A Business at a Glance
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The Company: A heritage of innovation Founded in 1984, the Company is a leading provider of intelligent software and services to enterprises, governments and leading OEMs around the world. Its products enable more than 255 million vehicles and secure 17 of the G20 governments. Based in Waterloo, Ontario, the Company has two core divisions, each addressing large and growing market opportunities. The Company’s QNX division is a leader in embedded software where the Company believes it is the world’s leading automotive foundational software supplier. Its customers include leading automotive OEMs and Tier 1 suppliers that use its products in vehicles, as well as top medical OEMs. The Company’s solutions are implemented into all the top 10 automotive OEMs, top 7 Tier 1 suppliers, 24 of the 25 top EV OEMs, and 9 of the 10 top medical OEMs.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 537M | 535M | 759M | 656M | 718M | 893M |
| Net Income | 22M | -79M | -130M | -734M | 12M | -1.1B |
| EPS | $0.04 | $-0.13 | $-0.22 | $-1.35 | $-0.31 | $-1.97 |
| Free Cash Flow | 43M | 13M | -11M | -270M | -36M | 74M |
| ROIC | 2.5% | - | -13.4% | -85.6% | 0.6% | -49.6% |
| Gross Margin | 75.0% | 73.8% | 64.6% | 63.9% | 65.0% | 72.0% |
| Debt/Equity | 0.26 | 0.31 | 0.30 | 0.49 | 0.37 | 0.54 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 19M | - | -125M | -725M | -2.0M | -1.1B |
| Operating Margin | 3.6% | - | -16.5% | -110.5% | -0.3% | -124.0% |
| ROE | 3.0% | -10.6% | -16.8% | -85.6% | 0.8% | -73.4% |
| Shares Outstanding | 590M | 608M | 592M | 544M | 582M | 560M |
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 904M | 1.0B | 893M | 718M | 656M | 759M | 535M | 537M |
| Gross Margin | 77.2% | 73.4% | 72.0% | 65.0% | 63.9% | 64.6% | 73.8% | 75.0% |
| R&D | 219M | 259M | 215M | 219M | 207M | 127M | 109M | 104M |
| SG&A | 409M | 493M | 344M | 297M | 340M | 187M | 160M | 147M |
| EBIT | 60M | -149M | -1.1B | -2.0M | -725M | -125M | N/A | 19M |
| Op. Margin | 6.6% | -14.3% | -124.0% | -0.3% | -110.5% | -16.5% | N/A | 3.6% |
| Net Income | 93M | -152M | -1.1B | 12M | -734M | -130M | -79M | 22M |
| Net Margin | 10.3% | -14.6% | -123.6% | 1.7% | -111.9% | -17.2% | -14.8% | 4.1% |
| Non-Recurring | 0 | 22M | 594M | 0 | 251M | 53M | 26M | -2.8M |
| Returns on Capital | ||||||||
| ROIC | 2.5% | -6.0% | -49.6% | 0.6% | -85.6% | -13.4% | N/A | 2.5% |
| ROE | 3.5% | -6.0% | -73.4% | 0.8% | -85.6% | -16.8% | -10.6% | 3.0% |
| ROA | 2.3% | -3.9% | -39.2% | 0.5% | -43.7% | -9.3% | -5.9% | 1.8% |
| Cash Flow | ||||||||
| Op. Cash Flow | 100M | 26M | 82M | -28M | -263M | -3.5M | 17M | 46M |
| Free Cash Flow | 83M | 14M | 74M | -36M | -270M | -11M | 13M | 43M |
| Owner Earnings | -116M | -249M | -160M | -240M | -402M | -95M | -54M | 3.4M |
| CapEx | 17M | 12M | 8.0M | 8.0M | 7.0M | 7.1M | 3.1M | 2.7M |
| Maint. CapEx | 149M | 212M | 198M | 176M | 105M | 59M | 45M | 20M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 149M | 212M | 198M | 176M | 105M | 59M | 45M | 20M |
| CapEx/OCF | 17.0% | 46.2% | 9.8% | N/A | N/A | N/A | 18.8% | 5.9% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 67M | 63M | 44M | 36M | 34M | 33M | 26M | 22M |
| Debt Repayment | 0 | 0 | 610M | 0 | 0 | 515M | 0 | 0 |
| Balance Sheet | ||||||||
| Net Debt | -251M | -182M | 71M | -139M | -7.0M | -5.2M | -114M | -108M |
| Cash & Equiv. | 548M | 377M | 214M | 378M | 295M | 175M | 267M | 304M |
| Long-Term Debt | 665M | 0 | 720M | 507M | 0 | 194M | 195M | 196M |
| Debt/Equity | 0.25 | 0.29 | 0.54 | 0.37 | 0.49 | 0.30 | 0.31 | 0.26 |
| Interest Coverage | N/A | -6.5 | -73.8 | -0.3 | -120.8 | -20.8 | N/A | N/A |
| Equity | 2.6B | 2.5B | 1.5B | 1.6B | 857M | 775M | 720M | 741M |
| Total Assets | 4.0B | 3.9B | 2.8B | 2.6B | 1.7B | 1.4B | 1.3B | 1.2B |
| Total Liabilities | 1.3B | 1.4B | 1.3B | 1.0B | 822M | 620M | 576M | 477M |
| Intangibles | 1.1B | 915M | 771M | 522M | 203M | 58M | 47M | 41M |
| Retained Earnings | -32M | -198M | -1.3B | -1.3B | -2.0B | -2.2B | -2.2B | -2.2B |
| Working Capital | 723M | 75M | 577M | 646M | 14M | 151M | 247M | 290M |
| Current Assets | 1.2B | 1.2B | 1.0B | 1.0B | 743M | 507M | 592M | 543M |
| Current Liabilities | 510M | 1.1B | 429M | 397M | 729M | 357M | 344M | 253M |
| Per Share Data | ||||||||
| EPS | 0.00 | -0.32 | -1.97 | -0.31 | -1.35 | -0.22 | -0.13 | 0.04 |
| Owner EPS | -0.21 | -0.52 | -0.29 | -0.41 | -0.74 | -0.16 | -0.09 | 0.01 |
| Book Value | 4.76 | 5.32 | 2.68 | 2.67 | 1.58 | 1.31 | 1.18 | 1.26 |
| Cash Flow/Share | 0.18 | 0.05 | 0.15 | -0.05 | -0.48 | -0.01 | 0.03 | 0.07 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 554.2M | 475.0M | 560.4M | 582.2M | 543.7M | 591.8M | 607.7M | 590.1M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 99.3 |
| P/FCF | 58.1 | 175.4 | 76.1 | N/A | N/A | N/A | 213.6 | 54.5 |
| EV/EBIT | 76.2 | N/A | N/A | N/A | N/A | 140.8 | N/A | 116.4 |
| Price/Book | 1.8 | 1.0 | 3.7 | 2.6 | 2.5 | 2.1 | 4.0 | 3.2 |
| Price/Sales | 6.1 | 3.2 | 3.8 | 8.1 | 4.5 | 3.3 | 3.3 | 4.4 |
| FCF Yield | 1.7% | 0.6% | 1.3% | -0.9% | -12.8% | -0.7% | 0.5% | 1.8% |
| Market Cap | 4.8B | 2.5B | 5.6B | 4.0B | 2.1B | 1.6B | 2.9B | 2.3B |
| Avg. Price | 9.96 | 7.11 | 6.00 | 9.95 | 5.37 | 4.20 | 2.94 | 3.97 |
| Year-End Price | 8.70 | 5.17 | 10.05 | 6.87 | 3.88 | 2.69 | 4.71 | 3.97 |
BLACKBERRY Ltd passes 1 of 9 quality checks, indicating weak fundamentals.
BLACKBERRY Ltd trades at 99.3x trailing earnings, compared to its 15-year median P/E of 15.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 54.5x vs a median of 67.1x. The company's 5-year average gross margin is 67.9%. At current prices, the estimated annualized return to fair value is -18.1%.
BLACKBERRY Ltd (BB) has a current P/E ratio of 99.3, compared to its historical median P/E of 15.0. The stock is currently considered Expensive based on its historical valuation range.
BLACKBERRY Ltd (BB) has a 5-year average return on invested capital (ROIC) of -37.0%. This is below average and may indicate limited pricing power.
BLACKBERRY Ltd (BB) has a market capitalization of $2.3B. It is classified as a mid-cap stock.
BLACKBERRY Ltd (BB) does not currently pay a regular dividend.
Based on historical P/E analysis, BLACKBERRY Ltd (BB) appears expensive. The current P/E of 99.3 is 562% above its historical median of 15.0.
BLACKBERRY Ltd (BB) operates in the Services-Prepackaged Software industry, within the Technology sector.
BLACKBERRY Ltd (BB) reported annual revenue of $535 million in its most recent fiscal year, based on SEC EDGAR filings.
BLACKBERRY Ltd (BB) has a net profit margin of -14.8%. The company is currently unprofitable.
BLACKBERRY Ltd (BB) generated $13 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BLACKBERRY Ltd (BB) has a debt-to-equity ratio of 0.31. This indicates a conservatively financed balance sheet.
BLACKBERRY Ltd (BB) reported earnings per share (EPS) of $-0.13 in its most recent fiscal year.
BLACKBERRY Ltd (BB) has a return on equity (ROE) of -10.6%. A negative ROE may indicate losses or negative equity.
BLACKBERRY Ltd (BB) has a 5-year average gross margin of 67.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 7 years of financial data for BLACKBERRY Ltd (BB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BLACKBERRY Ltd (BB) has a book value per share of $1.18, based on its most recent annual SEC filing.
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