BlackBerry Limited

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Feb 2026, QNX was 49% and Secure Communications was 47% of revenue; Licensing fell from 34% in the fiscal year to Feb 2024.

In the fiscal year to Feb 2026, North America was 45% and Europe, Middle East and Africa was 35% of revenue; North America fell from 65% in the fiscal year to Feb 2024.

Quarters: BlackBerry Limited's SEC filings, named by the month they end. Fiscal years: BlackBerry Limited's annual reports to the SEC.

How it makes money

Of every $100 in revenue, $9.7 ends up as net income. Net margin rose from −139.5% to 9.7% over the past 3 years.

Circled: Nov 2023 (net −13.8%, operating 11.8%), Feb 2024 (net −36.6%, operating −9.1%), May 2024 (net −33.5%, operating −10.5%), Aug 2024 (net −15.6%, operating 1.7%), Nov 2024 (net −7.3%, operating 13.6%). Net margin is usually less than 1 point below operating margin; in those quarters net income includes the results of a business sold or spun off (discontinued operations), which operating income leaves out.

Each margin is that line of the income statement divided by revenue. Fiscal year: BlackBerry Limited's annual reports to the SEC; quarters: SEC filings.

Growth and margins together

Rule of 40 score 41.0 (growth 26.0% + FCF margin 15.0%): strong, clears the 40 line. Stock pay is 4.2% of revenue; counted as a cost, it brings the FCF margin down to 10.8%.

BlackBerry trades at 8.5× revenue on 26.0% growth. PLTR grows fastest of its peers, 95.9%, and costs 55.3×.

Growth: revenue in the quarter ended Aug 2026 against the quarter ended Aug 2025. FCF margin: operating cash flow minus capex, over revenue, for the 4 quarters ended Aug 2026. From SEC filings.

Customers and suppliers

In its latest annual report BlackBerry sells to Malikie; one customer it does not name accounts for 12% of its revenue; it names no suppliers.

 

BBBlackBerry

Customers

Unnamed customer 12%

M

Malikie

BlackBerry's 10-Q for the quarter to Aug 2026 gives two customers' shares of its revenue: Customer One (10%) and Customer Two (10%).

From BlackBerry Limited's 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Partners

AArctic WolfBlackBerry invested in it · Equity stake received in Cylance asset sale5.5 million common shares received February 3, 2025

VVector InformatikJoint foundational software platform for software-defined vehicles

NVIDIA NVDAIntegrates autonomous-driving development kit with QNX software

Changes since the previous annual report (10-K filed Apr 2, 2025)

NVIDIA NVDANamed for the first time, as a partner

VVector InformatikNamed for the first time, as a partner

FFERNRIDENo longer named (was a customer)

EETASNo longer named (was a partner)

Intel INTCNo longer named (was a partner)

TTTTech AutoNo longer named (was a partner)

One customer (unnamed)Customer, share of revenue14% → 12%

Only the companies BlackBerry names in its 10-K filed Apr 9, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

EV/revenue of 8.5x, below the peer median of 22.9x.

EV/revenue below the peer median of 22.9x: cheaper than its peers.

Compared on enterprise value (market cap plus debt minus cash) per $1 of revenue: for companies that reinvest what they earn or borrow to grow (software, AI data centers), P/E can mislead.

What analysts expect

The average analyst price target is $9.80, 7% above the current price; 25% of 8 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 2 analysts (25%). Sell or Strong Sell: 2.

Over the past year the average of the analysts' latest price targets went from $4.90 to $11.40 (+133%), while BB went from $4.35 to $9.12 (+110%). In the past three months targets were cut once and never raised. No firm upgraded or downgraded it over the year.

The day after each of these reports the stock moved −11.5% (Nov 2025, beat); +8.8% (Feb 2026, beat); +32.3% (May 2026, beat); −2.0% (Aug 2026, beat).

For the quarter ending Nov 2026 (BlackBerry reports on Dec 17, 2026), analysts expect adjusted earnings of $0.05 a share, 7% less than the $0.05 of a year earlier, and revenue of $149M, up 5% on a year earlier. For the fiscal year ending Feb 2027, they expect adjusted earnings of $0.21 a share, and revenue of $626M, up 14% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $92M in free cash flow over the year, of which $41M went back to shareholders (dividends plus buybacks), leaving $51M in the company.

BlackBerry had 650M diluted shares in the quarter ended Aug 2026, 8.8% more than a year earlier, and 2.5% more each year on average since May 2020. It spent $41M on buybacks over the last four quarters.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 2.1, no pressure to repay short-term debt; debt-to-equity 0.3, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 3 funds whose copy leaves BB out (on the exchange, not in the app yet): Canada Pension Plan Investment Board, Swiss National Bank, Mirae Asset Global Investments.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 4 held BB at the end of their latest quarter (for most, Q3 2026). Over that quarter 1 added shares, 2 cut and 1 held the same. The largest of them is Renaissance Technologies, 7.37M shares worth $66.6M at Sep 30, 2026, 10.1% fewer than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of BB at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.

Are insiders buying or selling?

Officers and directors bought $41K and sold $6.1M of BB on the open market in the 12 months to Nov 11, 2026. The largest was John Joseph Giamatteo (CEO & President, Secure Comm.; director), who sold $5.1M in 5 sales.

From the Form 4s filed with the SEC about BlackBerry Limited (68 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 72 other transactions (option exercises and shares sold to pay tax).