# BlackBerry Limited (BB)

> Source: Nexqual · https://nexqual.com/BB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, BlackBerry Limited (BB), nexqual.com/BB" · informational, not investment advice.

**Price:** USD 8.59 (-8.71% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 9.41 · day 8.54–9.33 · 52w 3.12–13.59 · market cap $5.04B · NYQ

## Key facts
- Last four reported quarters (through Aug 31, 2026): revenue $614M, net income $80.4M (13.1% margin), free cash flow $92.1M (SEC filings).
- Valuation: P/E 62.7x (avg 38.1x at the last 1 fiscal year-ends), EV/EBITDA 50.5x, net cash $180M.
- Insider open-market sales, last ~7 months: 25 Form 4 filings, $8.1M; 25 not under a Rule 10b5-1 plan ($8.1M); 0 by opportunistic insiders, 13 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.00 on a 1–5 scale) (8 analysts), mean target USD 9.8 (range 6.6–13).
- Total return with dividends: 1Y +86.3% vs S&P 500 +14.9%; 5Y -21.3% vs S&P 500 +80.3%.
- Next earnings: 2026-12-17, EPS estimate USD 0.05, revenue estimate $149M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $718M | $526M | $759M | $535M | $549M | $614M |
| Gross profit | $467M | $367M | $491M | $395M | $418M | — |
| Operating income | -$2.0M | -$207M | $11.0M | $800K | $48.3M | $83.7M |
| Net income | $12.0M | -$734M | -$130M | -$79.0M | $53.2M | $80.4M |
| EPS (diluted) | -$0.31 | -$1.35 | -$0.22 | -$0.13 | $0.09 | — |
| Free cash flow | -$36.0M | -$270M | -$10.6M | $13.4M | $46.5M | $92.1M |
| Gross margin | 65.0% | 69.7% | 64.6% | 73.8% | 76.2% | — |
| Operating margin | -0.3% | -39.3% | 1.4% | 0.1% | 8.8% | 13.6% |
| Net margin | 1.7% | -139.5% | -17.2% | -14.8% | 9.7% | 13.1% |
| Revenue growth | -19.6% | -26.7% | +44.2% | -29.5% | +2.7% | — |
| Cash + short-term investments | $712M | $427M | $237M | $338M | $360M | — |
| Total debt | — | $0K | $194M | $195M | $197M | — |
Fiscal years end Feb. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 31, 2026)
P/E 62.7x · P/S 8.2x · EV/EBITDA 50.5x · EV/Sales 7.9x · P/FCF 54.8x · P/B 6.4x · FCF yield 1.83% · Earnings yield 1.59% · Buyback yield (TTM) 0.81% · Net cash $180M · EV $4.86B
P/E at fiscal year-ends: Feb 2026 38.1x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 25 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-21…2026-10-22 | Giamatteo John Joseph | CEO & President, Secure Comm. | 250,000 | $2.3M | 31.5% | No | Routine (sold in Jan each year 2023–2025; this trade is outside those months) |
| 2026-10-09 | Armstrong-Owen Jennifer | Sr VP & Chief People Officer | 3,379 | $28K | 2.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-09 | Foote Tim | Chief Financial Officer | 8,441 | $71K | 10.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-09 | Giamatteo John Joseph | CEO & President, Secure Comm. | 27,004 | $226K | 3.3% | No | Routine (sold in Jan each year 2023–2025; this trade is outside those months) |
| 2026-10-09 | Kurtz Philip S. | CLO & Corp. Secretary | 6,164 | $52K | 7.8% | No | Routine (sold in Jan & Sep each year 2023–2025; this trade is outside those months) |
| 2026-10-02 | Kurtz Philip S. | CLO & Corp. Secretary | 4,168 | $38K | 5.7% | No | Routine (sold in Jan & Sep each year 2023–2025; this trade is outside those months) |
| 2026-10-02 | Giamatteo John Joseph | CEO & President, Secure Comm. | 29,272 | $269K | 3.7% | No | Routine (sold in Jan each year 2023–2025; this trade is outside those months) |
| 2026-10-02 | Foote Tim | Chief Financial Officer | 3,269 | $30K | 5.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-02 | Wall John Christopher | President, QNX | 3,474 | $32K | 20% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-10-02 | Armstrong-Owen Jennifer | Sr VP & Chief People Officer | 2,590 | $24K | 2.3% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-01 | Foote Tim | Chief Financial Officer | 16,672 | $152K | 22.7% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-30 | Kurtz Philip S. | CLO & Corp. Secretary | 30,000 | $274K | 31.5% | No | Routine (sold in Jan & Sep each year 2023–2025) |
| 2026-07-14 | Kurtz Philip S. | CLO & Corp. Secretary | 30,000 | $340K | 24% | No | Routine (sold in Jan & Sep each year 2023–2025; this trade is outside those months) |
| 2026-07-08…2026-07-09 | Giamatteo John Joseph | CEO & President, Secure Comm. | 277,012 | $3.1M | 27.7% | No | Routine (sold in Jan each year 2023–2025; this trade is outside those months) |
| 2026-07-09 | Armstrong-Owen Jennifer | Sr VP & Chief People Officer | 3,296 | $36K | 3% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-09 | Kurtz Philip S. | CLO & Corp. Secretary | 6,414 | $71K | 4.9% | No | Routine (sold in Jan & Sep each year 2023–2025; this trade is outside those months) |
| 2026-07-09 | Foote Tim | Chief Financial Officer | 8,235 | $90K | 10.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-02 | Giamatteo John Joseph | CEO & President, Secure Comm. | 28,272 | $317K | 2.9% | No | Routine (sold in Jan each year 2023–2025; this trade is outside those months) |
| 2026-07-02 | Armstrong-Owen Jennifer | Sr VP & Chief People Officer | 2,556 | $29K | 2.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-02 | Foote Tim | Chief Financial Officer | 25,878 | $321K | 29.2% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 8 analysts; mean target USD 9.8 (low 6.6, high 13).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-08 | Amerx | Initiated | Buy | $13.5 |
| 2026-09-25 | Canaccord Genuity | Target lowered | Hold | $10.3 → $9.5 |
| 2026-09-25 | RBC Capital | Reiterated | Sector Perform | $9 |
| 2026-09-21 | RBC Capital | Reiterated | Sector Perform | $9 |
| 2026-06-29 | RBC Capital | Target raised | Sector Perform | $4.5 → $9 |
| 2026-06-26 | CIBC | Target raised | Outperformer | $10 → $13 |
| 2026-06-26 | Canaccord Genuity | Target raised | Hold | $8.2 → $10.3 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +86.3% | -21.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +86.7% | -4.7% |
| Volatility (annualized) | 62.8% | 58.4% |
| Max drawdown | -41.1% (Jul 2026→Sep 2026) | -80.4% (Nov 2021→Aug 2024) |

## Peers (Software - Infrastructure)
WIX (Wix.com Ltd.) USD 82.55 +4.84% · RELY (Remitly Global, Inc.) USD 25.32 -0.39% · TENB (Tenable Holdings, Inc.) USD 42 +3.27% · VRNS (Varonis Systems, Inc.) USD 48.89 +0.41% · ACIW (ACI Worldwide, Inc.) USD 56.19 +4.33% · MBGL (Mobility Global Inc.) USD 19.28 +4.10%

## More
Full page: https://nexqual.com/BB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BB's own 10-K filed 2026-04-09 (https://www.sec.gov/Archives/edgar/data/1070235/000107023526000039/bbry-20260228.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | NVIDIA (NVDA) | "•QNX and NVIDIA announced general availability of NVIDIA DRIVE AGX Thor development kit, integrated with QNX OS for Safety 8 to enable developers to accelerate development of next-generation autonomous drive systems;" |

## Revenue by business segment (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| QNX | $80.3M | 49.2% | +27.3% |
| Secure Communication | $60.9M | 37.3% | +1.7% |
| Licensing | $22.1M | 13.5% | +234.8% |
| Total revenue | $163.3M | 100% | — |

## Revenue by region (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $72.6M | 44.5% | +16.5% |
| Europe, Middle East and Africa | $58.3M | 35.7% | +46.1% |
| Other regions | $32.4M | 19.8% | +18.2% |
| Total revenue | $163.3M | 100% | — |

## Company outlook (8-K filed 2026-09-24)

- "BlackBerry is providing the following guidance for the third fiscal quarter ending November 30, 2026 and the fiscal year ending February 28, 2027."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $0.05 | $0.05 | -2.8% | $149.3M | 6 |
| Next quarter (ends 2027-02-28) | $0.05 | $0.06 | -13.3% | $165.1M | 5 |
| Current fiscal year (ends 2027-02-28) | $0.21 | $0.19 | +9.1% | $626.2M | 7 |
| Next fiscal year (ends 2028-02-29) | $0.24 | $0.23 | +3.1% | $688.2M | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-12-17): ±21.2%; last 8 reports averaged ±15.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 66.2% | ±7.9% |
| 2026-11-06 | 14 | 61.4% | ±10.1% |
| 2026-11-13 | 21 | 61.0% | ±12.1% |
| 2026-11-20 | 28 | 63.3% | ±14.4% |
| 2026-11-27 | 35 | 61.7% | ±15.6% |
| 2026-12-04 | 42 | 99.7% | ±27.2% |
| 2026-12-18 | 56 | 65.9% | ±21.2% |
| 2027-01-15 | 84 | 64.4% | ±24.9% |