Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin21.0%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin20.8%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
B
Years to Pay Off Debt6.5 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt$128M
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$325M
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
F
Margin of Safety0.0%
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book6.48x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
A
Free Cash Flow$27M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income7.7%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$41M
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
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.
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.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Margin of Safety
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Mr. Market is currently offering BlackBerry Limited at $8.74.
The business passes only 1 of 6 of Graham's defensive criteria — well below his required standard.
At $8.74, the stock trades at a 611% premium to its Graham Number of $1.23. 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 56.7x 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.
Showing Key Metrics
Income Highlights
Metric
Q3 2026
Q4 2025
Gross Profit %
77.8%▲
77.5%
Operating Margin %
21.0%▲
8.8%
Net Income %
20.8%▲
9.7%
Diluted EPS
0.05▲
0.02
Balance Sheet Highlights
Metric
Q3 2026
Q4 2025
Total Assets
$1.3B
$1.2B
Total Debt
$221M▼
$228M
Working Capital
$325M▲
$290M
Years to Pay Debt
6.52
16.67
Cash Flow Highlights
Metric
Q3 2026
Q4 2025
Free Cash Flow
$27M▲
$16M
Owner Earnings
$41M
$20M
CapEx % of Net Income
7.7%
16.8%
Income Statement
2026
2025
Tax Effect Of Unusual Items
33
171
Tax Rate For Calcs
0
0
Normalized EBITDA
37,500
14,200
Total Unusual Items
900
2,300
Total Unusual Items Excluding Goodwill
900
2,300
Net Income From Continuing Operation Net Minority Interest
33,900
13,700
Reconciled Depreciation
4,100
4,000
Reconciled Cost Of Revenue
34,600
30,300
EBITDA
38,400
16,500
EBIT
34,300
12,500
Net Interest Income
Interest Expense
Normalized Income
33,033
11,571
Net Income From Continuing And Discontinued Operation
33,900
13,700
Total Expenses
129,000
129,300
Total Operating Income As Reported
33,600
11,900
Diluted Average Shares
649,655
596,303
Basic Average Shares
586,627
590,892
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
33,900
13,700
Net Income Common Stockholders
33,900
13,700
Net Income
33,900
13,700
Net Income Including Noncontrolling Interests
33,900
13,700
Net Income Discontinuous Operations
0
Net Income Continuous Operations
33,900
13,700
Tax Provision
1,300
1,100
Pretax Income
35,200
14,800
Other Income Expense
900
2,300
Special Income Charges
-700
-600
Impairment Of Capital Assets
700
600
Gain On Sale Of Security
1,600
2,900
Net Non Operating Interest Income Expense
Interest Expense Non Operating
Operating Income
34,300
12,500
Operating Expense
92,800
97,400
Depreciation Amortization Depletion Income Statement
2,500
2,400
Depreciation And Amortization In Income Statement
2,500
2,400
Amortization
2,500
2,400
Amortization Of Intangibles Income Statement
2,500
2,400
Research And Development
33,200
29,600
Selling General And Administration
57,100
65,400
Selling And Marketing Expense
25,300
29,300
General And Administrative Expense
31,800
36,100
Other Gand A
31,800
36,100
Gross Profit
127,100
109,900
Cost Of Revenue
36,200
31,900
Total Revenue
163,300
141,800
Operating Revenue
163,300
141,800
Balance Sheet
2026
2025
Ordinary Shares Number
587,032
590,392
Share Issued
587,032
590,392
Total Debt
221,000
228,400
Tangible Book Value
268,700
222,300
Invested Capital
988,700
937,300
Working Capital
325,400
289,900
Net Tangible Assets
268,700
222,300
Capital Lease Obligations
23,900
32,200
Common Stock Equity
791,600
741,100
Total Capitalization
988,700
937,300
Total Equity Gross Minority Interest
791,600
741,100
Stockholders Equity
791,600
741,100
Gains Losses Not Affecting Retained Earnings
-13,300
-13,100
Other Equity Adjustments
-13,300
-13,100
Retained Earnings
-2,121,900
-2,199,600
Capital Stock
2,926,800
2,953,800
Common Stock
2,926,800
2,953,800
Total Liabilities Net Minority Interest
471,400
477,300
Total Non Current Liabilities Net Minority Interest
234,900
224,000
Other Non Current Liabilities
2,100
1,800
Non Current Deferred Liabilities
11,800
4,800
Non Current Deferred Revenue
11,800
4,800
Long Term Debt And Capital Lease Obligation
221,000
217,400
Long Term Capital Lease Obligation
23,900
21,200
Long Term Debt
197,100
196,200
Current Liabilities
236,500
253,300
Current Deferred Liabilities
132,200
121,300
Current Deferred Revenue
116,600
121,300
Current Debt And Capital Lease Obligation
11,000
Current Capital Lease Obligation
11,000
Pensionand Other Post Retirement Benefit Plans Current
20,300
26,000
Payables And Accrued Expenses
84,000
95,000
Current Accrued Expenses
53,300
69,100
Payables
30,700
25,900
Total Tax Payable
22,100
12,500
Income Tax Payable
9,800
12,500
Accounts Payable
8,600
13,400
Total Assets
1,263,000
1,218,400
Total Non Current Assets
701,100
675,200
Other Non Current Assets
87,900
67,700
Investments And Advances
55,500
59,300
Investmentin Financial Assets
Available For Sale Securities
Goodwill And Other Intangible Assets
522,900
518,800
Other Intangible Assets
44,900
40,700
Goodwill
478,000
478,100
Net PPE
34,800
29,400
Accumulated Depreciation
-87,200
-85,200
Gross PPE
122,000
114,600
Leases
13,200
11,900
Construction In Progress
Other Properties
104,400
98,000
Machinery Furniture Equipment
4,400
4,700
Current Assets
561,900
543,200
Other Current Assets
36,500
38,400
Receivables
147,900
200,600
Other Receivables
4,500
48,700
Taxes Receivable
2,400
2,400
Accounts Receivable
141,000
149,500
Allowance For Doubtful Accounts Receivable
-3,500
-5,700
Gross Accounts Receivable
144,500
155,200
Cash Cash Equivalents And Short Term Investments
377,500
304,200
Other Short Term Investments
111,300
33,900
Cash And Cash Equivalents
266,200
270,300
Cash Equivalents
154,400
130,500
Cash Financial
111,800
139,800
Cash Flow
2026
2025
Free Cash Flow
26,700
16,000
Repurchase Of Capital Stock
0
-4,000
Issuance Of Capital Stock
0
1,300
Capital Expenditure
-2,600
-2,300
End Cash Position
280,300
284,300
Beginning Cash Position
271,000
290,600
Effect Of Exchange Rate Changes
-300
100
Changes In Cash
9,600
-6,400
Financing Cash Flow
0
-2,700
Cash Flow From Continuing Financing Activities
0
-2,700
Net Common Stock Issuance
0
-2,700
Common Stock Payments
0
-4,000
Common Stock Issuance
0
1,300
Investing Cash Flow
-19,700
-22,000
Cash Flow From Continuing Investing Activities
-19,700
-22,000
Net Investment Purchase And Sale
-17,100
-19,700
Sale Of Investment
87,400
14,300
Purchase Of Investment
-104,500
-34,000
Net Intangibles Purchase And Sale
-1,400
-1,400
Purchase Of Intangibles
-1,400
-1,400
Net PPE Purchase And Sale
-1,200
-900
Purchase Of PPE
-1,200
-900
Operating Cash Flow
29,300
18,300
Cash Flow From Continuing Operating Activities
29,300
18,300
Change In Working Capital
-9,900
-4,200
Change In Other Working Capital
-5,500
-9,100
Change In Other Current Assets
-16,100
-1,200
Change In Payables And Accrued Expense
-11,300
30,400
Change In Accrued Expense
4,400
22,300
Change In Payable
-15,700
8,100
Change In Account Payable
-7,200
9,400
Change In Tax Payable
-8,500
-1,300
Change In Income Tax Payable
-8,500
-1,300
Change In Receivables
23,000
-24,300
Changes In Account Receivables
19,600
-24,500
Other Non Cash Items
-7,100
-1,900
Stock Based Compensation
7,500
6,100
Asset Impairment Charge
600
Depreciation Amortization Depletion
4,100
4,000
Depreciation And Amortization
4,100
4,000
Amortization Cash Flow
4,100
4,000
Amortization Of Intangibles
4,100
4,000
Net Income From Continuing Operations
33,900
13,700
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $130M▲ $163M+26.0%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 74.5%▲ 77.8%+3.3pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 26.5%▲ 21.0%-5.5pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 10.3%▲ 20.8%+10.5pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
❌ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$163M/qtr (≈$653M ann.)
vs > $1.5B annualised revenue
✅ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
2.38x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$27M
vs Positive
Operating Cash Flow
$29M
Latest quarter · Buffett's cash reality check
ROIC
2.6%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
6.5x
Net Assets: $792M
Asset Context — Software - Infrastructure
Software companies store most of their value in code, IP, recurring revenue, and customer relationships — none of which appear on the balance sheet under GAAP. Book value and Net Assets are poor proxies for intrinsic value here. Focus on ROIC, gross margin trajectory, and free cash flow instead.
⚠️Revenue grew vs prior year but operating margin contracted. Possible explanations: deliberate investment in growth (hiring, marketing, R&D), input cost inflation, or pricing pressure from competition. Buffett distinguishes between spending that builds moat vs. spending that doesn't.
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
0.29%
Low — management has little skin in the game
Return on Equity (ROE)
4.3%
Weak — poor returns on equity
Return on Assets (ROA)
2.7%
Fair — average asset utilization
Share Buybacks (Latest Year)
$61M
Management is returning capital to shareholders via buybacks
Debt Trend YoY
-0.0% YoY
Debt is declining — management is deleveraging
Leadership Team
John Joseph Giamatteo
CEO; President of Secure Communications & Director
Age 58
Pay: $1,597,746
4.713% of net income
Tim Foote
Chief Financial Officer
Pay: $914,726
2.698% of net income
John Wall
President of QNX Division
Top Institutional Holders
Institution
% Owned
Shares
Legal & General Group PLC
6.51%
38,079,716
Voya Investment Management LLC
4.77%
27,919,687
T. Rowe Price Investment Management, Inc.
3.43%
20,071,245
First Trust Advisors LP
3.27%
19,147,278
Vanguard Capital Management LLC
2.92%
17,116,925
Shaw D.E. & Co., Inc.
2.28%
13,321,027
Price (T.Rowe) Associates Inc
2.19%
12,826,773
Hood River Capital Management LLC
1.99%
11,672,761
Risk Analysis
Beta (Market Risk)
1.26
Moderate volatility — moves slightly more than market
Short Interest
6.0% of float
Moderate short interest
Debt-to-Equity
0.28x
Conservative balance sheet — low financial risk
Current Ratio
2.38x
Strong liquidity — Graham approved
52-Week Price Range
Low: $3.12Current: $8.74High: $13.59
Currently at 54% of 52-week range
BlackBerry Limited (BB) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $1.23. Margin of safety: 0%. Gross profit margin: 77.8%. Operating margin: 21.0%. Net margin: 20.8%. Market cap: $5.1B. Sector: Technology. Industry: Software - Infrastructure. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.