	-171,000	0
Short Term Debt Payments	0	0	-515,000	0
Short Term Debt Issuance	0	0	344,000	0
Net Long Term Debt Issuance		0	0	-100	0
Long Term Debt Payments		0	0	-100	0
Investing Cash Flow	15,600	60,700	46,600	175,200
Cash From Discontinued Investing Activities	38,100	79,800	0	0
Cash Flow From Continuing Investing Activities	-22,500	-19,100	46,600	175,200
Net Other Investing Changes					24,000
Net Investment Purchase And Sale	-13,000	-9,000	67,500	199,000
Sale Of Investment	140,600	145,900	223,500	716,300
Purchase Of Investment	-153,600	-154,900	-156,000	-517,300
Net Intangibles Purchase And Sale	-5,700	-7,000	-13,800	-33,600
Purchase Of Intangibles	-5,700	-7,000	-13,800	-33,600
Net PPE Purchase And Sale	-3,800	-3,100	-7,100	9,800
Sale Of PPE		0	0	17,100	0
Purchase Of PPE	-3,800	-3,100	-7,100	-7,300
Operating Cash Flow	50,300	16,500	-3,500	-262,200
Cash Flow From Continuing Operating Activities	50,300	16,500	-3,500	-262,200
Change In Working Capital	-35,900	34,500	-154,300	6,200
Change In Other Working Capital	-14,500	-5,900	7,500	-29,400
Change In Other Current Assets	8,200	-16,000	-54,300	-500
Change In Payables And Accrued Expense	-49,100	17,700	-19,000	-100
Change In Accrued Expense	-9,500	6,400	-20,300	-11,800
Change In Payable	-39,600	11,300	1,300	11,700
Change In Account Payable	-26,500	14,200	-7,400	2,900
Change In Tax Payable	-13,100	-2,900	8,700	8,800
Change In Income Tax Payable	-13,100	-2,900	8,700	8,800
Change In Receivables	19,500	38,700	-88,500	36,200
Changes In Account Receivables	17,700	25,000	-78,800	17,800
Other Non Cash Items	-10,100	-18,900	-11,400	-9,100
Stock Based Compensation	23,200	25,600	33,100	33,900
Unrealized Gain Loss On Investment Securities	0	0	3,500	-137,400
Asset Impairment Charge	2,100	9,600	50,100	479,900
Depreciation Amortization Depletion	17,800	44,700	58,500	104,700
Depreciation And Amortization	17,800	44,700	58,500	104,700
Amortization Cash Flow	17,800	44,700	58,500	104,700
Amortization Of Intangibles	17,800	44,700	58,500	104,700
Operating Gains Losses			147,200	-6,000	-22,000
Gain Loss On Investment Securities					-22,000
Gain Loss On Sale Of PPE	0	0	147,200	-6,000
Net Income From Continuing Operations	53,200	-79,000	-130,200	-734,400

These metrics estimate what BlackBerry Limited is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$1.60

Margin of Safety

Market Cap ÷ Company Value

1.26

P/B Ratio

4.41

Warren's Owner Earnings

$80M

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

1/6 — Speculative Investor

❌ Adequate Size

$549M

vs > $1.5B revenue

✅ Strong Financial Condition

2.12x

vs Current Ratio > 2.0x

❌ Earnings Stability

3 loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

❌ Moderate P/E Ratio

62.1x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

4.41x P/B (P/E×P/B: 273.6)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$0.12

Trading at 47.6x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$0.95

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2026	2025	2024	2023	2022
Capital Expenditure % of Net Income	17.9%	N/A	N/A	N/A	N/A
Repurchase of Capital Stock	-$61M	$0M	$0M	N/A	N/A
Free Cash Flow	$41M ▲	$6M ▲	-$24M ▲	-$303M •	N/A •
Warren's Owner Earnings	$80M	-$24M	-$51M	-$589M	N/A

Peers & Industry

No auto-detected peers for Software - Infrastructure. You can manually compare BB against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.35%

Low — management has little skin in the game

Return on Equity (ROE)

7.1%

Weak — poor returns on equity

Return on Assets (ROA)

4.3%

Fair — average asset utilization

Share Buybacks (Latest Year)

$61M

Management is returning capital to shareholders via buybacks

Leadership Team

John Joseph Giamatteo

CEO; President of Secure Communications & Director

Age 58

Pay: $1,417,205

2.664% of net income

Tim Foote

Chief Financial Officer

Pay: $804,826

1.513% of net income

John Wall

President of QNX Division

Top Institutional Holders

Institution	% Owned	Shares
Fairfax Financial Holdings Ltd	5.95%	34,980,220
Legal & General Group PLC	5.14%	30,223,731
Voya Investment Management LLC	4.46%	26,175,909
First Trust Advisors LP	4.25%	24,991,652
Vanguard Group Inc	4.07%	23,935,970
Fifthdelta Ltd	2.99%	17,594,456
Connor Clark & Lunn Investment Management Ltd	2.06%	12,094,854
Mirae Asset Global ETFs Holdings Ltd.	1.93%	11,331,312

Risk Analysis

Beta (Market Risk)

1.47

Moderate volatility — moves slightly more than market

Short Interest

5.2% of float

Moderate short interest

Debt-to-Equity

0.30x

Conservative balance sheet — low financial risk

Current Ratio