BlackBerry Limited

Software - Infrastructure · Technology

Price

$8.99

-0.17 (-1.86%)

Market Cap

$5.27B

Exchange

New York Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−5.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 631.4M (2022) → 597.6M (2026)

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.

Winston Score History

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

R&D Spend

$114M/ year

→ Flat (+4% vs prior year)

20.4% of revenue

In line with sector average (15%)

Steady R&D investment year-over-year

Insider Activity

0.3%ownership

Relatively low insider ownership

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

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Quality

Gross Margin

76.6%

Premium pricing power — 76.6% gross margin

Operating Margin

17.4%

Healthy — 17.4% operating margin

ROCE

2.9%

Weak — 2.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+4.9%

Slow sales growth (4.9% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

280%

Turns 280% of profit into real cash

FCF Margin

17.4%

Converts sales into free cash efficiently (17.4%)

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

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Stability

Debt / Equity

0.26

Conservative — low debt load (0.26)

Interest Cover

12.12x

Comfortably covers interest (12.1x)

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

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Valuation

P/E Ratio (TTM)

134.2x

Expensive — P/E 134.2

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

P/E vs Forward

+68.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (134.2 → 65.9)

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Dividends

Not applicable for this business.

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