BlackBerry (BB)
Market Price (11/20/2025): $4.23 | Market Cap: $2.5 BilSector: Information Technology | Industry: Systems Software
BlackBerry (BB)
Market Price (11/20/2025): $4.23Market Cap: $2.5 BilSector: Information TechnologyIndustry: Systems Software
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Megatrend and thematic driversMegatrends include Cybersecurity, and Electric Vehicles & Autonomous Driving. Themes include Software Security, Endpoint Protection, Show more. | Weak multi-year price returns2Y Excs Rtn is -33%, 3Y Excs Rtn is -79% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 75x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.2% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.4% |
| Megatrend and thematic driversMegatrends include Cybersecurity, and Electric Vehicles & Autonomous Driving. Themes include Software Security, Endpoint Protection, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -33%, 3Y Excs Rtn is -79% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 75x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.2% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.4% |
Market Valuation & Key Metrics
BB Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
For the approximate time period from July 31, 2025, to November 20, 2025, BlackBerry (BB) stock moved by 14.4% due to several key factors:
1. Strong Q2 FY2026 Earnings Beat and Return to Profitability. BlackBerry announced its second-quarter fiscal year 2026 results on September 25, 2025, reporting revenue of $129.6 million, which surpassed analyst consensus. The company also achieved a positive GAAP net income of $13.3 million, marking its second consecutive profitable quarter.
2. Raised Full-Year Fiscal 2026 Guidance. Following its robust Q2 performance, BlackBerry increased its full-year fiscal 2026 revenue guidance to between $519 million and $541 million and raised its adjusted EBITDA guidance to between $82 million and $101 million, reflecting enhanced confidence in its business outlook.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BB Return | 3% | 41% | -65% | 9% | 7% | 12% | -34% |
| Peers Return | 77% | 16% | -48% | 19% | 44% | -6% | 75% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| BB Win Rate | 50% | 50% | 33% | 50% | 33% | 60% | |
| Peers Win Rate | 38% | 63% | 28% | 52% | 53% | 48% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | |
Max Drawdowns [4] | |||||||
| BB Max Drawdown | -55% | -1% | -66% | 0% | -40% | -24% | |
| Peers Max Drawdown | -16% | -15% | -55% | -26% | -32% | -40% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: MSFT, MSI, JAMF, FSLY, ARQQ. See BB Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/19/2025 (YTD)
How Low Can It Go
| Event | BB | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -87.3% | -25.4% |
| % Gain to Breakeven | 689.3% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -57.5% | -33.9% |
| % Gain to Breakeven | 135.2% | 51.3% |
| Time to Breakeven | 259 days | 148 days |
| 2018 Correction | ||
| % Loss | -66.0% | -19.8% |
| % Gain to Breakeven | 194.5% | 24.7% |
| Time to Breakeven | 475 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -76.1% | -56.8% |
| % Gain to Breakeven | 318.6% | 131.3% |
| Time to Breakeven | Not Fully Recovered days | 1480 days |
Compare to MSFT, MSI, JAMF, FSLY, ARQQ
In The Past
BlackBerry's stock fell -87.3% during the 2022 Inflation Shock from a high on 1/27/2021. A -87.3% loss requires a 689.3% gain to breakeven.
Preserve Wealth
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Asset Allocation
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Latest Trefis Analyses
Trade Ideas
Select past ideas related to BB. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | ZBRA | Zebra Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -14.2% | -14.2% | -14.2% |
| 10312025 | ACN | Accenture | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -3.6% | -3.6% | -4.0% |
| 10312025 | ADBE | Adobe | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -6.5% | -6.5% | -6.5% |
| 10312025 | TXN | Texas Instruments | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -2.7% | -2.7% | -4.0% |
| 10242025 | MRVL | Marvell Technology | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -3.3% | -3.3% | -6.5% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | ZBRA | Zebra Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -14.2% | -14.2% | -14.2% |
| 10312025 | ACN | Accenture | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -3.6% | -3.6% | -4.0% |
| 10312025 | ADBE | Adobe | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -6.5% | -6.5% | -6.5% |
| 10312025 | TXN | Texas Instruments | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -2.7% | -2.7% | -4.0% |
| 10242025 | MRVL | Marvell Technology | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -3.3% | -3.3% | -6.5% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for BlackBerry
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 12.87 |
| Mkt Cap | 2.5 |
| Rev LTM | 666 |
| Op Inc LTM | 36 |
| FCF LTM | 64 |
| FCF 3Y Avg | 54 |
| CFO LTM | 77 |
| CFO 3Y Avg | 61 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.4% |
| Rev Chg 3Y Avg | 13.0% |
| Rev Chg Q | 15.3% |
| QoQ Delta Rev Chg LTM | 3.7% |
| Op Mgn LTM | 6.7% |
| Op Mgn 3Y Avg | 3.5% |
| QoQ Delta Op Mgn LTM | 1.0% |
| CFO/Rev LTM | 13.0% |
| CFO/Rev 3Y Avg | 10.2% |
| FCF/Rev LTM | 9.7% |
| FCF/Rev 3Y Avg | 9.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.5 |
| P/S | 4.6 |
| P/EBIT | 20.7 |
| P/E | -11.6 |
| P/CFO | 23.7 |
| Total Yield | -0.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 2.3% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -5.9% |
| 3M Rtn | 15.6% |
| 6M Rtn | 10.5% |
| 12M Rtn | 17.3% |
| 3Y Rtn | 22.1% |
| 1M Excs Rtn | -4.7% |
| 3M Excs Rtn | 11.3% |
| 6M Excs Rtn | -3.2% |
| 12M Excs Rtn | 4.9% |
| 3Y Excs Rtn | -53.8% |
Comparison Analyses
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/25/2025 | 8.9% | 12.2% | 8.0% |
| 6/24/2025 | 12.5% | 0.2% | -9.7% |
| 4/2/2025 | -9.1% | -23.1% | -9.7% |
| 12/19/2024 | 23.8% | 31.2% | 39.9% |
| 9/26/2024 | -0.8% | -8.7% | -5.9% |
| 6/26/2024 | 10.9% | 12.7% | 12.2% |
| 4/3/2024 | 2.5% | 10.3% | 3.9% |
| 12/20/2023 | -12.7% | -13.2% | -13.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 8 | 11 |
| # Negative | 14 | 15 | 12 |
| Median Positive | 8.9% | 11.2% | 9.1% |
| Median Negative | -9.3% | -8.7% | -9.7% |
| Max Positive | 23.8% | 31.2% | 54.8% |
| Max Negative | -18.6% | -23.4% | -21.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 8312025 | 9252025 | 10-Q 8/31/2025 |
| 5312025 | 6252025 | 10-Q 5/31/2025 |
| 2282025 | 4022025 | 10-K 2/28/2025 |
| 11302024 | 12202024 | 10-Q 11/30/2024 |
| 8312024 | 9272024 | 10-Q 8/31/2024 |
| 5312024 | 6272024 | 10-Q 5/31/2024 |
| 2292024 | 4042024 | 10-K 2/29/2024 |
| 11302023 | 12212023 | 10-Q 11/30/2023 |
| 8312023 | 9292023 | 10-Q 8/31/2023 |
| 5312023 | 6302023 | 10-Q 5/31/2023 |
| 2282023 | 3312023 | 10-K 2/28/2023 |
| 11302022 | 12212022 | 10-Q 11/30/2022 |
| 8312022 | 9282022 | 10-Q 8/31/2022 |
| 5312022 | 6242022 | 10-Q 5/31/2022 |
| 2282022 | 4012022 | 10-K 2/28/2022 |
| 11302021 | 12222021 | 10-Q 11/30/2021 |
Insider Activity
Expand for More| Owner | Title | Filing Date | Action | Price | Shares | TransactedValue | Value ofHeld Shares | Form | |
|---|---|---|---|---|---|---|---|---|---|
| 0 | Chai Jay P. | SVP & Chief Accounting Officer | 1282025 | Sell | 4.19 | 24,425 | 102,341 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |