Loading…
Canadian software company that pivoted from smartphones to cybersecurity and QNX embedded software for cars and industrial devices.
Canadian software company that pivoted from smartphones to cybersecurity and QNX embedded software for cars and industrial devices.
Earns mainly from QNX, licensed to carmakers and their suppliers and paid as a royalty on each vehicle that ships with it, so revenue follows design wins turning into production. Secure communications for governments is the other line. This Toronto line is the same company as the US-listed BB, and it sold its patent portfolio in 2023.
In one line: Canada's post-pivot cybersecurity/embedded-software company.
Moat: narrow (switching costs, installed base, IP / patents). QNX is deeply embedded in automotive safety-critical systems, which are costly and slow to re-engineer away from.
Headquarters: Waterloo, Canada · Founded: 1984 · Employees: 1,749
Size BlackBerry (BB.TO) is a Canada Information Technology company (Packaged Software) with a market value of $5.16B, the 118th largest of 420 Canada companies the cockpit tracks. Shares closed at C$12.33 on 6 Nov 2026.
Performance Over six months the shares gained 48.2%, against +14.9% for the median peer and +5.2% for the Canada market (cap-weighted) — 4th highest of 18 in its peer set.
Growth Revenue grew 13.8% over the last twelve months (peer median +14.5%); the operating margin is 16.1% (peer median 16.4%).
Valuation It trades at 40.8× forward earnings against a peer median of 22.4× (4th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 34% a year for seven years (Req g). Recent delivered growth is -9%, so the hurdle is +42 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.5 points above its cost of capital (9.9% WACC).
Backlog Backlog (remaining performance obligations) was $128M at 31 Aug 2026, down 5% on a year earlier — 0.2 years of trailing revenue. Backlog detail →
Next results Next results expected around 17 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$851M | C$762M | C$740M | C$1.02B | C$862M |
| Revenue growth | — | +3% | -28% | +19% | — |
| Gross profit | C$650M | C$564M | C$522M | C$626M | C$424M |
| EBITDA | C$158M | C$116M | C$116M | C$189M | -C$156M |
| Net income | C$112M | C$73.8M | -C$123M | -C$176M | -C$964M |
| Free cash flow | C$128M | C$64.5M | C$18.5M | -C$14.3M | -C$355M |
| Capital expenditure | C$17.1M | C$13.2M | C$14.0M | C$28.2M | C$53.9M |
| Total debt | C$306M | C$307M | C$344M | C$341M | C$603M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| BlackBerry BB.TO | $5.16B | +48% | +14% | 16% | 40.8× | 33.6% |
| CrowdStrike CRWD | $222B | +64% | +24% | -1% | 153.6× | 52.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BB.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.4% | +4.6% | 8th lowest of 21 |
| 6-month return | +48.2% | +14.9% | 4th highest of 18 |
| Distance from 52-week high | -33.2% | -24.1% | 10th lowest of 21 |
| Revenue growth (TTM) | +13.8% | +14.5% | 11th highest of 21 |
| Operating margin | 16.1% | 16.4% | 11th highest of 21 |
| Forward P/E | 40.8× | 22.4× | 4th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 33.6% | 11.5% | most demanding of 15 |
| Growth delivered (Del g) | -8.6% | +16.1% | lowest of 15 |
| Hurdle (Req g minus delivered) | +42.1 pp | -8.6 pp | most demanding of 15 |
| ROIC minus cost of capital | +1.5 pp | +0.7 pp | 8th highest of 19 |
| EV / EBITDA | 44.3× | 16.5× | most expensive of 11 |
| Net debt / EBITDA | -1.4× | -0.2× | 5th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| BlackBerry BB.TO | Canada | $5.16B | +48% | +14% | 16% | 40.8× | 33.6% | -8.6% |
| Mphasis MPHASIS.NS | India | $5.15B | +15% | +14% | 15% | 22.4× | 28.7% | +10.6% |
| Lumine LMN.V | Canada | $5.14B | +38% | +15% | 21% | 18.1× | 15.6% | +36.8% |
| iSoftStone Information Technology (Group) 301236.SZ | China | $5.13B | -16% | +13% | 0% | 105.2× | n/a | n/a |
| AutoStore AUTO.OL | Norway | $5.20B | +8% | +17% | 33% | 27.4× | 18.5% | +27.0% |
| Baige Online Digital Technology 2672.HK | Hong Kong | $5.07B | n/a | +34% | -3% | n/a | n/a | n/a |
| Sezzle SEZL | United States | $5.05B | +146% | +43% | 40% | 22.4× | 28.8% | +50.3% |
| 37 Interactive Entertainment Network Technology 002555.SZ | China | $5.29B | -24% | -10% | 14% | 14.2× | 5.0% | +2.1% |
| Beijing HyperStrong Technology 688411.SS | China | $4.99B | -29% | +38% | 12% | 16.7× | n/a | n/a |
| Trend Micro 4704.T | Japan | $5.39B | +18% | +7% | 18% | 27.4× | -4.1% | +9.7% |
| Waystar WAY | United States | $5.45B | +33% | +21% | 24% | 15.8× | 7.5% | +16.0% |
| Kingnet Network 002517.SZ | China | $5.47B | -4% | +62% | 29% | 13.7× | 6.3% | +28.1% |
| Asseco Poland ACP.WA | Poland | $4.85B | +31% | +2% | 11% | 23.5× | 4.0% | +6.6% |
| Shanghai Stonehill Technology 002195.SZ | China | $4.77B | -34% | +11% | -25% | 284.5× | n/a | n/a |
| Octave Intelligence OCTV | United States | $5.60B | n/a | +1% | 20% | 14.7× | 17.0% | +1.3% |
| Giant Network 002558.SZ | China | $5.61B | -35% | +105% | 48% | 10.0× | -2.1% | +17.9% |
| OBIC Business Consultants 4733.T | Japan | $4.74B | +62% | +12% | 47% | 36.1× | 3.2% | +11.9% |
| Varonis Systems VRNS | United States | $5.63B | +71% | +18% | -25% | 138.0× | 23.0% | +16.3% |
| Yonyou Network Technology 600588.SS | China | $4.72B | -21% | +4% | -16% | n/a | n/a | n/a |
| Doximity DOCS | United States | $5.79B | +25% | +11% | 31% | 23.3× | 16.3% | +25.5% |
| Beijing DeepZero Technology 2723.HK | Hong Kong | $4.58B | n/a | +31% | 1% | n/a | n/a | n/a |
BlackBerry reported $128M of remaining performance obligations at 31 Aug 2026, down 5% from a year earlier and down 4% from the previous quarter. That is 0.2 years of trailing revenue already under contract. Book-to-bill last quarter: 0.97.