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 Margin15.3%
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 Margin15.6%
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 Debt8.9 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$104M
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$300M
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-Book6.58x
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$43M
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 Income11.9%
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$31M
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 $8.38.
The business passes only 1 of 6 of Graham's defensive criteria — well below his required standard.
At $8.38, the stock trades at a 683% premium to its Graham Number of $1.07. 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 71.2x 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
Q1 2026
Q4 2025
Gross Profit %
77.8%▲
77.5%
Operating Margin %
15.3%▲
8.8%
Net Income %
15.6%▲
9.7%
Diluted EPS
0.04▲
0.02
Balance Sheet Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Total Assets
$1.2B
$1.2B
N/A
Total Debt
$215M▼
$228M•
N/A
Working Capital
$300M▲
$290M•
N/A
Years to Pay Debt
8.86
16.67
N/A
Cash Flow Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Free Cash Flow
$43M▲
$16M•
N/A
Owner Earnings
$31M
$20M
N/A
CapEx % of Net Income
11.9%
16.8%
N/A
Income Statement
2026
2025
Tax Effect Of Unusual Items
500
171
Tax Rate For Calcs
0
0
Normalized EBITDA
33,800
14,200
Total Unusual Items
8,100
2,300
Total Unusual Items Excluding Goodwill
8,100
2,300
Net Income From Continuing Operation Net Minority Interest
24,300
13,700
Reconciled Depreciation
3,500
4,000
Reconciled Cost Of Revenue
33,000
30,300
EBITDA
41,900
16,500
EBIT
38,400
12,500
Net Interest Income
Interest Expense
Normalized Income
16,700
11,571
Net Income From Continuing And Discontinued Operation
24,300
13,700
Total Expenses
132,200
129,300
Total Operating Income As Reported
22,900
11,900
Diluted Average Shares
643,613
596,303
Basic Average Shares
588,783
590,892
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
24,300
13,700
Net Income Common Stockholders
24,300
13,700
Net Income
24,300
13,700
Net Income Including Noncontrolling Interests
24,300
13,700
Net Income Discontinuous Operations
0
0
Net Income Continuous Operations
24,300
13,700
Tax Provision
1,600
1,100
Pretax Income
25,900
14,800
Other Income Expense
8,100
2,300
Special Income Charges
-900
-600
Impairment Of Capital Assets
900
600
Gain On Sale Of Security
9,000
2,900
Net Non Operating Interest Income Expense
Interest Expense Non Operating
Operating Income
23,800
12,500
Operating Expense
97,600
97,400
Depreciation Amortization Depletion Income Statement
1,900
2,400
Depreciation And Amortization In Income Statement
1,900
2,400
Amortization
-3,200
2,400
Amortization Of Intangibles Income Statement
-3,200
2,400
Research And Development
33,400
29,600
Selling General And Administration
62,300
65,400
Selling And Marketing Expense
31,600
29,300
General And Administrative Expense
30,700
36,100
Other Gand A
30,700
36,100
Gross Profit
121,400
109,900
Cost Of Revenue
34,600
31,900
Total Revenue
156,000
141,800
Operating Revenue
156,000
141,800
Balance Sheet
2026
2025
2024
Ordinary Shares Number
587,431
590,392
Share Issued
587,431
590,392
Net Debt
6,000
Total Debt
215,300
228,400
Tangible Book Value
226,800
222,300
Invested Capital
942,500
937,300
Working Capital
300,100
289,900
Net Tangible Assets
226,800
222,300
Capital Lease Obligations
18,800
32,200
Common Stock Equity
746,000
741,100
Total Capitalization
942,500
937,300
Total Equity Gross Minority Interest
746,000
741,100
Stockholders Equity
746,000
741,100
Gains Losses Not Affecting Retained Earnings
-11,200
-13,100
Other Equity Adjustments
-11,200
-13,100
Retained Earnings
-2,167,200
-2,199,600
Capital Stock
2,924,400
2,953,800
Common Stock
2,924,400
2,953,800
Total Liabilities Net Minority Interest
499,200
477,300
Total Non Current Liabilities Net Minority Interest
231,100
224,000
Other Non Current Liabilities
1,700
1,800
Liabilities Heldfor Sale Non Current
27,000
Non Current Deferred Liabilities
14,100
4,800
Non Current Deferred Revenue
14,100
4,800
Long Term Debt And Capital Lease Obligation
215,300
217,400
Long Term Capital Lease Obligation
18,800
21,200
Long Term Debt
196,500
196,200
Current Liabilities
268,100
253,300
Other Current Liabilities
60,000
Current Deferred Liabilities
138,500
121,300
Current Deferred Revenue
138,500
121,300
Current Debt And Capital Lease Obligation
11,000
10,000
Current Capital Lease Obligation
11,000
10,000
Pensionand Other Post Retirement Benefit Plans Current
36,500
26,000
Payables And Accrued Expenses
93,100
95,000
Current Accrued Expenses
75,200
69,100
Payables
17,900
25,900
Total Tax Payable
12,400
12,500
Income Tax Payable
12,400
12,500
Accounts Payable
5,500
13,400
Total Assets
1,245,200
1,218,400
Total Non Current Assets
677,000
675,200
Other Non Current Assets
70,500
67,700
Investments And Advances
58,300
59,300
Investmentin Financial Assets
Available For Sale Securities
Goodwill And Other Intangible Assets
519,200
518,800
Other Intangible Assets
40,100
40,700
Goodwill
479,100
478,100
Net PPE
29,000
29,400
Accumulated Depreciation
-85,900
-85,200
Gross PPE
114,900
114,600
Leases
12,900
11,900
Construction In Progress
2,000
Other Properties
97,200
98,000
Machinery Furniture Equipment
4,800
4,700
Current Assets
568,200
543,200
Other Current Assets
42,200
38,400
Assets Held For Sale Current
24,000
Receivables
166,100
200,600
Other Receivables
7,500
48,700
Taxes Receivable
2,600
2,400
Accounts Receivable
156,000
149,500
Allowance For Doubtful Accounts Receivable
-3,400
-5,700
Gross Accounts Receivable
159,400
155,200
Cash Cash Equivalents And Short Term Investments
359,900
304,200
Other Short Term Investments
85,200
33,900
Cash And Cash Equivalents
274,700
270,300
Cash Equivalents
106,100
130,500
Cash Financial
168,600
139,800
Cash Flow
2026
2025
2024
Free Cash Flow
43,200
16,000
Repurchase Of Capital Stock
-26,700
-4,000
0
Issuance Of Capital Stock
0
1,300
Capital Expenditure
-2,900
-2,300
End Cash Position
288,900
284,300
Beginning Cash Position
284,300
290,600
Effect Of Exchange Rate Changes
400
100
-600
Changes In Cash
4,200
-6,400
13,100
Financing Cash Flow
-26,700
-2,700
Cash Flow From Continuing Financing Activities
-26,700
-2,700
Net Common Stock Issuance
-26,700
-2,700
Common Stock Payments
-26,700
-4,000
0
Common Stock Issuance
0
1,300
Investing Cash Flow
-15,200
-22,000
Cash Flow From Continuing Investing Activities
-53,300
-22,000
Net Investment Purchase And Sale
-50,400
-19,700
Sale Of Investment
34,500
14,300
Purchase Of Investment
-84,900
-34,000
Net Intangibles Purchase And Sale
-1,700
-1,400
Purchase Of Intangibles
-1,700
-1,400
Net PPE Purchase And Sale
-1,200
-900
Purchase Of PPE
-1,200
-900
Operating Cash Flow
46,100
18,300
Cash Flow From Continuing Operating Activities
46,100
18,300
Change In Working Capital
14,100
-4,200
Change In Other Working Capital
26,500
-9,100
Change In Other Current Assets
-6,600
-1,200
Change In Payables And Accrued Expense
-2,200
30,400
Change In Accrued Expense
6,700
22,300
Change In Payable
-8,900
8,100
Change In Account Payable
-8,800
9,400
Change In Tax Payable
-100
-1,300
Change In Income Tax Payable
-100
-1,300
Change In Receivables
-3,600
-24,300
Changes In Account Receivables
-6,500
-24,500
Other Non Cash Items
-2,200
-1,900
Stock Based Compensation
5,500
6,100
Asset Impairment Charge
900
600
Depreciation Amortization Depletion
3,500
4,000
Depreciation And Amortization
3,500
4,000
Amortization Cash Flow
3,500
4,000
Amortization Of Intangibles
3,500
4,000
Net Income From Continuing Operations
24,300
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: $144M▲ $156M+8.4%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 73.6%▲ 77.8%+4.2pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 16.5%▲ 15.3%-1.3pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: -4.9%▲ 15.6%+20.4pp
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.
$156M/qtr (≈$624M ann.)
vs > $1.5B annualised revenue
✅ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
2.12x 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.
$43M
vs Positive
Operating Cash Flow
$46M
Latest quarter · Buffett's cash reality check
ROIC
1.9%
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
6.6x
Net Assets: $746M
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.
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)
3.3%
Weak — poor returns on equity
Return on Assets (ROA)
2.0%
Poor — assets are not generating adequate returns
Share Buybacks (Latest Year)
$61M
Management is returning capital to shareholders via buybacks
Debt Trend YoY
-5.7% YoY
Debt is declining — management is deleveraging
Leadership Team
John Joseph Giamatteo
CEO; President of Secure Communications & Director
Age 58
Pay: $1,597,746
6.575% of net income
Tim Foote
Chief Financial Officer
Pay: $914,726
3.764% of net income
John Wall
President of QNX Division
Top Institutional Holders
Institution
% Owned
Shares
Fairfax Financial Holdings Ltd
5.97%
34,980,220
Legal & General Group PLC
5.95%
34,867,912
Fifthdelta Ltd
4.51%
26,445,027
Voya Investment Management LLC
4.38%
25,664,963
Vanguard Capital Management LLC
2.85%
16,718,029
First Trust Advisors LP
2.82%
16,500,938
Mirae Asset Global ETFs Holdings Ltd.
2.11%
12,351,378
Hood River Capital Management LLC
2.03%
11,876,552
Risk Analysis
Beta (Market Risk)
1.55
High volatility — moves more than the market
Short Interest
5.5% of float
Moderate short interest
Debt-to-Equity
0.30x
Conservative balance sheet — low financial risk
Current Ratio
2.12x
Strong liquidity — Graham approved
52-Week Price Range
Low: $3.12Current: $8.38High: $10.93
Currently at 67% 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: $1.07. Margin of safety: 0%. Gross profit margin: 77.8%. Operating margin: 15.3%. Net margin: 15.6%. Market cap: $4.9B. 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.