BlackBerry Limited

Software - Infrastructure · Technology

Also trades as: BB.TO · 0R0P.L

Exchange

New York Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through May 31, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

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Winston Score History

The full picture

BlackBerry makes software that helps keep computers, cars, and devices safe from hackers. Its two main businesses are cybersecurity software for governments and large companies, and embedded software called QNX that runs inside vehicles — used by most of the world's major automakers. BlackBerry no longer makes smartphones, even though that is what it was once famous for.

The company earns money through software licenses and recurring subscriptions, which explains its high gross margins. It operates globally, with strong ties to government clients in the US, Canada, and the UK, giving it a degree of stability through long-term contracts. The biggest growth opportunity is QNX expanding deeper into connected and autonomous vehicles as cars become more software-driven, but the main risk is that BlackBerry's cybersecurity division faces intense competition from larger, better-funded rivals like CrowdStrike and Microsoft, which could make it hard to grow that side of the business.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+449.2% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

0.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$418M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

BlackBerry Limited is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

78.3%

Premium pricing power — 78.3% gross margin

Profit after running costs

Operating Margin

10.1%

Modest — 10.1% operating margin

Return on the money invested

ROCE

7.0%

Weak — 7.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+8.6%

Steady sales growth (+8.6% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

123%

Turns 123% of profit into real cash

Spare cash per sale

FCF Margin

11.1%

Modest free cash flow (11.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.26

Conservative — low debt load (0.26)

Covers its interest

Interest Cover

14.69x

Comfortably covers interest (14.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

80.4x

no trend

Expensive — P/E 80.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+36.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (80.4 → 44.1)

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Dividends

Not applicable for this business.

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